Sun Life Financial posted net income attributable to common shareholders of $818 million for the first quarter of 2024.

For the same period in 2024, net income was $806 million. This is a year-over-year increase of 1.5 per cent.

Sun Life President and CEO Kevin Strain stated that "underlying earnings were affected by the sale of Sun Life UK, higher morbidity claims, and the end of the public health emergency in the U.S." 

Underlying net income for the company reached $875 million in the first quarter of 2024, down 2 per cent compared with the same period of 2023.

Canada  

In Canada, the insurer reported first-quarter net income to common shareholders of $290 million, compared with $329 million for the same quarter of 2023. This is a decline of 12 per cent.

In its report to shareholders, the company noted a certain levelling-off of its underlying net earnings, at $310 million in the first quarter of 2024, down $6 million for the same period a year earlier.

In the Wealth & Asset Management segment, underlying net income was $109 million, down $5 million compared to the previous year, due to lower surplus earnings.

In the Individual - Protection segment, underlying earnings fell by $20 million from $107 million in the first quarter of 2023 to $87 million in the most recent quarter, due to unfavourable mortality results.

The Group – Health & Protection segment reported an increase in underlying net earnings, from $95 million in the first quarter of 2023 to $119 million for the same quarter of 2024. The company attributes this to business growth and improved disability results reflecting lower claims volumes.

Sales  

Sun Life's total insurance sales increased by $231 million to $1.3 billion in the first quarter of 2024, up 22 per cent over the same period in 2023.

Compared to Q1 2023, insurance sales increased by 57 per cent in Canada and 63 per cent in Asia, but fell 44 per cent in the United States.

Asset management  

Sales of wealth management products and gross asset management flows reached $46.9 billion in the first quarter of 2024, compared with $46.3 billion in the same quarter of 2023. The year-over-year increase was 1.2 per cent.

In asset management, gross flows remained virtually unchanged at $40.7 billion, down 0.3 per cent.

On the other hand, sales of wealth management products rose by 32 per cent to almost $4.1 billion in Canada. The company explains this result by the increase in sales of mutual funds in individual wealth management, as well as the rise in group plan sales.

In Asia, sales fell by 14 per cent to $2.1 billion. The company notes declining business in money market funds in the Philippines, Mandatory Provident Funds in Hong Kong and fixed-income funds in India.

At March 31, 2024, assets under management totaled $852 billion for MFS and $226 billion for SLC Management.