Wednesday, April 16th11.9°C
19345
21469

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

20970


Recent Trending




Today's Market
S&P TSX14446.52+142.60
S&P CDNX997.975.87
DJIA16424.85162.29
Nasdaq4086.225+52.064
S&P 5001862.31+19.33
CDN Dollar0.9089+0.0012
Gold1302.20+2.20
Oil103.91+0.15
Lumber327.90-0.90
Natural Gas4.534+0.004

 
Okanagan Companies
Pacific Safety0.105-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.22-0.05
Cantex0.045-0.005
Anavex Life Sciences0.375-0.005
Metalex Ventures0.0750.00
Russel Metals30.55+0.28
Copper Mountain Mining2.42+0.10
Colorado Resources0.2650.00
ReliaBrand Inc0.12-0.01
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.23-0.02

 
19691


21100

FEATURED Property
1655087#122 (Week 28 & 29) 1310 Water Street
$15,000
more details
Click here to feature your property
Please wait... loading


Valuation fears grip markets

The Big Picture Valuation fears grip markets Growing concerns about the level of stock market valuations sparked a risk-off trade in global markets this week. Investors are worried that many companies...


Quick and nimble

Photo: ContributedFor many businesses this has been a tremendously difficult time since the 2008 crisis. Business fell off. Sales techniques that always worked, well… stopped working. Customers...


Keeping a clear focus on the future

Many times when we are gripped by fear it can be one of two mental challenges that we can learn to overcome. Photo: ContributedThe Fear is completely imaginary. In this situation there may be no fact...

_



21604

21604


Member of BC Press Council


21202