Sun Life Financial reported Wednesday third quarter income of $448.5 million, up from a loss of $138.6 million in the third quarter of 2009. Earnings per share were $0.78.
Third quarter success was driven by improvements in equity markets, as well as a favorable impact from "management actions and assumption changes which generally occur in the third quarter of each year."
The company noted that it was preparing for continued pressure in the U.S. commercial mortgage market with an increase in "mortgage sectoral allowance."
Assets under management grew to $450.6 billion, an increase of 10%. Growth in the company's wealth businesses as a result of increased mutual and managed fund sales contributed to the increase, as did a stronger Canadian dollar, and the company's acquisition of Lincoln U.K.
"Improvements in equity markets and continued strong execution of our strategy resulted in solid earnings across major business lines and geographies compared to the same period last year," Donald Stewart, CEO, said in a statement.