Despite the market-timing troubles at its mutual fund unit, MFS, which has settled with the SEC for a total of $410 million, Sun Life Financial Inc. announced a 7% profit for the first quarter against last year's numbers, The Toronto Star reports.
Toronto-based Sun Life called the improved equity market performance the biggest reason for the uptick. With earnings of $366 million this first quarter compared to $343 million in first quarter 2003, shares went from 56 cents per to 61, even though revenue dropped slightly from $5.76 billion to $5.54 billion.
MFS settled with SEC twice, first for $351 million and a second time for $59 million. The first settlement included the ouster of the company's CEO.