Canada Markets close in 4 hrs 38 mins

Sun Life boosts dividend as Q3 profit surges 20 per cent to $681 million

TORONTO — Sun Life Financial boosted its quarterly dividend five per cent after reporting that its net income surged 20 per cent to $681 million in its third-quarter.

The Toronto-based insurer says it will increase the payout by 2.5 cents to 55 cents 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 cents 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 the third quarter of 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.

This report by The Canadian Press was first published Nov. 6, 2019.

Companies in this story: (TSX:SLF)

 

The Canadian Press