TORONTO — Sun Life Financial Inc. says its net income slipped in the second quarter on a restructuring charge while its adjusted net income rose.
The insurer says it had a net income of $646 million, down two per cent from the same quarter last year, as it took a $138 million restructuring charge related to efforts to improve productivity and drive earnings growth.
The company says its adjusted or underlying net income was an even $1 billion, up from $920 million last year.
It says the increased earnings reflected growth in Canada and Asia, while the U.S. division saw a small pullback in income related to Medicaid redeterminations in the dental program.
The company says its assets under management stood at $1.47 trillion at quarter end, up $98 billion or seven per cent from last year.
It says its underlying return on equity was 18.1 per cent, up from 17.7 per cent last year.
This report by The Canadian Press was first published Aug. 12, 2024.
Companies in this story: (TSX:SLF)
The Canadian Press