Sun Life Financial profit rises on growth in Asia, wealth management
(Reuters) - Sun Life Financial on Thursday reported a rise in first-quarter profit, as the life insurer was helped by strength in its Asia market and strong performance in its wealth and asset management business.
Canadian insurers, including Sun Life and Manulife Financial, are expanding in Asia to tap into a growing, under-insured middle class, helping them offset some of the weakness that they have been facing in the U.S. market.
Manulife's 3% rise in first-quarter profit was also partly driven by growth in its Asia business.
Sun Life's underlying income from its Asia markets rose 11% to C$197 million in the first quarter from the year-ago period.
"In an increasingly complex business environment, we continue to advance on our Client Impact Strategy and strategic imperatives, underscored by new digital tools and capabilities, robust capital raising at SLC Management and strong sales and distribution in Asia," CEO Kevin Strain said in a statement.
Its domestic business also reported a 21% rise in underlying net income, while asset management reported a 19% jump to C$487 million.
The company's net income was C$928 million ($666.9 million), or C$1.62 per share, for the three months ended March 31. That compares with a profit of C$818 million, or C$1.40 per share, a year earlier.
($1 = 1.3916 Canadian dollars)
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