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Sun Life Financial swings to profit in Q3

Canada-based Sun Life Financial has reported a net income of $453m, or $0.79 per diluted share, for the third quarter of 2010, compared to a net loss of $140m, or $0.25 per diluted share, for the same quarter of the 2009.

According to the Sun Life, the net income in the third quarter was driven primarily by improved performance in equity markets, and the favorable impact of management actions and assumption changes which generally occur in the third quarter of each year.

Revenues for the third quarter of 2010 were $7.7bn, compared to $8.8bn for the corresponding quarter of 2009.

Sun Life Financial CEO Donald Stewart said, improvements in equity markets and continued strong execution of strategy resulted in solid earnings across major business lines and geographies compared to the same period last year.

“We are pleased with the results in our Canadian and Asian businesses, the progress in the execution of our US strategy and the growth and strong performance of MFS Investment Management. Overall results this quarter also benefited from Sun Life’s long-standing focus on risk management, Stewart said.