Sun Life's Asia business reports $177m for Q1'24 net income

The region’s sales, however, showed mixed results.

Sun Life's Asia business reported an underlying net income of $177m in the first quarter of the year (Q1’24), marking a $36m increase from the previous year. This was driven by increases in wealth & asset management and individual protection businesses.

Wealth & asset management saw a modest increase of $2m to $17m. 

Likewise, its individual protection witnessed a significant uptick of $38m due to robust sales momentum, in-force business growth, higher surplus earnings, and favourable mortality experience, partially offset by increased expenses driven by volume growth and continued investments.

Regional office expenses and other incurred a net loss increase of -$4m due to higher expenses.

The region’s sales, however, showed mixed results.

Individual sales increased by 67% year-on-year (YoY) to $627m, mainly driven by higher sales in Hong Kong but offset by lower sales in China, Vietnam, and India.

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Wealth sales & asset management gross flows declined by 14% YoY to $2b, attributed to lower money market fund sales in the Philippines, decreased MPF sales in Hong Kong, and reduced sales in India, primarily from fixed-income funds.

New business CSM surged to $230m in Q1'24, up from $102m in the prior year, mainly due to sales in Hong Kong.

In March, Sun Life sold 6.3% of its ownership interest in Aditya Birla Sun Life AMC Limited, generating a post-tax gain of $84m. 

Since the IPO in 2021, Sun Life has garnered gains exceeding $450m, whilst still holding a 30.2% ownership stake in the listed entity.