The company’s underlying net income fell to C$560 million ($428 million), or 91 Canadian cents per share, in the fourth quarter ended Dec. 31, from C$646 million, or C$1.05 per share, a year earlier.
Sun Life’s underlying net income fell 9.7 percent in Canada, the company’s biggest market, while it plunged 45 percent in the United States.
The Toronto-based company’s net income rose 35.8 percent to C$728 million, or C$1.18 per share.
Total wealth sales rose 29.1 percent and life and health sales jumped 39.6 percent.
Sun Life’s total assets under management rose 1.3 percent to C$903.3 billion at the end of the quarter.
Manulife Financial Corp (MFC.TO), Canada’s biggest life insurer, last week reported a higher-than-expected quarterly profit and met a long-held target to achieve an annual profit of C$4 billion in 2016, helped by a strong performance in Asia.
Reporting by Komal Khettry and Diptendu Lahiri in Bengaluru; Editing by Maju Samuel