Sun Life Financial beats expectations as Q4 profits climbs 3.5% to $744 million

TORONTO – Sun Life Financial Inc. beat expectations as it reported that fourth-quarter profits grew 3.5 per cent to $744 million, up from $719 million in the same quarter a year earlier.

The Toronto-based insurance provider says its profit for the three months ended Dec. 31, amounted to $1.27 per diluted share, which grew from a profit of $1.22 per diluted share.

On an adjusted basis, Sun Life Financial says it had a profit of $862 million, up 8.8 per cent from the $792 million from the same time a year earlier.

Sun Life had an adjusted profit of $1.47 per diluted share, compared with a profit of $1.34 per diluted share a year earlier.

Analysts on average had expected an adjusted profit of $1.38 per share for the quarter, according to financial data firm Refinitiv.

For the full-year, adjusted profits increased 5.1 per cent to $3.21 billion or $5.49 per diluted share. That was 10 cents per share above forecasts.

This report by The Canadian Press was first published Feb. 10, 2021.

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