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.
On March 16, 2023, Sun Life U.S. announced a partnership with Goodpath, a Boston-based digital clinic, to enhance health services for members with musculoskeletal conditions and long COVID-19. This collaboration aims to offer integrative and holistic care to disability members, addressing chronic conditions that drive significant medical claims. Goodpath's program includes personalized health assessments and support from specialized health coaches. It will be available in Q2 2023 for short-term disability benefits related to back or neck issues, and long-term disability benefits for long COVID, marking Sun Life's commitment to improving health outcomes and expanding access to comprehensive care.
Sun Life U.S. has expanded its group life insurance offerings by introducing Self Care+, a digital wellness program in partnership with AbleTo. This on-demand service focuses on enhancing emotional and mental health, allowing members to access tailored content at their convenience. The initiative aims to complement existing health insurance products and improve health outcomes. Employers can add Self Care+ to their basic or voluntary life insurance plans. This development follows strong interest in AbleTo's behavioral health support, showcasing Sun Life's commitment to innovative health-related services.
Sun Life and DentaQuest, part of Sun Life U.S., donated $100,000 to RIZE Massachusetts to support efforts against the opioid crisis. This contribution highlights their ongoing commitment to health equity, expanding access to care, especially for underserved populations. The donation was announced during RIZE's 5-year anniversary event, where state leaders, including Governor Maura Healey, gathered to discuss the state of the opioid epidemic, with overdose deaths in Massachusetts increasing by 9.4% in 2021. DentaQuest's president, Steve Pollock, emphasized the connection between oral health and overall well-being in the fight against substance use disorders.
AM Best has affirmed the Financial Strength Rating (FSR) of A+ and the Long-Term Issuer Credit Ratings (ICR) of 'aa' for Sun Life Assurance Company of Canada and Sun Life and Health Insurance Company. The outlook for these ratings is stable. Additionally, AM Best revised the outlook for Independence Life and Annuity Company to positive, maintaining its FSR of A- and ICR of 'a-'. The ratings reflect Sun Life Group's strong balance sheet, operating performance, and enterprise risk management. However, Sun Life Group's earnings are moderately exposed to equity market volatility and interest rate changes.
On February 8, 2023, Sun Life Financial Inc. (NYSE: SLF) announced a dividend of $0.72 per common share, consistent with the prior quarter. This dividend is payable on March 31, 2023 to shareholders of record by March 1, 2023. Additionally, dividends on Class A Non-Cumulative Preferred Shares were declared, including $0.278125 for Series 3 and Series 4, $0.28125 for Series 5, $0.114063 for Series 8R, $0.341692 for Series 9QR, $0.185438 for Series 10R, and $0.388541 for Series 11QR. All dividends are designated as eligible dividends under the Canadian Income Tax Act.
Sun Life Financial Inc. (SLF) reported its Q4 2022 results, showing a 12% decrease in reported net income to $951 million compared to Q4 2021. However, underlying net income increased 10% to $990 million. For the full year, reported net income fell 22% to $3,060 million, while underlying net income rose 4% to $3,674 million. The company saw strong insurance sales growth of 18% in 2022 and $21.5 billion in inflows at SLC Management. Key financial ratios included a reported ROE of 12.5% for 2022. Sun Life will adopt IFRS 17 and IFRS 9 starting January 1, 2023, expected to positively influence its LICAT ratio and underlying EPS growth.
Sun Life Financial Inc. (NYSE: SLF) announced the appointment of Joseph Natale to its Board of Directors, effective February 7, 2023. Natale, a seasoned public company CEO with over 30 years of experience, previously led Rogers Communications and Telus Corporation through significant transformations and growth. His expertise in customer experience, technology enablement, and the health sector aligns with Sun Life's strategic priorities. Sun Life operates in numerous international markets and had total assets under management of $1.27 trillion as of September 30, 2022.
On February 1, 2023, Sun Life Financial Inc. (NYSE: SLF) announced the successful completion of the sale of its sponsored markets business to Canadian Premier Life Insurance Company. This transaction includes the transfer of association, affinity, and group creditor business, along with plan members and customers. As the leader in the Canadian group benefits market, Sun Life provides coverage to over five million employees annually and supports health care needs with more than 80 million claims processed each year. Prior to this sale, details of the agreement were released in 2021.
On February 1, 2023, Sun Life Financial (TSX: SLF) announced the successful acquisition of a 51% stake in Advisors Asset Management (AAM), a prominent U.S. retail distribution firm with US$40.5 billion in assets. The purchase positions AAM as the retail distribution arm for Sun Life's SLC Management, enhancing their alternative investment offerings aimed at high-net-worth investors. The acquisition also includes a future option for Sun Life to acquire the remaining shares starting in 2028. AAM retains its leadership and branding while expanding its product suite to include various alternative investments.
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