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Acquisitions, digital offerings help SunLife Q3 profit hit $750M amid pandemic

TORONTO — Sun Life Financial Inc. says lower acquisition costs and digital offerings helped the company deliver a 10-per-cent increase to its third-quarter net profit.

The Toronto-based insurer says being able to scoop up a stake in credit investment company Crescent Capital Group LP for $338 million and remove the in-person element of some overseas sales pushed the company’s net profit to $750 million or $1.28 per share.

That was up from $681 million or $1.15 per share during the third quarter of 2019.

Sun Life chief executive Dean Connor says the quarter was also marked by the company covering more than $140 million in claims for families and clients who succumbed to COVID-19.

He says millions were also paid out to people with pandemic-related health needs.

While Connor says COVID-19 has created much uncertainty, he believes the company is well positioned to manage risk and will focus on continuing to grow its digital presence and reopening offices in markets where it is safe.

This report by The Canadian Press was first published Nov. 5, 2020.

Companies in this story: (TSX:SLF)

The Canadian Press

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