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Sun Life posts higher profit on strength in asset management, Asia

Reuters

TORONTO (Reuters) - Canadian insurer Sun Life Financial Inc (Toronto:SLF.TO - News) reported a higher quarterly profit on Tuesday, driven by strength in its asset management business and healthy growth in Asia.

The Toronto-based company’s net profit rose to C$441 million, or 72 Canadian cents a share, in the quarter ended March 31, compared with a net profit of C$400 million, or 65 Canadian cents a share, in the same period last year.

Underlying profit rose to 84 Canadian cents a share, from 72 Canadian cents a share a year earlier. Analysts, on average, had expected earnings of 77 Canadian cents per share, according to Thomson Reuters I/B/E/S.

Sun Life, whose rivals include Manulife Financial Corp (Toronto:MFC.TO - News) and Great-West Lifeco Inc (Toronto:GWO.TO - News), also raised its quarterly dividend.

(Reporting by John Tilak)