Sun Life outlines financials for Q1

Sun Life outlines financials for Q1 | Insurance Business New Zealand

Insurance News

Sun Life outlines financials for Q1

CEO says firm delivered on ‘Client Impact’ strategy

Insurance News

By
Terry Gangcuangco

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).

“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.”

What do you think about this story? Share your thoughts in the comments below.