(Reuters) - Canadian insurer Sun Life Financial (>> Sun Life Financial Inc)
Underlying net income, which excludes the impact of interest rates and equity market movements, fell about 10 percent to C$554 million ($424 million), or 90 Canadian cents per share, in the quarter ended June 30.
Analysts on average were expecting earnings of 92 Canadian cents per share, according to Thomson Reuters I/B/E/S.
Sun Life's total benefits and expenses soared to C$8.9 billion from C$687 million.
The company's underlying net income in Canada fell 20 percent to C$200 million, while underlying net income from its U.S. business rose 8.6 percent to C$114 million.
Net income fell nearly 34 percent to C$480 million, or 78 Canadian cents per share, hurt by low interest rates and market volatility due in part to Britain's vote to leave the European Union.
Manulife Financial Corp (>> Manulife Financial Corp.), Canada's biggest life insurer, reported a lower-than-expected quarterly profit last week, also blaming interest rates and Brexit-driven market volatility.
(Reporting by Matt Scuffham in Toronto and Arathy S Nair in Bangalore; Editing by Savio D'Souza)