Sun Life Financial Inc. beat analyst estimates for fourth-quarter profit, boosted by momentum in its Asia business and strong sales of individual and group insurance policies. 

The Toronto-based insurer and asset manager said underlying net income increased 10 per cent from a year earlier to $983 million (US$730 million), or $1.68 per share. That beat the 1.58 average estimate of analysts in a Bloomberg survey.

Sun Life had “exceptional sales for individual protection, as well as good momentum in our group health and protection businesses,” Chief Executive Officer Kevin Strain said in a statement Wednesday. 

“Despite a challenging market, our asset management pillar delivered solid underlying earnings,” he added. 

Sun Life has seen a significant boost to insurance policy sales at its Asia business as mainland Chinese visitors have flocked to Hong Kong after the lifting of pandemic restrictions. 

The company’s underlying net income in Asia increased by 6 per cent to $143 million, driven in part by a 49 per cent spike in individual sales, primarily in Hong Kong. 

Amid growth in that region, Sun Life recently promoted regional president Ingrid Johnson to an executive role leading strategic partnerships, then tapped Chief Financial Officer Manjit Singh to will succeed Johnson as president in Asia as of March.   

Sun Life’s US business has been under pressure owing to a change in Medicaid dental policies. Underlying income at its US group health and protection insurance business was down by $7 million in the quarter. 

But overall the group health and protection insurance earned 14 per cent more than in the previous year, while individual insurance surged by 23 per cent to $284 million in the quarter.