Shares slipped 1.2% despite steady underlying earnings growth, as investors appeared cautious on ongoing elevated outflows at MFS and moderate margin pressure in asset management, which tempered enthusiasm for the overall performance.
- Underlying net income rose to CAD 1.12 billion, a 10% increase year-over-year, with underlying EPS up 13% to CAD 2.02.
- Protection earnings were solid across all insurance business groups, with Canada delivering record results and Asia showing continued growth.
- Asset management showed mixed dynamics: fundraising and deployment improved, notably with a large government mandate in India, but MFS experienced ongoing elevated outflows.
- Private credit platforms Crescent and Pantheon participated in significant market transactions, including a $10.8 billion direct lending close, supporting alternatives growth.
- Capital position remains strong with a LICAT ratio of 145% and holding company cash at CAD 2.3 billion, enabling continued capital return via share repurchases.
Community Discussion