Sun Life CEO is optimistic the insurer’s Asian operations will bounce back even further as Hong Kong’s border with mainland China reopens
The Hong Kong deal, which was a result of a 10-year search for a bank partner in the area, is expected to close later this year and will allow Sun Life to exclusively sell life insurance services to Dah Sing Bank’s 570,000 retail banking customers.or $1.62 a share in 2022′s fourth quarter. That is a 12-per-cent drop from $1.07-billion or $1.83 a year earlier.
Sun Life’s Asian operations had underlying net income of $152-million, a 17-per-cent increase from the year prior. The insurer’s overall decline in net income was partly because of unfavourable equity markets throughout 2022, particularly in its U.S. asset manager, MFS Investment Management, which had about $16.1-billion in money withdrawn by clients from investment funds.
Offsetting market declines was Sun Life’s DentaQuest purchase last year, which has continued to expand into the U.S. dental market. The company, which is one of the largest providers of Medicaid dental benefits, added four new dental offices in Florida during the fourth quarter.
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