Sun Life Financial Inc. 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.