Sun Life has been expanding overseas to diversify its business mix and the latest quarter earnings benefited from recent deals, Strain added.Ĭore income from U.S. Reported profit, which captures market fluctuations, slumped 54% to C$466 million. Total assets under management fell 8% to C$1.28 trillion from a year ago. Market volatility sparked by sharp rise in interest rates globally dented Sun Life's wealth business, resulting in a 19% drop in core profit from that operation. "Overall insurance sales across our businesses were strong, reflecting the increased importance clients are placing on protection and health," Kevin Strain, Sun Life CEO and president, said in a statement. Underlying profit rose 5% from a year ago to C$949 million ($692.1 million) or C$1.62 per share in the three months ending Sept 30 versus consensus estimates to C$1.47. TORONTO, Nov 2 (Reuters) - Sun Life Financial Inc (SLF.TO), Canada's second-biggest life insurer, on Wednesday posted third-quarter profit that beat analyst estimates, as higher insurance sales in the United States and Asia helped offset declining revenue from its wealth management business.
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