The Toronto insurer earned 64 cents per diluted share for the quarter ended March 31, down 40 percent from the $ 1.08 per share it reported a year earlier.
That was five cents more than a 59-cent analyst forecast, according to financial market data company Refinitiv.
Excluding non-recurring items, adjusted or basic earnings plunged 34% in the same period, from $ 1.5 billion or 76 cents per share to $ 1 billion or 51 cents per share.
Manulife President and CEO Roy Gori says the company’s profits have been affected by the disruption of COVID-19 in the financial markets and the economy in general.
Manulife shares rose 25 cents or 1.5% to $ 16.69 when the markets closed on Wednesday.