Sun Life outlines earnings for first quarter

Sun Life CEO shares digital vision for the future

Sun Life outlines earnings for first quarter | Insurance Business New Zealand

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Sun Life outlines earnings for first quarter

Chief executive says group delivered on ‘Client Impact’ strategy

Sun Life Financial has released its earnings report for the three months ended March 31.

Here’s how the insurer fared in the quarter:




Metric



Q1 2024



Q1 2023







Underlying net income – wealth & asset management



CA$408 million



CA$411 million





Underlying net income – group health & protection



CA$280 million



CA$303 million





Underlying net income – individual protection



CA$278 million



CA$291 million





Underlying net income – total



CA$875 million



CA$895 million





Reported net income – common shareholders



CA$818 million



CA$806 million




 

Sun Life partly attributed the increase in its reported net income to the CA$84 million gain that resulted from the partial sale of the group’s ownership interest in Aditya Birla Sun Life AMC Limited.

Of the reported net income, CA$290 million came from Canada, CA$97 million from the US, CA$235 million from Asia, and CA$284 million from asset management.

Commenting on the quarterly financial results, Sun Life president and chief executive Kevin Strain (pictured) said: “In the first quarter, we delivered on our Client Impact strategy by advancing our asset management and insurance businesses with strong growth in insurance sales, CSM (contractual service margin), and AUM (assets under management).

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“Underlying earnings were affected by the sale of Sun Life UK, higher morbidity claims, and the end of the public health emergency in the US. Our capital remains strong, and this quarter we announced a 4% increase to our shareholder dividend and expect to actively continue share buybacks in the second quarter.”

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