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Sun Life Financial Inc SLF

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Morningstar’s Analysis

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Capital Allocation

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Sun Life’s Asset Management Drives Profit Growth; Insurance Results Soft

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

Sun Life reported a decent third quarter with underlying EPS of CAD 1.54 roughly in line with the FactSet consensus estimate of CAD 1.53. Underlying net income was up 7%. Asset management was the star of the quarter with 23% underlying earnings growth, which is not surprising given equity market appreciation. Underwriting generally weighed on the firm’s insurance operations. Overall, there was little that would alter our long-term view of the firm, and we will maintain our fair value estimate of CAD 68.

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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 Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 23,816