TORONTO, May 5 (Reuters) - Manulife Financial and Sun Life Financial Inc on Wednesday reported increased core profits from a year ago, driven in part by business growth and improved earnings across all major business units. But while Manulife beat analyst expectations for the quarter ended March 31, Sun Life missed estimates. Payouts globally have risen due to claims related to the coronavirus pandemic, but strength in stock markets has helped soften some of that impact. Earnings of Canada’s top two insurers were affected by steepening yield curves in North America. While it tempered Sun Life’s results, the No. 2 insurer still saw reported profit more than double from a year ago as a result of favourable equity markets and interest rate changes. Sun Life also took an after-tax restructuring charge of C$57 million related to changes it is making to its workspace, the company said. Manulife reported core earnings of C$1.6 billion ($1.3 billion), or 82 Canadian cents a share, in the three months ended March 31, from C$1 billion, or 51 Canadian cents, a year earlier. Analysts had expected 77 Canadian cents. Reported net income attributable to shareholders declined to C$783 million, or 38 Canadian cents, from C$1.3 billion, or 64 Canadian cents, a year earlier. Sun Life reported underlying profit of C$850 million ($693 million), or 1.45 Canadian cents a share, in the three months ended March 31, from C$770 million, or C$1.31, a year earlier. Analysts had expected C$870.8 million or C$1.46 a share. Reported net income jumped to C$937 million, or C$1.59 a share, from C$391 million, or 67 Canadian cents, a year earlier. ($1 = 1.2277 Canadian dollars) (Reporting By Nichola Saminather Editing by Chris Reese and David Gregorio) Our Standards: The Thomson Reuters Trust Principles.