OTTAWA (dpa-AFX) - Sun Life Financial Inc.'s (SLF, SLF.TO) first-quarter reported net income advanced to C$686 million or C$1.15 per share from C$438 million or C$0.73 per share last year. Quarterly net income was benefited from improvements in capital markets and continued growth in the company's in-force business.
Operating net income was C$727 million, higher than the prior year's C$472 million, with operating earnings per share rising to C$1.22 from C$0.82 in the 2011 first quarter. On average, 14 analysts polled by Thomson Reuters expected earnings per share of C$0.74 for the quarter. Analysts' estimates typically exclude one-time items. Excluding the net impact of market factors, operating net income was C$357 million for the latest quarter.
However, total revenue was C$3.14 billion, a decline from C$4.20 billion in the prior-year period. Analysts estimated revenues of C$5.77 billion for the quarter.
President and Chief Executive stated, 'Our results for the first quarter of 2012 reflect both solid underlying business performance and the impact of favourable equity markets and higher interest rates as we continue to execute on our refocused strategy.'
Sun Life Financial's board declared a quarterly shareholder dividend of C$0.36 per share, maintaining the current quarterly dividend. This dividend would be paid on June 29, 2012, to shareholders of record at the close of business on May 30, 2012.
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© 2012 AFX News
