Sun Life Financial Inc. says it earned $237 million in its fourth quarter, down from $749 million a year earlier.
Underlying net income for the quarter was $965 million, down from $983 million a year earlier.
The company’s earnings were affected by market conditions, as well as an impairment in its Vietnam business, said president and CEO Kevin Strain. However, he said Sun Life saw strong underlying net income in Asia and Canada last year.
Sun Life had $1.54 billion in assets under management at the end of the quarter, up from $1.4 billion the same quarter a year prior.
The Canadian division’s underlying net income was $366 million, up $16 million compared to the last quarter of 2023.
This was primarily driven by business growth and higher fee income in wealth and asset management as well as favourable mortality experience in individual protection, which was partially offset by high claims volumes and longer claims periods in group health and protection, the insurer said.
Sun Life reported wealth and asset management gross flows in Canada of $4.9 billion, down 9% from a year ago. Group health and protection sales also fell 49% as there were large case sales last year and individual protection sales fell 17% from lower third-party sales.
The insurance giant said its diluted earnings per share were 41 cents, down from $1.28 during the fourth quarter of 2023.
— This story contains a correction.
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