Sun Life Financial (NYSE: SLF) reported Q1 EPS of $1.31, $0.42 better than the analyst estimate of $0.89.

"The COVID-19 pandemic has rapidly created severe global stress, and the collective response has been extraordinary," said Dean Connor, President and CEO of Sun Life. "We owe our sincere thanks to our front-line medical workers, first responders and essential service workers, as well as governments and central banks around the world who have responded so quickly. Our hearts go out to those who have been personally affected by COVID-19."

"At Sun Life, our first reflex has been to help our Clients and communities, especially in their time of need. We've done that by accelerating claim payments, extending coverage, including virtual health care, accepting longer grace periods for premium payments, waiving waiting periods, special philanthropic gifts and a number of other actions. We quickly mobilized our employees and advisors around the world to work from home, and they have been doing a stellar job serving Clients and providing the support they need."

"Our reported net income for the quarter of $391 million was impacted by market declines, brought on by the COVID-19 pandemic," said Connor. "Our underlying net income for the first quarter was $770 million, up 7% from the prior year. While it's difficult to determine today how the business will be impacted by future claims and investment experience, we entered the second quarter in a position of strength, with a strong balance sheet, and well-capitalized with a LICAT ratio of 143%."

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