Sun Life Financial SLF, Canada’s second-largest life insurer, beat analysts’ estimates on Monday for quarterly profit, boosted by strong sales at home and in Asia, a key growth market.
The results follow those of larger competitor Manulife Financial (link) 
MFC, which also beat analysts’ estimates, thanks to strong growth in Asia, where both compete for market share.
Sun Life earned C$1.72 ($1.25) per share, beating the average estimate of C$1.58 per share, according to LSEG data. Underlying net income rose 8.7 percent to C$1 billion.
“These results reflect continued solid growth in Canada and Asia,” said CEO Kevin Strain.
Sun Life has announced it will focus on partnerships to expand in Asian markets, a key playground for Canada’s largest life insurers seeking global exposure.
Sun Life, a major insurer and asset manager that is also increasingly moving into the healthcare services space, has signed several deals in Asia, including with Hong Kong-based virtual insurer Bowtie and a bancassurance deal with Dah Sing Bank.
Core results in Asia increased 19 percent and in Canada increased 8 percent.
However, the U.S. business reported a 5 percent decline in core earnings due to challenges in the dental insurance segment reflecting the impact of Medicaid cost reassessment and the end of the public health emergency.
Adjusted asset management revenues, which account for about 45% of total revenues, rose 9% thanks to higher fees.
Group business in health and accident insurance fell by 15%, while sales in individual insurance rose by 31%.
(1 dollar = 1.3741 Canadian dollars)
