Sun Life Financial (SLF) earned $785 million in the second quarter, a 13% decline from a year earlier due mainly to the insurance company’s acquisition of DentaQuest, the second biggest dental benefits provider in America.
Sun Life said that it purchased DentaQuest for $2.48 billion U.S. as part of its strategy to grow its business in America where it now has more than 50 million customers.
The DentaQuest acquisition closed in June of this year.
Sun Life reported total insurance sales of $736 million in the second quarter ended June 30, up from $710 million in the same period of 2021.
The Toronto-based company’s wealth sales and asset management unit had $57.4 billion under management in the second quarter, up from $55 billion in the same period of 2021.
Sun Life says its asset management business ended the latest quarter with $905 billion in assets under management.
Sun Life’s stock is down 17% this year at $59.14 per share.
