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) announced the issuance of $750 million in Series 2020-2 Subordinated Unsecured 2.06% Fixed/Floating Debentures due 2035, with closing expected on October 1, 2020. The net proceeds will support general corporate purposes, including subsidiary investments and debt repayment. The offering will be managed by RBC Capital Markets, CIBC Capital Markets, and Scotiabank. The debentures qualify as Tier 2 capital and are not registered under U.S. securities law, limiting their sale within the U.S.
Sun Life U.S. and MGIS Companies, Inc. have announced a ten-year extension of their partnership, originally established in 2006. This deal allows Sun Life to remain the exclusive provider of group disability and life insurance for MGIS's healthcare professional clients. The partnership will enhance product offerings, including the unique MGIS IncomeProtect® program, tailored for healthcare professionals. This collaboration aims to support a growing base of healthcare professionals by addressing their complex income replacement needs.
Sun Life Financial Inc. (TSX: SLF), on September 25, 2020, announced the successful redemption of all outstanding Series 2015-1 Subordinated Unsecured 2.60% Fixed/Floating Debentures, totaling $500 million. This move reflects the company's strategy in managing its capital structure. Sun Life operates internationally, with significant assets under management amounting to $1,122 billion as of June 30, 2020. The redemption enhances financial flexibility for the firm, indicating a positive step in its overall fiscal management.
Sun Life U.S. has partnered with the NAACP Legal Defense Fund and More Than a Vote for the "We Got Next" campaign, focusing on promoting voter education and recruiting poll workers in Black communities. In support of racial justice, the company is also backing the Smithsonian's "Talking About Race" portal, providing resources for racial equality. A diverse internal task force, Allies Acting for Change, has been created to enhance inclusive hiring and support Black professionals. Sun Life continues to prioritize equality through active community engagement and internal initiatives.
Sun Life and the Boston Celtics transitioned their annual Fit to Win youth fitness program to a virtual format due to the pandemic. This program, aimed at YMCA youth in Greater Boston, Hartford, and Southern Maine, promotes health and fitness. Participants engaged in online workouts led by Celtics coaches and discussed wellness topics. The finale included a virtual dunk show by Lucky the Leprechaun. Despite missing the live event, the initiative successfully reached more children and families, demonstrating adaptability in promoting youth wellness.
Dean Connor, President & CEO of Sun Life, will engage in a virtual fireside chat at the Scotiabank Financials Summit scheduled for September 10, 2020. Connor's discussion is set to occur from 9:30 a.m. to 9:55 a.m. ET. This event underscores Sun Life's ongoing commitment to providing valuable insights in the financial sector. For those interested in the live webcast, it can be accessed through Sun Life's official website. Following the event, an archived version will also be available.
Sun Life has enhanced its virtual enrollment services due to the ongoing pandemic, allowing employers and employees to navigate benefits without in-person meetings. Demand for these services has surged, with 54% of enrollment clients opting for virtual options this year. Sun Life introduced customized landing pages for employers, which have seen a 98% utilization rate among registered employees. Additionally, telephonic enrollment has increased by 16% since the pandemic began, indicating shifting engagement patterns in benefits enrollment.
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