Big Three insurer increases shareholder dividend
Sun Life Financial has announced its results for the third quarter ended September 30, 2017. Third quarter reported net income was $817 million and underlying net income was $643 million.
- Minimum Continuing Capital and Surplus Requirements (MCCSR) ratio for Sun Life Assurance Company of Canada of 232%. The MCCSR ratio for Sun Life Financial was 252%, which includes cash and other liquid assets of $1.5 billion for Sun Life Financial and its wholly-owned holding companies
- Life and health sales were $599 million in the third quarter of 2017, compared to $661 million in the same period last year. Wealth sales were $35.8 billion in the third quarter of 2017, compared to $35.2 billion in the third quarter of 2016
- Global assets under management of $934 billion compared to $903 billion as at December 31, 2016
- An increase in the common share dividend declared of $0.02 per share, to $0.455 per share for the quarter
"Our third quarter was defined by strong earnings and good progress in all of our four business pillars," said Dean Connor, president & CEO, Sun Life Financial. "We are also pleased to announce an increase in our common share dividend by 2 cents. During the year, we've increased our dividend by 8%, a signal of our continued growth prospects, strong capital position, and commitment to meeting our medium-term financial objectives."
"This quarter showcased many examples of how we're bringing our Client-driven strategy to life," said Connor. "In Canada, Clients can now buy life insurance online in just minutes with Sun Life GO; and, we introduced Ella, an interactive digital coach that helps Clients maximize their benefits and pension plans," Connor added. "In the U.S., we enhanced our online capabilities to improve the benefit enrollment experience for plan members, and in Asia, we improved our new Client onboarding process."
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