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Sun Life Financial Inc. boosted its quarterly dividend 5% after reporting that its net income surged 20% to $681 million in its third quarter (Q3 2019).

The Toronto-based insurer said Wednesday it will increase the payout by 2.5¢ to 55¢ on Dec. 31 to shareholders of record on Nov. 27.

Sun Life says it earned $1.15 per share for the period ended Sept. 30, up from 93¢ per share or $567 million in the prior year.

Adjusted profits were $809 million or $1.37 per share, up from $730 million or $1.20 per share in Q3 2018.

Analysts expected adjusted net income of $751.43 million and earnings per diluted share of $1.27, according to the financial markets data firm Refinitiv.

Sun Life Financial operates in 26 countries, with more than 37,000 employees worldwide as of Dec. 31, 2018.