Sun Life Financial Releases 2024 Earnings Report

Sun Life Financial ( (SLF) ) has released its Q4 earnings. Here is a breakdown of the information Sun Life Financial presented to its investors.

Sun Life Financial Inc., a prominent global financial services organization, operates in asset management, wealth, insurance, and health sectors across various international markets. The company recently released its fourth-quarter and full-year financial results for 2024, highlighting a steady performance amidst fluctuating market conditions.

In the fourth quarter of 2024, Sun Life reported a decrease in underlying net income by 2% to $965 million compared to the previous year, while its reported net income dropped significantly by 68% to $237 million. The decline in reported net income was primarily due to lower tax-exempt investment income, an impairment charge in Vietnam, and a non-recurring provision in the U.S. dental business. However, the company saw growth in its asset management segment, with a 33% increase in wealth sales and asset management gross flows.

Sun Life’s asset management and individual protection segments demonstrated robust growth, with the former seeing a 37% rise in gross flows and the latter experiencing a 5% increase in sales. However, group health and protection sales faced challenges, particularly in the U.S., due to unfavorable morbidity experience in medical stop-loss insurance. The company maintained a strong capital position with a LICAT ratio of 152% and saw a 10% increase in assets under management to $1.542 trillion.

Looking ahead, Sun Life remains focused on long-term growth through its balanced and diversified strategy. The company’s management expressed confidence in their ability to navigate market challenges and continue delivering value to clients and shareholders through innovative solutions and strategic partnerships.