The U.S. division of Sun Life Financial Inc. said its variable annuity sales for the first nine months of this year rose 64% from a year earlier.

According to data released Tuesday, Sun Life said third quarter variable annuity sales for its Wellesley, Mass., unit rose 30.4% from a year earlier to $1.08 billion. The company said it captured a 3.5% market share for the quarter, its highest share in the United States in over seven years.

While Sun Life Financial's variable annuity sales are booming, industrywide average variable annuity sales declined 22.9% during the first nine months of this year compared to a year earlier, according to Morningstar Inc. data.

Sun Life Financial also moved up six positions to rank ninth in new variable annuity sales for the quarter, and its variable annuity assets are up 16% compared to the prior quarter, according to Morningstar.

“While other insurance carriers are scaling back their variable annuity operations, we continue to push forward and remain fully committed to the VA industry,” said Terry Mullen, the president of Sun Life Financial Distributors. “We have greatly benefited from Sun Life Financial’s history of strong risk management and financial strength, and the investments we’ve made in revamping our distribution with top producers have resulted in higher productivity and a rising market position.”

Sun Life Financial, which is based in Toronto, had $385.3 billion in total assets under management as of Sept. 30.