Sun Life Financial Inc. says it earned $1.35 billion in the third quarter, up from $871 million in the same quarter last year.
Basic net income for the quarter was $1.02 billion, an increase of $86 million, or 9%, from the prior year. The increase was due to growth in the company’s group and individual benefits, as well as higher fee income in its wealth and asset management divisions, the insurer said.
As of September 30, the insurance giant had $1.51 trillion in assets under management, up 13% from the same period last year. This growth was mainly driven by segregated, retail, institutional and managed funds.
Core net income for the Canadian division was $375 million, an increase of $37 million, or 11%, compared to the third quarter of 2023. The increase was driven by higher investment contributions in individual protection and the expansion of the group protection business, which was partially offset by unfavorable credit conditions in property and asset management, the insurer said.
Sun Life reported Canadian wealth and asset management gross flows of $4 billion, up 11% year-over-year, driven by higher mutual fund sales. However, personal protective equipment sales fell 24% to $112 million, reflecting lower third-party sales.
The insurer increased its dividend by three cents to $0.84 per common share.
