|Bid||41.40 x 17900|
|Ask||42.00 x 17600|
|Day's Range||41.40 - 41.60|
|52 Week Range||28.09 - 42.20|
|Beta (3Y Monthly)||0.75|
|PE Ratio (TTM)||15.75|
|Forward Dividend & Yield||1.51 (3.67%)|
|1y Target Est||N/A|
Dean Connor has been the CEO of Sun Life Financial Inc. (TSE:SLF) since 2011. This analysis aims first to contrast CEO...
(Bloomberg) -- Canadian insurers Manulife Financial Corp. and Sun Life Financial Inc. posted third-quarter profits that topped analysts’ expectations, as gains in Asia fueled earnings growth.Sun Life saw underlying profit in Asia surge 25% to C$138 million ($105 million), boosted by higher sales in insurance and wealth, while Manulife’s record C$520 million of core earnings for the region was up 13% from a year earlier.“The rebound in Asia was stronger than expected” for Sun Life, Sumit Malhotra, an analyst at Bank of Nova Scotia, said in a note to clients. For Manulife “Asia once again carried the freight for earnings power,” Malhotra said.Shares of Manulife, Canada’s largest life insurer, rose 2.6% to C$26.12 at 9:47 a.m. in Toronto, its biggest intraday increase since Oct. 11. Sun Life advanced 1.5% to C$61.55.Sun Life’s underlying net income rose 11% to C$809 million in the quarter, with per-share earnings of C$1.37 topping the C$1.27-a-share average estimate of 12 analysts surveyed by Bloomberg. The Toronto-based insurer reported C$78 million of tax-related benefits in the quarter, which contributed to the beat. Sun Life raised its dividend by 5% to 55 cents a share.Among Sun Life’s other key divisions, underlying earnings in Canada rose 6.8% to C$268 million while the U.S. division saw profit slide 2.9%. Its asset management division saw little change from a year earlier, at C$251 million.Manulife’s core earnings fell 0.8% to C$1.53 billion, or 76 cents a share, beating the 73-cent average estimate of 13 analysts in a Bloomberg survey. Earnings in the U.S. rose 0.9% to C$471 million while the Canadian division had a 7.6% drop in profit to C$318 million, with reduced earnings partly due to sales of portfolios to reinsurers. Wealth and asset management earnings fell 2.4% to C$281 million.While Asia earnings were at a record, the pace of growth showed signs of slowing from the first half and last year. The company has seen a contraction in Japan, though that’s being offset by growth in Hong Kong, China and Vietnam, according to Chief Financial Officer Phil Witherington.“We remain very optimistic about Asia,” Witherington said in a phone interview. “The fact that the mix is shifting away from Japan into other markets actually reinforces the strategy that we have in Asia, which is positioning ourselves for sustainable double-digit growth.“(Updates with shares in fourth paragraph.)To contact the reporter on this story: Doug Alexander in Toronto at firstname.lastname@example.orgTo contact the editors responsible for this story: David Scanlan at email@example.com, ;Michael J. Moore at firstname.lastname@example.org, Jacqueline Thorpe, Steve DicksonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Canada's Liberal government is more likely to pass a universal prescription drug plan after losing its majority in Monday's election, setting the stage for what would be the biggest shakeup of the country's public healthcare system since it was created in the 1960s. The Liberals won the most seats in the election but fell short of a majority, which means Prime Minister Justin Trudeau will need the support of rivals like the left-leaning New Democratic Party (NDP) to govern. Both the Liberals and NDP have promised a new national drug plan.
It is not uncommon to see companies perform well in the years after insiders buy shares. The flip side of that is that...
The Insider Monkey team has completed processing the quarterly 13F filings for the June quarter submitted by the hedge funds and other money managers included in our extensive database. Most hedge fund investors experienced strong gains on the back of a strong market performance, which certainly propelled them to adjust their equity holdings so as […]
Canadian insurer Sun Life Financial Inc missed estimates for quarterly earnings on Wednesday, as weaker wealth sales hurt its performance in the domestic market. Wealth sales, which include mutual and managed funds, fell 26 percent in Canada in the quarter compared with a year ago, while overall sales in the category fell about 10 percent to C$35.99 billion. Insurers in Canada have increasingly looked to Asia for growth, selling to the region's burgeoning middle class, and to diversify from domestic markets where competition is intense.
On a per-share basis, the Toronto-based company said it had profit of 78 cents. Earnings, adjusted for non-recurring costs, came to 90 cents per share. The results fell short of Wall Street expectations. ...
Canadian insurer Sun Life Financial Inc reported a 7 percent drop in its quarterly net income, hurt by weakness in its domestic and Asia units. The company's net income, excluding one-time items, fell ...
The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL ** Sun Life Financial Inc has hired ...
On a per-share basis, the Toronto-based company said it had profit of 73 cents. Earnings, adjusted for non-recurring costs, were 90 cents per share. The results surpassed Wall Street expectations. The ...
Feb.26 -- John Lui, chief investment strategist at Sun Life Asset Management, talks about Chinese bonds and stocks. He speaks with Tom Mackenzie and Yvonne Man on "Bloomberg Markets: China Open." (Corrects guest's title in headline and description, and removing graphic with the incorrect title.)