Sun Life Financial reports net income of $551 million for the quarter ended March 31, 2017, compared to $540 for Q1 2016.
The firm reports global assets under management (AUM) of $927 billion for the quarter, compared to $861 billion for Q1 2016.
Reported earnings per share are $0.89 (fully diluted), compared to $0.88 in Q1 2016. Reported return on equity is 11.0%, compared to 11.5% in Q1 2016.
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“We achieved strong top-line growth with a 58% increase in insurance sales and 13% increase in wealth sales to the same period last year,” says Dean Connor, Sun Life Financial president and CEO, in a release. “Our Canadian and Asia pillars performed well; however, we saw lower results in our U.S. business, and MFS [Investment Management] continued to experience recent trends in net outflows.”
Global asset management
Sun Life Financial Asset Management ended the first quarter with $643 billion in AUM, consisting of $587 billion from MFS Investment Management (MFS) and $56 billion from Sun Life Investment Management (SLIM). That compares to AUM of $601 billion for Q1 2016 and about $625 billion as at December 31, 2016. The firm says the increase in AUM is primarily due to asset appreciation of $35.3 billion, partially offset by net outflows.
MFS’s net outflows of US$11.1 billion were primarily driven by institutional client portfolio rebalancing and the trend to passive investing. SLIM had net inflows of $2.2 billion driven primarily by strong sales at Prime Advisors, Inc.
Download an Excel version of the financial statements from the firm’s website.
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