Sun Life Finl Stock Price, News & Analysis

Sun Life Financial Inc. (SLF) reported its Q4 2022 results, showing a 12% decrease in reported net income to $951 million compared to Q4 2021. However, underlying net income increased 10% to $990 million. For the full year, reported net income fell 22% to $3,060 million, while underlying net income rose 4% to $3,674 million. The company saw strong insurance sales growth of 18% in 2022 and $21.5 billion in inflows at SLC Management. Key financial ratios included a reported ROE of 12.5% for 2022. Sun Life will adopt IFRS 17 and IFRS 9 starting January 1, 2023, expected to positively influence its LICAT ratio and underlying EPS growth.

Sun Life Financial Inc. (NYSE: SLF) announced the appointment of Joseph Natale to its Board of Directors, effective February 7, 2023. Natale, a seasoned public company CEO with over 30 years of experience, previously led Rogers Communications and Telus Corporation through significant transformations and growth. His expertise in customer experience, technology enablement, and the health sector aligns with Sun Life's strategic priorities. Sun Life operates in numerous international markets and had total assets under management of $1.27 trillion as of September 30, 2022.

On February 1, 2023, Sun Life Financial Inc. (NYSE: SLF) announced the successful completion of the sale of its sponsored markets business to Canadian Premier Life Insurance Company. This transaction includes the transfer of association, affinity, and group creditor business, along with plan members and customers. As the leader in the Canadian group benefits market, Sun Life provides coverage to over five million employees annually and supports health care needs with more than 80 million claims processed each year. Prior to this sale, details of the agreement were released in 2021.

On February 1, 2023, Sun Life Financial (TSX: SLF) announced the successful acquisition of a 51% stake in Advisors Asset Management (AAM), a prominent U.S. retail distribution firm with US$40.5 billion in assets. The purchase positions AAM as the retail distribution arm for Sun Life's SLC Management, enhancing their alternative investment offerings aimed at high-net-worth investors. The acquisition also includes a future option for Sun Life to acquire the remaining shares starting in 2028. AAM retains its leadership and branding while expanding its product suite to include various alternative investments.

Sun Life Financial Inc. (TSX: SLF, NYSE: SLF) will announce its fourth quarter 2022 financial results on February 8, 2023, after market close. Following this, an earnings conference call and live webcast will take place on February 9, 2023, at 10:00 a.m. ET. Interested parties can join via the webcast or conference call options available on their website. As of September 30, 2022, Sun Life managed $1.27 trillion in assets. The company provides financial services globally, including Canada, the U.S., and the U.K..

Dah Sing Bank and Sun Life Hong Kong Limited have announced a 15-year exclusive bancassurance partnership in Hong Kong, effective from July 2023, subject to regulatory approval. Under this partnership, Sun Life will become the exclusive provider of life insurance solutions for Dah Sing Bank's 570,000 retail customers. Sun Life will invest HKD 1.5 billion (approximately C$260 million) for this arrangement, with ongoing payments based on partnership success. This collaboration marks Sun Life's first exclusive bancassurance deal in Hong Kong, enhancing its distribution capabilities in a market where bancassurance accounts for over 50% of life insurance sales.

On January 17, 2023, Sun Life U.S. and its subsidiary DentaQuest announced a $100,000 donation to Embrace Boston, a fund dedicated to commemorating the contributions of Dr. Martin Luther King, Jr. and Coretta Scott King. The memorial aims to honor their legacy, particularly in Boston, where they met. Dan Fishbein, president of Sun Life U.S., expressed personal excitement regarding the memorial's unveiling. The donation reflects Sun Life's commitment to social impact and health equity, aligning with their initiatives to support underserved populations through various community programs.

Sun Life U.S. has received the esteemed Delta Award from Alida for innovation in client experience solutions. This recognition highlights Sun Life's ongoing programs, Broker Voices and Employer Voices, which gather direct feedback from brokers and employers on various topics, enhancing product development and digital capabilities. The programs consistently achieve satisfaction scores of 90% to 100%, well above the industry benchmark. Sun Life's commitment to customer feedback aids in creating effective product roadmaps and adapting to market trends.