Sun Life Profit Surges on Asia Business Strength

Toronto-based insurer Sun Life posted a jump in first-quarter profit Wednesday, driven by strong gains in its Asia business. Underlying net income from Asia surged 17% to C$216 million, fueled by stronger sales momentum and in-force business growth, particularly in Hong Kong.

CEO Kevin Strain said, "This quarter we delivered strong growth in our protection businesses led by Asia, Canada and U.S. health and risk solutions."

In Canada, underlying net income rose 7% to C$370 million, supported by higher premiums, fee income, and investment returns. Overall, Sun Life earned an underlying net income of C$1.89 per share for the quarter ended March 31, up from C$1.82 a year earlier.

Sun Life, Canada's second-largest life insurer, recently completed the acquisition of remaining stakes in BGO and Crescent Capital, bolstering its asset management business.