The Globe and Mail reports in its Wednesday edition that Sun Life, Canada's second-largest insurer, slightly missed third quarter expectations Tuesday, posting third-quarter "underlying" net income of $930-million, or $1.59 a share, down slightly from the $934-million, or $1.62 a share, in the same period last year. The Globe's Clare O'Hara writes that analysts expected income of $1.63 a share. Underlying net income strips out investment losses and makes other accounting adjustments. Despite the small dip in earnings, chief executive officer Kevin Strain said the company continues to benefit from its diversified business model, which included strong net income in Canada, higher fee revenue at the insurer's asset-management arm, SLC Management, and "good growth" in Asia. "We are firing on all cylinders in Asia, and our intention is to keep Asia moving in the right direction," Mr. Strain told The Globe. Total individual insurance sales for Asia were $521-million in the latest quarter, up 60 per cent year-over-year. The increase was largely driven by higher sales in Hong Kong, which has surpassed prepandemic sales levels since the border with mainland China reopened earlier this year. Sun Life closed at $68.54, up $2.49.