Sun Life Financial posts quarterly profit vs loss, assets climb
TORONTO (Reuters) - Canadian insurer Sun Life Financial on Wednesday reported a third-quarter profit, swinging form a year-earlier loss with a boost from higher revenue and an 18 percent increase in assets under management.
Sun Life reported net income of C$435 million ($382.01 million), or 71 Canadian cents a share, in the quarter ended Sept. 30, compared with a loss of C$520 million, or 84 Canadian cents a share, a year earlier. Year-earlier results included charges related to the sale of its U.S. annuities business.
The Toronto-based insurer shed the annuities business as part of a push to reduce its exposure to uncertain stock markets and interest rates.
The company on Wednesday said operating net income from continuing operations was 76 Canadian cents per share. Analysts had expected an underlying profit of 74 Canadian cents a share.
Total revenue rose to C$5.61 billion from C$4.16 billion.
Sun Life, which also owns U.S. investment manager MFS and has a growing presence in Asia, said global assets under management reached C$698 billion at the end of the quarter, up from C$590 billion a year earlier.
(Reporting by Jeffrey Hodgson; Editing by David Gregorio)
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