01:29 PM EDT, 10/11/2024 (MT Newswires) -- The Canadian lifecos will begin reporting third quarter results on November 4.

A few changes to its models bring RBC's core EPS estimates down for iA Financial ( IAFNF ) and Sun Life Financial ( SLF ) (down ~6% and ~2%, respectively). Core EPS estimates for Manulife and Great West Life are unchanged.

RBC expects an increase in average retail AUMs for all the lifecos in its coverage and net outflows for Manulife and Sun Life. "We believe GWO and MFC's reinsurance businesses may have a small negative impact from Hurricane Helene which our models do not reflect at the time of writing; Hurricane Milton made landfall on October 9, though this would be a Q4 impact," notes analyst Darko Mihelic.

The third quarter also brings annual assumption reviews for GWO, MFC, and SLF so some non-core earnings noise should be expected for these insurers.

GWO is rated Sector Perform, with a $47 target.

iA Financial ( IAFNF ) is rated Outperform, with a $105 target.

Manulife Financial ( MFC ) is rated Outperform, with a $39 target.

Sagicor is rated Outperform, with an $8 target.

Sun Life Financial ( SLF ) is rated Outperform, with a $78 target.

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