Sun Life Financial reports 3Q loss

Global Post

The City of Toronto, where Sun Life is based. The City of Toronto, where Sun Life is based.

TORONTO - Sun Life Financial Inc. (TSX:SLF) reported a loss Wednesday totaling $520 million in its latest quarter as it wrote down and closed the sale of its U.S. annuity business.

The insurer said the loss amounted to 84 cents per diluted share and compared with a profit of $383 million, or 64 cents per share, a year ago.

Included in the results was a $674-million loss on the sale of the U.S. annuity business and another $230 million due to assumption changes and management actions related to the deal.

Excluding that business, the insurer said it earned an operating net profit from continuing operations of $422 million or 69 cents per diluted share for the quarter, compared with $459 million or 77 cents per share a year ago.

The average analyst estimate compiled by Thomson Reuters had been for an adjusted profit of 64 cents per share.

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