Sun Life Financial (SLF) reported that its net income in the fourth quarter of 2022 declined 12% year-over-year to $951 million.
The Toronto- based insurer and financial services company said that its Q4 earnings per share (EPS) was $1.62, down from $1.83 in the same period of 2021.
For all of 2022, Sun Life’s earnings decreased 22% to $3.1 billion. However, the company said that its insurance sales totaled $1.8 billion in Q4, up 13% from $1.6 billion a year earlier.
Sun Life, which has about $1.5 trillion of assets under management, blamed the decrease in net income on a challenging operating environment and costs associated with integrating DentaQuest, a recent acquisition.
Sun Life’s stock is down 9% over the last year at $67.44 per share.
