TORONTO — Sun Life Financial Inc. says it will boost its dividend as its first-quarter earnings results beat analyst expectations.
The Toronto-based financial services firm says it earned net income of $770 million in the three months ended March 31, up from $573 million a year earlier.
Earnings per share were $1.26, compared with year-earlier earnings of 93 cents per share.
Analysts surveyed by Thomson Reuters Eikon estimated the company’s net income would be $681 million and anticipated earnings per share of $1.11.
Sun Life says it will increase its quarterly common share dividend by two cents or four per cent to 47.5 cents per share.
CEO Dean Connor says the decision reflects confidence in the company’s growth prospects and financial position.
Companies in the story: (TSX:SLF)
The Canadian Press