TORONTO (Yosefardi) – Sun Life Financial Inc reported operating net income of $32 million in Asia for the first quarter of 2014, compared to $51 million in the first quarter of 2013.
Underlying net income was $37 million, compared to $34 million in the first quarter of 2013. Total individual life sales in the first quarter of 2014 decreased slightly from the first quarter of 2013. Sales increases in Hong Kong and Indonesia were offset by lower sales in the Philippines, India and China.
Sales in Hong Kong and Indonesia increased 13% and 36%, respectively, measured in local currency, driven by growth in the agency channel.
In Asia, underlying net income rose 9%, reflecting business growth. Overall insurance sales were down slightly, with growth reported in Hong Kong and Indonesia where the company continues to increase its agency sales force, offset by lower sales in the Philippines, China and India.
In Indonesia Sun Life saw strong agency channel growth in the first quarter of 2014, with individual insurance sales up 36% compared to the same period last year, measured in local currency.
During the quarter, Sun Life launched an initiative to expand our distribution power to capitalize on opportunities in Indonesia.