Sunday, December 21st6.6°C
24562
23875

Sun Life Financial improves fourth-quarter results helps by premiums, deposits

TORONTO - Sun Life Financial Inc. (TSX:SLF) improved its results in the fourth quarter, helped by an increase in premiums and deposits.

The Toronto-based insurer reported Wednesday that quarterly net income from continuing operations grew to $571 million or 93 cents per share, compared with $284 million or 47 cents per share in the same period a year ago.

Operating income nearly doubled to $642 million or $1.05 per share, which came in above analyst of estimates of 68 cents per share, according to Thomson Reuters.

A year ago, operating income was $333 million or 56 cents per share.

"Strong sales drove a 15 per cent increase in premiums and deposits in 2013 and, along with rising markets, lifted assets under management by $107 billion to $640 billion," president and CEO Dean Connor said in a release.

"Our results in the fourth quarter also benefited from management action to reduce financing costs for our closed block of life insurance in the U.S., which includes a $290-million gain from the restructuring of an internal reinsurance arrangement."

In Canada, Sun Life earned $154 million for the quarter compared with $143 million a year ago.

Sun Life U.S. earned US$301 million for the quarter compared with a profit of $202 million a year ago.

MFS Investment Management, Sun Life's wealth management business, earned US$76 million, up from $47 million a year ago. The division also hit a record for assets under management of $413 billion, help by sales and market improvement.

Sun Life Asia earned $42 million, falling from $50 million in the third quarter of 2012.

The Canadian Press


Read more Business News

24200


Recent Trending




Today's Market
S&P TSX14468.26+121.51
S&P CDNX676.54+11.04
DJIA17804.8026.65
Nasdaq4765.38+16.983
S&P 5002070.65+9.42
CDN Dollar0.8622+0.0005
Gold1195.90+2.50
Oil56.50+2.39
Lumber338.00-0.70
Natural Gas3.464-0.196

 
Okanagan Companies
Pacific Safety0.12-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.25-0.03
Cantex0.03-0.005
Anavex Life Sciences0.1726+0.0026
Metalex Ventures0.05-0.005
Russel Metals25.58-0.42
Copper Mountain Mining1.55-0.02
Colorado Resources0.120.00
ReliaBrand Inc0.011-0.0089
Sunrise Resources Ltd0.05-0.005
Mission Ready Services0.215-0.01

 
23744


23617

FEATURED Property
1649227606-170 Silver Lode Lane
3 bedrooms 3 baths
$649,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


My final thoughts on real estate

This will be the last column I write on real estate. Largely because at the end of the year I will be handing in my license. After 20+ years of working in land development, resort development and rea...


Reflecting on the end of the year

The importance of the end of the year and the Christmas holidays is profound. It is a time to reconnect with family and traditions that have made us who we are. But the year-end has always been a time...


Parenthood: Estates, insurance & taxes

It is now even more important to ensure your loved ones are well looked if anything should happen to you. Here are a few topics to consider helping you prepare for some of the unexpected events that c...

_



24437

24111


Member of BC Press Council


23546