Manulife, Sun Life shares hit multi-year highs on results
* Manulife at 3-1/2 year high, Sun Life at 4-year peak
* Core profits at both insurers top estimates
* Both show strong growth in wealth management
* Market conditions favorable (Adds comments from analyst and Manulife CFO, details)
By Cameron French
TORONTO, Nov 7 (Reuters) - Shares of Manulife Financial and Sun Life Financial, two of Canada's largest life insurers, jumped to multi-year highs on Thursday after the companies posted better-than-expected results on the back of stronger mutual fund sales and favorable market conditions.
Manulife stock jumped 3 percent and touched a 3-1/2 year high after the insurer reported a third-quarter core profit of 36 Canadian cents a share, which topped analysts' estimates by a penny a share.
"I thought it was a pretty good quarter... Sales trends, I thought, were pretty good across the board," said Tom Lewandowski, an analyst at Edward Jones.
Sun Life shares were up 2.4 percent and trading at a four-year high after the company reported late on Wednesday a profit from core continuing operations 69 Canadian cents a share, ahead of analysts' estimates of 64 Canadian cents a share, according to Thomson Reuters I/B/E/S. Continued...