Sun Life Financial Inc. says net income for the first quarter was $806 million, up more than 21 per cent from $665 million a year earlier.

The Toronto-based company says diluted earnings per share were $1.37, up from $1.13 for the same quarter last year. 

This was the first earnings quarter for the company under new accounting standards which came into play Jan. 1. 

Sun Life says the higher net income reflects higher underlying net income as well as a gain on the Feb. 1 sale of its sponsored markets business from subsidiary Sun Life Assurance to Canadian Premier Life Insurance Company. 

The company increased its common share dividend by three cents to 75 cents per share. 

Sun Life president and CEO said in a press release that the company saw strong growth in its health and protection sales. 

This report by The Canadian Press was first published May 11, 2023.

Companies in this story: (TSX:SLF)