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.
Crescent Capital Group has announced significant leadership changes. Managing Director and Head of Private Credit Christopher Wright has been promoted to President, recognizing his 23 years of service and expertise. Chief Operating Officer Joseph Viola has been named Chairman of the Operating Committee, responsible for critical day-to-day operations. Additionally, Jason Breaux, CEO of Crescent Capital BDC, has been appointed to the Operating Committee. These changes aim to support Crescent's growth and operational efficiency.
Wright, Viola, and Breaux each bring extensive experience to their new roles, reflecting Crescent's strategic focus on leadership and operational excellence. The leadership team, including Co-Founders Mark Attanasio and Jean-Marc Chapus, will continue to steer Crescent’s growth and maintain its reputation in alternative credit investing.
Sun Life (TSX: SLF) (NYSE: SLF) announced its plan to redeem its $750 million Series 2019-1 Subordinated Unsecured 2.38% Fixed/Floating Debentures on August 13, 2024. The redemption, in accordance with the debentures' terms, will be funded from existing cash and liquid assets. Upon redemption, interest will cease to accrue and holders will only be entitled to receive the redemption price, which includes the principal amount and accrued interest.
Sun Life U.S. has received the Wage Equity Impact Award from the Boston Women's Workforce Council (BWWC) for its efforts in closing gender and racial pay gaps. The award will be presented today at Boston University's Center for Computing and Dynamics. Sun Life has confirmed no systemic pay gaps for women or professionals of color within the organization through extensive research. The company's commitment to wage equity started in 2016 when it signed the BWWC's Boston Women's Talent Compact. Recent BWWC data shows women now earn 79 cents for every dollar earned by men, an improvement from a 30-cent gap in 2021. Sun Life has been recognized as a Forbes Best Employer for Diversity and is listed on the Bloomberg Gender Equality Index. Globally, the company aims for gender parity at vice president levels and above by 2025.
Sun Life U.S. and DentaQuest have donated $50,000 to Dimock Center's new Cardiometabolic Clinic in Boston. This clinic aims to provide comprehensive care for patients suffering from hypertension, diabetes, and heart disease. The donation will support the clinic's operations for its pilot year. Dimock's program aligns with Sun Life's and DentaQuest's goals of improving access to health care, particularly for moderate- and high-risk patients. The clinic will also collaborate with Dimock's dental department to integrate medical and dental care, addressing health inequities in marginalized populations.
Sun Life U.S. and DentaQuest have a history of supporting health initiatives that prioritize medical-dental integration. This contribution is part of their ongoing efforts to foster holistic health solutions and improve health outcomes.
Sun Life U.S. has expanded its partnership with Goodpath to offer virtual whole-person care to its employer clients. This new benefit covers both physical and mental health, including unlimited therapy sessions, aiming to reduce employee absences and extended leaves. Goodpath's services encompass mental health, musculoskeletal conditions, digestive issues, sleep concerns, and cancer survivorship. Members receive customized care plans, health coaching, and monthly care kits delivered to their homes. Early results indicate significant reductions in pain, anxiety, and depression among participants. This expansion aims to enhance employee health and lower healthcare costs.
Sun Life U.S. has been recognized as a Top Place to Work by the Milwaukee Journal Sentinel, ranking sixth in the largest companies category. This marks its first recognition in Milwaukee, following its 2022 acquisition of DentaQuest. The award is based on employee feedback and company culture. Sun Life U.S. has also been recognized by the Boston Globe, Hartford Courant, Baltimore Sun, and USA Today for workplace excellence. The company emphasizes a supportive, flexible work environment with multiple business hubs and a hybrid work model. Sun Life U.S. has also received several other commendations, including Forbes America's Best Large Employers and TIME Top Companies for Future Leaders.
Sun Life has published its annual High-Cost Claims and Injectable Drug Trends Analysis report, covering 60,000 stop-loss claims from 2019 to 2022. The report indicates that 87% of self-funded employers encountered at least one high-cost claim. Cardiovascular disease has risen to the second-highest claim, overtaking blood cancers, with a 33% increase in average costs since 2020. Malignant neoplasms remain the highest-paid claims category.
Key findings include a significant rise in newborn/infant care claims, totaling $11.5 million for the highest claim, and an increase in multi-million-dollar claims. Orthopedics/musculoskeletal conditions show the highest number of high-cost claims among top conditions. The top 10 injectable drugs, led by Keytruda, accounted for over $10 million each in total spend.
Join Sun Life's webinar on June 5 for further insights.
Sun Life U.S. has been recognized by Forbes as a Best Employer for Diversity for the second consecutive year. This accolade adds to numerous others from Forbes, reflecting Sun Life's strong commitment to diversity, equity, and inclusion (DEI). The recognition is based on employee surveys conducted by Statista, indicating positive employee feedback. Sun Life's initiatives include several Inclusion Networks, a platform for DEI discussions, and Allies Acting for Change (AAC), a group dedicated to improving DEI within the company. Sun Life has also received multiple other workplace recognitions from reputable sources like the Boston Globe, Hartford Courant, and USA Today.
DentaQuest, part of Sun Life U.S., has donated $30,000 to Tennessee's Interfaith Dental Clinic to support student mentorship programs and a recent fundraising gala.
These programs aim to help local students pursue careers in oral health and increase access to dental care for low-income families.
As the largest provider of Medicaid dental benefits in the U.S. by membership, DentaQuest is committed to expanding dental care accessibility. The donation also aligns with addressing the nationwide health workforce shortage by supporting future dental providers.
Interfaith Dental, a nonprofit serving vulnerable populations, has received DentaQuest's support for over a decade, aiding more than one million Tennessee Medicaid members.
On November 13, 2024, Sun Life Financial (TSX: SLF, NYSE: SLF) will host an Investor Day in Toronto. This event will highlight updates on the company's Client Impact Strategy and strategic priorities. Research analysts attending in-person can engage in live Q&A sessions. The event will take place at 1 York St., 35th floor, Toronto, and will also be available via live webcast. A replay of the webcast will be accessible post-event for those unable to attend in real-time.
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