Hong Kong growth drove higher sales and earnings.
Sun Life’s Asia business reported net income of $144m (C$202m) in the second quarter of 2026, up 153% year-on-year.
The increase was driven by favourable public equity market impacts, improved market-related impacts, and higher underlying net income.
Underlying net income increased 18% to $158m (C$222m), supported by strong sales momentum and in-force business growth in Hong Kong, lower expenses, and favourable credit experience.
The increase was partially offset by lower fee income from the transition of the administration business to Hong Kong’s centralised eMPF platform.
Asia’s individual insurance sales reached $615m (C$862m), up 19% year-on-year, driven by higher sales across all channels in Hong Kong and strong growth in India, Malaysia, and Indonesia, mainly through the bancassurance channel.
Asset management gross flows and wealth sales increased 22% to $713m (C$1b), supported by higher Mandatory Provident Fund sales in Hong Kong, stronger group fund sales in India, and higher fixed income fund sales in the Philippines.
New business contractual service margin stood at $198m (C$277m) in Q2 2026, down from $213m (C$299m) a year earlier, reflecting a more competitive environment, mainly in Hong Kong.
(US$1.00 = C$1.40)
