(Toronto) Sun Life Financial reported net income of $749 million in the fourth quarter of 2023, down from $1.2 billion for the same quarter a year earlier.
The insurance company said fourth-quarter diluted earnings per share were $1.28, compared with $1.98 a year ago.
The company mentioned that the drop in its net profit is explained, among other things, by unfavorable market impacts linked to interest rates and real estate.
Sun Life noted that underlying net income for the fourth quarter was $983 million, compared to $892 million in the fourth quarter of 2022.