Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) announced its results for the fourth quarter and full year ended December 31, 2024.
Underlying net income(1) of $965 million decreased $18 million or 2% from Q4'23 (full year - $3,856 million increased $128 million or 3% from 2023); underlying ROE(1) was 16.5% (full year - 17.2%).
Wealth & asset management underlying net income(1): $486 million, up $47 million or 11% (full year - $1,823 million, up $97 million or 6%).
Group - Health & Protection underlying net income(1): $266 million, down $99 million or 27% (full year - $1,196 million, down $117 million or 9%).
Individual - Protection underlying net income(1): $339 million, up $55 million or 19% (full year - $1,270 million, up $133 million or 12%).
Corporate expenses & other(1): $(126) million net loss, an increase of $(21) million in net loss or 20% (full year - $(433) million net loss, an improvement of $15 million in net loss or 3%).
Reported net income of $237 million decreased $512 million or 68% from Q4'23 (full year - $3,049 million decreased $37 million or 1% from 2023); reported ROE(1) was 4.0% (full year - 13.6%).
Assets under management ("AUM")(1) of $1,542 billion increased $142 billion or 10% from December 31, 2023.
"In 2024 Sun Life achieved strong underlying net income in Asia and Canada, growing 17 percent and six percent over last year, respectively. We also experienced solid growth in Individual Protection with a 20 percent increase in sales over last year, and an 18 percent increase in new business CSM. SLC Management recognized strong net inflows and capital raising throughout the year with a 33 percent increase in net inflows over last year, and capital raising of $24 billion," said Kevin Strain, President and CEO of Sun Life.
"In the fourth quarter we saw sustained momentum in our Asia business. Our reported net income was affected by market conditions and an impairment in our Vietnam business. Our U.S. business faced some industry-related challenges resulting in unfavourable morbidity experience in medical stop-loss, while we saw improvements in underlying results in our U.S. dental business. Our capital position remains strong with a LICAT ratio of 152 percent at SLF, and we remain confident that our steadfast focus on our Clients, coupled with our balanced and diversified business strategy, positions us well for long-term growth."
