05:30 PM EDT, 08/12/2024 (MT Newswires) -- Sun Life Financial ( SLF ) was last seen up 1.9% in after-hours New York trading after the company reported better than expected second-quarter profit on improved results from Canada and Asia.

The company reported underlying net income of $1 billion. or $1.72 per share, in the period, up from $920 million, or $1.57, in the year-prior quarter, easily beating a consensus estimate for a per-share profit $1.58 according to Capital IQ.

"These results reflect continued solid growth in Canada and Asia. The U.S. also saw favourable experience in Group Benefits, partially offset by residual headwinds in Dental. Our wealth and asset management businesses delivered good momentum with higher earnings on increased assets under management, and we expect to actively continue share buybacks in the third quarter," chief executive Kevin Strain said in a statement.

Among divisions: Wealth and asset management underlying net income was $455 million, up $36 million or 9%; Group Health & Protection underlying net income was $305 million, down $55 million or 15%; And Individual Protection underlying net income was $347 million, up $82 million or 31%.

Assets under management of $1,465 billion increased $98 billion or 7%.

Separately, Sun Life said, subject to the approval of the Office of the Superintendent of Financial Institutions and the Toronto Stock Exchange, it intends to renew its normal-course issuer bid to purchase up to 15 million of its shares, 2.6% of its outstanding shares. The company said it will file a notice of intention with the TSX in this regard.e NCIB is expected to commence on August 29 and run for 12 months

Sun Life declared a dividend of $0.81 per share, payable Sept.27 to shareholders of record at the close of business on Aug.28

Sun Life closed down $0.07 to $65.94 on the Toronto Stock Exchange.