(Reuters) -Sun Life Financial, Canada’s second-largest life insurer, reported an 8.7% rise in second-quarter profit on Monday, boosted by strong growth at home and in Asia.
The results follow earnings from bigger rival Manulife Financial , which also beat analysts’ estimates driven by strong growth in Asia, where both compete for market share.
Sun Life reported a 31% rise in underlying net income from its individual protection business, to C$347 million, owing to continued growth in Asia, also helped by a favorable mortality experience in Canada and the U.S., the company said.
Its underlying net income was C$1 billion ($727.59 million) in the three months ended June 30, or C$1.72 per share, compared to C$920 million, or C$1.57 per share, a year earlier.
However, the company’s earnings from its group health and protection businesses fell 15%, to C$305 million ($221.95 million).
($1 = 1.3742 Canadian dollars)
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Pooja Desai)
