Lincoln Financial and Sun Life Financial report growth in Q2 earnings

Lincoln Financial and Sun Life Financial both reported strong second-quarter financial results, driven by growth in life insurance, retirement services, and asset management.

Lincoln Financial reported second-quarter net income of $1.3 billion, or $6.72 per diluted share. The company noted that life insurance sales climbed 79% to $216 million, supported by strength in Executive Benefits and Core Life. Retirement Plan Services operating income also saw a 32% increase. To provide flexibility for repurchasing or redeeming preferred stock, the company completed a $500 million subordinated debt issuance.

Sun Life Financial reported second-quarter underlying net income of CAD 1.12 billion, an increase from CAD 1.02 billion the previous year. The company's underlying earnings per share rose 13% to CAD 2.02. Growth was attributed to operations in Canada, Asia, and the U.S., as well as its asset management business. Sun Life also completed a CAD 750 million subordinated-debt issuance, contributing to its Life Insurance Capital Adequacy Test (LICAT) ratio of 145%.