Manulife Financial reported net income attributed to shareholders of $540 million in the first quarter of 2013.

Read: Manulife announces changes to strategic income opportunities fund

The company also delivered core earnings of $619 million, an increase of $65 million over the last quarter, and achieved record wealth sales of $12.4 billion, up 43%.

Read: Manulife Mutual Funds caps purchases of 3 funds

However, the firm reported a 23% decline in insurance sales over the same period last year.

“We reported a decline in insurance sales due to variability in the Group Benefit business and pricing actions reflective of the lower interest rate environment, that have not been instituted by our competitors,” the company says in a release.