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 release its Q4 2020 financial results on February 10, 2021, after market close. Following this, the earnings conference call will occur the next day at 10:00 a.m. ET. Investors can access the live webcast and presentation materials via the company's website. A telephone listening option is available for North America and international participants. A replay will be accessible from the same day until February 25, 2021. With assets under management totaling $1,186 billion as of September 30, 2020, Sun Life operates in numerous global markets.
Dan Fishbein, M.D., president of Sun Life U.S., has been appointed to the Boston University School of Medicine's Dean's Advisory Board. In this role, Fishbein will advise on curriculum, professionalism, and industry partnerships while promoting health and wellness initiatives. Fishbein's extensive background in managed care and health plans will support BUSM's mission of educating new physicians and conducting research. He also plans to contribute to the M.D./MBA program and scholarship funds aimed at increasing diversity in medicine.
Sun Life Financial Inc. (TSX: SLF, NYSE: SLF) has completed a 51% majority stake acquisition of Crescent Capital Group LP, a prominent global alternative credit manager with approximately US$29 billion (C$39 billion) in assets under management as of September 30, 2020. The deal, which enhances Sun Life's SLC Management's offerings in alternative credit, includes provisions for Crescent's equity holders to retain certain interests and a potential transfer of remaining interests by the end of 2026. Crescent will maintain its brand and operational independence.
Sun Life Financial (TSX: SLF, NYSE: SLF) has received an unsolicited mini-tender offer from Obatan LLC to purchase approximately 50,000 shares at US$35 each, significantly lower than market prices. This represents discounts of 19.90% and 19.84% on the TSX and NYSE as of December 18, 2020, and 20.94% and 20.80% on January 4, 2021. Sun Life advises shareholders to be cautious as mini-tender offers often lack proper disclosures and can undervalue shares. The SEC warns that bids are typically below market value, and shareholders should consult their advisors before responding to the offer.
Sun Life Financial Inc. (TSX: SLF, NYSE: SLF) announced its intention to redeem all outstanding $350 million of Series 2016-1 Subordinated Unsecured 3.10% Fixed/Floating Debentures on February 19, 2021. This redemption will be funded by existing cash and liquid assets. The Debentures are redeemable at the principal amount plus accrued interest. After redemption, interest will cease, and holders will only receive the redemption price. As of September 30, 2020, Sun Life held total assets under management of $1,186 billion.
Sun Life U.S. has commenced construction of a new office in downtown Portland, Maine, covering 77,000 square feet, set to be completed in 2022. This space will foster collaboration among teams and showcase capabilities to clients. The office will include a Center for Healthy Work, emphasizing the company's philosophy of supporting individuals with disabling conditions. Sun Life has partnered with Northeastern University's Roux Institute to develop talent in data science. This development will enhance Portland's business landscape, with amenities like dining and direct waterfront access.
On December 8, 2020, it was announced that the #SunLifeDunk4Diabetes campaign raised $105,000 for the Greater Boston YMCA during National Diabetes Awareness Month. Each dunk shared with the hashtag contributed $21 towards the YMCA's Healthy Habits program. The Celtics Shamrock Foundation matched donations up to $25,000. Since its inception in 2014, the campaign has collected over $600,000 for diabetes education. Sun Life has donated more than $24 million globally to various diabetes programs, highlighting their commitment to health initiatives.
Sun Life announced that Leonardo Dionicio, VP of Technology Foundation for Sun Life U.S., has been recognized in the HITEC 2021 100 list, highlighting top Hispanic professionals in technology. This achievement reflects his significant contributions and leadership in advancing technology solutions at Sun Life. Dionicio, who joined from Travelers, is responsible for driving innovation and ensuring business continuity. The HITEC 100 awards will be held virtually on December 8, 2020.
Sun Life Financial Inc. (TSX: SLF) announced the impending retirement of President and CEO Dean Connor, effective August 6, 2021. CFO Kevin Strain will succeed Connor as President on February 15, 2021, and later take over as CEO. Under Connor's leadership, Sun Life achieved a 12% annual growth in underlying earnings per share and increased assets under management from C$466 billion to C$1.2 trillion. The transition aims to continue the company's commitment to client-centric strategies and digital innovation.
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