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Sun Life Registers 6.5% Net Income Increase

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MANILA, Philippines – Sun Life Financial Inc. (PSE:SLF) announces its nine-month financial results ended September 30, 2016 with a consolidated net income of P1.76 billion from P1.65 billion last year of the same period.

The company also released its third quarter net income, which is P737 million from its last year’s record of P482 million of the same period, a 53 percent increase.

According to Sun Life, its cash and other liquid assets now amount to $1.8 billion, which is inclusive of its wholly-acquired companies. On the other hand, the ratio of its Minimum Continuing Capital and Surplus Requirements in Canada is 221 percent.

Management-subjected global assets amounted to $908 billion from $891 billion against last year ended at December 31, 2015, a two percent increase. Moreover, its common share dividend rose from $0.015 to $0.42 per share during the third quarter.

Dean Connor, Sun Life Financial President and CEO, stated that the strong results were exhibited by the quarter due to the growth of its core businesses over the previous year. In addition, their business growth, turnover of returns to its shareholders, and faith in four pillar scheme are reflected by the four percent increase in common share dividend.

Connor added that during the third quarter, the company had expanded its wealth sales by 28 percent and insurance yield by 25 percent. The measures are higher than the prior year. Growth in deals for U.S. employee benefits acquisition, management of its Canadian business wealth and assets, and increased acquirement in ventures with Asian companies were also recorded this year.

The president and CEO claimed that to give their customers convenience in doing business with them, new digital solutions were introduced. In the Philippines, the first account management-featured mobile app was launched. The app is capable of transacting on personal accounts and evaluating financial records. Alternatively, in Canada, photo capture for insurance takes and fingerprint technology drove mobile usage of clients by 50 percent more yearly.

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