Sales of wealth and insurance products targeted for growth at Manulife were almost $4.7 billion in the quarter ended 30 June, slightly lower than for the previous quarter, but up 28 per cent from the second quarter last year.

The biggest jump was recorded in Asia, where net sales of $1.2 billion, excluding variable annuities, were 59 per cent higher than in the second quarter of 2010 on a constant currency basis. 

In its Canadian division, Manulife Mutual Funds saw record quarterly retail mutual fund deposits of $691 million, more than twice the levels of the same period last year. 

Total wealth funds under management reached their highest level at $194 billion. The firm also noted that its total funds under management stood at $481 billion, also a record.

Manulife reported net income attributed to shareholders of $490 million compared with a net loss of about $2.4 billion a year earlier.

In other recent developments at the company, it expanded its equity capabilities at the end of last month with a new US large-cap growth team based in Charlotte, North Carolina.