Sun Life Financial net profit rises, but cuts target

Wed Aug 7, 2013 5:32pm EDT
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TORONTO Aug 7 (Reuters) - Sun Life Financial said on Wednesday its second-quarter net profit more than quadrupled due to a stronger contribution from financial markets.

Sun Life earned C$399 million ($382.75 million), or 65 Canadian cents a share, in the quarter, up from C$90 million, or 15 Canadian cents a share, in the year-before period.

The Toronto-based company also cut its main financial target. It now expects to post an operating profit of C$1.85 billion by the end of 2015, down from its previous goal of C$2 billion.