Sun Life reports Q1 net income of $1.1B

Sun Life reported an underlying net income of $1.05 billion in the first quarter of this year, up slightly from $1.045 billion in the same quarter last year.

The insurer attributed the $5-million increase to higher fee-related income in asset management and wealth, and business growth and favourable mortality experience in group and individual protection, among other factors.

As of March 31, the insurer had $1.58 trillion in assets under management (AUM), compared with $1.55 trillion at the same time last year.

Sun Life’s underlying net income in Canada was $370 million, up 7% from the same quarter in 2025. The rise was attributed to higher premiums in health, higher fee income from higher AUM and favourable net investment result, partially offset by a less favourable insurance experience.

Asset management gross flows and wealth sales in Canada fell 6% to $5.9 billion on fewer large case sales in group wealth defined contributions, largely offset by individual wealth mutual fund sales and group wealth rollover volumes.

Sun Life’s health sales in Canada also fell 21% year-over-year to $295 million with fewer large case sales.

Meanwhile, the company reported individual insurance business sales in Canada of $114 million, down 18% from the same quarter last year on lower participating life sales.

Sun Life ended the quarter with a life insurance capital adequacy test ratio of 143%.

Jonathan Got

Jonathan Got is a reporter with Advisor.ca and its sister publication, Investment Executive. Reach him at jonathan@newcom.ca.