Sun Life Financial Inc. (SLF) delivered second-quarter 2024 underlying net income of $1.25 per share, which beat the Zacks Consensus Estimate by 5.9%. The bottom line increased 6.8% year over year. Underlying net income was $730.8 million (C$1 billion), which increased 9% year over year. Results reflected continued solid growth in Canada and Asia. The U.S. also saw favorable experience in Group Benefits, partially offset by residual headwinds in dental. Revenues of $6.5 billion increased 14.2% year over yea ...

JHVEPhoto/iStock Editorial via Getty Images 1M зм 7D CA Market 36.49% Financials 34.45% Consumer Finance 150.15% 60.70% Insurance Capital Markets 39.06% Banks 25.31% Mortgage Finance 0% Mortgage REITs 0% Diversified Financial -26.29% Canada is home to some of my portfolio holdings such as Suncor Energy (SU) and Acadian Timber (OTCPK: ACAZF), so I keep a close eye on Canada's economic climate to assess the risks facing my existing investments and to uncover potential investment opportunities. The financial s ...

Sun Life (SLF) came out with quarterly earnings of $1.25 per share, beating the Zacks Consensus Estimate of $1.18 per share. This compares to earnings of $1.17 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 5.93%. A quarter ago, it was expected that this financial services company would post earnings of $1.20 per share when it actually produced earnings of $1.11, delivering a surprise of -7.50%. Over the last four quarters, t ...

Financial Performance - Underlying net income for Q2 2024 was $1,000 million, an increase of $80 million or 9% from Q2 2023, with an underlying return on equity (ROE) of 18.1%[2] - Reported net income decreased to $646 million, down $14 million or 2% from Q2 2023, with a reported ROE of 11.7%[3] - Total revenue for Q2 2024 was $8.916 billion, an increase of $1.2 billion compared to Q2 2023, primarily driven by lower net investment losses and higher insurance revenue in Canada[151] - Reported net income for Q2'24 decreased by $14 million or 2% to $646 million, impacted by a restructuring charge of $138 million[35] - The company reported underlying net income of $1.000 billion for Q2 2024, an increase from $875 million in Q1 2024[157] - Reported net income for Q2 2024 reached $386 million, up $130 million or 51%, influenced by a gain on the partial sale of ABSLAMC and favorable ACMA impacts[98] Assets Under Management (AUM) - Assets under management (AUM) reached $1,465 billion, an increase of $98 billion or 7% from Q2 2023[3] - Total assets under management (AUM) reached $1,464.8 billion, a year-over-year increase from $1,366.8 billion[33] - Total assets under management (AUM) reached $1,464.8 billion in Q2'24, a decrease of $5.3 billion or 0.4% from Q1'24[62] - AUM increased by $65.2 billion or 5% from December 31, 2023, primarily due to favorable market movements of $68.2 billion and foreign exchange translation gains of $32.8 billion[63] - Asset Management AUM reached $1,072.1 billion, an increase of $56.2 billion or 6% from December 31, 2023, driven by net asset value changes of $90.4 billion, partially offset by net outflows of $31.1 billion and client distributions of $3.1 billion[82] Segment Performance - Wealth and asset management underlying net income was $455 million, up $36 million or 9% from the previous year[4] - Group - Health & Protection underlying net income decreased to $305 million, down $55 million or 15% from Q2 2023[4] - Individual - Protection underlying net income increased to $347 million, up $82 million or 31% from Q2 2023[4] - U.S. underlying net income decreased by US$11 million or 7% to US$149 million, driven by lower dental results and unfavorable morbidity experience[14] - Asia's underlying net income increased by $29 million or 19% to $179 million, driven by growth in individual protection and wealth management[17] - Underlying net income for the U.S. segment was $179 million, an increase of $29 million or 19%, driven by growth in Individual - Protection and Wealth & Asset Management[96] Sales and Flows - Wealth sales and asset management gross flows were $46,262 million, an increase of 9% year-over-year[4] - Canada’s wealth sales and asset management gross flows increased by 72% to $5 billion, driven by higher defined benefit solution sales[11] - Total wealth sales and asset management gross flows increased by $3.9 billion or 9% year-over-year, with Canada wealth sales rising by 72% driven by defined benefit solutions[59] - Total individual protection sales increased by $149 million or 25% from the prior year, with Asia individual sales rising by 29% driven by expanded distribution capabilities[60] Restructuring and Charges - The company recorded a restructuring charge of $138 million in Q2'24, expected to yield annual savings of approximately $200 million by 2026[48] - The company recorded a restructuring charge of $108 million in Q2 2024 within the Corporate business group[180] Tax and Regulatory - The effective income tax rate on underlying net income was 17.3% for Q2'24[43] - The effective income tax rate on underlying net income was 16.7%, while the reported net income tax rate was 21.5%[56] - The Pillar Two global minimum tax rules are expected to increase the effective tax rate on underlying net income by approximately one to two percentage points starting January 1, 2024[55] Market Sensitivities - A 25% decrease in private and public equity markets could lead to a potential after-tax net income impact of $(450) million[133] - A 10% increase in private and public equity markets is estimated to increase after-tax net income by $200 million as of June 30, 2024[133] - A 50 basis point increase in interest rates could decrease after-tax net income by $(25) million as of June 30, 2024[135] Cash and Liquidity - Net cash and cash equivalents at the end of Q2 2024 were $8.731 billion, an increase from $7.908 billion at the beginning of the period[155] - Operating activities generated cash flows of $1.167 billion in Q2 2024, compared to cash used of $2.487 billion in Q1 2024[155] Corporate Actions - The company issued $750 million in subordinated unsecured debentures in May 2024 to finance eligible assets[71] - During Q2'24, Sun Life Financial Inc. repurchased and canceled approximately 4.1 million common shares at a total cost of $287 million[72] Future Outlook - The company plans to continue focusing on market expansion and new product development to enhance long-term growth potential[177]

TORONTO, Aug. 12, 2024 /PRNewswire/ - Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) (the "Company" or "Sun Life") announced today that, subject to the approval of the Office of the Superintendent of Financial Institutions ("OSFI") and the Toronto Stock Exchange (the "TSX"), it intends to renew its normal course issuer bid to purchase up to 15,000,000 of its common shares (representing approximately 2.6% of the 578,405,077 common shares issued and outstanding as at June 30, 2024) (the "NCIB"). The Company w ...

TORONTO, Aug. 12, 2024 /PRNewswire/ - The Board of Directors (the "Board") of Sun Life Financial Inc. (the "Company") (TSX: SLF) (NYSE: SLF) today announced that a dividend of $0.81 per share on the common shares of the Company has been declared, payable September 27, 2024 to shareholders of record at the close of business on August 28, 2024. This is the same amount as paid in the previous quarter. The Board also announced that the following dividends have been declared on the Company's Class A NonCumulativ ...

Sun Life Financial Inc. ("SLF Inc."), its subsidiaries and, where applicable, its joint ventures and associates are collectively referred to as "the Company", "Sun Life", "we", "our", and "us". We manage our operations and report our financial results in five business segments: Canada, United States ("U.S."), Asset Management, Asia, and Corporate. The information in this document is based on the unaudited interim financial results of SLF Inc. for the period ended June 30, 2024 and should be read in conjunct ...

Media Relations Contact: Investor Relations Contact: Rajani Kamath David Garg TORONTO, July 31, 2024 /PRNewswire/ - Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) is pleased to announce the appointments of Patrick Cronin and Stacey Madge to the Sun Life Board of Directors, effective July 31, 2024. Mr. Cronin sees strong alignment between key areas of Sun Life's business and strategic priorities and his own expertise, which includes a deep understanding of capital markets, financial management, mergers and a ...

About Sun Life | --- | --- | |--------------------------|-----------------------------------| | | | | Media Relations Contact: | Investor Relations Contact: | | Kim Race | David Garg | | Director | Senior Vice-President, Capital | | Corporate Communications | Management and Investor Relations | | T. 416-779-4574 | T. 416-408-8649 | | [email protected] | [email protected] | To access the call and presentation via live webcast, please click here. To access the call via telephone, please click here. Note to ed ...

WELLESLEY, Mass., July 22, 2024 /PRNewswire/ -- With a focus on improving healthcare outcomes while containing costs for clients and members, Sun Life has selected Hinge Health to provide digital intervention to members who are facing musculoskeletal (MSK) conditions. According to Sun Life's latest High-Cost Claims and Injectable report, MSK conditions ranked as the fifth highest cost claims between 2020 – 2023. "With this partnership, we are proud to provide Sun Life members with simple, comprehensive, and ...