Reported a net loss of $140m for the third quarter of 2009
Sun Life Financial has reported a net loss of $140m for the third quarter of 2009, compared with a net loss of $396m in the same period last year.
The diluted loss per share was $0.25 compared to a diluted loss per share of $0.71 in the third quarter of 2008. Return on equity was negative 3.5% for the third quarter of 2009.
Sun Life Financial has reported a net loss attributable to common shareholders of $140m for the quarter ended September 30, 2009, compared with a net loss of $396m in the third quarter of 2008.
The results last year also included earnings of $31m or $0.06 per share from the company’s 37% ownership interest in CI Financial. The common shareholders’ net income for the first nine months of 2009 was $238m, compared to $656m in the same period in 2008. The operating earnings for the first nine months of 2009 were $265m, compared to $656m in the first nine months of 2008.
Donald Stewart, CEO of Sun Life Financial, said: There is underlying strength in our business but we continue to face challenging economic headwinds. Our Canadian business reflects a strong brand and distribution, our US business continues to benefit from enhanced distribution and strong annuity sales, and we are well positioned in our international markets.