Sun Life Financial-S reported a record high of $1.8 billion in core earnings in Q3
1min read Sun Life Financial-S (00945) released its third quarter results for the period ended September 30, 2024, with core earnings of C$1.8 billion, up 4% year-on-year on a constant currency basis; net income attributable to shareholders of C$1.8 billion, up C$0.8 billion from the third quarter of 2023; core earnings per share of C$1.00, up 7% from the third quarter of 2023; and earnings per share of C$1.00, up 91% from the third quarter of 2023."We continued to drive business momentum in the third quarter and delivered strong performance. Our total core earnings reached a new high, with significant revenue growth across operating segments and a steady increase in book value per share. In global wealth and asset management, our core earnings grew 37% year-on-year, and our core EBITDA margin further improved to 27.8%, benefiting from strong growth in the total assets under management we provide and the higher operating leverage. In Asia, we achieved record annual sales of APE, new business CSM, and new business value, while core earnings grew 17%. Seventy percent of our core earnings year-to-date came from our most promising businesses, driving a 14% increase in core earnings per share, excluding GMT impact. We will continue to execute our key business strategies to achieve our financial targets and further strong performance by the end of 2024. I am confident we will continue to create value for our shareholders." - Sun Life Financial's President and CEO, Kevin McCalline"We are making progress towards the financial targets we announced at our investor day this year. Our shareholder core return rate reached 16.6%, reflecting strong business performance and disciplined capital allocation. We remain focused on expense management, with an expense yield of 45.0% year-to-date, in line with our mid-term target of below 45%. Our balance sheet is strong, and since the beginning of 2024, we have returned over C$2.0 billion to shareholders through our common share buyback program." - Sun Life Financial's CFO, Colin Simpson
