Sun Life Financial reported net income of $574 million for the second quarter, an increase compared to $480 million in Q2 2016.
"Our second quarter reflected strong earnings in all of our four business pillars, with underlying net income of $689 million, up 24 per cent over the same quarter last year," said Dean Connor, Sun Life’s President & CEO in an announcement issued Aug. 9. "The quarter reflects strong execution across our businesses with particular strength in Canada, and good progress in asset management and in integrating our U.S. Group business. Total wealth sales grew 12 per cent, while total insurance sales had more paced growth over the prior year following a strong first quarter."
Canadian market sales
In the Canadian market, Sun Life reported that its individual insurance sales “were consistent with” the second quarter last year at $100 million. At $1.4 billion, individual wealth sales were up 17 per cent over the same quarter last year. Net income was $185 million in the second quarter of 2017, equaling the results in the second quarter of 2016.
Group benefits sales were $130 million, which was a 14 per cent increase compared to Q2 2016. Group Retirement Services sales amounted to $2.4 billion, which was 53 per cent higher than second quarter sales last year. This was “due in part to a large case annuity sale in our Defined Benefit Solutions business,” said Sun Life.