Source: The Canadian Press

Sun Life Financial Inc. (TSX:SLF) said Wednesday it earned $409 million in its latest quarter, helped by a stronger economy and growth across its businesses.

The insurer said the profit amounted to 72 cents per diluted share for the quarter ended March 31 compared with a loss of $213 million or 38 cents per diluted share a year ago.

Revenue for the quarter totalled $6.1 billion, up from $5 billion.

“While there are still headwinds in credit markets, our focus on risk management and a strategy of diversifying across product lines and geographies has allowed Sun Life to achieve a solid start in 2010,” president and chief executive Donald Stewart said in a statement.

Return on equity for the quarter was 10.5%, compared with negative 5.5% for the first quarter of 2009.

Assets under management totalled $434.6 billion at March 31, compared with $432.6 billion at Dec. 31 and $375 billion a year ago.

Sun Life Canada reported earnings of $238 million in the first three months of 2010 compared with a profit of $194 million in the first quarter of 2009.

In the U.S., Sun Life reported a profit of $88 million for the quarter compared with a loss of $407 million in the same period a year ago, while MFS Investment Management earned $49 million, up from $28 million.

Shares in Sun Life, which reported its results after the close of markets, were down 26 cents at $29.12 on the Toronto Stock Exchange.