Sun Life Financial confident after record profits in challenging business environment.TORONTO -- Sun Life Financial (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :SLF SLF Super Low Frequency (30-300 Hz; 10,000-1,000 km) SLF Self SLF Statens Landbruksforvaltning (Norwegian Agricultural Authority) SLF Sveriges Läkarförbund SLF Saalfeld )(NYSE NYSE See: New York Stock Exchange :SLF) today highlighted its record of creating shareholder value despite adverse market conditions. This success, built on a strong Canadian foundation, disciplined risk management and its commitment to operational excellence, demonstrates the strength of the Company's strategic direction, attendees at the annual meeting were told. "The business we're in is a vital one with great prospects," said Donald Stewart
Diversifying across geographies and product lines continues to be a winning strategy for Sun Life Financial, contributing to record profit of more than $1.7 billion in 2004, and a very encouraging start to 2005. The Company's balance of protection and wealth products, its strategic ownership position in companies aligned with the trend towards market-based products, and its focus on emerging markets in Asia and growth products like health insurance, mean Sun Life Financial is positioned to continue being an industry leader in the future. Stewart cited the Company's ownership positions in CI Funds, McLean Budden and MFS Investment Management MFS Investment Management, formerly Massachusetts Financial Services, is a Boston, Massachusetts-based financial services firm. In its publicity, MFS claims to have invented the mutual fund. The current chair of the company is Robert Pozen. as examples of strategic alignment generating excellent prospects, as consumers in mature markets shift their preference from traditional guaranteed insurance and annuity policies to market-based products, such as mutual funds, segregated funds and variable life and annuity products. Funds backing market-based products have grown much faster than funds backing guaranteed policies. In the first quarter of 2005, Sun Life Financial's Canadian business generated significant growth, with total premiums, market based deposits and other sales up 19% over the first quarter of 2004. CI mutual funds sold through the Clarica sales force were up 38% over the first quarter of last year, providing strong testimony to the power of this excellent professional sales force. McLean Budden ranks among the largest institutional asset managers in Canada, taking in almost $1.5 billion during the quarter. MFS MFS Medicare fee schedule is outpacing competition with strong investment performance as it extends its penetration in the institutional investment market and establishes itself as an international investment management organization. Stewart also noted that while long-term interest rates in the 4% range challenge not only the fixed annuity Fixed Annuity An insurance contract in which the insurance company makes fixed dollar payments to the annuitant for the term of the contract, usually until the annuitant dies. The insurance company guarantees both earnings and principal. business, but all longer-term financial products including life insurance, disability insurance and pensions, Sun Life Financial's commitment to excellence in risk management mitigates the potential impact of low investment returns. At the same time, Stewart pointed out recent market moves suggest that longer-term interest rates may rise to levels that will have a considerably positive effect on the profitability of life and disability insurance and fixed annuity policies. "I have always been an enthusiastic proponent of the critical importance of life and health protection, as well as the increasing need to save for retirement. Sun Life Financial will continue to be a leading provider of these products and services, ensuring the financial security of our customers," Stewart said. Sun Life Financial Sun Life Financial is a leading international financial services organization providing a diverse range of wealth accumulation and protection products and services to individuals and corporate customers. Tracing its roots back to 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of March 31, 2005, the Sun Life Financial group of companies had total assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. of $366 billion. Sun Life Financial Inc. trades on the Toronto (TSX), New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (NYSE) and Philippine (PSE PSE 1. pale soft exudative pork. 2. portosystemic encephalopathy. ) stock exchanges under ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors SLF. Sun Life Financial Inc. (TSX:SLF) (NYSE:SLF) |
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