Sun Life posts higher profit on domestic business, strength in Asia
The Globe and Mail - Business · 23h ago
Sun Life Financial SLF-T on Thursday reported a rise in second-quarter profit, driven by standout performance in its home market and Asia.
Sun Life also announced the retirement of board chair Scott Powers, who will be succeeded by Joseph Natale in May, 2027.
The company’s underlying earnings per share rose to $2.02 in the three months ended June 30, compared with $1.79 a year ago.
At its Canada business, underlying net income rose 23 per cent from the prior year to $427-million.
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Sun Life’s Asia underlying net income came in at $222-million in the second quarter, up 18 per cent from the prior-year period.
Global life insurers have increasingly relied on Asia to drive growth, as demand for protection and savings products remains strong.
“We saw strong momentum across our health and individual protection businesses,” President and CEO Kevin Strain said in a statement.
Sun Life, Canada’s second-largest life insurer with a market capitalization of roughly $63-billion, provides insurance, wealth management, asset management and health solutions to individual and institutional clients globally.
Its larger rival, Manulife Financial, also posted higher quarterly profits this week on the back of strong performance in its Asia and U.S. segments.
Originally published by The Globe and Mail - Business.