Canadian life insurer,
Sun Life Financial Inc.
) announced third-quarter 2013 net operating earnings of $438.5
million (C$422 million), declining 3.6% year over
Sun Life Financial's reported net income came in at $336.6
million (C$324 million), down 23% year over year.
The improved numbers were driven by strong sales, and
continued product and pricing improvements.
Adjusted revenues of Sun Life Financial were $5.61 billion
(C$5.4 billion), up 20.5% year over year. The increase was
primarily due to higher net premium revenue, fee income in Mutual
Fund segment and higher investment income.
Total benefits and expenses of Sun Life Financial were $3.8
billion (C$3.7 billion), down 11.8% year over year.
While wealth sales was up 25%, insurance sales increased 6%
year over year.
Assets under management was $608.8 billion (C$590.5 billion)
up 8.6% from $560.6 billion (C$532.9 billion) as of Dec 31,
During the quarter, SLF Canada reported operating income of
$219.0 million (C$215 million), up 2.0% year over year. The
upside was driven by strong performance in its Individual
Insurance and Investment line of business.
SLF U.S.recorded operating income of $101 million during the
reported quarter up 28% year over year. The segment continues to
grow its employee benefit group insurance as well as life and
investment product business.
MFS Investment Management reported operating net income of
$120.5 million (C$116), up 52.0% year over year.
SLF Asia reported operating income was $18.7 million (C$18
million), down 46% year over year.
Sun Life Financial reported operating return on equity of
12.6%, compared with 11.8% in the year-ago quarter.
Sun Life Assurance's MCCSR ratio was 216% as of Sep 30, 2013,
compared with 209% as of Dec 31, 2012.
Highlights of the Quarter
During the quarter, Sun Life Financial completed the sale of
its U.S. Annuity Business to Delaware Life Holdings, LLC. With
this transaction the company has shed much of its equity market
and interest rate exposure.
Eastern Insurance Holdings, Inc.
) with Zacks Rank #1 (Strong Buy) and
) with Zacks Rank #2 (Buy) all reported better-than-expected
third quarter earnings.
ASSURANT INC (AIZ): Free Stock Analysis
EASTERN INSURNC (EIHI): Free Stock Analysis
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SUN LIFE FINL (SLF): Free Stock Analysis
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