Sun Life reports Q3 net income of $466 million, down 54 per cent from last year
BNN Bloomberg
Sun Life Financial says its profit was down 54 per cent in the third quarter compared with a year earlier due to general market declines, and also recorded a $170 million charge related to its sale of Sun Life UK.
The insurance giant says it had a net income of $466 million in the quarter ending Sept. 30, down from $1.02 billion in the same quarter last year.
Adjusted income, or what Sun Life calls underlying net income, came in at $949 million, up five per cent from $902 million last year.
Net income from the Canadian division was down 47 per cent at $210 million, related largely to interest rate movements and lower equity markets, while U.S. profits were up 104 per cent at $94 million as the company saw fewer COVID-19-related claims among other tailwinds.