Investment Q&A

MFC has done a great job of turning its fundamental profile around, with strong earnings and growth momentum, particularly from its Asia and wealth/asset management businesses with solid sales and inflows. GWO has also seen strong earnings momentum, driven by its repositioning toward business segments with higher returns and more capital-efficient growth. Areas like retirement and wealth management in the US and capital and risk solutions (especially in Europe) have shown strong growth rates. 

SLF's lag stems primarily from challenges in its U.S. operations, particularly the dental insurance business acquired via DentaQuest. SLF is seeing slower growth rates than GWO and MFC, but when we look out over the past couple of decades, SLF has still shown a solid return profile compared to MFC and GWO. We also continue to like SLF for its relatively high dividend profile.