The Toronto-based insurance company reported $716 million in net income, up 11 per cent year on year. Sun Life CEO Kevin Strain attributed the gains to the company’s Asia division, as well as growth in its wealth management and investment businesses. (The Logic)
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The Toronto-based insurance company reported $716 million in net income, up 11 per cent year on year. Sun Life CEO Kevin Strain attributed the gains to the company’s Asia division, as well as growth in its wealth management and investment businesses. (The Logic)
Talking point: The company’s results come amid surging demand for insurance among Asian nations, particularly in China and Japan. “Underlying” net income—the company’s internal calculation of profits—in the Asia segment grew 15 per cent over the second quarter, according to Sun Life. However, reportable net income in the same sector contracted 35 per cent. Sun Life shares slumped as much as 8.5 per cent on the Toronto Stock Exchange on Friday, after the insurer warned its U.S. dental business would fall short of its profit target amid the Trump administration’s proposed changes to Medicaid funding.
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