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Sun Life Financial

TSX:SLF.PRD
Snowflake Description

Excellent balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SLF.PRD
TSX
CA$34B
Market Cap
  1. Home
  2. CA
  3. Insurance
Company description

Sun Life Financial Inc., a financial services company, provides insurance, wealth, and asset management solutions to individuals and corporate clients worldwide. The last earnings update was 74 days ago. More info.


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SLF.PRD Share Price and Events
7 Day Returns
-0.2%
TSX:SLF.PRD
1.1%
CA Insurance
-0.5%
CA Market
1 Year Returns
0.9%
TSX:SLF.PRD
9.4%
CA Insurance
1.1%
CA Market
SLF.PRD Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Sun Life Financial (SLF.PRD) -0.2% 0.8% -0.2% 0.9% -6% -5.9%
CA Insurance 1.1% 0% 1.7% 9.4% 11.2% 19.9%
CA Market -0.5% -1.9% -1.6% 1.1% 5.5% 8.6%
1 Year Return vs Industry and Market
  • SLF.PRD underperformed the Insurance industry which returned 9.4% over the past year.
  • SLF.PRD matched the Canada Market (1.1%) over the past year.
Price Volatility
SLF.PRD
Industry
5yr Volatility vs Market

SLF.PRD Value

 Is Sun Life Financial undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Sun Life Financial to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Sun Life Financial.

TSX:SLF.PRD Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 11 analysts.
= Stable Book Value * Return on Equity
= CA$38.13 * 14.1%
CA$5.38
Book Value of Equity per Share Weighted future Book Value estimates from 10 analysts. CA$38.13
Discount Rate (Cost of Equity) See below 6.8%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:SLF.PRD
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
Insurance Unlevered Beta Simply Wall St/ S&P Global 0.67
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.671 (1 + (1- 26.5%) (12%))
0.819
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.82
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (0.819 * 5.96%)
6.83%

Discounted Cash Flow Calculation for TSX:SLF.PRD using Excess Returns Model Model

The calculations below outline how an intrinsic value for Sun Life Financial is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

TSX:SLF.PRD Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (14.1% – 6.83%) * CA$38.13)
CA$2.78
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CA$2.78 / (6.83% - 1.95%)
CA$56.88
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CA$38.13 + CA$56.88
CA$95.01
TSX:SLF.PRD Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in TSX:SLF.PRD represents 0.35971x of TSX:SLF
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.35971x
Value per Share
(Listing Adjusted, CAD)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 95.01 x 0.35971
CA$34.18
Value per share (CAD) From above. CA$34.18
Current discount Discount to share price of CA$20.91
= -1 x (CA$20.91 - CA$34.18) / CA$34.18
38.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Sun Life Financial is available for.
Intrinsic value
39%
Share price is CA$20.91 vs Future cash flow value of CA$34.18
Current Discount Checks
For Sun Life Financial to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Sun Life Financial's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Sun Life Financial's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Sun Life Financial's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Sun Life Financial's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:SLF.PRD PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in CAD CA$3.95
TSX:SLF Share Price ** TSX (2019-10-11) in CAD CA$58.13
Canada Insurance Industry PE Ratio Median Figure of 12 Publicly-Listed Insurance Companies 12.79x
Canada Market PE Ratio Median Figure of 535 Publicly-Listed Companies 13.7x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Sun Life Financial.

TSX:SLF.PRD PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:SLF Share Price ÷ EPS (both in CAD)

= 58.13 ÷ 3.95

14.72x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Sun Life Financial is overvalued based on earnings compared to the CA Insurance industry average.
  • Sun Life Financial is overvalued based on earnings compared to the Canada market.
Price based on expected Growth
Does Sun Life Financial's expected growth come at a high price?
Raw Data
TSX:SLF.PRD PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.72x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
13.5%per year
Canada Insurance Industry PEG Ratio Median Figure of 10 Publicly-Listed Insurance Companies 1.05x
Canada Market PEG Ratio Median Figure of 249 Publicly-Listed Companies 0.87x

*Line of best fit is calculated by linear regression .

TSX:SLF.PRD PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.72x ÷ 13.5%

1.09x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Sun Life Financial is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Sun Life Financial's assets?
Raw Data
TSX:SLF.PRD PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in CAD CA$37.90
TSX:SLF Share Price * TSX (2019-10-11) in CAD CA$58.13
Canada Insurance Industry PB Ratio Median Figure of 14 Publicly-Listed Insurance Companies 1.11x
Canada Market PB Ratio Median Figure of 2,465 Publicly-Listed Companies 1.35x
TSX:SLF.PRD PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:SLF Share Price ÷ Book Value per Share (both in CAD)

= 58.13 ÷ 37.90

1.53x

* Primary Listing of Sun Life Financial.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Sun Life Financial is overvalued based on assets compared to the CA Insurance industry average.
X
Value checks
We assess Sun Life Financial's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check)
  5. Sun Life Financial has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

SLF.PRD Future Performance

 How is Sun Life Financial expected to perform in the next 1 to 3 years based on estimates from 11 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
13.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Sun Life Financial expected to grow at an attractive rate?
  • Sun Life Financial's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Sun Life Financial's earnings growth is expected to exceed the Canada market average.
  • Sun Life Financial's revenue growth is positive but not above the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:SLF.PRD Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:SLF.PRD Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts 13.5%
TSX:SLF.PRD Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 3.5%
Canada Insurance Industry Earnings Growth Rate Market Cap Weighted Average 11.4%
Canada Insurance Industry Revenue Growth Rate Market Cap Weighted Average 3.1%
Canada Market Earnings Growth Rate Market Cap Weighted Average 13.3%
Canada Market Revenue Growth Rate Market Cap Weighted Average 5.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:SLF.PRD Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:SLF.PRD Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 41,263 3,259 1
2020-12-31 37,042 3,132 2
2019-12-31 39,830 2,646 1
2019-10-14
TSX:SLF.PRD Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-06-30 35,716 3,675 2,365
2019-03-31 32,396 2,177 2,476
2018-12-31 26,997 3,834 2,522
2018-09-30 27,465 2,601 2,149
2018-06-30 27,022 2,113 2,399
2018-03-31 28,318 3,032 2,267
2017-12-31 29,334 1,984 2,149
2017-09-30 23,052 2,711 2,670
2017-06-30 25,389 2,721 2,590
2017-03-31 26,800 2,729 2,496
2016-12-31 28,573 3,668 2,485
2016-09-30 31,774 4,027 2,293

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Sun Life Financial's earnings are expected to grow by 13.5% yearly, however this is not considered high growth (20% yearly).
  • Sun Life Financial's revenue is expected to grow by 3.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:SLF.PRD Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from Sun Life Financial Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:SLF.PRD Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 5.71 5.82 5.62 3.00
2020-12-31 5.42 5.71 5.27 11.00
2019-12-31 4.48 4.85 4.30 11.00
2019-10-14
TSX:SLF.PRD Past Financials Data
Date (Data in CAD Millions) EPS *
2019-06-30 3.95
2019-03-31 4.11
2018-12-31 4.16
2018-09-30 3.53
2018-06-30 3.93
2018-03-31 3.70
2017-12-31 3.51
2017-09-30 4.36
2017-06-30 4.22
2017-03-31 4.07
2016-12-31 4.05
2016-09-30 3.74

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Sun Life Financial is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Sun Life Financial's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Sun Life Financial has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

SLF.PRD Past Performance

  How has Sun Life Financial performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Sun Life Financial's growth in the last year to its industry (Insurance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Sun Life Financial's year on year earnings growth rate has been positive over the past 5 years.
  • Sun Life Financial's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Sun Life Financial's 1-year earnings growth is negative, it can't be compared to the CA Insurance industry average.
Earnings and Revenue History
Sun Life Financial's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Sun Life Financial Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:SLF.PRD Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 35,716.00 2,365.00 6,553.00
2019-03-31 32,396.00 2,476.00 6,482.00
2018-12-31 26,997.00 2,522.00 6,432.00
2018-09-30 27,465.00 2,149.00 6,496.00
2018-06-30 27,022.00 2,399.00 6,429.00
2018-03-31 28,318.00 2,267.00 6,370.00
2017-12-31 29,334.00 2,149.00 6,350.00
2017-09-30 23,052.00 2,670.00 6,339.00
2017-06-30 25,389.00 2,590.00 6,353.00
2017-03-31 26,800.00 2,496.00 6,229.00
2016-12-31 28,573.00 2,485.00 6,000.00
2016-09-30 31,774.00 2,293.00 5,638.00
2016-06-30 28,575.00 2,038.00 5,373.00
2016-03-31 20,724.00 2,284.00 5,159.00
2015-12-31 19,274.00 2,185.00 4,970.00
2015-09-30 21,082.00 2,151.00 4,842.00
2015-06-30 22,003.00 2,104.00 4,696.00
2015-03-31 26,636.00 1,803.00 4,591.00
2014-12-31 25,764.00 1,762.00 4,534.00
2014-09-30 23,099.00 1,831.00 4,504.00
2014-06-30 21,641.00 1,720.00 4,440.00
2014-03-31 16,544.00 1,686.00 4,305.00
2013-12-31 13,874.00 1,696.00 4,139.00
2013-09-30 13,472.00 1,409.00 4,011.00
2013-06-30 14,268.00 1,526.00 3,838.00
2013-03-31 18,232.00 1,379.00 3,643.00
2012-12-31 17,617.00 1,374.00 3,507.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Sun Life Financial has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Sun Life Financial used its assets more efficiently than the CA Insurance industry average last year based on Return on Assets.
  • Sun Life Financial's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Sun Life Financial's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Sun Life Financial has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

SLF.PRD Health

 How is Sun Life Financial's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Sun Life Financial's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Sun Life Financial is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Sun Life Financial's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Sun Life Financial's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 21.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Sun Life Financial Company Filings, last reported 3 months ago.

TSX:SLF.PRD Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 24,658.00 4,099.00 80,658.00
2019-03-31 24,712.00 4,513.00 78,637.00
2018-12-31 24,570.00 10,413.00 78,545.00
2018-09-30 23,636.00 4,541.00 73,349.00
2018-06-30 23,733.00 4,504.00 74,969.00
2018-03-31 23,279.00 4,396.00 74,844.00
2017-12-31 22,971.00 10,857.00 77,334.00
2017-09-30 22,931.00 4,507.00 73,238.00
2017-06-30 22,944.00 4,503.00 75,517.00
2017-03-31 22,811.00 4,445.00 74,297.00
2016-12-31 22,368.00 11,141.00 76,570.00
2016-09-30 21,955.00 6,305.00 77,774.00
2016-06-30 21,091.00 5,010.00 74,216.00
2016-03-31 20,923.00 6,093.00 72,693.00
2015-12-31 21,418.00 10,564.00 73,712.00
2015-09-30 20,773.00 6,147.00 69,302.00
2015-06-30 20,136.00 5,565.00 67,655.00
2015-03-31 19,903.00 5,210.00 68,541.00
2014-12-31 18,872.00 9,070.00 67,306.00
2014-09-30 18,289.00 5,041.00 62,219.00
2014-06-30 17,772.00 5,077.00 59,594.00
2014-03-31 17,951.00 4,901.00 57,740.00
2013-12-31 17,354.00 9,314.00 57,313.00
2013-09-30 16,726.00 5,250.00 54,985.00
2013-06-30 17,619.00 5,642.00 53,757.00
2013-03-31 17,199.00 5,619.00 55,322.00
2012-12-31 16,546.00 9,114.00 57,355.00
  • Sun Life Financial's level of debt (16.6%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (28.6% vs 16.6% today).
  • Debt is well covered by operating cash flow (89.7%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 10.1x coverage).
X
Financial health checks
We assess Sun Life Financial's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Sun Life Financial has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

SLF.PRD Dividends

 What is Sun Life Financial's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.61%
Current annual income from Sun Life Financial dividends. Estimated to be 3.83% next year.
If you bought CA$2,000 of Sun Life Financial shares you are expected to receive CA$72 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Sun Life Financial's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.03%).
  • Sun Life Financial's dividend is below the markets top 25% of dividend payers in Canada (5.98%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:SLF.PRD Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
Canada Insurance Industry Average Dividend Yield Market Cap Weighted Average of 10 Stocks 4.1%
Canada Market Average Dividend Yield Market Cap Weighted Average of 335 Stocks 3.6%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.2%
Canada Bottom 25% Dividend Yield 25th Percentile 2%
Canada Top 25% Dividend Yield 75th Percentile 6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:SLF.PRD Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 2.40 2.00
2020-12-31 2.31 9.00
2019-12-31 2.09 8.00
2019-10-14
TSX:SLF.PRD Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-07-31 2.100 3.777
2019-05-08 2.100 3.884
2019-02-13 2.000 3.845
2018-11-07 2.000 4.264
2018-08-08 1.900 3.756
2018-05-08 1.900 3.536
2018-02-14 1.820 3.431
2017-11-08 1.820 3.509
2017-08-09 1.740 3.562
2017-05-09 1.740 3.774
2017-02-15 1.680 3.460
2016-11-09 1.680 3.248
2016-05-10 1.620 3.776
2016-02-10 1.560 3.765
2015-11-04 1.560 3.727
2015-08-05 1.520 3.523
2015-05-06 1.520 3.658
2015-02-11 1.440 3.652
2014-11-05 1.440 3.528
2014-08-07 1.440 3.575
2014-05-06 1.440 3.696
2014-02-12 1.440 3.799
2013-11-06 1.440 3.891
2013-08-07 1.440 4.300
2013-05-08 1.440 4.612
2013-02-13 1.440 5.122
2012-11-07 1.440 5.239
2012-08-08 1.440 6.128
2012-05-10 1.440 6.642
2012-02-15 1.440 6.312
2011-11-02 1.440 7.236
2011-08-03 1.440 5.728
2011-05-04 1.440 5.016
2011-02-16 1.440 4.673
2010-11-03 1.440 4.748
2010-08-04 1.440 5.369
2010-05-05 1.440 4.952
2010-02-11 1.440 4.596
2009-11-05 1.440 4.763
2009-08-06 1.440 4.579
2009-05-07 1.440 4.719
2009-02-12 1.440 6.370
2008-10-30 1.440 5.601

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Sun Life Financial's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.4x coverage).
X
Income/ dividend checks
We assess Sun Life Financial's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Sun Life Financial afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Sun Life Financial has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

SLF.PRD Management

 What is the CEO of Sun Life Financial's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Dean Connor
COMPENSATION CA$9,712,859
AGE 62
TENURE AS CEO 7.8 years
CEO Bio

Mr. Dean Arthur Connor serves as Director at Sun Life Assurance Company of Canada. He has been the Chief Executive Officer and President of Sun Life Financial Inc. since December 1, 2011 and Sun Life Assurance. Mr. Connor served as the Chief Operating Officer of Sun Life Financial from January 1, 2010 to July 2011. Mr. Connor was responsible for overseeing Sun Life's United Kingdom and Reinsurance businesses, international expansion and specific Corporate functions including Medical and Underwriting. He served as the President of Sun Life Financial Canada of Sun Life Financial Inc., from January 1, 2008 to January 2010. He served as an Executive Vice President of Sun Life Financial Asia since August 2006. He served as an Executive Vice President of Sun Life Financial Inc., since September 5, 2006. He served as Executive Vice President of Sun Life Financial Canada. He served as Executive Vice President of Sun Life Assurance Co. of Canada. He served as the President for Americas of Mercer Human Resources Consulting Ltd., responsible for the United States, Latin America and Canada. He served as the Chairman of Mercer Human Resource Consulting Limited. He has been a Director of Sun Life Financial Inc. since July 1, 2011 and Sun Life Assurance. He served as a Trustee of MFS Charter Income Trust. He is a Fellow of the Society of Actuaries and a Fellow of the Canadian Institute of Actuaries in 1983 and 1984 respectively. He holds an Honours Bachelor of Arts from the Richard Ivey School of Business from 1974 to 1978.

CEO Compensation
  • Dean's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Dean's remuneration is about average for companies of similar size in Canada.
Management Team Tenure

Average tenure and age of the Sun Life Financial management team in years:

5
Average Tenure
55
Average Age
  • The average tenure for the Sun Life Financial management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Dean Connor

TITLE
President
COMPENSATION
CA$10M
AGE
62
TENURE
7.8 yrs

Kevin Strain

TITLE
Executive VP & CFO
COMPENSATION
CA$4M
AGE
53
TENURE
2.4 yrs

Steve Peacher

TITLE
President of SLC Management
COMPENSATION
CA$6M
AGE
55
TENURE
5.6 yrs

Dan Fishbein

TITLE
President of Sun Life Financial - United States
COMPENSATION
CA$4M
TENURE
5.5 yrs

Jacques Goulet

TITLE
President of Sun Life Financial Canada
COMPENSATION
CA$8M
TENURE
1.8 yrs

Mark Saunders

TITLE
Executive VP & Chief Information Officer
TENURE
10.8 yrs

Leigh Chalmers

TITLE
Senior VP

Paul Petrelli

TITLE
Chief Compliance Officer & Senior VP
TENURE
5 yrs

Melissa Kennedy

TITLE
Executive VP and Chief Legal Officer & Public Affairs
TENURE
4.4 yrs

Helena Pagano

TITLE
Executive VP and Chief Human Resources & Communications Officer
TENURE
1.3 yrs
Board of Directors Tenure

Average tenure and age of the Sun Life Financial board of directors in years:

6.6
Average Tenure
62
Average Age
  • The tenure for the Sun Life Financial board of directors is about average.
Board of Directors

Bill Anderson

TITLE
Independent Chairman of the Board
COMPENSATION
CA$405K
AGE
70
TENURE
2.4 yrs

Dean Connor

TITLE
President
COMPENSATION
CA$10M
AGE
62
TENURE
8.3 yrs

Rob Manning

TITLE
Chairman & Co-CEO of MFS Investment Management
AGE
55

Mike Roberge

TITLE
Chairman of MFS Mclean Budden Limited & Co-CEO of MFS Investment Management

Barbara Stymiest

TITLE
Independent Director
COMPENSATION
CA$263K
AGE
62
TENURE
7.4 yrs

Marianne Harris

TITLE
Independent Director
COMPENSATION
CA$263K
AGE
61
TENURE
5.8 yrs

Sara Lewis

TITLE
Independent Director
COMPENSATION
CA$278K
AGE
52
TENURE
4.8 yrs

Scott Powers

TITLE
COMPENSATION
CA$272K
AGE
59
TENURE
4 yrs

Hugh Segal

TITLE
Corporate Director
COMPENSATION
CA$235K
AGE
68
TENURE
10.4 yrs

Martin John Glynn

TITLE
Corporate Director
COMPENSATION
CA$245K
AGE
67
TENURE
8.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
X
Management checks
We assess Sun Life Financial's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Sun Life Financial has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

SLF.PRD News

Simply Wall St News

SLF.PRD Company Info

Description

Sun Life Financial Inc., a financial services company, provides insurance, wealth, and asset management solutions to individuals and corporate clients worldwide. The company operates through five segments: Sun Life Financial Canada, Sun Life Financial United States, Sun Life Financial Asset Management, Sun Life Financial Asia, and Corporate. It offers life, health, wellness, disability, critical illness, stop-loss, and long-term care insurance products. The company also provides mutual funds, segregated funds, annuities, and guaranteed investment products; and financial and retirement planning services, as well as pooled funds, institutional portfolios, and pension funds. It distributes its products through direct sales agents, managing general agents, independent general agents, financial intermediaries, broker-dealers, banks, pension and benefits consultants, and other third-party marketing organizations. The company was founded in 1871 and is headquartered in Toronto, Canada.

Details
Name: Sun Life Financial Inc.
SLF.PRD
Exchange: TSX
Founded: 1871
CA$34,158,198,880
587,617,390
Website: http://www.sunlife.com
Address: Sun Life Financial Inc.
1 York Street,
Toronto,
Ontario, M5J 0B6,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX SLF Common Stock The Toronto Stock Exchange CA CAD 23. Mar 2000
NYSE SLF Common Stock New York Stock Exchange US USD 23. Mar 2000
DB LIE Common Stock Deutsche Boerse AG DE EUR 23. Mar 2000
LSE 0VJA Common Stock London Stock Exchange GB GBP 23. Mar 2000
PSE SLF Common Stock Philippines Stock Exchange PH PHP 23. Mar 2000
TSX SLF.PRA PFD A SER 1 The Toronto Stock Exchange CA CAD 25. Feb 2005
TSX SLF.PRB PFD A SER 2 The Toronto Stock Exchange CA CAD 15. Jul 2005
TSX SLF.PRC PFD CL A SER 3 The Toronto Stock Exchange CA CAD 13. Jan 2006
TSX SLF.PRD PFD CL A SER 4 The Toronto Stock Exchange CA CAD 10. Oct 2006
TSX SLF.PRG PFD CL A SR 8R The Toronto Stock Exchange CA CAD 21. May 2010
TSX SLF.PRJ PFD SHS SER 9Q The Toronto Stock Exchange CA CAD 02. Jul 2015
TSX SLF.PRK PFD SHS NON CUM The Toronto Stock Exchange CA CAD 03. Oct 2016
TSX SLF.PRH PFD CL A-10R The Toronto Stock Exchange CA CAD 12. Aug 2011
TSX SLF.PRI PFD SHS NON CUM The Toronto Stock Exchange CA CAD 10. Nov 2011
TSX SLF.PRE CAD250 mil 4.5% Class A Non-Cum ser 5 The Toronto Stock Exchange CA CAD 10. Oct 2006
OTCPK SLFY.F PFD A SER 1 Pink Sheets LLC US USD 25. Feb 2005
OTCPK SUNF.F PFD CL A SR 8R Pink Sheets LLC US CAD 21. May 2010
Number of employees
Current staff
Staff numbers
22,318
Sun Life Financial employees.
Industry
Life and Health Insurance
Insurance
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/10/14 02:24
End of day share price update: 2019/10/11 00:00
Last estimates confirmation: 2019/10/10
Last earnings filing: 2019/08/01
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.