Manulife Financial Corp. says it earned $3 billion in the first quarter of 2022, an increase of $2.2 billion from the same quarter of 2021.

The Toronto-based insurer and financial services company says the profit works out to $1.50 per diluted share, compared to 38 cents in the previous year's quarter.

Manulife says the increase in net income was driven by gains from the direct impact of markets compared to losses in the prior quarter, as well as investment-related experience and higher-than-expected returns on alternative long-duration assets.

Core earnings were $1.6 billion, down four per cent year-over-year in part due to lower new business gains in Asia.

In Asia, Manulife's new business volumes decreased 28 per cent in the quarter to $340 million.

Manulife says its annual premium equivalent sales decreased 17 per cent in Asia due to continued adverse impacts from COVID-19 in Hong Kong and several other markets.