SUN LIFE HOLDINGS CO.,LTD., July-September (2Q) Ordinary Profit Decreases by 15%

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Mon Nov 11, 2024 3:30 pm JST Earnings

7040 SUN LIFE HOLDINGS CO.,LTD. 【J-GAAP】

Earnings Report

SUN LIFE HOLDINGS CO.,LTD. <7040> [TSE-S] announced its financial results after the market closed on November 11th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) was 534 million yen, a 2.1% increase compared to the same period last year. However, The progress rate against the 1.38 billion yen full-year plan was 38.7%, almost the same as the five-year average of 39.6%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow by 3.4% from the same period last year, reaching 846 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 285 million yen, a 15.2% decrease compared to the same period last year. The operating profit margin worsened from 9.1% in the same period last year to 7.9%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2022	5,916	301	342	-126	-20.6	35.3	Nov 9, 2022	J-GAAP
Apr - Sep, 2023	6,387	477	523	294	48.1	39.0	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	6,532	482	534	311	50.9	38.7	Nov 11, 2024	J-GAAP
YoY	+2.3%	+1.0%	+2.1%	+5.8%	+5.7%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	6,600	500	540	300	49.0	16	May 9, 2024	J-GAAP
Apr - Sep, 2024 Results	6,532	482	534	311	50.9	16	Nov 11, 2024	J-GAAP
Revision Rate	-1.0%	-3.6%	-1.1%	+3.7%	+3.8%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	7,115	755	818	822	134.3	17	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	7,268	818	846	489	79.9	17	Nov 11, 2024	J-GAAP
YoY	+2.2%	+8.3%	+3.4%	-40.5%	-40.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	12,600	863	970	357	58.3	33	May 9, 2023	J-GAAP
Mar, 2024	13,502	1,232	1,341	1,116	182.3	33	May 9, 2024	J-GAAP
Mar, 2025 Guidance	13,800	1,300	1,380	800	130.7	33	May 9, 2024	J-GAAP
YoY	+2.2%	+5.5%	+2.9%	-28.3%	-28.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	3,291	299	336	221	36.2	9.1	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	3,578	394	415	257	42.0	11.0	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	3,537	361	403	565	92.3	10.2	May 9, 2024	J-GAAP
Apr - Jun, 2024	3,258	224	249	163	26.7	6.9	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	3,274	258	285	148	24.2	7.9	Nov 11, 2024	J-GAAP
YoY	-0.5%	-13.7%	-15.2%	-33.0%	-33.1%