(August 2 – 16:10 ET) – Recently demutualized Sun Life Financial Services of Canada Inc. is reporting improved shareholder income for the quarter ending June 30. The insurance company says it earned $197 million, up from a $166 million, on an adjusted pro forma basis, a year ago.
Revenue in the second quarter was $4.2 billion, an increase of 15%, due to continued strong performance in the company’s fee income businesses, primarily wealth management. Return on equity was 12.9%, up from the 11.7% a year ago.
Assets under management grew 24% to $330 billion. Sun Life attributes the increase to continued growth in its wealth management units, including MFS Investment Management, Spectrum Investments and McLean Budden.
“The quarter’s results were characterized by solid core business performances in our North American franchise including the introduction of new products and important gains in market share,” James Prieur, President and COO, said in a statement. “The quarter also included improved earnings in the U.K. coming from the pension and annuity business. This served to offset lower reported earnings in U.S. individual life due to mortality as well as new business strain as growth in our U.S. annuity business accelerated.”
-IE Staff