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August 05, 2010 at 08:00 PM
Sun Life Financial (SLF) on Wednesday, August 5, reported net income of $213 million for the second quarter of 2010, compared with net income of $591 million in the same period last year. Diluted earnings per share were $0.37 compared to $1.05 in the second quarter of 2009.
Analysts had expected the company to have EPS of $0.25.
The Toronto-based company said that volatile market conditions continued to impact its results and “reflected a much different capital market environment than the same period one year ago,” according to a statement.
“We continued to execute on our growth strategies this past quarter, resulting in solid growth in sales and premiums and deposits across a number of our businesses and geographies,” CEO Donald Stewart explained in a press release.
“Strong momentum continued in our Canadian businesses, spurred by a significant increase in sales of individual life and health insurance, fixed income products and annuities,” he added.
“In the U.S., sales of variable annuities rose 7% compared to the same period last year due to improved productivity among wholesalers and our increased investment in marketing and brand,” said Stewart in a press release. “Earnings at MFS, our U.S.-based asset manager, were very strong compared to the same period last year, primarily due to higher average net assets.”
During the quarter, the company said it began forming a new mutual fund company to “bring a family of world-cla ss mutual funds to Canadians” — Sun Life Global Investments (Canada) Inc. — to be launched in the fall of 2010.
