Sun Life Financial has announced its financial results for the third quarter of 2023, revealing an underlying net income of $930 million.
This is a 2% drop from the same quarter last year, which the Toronto-headquartered insurer partially attributed to challenges in the US market and reduced personal health insurance sales.
Sun Life reported a 19% decline in underlying earnings for its US segment, offset by a 9% increase in its wealth and asset management unit saw an increase of 9%.
According to its release, Sun Life’s wealth and asset management unit saw underlying earnings of $457 million. Additionally, the group insurance segment reported an underlying net income of $285 million, which is a 1% increase from Q3 2022.
Meanwhile, its individual segment saw underlying earnings of $297 million, down 3% from Q3 2022.
President and CEO Kevin Strain said the quarter brought “strong net income in Canada, growth in SLC Management fee-related earnings and good growth in Asia.”
“Sun Life delivered good results, and we continue to benefit from our diversified business mix,” he said.
During the quarter, Sun Life completed its acquisition of Canadian virtual health and wellness provider Dialogue. It also increased investment in Hong Kong virtual insurer Bowtie.
Additionally, it extended its Teledentistry.com partnership to DentaQuest in the US, which is expected to provide oral and dental care access to approximately 3.5 million people across 20 states.
Strain also highlighted SLC Management’s relationship with Scotiabank Global Wealth Management, noting that the private asset solutions it provides to the Canadian market “will help to meet the growing demand for alternative investments.”
Last quarter, Sun Life reported an underlying net income of $920 million that it had attributed to strong insurance sales, as well as momentum built from key partnerships and acquisitions.
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