Q: Can you please comment on their recent financial results, along with your thoughts looking forward. It appeared to be pretty much a non event with the market. Thank You.
5i Research Answer:
EPS of $1.52 beat estimates of $1.51. Its net income of $895M grew by 24% from the prior year and ROE was 17.3% for the quarter. Its wealth and asset management segment declined slightly for the quarter, while its group - health and protection income expanded significantly, and individual - protection income grew by 17%. Underlying and reported ROE expanded for the quarter, and all three segments, Canada, US, and Asia, reported growth in underlying net income. This was another strong quarter by SLF and we envision its fundamental growth improving as its diverse operations can begin to benefit from the potential resumption of growth in its wealth and asset management segment.