Canadian insurer Sun Life Financial has revealed plans to take up acquisition opportunities amid the financial uncertainties caused by the Covid-19 pandemic crisis.

The company also plans to return to buying back shares when restrictions imposed by the regulator on such use of capital end, according to a report by Reuters.

Reuters quoted Sun Life CEO Dean Connor as saying: “Anything we look at, we’ll evaluate against our different scenarios, including our severe stress scenario.”

Beating the analyst expectations, Sun Life’s shares went up to 6.7% at C$47.82 at midday after it reported a first-quarter profit on Tuesday.

Last month, the company increased premiums on some life insurance and critical illness policies to balance its shrinking yields.

The company reported a drop in the first quarter sales.

Connor has been quoted as saying: “As a result of mixed experiences (across geographies), uncertain return to work times, and economic conditions, second-quarter sales levels remain uncertain.

“The second quarter will be greatly impacted by jurisdictions’ success in reducing the spread of the virus.”

The insurer has reportedly de-risked its portfolio by reducing BBB-minus-rated securities by C$1bn, cutting oil and gas exposure by 10%. The company also backed out from hospitality, aviation and some real estate.

At present, Sun Life is looking at non-employment-related cost cuts, including travel, consulting and slowing down some projects this year to boost savings, stated Reuters report.