Total premiums and deposits were $17.9 billion, an increase of 20 percent above the first quarter of 2005.
Total funds under management reached $386 billion, a 10-percent increase over levels reported a year ago.
"Excluding the impact of currency movements and the managed reduction within the John Hancock Institutional Fixed products segment, asset growth would have been even more subtantial at 15 percent," it said in a press statement.
Due to the favorable results, Manulife Financial declared a cash dividend of C$0.35 per share on all common shares payable on or after June 19 this year.
It likewise declared a dividend payable on June 2 to common shareholders by issuing one fully paid and non-assessable common share for each common share issued and outstanding.
In the Asia and Japan division meanwhile, net income grew to $162 million from $159 million. Premiums and deposits reached $2.6 billion.
Contributing to the earnings increase was growth in Japan’s variable annuity business and improved experience in the Hong Kong Life business. Included in the Japan segment was $18 million resulting from the lengtheneing of the portfolio duration on the Daihyaku block. These increases were largely offset by the $20 million net release oftax provisions and the impact of the weakening yen.
Growth in variable annuity sales in Japan and in wealth management products in Hong Kong were partially offset by lower mutual fund deposits in Indonesia, a result of market turmoil over the past year.
Funds under management grew by 17 percent, or $4.8 billion, to $33.6 billion as of end March from $28.8 billion, primarily due to variable annuity sales in Japan, increased business volumes in pension and wealth management products n Hong Kong, and the positive impact of rising equity markets.