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

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 ...