Sun Life Financial Inc reported a 1.4 per cent growth in second-quarter profit on Wednesday, helped by growth in its asset management business.
Underlying net income in the Toronto-based company’s asset management business grew 13 per cent to $245-million (US$185.6 million).
The company ended the quarter with total assets under management of $1.02 trillion, up 4 per cent from a year earlier.
Sun Life’s adjusted net income in its Asia unit rose 1 per cent to $147 million, while it slipped in the United States and Canada.
Canadian insurers have increasingly pivoted to Asia for growth, looking to sell to the region’s increasingly affluent middle class as domestic markets face intense competition.
Excluding one-time items, the company’s net income rose to $739-million, or $1.24 per share, in the three months ended June 30, from $729-million, or $1.20 per share, a year earlier.
Analysts on average had expected $1.24 per share, according to IBES data from Refinitiv.
Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.