Sun Life Financial (SLF) Q1 Earnings Decline, Dividend Raised
Zacks Investment Research | May 09, 2017 09:41PM ET
Sun Life Financial Inc.’s (TO:SLF) first-quarter 2017 underlying net income of $423 million (C$573 million) declined 1.5% year over year.
Sun Life’s Canadian and Asia operations delivered improved results. However, the U.S. business remained soft. MFS too experienced net outflows. The company also witnessed favorable mortality experience in SLF Canada and SLF U.K. as well as gains from investing activities on insurance contract liabilities. However, unfavorable mortality experience in SLF U.S. weighed on the upside.
In the quarter, Sun Life witnessed strong revenue growth with insurance sales increasing 58% and wealth sales rising 13%.
Total premiums and deposits were $31.9 billion (C$42.3 billion), up 11.8% year over year.
Adjusted revenues came in at $5.5 billion (C$7.3 billion), up 7.7% year over year. Higher premiums and fee income in SLF U.S. and SLF Asia drove the upside.
Sun Life Financial Inc. Price, Consensus and EPS Surprise
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