Sun Life Financial Inc., Canada’s third-largest insurer, fell as much as 3.3 percent after posting fourth-quarter results that fell short of some analyst estimates.
Shares of Sun Life dropped 1.8 percent to C$20.51 ($20.51) at 9:50 a.m. in Toronto trading. Earlier they touched C$20.20, the biggest one-day decline since Jan. 26.
The insurer had a fourth-quarter net loss of C$525 million, or 90 cents a share, tied to C$635 million in costs for variable annuity and segregated fund contracts, Toronto-based Sun Life reported late yesterday. CIBC World Markets analyst Robert Sedran predicted the company to have a 69-cent-a-share loss.
“The messy quarter is a difficult one from which to glean much information regarding underlying trends,” said Sedran in a note to clients today.
Michael Goldberg, a Desjardins Securities analyst, put his rating and target price on Sun Life under review today. He had a buy rating on the company with a $30 target price.