Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) announced its results for the first quarter ended March 31, 2025.
- Underlying net income(1) of $1,045 million increased $170 million or 19% from Q1'24; underlying return on equity ("ROE")(1) was 17.7%.
- Asset management & wealth(2) underlying net income(1): $487 million, up $79 million or 19%.
- Group - Health & Protection underlying net income(1): $330 million, up $50 million or 18%.
- Individual - Protection underlying net income(1)(3): $325 million, up $55 million or 20%.
- Corporate expenses & other(1)(3): $(97) million net loss, increase in net loss of $(14) million or 17%.
- Reported net income of $928 million increased $110 million or 13% from Q1'24; reported ROE(1) was 15.7%.
- Assets under management ("AUM")(1) of $1,551 billion increased $81 billion or 6% from Q1'24.
- Increase to common share dividend from $0.84 to $0.88 per share.
"This quarter, we achieved strong top and bottom-line growth across all of our businesses, reflecting the trust and confidence our Clients continue to place in Sun Life for their health and financial needs," said Kevin Strain, President and CEO of Sun Life. "In an increasingly complex business environment, we continue to advance on our Client Impact Strategy and strategic imperatives, underscored by new digital tools and capabilities, robust capital raising at SLC Management and strong sales and distribution in Asia."
"We're pleased with our overall results this quarter, which were supported by our strong fundamentals, while continuing to progress towards our Medium-Term Objectives," said Tim Deacon, Executive Vice-President and Chief Financial Officer for Sun Life. "Our capital position remains strong with a LICAT ratio of 149%, providing resilience and financial flexibility. This quarter we also announced a five percent increase to our common share dividend and are seeking to renew our normal course issuer bid to enable continued share buybacks."
