Sun Life Financial had operating net income (loss) of $59m in the second quarter of 2012, compared to $425m in the second quarter of 2011, reflecting the impact of lower interest rates and weak equity markets.
For the second quarter ended on 30 June 2012, its reported net loss was $51m, against a reported net income of 408m during the corresponding quarter of 2011.
Operating earnings per share was $0.10, versus to $0.73 in the second quarter of 2011, while reported EPS was $0.09, compared to $0.68 in the same period last year.
SLF Canada’s posted net income $181m, for the second quarter of 2012, with a decrease of 20% compared to $227m in the same period last year.
Sun Life Global Investments’ (SLGI) retail sales grew by more than five times compared to the same period last year, and achieved a 14% penetration rate of total SLF Canada Career Sales Force mutual fund sales, up from 3% in the second quarter of 2011.
The company’s president and CEO Dean Connor said in a challenging US market for employee benefits, the company has expanded distribution and launched new voluntary benefits products.
"We increased our footprint in Asia with the announcement of a joint venture in Vietnam. Initiatives to expand distribution in Asia contributed to strong increases in the sale of individual life insurance in the Philippines and China compared to the same period last year."