Saturday, August 1st17.2°C
27107

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




Recent Trending




Today's Market
S&P TSX14468.44+85.68
S&P CDNX594.31+6.01
DJIA17689.86-56.12
Nasdaq5128.28-0.50
S&P 5002103.84-4.79
CDN Dollar0.7640-0.0052
Gold1096.90+0.60
Oil47.22-1.69
Lumber252.30+0.50
Natural Gas2.883+0.062

 
Okanagan Companies
Pacific Safety0.17-0.01
Knighthawk0.010.00
QHR Technologies Inc1.42+0.00
Cantex0.035-0.005
Anavex Life Sciences0.9101+0.1101
Metalex Ventures0.05+0.00
Russel Metals19.40-0.05
Copper Mountain Mining0.79+0.01
Colorado Resources0.065+0.005
ReliaBrand Inc0.0049+0.0004
Sunrise Resources Ltd0.03+0.00
Mission Ready Services0.095-0.045
Decisive Dividend Corp2.55+0.05

 





FEATURED Property
2378207#210 2780 Auburn Road
2 bedrooms 1 baths
$349,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Chasing ducks

Photo: Thinkstock.comWhen businessmen tell me that being low priced is the only way to stay in business, I am skeptical. Price is the simplest way for a consumer to compare and is overused as the basi...


Taking care of business

Photo: Thinkstock.comRetirement as a goal has changed a lot over the years. There was a time, it was the only goal. You’d punch the clock and count the years until you could stop punching that t...


Income from home equity

Photo: Thinkstock.comWhen retirement funds run low, seniors often ask if tapping into the equity in their home is the right way to retain financial independence. To see if this option might be a good ...

_





26376


Member of BC Press Council


26010