Sun Life Financial Inc. reported net income of $749 million in the final quarter of 2023, down 36% from $1.165 billion in the same quarter a year earlier.
Earnings per share were $1.28, up from $1.98 a year earlier.
Underlying net income for the quarter was $983 million, compared to $892 million in the fourth quarter of 2022.
The insurer maintained its 2022 results after adopting new international reporting standards.
As of December 31, 2023, the company had $1.4 trillion in assets under management, up from $1.319 trillion in the prior year. The 6% increase was due, among other things, to favorable market movements in the value of segregated, retail, institutional and managed funds.
Canadian net income in the final quarter of 2023 decreased 32% to $348 million year-over-year, primarily due to the unfavorable impact of market interest rates and property values, as well as the Canada Recovery Dividend.
Gross cash flows from wealth sales and asset management in Canada increased 32% to $5.4 billion, led by higher individual wealth sales from mutual funds and defined benefit sales from group retirement arrangements. At the same time, individual insurance sales in Canada increased 23% to $171 million, primarily driven by higher whole life insurance sales.
On February 1, 2023, Sun Life finalized the transaction of acquiring a majority stake in the American retail distribution company Advisors Asset Management, Inc. On April 3, 2023, Sun Life also completed the sale of Sun Life UK to Phoenix Group Holdings plc.
