It’s the turn of Sun Life Financial to outline how it fared in the third quarter of 2024.
According to the insurer’s earnings report for the three months ended September 30, Sun Life posted increases in both its reported net income and underlying net income.
Here are the numbers:
|
Metric |
Q3 2024 |
Q3 2023 |
|---|---|---|
|
Underlying net income |
CA$1.02 billion |
CA$930 million |
|
Reported net income – common shareholders |
CA$1.35 billion |
CA$871 million |
|
Wealth sales & asset management gross flows |
CA$41.92 billion |
CA$39.32 billion |
|
Group – health & protection sales |
CA$445 million |
CA$374 million |
|
Individual – protection sales |
CA$730 million |
CA$669 million |
|
Assets under management |
CA$1.52 trillion |
CA$1.34 trillion |
According to Sun Life, wealth & asset management contributed CA$474 million in underlying net income; group – health & protection, CA$345 million; and individual – protection, CA$306 million. All segments saw improved figures compared to last year’s Q3.
Location-wise, underlying net income from Canada rose by 11% to CA$375 million; US underlying net income of US$161 million climbed by 15%; and CA$170 million of underlying net income from Asia saw a slight 2% increase.
Commenting on the company’s financial results, Sun Life president and chief executive Kevin Strain said: “Sun Life had a strong quarter with more than CA$1 billion in both underlying and reported net income, showcasing the strength and diversity of our businesses.
“These results reflect our leadership positions in asset management and insurance, driven by strong insurance growth, and a return on equity of close to 18%. Our results demonstrate our resolve to deliver on our purpose to help clients achieve lifetime financial security and live healthier lives.”
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