TORONTO -- Manulife Financial Corp. says its net income attributable to shareholders tumbled to $1.3 billion in the first quarter, down $900 million from the same period the year before.

The Toronto-based insurer earned 64 cents per diluted share for the three months ended Mar. 31, a 40 per cent decrease from the $1.08 per share it reported a year earlier.

That was five cents higher than an analyst forecast of 59 cents, according to financial markets data firm Refinitiv.

Excluding one-time items, adjusted or core earnings plunged in the same time period by 34 per cent to $1 billion or 51 cents per share from $1.5 billion or 76 cents per share.

Manulife president and chief executive Roy Gori says the company's earnings were impacted by COVID-19-related disruptions to capital markets and the broader economy.

Manulife shares were up by 25 cents or 1.5 per cent at $16.69 at the close of markets Wednesday.