Sun Life Financial, a global life insurance company, has posted operating net income of $454m during the first quarter of 2014, compared to $448m in the same period of 2013.
Reported net income of the company dropped to $400m from $410m during first quarter of 2013, while underlying net income increased from $385m to $440m during the period.
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Sun Life Financial president and CEO Dean Connor said that the strong underlying results in the first quarter with a 14% increase in underlying net income to $440m is attributable to the growth across its four strategic pillars.
"Our investments in organic growth across all four pillars are delivering results, with double-digit growth in insurance and wealth sales and record levels of assets under management," added Connor.
The individual insurance sales at Sun Life Canadian unit grew by 38% to $65m during the quarter, attributable to wholesale channel expansion.
Additionally, it also witnessed 30% year-on-year rise in individual wealth sales, driven by strong mutual fund and fixed product sales.
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By GlobalDataSun Life Global Investments (Canada) retail mutual fund sales increased by 130% during the quarter banking on its positive momentum from 2013.
Meanwhile, Sun Life Financial US has reported 25% rise in its group benefits business in the first quarter of 2014, with 73% and 40% respective growth in its voluntary benefits and stop-loss products.
In the Philippines, the company’s agency network was expanded to over 5,400 and Sun Life Asset Management Company struck distribution agreements with COL Financial and Philippine Bank of Communications.
Individual insurance sales in Hong Kong witnessed a growth of 13% in Q1 2014 as against Q1 2013 figures, while the same grew 36% in Indonesian market.
"In Asia, underlying net income rose 9%, reflecting business growth. Overall insurance sales were down slightly, with growth reported in Hong Kong and Indonesia where we continue to increase our agency sales force, offset by lower sales in the Philippines, China and India," revealed Connor.
