, APAC
/Public Domain Pictures from Pixabay

Sun Life Asia's Q2 2024 net income surges 24% YoY

The group’s EPS stood at  $1.11.

Sun Life Financial’s second quarter (Q2 2024) net income for the Asia segment surged 24% year-on-year (YoY) to $151m, driven by the increase in underlying net income and favourable ACMA impacts, partially offset by a Pillar Two global minimum tax adjustment and market-related impacts. 

“The market-related impacts were primarily from interest rates, partially offset by equity market impacts and real estate experience,” it said in a statement.

"Sun Life had a strong quarter with a record $1b in underlying net income," said Kevin Strain, president and chief executive officer of Sun Life. "These results reflect continued solid growth in Canada and Asia.

In the Wealth & Asset Management sector, the underlying net income increased by $5m due to higher fee-related earnings, which were bolstered by an increase in assets under management (AUM). 

The Individual-Protection segment saw an increase of $32m, reflecting strong sales momentum, growth in the in-force business, and contributions from joint ventures. 

However, these gains were partially offset by higher expenses, mainly due to incentive compensation and volume growth.

Regional office expenses and other items reported an $8m increase in net loss, reflecting higher incentive compensation and continued investments across the region.

In terms of sales, Sun Life's Asia segment reported a 30% surge YoY in individual sales, totalling $586m. 

This growth was primarily driven by expanded distribution capabilities in Hong Kong and growth in the direct-to-consumer channel in India, though it was partially offset by lower sales in China and Vietnam due to market conditions.

Group-wide Q2 2024 net income slid by 2% YoY to $646m, driven by prior year losses on real estate investments held in the SLC Management surplus account.

Diluted earnings per share (EPS) stood at $1.11 in Q2 2024, a slight change from the $1.12 previously. On a year-to-date basis, EPS stood at $2.51, higher than the $2.49 last year.

The company saw a 9% YoY increase in underlying net income, which reached $1b. Meanwhile, underlying return on equity (ROE) stood at 18.1%.

Follow the link s for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Income-Allianz failed merger shows popular opinion is king
The deal faced backlash from Singaporeans who thought it betrayed Income’s social mission.
Filipino gamers hold promise for FWD
The insurer plans to support other games and aspects of the gaming ecosystem beyond esports.