GLOBAL insurance firm Sun Life Financial Inc. (SLFI) earned a net income of $551 million for the first quarter of this year, up 2 percent from a year earlier, as insurance and wealth sales also grew.
However, its underlying net income, which excludes the impact of interest rate and equity market movements, slipped 1.5 percent year-on-year to $573 million.
Global assets under management reached $927 billion, 2.6 percent higher than the $903 billion as of December 2016.
“We achieved strong top line growth … during the quarter, and our Canadian and Asia pillars performed well,” SLFI President and Chief Executive Officer Dean Connor said in a disclosure to the Philippine Stock Exchange (PSE) on Wednesday.
“In the quarter we continued to make it easier for clients to do business with us, and to be more proactive. For example, for a portion of our Canadian plan sponsors whose employees use our new digital enrolment tool, we helped them get the most from their plans and this contributed to an increase in retirement savings in 70 percent of these plans,” he added.
“We also extended our reach to clients, investing in a digital financial services platform in Vietnam, and acquiring Premier Dental Group, Inc. expanding our dental preferred provider network in the US,” Sun Life said.
Canada’s Sun Life Financial is listed on the Toronto, New York and Philippine stock exchanges under the SLF ticker symbol.