(Toronto) Sun Life Financial said its net income fell in the second quarter due to a restructuring charge, while its adjusted net income increased.
The insurer said it posted net income of $646 million, down 2% from the same quarter last year, due in part to a $138 million restructuring, linked to efforts to improve productivity and boost profit growth.
The company said its adjusted or underlying net income was $1 billion, up from $920 million last year.
She added that the increase in profits reflected growth in Canada and Asia, while the U.S. division saw a slight decline in revenue related to Medicaid reassessments in the dental program.
The company also said its assets under management were $1.47 trillion at the end of the quarter, up $98 billion or 7% from a year ago.
Its underlying return on equity was 18.1%, up from 17.7% last year.