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EPS of $1.68 beat estimates of $1.58; revenue was $8.97B. Though there is some pressure on profit at the MFS asset manager from industrywide headwinds, Sun Life should still reach the bottom end of its medium-term 8-10% annual EPS growth target in 2024-25. The company's insurance business is growing at a solid pace, as reflected in 4Q gains in the contractual service margin -- effectively the store of future profit under regulations-- of 10% in Canada and 21% in Asia. Robust Hong Kong volume drove Asia protection sales up 49% in 4Q. In the US, group benefits premiums increased by 9% in 2023, with momentum in the stop loss operations and a tailwind from strong employment and rising wages. Sun Life’s alternative manager, SLC, is offsetting some of the drag at MFS with profit sharply higher in 4Q on steady inflows and rising assets. Things look fine here and we view these positively.