Welcome to our dedicated page for Sun Life Finl news (Ticker: SLF), a resource for investors and traders seeking the latest updates and insights on Sun Life Finl 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 Financial Inc. (SLF) reported a fourth-quarter net income of $744 million, a 3% increase from the previous year, and an underlying net income of $862 million, up 9%. For 2020, total net income was $2.4 billion, with underlying net income reaching $3.2 billion and assets under management growing to $1.25 trillion. Despite a decline in Canadian insurance and wealth sales, U.S. medical stop-loss business and Asia wealth sales showed growth. The company expanded its bancassurance partnerships in Vietnam and completed acquisitions in alternative investments.
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Sun Life Financial Inc. (TSX: SLF) will release its Q4 2020 financial results on February 10, 2021, after market close. Following this, the earnings conference call will occur the next day at 10:00 a.m. ET. Investors can access the live webcast and presentation materials via the company's website. A telephone listening option is available for North America and international participants. A replay will be accessible from the same day until February 25, 2021. With assets under management totaling $1,186 billion as of September 30, 2020, Sun Life operates in numerous global markets.
Dan Fishbein, M.D., president of Sun Life U.S., has been appointed to the Boston University School of Medicine's Dean's Advisory Board. In this role, Fishbein will advise on curriculum, professionalism, and industry partnerships while promoting health and wellness initiatives. Fishbein's extensive background in managed care and health plans will support BUSM's mission of educating new physicians and conducting research. He also plans to contribute to the M.D./MBA program and scholarship funds aimed at increasing diversity in medicine.
Sun Life Financial Inc. (TSX: SLF, NYSE: SLF) has completed a 51% majority stake acquisition of Crescent Capital Group LP, a prominent global alternative credit manager with approximately US$29 billion (C$39 billion) in assets under management as of September 30, 2020. The deal, which enhances Sun Life's SLC Management's offerings in alternative credit, includes provisions for Crescent's equity holders to retain certain interests and a potential transfer of remaining interests by the end of 2026. Crescent will maintain its brand and operational independence.
Sun Life Financial (TSX: SLF, NYSE: SLF) has received an unsolicited mini-tender offer from Obatan LLC to purchase approximately 50,000 shares at US$35 each, significantly lower than market prices. This represents discounts of 19.90% and 19.84% on the TSX and NYSE as of December 18, 2020, and 20.94% and 20.80% on January 4, 2021. Sun Life advises shareholders to be cautious as mini-tender offers often lack proper disclosures and can undervalue shares. The SEC warns that bids are typically below market value, and shareholders should consult their advisors before responding to the offer.
Sun Life Financial Inc. (TSX: SLF, NYSE: SLF) announced its intention to redeem all outstanding $350 million of Series 2016-1 Subordinated Unsecured 3.10% Fixed/Floating Debentures on February 19, 2021. This redemption will be funded by existing cash and liquid assets. The Debentures are redeemable at the principal amount plus accrued interest. After redemption, interest will cease, and holders will only receive the redemption price. As of September 30, 2020, Sun Life held total assets under management of $1,186 billion.
Sun Life U.S. has commenced construction of a new office in downtown Portland, Maine, covering 77,000 square feet, set to be completed in 2022. This space will foster collaboration among teams and showcase capabilities to clients. The office will include a Center for Healthy Work, emphasizing the company's philosophy of supporting individuals with disabling conditions. Sun Life has partnered with Northeastern University's Roux Institute to develop talent in data science. This development will enhance Portland's business landscape, with amenities like dining and direct waterfront access.
On December 8, 2020, it was announced that the #SunLifeDunk4Diabetes campaign raised $105,000 for the Greater Boston YMCA during National Diabetes Awareness Month. Each dunk shared with the hashtag contributed $21 towards the YMCA's Healthy Habits program. The Celtics Shamrock Foundation matched donations up to $25,000. Since its inception in 2014, the campaign has collected over $600,000 for diabetes education. Sun Life has donated more than $24 million globally to various diabetes programs, highlighting their commitment to health initiatives.