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Sun Life Reports First Quarter 2024 Results By Investing.com

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Sun Life Financial (NYSE:) Inc. (“SLF Inc.“), its subsidiaries and, where applicable, its joint ventures and associates are collectively referred to as “the Company”, “Sun Life”, “we”, “our”, and “us”. We manage our operations and report our financial results in five business segments: Canada, United States (“U.S.”), Asset Management, Asia, and Corporate. The information in this document is based on the unaudited interim financial results of SLF Inc. for the period ended March 31, 2024 and should be read in conjunction with the interim management’s discussion and analysis (“MD&A”) and our unaudited interim consolidated financial statements and accompanying notes (“Interim Consolidated Financial Statements”) for the period ended March 31, 2024, prepared in accordance with International Financial Reporting Standards (“IFRS”). We report certain financial information using non-IFRS financial measures. For more details, refer to the Non-IFRS Financial Measures section in this document. Additional information relating to SLF Inc. is available on www.sunlife.com under Investors “ Financial results and reports, on the SEDAR+ website at www.sedarplus.ca, and on the U.S. Securities and Exchange Commission‘s website at www.sec.gov. Reported net income (loss) refers to Common shareholders’ net income (loss) determined in accordance with IFRS. Unless otherwise noted, all amounts are in Canadian dollars. Amounts in this document may be impacted by rounding. Certain 2023 results in the Drivers of Earnings and CSM Movement Analysis were refined to more accurately reflect how the business is managed.

TORONTO, May 9, 2024 /PRNewswire/ – Sun Life Financial Inc . (TSX: SLF) (NYSE: SLF) announced its results for the first quarter ended March 31, 2024.

  • Underlying net income(1) of $875 million decreased $20 million or 2% from Q1’23; underlying ROE(1) was 16.0%.
    • Wealth & asset management underlying net income(1): $408 million, down $3 million or 1%.
    • Group – Health & Protection underlying net income(1): $280 million, down $23 million or 8%.
    • Individual – Protection underlying net income(1): $278 million, down $13 million or 4%.
    • Corporate expenses & other(1): $(91) million net loss, improved $19 million or 17%.
  • Reported net income of $818 million increased $12 million or 1% from Q1’23; reported ROE(1) was 15.0%.
  • Assets under management (“AUM”)(1) of $1,470 billion increased $106 billion or 8% from Q1’23.
  • Increase to common share dividend from $0.78 to $0.81 per share.

“In the first…

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