9 May 2018 13:30
Sun Life financial has increased from 21.4 % of net earnings reported for the first quarter of 2018. It amounted to 669 million us dollars (M$), an increase of$ 118 Million compared to net income of$ 551 Million for the corresponding quarter of 2017. Assets under management also increased to reach close to $ 979 billion.
«This quarter has demonstrated the continued growth of our customer-focused strategy, as well as the strengthening of our relations, digital aimed at improving the experience of the latter. In SLF Canada, almost all of the participants of our group plans of health care may present their claims directly on the Web or on a mobile app, and more than 2.1 million customers now interact with us digitally, » stresses Dean Connor, president and chief executive officer.
Net earnings and subscriptions in decline in Canada
The net income for the canadian subsidiary of Sun Life declined to 6 % in the first quarter of 2018, reaching$ 249 Million. The negative impact of the markets due to the decline in the equity markets is in question.
In addition, the subscriptions have also been reduced by 39 % in the first quarter of 2018, after strong sales resulting from the amendments to tax laws and revenue for the first quarter of 2017. Thus, the sales of individual insurance increased from 451 Million to$ 296 M$. For the whole of the company, insurance purchases amounted to$ 665 Million, a decline of 14% compared to the same quarter of 2017.
However, Sun Life points out that payments to company pension plans by the participants have increased 45 %, or$ 224 Million, due to targeted messages sent to its customers, including via Ella, the coach digital interactive of the insurer.