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Stock impact report

Insurance giant shares drop after earnings miss as US claims surge [Wealth Professional (Canada)]

Sun Life Financial Inc. (SLF) 
Last sun life financial inc. earnings: 2/12 05:01 pm Check Earnings Report
Sun Life Financial Inc. experienced a significant share price drop on Thursday following an earnings report that fell short of analysts' expectations, as reported by BNN Bloomberg. The company's US division faced increased claims severity, contributing to the disappointing results. In morning trading on the Toronto Stock Exchange, shares fell more than 10 percent before recovering slightly. By early afternoon, the stock was down $6.83, or 8.1 percent, trading at $77.80. The insurer reported earnings of 41 cents per share, significantly below the $1.69 per share anticipated by analysts, according to LSEG Data & Analytics. After adjusting for a writedown, currency effects, and other factors, earnings stood at $1.68 per share, still under the adjusted forecast of $1.78 per share. Chief Executive Kevin Strain addressed the challenging quarter during an earnings call, stating, “You did see a tough quarter, and we're not trying to walk that back.” He emphasized, however, that “ Show less Read more
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