Core earnings and net income numbers both came in higher in Manulife Financial Corporation’s fourth quarter and full year results, released Feb. 12.

Net income attributable to shareholders came in at $5.6-billion in 2019, up $0.8-billion from the $4.8-billion the company reported in 2018. Fourth quarter net income of $1.2-billion was up from the $723-million reported in the fourth quarter of 2018.

The company also reported core earnings of $6-billion in 2019, a 5 per cent increase over 2018 numbers, and $1.5-billion in the fourth quarter of 2019, up 10 per cent compared to the fourth quarter of 2018. Manulife says core earnings were largely driven by double-digit growth in Asia. The company’s LICAT (Life Insurance Capital Adequacy Test) ratio currently sits at 140 per cent.

The company says the increase in core earnings was driven by in-force growth in Asia and its global wealth and asset management business. Earnings growth was partially offset by company efforts to improve the capital efficiency of its legacy business and the impact of lower new business volumes in Japan.

Global wealth and asset management saw net outflows of $0.9-billion in 2019, compared to net inflows of $1.6-billion in 2018. In the fourth quarter the company reported net inflows of $4.9-billion compared to net outflows of $9-billion reported in the fourth quarter of 2018. The company’s assets under management currently sit at $681-billion.

Following its announcement, the company also stated that it would increase its dividend 12 per cent, or $0.03 per share, to $0.28 per common share, payable on or after March 19, 2020 to shareholders of record at the close of business on February 25, 2020.