Sun Life Financial on Thursday reported its more than doubled quarterly profit, aided by stock market gains and improved sales, however, the results emerged in below market expectations.

Sun Life witnesses its net income to rise to C$296 million ($279 million), or 52 Canadian cents a share, in the fourth quarter, less than the 65 Canadian cents a share estimated by analysts, according to Thomson Reuters I/B/E/S.

Andre Hardy, an analyst at RBC Capital Markets, tagged the performance slightly negative as they fell below his estimate of $0.56. However in a note to clients he pointed out that Sun Life remains better capitalized than its peers.

Although, the profit was more than double the year-earlier income of C$129 million, or 23 Canadian cents a share, RBC Dominion Securities analysts claim that the lower-than-expected profit was slightly harmful for the stock.

In addition, a vital measure of profitability was 7.6 percent, up sharply from 3.3 percent the previous year, while the minimum continuing capital and surplus requirement was a healthy 221 percent.

"Our strategy of diversifying across products, distribution and geographies and a strong focus on risk management has allowed us to grow and build on earrings through a difficult period for the financial services industry," Don Steward, the chief executive, said in a statement