(Reuters) - Canadian insurer Sun Life Financial Inc (SLF.TO) reported a quarterly profit that breezed past analysts estimates, driven by growth in all its businesses and a weaker Canadian dollar.
Reported net income in the company’s Canadian business, its biggest, rose 78 percent to C$337 million in the second quarter ended June 30.
Sun Life, which has a growing presence in Asia, said net income and operating net income in the region more than doubled to C$93 million.
A weak Canadian dollar boosted the company’s operating net income in its international businesses.
The Toronto-based company’s operating net income rose to C$731 million ($554.8 million), or C$1.19 per share, from C$488 million, or 80 Canadian cents per share, a year earlier.
Sun Life’s total wealth sales rose 25 percent to C$31.9 million during the quarter, while insurance sales increased 8 percent.
Underlying profit rose to C$1 per share from 81 Canadian cents, while analysts had expected 81 Canadian cents, according to Thomson Reuters I/B/E/S.
Sun Life, which owns U.S. investment manager MFS, said last month it would acquire real estate investment manager Bentall Kennedy Group for C$560 million to broaden its asset management business.
The company’s total assets under management fell to C$808.08 billion at end of June 30 from C$812.56 billion at end of March.
Up to Wednesday’s close of C$42.84, Sun Life’s shares had risen 4 percent over the past 12 months, compared with the about 5 percent rise in the S&P TSX life & health insurance index .GTSX40301020.
Reporting by Kanika Sikka in Bengaluru; Editing by Sriraj Kalluvila