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Sun Life Q2 Earnings Beat, Revenues Miss Estimates
Sun Life Financial Inc. (NYSE: SLF) delivered second-quarter 2024 underlying net income of $1.25 per share, which beat the Zacks Consensus Estimate by 5.9%. The bottom line increased 6.8% year over year. Underlying net income was $730.8 million (C$1 billion), which increased 9% year over year.
Results reflected continued solid growth in Canada and Asia. The U.S. also saw favorable experience in Group Benefits, partially offset by residual headwinds in dental.
Revenues of $6.5 billion increased 14.2% year over year but missed the Zacks Consensus Estimate by 3%.
Wealth sales & asset management gross flows of $33.8 billion (C$46.3 billion) increased 9.1% year over year. Group - Health & Protection sales of $362.5 million (C$496 million) decreased 17.7% year over year. Individual - Protection sales of $550.3 million (C$753 million) jumped 24.7% year over year.
New business contractual service margin was $319.4 million (C$437 million), up 61.9% year over year.
Sun Life Financial Inc. Price, Consensus and EPS Surprise
Sun Life Financial Inc. price-consensus-eps-surprise-chart | Sun Life Financial Inc. Quote
Segment Results
SLF Canada's underlying net income increased 8% year over year to $294 million (C$402 million). Canada witnessed solid results at Wealth & Asset Management and Individual - Protection.
Wealth sales & asset management gross flows of $3.6 billion ($5 billion) climbed 72% year over year. Group - Health & Protection increased year over year but Individual - Protection sales declined.
SLF U.S.' underlying net income was $149 million, which decreased 5% year over year, reflecting soft results at Individual – Protection and Group - Health & Protection.
U.S. group sales of $243 million decreased 22%, ...