Welcome to our dedicated page for Sun Life Financial news (Ticker: SLF), a resource for investors and traders seeking the latest updates and insights on Sun Life Financial stock.
Sun Life Financial Inc. reports recurring developments across its international financial services business, including insurance, wealth, health and asset management solutions for individual and institutional clients. Company updates commonly cover quarterly results, assets under management, segment trends in Canada, the U.S., Asia and asset management, and the performance of Sun Life Asset Management and U.S. Health & Risk Solutions.
News also includes capital actions such as common and preferred share dividends, dividend reinvestment plan mechanics, director elections, annual meeting voting results, executive and governance matters, and partnership activity tied to health and community programs. Sun Life trades under SLF on the Toronto, New York and Philippine stock exchanges.
Sun Life U.S. is expanding its Health and Risk Solutions team with experienced industry professionals Mike Martocci and Jamie Smith. This move aims to enhance health-related services, making healthcare access easier for clients while reducing costs. Following the 2021 acquisition of PinnacleCare, Sun Life offers Health Navigator, a service assisting clients in navigating healthcare systems. The company's strong position is reinforced by covering over 5 million individuals through self-funded employers and utilizing an extensive medical claims database for insights into healthcare trends.
On March 16, 2023, Sun Life U.S. announced a partnership with Goodpath, a Boston-based digital clinic, to enhance health services for members with musculoskeletal conditions and long COVID-19. This collaboration aims to offer integrative and holistic care to disability members, addressing chronic conditions that drive significant medical claims. Goodpath's program includes personalized health assessments and support from specialized health coaches. It will be available in Q2 2023 for short-term disability benefits related to back or neck issues, and long-term disability benefits for long COVID, marking Sun Life's commitment to improving health outcomes and expanding access to comprehensive care.
Sun Life U.S. has expanded its group life insurance offerings by introducing Self Care+, a digital wellness program in partnership with AbleTo. This on-demand service focuses on enhancing emotional and mental health, allowing members to access tailored content at their convenience. The initiative aims to complement existing health insurance products and improve health outcomes. Employers can add Self Care+ to their basic or voluntary life insurance plans. This development follows strong interest in AbleTo's behavioral health support, showcasing Sun Life's commitment to innovative health-related services.
Sun Life and DentaQuest, part of Sun Life U.S., donated $100,000 to RIZE Massachusetts to support efforts against the opioid crisis. This contribution highlights their ongoing commitment to health equity, expanding access to care, especially for underserved populations. The donation was announced during RIZE's 5-year anniversary event, where state leaders, including Governor Maura Healey, gathered to discuss the state of the opioid epidemic, with overdose deaths in Massachusetts increasing by 9.4% in 2021. DentaQuest's president, Steve Pollock, emphasized the connection between oral health and overall well-being in the fight against substance use disorders.
AM Best has affirmed the Financial Strength Rating (FSR) of A+ and the Long-Term Issuer Credit Ratings (ICR) of 'aa' for Sun Life Assurance Company of Canada and Sun Life and Health Insurance Company. The outlook for these ratings is stable. Additionally, AM Best revised the outlook for Independence Life and Annuity Company to positive, maintaining its FSR of A- and ICR of 'a-'. The ratings reflect Sun Life Group's strong balance sheet, operating performance, and enterprise risk management. However, Sun Life Group's earnings are moderately exposed to equity market volatility and interest rate changes.
On February 8, 2023, Sun Life Financial Inc. (NYSE: SLF) announced a dividend of $0.72 per common share, consistent with the prior quarter. This dividend is payable on March 31, 2023 to shareholders of record by March 1, 2023. Additionally, dividends on Class A Non-Cumulative Preferred Shares were declared, including $0.278125 for Series 3 and Series 4, $0.28125 for Series 5, $0.114063 for Series 8R, $0.341692 for Series 9QR, $0.185438 for Series 10R, and $0.388541 for Series 11QR. All dividends are designated as eligible dividends under the Canadian Income Tax Act.
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.
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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.