The following is a summary of the Sun Life Financial Inc. (SLF) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Sun Life Financial reported a strong Q2 with a record underlying net income of $1 billion, up 9% year-over-year.

• Total SLF assets under management reached 1.47 trillion, reflecting a 7% increase over the previous year.

• Wealth and asset management showed a 41% contribution to Q2 underlying earnings, increasing by 9% due to higher fee income.

• Underlying earnings per share for the quarter rose to $1.72, marking a 10% increase year over year.

Business Progress:

• Expanded digital and innovation capabilities, particularly through scaling generative AI across operations to improve client experiences.

• Launched 'Sun Life Term Insurance for Diabetes' in Canada, a unique product aimed at providing specialized insurance coverage and care plans for individuals with diabetes.

• Established SLC Global Insurance Group under SLC Management to address the bespoke needs of global insurance companies with specialized solutions.

Opportunities:

• Strong individual and group protection sales in Canada and Asia, combined with wealth and asset management, drive new business CSM growth, up 62% year-over-year.

• Launched Scotia Private Real Estate Fund, allowing diversification in private real estate assets, responding to growing demand for such investments.

Risks:

• MFS experienced net outflows of $14.8 billion due to shifts from active to passive investments and high interest rates, impacting growth expectations.

• U.S. dental business faced headwinds with restructuring expected to achieve normalization and profitability by 2025.

More details: Sun Life Financial IR

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