Sun Life profit boosted by restructuring gain

TORONTO Wed Feb 12, 2014 5:40pm EST

TORONTO Feb 12 (Reuters) - Sun Life Financial Inc, Canada's No. 3 life insurer, said on Wednesday its fourth-quarter profit rose 39 percent, helped by a C$290 million gain related to the restructuring of internal reinsurance arrangements.

Net profit was C$550 million ($500.52 million), or 90 Canadian cents a share, during the quarter, up from C$395 million, or 65 Canadian cents a share, in the year-before period.

On a continuing operations basis, which excludes the impact of the sale of Sun Life's U.S. annuities business last year, operating income was C$642 million, up from C$333 million a year earlier.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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