Sun Life income up 8%

Sun Life Financial Inc. reported record net income for the third quarter of $394 million, equal to 65 cents per share, up eight percent from the $366 million, or 60 cents a share in the previous quarter. Earnings per share (EPS) increased 14 percent over operating EPS in the third quarter of 2002.

Donald A. Stewart, Sun Life chief executive officer, said: "We are pleased with the strong financial performance of most of our businesses last quarter. Overall, our positive results benefited from improved equity markets and reflected a continuing strong rebound in earnings contribution from MFS Investment Management and Sun Life Financial US and another solid quarter by the Canadian business."

Stewart said the positive financial performance is highlighted by the significant improvement of 100 basis points in return on equity (ROE) to 11.3 percent at the end of the latest quarter, up from 10.3 percent at the end of the previous quarter, and up 150 basis points from operating ROE of 9.8 percent a year earlier. Increasingly, we are benefiting from our diversified operations as we continue to build business momentum by meeting the needs of customers through new products, new services and new technologies".

"At the same time, we are nearing the successful completion of the Clarica integration, ensuring that the depth and breadth of our domestic base will serve as a strong platform for further international growth. Sun Life Financial has taken another substantial step forward on the road to international leadership with a second license to carry on business in China, the world’s largest emerging market," the CEO said.

This new license covers Beijing, China’s capital city, and complements an existing license in Tianjin, the second largest city in northern China.