Manulife Financial (MFC.TO) second-quarter core earnings rose 16% year over year to C$1.09 per share, from C$0.95 per share, with all three segments reporting "double digit top-line growth", the company said after trade on Wednesday.
Analysts polled by FactSet had expected C$1.08 per share.
Manulife said the higher core earnings was due to strong growth in Asia and global wealth and asset management.
The company separately said it is reinsuring biometric risk on a block of long-term care (LTC) policies with C$3.2 billion of reserves to a Munich Re subsidiary.
The transaction is expected to close in the fourth quarter of this year. Manulife noted in a statement that the latest reinsurance transaction, on top of previous LTC reinsurance transactions, will have reduced LTC morbidity sensitivity by 24%.
The lifeco will also pay a regular quarterly dividend of C$0.485 per share on Sept. 21, to shareholders of record on Aug. 21.
Manulife shares closed down C$0.54 to C$62.44 on the Toronto Stock Exchange.