TORONTO (Yosefardi) – Sun Life Financial Inc. reported net income and operating net income was $69 million for the first six months of 2014 for Asia region, compared to $97 million for the same period last year.
Net income in the first half of 2014 also reflected business growth, partially offset by net losses on AFS securities driven by an impairment in Hong Kong, relative to the first half of 2013.
Total individual life sales in the first six months of 2014 decreased slightly from the first six months of 2013. Sales increases in Indonesia and Hong Kong were offset by lower sales in the Philippines, India and China.
Sales in Indonesia and Hong Kong increased 21% and 6%, respectively, measured in local currency, driven by growth in the agency channel.
Sales in the first six months of 2014 also include our new joint ventures in Malaysia and Vietnam which began sales in the second quarter of 2013.