Sun Life Financial: Equity Market Volatility Drives Decline in Q3 Earnings
Sun Life Financial Inc. reported net income attributed to common shareholders of $466 million for Q3 2022, a 54.3% decline compared with Q3 2021 primarily driven by unfavourable equity market-related impacts, a $170 million charge related to the sale of Sun Life UK, and an increase in SLC Management's acquisition-related liabilities. Overall results equated to a return on equity (as calculated by DBRS Morningstar) of 7.7%, down from 17.6% a year ago.
Sun Life Financial is a holding company. Through its subsidiaries, Co. is an international financial services organization providing a range of protection and wealth accumulation products and services to individuals and corporate customers in Canada, the U.S., the U.K., Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam and Bermuda. Co. manages its operations in four business segments: Sun Life Financial Canada, Sun Life Financial United States, MFS Investment Management and Sun Life Financial Asia.
DBRS Morningstar is a global credit ratings business with 700 employees in eight offices globally. DBRS and Morningstar Credit Ratings are committed to empowering investor success, serving the market through leading-edge technology and raising the bar for the industry.
Together, we are the world’s fourth largest credit ratings agency and a market leader in Canada, the U.S. and Europe in multiple asset classes. We rate more than 2,600 issuers and 54,000 securities worldwide and are driven to bring more clarity, diversity and responsiveness to the ratings process. Our approach and size provide the agility to respond to customers’ needs, while being large enough to provide the necessary expertise and resources. For more details visit us at dbrs.com.
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