Insurance

Sun Life Financial Exceeds Earnings Expectations with Strong Asia Growth and Insurance Sales Surge

Sun Life Financial surpassed analyst expectations for its fourth-quarter earnings, driven by strong performance in its Asia operations and robust sales of both individual and group insurance policies.

The insurer and asset management firm, headquartered in Toronto, reported a 10 percent increase in underlying net income year-over-year, reaching C$983 million (S$981 million), or C$1.68 per share, surpassing the C$1.58 per share forecast by analysts in a Bloomberg survey.

Kevin Strain, the CEO of Sun Life, highlighted the company's exceptional performance in individual protection sales and sustained growth in group health and protection sectors despite market challenges. He also noted that the asset management division managed to post solid underlying earnings amidst difficult market conditions.

Following the easing of pandemic-related restrictions, Sun Life's Asia division experienced a notable uptick in insurance policy sales, particularly from mainland Chinese tourists visiting Hong Kong. This contributed to a 6 percent rise in the company's underlying net income in Asia, reaching C$143 million, with a significant 49 percent increase in individual sales, especially in Hong Kong.