Sun Life Reports Third Quarter 2024 Results

Core Insights - Sun Life Financial Inc. reported strong financial results for Q3 2024, with underlying net income of CAD 1,016 million, a 9% increase from Q3 2023, and reported net income of CAD 1,348 million, up 55% year-over-year [1][4][5]. Financial Performance - Underlying return on equity (ROE) was 17.9%, while reported ROE was 23.8% [1][4]. - Assets under management (AUM) reached CAD 1,515 billion, an increase of CAD 175 billion or 13% from Q3 2023 [1][4]. - The company increased its common share dividend from CAD 0.81 to CAD 0.84 per share [1]. Business Segment Highlights - Wealth & Asset Management: Underlying net income of CAD 474 million, up CAD 17 million or 4% [1][4]. - Group - Health & Protection: Underlying net income of CAD 345 million, up CAD 60 million or 21% [1][4]. - Individual - Protection: Underlying net income of CAD 306 million, up CAD 9 million or 3% [1][4]. - Corporate expenses & other reported a net loss of CAD 109 million, consistent with the prior year [1]. Year-over-Year Comparisons - Underlying net income increased by CAD 86 million or 9% from Q3 2023 [4]. - Reported net income increased by CAD 477 million or 55% from Q3 2023 [4]. - Wealth sales & asset management gross flows were CAD 41,915 million, up 7% year-over-year [3][4]. Regional Performance - U.S. underlying net income was USD 161 million, a 15% increase from the prior year, driven by strong growth in Group Benefits [7]. - Asia's underlying net income was CAD 170 million, a 2% increase, with individual sales up 19% [7]. - Canada reported underlying net income of CAD 375 million, an 11% increase, with group health sales up 4% [5][7]. Strategic Developments - The company acquired the remaining 20% interest in InfraRed Capital Partners, enhancing its alternative investment solutions [5]. - Sun Life launched innovative products aimed at improving retirement income solutions and expanding distribution capabilities [5][7].