Sun Life Financial 2Q Earnings Slip

By Connor Hart

Sun Life Financial posted a slightly lower second-quarter profit, while it announced plans to renew its stock buyback program.

The Toronto-based insurance company posted a profit of C$646 million, equivalent to $470 million, in the second quarter, compared to C$660 million in last year's quarter. On a per-share basis, the company posted a profit of C$1.11, compared to C$1.12 last year.

Adjusted per-share earnings were C$1.72, compared to C$1.57 in the previous year.

Sun Life said it will renew its stock buyback program to purchase 15 million shares, or about 2.6% of its outstanding stock.

The buyback, expected to start by Aug. 29, is part of the company's overall capital management strategy.

The purchases will generally be made through the facilities of the Toronto Stock Exchange, or other Canadian stock exchanges, at prevailing market rates. Subject to regulatory approval, purchases may also be made by way of private agreements or exemption orders, generally at a discount to the prevailing market price, the company said.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

August 12, 2024 18:09 ET (22:09 GMT)

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