Toronto-based Sun Life Financial took a third-quarter loss of $804.8 million because of the sale of its U.S. annuities business in August, but operating profit was higher than expected, the company reported.
Canada's third-largest life insurer sold off its annuities business in August in an attempt to reduce its exposure to volatile stock markets and interest rates. Despite the loss, the company said its operating profit surpassed estimates at $402.4 million for the quarter. The company earned $437.7 million in the third quarter of 2012.
The sale of the company's U.S. Annuity Business to Delaware Life Holdings also "significantly improved Sun Life's risk profile," said Dean Connor, president and CEO of Sun Life Financial.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
