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 $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, $290 million came from Canada, $97 million from the US, $235 million from Asia, and $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.”
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