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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