Sun Life Financial Inc. says its net income decreased 15.7% to $595 million in the second quarter.
The Toronto-based insurance provider says it earned $1 per diluted share for the period ended June 30, down from $1.16 per share or $706 million a year earlier.
Excluding one-time items, adjusted profits grew 1.4% to $739 million or $1.24 per share, compared with $729 million or $1.20 per share in the prior year.
Sun Life attributed the increase to business growth, favourable expenses and U.S. tax benefits, partially offset by unfavourable morbidity experience in Canada and the U.S. and lower new business gains in International in Asia.
Total sales grew nearly 20% to $37.6 billion, mainly from wealth sales. Premiums and deposits, including mutual fund sales, totalled $43.3 billion, up 17% from $37 billion in the second quarter of 2018.
Net income in Canada decreased to $148 million from $262 million a year ago, while underlying profits fell by just $2 million to $243 million. Canada insurance sales decreased 27% to $194 million while wealth sales rose 7% to $3.25 billion.