Sun Life fourth-quarter profit rises on growth from Canada, Asia

Wed Feb 10, 2016 5:53pm EST
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TORONTO (Reuters) - Insurer Sun Life Financial Inc reported higher fourth-quarter earnings, driven by growth in its Canadian, Asian and asset management businesses.

Net income for the quarter ended Dec. 31 was C$536 million ($384.89 million), or 87 Canadian cents a share, compared with C$502 million, or 81 Canadian cents a share, a year ago. Underlying earnings rose to C$1.05 a share.

Analysts on average had expected earnings of 87 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Net income at its Canadian unit jumped nearly 80 percent, reflecting some gains from investing activities.

Profit from Asia, where Toronto-based Sun Life has been expanding aggressively, climbed about 18 percent. Earnings at its U.S. business declined.

Assets under management rose 21 percent to C$891 billion at end of the quarter.

(Reporting by John Tilak; Editing by David Gregorio and Lisa Shumaker)

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