Sun Life Q2 Profit Rises

(RTTNews) - Sun Life Financial Inc. (SLF) on Thursday reported higher second-quarter earnings, driven by strong performance across its Canada, Asia and U.S. Businesses.

Reported net income climbed to C$1.008 billion or C$1.81 per share from C$716 million or C$1.26 per share last year. Underlying net income increased to C$1.123 billion or C$2.02 per share from C$1.015 billion or C$1.79 per share a year earlier.

Assets under management grew 10 percent year-over-year to C$1.696 trillion, while the company's LICAT capital ratio stood at 145 percent at the end of the quarter.

Group insurance sales increased 27 percent to C$680 million, while individual insurance sales rose 16 percent to C$1.002 billion.

Separately, the company said Joseph Natale, who has served on Sun Life's Board since February 2023, will assume the role of chair following his re-election at the company's annual meeting on May 5, 2027. He currently chairs the Management Resource Committee and serves on the Risk Committee.

Natale previously served as President and CEO of Rogers Communications Inc. and TELUS Corp., and has more than 30 years of experience leading large organizations through growth, digital transformation and strategic change. He also serves as lead independent director at Shopify Inc. and is a senior advisor at private equity firm Altas Partners.