Sun Life Asia has reported a 153% rise in net income to C$202m ($144m) in the second quarter of 2026.
The company’s net income increased by C $122m y-o-y, driven by favourable public equity market impacts, improved other market-related impacts, and the increase in underlying net income.
The company’s underlying net income in Asia of C$222m increased C$34m or 18% y-o-y, driven by strong sales momentum and in-force business growth in Hong Kong; and lower expenses and favourable credit experience; partially offset by lower fee income from the transitioning of the administration business to the centralized eMPF platform in Hong Kong. Foreign exchange translation led to a decrease of C$5m in underlying net income and a decrease of C$4m in reported net income.
The company’s Asia individual insurance sales reached C$862m, up 19% y-o-y, 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 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.
The company’s new business contractual service margin stood at C$277m in Q2 2026, down from C$299m, a year earlier, reflecting a more competitive environment, mainly in Hong Kong.