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Sun Life Financial Inc. SLF-T says its net income in the fourth quarter of 2022 was $951-million, down 12 per cent from a year earlier.

Earnings per share were $1.62, down from $1.83 in the fourth quarter of 2021.

Earnings for the full year were $3.1-billion, down 22 per cent from 2021.

Sun Life says insurance sales were $1.8-billion in the fourth quarter, up from $1.6-billion a year earlier.

The company saw net income for its Canadian business segment grow three per cent to $367-million in the fourth quarter.

The company says its decrease in net income primarily reflected an unfavourable market as well as the costs of integrating DentaQuest, a recent acquisition.

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