Sun Life Financial (TSE:SLF) (NYSE:SLF), a Canadian financial services company and one of the world’s largest insurers, reported its Q2-2023 earnings results after market close today, which topped estimates. For the quarter, SLF reported underlying earnings per share (EPS) of C$1.57, beating the consensus estimate of C$1.53 and representing a growth rate of 13.8% compared to Q2-2022’s underlying EPS of C$1.38.
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The company’s underlying net income also increased by a similar rate (14%) to C$920 million. Meanwhile, reported (unadjusted) net income decreased by 29% year-over-year to C$660 million. Additionally, Sun Life’s underlying return on equity came in at 17.7%, higher than the 16.7% recorded in Q2 2022.
The growth in overall net income was due to the strength in the Group – Health & Protection and Individual – Protection segments, which saw net income growth of 51% and 23%, respectively. Meanwhile, the Wealth & Asset Management segment saw a tiny decline in net income.
Is SLF Stock a Buy, According to Analysts?
SLF stock earns a Strong Buy consensus rating based on four unanimous Buy ratings assigned in the past three months. The average SLF stock forecast of C$75.95 implies 10.8% upside potential.
If you’re wondering which analyst you should follow if you want to buy and sell SLF stock, the most accurate analyst covering the stock (on a one-year timeframe) is Darko Mihelic of RBC Capital, with an average return of 14.61% per rating and an 81% success rate. Click on the image below to learn more.
