Sun Life operating income down 8%

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Global insurance giant Sun Life Financial Inc. reported an 8-percent decline in the third quarter of its operating profit from continuing operations.

In a disclosure to the Philippine Stock Exchange, the Canada-based firm said that its operating profit, which measures results without some accounting adjustments and other considerations, fell to $422 million in the quarter ended September 30, 2013, from $459 million a year ago.

Operating share profit share was at $0.69 a share during the period, down from $0.77 last year, the company added.

Dean Connor, Sun Life president and chief executive officer, said that the company benefited from favorable market conditions in the quarter.


“During the period, the company also completed the sale of its US Annuity Business to Delaware Life Holding, LLC, a milestone that has significantly improved Sun Life’s risk profile,” Connor said.

Across the business, he said that wealth sales and insurance sales increased 25 percent and 16 percent, respectively.

The company’s board of directors also declared a quarterly dividend of $0.36 each common share, maintaining the current quarterly dividend.

“The results were driven by strong underlying performance across our four strategic growth pillars,” Connor said.

In Canada, the company delivered double-digit growth in sales of both individual life and health insurance and wealth products compares to the same period last year. Sales continued in SLGI with mutual retail sales increasing by 78 percent.

Connor said that the company continues to see positive results from the execution of their US strategy, with sales in employee benefits group rising 25 percent from last year’s level, driven by a 47-percent increase in voluntary benefit sales and a 44- percent increase in stop loss sales.

In Asia, individual life insurance sales increased in the Philippines, Hong Kong and Indonesia, but were lower in India and China.

“We are pleased with the con-tinued growth in Asia as insurance sales rose 5 percent due to higher sales in the Philippines, Hong Kong and Indonesia, and wealth sales increased 56 percent, primarily due to increased mutual fund sales in the Philippines and MPF sales in Hong Kong,” Connor said.

“We introduced new pro-ducts in Malaysia and Vietnam during the quarter, expanding our presence in both markets,” he added.

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