“Solar Life delivered sturdy fourth quarter outcomes led by earnings progress within the U.S. and Canada,” stated Kevin Pressure, President and CEO of Solar Life. “Our balanced and diversified enterprise mannequin supported stable 2022 outcomes, together with an 18% enhance in insurance coverage gross sales, sturdy efficiency from our U.S. and Canada companies, and $21.5 billion of inflows at SLC Administration.”
In comparison with the prior 12 months, reported web revenue of $951 million decreased by $127 million, or 12%, primarily resulting from unfavourable market-related results and DentaQuest integration prices. Nonetheless, these elements had been partially offset by the affect of the change within the Canadian tax charge, honest worth modifications on MFS Funding Administration’s share-based cost awards, and assumption modifications and administration actions (ACMA).
An increase in SLC Administration’s acquisition-related liabilities considerably offset a acquire on the IPO of its three way partnership for asset administration in India within the prior 12 months’s reported web revenue. Resulting from firm growth, safety and well being business information, and the contribution from the DentaQuest buy, underlying web revenue grew 10% over the previous 12 months. Decrease wealth and asset administration earnings resulting from falls within the international fairness markets, and a better efficient tax charge in comparison with the previous 12 months considerably offset this.
The affect of the change within the Canadian tax charge and a rise in underlying web revenue had been the principle drivers of Canada’s reported web revenue of $367 million, up $11 million or 3% from the earlier 12 months. A decline within the worth of actual property investments and decrease fairness market positive aspects had been partially offset by these elements.
In the meantime, Nice-West Lifeco Inc. launched its outcomes for the fourth quarter of 2022. Compared to the fourth quarter of 2021, web earnings of $1.026 billion and base earnings of $892 million elevated from $765 million and $825 million, respectively.