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Sun Life posts higher underlying net income YOY in Q2

Sun Life Financial Inc. booked second-quarter underlying net income of C$739 million, or C$1.24 per share, up from C$729 million, or C$1.20 per share, in the second quarter of 2018.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was C$1.24.

Reported net income declined year over year to C$595 million, or C$1.00 per share, from C$706 million, or C$1.16 per share. The decrease reflected unfavorable market-related and assumption changes and management actions, the company said.

Net premium revenue for the period came in at C$4.48 billion, compared with C$4.32 billion in the prior-year quarter.

Underlying net income for the asset management segment in the second quarter was C$245 million, versus C$216 million a year earlier.