Manulife Financial Corp. MFC-T says it had a net income attributed to shareholders of $1.66 billion for the quarter ending Dec. 31, up 81 per cent from $915 million in the same quarter last year.

The insurance giant reported core earnings of $1.77 billion, or 0.92 cents per share in the quarter, up from $1.54 billion or 0.77 cents per share last year.

Manulife says core earnings exclude the impact of market swings and some other factors to give a better indication of the long-term potential of the business.

Results saw its Asia core earnings up 14 per cent to $414 million, Canada core earnings up 19 per cent to $352 million, and U.S. earnings up 16 per cent to US$349 million.

Global wealth and asset management had a 29 per cent increase in core earnings to $353 million, though unadjusted net income was down nine per cent to $365 million.

Earnings from the 2022 quarter are based on adjusted results following the shift to a new accounting standard.