* Q1 underlying EPS C$0.95 vs forecast C$0.90
* Net income rises across four main businesses
TORONTO, May 10 (Reuters) - Sun Life Financial Inc SLF.TO
on Tuesday reported a 13 percent increase in underlying net
income in the first quarter, exceeding estimates as it benefited
from strong growth in the United States and Canada.
Canada's third-biggest life-insurer said its underlying net
income, which excludes the impact of interest rates and equity
market movements, rose to C$582 million or 95 Canadian cents per
share, in the quarter ended March 31, compared with C$516
million, or 84 Canadian cents per share, in the same period last
year.
Analysts on average had expected earnings of 90 Canadian
cents per share, according to Thomson Reuters I/B/E/S.
Underlying net income in Canada rose to C$218 million from
C$201 million in the same period the previous year while
underlying net income from its U.S. business rose by 37 percent
to C$111 million. The company also increased its profit in Asia
and at its asset management business.
"In a quarter characterized by volatile equity markets and
low interest rates, we delivered earnings growth across all of
our four pillars," said Chief Executive Officer Dean Connor.
Sun Life, whose rivals include Manulife Financial Corp
MFC.TO and Great West Lifeco Inc GWO.TO , raised its
quarterly dividend to 40.5 Canadian cents per share, up 4
percent on the previous quarter.