SUN LIFE FINANCIAL $43.15 (Toronto symbol SLF; Shares outstanding: 611.6 million; Market cap: $25.9 billion; TSINetwork Rating: Above Average; Dividend yield: 3.3%; www.sunlife.ca) sells life insurance, savings, retirement and pension products to individuals and corporations.
The company has $698.2 billion of assets under management. It mainly operates in Canada, the U.S. and the U.K., but it continues to expand into Asia.
In August 2013, Sun Life sold its riskier, money-losing U.S. annuity business, which offers products that guarantee minimum long-term returns even if markets fall.
In the three months ended September 30, 2014, Sun Life’s revenue rose 6.5%, to $6.1 billion from $5.7 billion a year earlier. The value of the assets the company manages rose, increasing its fee income. It also saw stronger insurance and wealth management sales. Without one-time items, earnings per share gained 13.5%, to $0.84 from $0.74.
The stock has risen 18% in the past year, but it trades at just 13.0 times Sun Life’s forecast 2015 earnings of $3.31 a share. It currently yields a high 3.3%.
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