Canadian insurer Sun Life Financial Inc missed estimates for quarterly earnings ...
- Canadian insurer Sun Life Financial Inc missed estimates for quarterly earnings on Wednesday, as weaker wealth sales hurt its performance in the domestic market.
Wealth sales, which include mutual and managed funds, fell 26 percent in Canada in the quarter compared with a year ago, while overall sales in the category fell about 10 percent to C$35.99 billion.Insurers in Canada have increasingly looked to Asia for growth, selling to the region’s burgeoning middle class, and to diversify from domestic markets where competition is intense.
He said a shift in consumer preference away from universal insurance products because of rising interest rates also affected sales to HNI clients in the big markets of Hong Kong and Singapore.
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