Sun Life posts higher profit on strength in asset management, Asia

Tue May 5, 2015 6:05pm EDT
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TORONTO (Reuters) - Canadian insurer Sun Life Financial Inc (SLF.TO: Quote) reported a higher quarterly profit on Tuesday, driven by strength in its asset management business and healthy growth in Asia.

The Toronto-based company’s net profit rose to C$441 million, or 72 Canadian cents a share, in the quarter ended March 31, compared with a net profit of C$400 million, or 65 Canadian cents a share, in the same period last year.

Underlying profit rose to 84 Canadian cents a share, from 72 Canadian cents a share a year earlier. Analysts, on average, had expected earnings of 77 Canadian cents per share, according to Thomson Reuters I/B/E/S.

Sun Life, whose rivals include Manulife Financial Corp (MFC.TO: Quote) and Great-West Lifeco Inc (GWO.TO: Quote), also raised its quarterly dividend.

(Reporting by John Tilak)

A Sun Life Financial sign is seen outside of their building before their annual general meeting for shareholders in Toronto May 7, 2014. REUTERS/Mark Blinch