Sun Life Financial Reports Higher Net Income

By Staff Writer

October 30, 2001 at 07:00 PM

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NU Online News Service, Oct. 30, 4:15 p.m. – Sun Life Financial Services of Canada Inc., Toronto, is reporting the equivalent of $136 million in U.S. dollars in net income for the third quarter on $3.5 billion in revenue, compared with $135 million in net income on $2.8 billion in revenue for the third quarter of 2000.

The figures are based on an exchange rate of $1 Canadian=63.29 cents for the third quarter, and an exchange rate of $1 Canadian=66.6 cents for the third quarter of 2000.

The company has life insurance and annuity operations in the United States under its own name, and investment operations under the name of MFS Investment Management.

The operations generated $72 million in net income for the third quarter on $1.3 billion in revenue, compared with $72 million in net income on $1.7 billion in revenue for the third quarter of 2000.

The weak performance hurt asset totals and sales of products with returns linked to the stock market, but revenue on corporate-owned life insurance policies and prices on stop-loss coverge were up, the company says.

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