UBS posts loss; Sun Life’s earnings increase

UBS AG posted a record fourth quarter loss of $11.3 billion, which it blamed on the continued fallout from the subprime meltdown. UBS recorded a 2007 loss of $3.97 billion, its first negative year over year result since 1997. That performance compared with a profit of $11.2 billion francs in 2006. The bank suffered losses of $13.7 billion in the fourth quarter related to U.S subprime mortgages and $500 million on positions related to U.S commercial real estate. In the fourth quarter of 2006, UBS posted a profit of $3.1 billion. In other news, Sun Life Financial Inc. of Toronto, reported earnings of $555 million, or 97 cents per share in the fourth quarter, up from $545 million, or 94 cents, compared with a year ago. Its retirement sales increased 76% compared with the level a year earlier in 2006. Assets under management decreased $16.1 billion from the year-ago period to $425.3 billion due to a $48 billion decreased caused by currency fluctuations.