Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Sun Life Financial Q1 Profit Rises - Update

Sun Life Financial Inc. (SLF: Quote, SLF.TO) reported Thursday a higher first-quarter profit, citing favourable equity market performance and increased interest rates, particularly in the U.S. However, total revenues were down from the prior year.

Dean Connor, president and chief executive officer of the company said, "Our results for the first quarter of 2012 reflect both solid underlying business performance and the impact of favourable equity markets and higher interest rates as we continue to execute on our refocused strategy."

Canadian operations posted total operating net income of C$239 million, lower than C$245 million a year ago. Total operating net income from its U.S. Operations surged to C$433 million from C$184 million in the preceding year. In the company's Asian operations, individual life sales grew 27 percent.

As at March 31, 2012, total assets under management was higher in the sequential fourth quarter and from the year-ago quarter.

In the first quarter, common shareholders' net income increased to C$686 million or C$1.15 per share from C$438 million or C$0.73 per share last year.

Operating net income was C$727 million, higher than the prior year's C$472 million. Excluding the net impact of market factors, operating net income was C$357 million for the latest quarter.

Operating earnings per share were C$1.22, higher than C$0.82 per share in the preceding year. On average, 14 analysts polled by Thomson Reuters expected earnings per share of C$0.74 for the quarter. Analysts' estimates typically exclude one-time items.

However, total revenues declined to C$3.14 billion from C$4.20 billion in the prior-year quarter. Adjusted revenues were C$5 billion, compared to C$5.06 billion a year earlier. Analysts estimated revenues of C$5.77 billion for the quarter.

Net premium revenues were C$2.07 billion, lower than C$2.43 billion a year ago. Total premiums and deposits increased to C$25.3 billion from C$20.08 billion a year ago.

The board also declared a quarterly shareholder dividend of C$0.36 per share, maintaining the current quarterly dividend. This dividend is payable on June 29, to shareholders of record on May 30, 2012.

SLF is currently trading at $22.51, up $0.43 or 1.95 percent, on a volume of 238 thousand shares on the NYSE.

On the Toronto Stock Exchange, the shares trade at C$22.47, up 1.54 percent.

Register
To receive FREE breaking news email alerts for Sun Life Financial Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
The Philippine economy grew more-than-expected in the second quarter on strong support from foreign demand, figures from the National Statistical Coordination Board showed Thursday. Gross domestic product for the second quarter advanced 6.4 percent year-on-year, exceeding economists' expectation for 6.1 percent growth. This followed by a revised 5.6 percent rise seen in the first quarter. Hewlett-Packard has recalled the AC power cords for its HP and Compaq notebook computer, citing a tendency to overheat, causing a potential fire and burn hazard. HP requests that consumers stop using the cord immediately and contact them to order a replacement cord free of charge. A UN report describing terrible atrocities carried out by Islamic State militants in Syria says children as young as 10 are being recruited and trained at ISIS camps as fighters. The report, based on 480 interviews and and evidence collected between 20 January and 15 July, chronicles the unimaginable brutality and human cost of the Syrian conflict. The report by the independent international com
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.