Thx
EPS of $1.82 beat estimates of $1.71; Revenue was $11.35B. It was a solid quarter and the company raised its dividend by nearly 5%. Still, Sun Life faces pressure from steady outflows at its MFS asset-manager, but clear momentum in several other units positions it to reach or modestly exceed consensus for about 8% underlying EPS growth in 2025-26. The Asia operations, which are 15-20% of Sun Life's earnings, could be an important driver, as recent investments into distribution capabilities underpinned record 1Q results and an 11% sales gain. The US operation should also post solid earnings, supported by rising group-benefits premiums and improved underwriting in the dental book following recent price hikes. Performance in Canada has been solid, and this should continue, driven by higher assets under management (up 10% in 1Q) and strong sales. Rising fee-earning assets are bolstering profit at Sun Life’s SLC alternative manager. The stock had a big move on the news and we remain quite comfortable here overall.