Sun Life income surged in Q3 2019

Sun Life Financial Inc. boosted its quarterly dividend 5% after reporting that its net income surged 20% to $681 million in its third quarter (Q3 2019).

The Toronto-based insurer said Wednesday it will increase the payout by 2.5¢ to 55¢ on Dec. 31 to shareholders of record on Nov. 27.

Sun Life says it earned $1.15 per share for the period ended Sept. 30, up from 93¢ per share or $567 million in the prior year.

Adjusted profits were $809 million or $1.37 per share, up from $730 million or $1.20 per share in Q3 2018.

Analysts expected adjusted net income of $751.43 million and earnings per diluted share of $1.27, according to the financial markets data firm Refinitiv.

Sun Life Financial operates in 26 countries, with more than 37,000 employees worldwide as of Dec. 31, 2018.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.