Canadian insurer Sun Life fourth-quarter profit beats estimates on asset management strength

TORONTO (Reuters) – Sun Life Financial Inc reported fourth-quarter earnings that beat estimates on Wednesday, as strong asset management performance offset declines in its Canadian and Asian businesses.

Canada’s second-biggest life insurer said underlying profit rose to C$862 million ($679.01 million), or C$1.47 a share, in the three months through December, from C$792 million, or C$1.34, a year earlier. Analysts had expected C$823 million, or C$1.38 a share.

Reported net income increased to C$744 million, or C$1.27 a share, from C$719 million, or C$1.22, a year earlier.

($1 = 1.2695 Canadian dollars)

(Reporting by Nichola Saminather; Editing by Lisa Shumaker)