SUN Life Financial beat analyst estimates for fourth-quarter revenue, boosted by momentum in its Asia enterprise and robust gross sales of particular person and group insurance coverage insurance policies.
The Toronto-based insurer and asset supervisor mentioned underlying internet earnings elevated 10 per cent from a yr earlier to C$983 million (S$981 million), or C$1.68 per share. That beat the C$1.58 common estimate of analysts in a Bloomberg survey.
Sun Life had “exceptional sales for individual protection, as well as good momentum in our group health and protection businesses”, chief government officer Kevin Strain mentioned on Wednesday (Feb 7).
“Despite a challenging market, our asset management pillar delivered solid underlying earnings,” he added.
Sun Life has seen a big enhance to insurance coverage coverage gross sales at its Asia enterprise as mainland Chinese guests have flocked to Hong Kong after the lifting of pandemic restrictions.
The firm’s underlying internet earnings in Asia elevated by 6 per cent to C$143 million, pushed partly by a 49 per cent spike in particular person gross sales, primarily in Hong Kong.
Amid development in that area, Sun Life not too long ago promoted regional president Ingrid Johnson to an government function main strategic partnerships, then tapped chief monetary officer Manjit Singh to will succeed Johnson as president in Asia as of March.
Sun Life’s United States enterprise has been below strain owing to a change in Medicaid dental insurance policies. Underlying earnings at its US group well being and safety insurance coverage enterprise was down by C$7 million within the quarter.
But total the group well being and safety insurance coverage earned 14 per cent greater than within the earlier yr, whereas particular person insurance coverage surged by 23 per cent to C$284 million within the quarter. BLOOMBERG