Sun Life Financial Inc. today reported a jump in profit for the fourth quarter ended Dec. 31, 2004.
The insurer said that net income for the quarter rose to $438 million, or 74\u00a2 a share, from $206 million, or 34\u00a2 a share, in the year-before quarter.
Sun Life’s profit rose in as returns from its domestic business, U.S. and MFS units offset a weaker performance at its Asian and corporate divisions. Its British unit had a flat quarter.
Revenues were lower in the quarter at $5.27 billion, against $5.44 billion in the year-earlier period. Return on equity increased to 12.1% from 5.9%.
Sun Life also took a charge in the fourth quarter in 2003 related to an investigation by U.S. regulators into improper trading in fund shares by Sun Life’s U.S. unit, Massachusetts Financial Services Co.
Excluding extraordinary items, the insurer reported operating earnings of 74\u00a2 a share, up 7.2% from operating earnings of 69\u00a2 a share a year earlier.
The rise in profit prompted Sun Life to raise its dividend by 9%, or 2\u00a2, to 24\u00a2 per share.
Shares of Sun Life rose 7\u00a2 to $40.42 on the Toronto Stock Exchange in mid-afternoon trading.
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