Sun Life sees second-quarter profit fall to $519M, misses analyst expectations

TORONTO – Sun Life Financial Inc. saw its most recent quarterly profit fall as it missed analyst expectations.

The Toronto-based company says its reported net income for the second quarter totalled $519 million or 88 cents per share, down from $595 million or $1.00 per share in the same quarter the previous year.

Sun Life says the 13 per cent drop came from unfavourable market-related impacts, such as interest rates, among other things.

Analysts expected net income of $657.57 million or $1.06 per share, according to financial markets data firm Refinitiv.

Its underlying net income for the quarter ended June 30 was $739 million or $1.26 per share compared to $739 million or $1.24 per share in the second quarter of 2019.

Analysts expected the underlying net income to total $653.14 million or $1.13 per share, according to Refinitiv.

This report by The Canadian Press was first published Aug. 6, 2020.

Companies in this story: (TSX:SLF)