Sun Life Financial Inc

SLF: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 61.00	Nlvf	Hmjssxcd

Strong Insurance Results Help Offset Weakness in Sun Life’s Asset Management Unit

Rajiv Bhatia

Nov 3, 2022

Sun Life reported a fairly healthy third quarter. Adjusted earnings of CAD 1.62 topped the FactSet consensus estimate of CAD 1.47 with underlying returns on equity of 15.5% virtually unchanged from the year-ago period. U.S. insurance earnings were strong while asset management profits declined amid falling market values. We will maintain our no-moat rating and fair value estimate of CAD 66 on Sun Life’s shares.

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