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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Sun Life Financial Inc.    SLF   CA8667961053

SUN LIFE FINANCIAL INC.

(SLF)
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Sun Life Financial Inc. : Sun Life books loss on U.S. annuities sale

11/06/2013 | 06:09pm EST

TORONTO (Reuters) - Sun Life Financial (>> Sun Life Financial Inc.), Canada's No. 3 life insurer, said on Wednesday it fell to a third-quarter net loss due to charges related to the sale of its U.S. annuities business, but operating profit topped estimates.

TORONTO (Reuters) - Sun Life Financial (>> Sun Life Financial Inc.), Canada's No. 3 life insurer, said on Wednesday it fell to a third-quarter net loss due to charges related to the sale of its U.S. annuities business, but operating profit topped estimates.

Toronto-based Sun Life took a C$844 million loss on the annuities business, which it sold during the quarter as part of a push to reduce its exposure to uncertain stock markets and interest rates.

On a net basis, Sun Life lost C$520 million ($499.30 million), or 84 Canadian cents a share, in the quarter, compared with a year-before profit of C$383 million, or 64 Canadian cents per share.

Excluding the impact of the sale, operating income was C$422 million, or 69 Canadian cents a share, down from a year-earlier C$459 million, or 77 Canadian cents a share.

The results beat analysts' expectations of a profit of 64 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Sun Life has spent the last several quarters working to reduce its market exposure through hedging and re-aligning its business.

Operating income was reduced by C$111 million due in part to assumption changes related to insurance contract liabilities, compared to a year-earlier gain of C$164 million.

Premiums and deposits on a continuing operations basis rose to C$32.9 billion from C$26.1 billion.

Earlier on Wednesday, Industrial Alliance Insurance and Financial Services (>> Industrial Alliance Insur. & Fin. Ser.), Canada's No. 4 insurer, reported a stronger-than-expected profit of C$105.8 million, or C$1.07 a share, up from a year-before profit of C$103.3 million, or C$1.09 a share.

($1 = 1.0415 Canadian dollars)

(Reporting by Cameron French; Editing by Bob Burgdorfer and Leslie Gevirtz)


© Reuters 2013
Stocks mentioned in the article
ChangeLast1st jan.
SUN LIFE FINANCIAL INC. -0.51% 60.16 Delayed Quote.6.29%
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Financials
Sales 2020 38 150 M 29 993 M 29 993 M
Net income 2020 2 532 M 1 990 M 1 990 M
Net Debt 2020 - - -
P/E ratio 2020 14,0x
Yield 2020 3,72%
Capitalization 35 198 M 27 699 M 27 672 M
Capi. / Sales 2020 0,92x
Capi. / Sales 2021 0,96x
Nbr of Employees 22 719
Free-Float 86,4%
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Technical analysis trends SUN LIFE FINANCIAL INC.
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 64,57 CAD
Last Close Price 60,16 CAD
Spread / Highest target 21,3%
Spread / Average Target 7,33%
Spread / Lowest Target -3,59%
EPS Revisions
Managers and Directors
NameTitle
Dean A. Connor President, Chief Executive Officer & Director
William D. Anderson Chairman
Kevin D. Strain Chief Financial Officer & Executive Vice President
Stevan Lewis Chief Technology Officer & Senior Vice President
Laura Money Chief Information Officer & EVP
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