The following is a summary of the Sun Life Financial Inc. (SLF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Sun Life Financial reported an underlying net income of $875 million and EPS of $1.50 in Q1 2024, lower than the prior year.

• The company displayed strong growth in insurance sales, Contractual Service Margin (CSM), and Assets Under Management (AUM), with AUM reaching an all-time high of $1.47 trillion, reflecting an 8% YoY growth.

• Underlying earnings in Asia witnessed a robust 30% growth, propelled by sales in Hong Kong and International as well as positive outcomes in India.

• Sun Life finished the quarter with a robust capital position and a LICAT ratio of 148%, declaring a 4% increment in its common share dividend and extending its share buyback initiative into Q2 2024.

Business Progress:

• Amid mixed performance in underlying earnings, Sun Life continues to establish a leading asset management and insurance organization.

• In Canada, they introduced a Canadian dental care plan and a diabetes care program.

• Sun Life made strategic investments in India selling 6.3% of its stake in the asset management JV, resulting in a $98 million pretax gain.

• The company is using generative AI for more efficient responses on customer queries and is streamlining medical records.

• They are committed to achieving net-zero greenhouse gas emissions in investments and operations by 2050 and have completed Ontario's first all-electric net zero carbon industrial building.

• Sun Life anticipates growth in their MCI client business despite ongoing regulatory reviews and maintains optimism regarding long-term gains from the DentaQuest acquisition.

More details: Sun Life Financial IR

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