Sun Life Financial Services of Canada is reporting weaker earnings for the second quarter ended June 30. Canada’s largest insurer saw its profit fall after taking charges for the acquisition of Clarica Life Insurance Co. and expensed stock options.

Second-quarter net income was $71 million, or 14¢ a share, compared with a year-earlier profit of $212 million, or 50¢ per share. Before special items, operating earnings were higher at $293 million, or 58¢ a share.

“Second-quarter earnings were impacted by several special items, the biggest of which was the restructuring charge incurred by Sun Life Assurance for the Clarica acquisition,” said Paul Derksen, executive vice president chief financial officer.

Special items totalling $222 million affected earnings, including a $217 million, after-tax restructuring charge related to the acquisition of Clarica, and $45 million, after tax, of higher than normal loan loss provisions.

The company also said it had adopted a policy to expense stock options during the quarter, which reduced operating earnings by $7 million.

Revenue jumped 50% to $5.9 billion from $3.9 billion a year ago. Return on equity, a measure of profitability, dropped to 2.8% from 12.6% last year, because of the increase in equity due to the goodwill and intangibles arising from the Clarica deal.