The
Sun Life said the results were driven by favourable market conditions, which allowed it to scoop up a stake in
It also found benefits from removing the in-person element of some sales in
"Well before the pandemic, we made it a priority to invest in digital data and analytics with the goal of enhancing the client experience and putting our clients at the centre of everything we do, and that has accelerated over the past year," Sun Life chief executive officer
"We will use this time to continue to accelerate everything digital and continue to obsess about looking after our clients."
His remarks came as Sun Life said underlying net income was
Sun Life was expected to report
The results pushed Sun Life's stock up by almost three per cent or
The company has seen several shifts in consumer behaviour throughout the last year as the COVID-19 pandemic continues to ravage the globe.
With many people are working from home and limiting trips out, more people have been putting non-urgent or elective medical procedures on hold. Some have even skipped visits to the doctor or dentist, resulting in fewer claims for insurers to process and pay out.
Insurers have found the pandemic offers a good opportunity to highlight the protections they offer, but with many Canadians experiencing job losses and income reductions, not everyone is immediately interested in insurance.
Sun Life's insurance sales were down
In
The quarter was also marked by the company covering more than
Millions were paid out to people with other pandemic-related health needs too, he added.
"Looking ahead, the course and duration of the pandemic is, of course, uncertain, but what's not uncertain is that we are well-positioned to manage risk and grow the business."
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