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Aug 3, 2022

Sun Life profits fall on DentaQuest acquisition, 'unfavourable' market impacts

Hot labour market spurring employers to offer benefits: Sun Life CEO Kevin Strain


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Sun Life Financial Inc. says it earned $785 million or $1.34 per share in the second quarter of 2022, a 13 per cent decrease from the prior year.

The Toronto-based insurance and asset management company says the decrease was due to "unfavourable market-related impacts" as well as its June 1 acquisition of DentaQuest, the second-largest dental benefits provider in the U.S. 

Sun Life acquired DentaQuest as part of its strategy to grow its presence in the U.S., where it now has more than 50 million customers.

Sun Life reported total insurance sales of $736 million in the three months ended June 30, up from $710 million in the same period of 2021.

Its wealth sales and asset management growth flows in the second quarter amounted to $57.4 billion, up from $55 billion in 2021.

Sun Life says its asset management business ended the second quarter of 2022 with $905 billion in assets under management.