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Sun Life Financial net profit falls 22 pct

TORONTO, May 6 (Reuters) - Sun Life Financial Canada's No. 3 life insurer, said on Tuesday its first-quarter net income fell 22 percent due to the impact of last year's sale of its U.S. annuities business.

Sun life earned a net C$400 million ($367.23 million), or 65 Canadian cents in the quarter, down from a year-earlier C$513 million, or 85 Canadian cents a share.

On a continuing operations basis, which excludes the impact of the U.S. annuities business as well as other items, operating income was C$454 million, or 74 Canadian cents a share, up from C$448 million, or 75 Canadian cents per share. ($1 = 1.0893 Canadian Dollars) (Reporting by Cameron French; Editing by David Gregorio)