Written by 11:54 pm Ontario Views: 0

Sun Life Financial third-quarter profit increases 10 per cent to $750 million

TORONTO — Sun Life Financial Inc. says its net profit increased 10 per cent in the third quarter as its asset management business increased 25 per cent from a year earlier.

The Toronto-based insurer says that equated to $1.28 per share, up from $1.15 per share or $681 million in the third quarter of 2019.

Underlying net income for the three months ended Sept. 30 was $842 million or $1.44 per share, compared with $809 million or $1.37 per share in the prior year.

SunLife was expected to report $1.28 per share in adjusted profits, according to the financial markets data firm Refinitiv.

Insurance sales were down $4 million to $681 million while wealth sales increased to $52.7 billion, up from $41.2 billion.

Its assets under management reached nearly $1.2 trillion, up from $1.06 trillion a year ago.

“So far this year we have delivered more than $140 million of claims payments to the families of clients who have succumbed to COVID-19, and paid millions in additional pandemic related health claims,” stated CEO Dean Connor.

This report by The Canadian Press was first published Nov. 4, 2020.

Companies in this story: (TSX:SLF)

The Canadian Press

(Visited 1 times, 1 visits today)
Close
Share via
Copy link
Powered by Social Snap
Ads Blocker Image Powered by Code Help Pro

Ads Blocker Detected!!!

We have detected that you are using extensions to block ads. Please support us by disabling these ads blocker.

Powered By
Best Wordpress Adblock Detecting Plugin | CHP Adblock