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 Inc. (TSX: SLF) will announce its second-quarter financial results on August 4, 2021, after market close. A conference call and live webcast will be held on August 5, 2021, at 3:00 p.m. ET to discuss the results. Investors can access the live webcast here. As of March 31, 2021, Sun Life had total assets under management of $1,304 billion. For further inquiries, interested parties can reach out to the respective media and investor relations contacts.
Sun Life Financial Inc. (TSX: SLF) has finalized its acquisition of PinnacleCare International, a U.S.-based health-care navigation firm. This transaction integrates PinnacleCare's services into Sun Life's U.S. Stop-Loss & Health business, enhancing care experiences for employees facing serious medical conditions. PinnacleCare, with over 170 employees and 20 years of experience, serves over 2 million individuals. The acquisition is expected to broaden Sun Life's market reach and develop new client solutions.
Sun Life Financial Inc. (TSX: SLF) has successfully completed a public offering in Canada, raising $1 billion through the sale of 3.60% Limited Recourse Capital Notes Series 2021-1. The funds will support general corporate purposes, including potential investments and debt repayment. Additionally, the company issued 1 million Class A Non-Cumulative Rate Reset Preferred Shares Series 14 to a trust as part of this offering. The notes and shares are not registered under U.S. securities law, limiting their offering in the U.S.
Sun Life U.S. has launched an expanded Dental Health Center on SunLife.com/us, featuring a new From the desk of Dr. Pink section for dental insights. This platform offers a range of resources, including an oral health center, ask-a-dentist feature for quick dentist consultations, and a cost estimator tool for members. Sun Life's Dental Network includes over 130,000 providers, emphasizing their commitment to enhancing consumer access to dental health information and services, aiming for improved oral and overall health.
On June 23, 2021, Sun Life Financial Inc. (TSX: SLF) announced its intention to issue $1 billion of 3.60% Limited Recourse Capital Notes Series 2021-1, with an anticipated closing date of June 30, 2021. Proceeds will be used for general corporate purposes, including potential investments in subsidiaries and debt repayment. The notes will bear interest at a fixed rate until 2026 and will mature on June 30, 2081. This offering aims to qualify as Tier 1 capital and is managed by RBC Capital Markets, BMO Capital Markets, and TD Securities.
Sun Life's annual report reveals significant trends in high-cost medical claims from 2017-2020. Cancer remains the costliest condition, rising 16% in 2020, with notable increases in claims for mental health (21%), septicemia, and congenital anomalies. The average mental health claim was around $80,000. COVID-19 also played a role, with claims averaging $340,000 for severe cases. Sun Life plans to enhance member support through the acquisition of PinnacleCare, aiming to improve healthcare navigation for its clients.
Sun Life U.S. has appointed Kimberly Mashburn as the new National Absence Practice Leader. Mashburn, previously at The Hartford, will enhance business development and expertise in disability insurance and absence management. Her appointment aims to help employers navigate complex leave laws effectively. In January, Sun Life launched an integrated absence management solution based on client feedback, streamlining the leave process. Mashburn's extensive experience in absence management includes leadership roles at Prudential and Beacon Health Services.
On May 6, 2021, Sun Life Financial Inc. (TSX: SLF, NYSE: SLF) announced the successful election of 12 nominees as directors during its annual shareholders' meeting. The voting results showed strong support for the nominees, with most receiving over 99% approval. Notable figures included Dean A. Connor with 99.8% approval and Scott F. Powers facing the lowest at 91.6%. This election reflects shareholder confidence in the board's leadership as Sun Life continues to manage significant assets of approximately $1,304 billion as of March 31, 2021.
Sun Life has announced its role as a national sponsor of Project Power, a youth health initiative by the American Diabetes Association aimed at promoting healthy lifestyle choices among children aged 5-12. The free program focuses on health promotion, nutrition education, and increased physical activity, pivoting to a virtual format during the pandemic. Three out of four participants reported improved confidence in choosing healthy snacks after completing the program. Sun Life's initiative aligns with its commitment to diabetes and youth health, supporting broader community health initiatives.
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