Q3 2024 Sun Life Financial Inc Earnings Call Transcript
Key Points
- Sun Life Financial Inc (SLF) reported a strong quarter with an EPS of $1.76, up 11% year over year, exceeding their medium-term financial objective.
- The company maintained a robust capital position with a LICAT ratio of 152%, reflecting strong financial discipline.
- Sun Life Financial Inc (SLF) achieved solid growth across all business groups, with notable increases in Canada and US group health and protection sales, and individual protection sales.
- Assets under management (AUM) reached an all-time high of $1.5 trillion, making Sun Life Financial Inc (SLF) the largest asset manager in Canada.
- The company announced an increase in their quarterly common share dividend and executed a share buyback program, demonstrating strong capital generation and commitment to returning capital to shareholders.
- Sun Life Financial Inc (SLF) faced challenges with institutional outflows at MFS, largely due to portfolio rebalancing and a preference for high-growth tech stocks.
- The company experienced adverse credit impacts of $43 million before tax, attributed to a few names across several sectors.
- There were unfavorable mortality experiences in Asia, particularly impacting the international high net worth business.
- The US dental business faced expense pressures due to lower Medicaid membership, impacting profitability.
- Despite strong performance, the company's ROE growth in Asia is expected to take time due to the large denominator effect.
Good morning, and welcome to the Sun Life Financial Q3 2024 conference call. My name is Gaylene, and I will be your conference operator today. All lines have been placed on mute to prevent any background noise, and the conference is being recorded. (Operator Instructions)
Your host for today's call is David Garg, Senior Vice President, Capital Management and Investor Relations. Please go ahead, Mr. Garg.
Thank you and good morning, everyone. Welcome to Sun Life's earnings call for the third quarter of 2024. Our earnings release and the slides for today's call are available on the Investor Relations section of our website at sunlife.com.
We will begin today's call with opening remarks from Kevin Strain, President and Chief Executive Officer. Following Kevin, Tim Deacon, Executive Vice President and Chief Financial Officer, will present the financial results for the quarter.
After the prepared remarks, we will move to the question-and-answer portion of the call. Other members of
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