![]() It had previously flagged an appetite to grow its group benefits and stop-loss business, which protects against unpredictable losses. medical intelligence and health-care navigation provider PinnacleCare and benefits platform Maxwell Health. group benefits business, albeit with smaller deals, including that of U.S. ![]() Sun Life itself has been expanding in the U.S. Great-West Lifeco was the latest, agreeing in July to pay C$4.45 billion to buy Prudential Financial Inc's (PRU.N) full-service retirement business. The deal follows a slew of other acquisitions in recent years by Canadian life insurers, who, facing limited growth at home and holding record levels of capital, pursue deals overseas, particularly in the United States recently. Sun Life shares rose 1.7% to C$66.20 in morning trading in Toronto, compared with a 0.4% decline in the stock benchmark (.GSPTSE).Īfter synergies, expected to be $60 million, the firm is expected to add 24 Canadian cents to underlying earnings per share and 50 basis points to its return on equity, Canaccord Genuity analyst Scott Chan said, adding the transaction is "expected to support Sun Life's peer-leading ROE metrics." ![]() It is the biggest acquisition since Sun Life bought Clarica Life Insurance, from where Chief Executive Kevin Strain joined the company, for C$7.3 billion ($5.8 billion) in 2002, according to a spokeswoman.
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