Analyst Note
| Rajiv Bhatia, CFA |No-moat-rated Sun Life Financial finished the year with robust financial results. Underlying net income for the fourth quarter increased 9% year over year to CAD 862 million, and adjusted earnings per share of CAD 1.47 beat the FactSet consensus. Underlying net income grew in the United States and in the asset-management business but decreased in Canada and Asia. We plan to modestly increase our fair value estimate to account for market appreciation driving asset-management profitability.