SUN Life reported a better-than-expected third-quarter (Q3) profit on Monday as Canada's second-largest life insurer benefited from robust growth in its domestic and US businesses.
SUN Life reported a better-than-expected third-quarter profit on Monday as Canada's second-largest life insurer benefited from robust growth in its domestic and US businesses.The earnings beat was primarily driven by strong insurance sales within Sun Life's group businesses which provide health and protection benefits to employer and government plan members both at home and in the United States.
US group sales jumped 26 percent to CA$300 million, driven by dental and employee benefits sales, Sun Life said.The company's US dental business continued to face headwinds, driven by the impact of the Medicaid renewals following the end of the public health emergency.Meanwhile, Sun Life's wealth and asset management posted underlying earnings of CA$474 million, a 4-percent rise from prior year, driven by higher fee income.Assets under management jumped 13 percent to CA$1.
Life Q3 Profit Beats Expectation
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