Sun Life Financial Inc. has reported net income of $2.5 billion for 2016, up from $2.2 billion one year earlier. Underlying net income for the year was 2.3 billion, the same as the year previous.
For the fourth quarter of 2016, net income was $728 million up from $536 million for the same period a year earlier. Q42016 operating net income stood at $732 million compared to $598 million for Q42015. Underlying net income for the fourth quarter of 2016 was $560 million, which was down from $646 million for the same period of 2015.
In an announcement released Feb. 15, Dean Connor, Sun Life’s President and Chief Executive Officer, said, "In 2016, we achieved underlying net income of $2.3 billion, raised our common share dividend twice, and generated 12.2% underlying return on equity." He added, "We also generated strong topline growth, increasing insurance sales by 27% and wealth sales by 14% for the year compared to 2015. Total shareholder return was 24% for the year."
Canadian sales strong
Canadian sales grew in Q42016 compared to the year previous. “Individual insurance sales doubled over the same period in the prior year in anticipation of the tax legislation changes effective January 1, 2017. The increase was driven by Career Sales Force and third-party sales, particularly of participating permanent and universal life products,” stated Sun Life.
Sun Life Financial also announced that James H. Sutcliffe will retire as Chairman and from the Board of Directors following the Company's Annual Meeting in May. He will be succeeded as Chairman by William D. Anderson who has been a Director since 2010 and currently chairs the Company's Audit and Conduct Review Committee.