Thursday, July 31st24.0°C
21450

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

22563


Recent Trending




Today's Market
S&P TSX15326.26-198.561
S&P CDNX1000.90-10.20
DJIA16654.45-225.91
Nasdaq4386.255-76.647
S&P 5001940.53-29.54
CDN Dollar0.9184+0.0013
Gold1310.00+6.70
Oil98.54-1.73
Lumber328.00+5.70
Natural Gas3.73-0.017

 
Okanagan Companies
Pacific Safety0.1850.00
Knighthawk0.01-0.005
QHR Technologies Inc1.21-0.01
Cantex0.085+0.02
Anavex Life Sciences0.252-0.008
Metalex Ventures0.08-0.005
Russel Metals35.19-0.03
Copper Mountain Mining2.75-0.08
Colorado Resources0.21-0.01
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.03-0.005
Mission Ready Services0.16+0.01

 



22557

FEATURED Property
1866587556 Knowles Road, Kelowna, BC
4 bedrooms 4 baths
$799,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Take charge of your debt

Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...


Geopolitical tensions rattle markets

The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...


Learn to delegate effectively

Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...

_








Member of BC Press Council


22461