Sun Life posts higher profit on strength in asset management, Asia
TORONTO (Reuters) - Canadian insurer Sun Life Financial Inc SLF.TO 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, also raised its quarterly dividend.
(Reporting by John Tilak)
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