SLF reports TORONTO, Aug. 12, 2024 /PRNewswire/ - Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) announced its results for the second quarter ended June 30, 2024.
- Underlying net income(1) of $1,000 million increased $80 million or 9% from Q2'23; underlying return on equity ("ROE")(1) was 18.1%.
- Wealth & asset management underlying net income(1): $455 million, up $36 million or 9%.
- Group - Health & Protection underlying net income(1): $305 million, down $55 million or 15%.
- Individual - Protection underlying net income(1):$347 million, up $82 million or 31%.
- Corporate expenses & other(1): $(107) million net loss, improved $17 million or 14%.
- Reported net income of $646 million decreased $14 million or 2% from Q2'23; reported ROE(1) was 11.7%.
- Assets under management ("AUM")(1) of $1,465 billion increased $98 billion or 7% from Q2'23.
"Sun Life had a strong quarter with a record $1 billion in underlying net income," said Kevin Strain, President and CEO of Sun Life. "These results reflect continued solid growth in Canada and Asia. The U.S. also saw favourable experience in Group Benefits, partially offset by residual headwinds in Dental. Our wealth and asset management businesses delivered good momentum with higher earnings on increased assets under management, and we expect to actively continue share buybacks in the third quarter. These outcomes underscore the strength of our diversified businesses, our Client Impact Strategy and our commitment to drive long-term value."
Financial and Operational Highlights
| | | Quarterly results | Year-to-date |
| Profitability | Q2'24 | Q2'23 | 2024 | 2023 |
| | Underlying net income ($ millions)(1) | 1,000 | 920 | 1,875 | 1,815 |
| | Reported net income - Common shareholders ($ millions) | 646 | 660 | 1,464 | 1,466 |
| | Underlying EPS ($)(1)(2) | 1.72 | 1.57 | 3.22 | 3.09 |
| | Reported EPS ($)(2) | 1.11 | 1.12 | 2.51 | 2.49 |
| | Underlying ROE(1) | 18.1 % | 17.7 % | 17.1 % | 17.5 % |
| | Reported ROE(1) | 11.7 % | 12.7 % | 13.4 % | 14.2 % |
| | | | | | |
| Growth | Q2'24 | Q2'23 | 2024 | 2023 |
| | Wealth sales & asset management gross flows ($ millions)(1) | 46,262 | 42,397 | 93,160 | 88,746 |
| | Group - Health & Protection sales ($ millions)(1)(3) | 494 | 600 | 1,022 | 1,109 |
| | Individual - Protection sales ($ millions)(1) | 753 | 604 | 1,510 | 1,115 |
| | Assets under management ("AUM") ($ billions)(1) | 1,465 | 1,367 | 1,465 | 1,367 |
| | New business Contractual Service Margin ("CSM") ($ millions)(1) | 437 | 270 | 784 | 502 |
| | | | | | |
| Financial Strength | Q2'24 | Q2'23 | | |
| | LICAT ratios (at period end)(4) | | | | |
| | Sun Life Financial Inc. | 150 % | 148 % | | |
| | Sun Life Assurance(5) | 142 % | 139 % | | |
| | Financial leverage ratio (at period end)(1)(6) | 22.6 % | 23.3 % | | |