Senior Portfolio Manager Michael Simpson of Sentry Investments says though Sun Life Financial Inc. (USA) (SLF) had a challenged 2008, 2009 period, the company has improved operations and is looking toward growth in several areas.
“We think that they improved operations by getting out of some of the more problematic insurance products, the variable annuities,” Simpson said. “They’ve got a gem of an asset in the U.S. called MFS; they own 93% of it, and it keeps on producing very good results.”
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Simpson says Sun Life is planning to build out its Canadian wealth operations again, as well as increase its dividend payout.
“The CEO is committed to a higher level of a dividend payout — going from about 35% to 40% to about 45% to 50%. So we think, starting in 2015, you’ll see some nice dividend increases, and I think overall, it’s a well-managed company,” Simpson said.
“They also have growth in emerging Asian nations like Vietnam, Malaysia and Indonesia, which I think bodes well for them long term,” Simpson added.
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