Sun Life Financial Inc. says it earned $749 million in the last quarter of 2023, down from $1.2 billion during the same quarter a year earlier. 

The insurance company says diluted earnings per share in its fourth quarter were $1.28, down from $1.98 a year ago.

The company says its lower net income was driven by unfavourable market-related impacts from interest rates and real estate, among other factors. 

Sun Life says underlying net income for the quarter was $983 million, up from $892 million in the fourth quarter of 2022. 

The insurer restated its 2022 results after adopting new international reporting standards.

This report by The Canadian Press was first published Feb. 7, 2024.