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Sun Life Financial Inc SLF

Rating as of

Morningstar’s Analysis

Valuation
Currency in USD
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Strong Results in Asset Management Drive Profit Growth for Sun Life

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

No-moat-rated Sun Life Financial finished the year with robust financial results. Underlying net income for the fourth quarter increased 9% year over year to CAD 862 million, and adjusted earnings per share of CAD 1.47 beat the FactSet consensus. Underlying net income grew in the United States and in the asset-management business but decreased in Canada and Asia. We plan to modestly increase our fair value estimate to account for market appreciation driving asset-management profitability.

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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 Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type
Employees 23,816