Brighthouse Financial (BHF) Q2 results reflect higher expenses and lower adjusted net investment income as well as lower sales.
TORONTO (Reuters) -Sun Life Financial shares jumped on Thursday after reporting a better-than-expected second-quarter profit and announcing the sale of its U.K. business as well as an asset management partnership with the buyer, Phoenix Group Holdings. Earlier on Thursday, Canada's second-largest life insurer agreed to sell its closed business in the United Kingdom to Phoenix for 248 million pounds ($301 million), and become its strategic asset management partner, managing about C$9 billion ($7 billion) of Sun Life UK's general account. Sun Life expects to get a "good chunk" of the $25 billion Phoenix plans to deploy in North American fixed income and alternative investments over the next five years, CEO Kevin Strain said on an analyst call on Thursday.
Sun Life's (SLF) Q2 results reflect business growth, new business gains, contribution from the DentaQuest acquisition and lower incentive compensation expenses.