(Reuters) – Canadian insurer Sun Life Financial Inc missed estimates for quarterly earnings on Wednesday, as weaker wealth sales hurt its performance in the domestic market.
FILE PHOTO: The Sun Life Financial logo is seen at their corporate headquarters of One York Street in Toronto, Ontario, Canada, February 11, 2019. REUTERS/Chris Helgren/File Photo
Wealth sales, which include mutual and managed funds, fell 26 percent in Canada in the quarter compared with a year ago, while overall sales in the category fell about 10 percent to C$35.99 billion.
Underlying net income in the country fell 20 percent to C$237 million.
Insurers in Canada have increasingly looked to Asia for growth, selling to the region’s burgeoning middle class, and to diversify from domestic markets where competition is intense.