Sun Life Financial Services of Canada is reporting improved third-quarter earnings. The insurer says profit rose on a gain on a sale, cost savings and recent acquisitions.

Net income was $361 million, or 58¢ a share, in the quarter ended September 30, compared with a year-earlier profit of $215 million, or 51¢ per share.

On an operating basis, which excludes special items, the company earned $350 million, or 57¢ a share.

Sun Life said special items totaling $11 million include a $173 million gain on sale of Spectrum and a charge of $150 million to the discontinued reinsurance line.

Sun Life said its recent acquisition of Clarica, which vaulted the insurer to the country’s biggest insurer, added “tangible returns” of 3¢ to the third-quarter’s bottom line.

Revenue climbed to $6.2 billion from $3.5 billion a year ago, the company said. Return on equity fell to 10.1% from 12.5%.

Sales for Individual Life & Health and Group Life & Health totalled $272 million for the third quarter, and were 49% higher than in 2001.

“Sun Life Financial’s diversified business model proved resilient in the face of the worst quarterly equity market performance in 15 years,” said Donald Stewart, chairman and CEO, in a news release.