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May 06, 2008 08:36 AM
Sun Life Financial Inc. reported Tuesday a seven per cent rise in first-quarter net income to $533 million as increased strength at its U.S. business helped offset a strong Canadian dollar and capital market turbulence. The insurer's net income amounted to 93 cents per share, up from $497 million or 86 cents per share in the first three months of last year. Analysts polled by Thomson Financial had expected earnings of $1 per share. Return on equity rose to 13.4 per cent from 12 per cent while ``difficult capital markets, global credit pressures and currency headwinds persisted during the quarter and moderated the company's financial results." "Sun Life has consistently reported strong returns, and an important measure of our success is our continuing ability to manage through difficult times," chief executive Donald Stewart said in a statement. "All of our stakeholders can be confident that we are responding to the turbulent economic forces confronting us." The loonie's rise against foreign currencies created a drag of $43 million or eights cents per share on operating earnings, which dropped to $533 million from $558 million in the first quarter of 2007, the Toronto-based company said. But profits at Sun Life's U.S. business rose to $113 million from $98 million and its return on equity increased to 10.7 per cent from 9.4 per cent. Total revenue fell to $3.9 billion from a year-before $5.6 billion after accounting for currency valuations – adjusted revenue, excluding currency changes, was $6 billion, compared with $5.8 billion.
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