Canada CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


Canada  + Cross Border News + Ontario  + Finance  | 
Real estate market challenges hurt Sun Life's bottom line in the fourth quarter of 2023.

Real Estate Impacts Hurt Sun Life Earnings

Real estate market challenges hurt Sun Life’s bottom line in the fourth quarter of 2023.

Quarterly net income declined 36%, or $416 million, from $1.2 billion a year earlier, Sun Life reported.

Toronto-based Sun Life said the decline was driven by unfavourable market-related impacts tied primarily to interest rates and real estate.

Despite a challenging market, the insurance firm’s asset management pillar delivered solid underlying earnings, said Kevin Strain, Sun Life’s president and CEO, in a news release.

Asset management underlying net income grew 2%, or $7 million, year-over-year to $331 million. SLC Management, which includes global commercial real estate investment firm BGO, was up $22 million.

The SLC increase was driven by higher fee-related earnings and higher net seed investment income, said Sun Life. 

SLC has $109 billion in real estate assets under management and operates in 14 countries.

Sun Life ranks among Canada’s largest institutional commercial real estate investors. At year-end 2023, the company had total global assets under management of $1.40 trillion.


Inside The Story

Kevin StrainSun Life

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

New call-to-action
New call-to-action