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February 16, 2012 at 08:38 AM
Sun Life Financial Inc. posted in the fourth quarter of 2011 a more than half-billion dollar loss, an amount comparable to the profit the company enjoyed in the same period of 2010.
Sun Life Financial Inc., Toronto (TSX: SLF) (NYSE: SLF), recorded a $525 million (CDN) or $0.90 per share loss in the fourth quarter of 2011, compared to net income of $504 million or $0.84 per share in the same period last year.
The company’s operating loss was $221 million for the fourth quarter of 2011, compared with operating net income of $485 million in the fourth quarter of 2010. The company’s operating loss per share was $0.38 in the fourth quarter of 2011, compared to operating EPS of $0.85 in the fourth quarter of 2010.
“While results for the fourth quarter were impacted by a number of one-time items, our overall results for 2011 reflect challenging global market conditions that affected the entire industry, including low interest rates as a result of global economic uncertainty and monetary policy actions in the United States,” says Sun Life Financial President and CEO Dean Connor in a press statement.
“Despite these challenges, we made excellent progress in a number of areas central to our strategy, including record insurance and rollover sales in Canada, strong earnings in Asia and assets under management at MFS in excess of US$250 billion.”
“We continue to maintain a strong capital position, while investing in product and service innovations across our business groups to improve service to customers,” Connor adds.
Separately, Sun Life’s board of directors declared a quarterly shareholder dividend of $0.36 per common share, maintaining the current quarterly dividend. The dividend is payable to shareholders of record at the close of business on March 7, 2012.
In other company news:
The Phoenix Companies Inc., Hartford, Conn., (NYSE:PNX), reported full-year 2011 net income of $8.1 million, or $0.07 per diluted share, and operating income of $42.0 million, or $0.36 per diluted share. These results compare with a net loss of $12.6 million, or $0.11 per share, and an operating loss of $9.6 million, or $0.08 per share, for full-year 2010.
For the fourth quarter of 2011, the company reported a net loss of $22.0 million, or $0.19 per share, and operating income of $1.1 million, or $0.01 per diluted share. The fourth quarter of 2010 had a net loss of $11.6 million, or $0.10 per share, and operating income of $7.8 million, or $0.07 per diluted share.
Excluding unusual items totaling $16.5 million, full-year 2011 pre-tax operating income was $64.7 million, or $0.55 per diluted share, the company reports. Excluding $15.1 million of unusual items, fourth-quarter 2011 pre-tax operating income was $17.7 million, or $0.15 per diluted share.
Unum Group, Chattanooga, Tenn., reports that its company and employees contributed more than $12 million to charitable causes in 2011.
The corporation gave more than $7.2 million in donations and $520,000 in in-kind contributions. Unum employees donated more than $2.7 million to non-profit organizations and through special events such as the United Way campaigns in the U.S. and the Site2Site challenge in the U.K. In addition, employees volunteered nearly $2 million worth of time to organizations that are important to them.
The Professional Insurance Marketing Association, Chicago, has installed a new president and elected a 2012 board of directors at PIMA’s 38th Annual Meeting. Themed “Changing Markets, Changing Opportunities: Embrace the New Affinity Marketplace,” the event was held in Palm Coast, Fla.
