{"id":1714,"date":"2024-06-25T20:06:26","date_gmt":"2024-06-25T20:06:26","guid":{"rendered":"https:\/\/financeify.ca\/?p=1714"},"modified":"2024-06-25T20:06:26","modified_gmt":"2024-06-25T20:06:26","slug":"sun-lifes-third-quarter-net-income-fell-54-from-a-year-ago","status":"publish","type":"post","link":"https:\/\/financeify.ca\/index.php\/2024\/06\/25\/sun-lifes-third-quarter-net-income-fell-54-from-a-year-ago\/","title":{"rendered":"Sun Life’s third-quarter net income fell 54% from a year ago"},"content":{"rendered":"

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Sun Life Financial Inc. says its third-quarter profit fell 54% from a year earlier due to overall market declines, and it also recorded a $170 million charge related to the sale of Sun Life UK<\/p>\n

The insurance giant said it had net income of $466 million in the quarter ending Sept. 30, up from $1.02 billion in the same quarter last year.<\/p>\n

Adjusted income, or what Sun Life calls underlying net income, was $949 million, up 5% from $902 million last year.<\/p>\n

Net income for the Canadian unit fell 47% to $210 million, mainly due to changes in interest rates and lower stock market performance, while profits in the US rose 104% to $94 million as the company saw fewer Covid-related claims 19 and other factors.<\/p>\n

Insurance sales in Canada increased 28% year-over-year to $233 million, led by large group benefit sales and higher sales of covered individual life insurance policies, the insurer said.<\/p>\n

Wealth sales in Canada declined 30% to $4 billion, reflecting lower sales of defined contribution and defined benefit plans within group retirement arrangements and lower sales of individual wealth.<\/p>\n

The company’s asset management division saw profits fall 29% to $215 million, partly as a result of an increase in acquisition-related liabilities, while its Asia division saw profits fall 57% to $125 million after the division reported growth on assumptions a year earlier and other activities.<\/p>\n

As of September 30, Sun Life had $1.27 trillion in assets under management, up from $1.26 trillion in the prior quarter and down from $1.39 trillion, or 8% year-over-year.<\/p>\n

The insurer said AUM has declined 12% so far this year, primarily due to unfavorable market movements as well as net outflows from segregated, retail, institutional and managed funds.<\/p>\n

This quarter, Sun Life announced the sale of its UK subsidiary for approximately $385 million, as well as the acquisition of a majority stake in US-based Advisors Asset Management Inc. for USD 214 million.<\/p>\n

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Sun Life Financial Inc. says its third-quarter profit fell 54% from a year earlier due to overall market declines, and it also recorded a $170 million charge related to the sale of Sun Life UK The insurance giant said it had net income of $466 million in the quarter ending Sept. 30, up from $1.02 […]<\/p>\n","protected":false},"author":1,"featured_media":1715,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[18],"tags":[920,111,919,591,679,921,45],"class_list":{"0":"post-1714","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-seg-fund-investments","8":"tag-fell","9":"tag-income","10":"tag-lifes","11":"tag-net","12":"tag-sun","13":"tag-thirdquarter","14":"tag-year"},"aioseo_notices":[],"yoast_head":"\nSun Life's third-quarter net income fell 54% from a year ago - 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