May 7, 2009 / 11:38 AM / in 8 years

CORRECTED - CORRECTED-UPDATE 1-Sun Life posts Q1 loss amid decline in equity

(Corrects second bullet point to operating loss from operating profit)

* Q1 loss C$0.38/shr vs EPS C$0.93 last year

* Q1 operating loss C$0.33

* Assets under management down 9.7 pct

May 7 (Reuters) - Canadian insurer Sun Life Financial Inc (SLF.TO) (SLF.N) swung to a quarterly loss, hurt by an increase in reserves due to a decline in equity markets.

The company posted a first-quarter net loss of C$213 million ($182.5 million), or 38 Canadian cents a share, applicable to common shareholders, compared with a profit of C$533 million, or 93 Canadian cents a share, a year ago.

Operating loss was 33 Canadian cents a share.

Analysts on average had expected a loss of 19 Canadian cents a share, excluding items, according to Reuters Estimates.

Assets under management as at March 31 were C$375.0 billion, down 9.7 percent from a year ago.

Shares of the company closed at C$29.96 Wednesday on the Toronto Stock Exchange.

$1=1.167 Canadian Dollar Reporting by Supantha Mukherjee in Bangalore; Editing by Vinu Pilakkott

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