RoE was 14.9% for the quarter, up from 12.9% last year

Sun Life Financial has reported a net income of $591 million for the second quarter of 2009, as compared to net income of $519 million in the same period last year.

Fully diluted earnings per share was $1.05 compared to fully diluted earnings per share of $0.91 in the second quarter of 2008, an increase of $0.14. Return on equity was 14.9% for the quarter, up from 12.9% reported in the same quarter last year.

The operating net income for the first six months of 2009 was $405 million, compared to $1 billion in the first six months of 2008. Operating net income included after-tax charges of $27 million for restructuring costs, taken as part of the company’s efforts to reduce expense levels and improve operational efficiency.

The earnings for the first six months of 2009 were $4 million, as compared to $195 million for the same period last year. The earnings were lower primarily as a result of impact of credit-related allowances and credit-related losses in Annuities, and the unfavourable impact from the implementation of an internal reinsurance transaction in Individual Insurance for capital efficiency.