Sun Life Financial Inc. - SLF STOCK NEWS

Sun Life U.S. has announced leadership transitions for its Dental and Group Benefits businesses, effective September 2. David Healy, currently president of Group Benefits, will become president of the Dental business, succeeding Steve Pollock. Joi Tillman, currently chief commercial dental officer, will become president of Group Benefits.

Healy has over 20 years of experience at Sun Life, including leading U.S. Operations and Technology teams. Tillman has 35 years of broad experience in group benefits and has held positions leading the group Voluntary, Dental and Vision businesses at Sun Life U.S.

Pollock, who led DentaQuest for 25 years and oversaw its growth into the second-largest dental benefits provider in the U.S., will move to an advisory role to ensure a smooth transition for the Dental business.

Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) has announced the completion of the redemption of all its outstanding $750 million principal amount of Series 2019-1 Subordinated Unsecured 2.38% Fixed/Floating Debentures. This redemption, executed on August 13, 2024, marks a significant financial move for the company, potentially impacting its debt structure and financial obligations.

The redemption of these debentures could indicate Sun Life's strategy to manage its debt portfolio, possibly taking advantage of favorable market conditions or aligning with its long-term financial planning. This action may have implications for the company's balance sheet, interest expenses, and overall financial flexibility.

Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) has announced its intention to renew its normal course issuer bid (NCIB) to purchase up to 15,000,000 of its common shares, representing approximately 2.6% of the 578,405,077 common shares issued and outstanding as of June 30, 2024. The NCIB is subject to approval from the Office of the Superintendent of Financial Institutions and the Toronto Stock Exchange.

The NCIB is expected to commence on August 29, 2024, and will end 12 months after commencement. Purchases may be made through various Canadian stock exchanges and alternative trading platforms at prevailing market rates. The company may also make purchases through private agreements or share repurchase programs under issuer bid exemption orders, typically at a discount to market price.

This initiative provides Sun Life with flexibility to return capital to shareholders as part of its overall capital management strategy. The actual number and timing of share purchases will be determined by the company, and all purchased shares will be cancelled or used for equity-settled incentive arrangements.

Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) has declared dividends for Q3 2024. The Board announced a dividend of $0.81 per share on common shares, payable September 27, 2024, to shareholders of record on August 28, 2024. This amount remains unchanged from the previous quarter. Additionally, dividends were declared on various Class A Non-Cumulative Preferred Shares, also payable on September 27, 2024. The company's Canadian Dividend Reinvestment and Share Purchase Plan will acquire common shares through open market purchases on the Toronto Stock Exchange and other Canadian trading platforms. Sun Life has designated these dividends as eligible for Canadian income tax purposes.

Sun Life Financial (TSX: SLF, NYSE: SLF) reported its Q2 2024 results. Underlying net income rose 9% year-over-year to $1 billion, with an underlying ROE of 18.1%. Reported net income decreased 2% to $646 million, with a reported ROE of 11.7%.

Segment results showed mixed performance: Wealth & Asset Management income grew 9% to $455 million, while Group - Health & Protection income fell 15% to $305 million due to adverse impacts in U.S. Dental. Individual - Protection income surged 31% to $347 million.

Assets under management increased by 7% to $1.465 trillion. The LICAT capital ratio stood at 150%, reflecting strong financial health. The Company expects annual savings of $200 million by 2026 from recent restructuring.

CEO Kevin Strain highlighted robust growth in Canada and Asia, with strategic expansions in asset management and insurance products. The report underscores Sun Life’s commitment to its diversified business model and long-term value creation.

Sun Life U.S. has expanded its critical illness (CI) coverage to include family planning care, behavioral health, and a broader range of health conditions. This expansion aligns with the company's commitment to helping people access necessary care and coverage. The new Family Care benefit covers treatments like in vitro fertilization, adoption, and medical issues related to childbirth. Additionally, Sun Life has introduced a Mental Health benefit that includes access to AbleTo SelfCare and a Health Navigator Help Line.

The expansion builds on earlier additions such as COVID-19 coverage and virtual behavioral health for cancer patients. Sun Life's supplemental health coverages also provide a wellness benefit to encourage preventive screenings. This move reflects the evolving needs of today's workforce and the increasing importance of specialized benefits in employee job considerations.

Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) has appointed Patrick Cronin and Stacey Madge to its Board of Directors, effective July 31, 2024. Mr. Cronin, a financial executive with over 30 years of experience, most recently served as Special Advisor to the CEO for BMO Financial Group. Ms. Madge, with more than 30 years in financial services and technology, was previously the President and Country Manager of Visa Canada.

Both appointees bring valuable expertise to Sun Life's board. Mr. Cronin's background includes capital markets, financial management, and risk management. Ms. Madge's experience encompasses digital transformation, fintech partnerships, and client experience. These appointments aim to strengthen Sun Life's leadership as it adapts to the evolving financial landscape.

Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) has announced the release of its second quarter 2024 financial results on Monday, August 12, 2024, after markets close. The company will hold an earnings conference call and live webcast the following day, Tuesday, August 13, 2024, at 10:00 a.m. ET. Investors and analysts can access the call via telephone or live webcast, with a replay of the webcast available after the event. This announcement provides stakeholders with the opportunity to review Sun Life's financial performance and engage with company representatives to discuss the results and future outlook.

Sun Life U.S. has expanded its Health Navigator service to medium and small group employers, aiming to help more workers access healthcare services. Health Navigator, powered by PinnacleCare, offers personalized guidance through dedicated Care Advisors, helping members get the right medical diagnoses, providers, and treatments.

Key benefits for employees include:

• Access to expert medical opinions
• Expedited appointments with qualified specialists
• 94% overall member satisfaction
• Access to Health 360, a digital app with various health and well-being tools

For employers, Health Navigator can potentially influence health outcomes and reduce costs, with data showing an average annual savings of $13,000 in healthcare costs per treatment outcome. The service is available to covered employees and their dependents, with additional options like Bill Resolve and Extended Care.