Sun Life Financial cut its third-quarter loss by more than half but not as much as analysts had expected.

The Toronto-based company says it had a net loss of $140 million or 25 cents per share for the July-September period, an improvement from a net loss of $396 million or 71 cents per share in the third quarter of 2008.

Revenue more than tripled to $8.8 billion from $2.6 billion, due to big increases at Sun Life's operations in Canada and the United States.

Analysts had estimated Sun Life would produce a smaller loss of 19 cents per share, according to Thomson Reuters, although such estimates typically exclude unusual items.

FINANCIAL SUMMARY

 

                                 Quarterly Results              Year to date

    -------------------------------------------------------------------------

                       Q3'09   Q2'09   Q1'09   Q4'08   Q3'08    2009    2008

    -------------------------------------------------------------------------

    Common shareholders'

     net income (loss)

     ($ millions)       (140)    591    (213)    129    (396)    238     656

    Operating earnings

     (loss)(1)

     ($ millions)       (140)    591    (186)   (696)   (396)    265     656

 

    Basic earnings

     (loss) per common

      share (EPS) ($)  (0.25)   1.06   (0.38)   0.23   (0.71)   0.42    1.17

    Diluted EPS ($)    (0.25)   1.05   (0.38)   0.23   (0.71)   0.42    1.14

    Diluted operating

     EPS(1) ($)        (0.25)   1.05   (0.33)  (1.25)  (0.71)   0.47    1.14

 

    Return on common

     equity (ROE) (%)   (3.5)   14.9    (5.5)    3.3   (10.2)    2.0     5.6

    Operating ROE(1)    (3.5)   14.9    (4.7)  (17.9)  (10.2)    2.2     5.6

 

    Average common

     shares

     outstanding

     (millions)        560.8   559.8   559.7   559.7   559.7   560.1   561.7

    Closing common

     shares

     outstanding

     (millions)        562.4   560.7   559.7   559.7   559.7   562.4   559.7