Sun Life Financial has reported higher third quarter results and announced plans to buy back stock.
Net income from continuing operations rose to $435 million, compared with $324 million in the same period last year.
“Our strong results this quarter were driven by earnings in Canada, MFS and Asia,” says president and CEO Dean Connor.
“Our operations in Canada reported solid operating income growth this quarter, with continued strength in both insurance and wealth sales,” he adds. “In particular, Sun Life Global Investments more than doubled sales of institutional and retail funds compared to the same period last year.”
Group benefits gross sales of $81 million grew 47% over the same period in the prior year. Group retirement services achieved assets under administration of $72 billion at the end of the third quarter of 2014, an increase of 19% compared to the same period last year.
The DB solutions business, part of the group retirement services, had a strong quarter with more than $400 million of group annuity sales from DB plans.
Global assets under management reached $698 billion at the end of the quarter, up 18% compared to the same period last year.
The company also announced plans to buy back up to nine million shares, representing approximately 1.5% of the outstanding stock.
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