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.