Sun Life Financial Inc. (SLF) CEO Kevin Strain on Q2 2022 Results - Earnings Call Transcript

Sun Life Financial Inc. (NYSE:SLF) Q2 2022 Earnings Conference Call August 4, 2022 10:00 AM ET

Company Participants

Yaniv Bitton - Vice President, Head of Investor Relations & Capital Markets

Kevin Strain - President and Chief Executive Officer

Daniel Fishbein - President, U.S.

Manjit Singh - Chief Financial Officer

Ingrid Johnson - President, Sun Life Asia

Kevin Morrissey - SVP, Chief Actuary

Stephen Peacher - President, SLC Management

Jacques Goulet - President, Sun Life Canada

Michael Roberge - President MFS Investment Management

Conference Call Participants

Meny Grauman - Scotiabank

Tom MacKinnon - BMO

Doug Young - Desjardins Capital Markets

Gabriel Dechaine - National Bank Financial

Mario Mendonca - TD Securities

David Motemaden - Evercore ISI

Paul Holden - CIBC

Nigel D'Souza - Veritas Investment Research

Yaniv Bitton

Welcome to Sun Life's Earnings Call for the Second Quarter of 2022. My name is Yaniv Bitton, and I will be the host for the call today. Our earnings release and the slides for today's call are available on the Investor Relations section of our website at sunlife.com. We will begin today's call with opening remarks from Kevin Strain, President and Chief Executive Officer. Following Kevin, Dan Fishbein, President of Sun Life U.S., will provide an update on the DentaQuest acquisition. Manjit Singh, Executive Vice President and Chief Financial Officer, will then present the financial results for the quarter.

After the prepared remarks, we will move to the question-and-answer portion of the call. Other members of management will also be available to answer your questions this morning.

Turning to slide two. I draw your attention to the cautionary language regarding the use of forward-looking statements and non-IFRS financial measures, which form part of today's remarks. As noted in the slides, forward-looking statements may be rendered inaccurate by subsequent events.

And with that, I'll now turn things over to Kevin.

Kevin Strain

Thanks, Yaniv, and good morning, everyone. Before getting to the quarter, I want to discuss the agreement we announced earlier this morning to sell our close block of business in the U.K. to Phoenix Group for approximately $385 million. The economics of the transaction relate to our U.K. Life and Pension business, which has been running as a closed block since 2001. Phoenix is the U.K.'s largest long-term savings and retirement provider. They have the scale and expertise to run closed life and pension businesses, and we're confident they will deliver exceptional client service.