Sun Life Financial Inc. reported fourth-quarter 2017 underlying net income of C$641 million, or C$1.05 per share, compared with C$560 million, or 91 Canadian cents per share, in the fourth quarter of 2016.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was C$1.03.

Fourth-quarter common shareholders' net income was C$207 million, or 34 cents per share, compared with C$728 million, or C$1.18 per share, in the year-ago period.

The decrease in net income was mainly driven by the unfavorable impact of recently enacted tax reform in the U.S., an after-tax restructuring charge of C$44 million and the impact from changes in interest rates.

For the full year, Sun Life saw underlying net income of C$2.55 billion, or C$4.15 per share, compared with C$2.34 billion, or C$3.80 per share, in 2016.

The S&P Capital IQ consensus normalized EPS estimate for the year was C$4.12.

Full-year reported net income was C$2.15 billion, or C$3.49 per share, compared with C$2.49 billion, or C$4.03 per share, in the previous year.