Slide 1: Q2 2026 Quarterly Results Presentation
Q2 2026 Quarterly Results Presentation August 7, 2026
Slide 2: Cautionary notes
Cautionary notes 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' n
Slide 3: Conference call participants
Conference call participants Kevin Strain Tim Deacon Tom Murphy President & Chief Executive Officer Chief Financial Officer President, Sun Life Asset Management Manjit Singh David Healy Jessica Tan President, Sun Life Asia President, Sun Life U.S. President, Sun Life Canada Steve Peacher Ted Maloney
Slide 4: Kevin Strain
Kevin Strain President and Chief Executive Officer
Slide 5: Double-digit EPS growth reflecting higher earnings across all business groups
Q2 2026 RESULTS Double-digit EPS growth reflecting higher earnings across all business groups Profitability1 ($) Growth Underlying EPS2 Reported EPS Asset management net flows & Insurance sales2 ($M) New business CSM2,4 ($M) net wealth sales2,3 ($B) +13% +20% +44% 2.1 (8)% Underlying ROE2 Q2'25 Q2'2
Slide 6: Helping Clients achieve lifetime financial security and live healthier lives
PROGRESS AGAINST OUR STRATEGIC IMPERATIVES Helping Clients achieve lifetime financial security and live healthier lives • Founding member of an AI Consortium alongside industry leaders, advancing responsible AI adoption across regulated industries Operate as a digital • Built an agentic AI-platform
Slide 7: Performance against our medium-term objectives
Q2 2026 RESULTS Performance against our medium-term objectives1 Underlying EPS growth 19.1% 19.1% $2.20 18.3% 18.6% Target1 10% 17.6% Q2 2026 result2 13% $2.00 $1.80 Underlying ROE $1.60 $1.96 $2.02 Target1 20% $1.86 $1.89 $1.40 $1.79 Q2 2026 result2 19.1% $1.20 $1.00 Dividend payout ratio Q2'25 Q3'
Slide 8: Tim Deacon
Tim Deacon Executive Vice President & Chief Financial Officer
Slide 9: Strong net income results with all business groups reporting increased earnings
Q2 2026 RESULTS Strong net income results with all business groups reporting increased earnings Earnings for the second quarter Q2’26 Q2’25 (C$ millions) Post-Tax Post-Tax Underlying EPS1 Reported EPS Underlying net income1 1,123 1,015 +13% Add: Market-related impacts2 (22) (166) +44% Add: Assumptio
Slide 10: Strong asset management fundraising and positive net flows support continued growth
SUN LIFE ASSET MANAGEMENT Strong asset management fundraising and positive net flows support continued growth Profitability (US$ millions) Quarterly Highlights Underlying net income1 Reported net income Profitability: +4% +14% • Underlying net income growth driven by seed performance at SLC and high
Slide 11: Canada results reflect strong business growth combined with favourable experience
CANADA Canada results reflect strong business growth combined with favourable experience Profitability ($ millions) Quarterly Highlights Underlying net income1 Reported net income Profitability: +47% Underlying ROE1 +23% • Underlying net income growth driven 36.6% +10.2 pp by business growth in Sun
Slide 12: Health and Risk Solutions and In-force Management drive U.S. growth
U.S. Health and Risk Solutions and In-force Management drive U.S. growth Profitability (US$ millions) Quarterly Highlights Underlying net income1 Reported net income Profitability: Underlying ROE1 +15% +69% • Underlying net income up 15% over the prior year 13.3% +1.6 pp driven by growth in Health a
Slide 13: Asia delivered strong earnings and sales growth across multiple markets
ASIA Asia delivered strong earnings and sales growth across multiple markets Profitability ($ millions) Quarterly Highlights Underlying net income1 Reported net income Profitability: +21% +158% Underlying ROE1 • Underlying net income increased by 21%2 over the 15.7% +1.1 pp prior year, driven by str
Slide 14: Demonstrated financial strength and flexibility
FINANCIAL STRENGTH Demonstrated financial strength and flexibility SLF Inc. LICAT ratio1 Financial leverage ratio2 Book value per share ($) Total CSM ($B) +2 pp +0.6 pp +7% +12% 151% 143% 145% 23.2% 23.8% 20.4% 39.57 41.10 42.49 13.7 14.7 15.3 Q2'25 Q1'26 Q2'26 Q2'25 Q1'26 Q2'26 Q2'25 Q1'26 Q2'26 Q2
Slide 15: Continuing to generate and return capital to shareholders with an attractive dividend yield
CAPITAL Continuing to generate and return capital to shareholders with an attractive dividend yield Dividend yield1 Capital returned to shareholders ($B) Share buybacks2 Common share dividends 0.5 4.1% 4.2% 3.8% 0.5 0.5 0.4 0.1 Q2'25 Q1'26 Q2'26 Q2'25 Q1'26 Q2'26 1 Represents a non-IFRS financial me
Slide 16: Appendix
Appendix
Slide 17: Drivers of Earnings
SUPPLEMENTAL DETAILS Drivers of Earnings1 Underlying drivers of earnings (DOE) Non-underlying net income adjustments Q2’26 Q1’26 Q2’25 Q2’26 Q1’26 Q2’25 $ millions, pre-tax $ millions, post-tax Risk adjustment release 103 103 107 Common shareholders’ underlying net income (loss) 1,123 1,050 1,015 Co
Slide 18: DOE experience gains/(losses)
SUPPLEMENTAL DETAILS DOE experience gains/(losses)1 Underlying DOE experience Q2’26 Q1’26 Q2’25 Underlying Experience Highlights $ millions, pre-tax • Mortality experience was favourable due to fewer claims in Mortality 69 23 35 Canada, the U.S., and Asia Morbidity 44 5 (28) • Morbidity experience w
Slide 19: Contractual Service Margin movement analysis
SUPPLEMENTAL DETAILS Contractual Service Margin movement analysis1,2 $ millions, pre-tax Q2’26 Q1’26 Q2’25 CSM Highlights CSM at beginning of period 14,673 14,492 13,619 • Total CSM ended Q2’26 at $15.3 billion, up 12% y/y largely driven by new Impact of new insurance business1,3 400 429 435 busines
Slide 20: Earnings on surplus and credit experience
SUPPLEMENTAL DETAILS Earnings on surplus and credit experience1 Earnings on surplus Credit experience $ millions, pre-tax Q2’26 Q1’26 Q2’25 $ millions, pre-tax Q2’26 Q1’26 Q2’25 Core investment income 128 132 146 Ratings/Net impairments3 (4) (21) (31) Realized investment gains / Expected credit loss
Slide 21: Total company detailed results
Q2 2026 Total company detailed results Profitability Q2’26 Q2’25 Change Financial strength Q2’26 Q2’25 Change Asset management & wealth1 ($ millions) 479 456 +5% SLF Inc. LICAT ratio4 (%) 145 151 (6) pp Group - Health & Protection1 ($ millions) 362 326 +11% SLA LICAT ratio4,5 (%) 133 141 (8) pp Indi
Slide 22: Sun Life Asset Management
Q2 2026 BUSINESS GROUP RESULTS Sun Life Asset Management Profitability (US$) Q2’26 Q2’25 Change Growth2 (US$) Q2’26 Q2’25 Change MFS1 ($ millions) 187 184 +2% Gross flows1,3 ($ billions) 53.6 34.6 +18.9 B SLC1 ($ millions) 43 33 +30% Net flows1,3 ($ billions) 1.5 (10.9) +12.4 B Solutions & Other1 ($
Slide 23: MFS
Q2 2026 BUSINESS GROUP RESULTS MFS Profitability (US$) Q2’26 Q2’25 Change Growth (US$) Q2’26 Q2’25 Change Underlying net income1 ($ millions) 187 184 +2% Total net flows1 ($ billions) (22.9) (14.3) (8.5) B Reported net income ($ millions) 184 183 +1% Institutional net flows1 ($ billions) (9.2) (8.4)
Slide 24: SLC Management
Q2 2026 BUSINESS GROUP RESULTS SLC Management Profitability (US$) Q2’26 Q2’25 Change Growth (US$) Q2’26 Q2’25 Change Fee-related earnings1 ($ millions) 62 63 (2)% Total assets under management1,3 ($ billions) 194 183 +6% Pre-tax fee-related earnings margin1,2 (%) 26.3 25.5 +0.8 pp Total AUM net flow
Slide 25: Canada
Q2 2026 BUSINESS GROUP RESULTS Canada Profitability Q2’26 Q2’25 Change Growth Q2’26 Q2’25 Change Underlying net income1 ($ millions) 427 347 +23% AM net flows & net wealth sales – AUMA1 ($ 1,483 936 +58% millions) Reported net income ($ millions) 443 302 +47% Asset management & wealth AUM1,2,3 ($ 21
Slide 26: U.S.
Q2 2026 BUSINESS GROUP RESULTS U.S. Profitability (US$) Q2’26 Q2’25 Change Growth (US$) Q2’26 Q2’25 Change Underlying net income1 ($ millions) 164 143 +15% Employee Benefits sales1 ($ millions) 67 54 +24% Reported net income ($ millions) 125 74 +69% Medical stop-loss sales1 ($ millions) 225 121 +86%
Slide 27: Asia
Q2 2026 BUSINESS GROUP RESULTS Asia Profitability Q2’26 Q2’25 Change CC1,2 Growth Q2’26 Q2’25 Change CC1,2 Underlying net income1 ($ millions) 222 188 +18% +21% AM net flows & net wealth sales1 ($ millions) 442 305 +137 M +144 M Reported net income ($ millions) 202 80 +153% +158% Asset management &
Slide 28: Supplemental U.S. Dental metrics
U.S. DENTAL Supplemental U.S. Dental metrics 1000 Dental revenue and Medicaid loss ratios1,2 105% Underlying net income1 (US$M) 900 100% 800 571 556 579 550 528 700 477 95% 425 416 600 94.2% 500 92.6% 90% Medicaid revenue (US$M) 400 89.6% 88.8% 88.1% 87.4% 86.9% 87.2% 85% Commercial dental and Medic
Slide 29: Cautionary notes
Cautionary notes 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
Slide 30: Cautionary notes
Cautionary notes 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 Cana
Slide 31: Footnotes
FOOTNOTES Slide Footnote 3 Prior period amounts have been updated reflecting a reporting refinement. 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),
Slide 32: Footnotes
FOOTNOTES Slide Footnote Expenses - other and Net investment results removes non-underlying Other adjustments, including MFS shares owned by management, Acquisition, integration and restructuring, and Intangible asset 2 amortization. Other adjustments may also be removed from Other expenses and Net
Slide 33: Footnotes
FOOTNOTES Slide Footnote 2 Includes timing differences on derivatives, currency and other items. 3 On fair value through profit / loss assets. 20 4 On fair value through other comprehensive income and amortized cost assets. 5 Release of credit risk adjustments are reported in the Expected investment