Sun Life Financial Inc. · TSX:SLF
Sun Life Financial — Q3 2025 Earnings Presentation
25 slides from Sun Life Financial's earnings presentation, Nov 6, 2025
Slide 1: Q3'25 financial & operating results
Q3'25 financial & operating results For the period ended September 30, 2025 Sun Life Financial Inc. (unaudited)
Slide 2: Forward-looking statements and non-IFRS financial measures
In this presentation, Sun Life Financial Inc. (“SLF” or “SLF Inc.”), its subsidiaries and, where applicable, its joint ventures and associates are collectively referred to as “we”, “us”, “our”, “Sun Life” and the “Company”. Reported net income (loss) refers to Common shareholders' net income (loss)
Slide 3: Kevin Strain, President and Chief Executive Officer
Kevin Strain President and Chief Executive Officer Sun Life – Q3 2025 3
Slide 4: Q3 2025 financial highlights
Q3 2025 financial highlights Profitability Financial Strength Growth Underlying net income1 Underlying ROE1 Asset management net flows & net wealth sales1,4,5 $1,047 M +3% 18.3% $2.8 B Reported net income Reported ROE1 Group - Health & Protection sales1 $1,106 M (18)% 19.3% $498 M +12% Underlying EP
Slide 5: Accelerating growth through Sun Life Asset Management
Accelerating growth through Sun Life Asset Management Effective January 1, 2026, Sun Life’s India asset management, Asia asset management and Canada pension risk transfer businesses will be formally added Sun Life Asset Management to the Sun Life Asset Management pillar, which will be led by Tom Mur
Slide 6: Highlights: Delivering on our Purpose and strategy
Highlights: Delivering on our Purpose and strategy Asset Management and Wealth Asia Health Continued momentum in asset management Demonstrated distribution excellence Sustained strength in Canada • SLC Management: Strong capital raising and • Achieved double-digit annual insurance sales • Strong ear
Slide 7: Tim Deacon, Executive Vice-President & Chief Financial Officer
Tim Deacon Executive Vice-President & Chief Financial Officer Sun Life – Q3 2025 7
Slide 8: Q3 2025 results
Q3 2025 results Profitability Q3’25 Q3’24 Change Results Highlights Asset management & wealth ($ millions) 500 474 +5% Good overall results underpinned by business diversification: Group - Health & Protection ($ millions) 284 345 (18)% • Asset management & wealth: up 5% y/y from improved credit expe
Slide 9: Q3 2025 results
Q3 2025 results Underlying net income1 ($ millions) Reported net income ($ millions) Impact of currency translation increased underlying net income by $5M2 Impact of currency translation increased reported net income by $8M2 AM CAN U.S. ASIA CORP AM CAN U.S. ASIA CORP 644 422 375 350 344 414 382 373
Slide 10: MFS: A global leader in public asset management
MFS: A global leader in public asset management Business Group Results (US$) Quarterly Highlights (US$) Profitability Q3’25 Q3’24 Change • Underlying net income down 1% compared to the prior year primarily Underlying net income1 ($ millions) 215 218 (1)% driven by a decrease in net investment income
Slide 11: SLC Management: Growing a premier alternatives platform
SLC Management: Growing a premier alternatives platform Business Group Results Quarterly Highlights Profitability Q3’25 Q3’24 Change • Underlying net income up 15% y/y on higher net seed investment income Fee-related earnings1 ($ millions) 78 72 +8% and fee-related earnings (“FRE”) Pre-tax fee-relat
Slide 12: Canada: A leader in health, wealth, and insurance
Canada: A leader in health, wealth, and insurance Business Group Results Quarterly Highlights Profitability Q3’25 Q3’24 Change • Underlying net income up 13% y/y from strong business growth, favourable Asset management & wealth ($ millions) 120 101 +19% insurance experience, and higher fee income Gr
Slide 13: U.S.: A leader in health & benefits
U.S.: A leader in health & benefits Business Group Results (US$) Quarterly Highlights (US$) Profitability Q3’25 Q3’24 Change • Underlying net income down 34% y/y Group - Health & Protection ($ millions) 63 127 (50)% • Group - Health & Protection earnings down 50% y/y reflecting negative Individual -
Slide 14: Asia: A regional leader focused on fast-growing markets
Asia: A regional leader focused on fast-growing markets Business Group Results Quarterly Highlights (% in constant currency1,2) Profitability Q3’25 Q3’24 Change CC1,2 • Underlying net income of $226 million up 32% y/y Individual - Protection3,4 ($ millions) 196 141 +39% +38% • Individual - Protectio
Slide 15: Appendix
Appendix Sun Life – Q3 2025 15
Slide 16: Drivers of earnings
Drivers of earnings1 Underlying drivers of earnings (DOE) Non-underlying net income adjustments Q3’25 Q2’25 Q3’24 Q3’25 Q2’25 Q3’24 $ millions, pre-tax $ millions, post-tax Risk adjustment release 103 107 101 Common shareholders’ underlying net income (loss) 1,047 1,015 1,016 Contractual Service Mar
Slide 17: DOE experience gains/(losses) – details
DOE experience gains/(losses)1 – details Pre-tax Post-tax $ millions Q3’25 Q2’25 Q3’24 Q3’25 Q2’25 Q3’24 Net equity market impact 38 3 48 29 - 36 Net interest rate impact 6 (103) (3) 15 (94) 38 Impact of changes in the fair value of investment properties (70) (87) (57) (58) (72) (45) Market-related
Slide 18: Contractual service margin movement analysis
Contractual service margin movement analysis1 $ millions, pre-tax Q3’25 Q2’25 Q3’24 CSM Highlights CSM at beginning of period 13,675 13,619 12,512 • Total CSM ended Q3’25 at $14.4 billion, up 12% y/y largely driven by organic Impact of new insurance business2 446 435 383 CSM growth Expected movement
Slide 19: Assumption changes and management actions
Assumption changes and management actions Reported net income impacts Deferred in CSM ($ millions) (After tax)1,2 (Pre-tax) 2,3,4 Comments Updates to reflect mortality and morbidity experience in all jurisdictions. The largest item was a favourable Mortality/morbidity 14 276 mortality update mainly
Slide 20: Earnings on surplus – Supplemental details
Earnings on surplus – Supplemental details Earnings on surplus – EOS Highlights supplemental details $ millions, pre-tax Q3’25 Q2’25 Q3’24 • Core investment income down q/q primarily from a prior quarter gain on private Core investment income 129 146 151 credit; down y/y due to lower surplus balance
Slide 21: Credit experience – Supplemental details
Credit experience– Supplemental details Credit experience – Credit Highlights supplemental details $ millions, pre-tax Q3’25 Q2’25 Q3’24 • Ratings/Net impairments reflect a small number of impairments Ratings/Net impairments1 (49) (31) (71) Expected credit loss2 (2) (1) (9) Credit experience (51) (3
Slide 22: Use of Non-IFRS Financial Measures
Use of Non-IFRS Financial Measures We report certain financial information using non-IFRS financial measures, as we believe that these measures provide information that is useful to investors in understanding our performance and facilitate a comparison of our quarterly and full year results from per
Slide 23: Forward-Looking Statements
Forward-Looking Statements From time to time, the Company makes written or oral forward-looking statements within the meaning of certain securities laws, including the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities l
Slide 24: Footnotes
Footnotes From slide 4 2 Impact of new insurance business on CSM, also referred to as "new business CSM”, represents growth from sales activity in the period, including individual protection sales (excluding joint ventures), and defined benefit solutions and segregated fund wealth sales in Canada. 3
Slide 25: Footnotes
Footnotes From slide 14 2 Percentage change is reported on a constant currency basis, which excludes the impacts of foreign exchange translation. Refer to the Non-IFRS Financial Measures section in our Q3 2025 MD&A. 3 In underlying net income by business type, Group businesses in Asia have been incl