Sun Life Finl Stock Price, News & Analysis

Sun Life Financial Inc. (TSX: SLF, NYSE: SLF) announced its intention to redeem all $500 million of Series 2015-1 Subordinated Unsecured 2.60% Fixed/Floating Debentures on September 25, 2020. The redemption will be funded from existing cash and liquid assets, ceasing interest accrual from the redemption date. Holders will receive the principal amount along with accrued interest. This decision is part of Sun Life's financial strategy to manage its liabilities and optimize its capital structure, with total assets under management reported at $1,122 billion as of June 30, 2020.

On August 6, 2020, Sun Life Financial Inc. (TSX: SLF) announced a dividend of $0.55 per share on its common shares, payable on September 30, 2020 to shareholders of record by August 26, 2020. This dividend remains unchanged from the previous quarter. Additionally, dividends were declared on Class A Non-Cumulative Preferred Shares, with varying amounts among different series, also payable on September 30, 2020. The dividends are eligible for tax benefits under the Income Tax Act in Canada.

Sun Life Financial Inc. (SLF) reported its second-quarter results for 2020, with a reported net income of $519 million, down 13% from $595 million in Q2 2019. Underlying net income remained stable at $739 million, matching the previous year. Key highlights include a 9.4% return on equity and an increase in assets under management to $1,122 billion. While insurance sales fell 6% year-over-year, wealth sales surged 53%. The pandemic has impacted claims and credit charges, but the company's capital position remains robust, supported by ongoing digital investments for improved client interactions.

On August 3, 2020, Sun Life announced the launch of a new hospital indemnity insurance offering to mitigate high out-of-pocket costs associated with hospitalizations. This policy provides a daily cash benefit for up to 30 days, with additional coverage for extended stays exceeding ten days. The insurance is designed for various health conditions, including costly illnesses like cancer. With hospital stays averaging $11,000, this product aims to enhance financial security for members amidst rising healthcare costs.

Sun Life Financial Inc. (TSX: SLF, NYSE: SLF) will release its second quarter 2020 financial results on August 6, 2020, after market close. An earnings conference call is scheduled for August 7, 2020, at 8:00 a.m. ET. Investors can access the live webcast and presentation slides on the company’s website, with an archive available post-event. The company, operating in multiple international markets, reported total assets under management of $1,023 billion as of March 31, 2020.

On July 13, 2020, Boston Children's Museum and Sun Life announced a partnership to create 'Explore It', a virtual play and learning program for Sun Life U.S. employees and their children. This initiative is aimed at addressing the lack of summer camp options, especially during the pandemic. The program includes engaging activities for children aged four to ten across various themes, and it is also being donated to local Boston organizations. Sun Life recognizes the importance of supporting families' mental health during this challenging time by enhancing work-life balance.

Sun Life Financial Inc. (TSX: SLF) has completed its acquisition of an 80% stake in InfraRed Capital Partners, a UK-based global infrastructure and real estate manager, as of July 1, 2020. InfraRed manages approximately US$12 billion (C$17 billion) in assets. This acquisition is set to enhance Sun Life's SLC Management's investment offerings, particularly in infrastructure equity and sustainable investments. The deal positions Sun Life to tap into opportunities in renewable energy infrastructure in North America, with a potential to acquire remaining interests by 2025.

Cancer remains the leading cause of high medical costs, according to Sun Life's 2020 report, highlighting trends in high-cost claims and injectable drugs. The average cost for cancer drugs exceeded $76,000 per person in 2019. The report indicates a significant rise in million-dollar claims, particularly those exceeding $3 million, which increased from 7 to 14 between 2016 and 2019. 86% of self-funded employers are expected to experience stop-loss claims. A webinar on June 30 will further analyze these trends.

Sun Life Financial Inc. (TSX: SLF) announced a conversion of its preferred shares, with 116,341 Class A Non-cumulative Rate Reset Preferred Shares Series 8R shifting to Class A Non-cumulative Floating Rate Preferred Shares Series 9QR, effective June 30, 2020. Conversely, 1,140,986 Series 9QR Shares will convert to Series 8R. Post-conversion, the company will have 6,217,331 Series 8R and 4,982,669 Series 9QR Shares outstanding. Both series will be listed on the Toronto Stock Exchange under the symbols SLF.PR.G and SLF.PR.J. Redemption options are available starting June 30, 2025.