Sun Life Financial Inc. SLF-T 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.