Sun Life Financial Inc. says it will boost its dividend as its first-quarter earnings results beat analyst expectations.

The Toronto-based financial services firm says it earned net income of $770 million in the three months ended March 31, up from $573 million a year earlier.

Earnings per share were $1.26, compared with year-earlier earnings of 93 cents per share.

Analysts surveyed by Thomson Reuters Eikon estimated the company’s net income would be $681 million and anticipated earnings per share of $1.11.

Sun Life says it will increase its quarterly common share dividend by 2¢ or 4% to 47.5¢ per share.

CEO Dean Connor says the decision reflects confidence in the company’s growth prospects and financial position.