Top-News
Donnerstag,
09.05.2024 17:01
von
PR Newswire
| Aufrufe: 30
Sun Life Reports First Quarter 2024 Results
Wirtschaftsnachrichten (Symbolbild)
©unsplash.com
PR Newswire
TORONTO, May 9, 2024
| Sun Life Financial Inc. ("SLF Inc."), its subsidiaries and, where applicable, its joint ventures and associates are collectively referred to as "the Company", "Sun Life", "we", "our", and "us". We manage our operations and report our financial results in five business segments: Canada, United States ("U.S."), Asset Management, Asia, and Corporate. The information in this document is based on the unaudited interim financial results of SLF Inc. for the period ended March 31, 2024 and should be read in conjunction with the interim management's discussion and analysis ("MD&A") and our unaudited interim consolidated financial statements and accompanying notes ("Interim Consolidated Financial Statements") for the period ended March 31, 2024, prepared in accordance with International Financial Reporting Standards ("IFRS"). We report certain financial information using non-IFRS financial measures. For more details, refer to the Non-IFRS Financial Measures section in this document. Additional information relating to SLF Inc. is available on www.sunlife.com under Investors – Financial results and reports, on the SEDAR+ website at www.sedarplus.ca, and on the U.S. Securities and Exchange Commission's website at www.sec.gov. Reported net income (loss) refers to Common shareholders' net income (loss) determined in accordance with IFRS. Unless otherwise noted, all amounts are in Canadian dollars. Amounts in this document may be impacted by rounding. Certain 2023 results in the Drivers of Earnings and CSM Movement Analysis were refined to more accurately reflect how the business is managed. |
TORONTO, May 9, 2024 /PRNewswire/ - Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) announced its results for the first quarter ended March 31, 2024.
- Underlying net income(1) of $875 million decreased $20 million or 2% from Q1'23; underlying ROE(1) was 16.0%.
- Wealth & asset management underlying net income(1): $408 million, down $3 million or 1%.
- Group - Health & Protection underlying net income(1): $280 million, down $23 million or 8%.
- Individual - Protection underlying net income(1): $278 million, down $13 million or 4%.
- Corporate expenses & other(1): $(91) million net loss, improved $19 million or 17%.
- Reported net income of $818 million increased $12 million or 1% from Q1'23; reported ROE(1) was 15.0%.
- Assets under management ("AUM")(1) of $1,470 billion increased $106 billion or 8% from Q1'23.
- Increase to common share dividend from $0.78 to $0.81 per share.
"In the first quarter, we delivered on our Client Impact strategy by advancing our asset management and insurance businesses with strong growth in insurance sales, CSM and AUM," said Kevin Strain, President and CEO of Sun Life. "Underlying earnings were affected by the sale of Sun Life UK, higher morbidity claims, and the end of the Public Health Emergency in the U.S. Our capital remains strong and this quarter, we announced a 4% increase to our shareholder dividend and expect to actively continue share buybacks in the second quarter."
Financial and Operational Highlights
| | | Quarterly results | |
| Profitability | Q1'24 | Q1'23 | |
| | Underlying net income ($ millions)(1) | 875 | 895 |
| | Reported net income - Common shareholders ($ millions) | 818 | 806 |
| | Underlying EPS ($)(1)(2) | 1.50 | 1.52 |
| | Reported EPS ($)(2) | 1.40 | 1.37 |
| | Underlying return on equity ("ROE")(1) | 16.0 % | 17.3 % |
| | Reported ROE(1) | 15.0 % | 15.6 % |
| Growth | Q1'24 | Q1'23 | |
| | Wealth sales & asset management gross flows ($ millions)(1) | 46,898 | 46,349 |
| | Group - Health & Protection sales ($ millions)(1)(3) | 528 | 509 |
| | Individual - Protection sales ($ millions)(1) | 757 | 511 |
| | Assets under management ("AUM") ($ billions)(1) | 1,470 | 1,364 |
| | New business Contractual Service Margin ("CSM") ($ millions)(1) | 347 | 232 |
| Financial Strength | Q1'24 | Q1'23 | |
| | LICAT ratios (at period end)(4) | | |
| | Sun Life Financial Inc. | 148 % | 148 % |
| | Sun Life Assurance(5) | 142 % | 144 % |
| | Financial leverage ratio (at period end)(1)(6) | 21.1 % | 23.2 % |
| ________________ | |
| (1) | Represents a non-IFRS financial measure. For more details, see the Non-IFRS Financial Measures section in this document and in the Q1'24 MD&A. |
| (2) | All earnings per share ("EPS") measures refer to fully diluted EPS, unless otherwise stated. |
| (3) | Prior period amounts related to U.S. Dental sales have been restated to reflect new information. |
| (4) | Life Insurance Capital Adequacy Test ("LICAT") ratio. Our LICAT ratios are calculated in accordance with the OSFI-mandated guideline, Life Insurance Capital Adequacy Test. |
| (5) | Sun Life Assurance Company of Canada ("Sun Life Assurance") is SLF Inc.'s principal operating life insurance subsidiary. |
| (6) | The calculation for the financial leverage ratio includes the CSM balance (net of taxes) in the denominator. The CSM (net of taxes) was $9.9 billion as at March 31, 2024 (March 31, 2023 - $9.0 billion). |
Financial and Operational Highlights - Quarterly Comparison (Q1'24 vs. Q1'23)
| ($ millions) | Q1'24 | |||||
| Underlying net income by business type(1)(2): | Sun Life | Asset | Canada | U.S. | Asia | Corporate |
| Wealth & asset management | 408 | 282 | 109 | — | 17 | — |
| Group - Health & Protection | 280 | — | 114 | 166 | — | — |
| Individual - Protection | 278 | — Werbung Mehr Nachrichten zur Sun Life Financial Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1  Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News | ||||
