By Adriano Marchese


Shares in Sun Life Financial Inc. fell in early trading after the company reported fourth-quarter results following the market close yesterday.

At 9:49 a.m., shares were down 3.8% at C$71.04.

On Wednesday after markets closed, the Canadian financial services company reported earnings per share of 1.83 Canadian dollars, or US$1.44, compared with C$1.27 a year earlier.

On an underlying basis, earnings were C$1.53, a slight beat to analyst expectations of C$1.52 a share, polled on FactSet.

Underlying net income rose 4% to C$898 million, which Sun Life said benefited from a lower effective tax rate of 4.8%, compared with 15.2% in the prior-year period, and below management's expected range of between 15% and 20%.

The company noted the lower tax rate in the quarter was largely offset by C$113 million of Covid-19-related mortality and morbidity experience.


Write to Adriano Marchese at adriano.marchese@wsj.com


(END) Dow Jones Newswires

02-10-22 1014ET