Sun Life Financial third-quarter profit increases 10 per cent to $750 million

TORONTO – Sun Life Financial Inc. says its net profit increased 10 per cent in the third quarter as its asset management business increased 25 per cent from a year earlier.

The Toronto-based insurer says that equated to $ 1.28 per share, up from $ 1.15 per share or $ 681 million in the third quarter of 2019.

Underlying net income for the three months ended Sept. 30 was $ 842 million or $ 1.44 per share, compared with $ 809 million or $ 1.37 per share in the prior year.

SunLife was expected to report $ 1.28 per share in adjusted profits, according to the financial markets data firm Refinitiv.

Insurance sales were down $ 4 million to $ 681 million while wealth sales increased to $ 52.7 billion, up from $ 41.2 billion.

Its assets under management reached nearly $ 1.2 trillion, up from $ 1.06 trillion a year ago.

“So far this year we have delivered more than $ 140 million of claims payments to the families of clients who have succumbed to COVID-19, and paid millions in additional pandemic related health claims,” stated CEO Dean Connor.

This report by The Canadian Press was first published Nov. 4, 2020.

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