Manulife Financial Corp. says it had a net income of $1.4 billion attributed to shareholders in the first quarter in its first results under new accounting standards.

It says profits were up about $100 million from its transitional net income last year, which reflects what last year's results would have been under the new standards.

The insurer says it had diluted earnings per share of 73 cents in the quarter, up four per cent from a transitional earnings per share of 66 cents in the same quarter last year.

The company says its earnings per share growth came from strong core earnings and from the results of a share buyback program.

Manulife reported core earnings of $489 million for its Asia division in the quarter, down from a transitional net income of $479 million last year.

Its Canadian division had core earnings of $353 million, up from a transitional net income of $334 million last year, while its U.S. division saw core earnings of $385 million, up from $293 million a year earlier.

The company compared its latest earnings to quarterly 2022 results that were adjusted for comparison purposes to account for the new reporting standards that came into effect Jan. 1, 2023.

This report by The Canadian Press was first published May 10, 2023.