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Sun Life Financial underlying net income rises YOY in Q1'16

Sun Life FinancialInc. reported first-quarter 2016 underlying net income of C$582 million,or 95 Canadian cents per share, compared with C$516 million, or 84 cents per share,in the first quarter of 2015.

The S&P Capital IQ consensus normalized EPS estimate forthe quarter was 90 cents.

The company reported net income of C$540 million, or 88 centsper share, compared with C$441 million, or 72 cents per share, in the year-ago quarter.

Sun Life Financial Canada reported underlying operating incomeof C$182 million, compared with C$135 million in the prior-year quarter.

Sun Life Financial Asset Management reported operating incomeof C$170 million, up from C$168 million in the year-ago period.

Sun Life Financial Asia reported operating income of C$60 million,down from C$68 million year over year.

Sun Life Financial U.S. reported operating income of C$110 million,up from C$35 million in the year-ago quarter.

The company also declared an increased quarterly common stockdividend of 40.5 cents per share, payable June 30 to shareholders of record as ofJune 1. The previous dividend was 39 cents per share.