Canadian insurer Sun Life Financial has reported a net income of $324m or $0.53 per share in the third quarter of 2013, compared to $441m or $0.74 in the same period last year.
During the third quarter of 2013, operating net income of $422m, or $0.69 per share, compared to $459m, or $0.77 per share in the third quarter of 2012.
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Revenues for the quarter were reported as $4.1bn, compared to $4.9bn for the same period a year ago.
Global assets under management (AUM) for the quarter were $590bn compared to $591bn in the prior quarter.
The decrease in AUM was due to the sale of US Annuity Business, offset by a net positive impact from net sales, market appreciation and foreign exchange movements.
Sun Life president and CEO, Dean Connor, said that the firm has generated another strong quarter of sales growth, with wealth sales up 25%, insurance sales up 6% and continued growth in Value of New Business.
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By GlobalDataThe firm’s overall premiums and deposits grew 26% to $33bn, which was driven by US$8.6bn net sales in MFS.
"We are pleased with the continued growth in Asia as insurance sales rose 5% due to higher sales in Philippines, Hong Kong and Indonesia, and wealth sales increased 56%, primarily due to increased mutual fund sales in the Philippines and MPF sales in Hong Kong," Connor added.
