Latest news with #SunLifeFinancial
Mint
4 days ago
- Business
- Mint
TSX posts biggest weekly gain since September as corporate earnings impress
TSX end down 0.01% at 27,758.68 For the week, the index adds 2.7% Open Text shares jump 10.0% on earnings beat Shares of Sun Life Financial decline 7.9% By Twesha Dikshit and Fergal Smith Aug 8 - Canada's main stock index ended marginally lower on Friday but still notched a hefty weekly gain, as investors cheered corporate earnings and shrugged off domestic data that showed the economy shedding jobs last month. The S&P/TSX composite index ended down 2.59 points, or 0.01%, at 27,758.68, having pulled back from a record closing high on Wednesday. For the week, the index was up 2.7%, its biggest weekly gain since September last year, as Shopify Inc took over as Canada's most valuable publicly traded company. The e-commerce company reported on Wednesday quarterly results that impressed investors, sending its shares soaring more than 20%. "The TSX has been benefiting this week from a generally positive response to earnings that have been coming out in Canada," said Colin Cieszynski, chief market strategist at SIA Wealth Management. "We had a job decline in Canada which, combined with the disappointing U.S. numbers from last week, suggests the North American employment market is slowing and that the economy itself might be starting to slow." The Canadian economy shed 40,800 jobs in July, giving back some of the substantial gains seen in the prior month and sending the share of people employed in the population to an eight-month low. Signs of slowing U.S. growth have fueled optimism over Federal Reserve interest rate cuts, helping to push U.S. stocks higher. The TSX's technology group added 0.7% on Friday, with shares of Open Text Corp climbing 10.0% after the software company beat estimates with its quarterly results. The materials group, which includes metal mining shares, was up 0.6% as the price of copper climbed. Shares of Lundin Gold ended 6.5% higher after the company reported quarterly results. Sun Life Financial Inc was a drag. Its shares dropped 7.9% after the life insurer said it would miss a 2025 profit target for its dental business in the U.S. due to uncertainty in Medicaid funding. Heavily weighted financials dipped 0.2% and consumer discretionary ended 1% lower. This article was generated from an automated news agency feed without modifications to text.
Yahoo
4 days ago
- Business
- Yahoo
Sun Life shares fall as Medicaid uncertainty prompts US dental forecast revision
By Nivedita Balu TORONTO (Reuters) -Sun Life Financial's shares fell nearly 8% in early trade on Friday after the Canadian life insurer said it would miss a 2025 profit target for its dental business in the U.S. due to uncertainty in Medicaid funding. The insurer, which bulked up its dental business through the $2.5 billion acquisition of DentaQuest in 2022, said underlying net income for the dental business this year is expected to be below $100 million. The unit has struggled in recent quarters. The forecast revision was driven by uncertain Medicaid funding resulting in slower negotiations with states on coverage rates and higher Medicaid claims, the company said. Sun Life works with U.S. states to administer Medicaid and Medicare Advantage dental benefits through the DentaQuest business and is dependent on government funding. "We believe that a reversal in the U.S. dental business that caused the company to retract its 2025 profit target for this business has implications beyond the quarter," National Bank analyst Gabriel Dechaine said. Analysts have said Sun Life's dental business could be vulnerable to provisions in U.S. President Donald Trump's recent tax-cut and spending legislation, known as the One Big Beautiful Bill Act, that targets Medicaid cuts. That could weigh on the future growth of the business as tighter eligibility requirements could shrink Medicaid enrollment over time. Sun Life still expects over 12% underlying net income growth for Sun Life U.S., with the dental business expected to contribute at least a third of overall earnings in the region. Underlying net income fell 4% in the U.S., which accounts for about a fifth of the company's underlying earnings. Its underlying earnings of C$1.79 in the second quarter were above analysts' average estimate of C$1.78 per share, according to LSEG data. Peer Manulife reported earnings below analysts' estimates, hurt by weakness in its U.S. business. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Reuters
4 days ago
- Business
- Reuters
Sun Life shares fall as Medicaid uncertainty prompts US dental forecast revision
TORONTO, Aug 8 (Reuters) - Sun Life Financial's ( opens new tab shares fell nearly 8% in early trade on Friday after the Canadian life insurer said it would miss a 2025 profit target for its dental business in the U.S. due to uncertainty in Medicaid funding. The insurer, which bulked up its dental business through the $2.5 billion acquisition of DentaQuest in 2022, said underlying net income for the dental business this year is expected to be below $100 million. The unit has struggled in recent quarters. The forecast revision was driven by uncertain Medicaid funding resulting in slower negotiations with states on coverage rates and higher Medicaid claims, the company said. Sun Life works with U.S. states to administer Medicaid and Medicare Advantage dental benefits through the DentaQuest business and is dependent on government funding. "We believe that a reversal in the U.S. dental business that caused the company to retract its 2025 profit target for this business has implications beyond the quarter," National Bank analyst Gabriel Dechaine said. Analysts have said Sun Life's dental business could be vulnerable to provisions in U.S. President Donald Trump's recent tax-cut and spending legislation, known as the One Big Beautiful Bill Act, that targets Medicaid cuts. That could weigh on the future growth of the business as tighter eligibility requirements could shrink Medicaid enrollment over time. Sun Life still expects over 12% underlying net income growth for Sun Life U.S., with the dental business expected to contribute at least a third of overall earnings in the region. Underlying net income fell 4% in the U.S., which accounts for about a fifth of the company's underlying earnings. Its underlying earnings of C$1.79 in the second quarter were above analysts' average estimate of C$1.78 per share, according to LSEG data. Peer Manulife ( opens new tab reported earnings below analysts' estimates, hurt by weakness in its U.S. business.
CTV News
4 days ago
- Business
- CTV News
Insurance giant Sun Life Financial's second-quarter profit up 11% to $716 million
The Sun Life Financial Inc. logo is shown at the company's annual general meeting in Toronto on May 6, 2015. THE CANADIAN PRESS/Chris Young TORONTO — Sun Life Financial Inc. says its second-quarter profit was up 11 per cent from last year. The Toronto-based insurer says it earned $716 million in its second quarter, up from $646 million a year prior. Earnings for the period ended June 30 worked out to $1.26 per share, up from $1.11 a year ago. The company attributed some of the increase to growth in Asia but says it was offset by an impairment charge of $61 million related to the early termination of a U.S. group dental contract. The result was far below the $1.80 per share expected by analysts, according to LSEG Data & Analytics. Its underlying earnings per share were $1.79, compared with $1.72 a year prior. This report by The Canadian Press was first published Aug. 8, 2025.
Yahoo
4 days ago
- Business
- Yahoo
Insurance giant Sun Life Financial's second-quarter profit up 11% to $716 million
TORONTO — Sun Life Financial Inc. says its second-quarter profit was up 11 per cent from last year. The Toronto-based insurer says it earned $716 million in its second quarter, up from $646 million a year prior. Earnings for the period ended June 30 worked out to $1.26 per share, up from $1.11 a year ago. The company attributed some of the increase to growth in Asia but says it was offset by an impairment charge of $61 million related to the early termination of a U.S. group dental contract. The result was far below the $1.80 per share expected by analysts, according to LSEG Data & Analytics. Its underlying earnings per share were $1.79, compared with $1.72 a year prior. This report by The Canadian Press was first published Aug. 8, 2025. Companies in this story: (TSX:SLF) The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
