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Sun Life Financial reports dip in Q1 earnings

Sun Life Financial has reported operating earnings of $533 million for the first quarter of 2008, compared to $558 million in the first quarter of 2007.

The common shareholders’ net income was $533 million for the quarter ended March 31, 2008, compared with $497 million for the same period of 2007. For the quarter, fully diluted operating earnings per share were $0.93, a 3% decrease from $0.96 reported for the same period of 2007.

According to the company, the strengthening of Canadian dollar relative to foreign currencies since the first quarter of 2007 reduced quarterly earnings by $43 million. On a constant currency basis, operating earnings in the first quarter of 2008 were up $18 million or 3%.

Donald Stewart, CEO of Sun Life, said: Difficult capital markets, global credit pressures and currency headwinds persisted during the quarter and moderated the company’s financial results.