Sun Life completes acquisition of Dialogue
Sun Life completes acquisition of Dialogue | Insurance Business Canada
Mergers & Acquisitions
Sun Life completes acquisition of Dialogue
Deal builds on their existing relationship
Mergers & Acquisitions
By
Mika Pangilinan
Sun Life has completed its acquisition of the virtual healthcare platform Dialogue.
News of the deal first came to light in July when Sun Life announced its plans to expand its existing relationship with the company.
Sun Life introduced Dialogue’s services to its group benefits clients in March 2020, branded as Lumino Health Virtual Care.
Under the terms of the acquisition, Dialogue will operate as a standalone entity within Sun Life Canada. It will continue to serve all customers and distribution partners.
“We have seen the positive impact Dialogue has had on the lives of Canadians, as well as the role it plays in our broader health ecosystem,” said Sun Life Canada president Jacques Goulet.
“Using Dialogue’s platform for appropriate health concerns can help reduce the strain on our healthcare system. We are proud to be investing in a Canadian company … that has tremendous health expertise and incredible growth potential.”
Montreal-based Dialogue offers virtual healthcare and well-being services to nearly 2.8 million members across 50,000 organizations.
“As a company backed by Sun Life, Dialogue will have the resources and flexibility to continue to deliver on its mission by leveraging the respective strengths of both organizations, and we look forward to introducing more innovative digital solutions to empower people on their health journey,” Dialogue CEO Cherif Habib had said of the deal.
Sun Life released its second-quarter results in August, revealing an underlying net income of $920 million. It attributed this 14% increase from its Q2 2022 numbers to strong insurance sales and momentum built from partnerships and acquisitions.
The report also revealed a 105% year-on-year increase in group sales and a 45% year-on-year increase in individual sales.
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