NU Online News Service, July 29, 2003, 5:14 p.m. EDT – Sun Life Financial Inc., Toronto, is reporting the equivalent of $272 million in net income in U.S. currency for the second quarter on $4.1 billion in revenue, up from $47 million in net income on $3.8 billion in revenue for the second quarter of 2002.
In Canadian currency, Sun Life is reporting 366 million Canadian dollars in net income for the latest quarter on 5.6 billion Canadian dollars in revenue, compared with 71 million Canadian dollars in net income on 5.8 billion Canadian dollars in revenue for the second quarter of 2002.
Company executives note that the decline in the strength of the U.S. dollar hurt reported earnings.
In U.S. currency, earnings at the U.S. insurance unit shrank to $47 million on $1.9 billion in revenue, from $49 million on $2.1 billion in revenue, but the drop was much steeper when expressed in Canadian dollars.
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Sun Life is showing that the U.S. insurance unit earned 61 million Canadian dollars on 2.6 billion Canadian dollars in revenue, down from 75 million Canadian dollars on 3.2 billion Canadian dollars in revenue.