SUN LIFE FINANCIAL $38.90 - Toronto symbol SLF

SUN LIFE FINANCIAL $38.90 (Toronto symbol SLF; Shares outstanding: 609.4 million; Market cap: $23.7 billion; TSINetwork Rating: Above Average; Dividend yield: 3.7%; www.sunlife.ca) sells savings, retirement, pension and life insurance products to individuals and corporations.

Sun Life mainly operates in Canada, the U.S. and the U.K., but it continues to expand into Asia. It has $640 billion of assets under management.

Last year, the company sold its riskier, moneylosing U.S. annuity business, which offers products that guarantee minimum long-term returns even if markets fall.

In the three months ended December 31, 2013, Sun Life’s earnings per share jumped 95.8%, to $0.94 from $0.48. Revenue rose 11.6%, to $4.2 billion from $3.8 billion.

The improved results came as the value of the assets the company manages rose, which pushed up its fee income. It also had higher sales of individual and group insurance in Canada and the U.S., as well as personal insurance in Asia.

The stock has moved up 34% in the last year but trades at just 14.4 times Sun Life’s latest 12 months of earnings. It yields a high 3.7%.

Sun Life is a buy.

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