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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's Asian expansion could include buying rivals

11/05/2020 | 12:13pm EST

TORONTO, Nov 5 (Reuters) - Sun Life Financial is considering a range of options to expand in Asia, including buying insurance and asset management firms and taking bigger stakes in existing joint venture partners, Chief Executive Dean Connor said on Thursday.

In the United States, Canada's second-largest life insurer is seeking opportunities to add group benefits and stop-loss businesses to expand on its offerings in those areas, Connor said on an analyst call.

On Wednesday, Sun Life reported third-quarter core earnings of C$1.44 a share, beating analyst expectations of C$1.28, helped by growth in its Asia and asset management businesses.

Its shares rose 2.9% to C$56.51 on Thursday, compared with a 1.7% gain in the Toronto stock benchmark.

""Asia has gone from 7% of our earnings to closer to 20% in this quarter," Connor said in an interview. "In my mind, there's no doubt that... at some point, it'll be 25% or more."

The company has deliberately chosen markets in Asia that have "significant runway to grow" and is avoiding more mature countries like Japan, South Korea and Taiwan, he said.

Sun Life's U.S. unit posted a loss in the three months through September, albeit narrower than a year ago, and executives acknowledged the stop-loss policy business - which protects against large claims - is highly competitive.

But it is one of the biggest contributors to Sun Life's U.S. growth, and the company is seeking to grow the business, they said.

From a historical focus primarily on high-claim risk protection, "we'd like to step further into the health care space, providing care management, navigation-type services to the members we work with," Daniel Fishbein, president of Sun Life U.S., said on the call. (Reporting By Nichola Saminather Editing by Marguerita Choy)


© Reuters 2020
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Financials
Sales 2020 38 150 M 29 803 M 29 803 M
Net income 2020 2 532 M 1 978 M 1 978 M
Net Debt 2020 - - -
P/E ratio 2020 13,9x
Yield 2020 3,76%
Capitalization 34 817 M 27 339 M 27 199 M
Capi. / Sales 2020 0,91x
Capi. / Sales 2021 0,95x
Nbr of Employees 22 719
Free-Float 86,4%
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Technical analysis trends SUN LIFE FINANCIAL INC.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 63,36 CAD
Last Close Price 59,51 CAD
Spread / Highest target 15,9%
Spread / Average Target 6,46%
Spread / Lowest Target -2,54%
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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