05:30 PM EDT, 05/08/2025 (MT Newswires) -- Sun Life Financial ( SLF ) was last seen down 2.7% in after-hours New York trade after the company Thursday reported a 19% increase in underlying net income for the first quarter and also announced a 5% dividend hike.

The life insurer said underlying net income jumped 19% to $1 billion, or $1.82 per share, from $875 million, or $1.40. Sun Life recorded a 19% increase in asset management & wealth profit to $487 million; 18% increase in Group Health, to $330 million, and a 20% increase in individual protection, to $325 million.

Assets under management increased 6%, to $1.55 billion.

Underlying return on equity was 17.7%

The company hiked its dividend by $0.04, to $0.88 per share.

"We're pleased with our overall results this quarter, which were supported by our strong fundamentals, while continuing to progress towards our Medium-Term Objectives," said Tim Deacon, chief financial officer. "Our capital position remains strong with a LICAT ratio of 149%, providing resilience and financial flexibility. This quarter we also announced a five percent increase to our common share dividend and are seeking to renew our normal course issuer bid to enable continued share buybacks."

The company's shares were last seen down US$1.66 to US$58.28 after. It closed down $0.12, to $83.50, on the Toronto Stock Exchange.