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Shares of Sun Life Financial Inc. SLF closed at $56.08 on Friday, near its 52-week high of $56.16. This proximity underscores investor confidence. It has the ingredients for further price appreciation. The stock is trading above the 50-day and 200-day simple moving average (SMA) of $51.38 and $51.58, respectively, indicating solid upward momentum. SMA is a widely used technical analysis tool to predict future price trends by analyzing historical price data.
Earnings of Sun Life grew 5.4% in the last five years, better than the industry average of 4.6%. SLF has a solid surprise history. The life insurer has a solid track record of beating earnings estimates in three of the last four quarters while missing in one, the average being 1.76%.
Shares of this third-largest insurer in Canada have gained 8.2% year to date compared with the industry and the Zacks S&P 500 composite’s return of 17.8% each.
SLF YTD Price Performance
Mixed Analyst Sentiment for SLF
Four of the six analysts covering the stock have raised estimates for 2025 over the past 60 days. Two analysts have lowered estimates for 2025.
The Zacks Consensus Estimate for 2025 earnings has moved up 0.5% in the past 60 days, reflecting analysts’ optimism.
The Zacks Consensus Estimate for 2024 implies a 3.1% year-over-year increase, while the same for 2025 suggests a rise of 10.3% year over year.
Sun Life’s Favorable Return on Capital
Return on equity in the trailing 12 months was 17.4%, better than the industry average of 15.5%. This highlights the company’s efficiency in utilizing shareholders’ funds.
Also, the return on invested capital (ROIC) has been increasing over the last few quarters as the company raised its capital investment over the same time frame, reflecting SLF’s efficiency in utilizing funds to generate income. ROIC in the trailing 12 months was 0.7%, better than the industry average of 0.6%.
Key Points to Note for SLF
Sun Life’s focus on the emerging economies of Asia that are expected to provide higher returns and the North American markets bodes well for long-term growth. SLF has a strong presence in China, the Philippines, India, Hong Kong and Indonesia and also forayed into Malaysia and Vietnam. Contribution from Asia business to Sun Life’s earnings has increased to 21% over the last few years.
Sun Life looks to be one of the top five players and remains focused on growing its voluntary benefits business. The life insurer is also improving its business mix and is thus shifting its growth focus toward products that block lower capital and offer more predictable earnings.
Sun Life Investment Management makes investments in private fixed-income mortgages and real estate. It invests in pension plans and other institutional investors. These are indicative of SLF’s efforts to strengthen Asset Management, which provides a higher return on equity, requires lower capital, sees lesser volatility and has the potential for an earnings upside.
Operational efficiency has been aiding Sun Life in building a strong capital position. The life insurer’s capital outlay includes a 40-50% dividend payout over the medium term.
Risks for SLF
Expenses have increased at Sun Life over the past few years due to high employee expenses, premises and equipment, service fees, amortization of intangible assets and other expenses. These, in turn, weigh on margin expansion. The life insurer remains committed toward balancing both metrics, failing which, the bottom line might suffer. The life insurer estimates integration activities to drive run-rate cost savings of $60 million by 2024.
SLF’s Expensive Valuation
The stock is overvalued compared to its industry. It is currently trading at a price-to-earnings multiple of 10.74, higher than the industry average of 8.33.
Shares of other insurers like Reinsurance Group of America, Incorporated RGA and Manulife Financial Corp MFC are also trading at a multiple higher than the industry average.
However, shares of Brighthouse Financial, Inc. BHF are trading at a multiple lower than the industry average.
Wrapping Up: Keep on Holding
Sun Life Financial's favorable growth estimates, financial stability and favorable return on capital make it an attractive stock to retain for current investors.
Despite its expensive valuation, SLF should benefit from its focus on Asia operations, growing asset management businesses and the scale-up and integration of U.S. operations. It is, therefore, wise to hold on to this Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
Shares of Voya Financial, Inc. VOYA gained 0.5% in the last trading session after the insurer agreed to buy OneAmerica Financial, Inc.’s full-service retirement plan business for an upfront purchase price of $50 million. The transaction, upon materialization, will strengthen the acquirer’s full-service retirement business within Wealth Solutions. This segment accounted for about 41% of total adjusted operating revenues in 2023.
OneAmerica Financial is a diversified mutual insurance organization. Its full-service retirement plan business comprises 401(k), 403(b), 457, non-qualified deferred compensation plans and employee stock ownership plans.
Pending regulatory approvals and other customary closing conditions, the transaction is expected to be completed by Jan. 1, 2025.
Financial Considerations for VOYA
Apart from the upfront payment, Voya will have to pay a deferred consideration of up to $160 million, payable in the second quarter of 2026, depending on plan persistency and transition incentives.
Voya will fund the upfront price, transaction expenses of about $200 million with the existing excess capital of $0.4 billion as of June 30, 2024.
Voya Financial will use the earnings and cash flows of the acquired business to pay the maximum portion of the deferred component of the purchase price.
Acquisition Rationale Favoring VOYA
The addition of OneAmerica Financial’s full-service retirement plan business to VOYA’s portfolio will enhance the latter’s full-service retirement business by adding a broader set of capabilities as well as creating new opportunities for distribution partnerships. It will also help it serve workplace benefits and savings plans in a better way. It will also increase Voya’s Defined Contribution client assets to $580 billion from $519 billion currently, as well as total plan and participant count to 0.06 million and 7.9 million, respectively.
The acquisition will add $47 billion of assets in the emerging and mid-market and expand Voya’s general account to nearly $38 billion by adding about $4 billion of spread-based assets under management. Also, it will extend its top positions in large markets by adding about $15 billion of recordkeeping assets.
This Zacks Rank #3 (Hold) insurer expects to generate not less than $75 million of pre-tax adjusted operating earnings and more than $200 million of net revenues in the first year post-closing.
On the other hand, OneAmerica stands to benefit from gaining access to Voya’s market-leading customer digital experience and core recordkeeping services.
Voya’s Inorganic Growth
Voya Financial has pursued strategic acquisitions that have helped gain new product and distribution capabilities. In January 2023, Voya acquired Benefitfocus, Inc. The deal has expanded Voya’s ability to deliver innovative solutions for employers and better health plans to improve the financial, physical and emotional well-being of their employees. Benefitfocus provides Voya with new capabilities, access to new employer markets and a platform to advance a strategic vision for workplace benefits and savings.
Voya Financial and Allianz Global Investors’ (AllianzGI) long-term strategic partnership has added scale and diversification to Voya Investment Management and continues to deliver outstanding financial results.
Strategic acquisitions bode well for long-term growth.
Voya’s Price Performance
Shares of Voya Financial have gained 3.2% year to date, lagging the industry’s increase of 15.5%.
VOYA shares are trading well above the 50-day moving average, indicating a bullish trend.
VOYA Price Movement vs. 50-Day Moving Average
Voya Financial’s core businesses are higher-growth, higher-return and capital-light businesses and boast a solid presence. Expansion of the distribution network and achievement of efficiencies through automation are expected to drive performance. It boasts a solid capital position supporting effective capital deployment. Consistent cash flow and sufficient cash balances continue to boost liquidity. All these together should help VOYA shares trend higher.
Stocks to Consider
Some top-ranked stocks from the insurance space are Brighthouse Financial BHF, Unum Group UNM and Primerica PRI. Each stock presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Brighthouse Financial’s earnings surpassed estimates in three of the last four quarters and missed in one, the average earnings surprise being 3.76%.
Year to date, BHF’s stock has lost 20%. The Zacks Consensus Estimate for BHF’s 2024 and 2025 earnings indicates 29.8% and 9.4% year-over-year growth, respectively.
Unum Group delivered a four-quarter average earnings surprise of 2.96%. The stock has gained 20.5% year to date.
The Zacks Consensus Estimate for UNM’s 2024 and 2025 earnings implies a 10.4% and 5.4% year-over-year increase, respectively.
Primerica earnings surpassed estimates in two of the last four quarters and missed in the other two, the average surprise being 1.74%.
Year to date, PRI’s stock has gained 23.1%. The Zacks Consensus Estimate for PRI’s 2024 and 2025 earnings implies 11.7% and 11.6% year-over-year growth, respectively.
Zacks Investment Research
A month has gone by since the last earnings report for Sun Life (SLF). Shares have added about 9% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Sun Life due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Sun Life Q2 Earnings Beat, Revenues Miss Estimates
Sun Life Financial delivered second-quarter 2024 underlying net income of $1.25 per share, which beat the Zacks Consensus Estimate by 5.9%. The bottom line increased 6.8% year over year. Underlying net income was $730.8 million (C$1 billion), which increased 9% year over year.
Results reflected continued solid growth in Canada and Asia. The U.S. also saw favorable experience in Group Benefits, partially offset by residual headwinds in dental.
Revenues of $6.5 billion increased 14.2% year over year but missed the Zacks Consensus Estimate by 3%.
Wealth sales & asset management gross flows of $33.8 billion (C$46.3 billion) increased 9.1% year over year. Group - Health & Protection sales of $362.5 million (C$496 million) decreased 17.7% year over year. Individual - Protection sales of $550.3 million (C$753 million) jumped 24.7% year over year.
New business contractual service margin (CSM) was $319.4 million (C$437 million), up 61.9% year over year.
Segment Results
SLF Canada’s underlying net income increased 8% year over year to $294 million (C$402 million). Canada witnessed solid results at Wealth & Asset Management and Individual - Protection.
Wealth sales & asset management gross flows of $3.6 billion ($5 billion) climbed 72% year over year. Group - Health & Protection increased year over year but Individual - Protection sales declined.
SLF U.S.’ underlying net income was $149 million, which decreased 5% year over year, reflecting soft results at Individual – Protection and Group - Health & Protection.
U.S. group sales of $243 million decreased 22%, reflecting lower Medicare and Medicaid sales in Dental due to large institutional sales in the prior year, partially offset by higher medical stop-loss sales.
SLF Asset Management reported underlying net income of $224.3 million (C$307 million), which increased 4% year over year, attributable to stable results in MFS. Asset Management exited the reported quarter with $0.8 trillion (C$1.072 trillion) of AUM, comprising $618 billion in MFS and $165.9 billion (C$227 billion) in SLC Management.
SLF Asia reported underlying net income of $130.8 million (C$179 million), which grew 19% year over year, driven by solid results at Wealth & asset management and Individual - Protection.
Individual sales of $428 million (C$586 million) jumped 30% year over year. Wealth sales & asset management gross flows of $1.5 billion ($2 billion) increased 24% year over year. New busines
New business CSM of $160.8 million (C$220 million) increased 86.4% year over year, primarily driven by sales in Hong Kong.
Financial Update
Global assets under management were $1.1 billion (C$1.465 trillion), up 7% year over year.
Sun Life Assurance’s Life Insurance Capital Adequacy Test (LICAT) ratio was 142% as of Jun 30, 2024, up 300 basis points (bps) from Jun 30, 2023, level.
The LICAT ratio for Sun Life (including cash and other liquid assets) was 150%, which expanded 20 bps year over year.
Sun Life’s return on equity was 11.7% in the second quarter of 2024, which contracted 100 bps year over year. The underlying return on equity of 18.1% expanded 40 bps year over year. The leverage ratio of 22.61% improved 70 bps from Jun 30, 2023, level.
Dividend Update
The company’s board of directors approved a quarterly dividend of 81 cents per share. The amount will be paid out on Sep 27, 2024, to shareholders of record at the close of business on Aug 28.
How Have Estimates Been Moving Since Then?
It turns out, fresh estimates flatlined during the past month.
VGM Scores
Currently, Sun Life has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. Following the exact same course, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Sun Life has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Sun Life belongs to the Zacks Insurance - Life Insurance industry. Another stock from the same industry, Voya Financial (VOYA), has gained 7.6% over the past month. More than a month has passed since the company reported results for the quarter ended June 2024.
Voya reported revenues of $324 million in the last reported quarter, representing a year-over-year change of -6.6%. EPS of $2.27 for the same period compares with $2.31 a year ago.
For the current quarter, Voya is expected to post earnings of $2.18 per share, indicating a change of +5.3% from the year-ago quarter. The Zacks Consensus Estimate has changed -0.1% over the last 30 days.
Voya has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.
Zacks Investment Research
It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.
The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.
It also includes access to the Zacks Style Scores.
What are the Zacks Style Scores?
Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
The Style Scores are broken down into four categories:
Value Score
For value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.
Growth Score
Growth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.
Momentum Score
Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
VGM Score
If you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.
How Style Scores Work with the Zacks Rank
A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +25.41% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.
That's where the Style Scores come in.
To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.
The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.
For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Reinsurance Group (RGA)
Formed in 1992 in Timberlake, MO, Reinsurance Group of America Inc. is a leading global provider of traditional life and health reinsurance and financial solutions with operations in the United States, Latin America, Canada, Europe, the Middle East, Africa, Asia and Australia.
RGA is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
Additionally, the company could be a top pick for growth investors. RGA has a Growth Style Score of B, forecasting year-over-year earnings growth of 8.2% for the current fiscal year.
Four analysts revised their earnings estimate upwards in the last 60 days for fiscal 2024. The Zacks Consensus Estimate has increased $0.39 to $21.50 per share. RGA boasts an average earnings surprise of 20.5%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, RGA should be on investors' short list.
Zacks Investment Research
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