SUN LIFE FINANCIAL $39.03 (Toronto symbol SLF; Shares outstanding: 612.7 million; Market cap: $24.0 billion; TSINetwork Rating: Above Average; Dividend yield: 3.7%; www.sunlife.ca) sells life insurance, savings, retirement and pension products to individuals and corporations.
Sun Life has $734.4 billion of assets under management. It mainly operates in Canada, the U.S. and the U.K., but it continues to expand in Asia.
In 2013, it sold its riskier, money-losing U.S. annuity business, which sells products that guarantee minimum long-term returns even if markets fall.
In the three months ended December 31, 2014, Sun Life’s revenue rose to $3.87 billion from $3.86 billion a year earlier. Earnings per share fell 3.3%, to $0.59 from $0.61. Weaker insurance and wealth management results in the highly competitive U.S. market offset steady growth in Canada and Asia.
Sun Life recently agreed to assume the longevity risk on $5 billion of BCE’s pension obligations. That’s the risk that pension plan members will live longer than originally expected, given medical advances and increasing lifespans. BCE will pay premiums to Sun Life, which will use its actuarial and investing skill to profit from those premiums.
The stock trades at just 11.8 times Sun Life’s forecast 2015 earnings of $3.30 a share. It yields a high 3.7%.
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