August 5, 2015 / 10:56 PM / 4 years ago

Canadian insurer Sun Life's profit beats estimates

(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.

The logo of Sun Life Financial is seen in Toronto May 6, 2015. REUTERS/Fred Thornhill

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

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