Aug 12 (Reuters) - Sun Life Financial ( SLF ), Canada's

second-largest life insurer, reported an 8.7% rise in

second-quarter profit on Monday, boosted by strong growth at

home and in Asia.

The results follow earnings from bigger rival Manulife

Financial ( MFC ), which also beat analysts' estimates driven

by strong growth in Asia, where both compete for market share.

Sun Life reported a 31% rise in underlying net income from

its individual protection business, to C$347 million, owing to

continued growth in Asia, also helped by a favorable mortality

experience in Canada and the U.S., the company said.

Its underlying net income was C$1 billion ($727.59

million) in the three months ended June 30, or C$1.72 per share,

compared to C$920 million, or C$1.57 per share, a year earlier.

However, the company's earnings from its group health

and protection businesses fell 15%, to C$305 million ($221.95

million).

($1 = 1.3742 Canadian dollars)