Sun Life Insurance Company has released Q4 2009 financial earnings (PDF) today.
The company reported net income of $296-million, up significantly from the same period last year when it earned $129-million.
On a per share diluted basis, Sun Life earned $0.52, compared to $0.23 in Q4 2008, but significantly missed Wall Street analyst expectations who were forecasting earnings up to $0.65 per share.
The company says the increase in Q4 income was a result of “a return to more favorable market conditions,” In addition; the company had a material gain of $825-million (net of tax) on proceeds from the sale of its entire stake in CI Financial.
Sun Life today also declared its regular dividend of $0.36 (press release PDF) on both common and preferred stock today.
For the full year for fiscal 2009, net income was $534-million, down from $785-million in 2008. The company’s MCCSR ratio as at December 31, 2009 was 221-percent, well above minimum regulatory requirements.
Despite the decrease in 2009 net income, the total fund value in 2009 was $34,915-million, up from $29,730-million in 2008. The fund value increased incrementally in all segments, including Canada and the United States.
The company warned today in a statement about fiscal 2010 expected earnings, saying higher management costs are expected, coupled with continued volatility in capital markets, capital adequacy restrictions and deleveraging.
Sun Life shares (NYSE: SLF) opened down today and are currently trading 3.26-percent down to $28.51 per share a bit later than mid-day trading.
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