Sun Life Financial Inc. reported second quarter net income attributed to common shareholders of $1 billion, up 41% from $716 million in the same period last year, the insurer announced Thursday.
The insurer’s underlying net income was $1.1 billion for the quarter, up 11% year over year.
The increase in underlying net income was driven by business growth and a favourable insurance experience in Canada, business growth in Hong Kong and medical stop-loss revenue growth in the U.S.
“We saw strong momentum across our health and individual protection businesses,” Kevin Strain, president and CEO of Sun Life, said in a statement. “We continued to build momentum in alternatives, private credit and product innovation.”
In Canada, Sun Life posted a net income of $443 million, up 47% from $141 million in the second quarter of 2025. Underlying net income was $427 million up 23% from the prior year.
Underlying net income from Canada rose mainly from higher premiums in Sun Life Health, a favourable morbidity and mortality experience and higher fee income from group wealth.
Sun Life made individual insurance sales of $140 million for the quarter, up 3% year over year, driven by higher participating life sales.
Asset management gross flows and wealth sales of $7 billion increased 60% from more large case defined contribution sales and rollover volumes from group wealth, and higher mutual fund sales in individual wealth.
Meanwhile, Sun Life Health reported sales of $203 million, up from $201 million the prior year.
Sun Life had $1.7 trillion in assets under management as of June 30, compared to $1.5 trillion at the same time last year.