Post by
mouserman on Nov 14, 2023 8:54am
Globe and Mail says SLF beat estimates
The Globe and Mail reports in its Tuesday edition that Sun Life Financial on Monday posted better-than-expected quarterly profits, helped by growth at its wealth and asset management unit and higher fees. A Reuters dispatch to The Globe says that the insurer, however, reported a fall in underlying earnings hurt by weakness in the United States and fewer sales of personal health insurance. Sun Life has been diversifying its business across the globe and expanded its U.S. footprint with the $2.5-billion (U.S.) acquisition of DentaQuest last year. Sales of dental insurance in the U.S. fell 75 per cent in the reported quarter hurt by the impact of Medicaid renewal following the end of the public-health emergency and investments in the Advantage Dental+ business, Sun Life said. "The dental business reported middling results this quarter ... short-term volatility is a part of this business, from a long-term perspective, the investment should be positive," Morningstar analyst Suryansh Sharma said. The insurer posted underlying net income of $930-million, or $1.59 a share, for the three months ended Sept. 30, compared with $949-million, or $1.62 a share, a year earlier. Earlier, rival Manulife also beat earnings estimates