TORONTO — Sun Life Financial Inc.’s chief executive says the company’s latest quarter was weighed down by COVID-19.
Dean Connor says lockdowns during the early stages of the pandemic caused insurance sales at the Toronto-based company to fall by six per cent in its second quarter.
Lower interest rates and credit spreads further hampered Sun Life and pushed down its net income to $519 million or 88 cents for the period ended June 30, compared with $595 million or $1.00 per share in the same quarter the previous year.
Sun Life’s net income was below the $657.6 million or $1.06 per share analysts expected, according to financial markets data firm Refinitiv.
Connor says COVID-19 also triggered increased death claims, but boosted wealth and asset management sales significantly since the prior year.
Connor was pleased with the popularity of Sun Life’s virtual offerings and says its digital health and wealth program Ella was used more than 13.5 million times during the pandemic.
This report by The Canadian Press was first published Aug. 6, 2020.
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The Canadian Press
