Sun Life Financial Reported CA$1.35 Billion in Net Income for 9M24, Up 55%

“Sun Life had a strong quarter with more than CA$1 billion in both underlying and reported net income, showcasing the strength and diversity of our businesses,” said Kevin Strain, President and CEO of Sun Life. ​

“These results reflect our leadership positions in asset management and insurance, driven by strong insurance growth, and a return on equity of close to 18 percent. Our results demonstrate our resolve to deliver on our Purpose to help Clients achieve lifetime financial security and live healthier lives.”

​Underlying net income of CA$1,016 million increased CA$86 million or 9% from prior year, driven by:

• Wealth & asset management up CA$17 million: Higher fee income in Asset Management, Asia, and Canada, partially offset by unfavourable credit experience in Canada.
• Group - Health & Protection up CA$60 million: Strong business growth in U.S. Group Benefits and Canada, higher fee-based income in Canada, and improved group life mortality experience in the U.S., partially offset by lower U.S. Dental results.
• Individual - Protection up CA$9 million: Business growth in Asia and Canada partially offset by unfavourable mortality experience in Corporate expenses & other were in line with prior year.

​Reported net income of CA$1,348 million increased CA$477 million or 55% from prior year, driven by:

• A decrease in SLC Management's estimated acquisition-related liabilities; and
• The increase in underlying net income.
• Favorable equity market impacts and improved real estate experience were offset by interest rate impacts.​

​Underlying ROE was 17.9% and reported ROE was 23.8% (Q3'23 - 17.7% and 16.6%, respectively). SLF Inc. ended the quarter with a LICAT ratio of 152%.
 
Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2024, Sun Life had total assets under management of CA$1.51 trillion.
 
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.