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Sun Life increased its net profit in the 4th quarter, but not in Canada

by

Aurelia Morvan

18 February 2019 11:30

Photo : Freepik

To its business in Canada, Sun Life Financial reported net income of 942 million dollars ($M) for the whole of the year 2018. This is a decrease of 2 % from 2017, the year for which the income was 963 Million$.

The year had started out well for the canadian market for Sun Life. What are the results of the last three months have returned to the situation. During the fourth quarter of 2018, Sun Life reported net income of$ 96 Million. This result represents a decrease of 44 % compared to the fourth quarter of 2017. For this period, the company had a net profit of$172 Million.

Portfolio company highlights the impact of equity markets to explain the slowdown experienced in the fourth quarter of 2018, in Canada.

The results for québec are not yet available. Contacted by the Journal of insurance, Robert Dumas, president and chief executive officer of Sun Life Financial Quebec, said he was ” very satisfied with the sales in Quebec, especially those of the group product “. The officer ensures that, ” according to the segments, the results of the Quebec represent a share of 10% to 20% of the results of Canada “.

Income total net increase

All activities combined, Sun Life reported a net profit of 2.5 billion dollars (G$) for the year 2018. For fiscal 2017, the net income of society was$ 2.1 billion. The increase amounted to 17 %.

It must be said that Sun Life has had a better year-end in 2018 than in 2017. Net income overall was $ 580 Million during the fourth quarter of 2018, when it was$ 207 Million in the fourth quarter of 2017. This represents an increase of 180 %.

In 2017, Sun Life had suffered from the tax reform that the united states, which had then led to a load of 251 Million$ for the company. This is the main explanation for the better results in 2018. The company explains also the increase of its net profit overall by the adjustments and modifications to its assumptions and measures.

 

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