TORONTO - Sun Life Financial Inc. (TSX:SLF) says its continuing operations were more profitable in the second quarter than they were at the same time last year.
Operating net income, excluding certain items and discontinued operations, was $488 million or 80 cents per share, up from $431 million or 71 cents per share in the second quarter of 2013.
The Toronto-based company's continuing operations exclude a U.S. annuities business and certain U.S. life insurance businesses that were sold on Aug. 1, 2013.
Sun Life's operating net income also excludes certain items that are reported under international financial reporting standards, such the impact from fluctuating interest rates and equity markets and changes to management assumptions.
Under IFRS, Sun Life's reported net income from continuing operations was $425 million or 69 cents per share, up from $391 million or 64 cents per share in the second quarter of 2013.
Sun Life is one of Canada's largest providers of life insurance and wealth management services. It also has extensive operations outside the country.
Sun Life Canada accounted for $197 million of Sun Life's operating net income in the second quarter ended June 30, Sun Life U.S. accounted for $92 million, Sun Life Asia provided $37 million and MFS Investment Management contributed $145 million.
As of June 30, Sun Life had $684 billion of assets under management, up 16 per per cent from a year earlier due to favourable markets that increased the value of its holdings, stronger sales and a positive impact from currency fluctuations.