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Sun Life Q2 Earnings Jump 13% YoY, Separately Announces Board Chair Appointment

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Sun Life Financial (SLF.TO) on Thursday said second-quarter underlying earnings increased 13% year over year to C$2.02 per share, from C$1.79 per share.

Analysts polled by FactSet had expected C$1.93 per share.

The life insurer said underlying profit was boosted by strong performance across Canada, Asia, particularly from business growth in Hong Kong, and the US, where Sun Life recorded medical stop-loss revenue growth and from favorable in-force management.

Sun Life reported a LICAT ratio of 154% at the end of the quarter.

The company will pay a quarterly dividend of C$0.96 per share on Sept. 29, to shareholders of record Aug. 26.

"We saw strong momentum across our health and individual protection businesses, with group insurance sales up 27% and individual insurance sales up 16%," said Sun Life Chief Executive Kevin Strain. "In asset management and wealth, we continued to build momentum in alternatives, private credit and product innovation, contributing $2.1 billion of net inflows and wealth sales in the quarter. These results delivered double-digit underlying net income growth and an underlying ROE of 19.1% for the quarter."

Sun Life separately said Scott Powers will retire as board chair following the company's annual meeting on May 5, 2027. He will be succeeded by Joseph Natale as chair. Natale has been a Sun Life director since February 2023 and currently chairs the Management Resource Committee and is a member of the Risk Committee.

Sun Life shares closed down C$0.87 to C$115.59 on the Toronto Stock Exchange.

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