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Sun Life Slumps as IFRS 17 Makes a Bigger-Than-Expected Hit

May 31, 2022, 1:51 PM

Sun Life Financial Inc. falls as much as 4.3% after accounting changes under IFRS 17 had a greater impact than expected.

  • The Canadian insurer hosted a conference call on Tuesday morning to discuss its transition to IFRS 17
  • NBC Financial Markets analyst Gabriel Dechaine said that the impact was “more than expected”
    • Sun Life saw a book value hit of 15-20% versus Dechaine’s forecast of ~5%
    • 2022 EPS would be lower by mid-single digits
    • Maintained sector perform rating and C$72 price target
  • SLF CN has tumbled 14% this year compared with the S&P TSX Composite Index which fell 2.3% and ...