It has been about a month since the last earnings report for Sun Life (SLF). Shares have lost about 4% in that time frame, outperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Sun Life due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Sun Life Q4 Earnings Rise Y/Y on Solid Asset ManagementSun Life Financial reported fourth-quarter 2021 underlying net income of $712 million (C$898 million), up 4.2% year over year. This improvement was driven by broad-based business growth across four pillars, with particular strength in asset management and wealth and a lower effective tax rate. However, unfavorable COVID-related mortality and morbidity experience and forex weighed on the upside.Insurance sales more than doubled year over year to $1.3 billion (C$1.6 billion) on the back of higher sales in SLF Canada. Wealth sales were up 12% year over year to $45 billion (C$56.7 billion) in the quarter on higher sales in Asia and Canada. The value of new business increased 70.3% year over year to $391.8 million (C$494 million).Segmental ResultsSLF Canada’s underlying net income increased 9% year over year to $211 million (C$266 million) driven by experience-related items and business growth, partially offset by a $20 million investment impairment in earnings on surplus. Insurance sales increased 30%, driven by higher individual participating life insurance sales, and higher large case group benefits sales in Sun Life Health. Wealth sales increased 20%, driven by higher defined benefit solutions sales in Group Retirement Services.SLF U.S.’ underlying net income was $57.1 million (C$72 million), down 51% from the prior-year quarter, primarily due to COVID-related experience, as working-age population mortality continued to be elevated in the fourth quarter. Sales increased 22% year over year driven by higher medical stop-loss sales.SLF Asset Management’s underlying net income of $303 million (C$382 million) increased 15% year over year, driven by a 14% increase in MFS and an 18% increase in SLC Management.SLF Asia reported an underlying income of $103 million (C$130 million), down 12% year over year, driven by business growth and an investment impairment from the prior year, partially offset by experience-related items and foreign exchange translation. Insurance sales decreased 14% year over year due to lower sales in Hong Kong and International, partially offset by higher sales in most of its other markets. Wealth sales increased 33%, driven by higher sales in the Philippines and India.Financial UpdateGlobal assets under management were $1.1 trillion (C$1.4 trillion), up 15% from 2020 end. Sun Life Assurance’s Minimum Continuing Capital and Surplus Requirements (LICAT) ratio was 124% as of Dec 31, 2021 versus 127% as of Sep 30, 2020.The LICAT ratio for Sun Life was 145% as of Dec 31, 2021 versus 147% as of Dec 31, 2020. Sun Life’s reported return on equity of 17.1% in 2021, up 630 basis points (bps) year over year. Underlying ROE of 15.4% expanded 100 bps year over year. Leverage ratio of 25.5% at 2021-end deteriorated 200 basis points year over year.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates revision.The consensus estimate has shifted -16.05% due to these changes.VGM ScoresAt this time, Sun Life has a poor Growth Score of F, however its Momentum Score is doing a bit better with a D. However, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of this revision indicates a downward shift. Notably, Sun Life has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Just Released: Zacks Top 10 Stocks for 2022 In addition to the investment ideas discussed above, would you like to know about our 10 top picks for the entirety of 2022? From inception in 2012 through 2021, the Zacks Top 10 Stocks portfolios gained an impressive +1,001.2% versus the S&P 500’s +348.7%. Now our Director of Research has combed through 4,000 companies covered by the Zacks Rank and has handpicked the best 10 tickers to buy and hold. Don’t miss your chance to get in…because the sooner you do, the more upside you stand to grab.See Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Sun Life Financial Inc. (SLF): Free Stock Analysis Report To read this article on Zacks.com click here.