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Imperial Oil's Q1 Net Income Falls YoY

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Imperial Oil's (IMO.TO) net income dropped year over year in the first quarter, the company said Friday.

Imperial Oil booked a net income of C$940 million, or $1.94 per share, falling from $1.29 billion, or $2.52 per share, in the year-ago period.

Analysts expected Imperial Oil's earnings at $2.30 per share, according to FactSet.

Revenue slipped to $12.45 billion from $12.52 billion while expenses increased to $11.21 billion from $10.83 billion.

Upstream production stood at 419,000 gross oil-equivalent barrels per day in the first quarter, rising from 418,000 gross oil-equivalent barrels per day in the year-ago period.

"Against a backdrop of significant volatility in global commodity markets, we remain committed to our long-standing corporate strategy of maximizing the value of our existing assets while progressing advantaged growth opportunities," Chairman, President and Chief Executive Officer John Whelan said.

Imperial Oil declared a dividend of $0.87 per share for the second quarter, unchanged from the first quarter. The dividend is payable July 1 to shareholders of record as of June 4.

The company plans to renew its normal course issuer bid in June.

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Sun Life Financial Reaches Settlement in Principle to Resolve MetLife Class Action; AM Best Affirms Credit Ratings

Sun Life Financial (SLF.TO) Thursday after trade said it has reached a settlement in principle to resolve a class action relating to individual life insurance policies sold and issued by MetLife in the 1980s and 1990s, which Sun Life inherited through acquisitions.This matter does not involve any policies or products sold by Sun Life, the company said.If approved, Sun Life would provide up to $213.5 million settlement value to eligible policyholders, which is expected to result in a charge to first quarter 2026 reported net income of approximately $145 million.The proceedings relate to the interpretation of policy language in the policies, which are subject to an indemnity from MetLife. Sun Life will seek full recourse from MetLife pursuant to the indemnity, if the settlement is approved, it confirmed.Separately, AM Best affirmed the financial strength rating (FSR) of A+ (Superior) and the long-term issuer credit ratings (Long-Term ICR) of "aa" (Superior) of Sun Life Assurance Company of Canada and Sun Life and Health Insurance Company (U.S.), core insurance subsidiaries of Sun Life Financial. AM Best also affirmed the Long-Term ICR of "a" (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IRs) of SLF. The outlook of these ratings is stable.The ratings reflect Sun Life Group's balance sheet strength, which AM Best assesses as strongest, strong operating performance, favorable business profile and very strong enterprise risk management.Sun Life Financial shares are unchanged at US$72.08 in U.S. after-hours trade. It closed up $1.30, to $97.87 on the Toronto Stock Exchange.

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