- Sun Life Financial (TSX:SLF) reported better-than-expected quarterly profit thanks to its acquisitions and strong home insurance sales
- Underlying earnings from its group insurance segment rose 51 per cent while individual insurance business gained 23 per cent for its Q2 2023
- The firm posted underlying net income of C$920 million (C$1.57 per share) for the three months ended June 30, compared with C$808 million, or C$1.38 per share, last year
- Sun Life Financial Inc. opened trading at C$68.52 per share
Sun Life Financial (TSX:SLF) reported better-than-expected quarterly profit thanks to its acquisitions and strong home insurance sales.
Underlying earnings from its group insurance segment rose 51 per cent while individual insurance business gained 23 per cent for its Q2 2023.
The firm posted underlying net income of C$920 million (C$1.57 per share) for the three months ended June 30, compared with C$808 million, or C$1.38 per share, last year. Analysts had expected C$1.55 per share.
Earnings from the wealth and asset management segment lost 1 per cent mostly because of higher expenses and lower fee-based earnings.
The Toronto-based insurance and asset management company acquired dental benefits provider DentaQuest last year, the largest provider of Medicaid dental benefits in the United States, for C$3.1 billion. It also bought Canadian virtual healthcare and wellness platform Dialogue.
Sun Life’s president and CEO, Kevin Strain was impressed with these results, saying it demonstrates resilience in a challenging economic environment.
“Health and protection sales growth was strong, which shows the importance and priority that our clients continue to place on health and protection services. Providing access to health and health education remains a priority for Sun Life,” Strain said in a statement. “We’re excited about our announcement to acquire Dialogue Health Technologies, Canada’s leading integrated health platform that provides access to affordable, on-demand, quality care. Our investment in Dialogue allows us to play a larger role in Canada’s health ecosystem, while reducing the strain on traditional health care organizations.”
Sun Life Financial Inc. is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate clients.
Sun Life Financial Inc. opened trading at C$68.52 per share.
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