Sun Life Donates C$800K to Help At-Risk Populations in Montreal Affected by Diabetes

Sun Life Financial (SLF), one of the world’s largest life insurance companies, is donating C$800,000 to McGill University to help populations hardest hit by diabetes in Montreal. These include indigenous communities, people experiencing homelessness or are at risk of homelessness.

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The funding will support the Ingram School of Nursing (ISoN) and help create a network of five clinics. The clinics will be located in various neighborhoods of Montreal, in collaboration with community partner organizations that work with these at-risk groups. These new clinics will help reduce the impact of the pandemic on their health and well-being.

Sun Life President Jacques Goulet said, “Diabetes is one of the fastest growing diseases around the world. Sun Life is committed to preventing the disease, while helping those with diabetes and pre-diabetes live healthier lives. With a long-standing focus on community health and wellness, we believe everyone deserves access to support their well-being. We are excited to partner with ISoN to deliver these important programs. Montreal is a city where we live and work. Supporting the needs of vulnerable populations in Montreal is key to a healthy and sustainable future for Canada.”

The diabetes crisis affects more than 463 million people worldwide. Since 2012, Sun Life has committed more than C$38 million to diabetes prevention, care, and awareness. (See Sun Life Financial stock chart on TipRanks)

Two months ago, BMO Capital analyst Tom Mackinnon kept a Buy rating on Sun Life and set a price target of $75.00 (C$92.45). This implies 47% upside potential.

Mackinnon said during an earnings call, “With respect to Asia, if I look at the impact of new business, it was modestly negative, but if I look at it compared to the fourth quarter, it’s a big improvement despite the fact that sales in the first quarter of this year are actually lower than they were in the fourth quarter.”

The rest of the Street is bullish on SLF with a Strong Buy consensus rating based on 6 Buys and 2 Holds. The average Sun Life analyst price target of C$74.86 implies 19% upside potential to current levels.

TipRanks’ Smart Score

SLF scores a 7 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock’s returns are likely to be in line with the overall market.