Sun Life Financial Inc. reported an 11% jump in earnings for the third quarter of this year, despite taking a heavy hit from the strengthening Canadian dollar.
For the three months ended Sept. 30 earnings were $439 million or 73¢ a share vs $394 million (65¢) for the same period in 2003. For the first three quarters of the year, Sun Life said operating earnings were $1.3 billion ($2.17 a share), up 18% from a year ago. During the period, Sun Life said it took a $32-million hit from the strengthening of the C$.
Sun Life CEO Donald Stewart said the Toronto-based insurance giant posted market share gains in a number of its operations. “Of particular note, in Canada, Group Retirement Services had a 47% market share of pension sales, Sun Life Financial’s ‘Multipoint’ was the No. 2-selling equity indexed annuity product in the U.S., and in Asia sales were up an impressive 79% on a year-to-date basis. Canada, the U.S., MFS and Asia all had year-to-date revenue growth.”
The company said the board has approved a reorganization under which most of the asset management businesses, including U.S. annuities, owned by its wholly owned subsidiary, Sun Life Assurance Co. of Canada, will be transferred to a newly incorporated subsidiary, effective Jan. 4. The change still requires regulatory approvals.
Sun Life earnings up by 11% in Q3
Rising C$ costs insurer $32 million over nine months
- By: IE Staff
- October 28, 2004 October 28, 2004
- 14:01