Have always been one of the most conservative investment firms on the street in case anyone is wondering about the target price. GLTA
02:43 PM EST, 11/05/2020 (MT Newswires) -- Sun Life Financial reported Q3 2020 underlying EPS of $1.44, beating both Credit Suisse estimate of $1.23 and consensus of $1.27. Underlying ROE in the quarter was 15.1%, up from 13.4% last quarter and above the high end of management's targeted 12% to 14% range. Regulatory capital remained at 144%.
Even with the adverse impact of COVID-19, which in its early stages had driven sales down materially, SLF still managed to report roughly flat Y/Y Insurance sales in the quarter (Individual sales were up slightly, offsetting a modest decline in Group), while Wealth sales were up 28% (largely driven by MFS and higher large case sales in Group Retirement). "We believe that speaks directly to SLF's strong digital infrastructure that is crucial in the current environment," Credit Suisse says.
"At first look, a strong, clean Q3 result as the company continues to execute and drive solid earnings growth across all of its business lines, in spite of a challenging operating environment."
Reiterate Outperform, $60 TP.