BOSTON - Liberty Financial Cos.' second-quarter net operating income rose 5.5% from the same period last year, to $32.5 million, or 67 cents per share.
Net operating income for the first six months of the year was $64.7 million, or $1.34 per share, versus $60.2 million, or $1.26 per share last year.
The company's annuity business through its Keyport subsidiary was the best performer during the half, Liberty said. Sales of these products rose 17%, to $4.1 billion.
Mutual fund redemptions are still negatively affecting Liberty, however. Its second-quarter assets under management fell 0.8%, to $66.5 billion.
Liberty expects a combination of market volatility, higher expenses, and the impact of its acquisition of Wanger Asset Management last month to push this year's earnings per share slightly below last year's results.