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Sun Life Financial Inc SLF

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

No Big Surprises in Sun Life's First-Quarter Earnings Report

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

Sun Life reported adjusted earnings in line with expectations. Underlying EPS of $1.45 and underlying net income of CAD 850 million were roughly consistent with the VisibleAlpha consensus estimate. Underlying net income rose 10% with broad-based growth across the firm’s segments. Overall, there was little in the firm’s first-quarter earnings results that would change our long-term view of the firm, and we will maintain our no-moat rating and CAD 63 fair value estimate.

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Company Profile

Business Description

Sun Life Financial is one of Canada’s Big Three life insurance companies along with Great-West Lifeco and Manulife. Sun Life provides insurance, retirement, and wealth-management services to individual and corporate customers in Canada, the United States, and Asia. It also owns MFS Investment Management, a Boston-based asset-management firm. Sun Life generates about a third of its profit from asset-management operations.

Contact
1 York Street, 31st Floor
Toronto, ON, M5J 0B6, Canada
T +1 416 979-9966
Sector Financial Services
Industry Insurance - Diversified
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type —
Employees 23,816

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