Sun Life profit rises on growth in Canada, U.S.

Sun Life SLF-T reported a rise in third-quarter profit on Monday as Canada’s second-largest life insurer benefited from robust growth in its domestic and U.S. businesses.

Underlying earnings from Sun Life’s Canada business rose 11% in the quarter, while U.S. business saw an 18% jump.

Meanwhile, Sun Life’s wealth and asset management posted underlying earnings of C$474 million, a 4% rise from prior year, driven by higher fee income.

The company’s underlying net income was C$1.02 billion ($733.76 million), or C$1.76 per share, in the three months ended Sept. 30, compared with C$930 million, or C$1.59 per share, a year earlier.

Bigger rival Manulife Financial is slated to report its results on Wednesday.