Sun Life beats first-quarter core profit estimates but falls from year ago on U.S., Asia declines

Sun Life beats first-quarter core profit estimates but falls from year ago on U.S., Asia declines

Sun Life Financial on Wednesday beat analyst estimates for first-quarter core profit, which fell from a year earlier because of higher claims in its U.S. business and the impact of COVID-19 restrictions on some Asian markets.

Underlying profit was $843-million, or $1.44 a share, in the three months ended March 31, from $850-million, or $1.45, a year earlier. Analysts had expected $1.41 a share.

Reported net income declined to $858-million, or $1.46, from $937-million, or $1.59, a year earlier.