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Sun Life Reports Higher 1st Quarter Net Income

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NU Online News Service, May 1, 2003, 6:23 p.m. EDT – Sun Life Financial Services of Canada Inc., Toronto, is reporting the equivalent of $233 million in net income for the first quarter on $3.9 billion in revenue, up from $161 million in net income on $3.4 billion in revenue for the first quarter of 2002.

Interest-rate spreads on U.S. fixed annuities shrank, but the Canadian and United Kingdom operations did well, the company says.

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The conversions here are based on an exchange rate of 1 Canadian dollar=67.967 U.S. cents for the 2003 results, and an exchange rate of 1 Canadian dollar=62.708 U.S. cents for the 2002 results, using figures published by OANDA Corp., New York.