Sun Life Financial Inc. SLF-T 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.