Sun Life Financial Inc (SLF)

Sun Life Financial Inc (SLF) stock plummeted by 6.70% due to the company's first-quarter 2024 performance, which fell short of expectations.

• Earnings & Revenue Performance: SLF reported an underlying net income of $1.11 per share for the first quarter of 2024, missing the Zacks Consensus Estimate by 7.5%. This marked a decrease of 0.9% year over year. Underlying net income amounted to $643 million (C$875 million), reflecting a 2.2% decline compared to the previous year. Revenues for the quarter amounted to $5.1 billion, marking a substantial 37.5% decrease year over year. Furthermore, this figure missed the Zacks Consensus Estimate by 29.6%.
• Factors Influencing Quarterly Results: Several factors contributed to the disappointing quarterly results. These include the sale of Sun Life UK, higher morbidity claims, and the conclusion of the Public Health Emergency in the United States.