UPDATE 1-Sun Life swings to 3rd-quarter profit on investment results

Wed Nov 7, 2012 6:04pm EST
 
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* EPS 0.64 vs year-before loss of C$1.07

* Stronger markets results drive gain

* Sun Life second Canadian life insurer to report

TORONTO, Nov 7 (Reuters) - Sun Life Financial swung back to a third-quarter profit due to better results from the insurer's investments, it said on Wednesday.

Sun Life, Canada's No. 3 life insurer, earned a net C$383 million ($384.63 million), or 64 Canadian cents a share, in the third quarter ended Sept 30.

That compared to a year-earlier loss of C$621 million, or C$1.07 a share, a year earlier, when the company's results were derailed by the impact of weak markets.

On an operating basis, the company earned 68 Canadian cents a share.

Analysts had expected a profit of 63 Canadian cents a share on an operating basis, according to Thomson Reuters I/B/E/S.

Stronger stock markets added C$89 million to the company's bottom line during the quarter it said, although bond yield movements cut profit to the tune of C$64 million.   Continued...