TORONTO – Sun Life Financial Inc. (TSX:SLF) turned around a year-ago loss to report a profit in its latest quarter.

The insurer said Wednesday it earned $422 million or 64 cents per share for the quarter ended Sept. 30 compared with a $595 million or $1.07 per share loss a year ago.

Total revenue slipped to $5.24 billion, down from $7.51 billion a year ago.

The company said the positive impact of improved equity markets was largely offset by declines in the fixed income reinvestment rates in its insurance contract liabilities.

“Results for the third quarter reflect overall solid underlying performance as we continue to execute on our growth initiatives,” Sun Life president and chief executive Dean Connor said in a statement.

“Adjusted premiums and deposits were up more than 40 per cent, led by MFS Investment Management, which recorded its best ever gross sales and surpassed the US$300 billion mark in assets under management.”

Shares in Sun Life, which reported its results after the close of markets, were down 72 cents at $24.37 on the Toronto Stock Exchange.