Welcome to our dedicated page for Sun Life Financial news (Ticker: SLF), a resource for investors and traders seeking the latest updates and insights on Sun Life Financial stock.
Sun Life Financial Inc. (TSX: SLF, NYSE: SLF) is a leading international financial services organization dedicated to helping customers achieve lifetime financial security and live healthier lives. Headquartered in Toronto, Canada, Sun Life operates globally with key markets in Canada, the United States, the United Kingdom, Hong Kong, the Philippines, and Indonesia.
Sun Life offers a comprehensive suite of insurance and investment products and services to both individual and corporate customers. The company's core offerings include life insurance, retirement and asset management products. As of the fourth quarter of 2023, Sun Life’s investment management business oversees approximately CAD 1 trillion in assets under management, contributing about 30% to its adjusted earnings. The firm’s Canadian operations, which generate around 35% of adjusted earnings, provide individual life and health insurance, group insurance, retirement services, and wealth management solutions. In the United States, the company focuses on group insurance products, contributing approximately 22% to overall earnings. Meanwhile, the Asian segment, covering markets such as the Philippines and Indonesia, accounts for 13% of Sun Life's earnings.
Noteworthy achievements include the recent announcement of a quarterly dividend of $0.78 per share, reaffirming the company's commitment to rewarding its shareholders. Sun Life has also shown strong support for legislative changes, such as the Paid Family and Medical Leave Tax Credit Extension and Enhancement Act, which promotes paid leave benefits for employees in the U.S.
Recent Projects and Initiatives:
- Sun Life U.S. and the Boston Celtics concluded their 10th annual Fit to Win program, promoting fitness and healthy lifestyles among children.
- DentaQuest, part of Sun Life U.S., donated $30,000 to the Interfaith Dental Clinic in Tennessee, enhancing access to dental care for low-income families.
- Sun Life released its annual High-Cost Claims and Injectable Drug Trends Analysis report, providing vital insights into healthcare cost trends.
Sun Life’s robust financial condition is underscored by a strong capital position, with a LICAT ratio of 148% as of Q1 2024. The company continues to be a global leader in asset management, with a significant presence in both public and alternative asset classes through its subsidiaries MFS and SLC Management. The firm remains committed to sustainable investing, as evidenced by its recent projects in renewable energy.
Sun Life's diverse and employee-centric culture, with more than 15,000 employees and 12,000 advisors worldwide, emphasizes its mission to provide asset management, wealth, insurance, and health solutions to its clients. For more information, please visit www.sunlife.com.
Sun Life Financial (TSX: SLF) (NYSE: SLF) is hosting its Investor Day 2024 in Toronto, featuring presentations on digital leadership, client impact, and insights into its four business groups: Asset Management, Canada, U.S., and Asia. The company announced updates to its Medium-Term Financial Objectives, including an increase in Underlying Earnings Per Share growth to 10% per annum and Underlying Return on Equity to 20%, while maintaining its Underlying Dividend Payout Ratio objective at 40-50%. Management highlighted the company's focus on capital-light businesses and strong balance sheet as strategic growth drivers.
Sun Life Financial (TSX: SLF) (NYSE: SLF) has announced a dividend increase of 3 cents, bringing the quarterly dividend to $0.84 per common share, payable December 31, 2024. The company also declared dividends on various Class A Non-Cumulative Preferred Shares series, with amounts ranging from $0.114063 to $0.401712 per share. All dividends will be paid to shareholders of record as of November 27, 2024. Common shares acquired under the Canadian Dividend Reinvestment and Share Purchase Plan will be purchased on the open market through various Canadian trading platforms.
Sun Life Financial reported strong Q3 2024 results with underlying net income of $1,016 million, up 9% from Q3'23, and reported net income of $1,348 million, up 55%. The company's Assets under Management reached $1,515 billion, increasing 13% year-over-year. Key performance metrics include: underlying ROE of 17.9%, reported ROE of 23.8%, and a strong LICAT ratio of 152%. The company increased its common share dividend from $0.81 to $0.84 per share. Growth was driven by strong performance across business segments, particularly in Wealth & Asset Management, Group Health & Protection, and Individual Protection.
Sun Life U.S. has been recognized as a Top Workplace for Remote Work by Monster.com, based on employee surveys by Energage and information about company programs and benefits. The company maintains a flexible, hybrid culture allowing employees to choose when to work from office.
This recognition adds to Sun Life's multiple Top Workplace awards, including honors in Hartford, Boston, Baltimore, Milwaukee, and nationally. The company encourages in-person connections through regional events, philanthropic activities, and satellite communities in areas with high employee concentrations. Sun Life's U.S. office hubs are located in Wellesley, Hartford, Milwaukee, Baltimore, Kansas City and Portland, with satellite communities in Texas and Florida.
Sun Life U.S. is expanding its Healthcare Professional long-term disability () coverage to provide more income protection for non-physician providers with medical specialties. This expansion aims to help healthcare organizations recruit and retain talent, addressing the growing demand for nurses, physician assistants (PAs), and nurse practitioners (NPs).
The coverage is designed to protect the unique skillsets of these providers and offer income replacement if they are unable to work due to illness or injury. It also includes support for returning to work, with Sun Life vocational specialists assisting in obtaining education or training for alternative roles if needed.
This expansion aligns with the projected rapid growth in employment for PAs (28%) and nurse specialists (40%) over the next decade, as reported by the Bureau of Labor Statistics. The enhanced coverage is part of Sun Life's broader strategy to offer health-connected services that improve member health outcomes.
Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) has announced the schedule for its third quarter 2024 earnings release and conference call. The company will release its financial results on Monday, November 4, 2024 after markets close. A live webcast of the quarterly results will be held the following day, Tuesday, November 5, 2024, at 10:00 a.m. ET.
Interested parties can access the call and presentation via a live webcast or telephone. The webcast replay will be available after the event. This announcement provides investors and analysts with the opportunity to review Sun Life's financial performance and engage with the company's management team.
Sun Life U.S., through Health Navigator powered by PinnacleCare, is collaborating with Amaze Health, AYG Wellness, and Virtual Wellness Care to address healthcare disruptions caused by recent hurricanes. The initiative aims to help members in affected areas access needed care and medications. Sun Life is opening up its Health Navigator to all stop-loss clients and their employees, providing one-on-one support from care advisors.
The collaboration offers services including urgent care, primary care, prescription medication deliveries, and personalized health advocacy through a dedicated phone number and website. This effort addresses the challenges posed by damaged facilities, medical supply shortages, and evacuations in hurricane-affected areas.
Sun Life clients and members affected by the hurricanes are encouraged to reach out if they need assistance with payments or benefit arrangements. Information on accessing Employee Assistance Programs (EAPs) is also available.
Sun Life U.S. and DentaQuest, part of Sun Life U.S., are donating $50,000 to support Hurricane Milton relief efforts in Florida. The donation will be distributed to the Volunteer Florida Foundation's Disaster Fund, Rebuilding Tampa Bay, and Feeding Tampa Bay. This follows a previous $145,000 donation for Hurricane Helene relief in the broader region.
Dan Fishbein, M.D., president of Sun Life U.S., expressed concern for those facing the impacts of two major hurricanes and hopes the support will help people start to recover. Sun Life is also providing support to affected clients, members, and employees in Florida.
The company encourages affected clients and members to reach out if they need assistance with payments or benefit arrangements. Information on support, including guidance on using Employee Assistance Programs (EAPs), is available on their website.
Sun Life U.S. and DentaQuest, part of Sun Life U.S., are donating $145,000 to support relief efforts in states severely impacted by Hurricane Helene. The donations will be distributed among multiple organizations, including local groups on the ground in Florida, Georgia, South Carolina, North Carolina, and Tennessee.
Recipients include the American Red Cross Disaster Relief Fund, Convoy of Hope, Volunteer Florida Foundation, Second Harvest of the Big Bend, Feeding Tampa Bay, Water Mission, Harvest Hope Food Bank, Operation Airdrop, and Feeding the Carolinas.
Dan Fishbein, M.D., president of Sun Life U.S., expressed condolences and stated that the company is making efforts to support clients, members, and employees affected by the hurricane. Sun Life is also providing guidance on using Employee Assistance Programs (EAPs) and encouraging affected clients and members to reach out if they need assistance with payments or benefit arrangements.
Sun Life U.S. has appointed Maya Beri as its new Chief Information Officer (CIO). Beri, who previously served as senior managing director and CIO for SLC Management, brings decades of experience in technology and IT strategy to the role. In her new position, Beri will oversee the expansion of digital solutions to enhance health and benefits accessibility for members.
Key focus areas include:
- Expanding Sun Life Link, a portfolio of APIs connecting Sun Life's benefits to HR systems
- Enhancing Sun Life Onboard for streamlined client onboarding
- Implementing AI to simplify manual tasks and improve employee efficiency
Beri's appointment aims to drive innovation and provide connected benefits solutions in the complex U.S. healthcare ecosystem.
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