12:35 PM EDT, 05/09/2024 (MT Newswires) -- Manulife's first quarter core EPS of $0.94 was above RBCe of $0.92 and consensus of $0.91.

Asia core earnings of $657 million (up ~16% QoQ and ~34% YoY) were above RBCe of $556 million, the only segment

where results were stronger than analyst Darko Mihelic had estimated. Higher than expected earnings were mainly due to a solid core net investment result which came in $61 million higher than anticipated.

"We view the quarter's results as neutral. While core EPS came in above our estimate and consensus, the only segment with

stronger than expected earnings was Asia, and results were helped by a lower than anticipated tax rate," Mihelic said.

Maintain Outperform, target of $38.

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