Sun Life Finl Stock Price, News & Analysis

Dean Connor, President & CEO of Sun Life, will engage in a virtual fireside chat at the Scotiabank Financials Summit scheduled for September 10, 2020. Connor's discussion is set to occur from 9:30 a.m. to 9:55 a.m. ET. This event underscores Sun Life's ongoing commitment to providing valuable insights in the financial sector. For those interested in the live webcast, it can be accessed through Sun Life's official website. Following the event, an archived version will also be available.

Sun Life has enhanced its virtual enrollment services due to the ongoing pandemic, allowing employers and employees to navigate benefits without in-person meetings. Demand for these services has surged, with 54% of enrollment clients opting for virtual options this year. Sun Life introduced customized landing pages for employers, which have seen a 98% utilization rate among registered employees. Additionally, telephonic enrollment has increased by 16% since the pandemic began, indicating shifting engagement patterns in benefits enrollment.

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.