Sun Life Financial profit beats on strength in U.S., Canada

Wed Nov 9, 2016 5:59pm EST
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(Reuters) - Sun Life Financial Inc (SLF.TO: Quote) (SLF.N: Quote), Canada's third-largest insurer by assets, reported a better-than-expected quarterly profit on Wednesday, fueled by strong growth in the United States and Canada.

The company's underlying net income jumped 21 percent to C$639 million ($476.58 million), or C$1.04 per share, in the third quarter ended Sept. 30.

Analysts on average had expected earnings of 93 Canadian cents per share, according to Thomson Reuters I/B/E/S.

Underlying net income in Canada rose to C$226 million from C$174 million in the same period last year, while the measure jumped 41 percent to $103 million in its U.S. business.

The Toronto-based company said net income rose 53 percent to C$737 million, or C$1.20 per share.

Total wealth sales rose 28.4 percent to C$35.2 billion, while insurance sales rose 25 percent to C$661 million.

Sun Life's total assets under management rose 5 percent to C$908.10 billion at end of the quarter.

Manulife Financial Corp (MFC.TO: Quote), Canada's biggest insurer by assets, is scheduled to report third-quarter results on Nov. 10.

(Reporting by Nikhil Subba in Bengaluru; Editing by Sriraj Kalluvila)

The logo of Sun Life Financial is seen in Toronto May 6, 2015.   REUTERS/Fred Thornhill/File Photo