Canada's Sun Life, Manulife Benefit from Asia Growth

Two of Canada's largest financial services and insurance companies, Sun Life and Manulife, both headquartered in Toronto, have reported second-quarter earnings that beat market expectations, benefiting in large part from growth in Asia. Canadian insurance companies are expanding rapidly in the Asia Pacific, selling products to the region's growing middle class. Sun Life CEO Dean Connor said Hong Kong, the Philippines, India, and Malaysia have been particularly strong, adding the company plans to grow its Asian business to account for more than 25 per cent of its earnings compared with around 18 per cent currently. Sun Life reported a net income of C$729 million compared with C$689 million last year. Net income at its Asian business rose to C$145 million from C$123 million a year ago. Manulife reported core earnings of C$1.43 billion the second quarter, compared with C$1.17 billion the year before. Manulife said that core earnings at its Asian business rose to C$406 million during the quarter from C$350 million a year ago.

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