Canada's Sun Life posts higher profit on strength in Asia, domestic business
SLF•Board chair retirement announced for 2027
Sun Life also announced the retirement of board chair Scott Powers, who will be succeeded by Joseph Natale in May 2027.
Sun Life, Canada's second-largest life insurer with a market capitalization of roughly C$63 billion, provides insurance, wealth management, asset management and health solutions to individual and institutional clients globally.
Its larger rival, Manulife Financial, also posted higher quarterly profits this week on the back of strong performance in its Asia and U.S. segments.
Second-quarter profit rises on stronger Canada and Asia businesses
Aug. 6 (Reuters) - Canadian insurer Sun Life Financial reported a rise in second-quarter profit on Thursday, driven by standout performance in its home market and Asia.
Sun Life said underlying earnings per share rose to C$2.02 in the three months ended June 30, compared with C$1.79 a year ago.
At its Canada business, underlying net income rose 23% from the prior year to C$427 million ($304.76 million). Sun Life's Asia underlying net income came in at C$222 million in the second quarter, up 18% from the prior-year period.
Global life insurers have increasingly relied on Asia to drive growth, as demand for protection and savings products remains strong.
"We saw strong momentum across our health and individual protection businesses," President and CEO Kevin Strain said in a statement.
