The profits of Canadian life insurers grew in the fourth quarter, as higher returns from growing wealth management units offset uneven insurance sales, highlighting a shift in business as the companies cut risk in the wake of the financial crisis.Manulife Financial Corp, the country's largest insurer, posted a 20 percent rise in net profit for the fourth quarter on Thursday, while No. 3 player Sun Life Financial Inc said its profit from continuing operations more than doubled to C$571 million ($519.78 million).Smaller Industrial Alliance Insurance and Financial Services Inc, the No.4 player in the market, posted a 26 percent rise in profit and boosted its dividend by 6 percent. Great-West Lifeco Inc, the second-largest insurer, said its profit doubled largely because of a litigation recovery.For Manulife, core profit was driven by wealth sales that rose 15 percent to C$12.2 billion, while insurance sales in the quarter fell 32 percent to C$617 million.
Great-West Lifeco Inc. (Lifeco) is a financial services holding company with interests in the life insurance, health insurance, asset management, investment and retirement savings and reinsurance businesses. Shares of GWO fell by 3.26% or $-1.04/share to $30.85. In the past year, the shares have traded as low as $25.58 and as high as $33.56. On average, 471925 shares of GWO.TO exchange hands on a given day and today's volume is recorded at 1353008.
Industrial Alliance Insurance and Financial Services Inc. Shares of IAG traded higher by 3.69% or $1.64/share to $46.04. In the past year, the shares have traded as low as $34.37 and as high as $49.99. On average, 141508 shares of IAG.TO exchange hands on a given day and today's volume is recorded at 201486.
Sun Life Financial Inc. (SLF Inc.) is an international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Shares of SLF traded higher by 2.46% or $0.84/share to $34.96. In the past year, the shares have traded as low as $25.54 and as high as $36.33. On average, 477098 shares of SLF exchange hands on a given day and today's volume is recorded at 406906.
Sun Life Financial Inc. (SLF Inc.) is an international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Shares of SLF traded higher by 2.18% or $0.82/share to $38.35. In the past year, the shares have traded as low as $26.08 and as high as $38.88. On average, 1168580 shares of SLF.TO exchange hands on a given day and today's volume is recorded at 1958605.
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