Stock Market News

Sun Life sees growth in benefits business; shares up on earnings beat

ByMarket Today

Nov 3, 2022

By Divya Rajagopal

TORONTO (Reuters) – Sun Life Financial (NYSE:SLF) Inc believes rising wages, driven by inflation and a tight labor market, will help its benefits business, company executives said on Thursday.

Shares in Canada’s No.2 insurer rose as much 4% in response to better-than-expected third quarter profits reported late Wednesday. Strong growth in its insurance business in the United States and COVID recovery in Asia bolstered results.

“Inflation, at least in the U.S. benefits business, actually tends to give a boost to results,” Daniel Richard Fishbein, president of Sun Life U.S, told an earnings call. Many of the benefits products Sun Life offers are based on wages, he said.

“Also in a very tight job environment, we are finding that employers are very interested in providing very attractive and competitive benefits,” Fishbein added.

The benefits business, part of the insurance segment, provides employer sponsored health benefits at work places. In the United States, segment sales grew 84% to C$366 million in the third quarter, driven by higher dental and employee benefit sales.

Besides strategic acquisitions, COVID recovery across Asia reduced mortality and contributed to a 21% year-on-year increase in net income from the region. However, high inflation and a sharp drop in stock and bond markets hurt the company’s asset management business.

Sun Life has expanded its asset management business through acquisitions. In September it bought Advisors Asset Management in the United States to cater to high net worth individuals.

When asked if the company would be interested in bidding for other asset management businesses, such as that of HSBC Canada, Chief Executive Kevin Strain said Sun Life’s focus is on building its business in the alternatives and institutional asset management space. He said the company is “pretty happy with the mix we have.”

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By Market Today

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251 thoughts on “Sun Life sees growth in benefits business; shares up on earnings beat”

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    Keywords دستگاه اکسیژن ساز قابل حمل
    Blog_Comment FAA استفاده از دستگاه‌های اکسیژن ساز
    قابل حمل را در خطوط هوایی-تجاری تأیید
    کرده است.
    Anchor_Text دستگاه اکسیژن ساز قابل حمل
    Image_Comment برای بسیاری از مددجویان سوال است که
    تفاوت دستگاه‌های اکسیژن ساز
    با ظرفیت متفاوت چیست؟ در پاسخ به این سوال باید گفت که ظرفیت دستگاه اکسیژن
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    Category general
    Micro_Message البته روش های دقیق تری برای سنجش اکسیژن خون وجود دارند ولی پالس اکسیمتر ها بدلیل ارزانی و در
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    Forum_Comment در این مطلب در مورد طرز کار دستگاه اکسیژن ساز ، عوارض
    استفاده از کپسول اکسیژن و نحوه نگهداری دستگاه
    اکسیژن ساز  و همچنین در مورد معایب
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    Forum_Subject دستگاه اکسیژن ساز قابل حمل
    پرتابل EVO تجهیزات پزشکی سدان
    Video_Title دستگاه اکسیژن ساز 10 لیتری صوفی طب
    Video_Description واردات این دستگاه ها به دلیل عدم داشتن FDA و حمایت از
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    Preview_Image
    YouTubeID
    Website_title کپسول اکسیژن و اکسیژن ساز بانک
    دارو
    Description_250 بهتر است قبل از خرید، بررسی کنید که چه گزینه‌های تکمیلی با
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    Guestbook_Comment_(German)
    Description_450 اکسیژن‌ ساز خانگی یک دستگاه ضروری
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    در منزل است که نیاز به کمک جهت دریافت اکسیژن مورد
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    Guestbook_Title خرید دستگاه اکسیژن ساز خانگی، بیمارستانی و پرتابل با بهترین قیمت و برترین برندها
    Website_title_(German)
    Description_450_(German)
    Description_250_(German)
    Guestbook_Title_(German)
    Image_Subject اکسیژن ساز خرید اکسیژن ساز شرکت
    تجهیز سلامت نیکان
    Website_title_(Polish)
    Description_450_(Polish)
    Description_250_(Polish)
    Blog Title اجاره دستگاه اکسیژن ساز بصورت شبانه روزی و ارسال سریع
    هم‌دم
    Blog Description دستگاه اکسیژن ساز بیمارستانی چیست؟ فروشگاه اینترنتی پزشک تجهیز
    Company_Name دستگاه اکسیژن ساز قابل
    حمل
    Blog_Name اکسیژن ساز 5 لیتری نایدک مدل nidek nuvo lite تجهیزات
    پزشکی موج
    Blog_Tagline اکسیژن ساز 5 لیتری اینوژن قابل حمل پرتابل Inogen One G5 محصولات پزشکی پاستور
    Blog_About 32 year-old Sales Associate Luce O’Collopy,
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    Took a trip to Sacred City of Caral-Supe Inner City and Harbour
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    Article_title دستگاه اکسیژن ساز قابل حمل پرتابل
    EVO تجهیزات پزشکی سدان
    Article_summary عمل چک کردن دستگاه اکسیژن ساز
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    About_Bookmark 23 year-old Project Manager Kori Tear, hailing from
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    Took a trip to Historic Bridgetown and its Garrison and drives a Gurney Eagle Mk1.

    Topic دستگاه اکسیژن ساز قابل حمل

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