Sun Life raising dividend 20% after OSFI eases capital rules

Sun Life Financial is taking advantage of newfound freedom to share its wealth with investors.

Sun Life Financial is taking advantage of newfound freedom to share its wealth with investors.

The insurance and asset management giant announced in a release Monday that it's adding an 11-cent per share supplementary dividend to the payment that's scheduled for Dec. 31.

Combined with its regular quarterly payout of 55 cents per share, the total dividend will be 20 per cent higher than the previous quarterly payment.

Sun Life was able to sweeten its dividend after the Office of the Superintendent of Financial Institutions ended its pandemic-era prohibition on dividend hikes and share buybacks last week.