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May 12, 2022

Sun Life earns $858M in first quarter, raises dividend

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Sun Life Financial Inc. says it earned $858 million in the first quarter of this year, down eight per cent from the $937 million it earned in the first quarter of 2021.

The Toronto-based insurer says its earnings per share for the period ended March 31 work out to $1.46, down from $1.59 per share in the same period of 2021.

Sun Life's insurance sales in the quarter were $799 million, up from $730 million in the prior year's quarter.

For its Canadian business segment, Sun Life Financial Inc. reported net income of $263 million, down 35 per cent from 2021.

It attributed the reduction to changes in interest rates and lower equity markets, partially offset by an increase in the value of real estate investments.

Sun Life increased its dividend Wednesday by three cents per share to 69 cents per share, payable June 30, 2022, to shareholders of record at the close of business on June 1.