TORONTO – Sun Life Financial Inc. has reported that its profits rose in the latest quarter, beating market expectations due in part to growth in its wealth businesses.

The Toronto-based company, primarily known for its life insurance, reported net income for the quarter ended Dec. 31 of $641 million or $1.05 per share, compared to $560 million or $0.91 per share in the same quarter last year.

Thomson Reuters analysts had estimated $634 million in net income or $1.02 per share.

CEO Dean Connor says Sun Life’s fourth quarter capped off a year of improved momentum in a number of fronts, including the launch of new digital offerings in Canada and the continued building out its wealth and asset management businesses.

Sun Life’s revenue was $8.7 billion in the fourth quarter of 2017 compared to $2.4 billion last year.

The insurer says the increase was largely due to the decreases in interest rates in the fourth quarter in 2017 compared to increases in interest rates in the same period in 2016.

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