{"id":1790,"date":"2024-07-20T13:18:50","date_gmt":"2024-07-20T13:18:50","guid":{"rendered":"https:\/\/financeify.ca\/?p=1790"},"modified":"2024-07-20T13:18:50","modified_gmt":"2024-07-20T13:18:50","slug":"sun-life-reports-first-quarter-net-income-of-875-million","status":"publish","type":"post","link":"https:\/\/financeify.ca\/index.php\/2024\/07\/20\/sun-life-reports-first-quarter-net-income-of-875-million\/","title":{"rendered":"Sun Life reports first-quarter net income of $875 million"},"content":{"rendered":"

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Sun Life Financial Inc. reported net income of $875 million in the first quarter, down 2% from the same quarter last year.<\/p>\n

The insurer said earnings were hit by its U.S. health division, including reassessments following revised Medicaid determinations primarily reflecting higher morbidity claims. The U.S. division reported a 20% decline in underlying net income to $141 million.<\/p>\n

The Canadian division declined about 2% to net income of $310 million as an increase in death benefit payments offset growth in business.<\/p>\n

Sun Life\u2019s assets under management as of March 31 were $1.47 trillion, up from $1.4 trillion as of December 31. The increase was primarily due to favorable market developments in the value of segregated, retail, institutional and managed funds, as well as positive currency effects.<\/p>\n

However, the insurer also reported a net outflow of $10.5 billion from segregated funds and assets managed by third parties.<\/p>\n

Asset sales and gross cash flows in Canadian asset management were $4.08 billion in the quarter, up 32% year over year. The increase was driven by higher sales of mutual funds in individual wealth and higher sales of defined benefit and defined contribution in group pension services.<\/p>\n

Individual insurance sales were $130 million, down from $136 million in the first quarter of 2023, reflecting lower sales of unsecured life insurance.<\/p>\n

The insurer’s net income was $818 million, up 1% from a year earlier, and the dividend was increased by 4%.<\/p>\n<\/p>\n

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Sun Life Financial Inc. reported net income of $875 million in the first quarter, down 2% from the same quarter last year. The insurer said earnings were hit by its U.S. health division, including reassessments following revised Medicaid determinations primarily reflecting higher morbidity claims. 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