Canadian Press
Sun Life Financial Inc. says its net profit grew to $937 million in the first quarter as it recorded a restructuring charge related to redefining the role of the office.
The Toronto-based insurer reported after markets closed Wednesday a net profit equal to $1.59 per diluted share for the period ended March 31, up from 67 cents per share or $391 million a year earlier.
It attributed the $546 million gain to favourable equity markets and interest rate changes, partially offset by unfavourable credit-spread movements.
Sun Life says it recorded a $57-million after-tax restructuring charge related to its strategy for the workplace.
Underlying net income was $850 million, up 10% from $770 million a year earlier, driven by business growth, favourable morbidity experience in the U.S. and favourable credit experience in Canada. That was partially offset by a $31-million decrease from foreign exchange translation.
Winnipeg Free Press By: The Canadian Press Save to Read Later
TORONTO - Sun Life Financial Inc. says its net profit grew to $937 million in the first quarter as it recorded a restructuring charge related to redefining the role of the office.
The Sun Life Financial Inc. logo is shown at the company s annual general meeting in Toronto on Wednesday, May 6, 2015. THE CANADIAN PRESS/Chris Young
TORONTO - Sun Life Financial Inc. says its net profit grew to $937 million in the first quarter as it recorded a restructuring charge related to redefining the role of the office.
The Toronto-based insurer reported after markets closed Wednesday a net profit equal to $1.59 per diluted share for the period ended March 31, up from 67 cents per share or $391 million a year earlier.
Sun Life Reports First Quarter 2021 Results
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Sun Life Financial Inc. ( SLF Inc. ), its subsidiaries and, where applicable, its joint ventures and associates are collectively referred to as the Company , Sun Life , we , our , and us . We manage our operations and report our financial results in five business segments: Canada, United States ( U.S. ), Asset Management, Asia, and Corporate. The information in this document is based on the unaudited interim financial results of SLF Inc. for the period ended March 31, 2021 and should be read in conjunction with the interim management s discussion and analysis ( MD&A ) and our unaudited interim consolidated financial statements and accompanying notes ( Interim Consolidated Financial Statements ) for the period ended March 31, 2021, prepared in accordance with International Financial Reporting Standards ( IFRS ), which are available on
The combined firm will be based in Akron, Ohio, and operate under the Sequoia brand.
It will offer financial planning, wealth management, asset management and business consulting services to clients and their families.
The merger is expected to close in the second quarter and financial terms were not disclosed.
Wealthstone principals Jim Wyland, Norm Cook, Brian Stertzer, and Jack Zhang will become shareholders of Sequoia.
Upon completion of the merger, Sequoia Financial Group will employ approximately 110 people and have more than $7bn (£5.02bn, €5.78bn) in assets.
Sun Life Financial
The insurance firm has agreed to acquire Pinnacle Care International, a US medical intelligence and health-care navigation provider, for $85m.
Canada’s economy is rebounding faster than other advanced economies. For investors looking for explosive growth, Sun Life Financial stock and Nutrien Ltd. stock are the top candidates.