Sun Life Financial reported a 24% year-on-year increase in net income for its Asia segment in Q2 2024, reaching $151 million. This rise was driven by higher underlying net income and favorable ACMA impacts, despite adjustments for the global minimum tax and market fluctuations. CEO Kevin Strain praised the company’s record $1 billion underlying net income, highlighting strong growth in Asia and Canada.
The Wealth & Asset Management sector saw a $5 million increase in underlying net income due to higher fee-related earnings. The Individual Protection segment rose by $32 million, supported by strong sales and joint ventures. However, increased expenses and regional office losses partially offset these gains.
Asia sales surged 30% to $586 million, driven by expanded distribution in Hong Kong and India, though partially offset by declines in China and Vietnam. Overall, Sun Life’s group net income fell 2% year-on-year to $646 million, with diluted EPS at $1.11, slightly down from $1.12. Year-to-date EPS rose to $2.51, up from $2.49 last year.
