August 10, 2017 11:30
Sun Life financial has just announced its results for the second quarter of 2017. If the company registers an increase of nearly 20 % of its net profit on a global scale, it remains stable in Canada and amounted to 185 M$.
Over the period, reported net profit of the insurer has experienced a growth of almost 20 % to 574 Million, compared to 480 Million during the second quarter of 2016. According to Dean Connor, president and chief executive officer of Sun Life Financial, the quarter reflects » efficient execution in all of the activities of the society, particularly in Canada, as well as significant progress on the plan of the asset management and the integration of the business of group insurance in the United States «.
In addition, the total of the subscriptions of wealth management products increased by 12 % globally, while the total subscribed insurance posted higher growth compared to the previous year. Also, the total amount of premiums and payments reached 41,27 G$ against 38,04 G$ in the second quarter of 2017 (+ 8,50 %).The assets managed at global scale stood at 944 G$, compared to 903 G$ as at December 31, 2016.
The subscriptions of individual insurance are stagnating
In Canada, the reported net income in SLF Canada amounted to 185 Million during the second quarter of 2017, a result identical to that of the second quarter of 2016.
The subscriptions of individual insurance, including those for the new versions of the products launched in 2017, totaled$ 100 Million, a level comparable to the second quarter of the previous fiscal year.
Subscriptions of wealth management products amounted to$ 1.4 billion, an increase of 17 % compared to the corresponding quarter of the previous fiscal year, due to the growth of the individual products management of heritage created by the Sun Life Financial funds and segregated funds.
+14 % in collective
Amounting to$ 130 Million, the subscriptions registered by the collective guarantees increased by 14 % compared to the second quarter of 2016, due to the acquisition of several major clients such as Assurant. The subscriptions of the pension plans, which amounted to$ 2.4 billion, increased by 53% compared to the second quarter of 2016, in part because of a purchase of annuity realized by the sector solutions to defined benefits in the market of large companies.