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Graph below, Sun Life is currently trading significantly below their historical P/E average of 15.1 and thus appears undervalued. In short, the P/E ratio shows how much investors are willing to pay for each dollar of earnings the company generates. One common approach to evaluating a company is to analyze its P/E Ratio. The company has a modest 3YR growth rate of 4% and a 1YR growth rate of 7%. The company only began raising dividends in 2015 and have since raised in 2016 and once again in 2017 with their latest earnings results. From there, Sun Life kept their dividend steady through 2014, losing their status as a Canadian Dividend All-Star. The company first began paying a dividend in 2000 and raised it every year until the financial crisis in 2008. Their dividend appears to be well covered as their payout ratio is a respectable 43% of earnings. Sun Life Financial pays a C$0.44/quarterly dividend for a current yield of 3.67%. Most Canadian ensures far exceed this ratio, and Sun Life is no exception with a MCCSR of 229% as of end of Q1 2017.
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To be on the safe side, the Office of the Superintendent of Financial Institutions (OSFI) requires that insurers maintain at least 150% of the calculated MCCSR to meet its obligations. In short, the MCCSR is in place to ensure the company can meet its obligations to its insurance and annuity policyholders. The MCCSR stipulates formal minimum capital standards that reflect the inherent risk in the company. Unlike Intact Financial, Sun Life does not publicly post its combined ratio, preferring instead to publicize and focus on its Minimum Continuing Capital and Surplus Requirements (MCCSR) ratio. Minimum Continuing Capital & Surplus Requirements
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That being said, the stock has retraced from their November high, and year to date, the stock is down 8%. Likewise, Sun Life defines their business in two different business types (wealth and insurance), and once again, they are appear to be well diversified.Īfter trading sideways for the better part of 2014 through 2016, Sun Life finally experienced a leg up in late 2016. Sun Life is well diversified with no segment accounting for more than 40% of their net income. Corporate Support operations consist of its Run-off reinsurance business. The SLF Asia segment operates through subsidiaries in the Philippines, Hong Kong, Indonesia and Vietnam, as well as through joint ventures and associates with local partners in the Philippines, India, China and Malaysia. Its Sun Life Financial Asset Management segment consists of MFS Investment Management and Sun Life Investment Management. segment has three business units: Group Benefits, International and In-force Management. The Sun Life Financial Canada segment provides retail insurance and investment advice, products and services to people across Canada.
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Sun Life Financial provides a range of insurance, wealth and asset management solutions to individuals and corporate clients. To better compare the companies at the end of the series, I will analyze each company in a similar fashion with slight differences as appropriate. investors as they are dual listed, trading on both the NYSE and TSX. The focus of this article, Sun Life Financial ( SLF), is a life insurance provider that should be recognizable to U.S. On the Toronto Stock Exchange (TSX), there are two main type of Insurance Industries under the Financial Sector: Life and Property & Casualty Insurance. The first focused on Intact Financial ( OTCPK:IFCZF) (TSX: IFC), Canada’s largest home, auto and business insurer. This is the second article covering Canada’s top insurance companies.