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 2% 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 7% from last year.
It says its underlying return on equity was 18.1%, up from 17.7% last year.