Sun Life tops market expectation in Q3 2018 results | Insurance Business Canada
Sun Life has announced its financial results for the third quarter ended September 20, reporting a net income of CA$567 million (around $443 million) and underlying net income of CA$730 million (around $557 million).
“In the third quarter, underlying net income was strong at CA$730 million, and return on equity was 14%, at the high end of our target range,” commented Sun Life Financial president and CEO Dean Connor. “We are pleased to announce an increase in our common share dividend of 5% to CA$0.50, reflecting confidence in our strong capital position and growth prospects.”
Connor added that the company is continuing to deliver on its purpose by helping clients across the globe live healthier lives. He mentioned Lumino Health in Canada – a digital healthcare resource network – as one of Sun Life’s recent efforts towards supporting consumers’ wellbeing.
The company’s reported earnings per share of CA$1.20 for Q3 2018, compared with CA$1.05 for the same period last year. Sun Life’s earnings per share for the third quarter beat average forecast earnings of CA$1.17 (based on IBES data from Refinitiv).
Sun Life said in a release that its current business strategy is to focus on four pillars of growth: the Canadian home insurance and wealth market, US group benefits, global asset management, and distribution excellence in higher growth markets in Asia.