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.”
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