SUN Life Financial Inc. saw its net income climb to $3.7 billion (approximately P153.8 billion) last year, up 11 percent from $3.4 billion (about P141.3 billion) in 2022, on higher sales from insurance packages.

"Sun Life closed 2023 with a strong fourth quarter driven by exceptional sales for individual protection as well as good momentum in our group health and protection businesses, reflecting the value and trust clients place in Sun Life's solutions," Kevin Strain, company president and chief executive officer, said in a statement on Thursday.

"Despite a challenging market, our asset management pillar delivered solid underlying earnings, led by record earnings at SLC Management and steady margins at MFS [Investment Management]," he added.

For the fourth quarter alone, the listed insurance company said its underlying net income grew by 10 percent year on year to $983 million (approximately P40.8 billion) driven by increased sales.

Underlying profit from the health and asset management plan was said to have improved by 7.0 percent to $439 million in the fourth quarter of 2023 due to higher asset management fee-related earnings and increased investment income.

Contributions from the group health and protection packages rose by 14 percent to $365 million, anchored on business premium growth in the United States and Canada, which was partly offset by US dental plans.

The company, meanwhile, saw the underlying income from individual protection plans surge by 23 percent year on year to $284 million following robust sales in Asia and higher investment contributions in Canada.

On Thursday, Sun Life's share price rose by P50 to P2,600.