Sun Life Financial said on Wednesday it fell to a loss in the fourth quarter due to a C$635 million accounting charge.
Sun Life, Canada's No. 3 life insurer, lost C$525 million ($526 million), or 90 Canadian cents a share, in the quarter ended Dec. 31. That compared with a year-before profit of C$504 million, or 84 Canadian cents a share.
Analysts had expected a loss of 59 Canadian cents a share, according to Thomson Reuters I/B/E/S/.
Sun Life took a C$635 million charge related to a change in how it accounts for hedges on certain annuity and insurance contract liabilities.
The company maintained its quarterly dividend of 36 Canadian cents a share. Some analysts had wondered whether the company would cut the payout.