Sun Life Financial Inc. · TSX:SLF
Sun Life Financial — Q3 2025 Earnings Presentation
37 slides from Sun Life Financial's earnings presentation, November 2025
Slide 1: Q3'25 Delivering sustainable shareholder value
Q3'25 Delivering sustainable shareholder value
Slide 2: • Business overview • Strategic overview • Business group highlights
• Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio Sun Life – Q3 2025 2
Slide 3: A leading global financial services organization
A leading global financial services organization Balanced & diversified $1.62T business model2 85M+ 66,900 95,000 Offices in Assets Under $46.7B Year-to-date at September 30, 2025 Clients5,6 Employees5,7 Advisors5,8 28 markets5 Management market cap9 (AUM)1,9 Group - Health & Protection 28% Asset ma
Slide 4: The Sun Life story
The Sun Life story • A diversified business model, with four well-positioned business groups, focused on creating value and positively impacting our Clients, employees and shareholders • Portfolio of businesses that have strong growth prospects and capital generation in attractive global markets • S
Slide 5: Leveraging global trends
Leveraging global trends • Individual and employer attention on physical and mental health • Demographic shifts in developed markets • Increased economic, market and geopolitical volatility • Gig economy and shift in nature of work • Digital acceleration • Adoption of digital health technologies • G
Slide 6: • Business overview • Strategic overview • Business group highlights
• Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio Sun Life – Q3 2025 6
Slide 7: Executing on our ambition to be the best Asset Management and Insurance company in the world
Executing on our ambition to be the best Asset Management and Insurance company in the world Our Purpose: Help Clients achieve lifetime financial security and live healthier lives Our Values: Caring, Authentic, Bold, Inspiring, Impactful Four Pillars Client Impact Strategic Imperatives A global lead
Slide 8: Consistently delivering value to shareholders
Consistently delivering value to shareholders 5-year annualized total shareholder return5 Performance against medium-term objectives At September 30, 2025 Sun Life 13.7% Medium-term objectives2 Q3'25 3-Year3,4 Underlying EPS growth1 Canadian Lifecos 26.5% 10% 6% 8% US Lifecos 21.6% Underlying ROE1 1
Slide 9: Digital Leadership
Digital Leadership Q3 2025 highlights We are operating like a digital company focused on: Launched Advisor Workbench in Asia • In Hong Kong, our new Advisor Workbench streamlines multiple applications into a single, efficient platform Digital Experiences Amazing Client, employee, advisor and partner
Slide 10: Distribution excellence
Distribution excellence Distribution across the four pillars AM • MFS partners with leading retail intermediary firms and global institutional consultants Omni-channel approach • SLC Management distributes products through affiliates Crescent Capital, to serving Clients, including BentallGreenOak, I
Slide 11: • Business and strategic overview • Strategic overview • Business group highlights
• Business and strategic overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio Sun Life – Q3 2025 11
Slide 12: Q3 2025 results
Q3 2025 results Profitability ($ millions) Q3'25 Q3’24 Change Results Highlights Asset management & wealth 500 474 +5% Good overall results underpinned by business diversification: Group - Health & Protection 284 345 (18)% • Asset management & wealth: up 5% y/y from improved credit experience and hi
Slide 13: 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 14: Asset management & wealth: MFS
Asset management & wealth RETAIL INSTITUTIONAL TOTAL MFS US$460B AUM1 US$198B AUM1 US$659B AUM1 Distributed through financial advisors Partner with leading consultants to manage MFS is a strong strategic and financial affiliated with brokerage houses, financial assets for public and corporate pensio
Slide 15: Asset management & wealth: SLC Management
Asset management & wealth Real Estate IG Credit Alternative Credit Infrastructure Distribution $99B AUM1,2 $74B AUM1,2 $65B AUM1,2 $18B AUM1,2 $3B AUM1,2,3 Seeks to help investors Invests across spectrum Seeks investments in high- 230+ infrastructure One of the largest • • • of investment grade qual
Slide 16: Canada
Group - Health Asset management Individual - & Protection & wealth Protection Group Retirement Sun Life Health Services (GRS) Individual Wealth Individual Insurance $7.1B Net premiums1,5 $193B AUMA1,3,4 $84B AUMA1,3,4 $6.3B Net premiums1,5 Canada ~10M Canadians2 ~1M Canadians2 ~0.7M Canadians2 ~2M C
Slide 17: U.S.
Group - Health Individual - & Protection Protection Dental Health Group Individual US$3.1B Revenues1,3 US$2.7B Revenues1,3 US$2.4B Revenues1,3 US$15.7B AUM1 ~35M Members ~8M Members ~9M Members ~0.2M Members Largest Dental benefits Largest independent Stop- Top ten U.S. Group Life Closed blocks of i
Slide 18: Asia
Philippines Hong Kong Vietnam Indonesia $242M ins. sales1,2 $1,425M ins. sales1,2 $66M ins. sales1,2 $58M ins. sales1,2 • 1st in total premiums1,3 for • 3rd in MPF net inflows and • 10th in insurance sales and Asia 14 consecutive years 3rd based on AUM1,6 6th in bancassurance sales1,8 • 9th in insur
Slide 19: • Business overview • Strategic overview • Business group highlights
• Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio Sun Life – Q3 2025 19
Slide 20: Earnings consistently exceeded consensus estimates over the past decade
Earnings consistently exceeded consensus estimates over the past decade Underlying earnings per share1 vs. consensus estimate2 $1.80 Earnings Per Share ($) $1.50 $1.20 $0.90 $0.60 $0.30 $0.00 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19
Slide 21: High-quality earnings – differential between underlying and reported earnings is modest
High-quality earnings – differential between underlying and reported earnings is modest and/or transitory Cumulative reported net income impacts (2015 – 2024) 100% 92% 88% (5)% (3)% (3)% (1)% Long-term neutral 1 Underlying Markets ACMA & Other Acquisition MFS Shares Reported Net Income Primarily due
Slide 22: Strong record of returning capital to shareholders
Strong record of returning capital to shareholders Annual dividend per common share +9% CAGR $4.00 Dividend Per Share ($) $3.00 $2.00 $1.00 $0.00 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $13.2B in dividends paid to common shareholders over the past 10 years Sun Life – Q3 2025
Slide 23: • Business overview • Strategic overview • Business group highlights
• Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio Sun Life – Q3 2025 23
Slide 24: Capital model provides financial flexibility
Capital model provides financial flexibility SLF Inc. LICAT1 154% SLF Inc. - External Capital Securities Subordi nated Debt Coupon Pr inc ipal. SM Pa r Call Date SL F Ser ies 2 007 - 1 5.40% $400 29-May -37 SLF Ser ies 2 02 0-1 2. 58% $1 ,000 10 -May -27 SLF Ser ies 2 02 0-2 206% $750 1-0ct -30 SLA
Slide 25: Capital strength & flexibility
Capital strength & flexibility • Target minimum cash and other liquid assets at the holding company of $500 million1,2,3 Q3’25 Capital Q3’25 Capital metrics SLF Inc. ($ millions) Deployment opportunities LICAT3 154% Subordinated debt4 7,176 • Organic investments Financial leverage ratio1 21.6% Innov
Slide 26: M&A activity reflects strategic priorities
M&A activity reflects strategic priorities • Activity over last ten years promotes growth in Asia and Asset Management and builds out group benefits/dental capabilities in the U.S. Asset Management Canada U.S. Asia 2023 – Divestiture 2016 – Acquisition of 2016 – Expanded 2016 – Expanded 2018 – of th
Slide 27: • Business overview • Strategic overview • Business group highlights
• Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio Sun Life – Q3 2025 27
Slide 28: High quality, well-diversified investment portfolio
High quality, well-diversified investment portfolio Investment profile Debt securities by credit rating • 74% of the portfolio is fixed As of September 30, 2025 As of September 30, 2025 income; 98% of fixed income BB and lower rated investment grade1 BBB- 1% Equity BBB 2% AAA 12% 16% • Only 5% of fi
Slide 29: Mortgages and investment property exposures
Mortgages and investment property exposures Mortgages by type and geography1 Mortgages by type and rating1,3 As of September 30, 2025 As of September 30, 2025 Multi-family % of Multi-family ($millions) Office Industrial Retail Other Total ($millions) Office Industrial Retail Other Total residential
Slide 30: Appendix
Appendix Sun Life – Q3 2025 30
Slide 31: Market sensitivities
Market sensitivities Change in Private and Public Equity Markets1,2,3 Change in Credit Spreads3,8 As at September 30, 2025 25% 10% 10% 25% As at September 30, 2025 As at December 31, 2024 ($millions, unless otherwise noted) decrease decrease increase increase ($millions, unless otherwise noted) 50 b
Slide 32: Forward-Looking Statements
In this document, 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) dete
Slide 33: 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 34: Footnotes
Footnotes From slide 3 2 Business Mix based on underlying net income, excluding Corporate expenses and other. Asset management & wealth includes MFS Investment Management, SLC Management, Canada Individual Wealth, Group Retirement Services, Asia Asset management & Individual wealth. Group - Health &
Slide 35: Footnotes continued
Footnotes continued From slide 16 2 Total number of Clients served, including Dialogue, Canadian Dental Care Plan members and dependents. 3 As of September 30, 2025. 4 Total SLGI AUM is $44.4 billion at September 30, 2025. The portion of SLGI AUM related to the GRS business is included in the Total
Slide 36: Footnotes continued
Footnotes continued From slide 25 2 Cash and other liquid assets at SLF Inc. and its wholly owned holding companies. 3 Life Insurance Capital Adequacy Test (“LICAT”) ratio of SLF Inc.; our LICAT ratios are calculated in accordance with the OSFI-mandated guideline, Life Insurance Capital Adequacy Tes
Slide 37: Sun Life Investor Relations
Sun Life Investor Relations To contact Sun Life Investor Relations: Please email Investor_Relations@sunlife.com Sun Life – Q3 2025 37