Sun Life Financial said it fell to a loss during the first three months of 2009 due largely to the poor market conditions that prevailed throughout much of the quarter.

The Toronto-based insurer reported first quarter loss of $213 million or 38 cents per share for the quarter ended March 31, reversing year-earlier profit of $533 million or 93 cents per share.

The loss comes despite an increase in quarterly revenue, which rose to $5.03 billion from $3.89 billion recorded during the same quarter of 2008. Top-line growth was largely driven by significant revenue increases in Sun Life's U.S. and Asia divisions.