Sun Life Financial Inc. says it had a net income of $875 million in its first quarter, a two per cent decline from last year.

The insurer says profits were affected by its U.S. health division, including from reassessments following the lifting of the Public Health Emergency and higher morbidity claims.

The U.S. division saw a 20 per cent drop in underlying net income to US$141 million.

The Canadian division was down about two per cent to a net income of $310 million, as increased death payouts offset gains in business growth.

Sun Life says its Asia business had an income of $177 million, up 26 per cent as it saw good sales momentum in individual protection.

The insurer says its reported net income was $818 million, up one per cent from last year, while it raised its dividend by four per cent. 

This report by The Canadian Press was first published May 9, 2024.