05:31 PM EST, 02/12/2025 (MT Newswires) -- Sun Life Financial ( SLF ) edged higher in after-hours New York trading after the company on Wednesday said fourth-quarter underlying profit fell slightly.

Underlying profit fell 2% to $965 million, or $1.68 per share, compared with $983 million, or $1.68, in the prior-year period. The group health & protection division posted a 27% drop in underlying net income, due to an unfavorable morbidity experience in U.S. medical stop-loss and less favorable morbidity experience in Canada.

However, the Asia segment's underlying net income of $175 million increased 22% in the same period.

Reported net income of $237 million fell 68% from the prior year, driven by lower tax-exempt investment income of $234 million in Corporate; and an impairment charge of $186 million related to bancassurance in Vietnam.

"In the fourth quarter we saw sustained momentum in our Asia business. Our reported net income was affected by market conditions and an impairment in our Vietnam business. Our U.S. business faced some industry-related challenges resulting in unfavourable morbidity experience in medical stop-loss, while we saw improvements in underlying results in our U.S. dental business," said chief executive Kevin Strain.

Sun Life will pay a quarterly dividend of $0.84 per share on March 31.

The company's shares were last seen up US$0.22 to US$59.23 after hours. They closed up $1.13 to $84.63 on the Toronto Stock Exchange.