Sun Life Financial Reports C$1.1B in Q3 profit, down year-over-year

Sun Life Financial reported an underlying net income of C$1,047 million, an increase of C$31 million, or 3%, from Q3 '24; underlying return on equity (ROE) was 18.3%. Reported net income of C$1,106 million decreased $242 million, or 18%, from Q3'24; reported ROE was 19.3%. Assets under management (AUM) of C$1,623 billion increased $108 billion, or 7%, from Q3'24.

“Our Q3 results reflect the strength of our balanced and diversified business strategy,” said Kevin Strain, President and CEO of Sun Life. “Both Canada and Asia delivered strong underlying net income, while our U.S. businesses were challenged by unfavourable experience. We’re also continuing to see steady growth in our asset management businesses, including capital raising at SLC Management and institutional net flows at MFS. We ended the quarter with a LICAT ratio of 154 percent, demonstrating our strong capital position and announced a 4.5 percent increase to our dividend to 92 cents per share."

Strain added, “As one of the largest asset managers in the world with more than $1.6 trillion in assets under management, we recently announced the extension and formalization of our asset management pillar under the leadership of Tom Murphy. This new structure will help accelerate growth between our asset management, insurance and wealth businesses and drive strategic partnerships to the benefit of our Clients."