Company News

Insurer hikes quarterly dividend, despite revenue drop

By Canadian Press |
Source: The Canadian Press

Sun Life Financial Inc. has reported that its profits increased in the latest quarter, driven in part by its enhanced online capabilities.

The Toronto-based company, primarily known for its life insurance, says its net income increase to $817 million in the quarter ended Sept. 30 compared to $737 million a year earlier.

CEO Dean Connor says the quarter showcased its many examples of bringing client-driven strategies to life, including its fast online life insurance sign up and interactive digital coaches.

Connor says the company was also pleased to announce an increase in its common share dividend by 2¢ to about 46¢ per share for the quarter.

Sun Life's revenue, however, was $5.6 billion in the third quarter of 2017 compared to $7.9 billion last year.

The insurer says the decrease was mainly due to increases in interest rates compared to decreases in the same period last year.