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Sun Life’s quarterly core profit tops estimates on demand for personal insurance

2024.02.07 18:15


© Reuters. The Sun Life Financial brand is seen at their company headquarters of One York Street in Toronto, Ontario, Canada, February 11, 2019. REUTERS/Chris Helgren/File Photo

TORONTO (Reuters) -Canada’s Sun Life Financial (NYSE:) on Wednesday reported a quarterly core profit that topped analysts’ estimates, boosted by sturdy demand for personal insurance in its dwelling market and the United States.

Canada’s second-biggest life insurer has benefited from a slew of acquisitions, partnerships and offers to promote by means of financial institution’s gross sales channels, that has helped it add 1000’s of shoppers and develop its attain globally.

CEO Kevin Strain in an announcement mentioned the outcomes have been pushed by “exceptional sales for individual protection” and “good momentum” in its group well being and safety companies.

The partnerships, together with with Hong Kong’s digital insurer Bowtie and Canada’s Scotiabank, to distribute different funding choices comes because it additionally competes with greater rival Manulife.

In Canada, it purchased digital care supplier Dialogue Health Technologies and made an funding in digital pharmacy Pillway.

Those strikes helped Sun Life report 32% progress in core profit in its Canadian operations, additionally pushed by greater quantity and yields. In the U.S., core profit rose 8%.

Strain mentioned the corporate would proceed to focus on digital innovation and partnerships.

Earnings from the wealth and asset administration unit rose 7%, helped by greater fee-related income and funding earnings.

Overall, underlying profit was C$983 million ($730.31 million), or C$1.68 a share, within the three months ended Dec. 31, in contrast with C$892 million, or C$1.52, a 12 months earlier.

Analysts had anticipated a profit of C$1.58 a share, in response to LSEG knowledge.

($1 = 1.3460 Canadian {dollars})

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