Sun Life Profit Beats Estimates on Insurance, Wealth ManagementKatia Dmitrieva
Sun Life Financial Inc., Canada’s third-largest insurer, said third-quarter profit beat analysts’ estimates as revenue from insurance and wealth-management sales increased.
Net income from continuing operations declined 27 percent to C$324 million ($311 million), or 53 cents a share, from C$441 million, or 74 cents, a year earlier, the Toronto-based firm said today in a statement. Operating profit, which excludes some items, was 69 cents a share, compared with the 64-cent average estimate of 11 analysts surveyed by Bloomberg.
“Sun Life’s results were driven by strong underlying performance across our four strategic growth pillars,” Chief Executive Officer Dean Connor, 57, said in the statement.
Sun Life gained 0.3 percent to C$35.43 at 4 p.m. in Toronto. The shares have climbed 34 percent this year, outpacing the 16 percent advance of the 46-company Standard & Poor’s/TSX Financials Index.