President says group delivered on ‘Consumer Influence’ technique
Solar Life Monetary has launched its earnings report for the three months ended March 31.
Right here’s how the insurer fared within the quarter:
|
Metric
|
Q1 2024
|
Q1 2023
|
|---|---|---|
|
Underlying internet earnings – wealth & asset administration
|
CA$408 million
|
CA$411 million
|
|
Underlying internet earnings – group well being & safety
|
CA$280 million
|
CA$303 million
|
|
Underlying internet earnings – particular person safety
|
CA$278 million
|
CA$291 million
|
|
Underlying internet earnings – whole
|
CA$875 million
|
CA$895 million
|
|
Reported internet earnings – widespread shareholders
|
CA$818 million
|
CA$806 million
|
Solar Life partly attributed the rise in its reported internet earnings to the CA$84 million acquire that resulted from the partial sale of the group’s possession curiosity in Aditya Birla Solar Life AMC Restricted.
Of the reported internet earnings, CA$290 million got here from Canada, CA$97 million from the US, CA$235 million from Asia, and CA$284 million from asset administration.
Commenting on the quarterly monetary outcomes, Solar Life president and chief government Kevin Pressure (pictured) stated: “Within the first quarter, we delivered on our Consumer Influence technique by advancing our asset administration and insurance coverage companies with robust progress in insurance coverage gross sales, CSM (contractual service margin), and AUM (property underneath administration).
“Underlying earnings have been affected by the sale of Solar Life UK, greater morbidity claims, and the top of the general public well being emergency within the US. Our capital stays robust, and this quarter we introduced a 4% improve to our shareholder dividend and anticipate to actively proceed share buybacks within the second quarter.”
What do you concentrate on this story? Share your ideas within the feedback under.
Associated Tales
Sustain with the newest information and occasions
Be a part of our mailing record, it’s free!
