Manulife earnings up as assets hit record

Manulife Financial Corp. nudged up its quarterly dividend Thursday as the insurance and investment company said its first-quarter profit rose $34 million.

The company said it made $986 million, or 63 cents a share, including a one-time charge of $69 million to cover accounting changes to asset valuations. In the same quarter of last year, the company made $952 million.

Manulife said its premiums and deposits in the first three months of this year totalled $18.8 billion, which was up five per cent over last year.

"Record segregated fund deposits in Canada and continued strong wealth management sales in the United States, Hong Kong and Other Asia Territories were key contributors to this positive result," the company said.

Manulife's total funds under management as of March 31 increased by 11 per cent, or $40.5 billion, from last year to a record $426 billion.

The company also told investors that it has bumped up its quarterly dividend by two cents a share to 22 cents.

Manulife shares slipped 49 cents Thursday to end at $39.85 on the TSX.