Sun Life Financial Inc (NYSE:SLF), Canada’s second-biggest life insurer, stock rose 4.02% (As on August 13, 11:22:35 AM UTC-4, Source: Google Finance) after the company reported an 8.7% rise in second-quarter profit, boosted by strong growth at home and in the Asian region. The company’s underlying net income was C$1 billion ($727.59 million) in the three months ended June 30, or C$1.72 per share, compared to C$920 million, or C$1.57 per share, a year earlier.

Moreover, the net income for the Asia segment surged 24% year-on-year (YoY) to $151m, driven by the increase in underlying net income and favourable ACMA impacts, partially offset by a Pillar Two global minimum tax adjustment and market-related impacts. In the Wealth & Asset Management sector, the underlying net income increased by $5m due to higher fee-related earnings, which were bolstered by an increase in assets under management (AUM). The Individual-Protection segment saw an increase of $32m, reflecting strong sales momentum, growth in the in-force business, and contributions from joint ventures. However, these gains were partially offset by higher expenses, mainly due to incentive compensation and volume growth. In terms of sales, Sun Life’s Asia segment reported a 30% surge YoY in individual sales, totalling $586m. This growth was primarily driven by expanded distribution capabilities in Hong Kong and growth in the direct-to-consumer channel in India, though it was partially offset by lower sales in China and Vietnam due to market conditions.

Meanwhile, Sun Life said it will renew its stock buyback program to purchase 15 million shares, or about 2.6% of its outstanding stock. The buyback, expected to start by Aug. 29, is part of the company’s overall capital management strategy. The purchases will generally be made through the facilities of the Toronto Stock Exchange, or other Canadian stock exchanges, at prevailing market rates. Subject to regulatory approval, purchases may also be made by way of private agreements or exemption orders, generally at a discount to the prevailing market price. In addition, the company has announced that a dividend of $0.81 per share on the common shares of the Company has been declared, payable September 27, 2024 to shareholders of record at the close of business on August 28, 2024.

SLF in the second quarter of FY 24 has reported the adjusted earnings per share of $1.25, beating the analysts’ estimates for the adjusted earnings per share of $1.18, according to Zacks Investment Research. The company had reported the adjusted revenue of $6.52 billion in the second quarter of FY 24.