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Sun Life Financial Inc. announced Wednesday that its profits rose in the latest quarter, beating market expectations due in part to growth in its wealth and asset management-businesses.

The Toronto-based company, primarily known for its life insurance, reported net income for the fourth quarter (Q4) ended Dec. 31 of $641 million or $1.05 per share, compared to $560 million or $0.91 per share in Q4 2016.

Thomson Reuters analysts had estimated $634 million in net income or $1.02 per share.

CEO Dean Connor says Sun Life’s fourth quarter capped off a year of improved momentum in a number of fronts, including the launch of new digital offerings in Canada and the continued building out its wealth and asset-management businesses.

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Sun Life’s revenue was $8.7 billion in Q4 2017 compared to $2.4 billion last year.

The insurer says the increase was largely due to the decreases in interest rates inQ4 2017 compared to increases in interest rates in Q4 2016.