Manulife Financial reported second-quarter net income of $600 million, down from $943 million in the year-ago period.
The company says the decline was “primarily due to the steepening of the interest rate yield curve as well as integration costs related to our recent acquisitions.”
However, Manulife’s core earnings grew 29% to $902 million.
The company’s assets under management and administration reached $883 billion.
Meanwhile, Sun Life Financial reported net income of $726 million, compared to $425 million in the same period last year.
The company says it “benefited from market impacts, particularly from interest rates and currency.”
Sun Life’s insurance sales increased by 8% and wealth sales by 25% over the second quarter of 2014.