Sun Life Financial Inc. · TSX:SLF
Sun Life Financial — Q4 2025 Earnings Presentation
25 slides from Sun Life Financial's earnings presentation, Feb 12, 2026
Slide 1: Q4'25 financial & operating results
Q4'25 financial & operating results For the period ended December 31, 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 – Q4 2025 3
Slide 4: Q4 2025 financial highlights
Q4 2025 financial highlights Profitability Financial Strength Growth Underlying EPS1 Underlying ROE1 Asset management net flows & net wealth sales1,4,5 $1.96 +17% 19.1% $(19.3) B (43)% Underlying net income1 Reported ROE1 Group - Health & Protection sales1 $1,094 M +13% 12.6% $1,803 M +42% Reported
Slide 5: Highlights: Delivering on our Purpose and strategy
Highlights: Delivering on our Purpose and strategy Asset Management and Wealth Asia Health Continued strength in asset management Sustained momentum and distribution excellence Growth and scale advantages in Canada and U.S. • SLC Management: Achieved $242 million • Overall, delivered 50% y/y protect
Slide 6: Full year 2025 financial highlights
Full year 2025 financial highlights Profitability Growth Key Business Highlights Underlying EPS1 Assets under management1 AM • Third-party assets under management and $7.45 +12% $1.60 T +4% administration1 of $1.17 trillion Underlying net income1 • Effective January 1, 2026, we extended and AM net f
Slide 7: Tim Deacon, Executive Vice-President & Chief Financial Officer
Tim Deacon Executive Vice-President & Chief Financial Officer Sun Life – Q4 2025 7
Slide 8: Q4 2025 results
Q4 2025 results Profitability Q4’25 Q4’24 Change Results Highlights Asset management & wealth ($ millions) 534 486 +10% Strong financial performance, reflecting growth across businesses: Group - Health & Protection ($ millions) 308 266 +16% • Asset management & wealth: up 10% y/y from lower credit l
Slide 9: Q4 2025 results
Q4 2025 results Underlying net income1 ($ millions) Reported net income ($ millions) Impact of currency translation decreased underlying net income by $3M2 Currency translation had no impact on reported net income AM CAN U.S. ASIA CORP AM CAN U.S. ASIA CORP 417 370 360 366 318326 307 253 210 207 161
Slide 10: MFS: A global leader in public asset management
MFS: A global leader in public asset management Business Group Results (US$) Quarterly Highlights (US$) Profitability Q4’25 Q4’24 Change • Underlying net income up 4% y/y/ from higher fee income on ANA growth, Underlying net income1 ($ millions) 224 216 +4% partially offset by higher expenses Report
Slide 11: SLC Management: Growing a premier alternatives platform
SLC Management: Growing a premier alternatives platform Business Group Results Quarterly Highlights Profitability Q4’25 Q4’24 Change • Underlying net income flat y/y as higher fee-related earnings (“FRE”) was Fee-related earnings1 ($ millions) 99 79 +25% offset by lower net seed investment income Pr
Slide 12: Canada: A leader in health, wealth, and insurance
Canada: A leader in health, wealth, and insurance Business Group Results Quarterly Highlights Profitability Q4’25 Q4’24 Change • Underlying net income up 14% y/y from lower credit losses, higher fee Asset management & wealth ($ millions) 142 101 +41% income, favourable insurance experience, and busi
Slide 13: U.S.: A leader in health & benefits
U.S.: A leader in health & benefits Business Group Results (US$) Quarterly Highlights (US$) Profitability Q4’25 Q4’24 Change • Underlying net income up 30% y/y reflecting improved medical stop-loss Group - Health & Protection ($ millions) 109 82 +33% experience and favourable experience in In-force
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 Q4’25 Q4’24 Change CC1,2 • Underlying net income of $207 million up 19% y/y Individual - Protection3,4 ($ millions) 185 150 +23% +24% • Individual - Protectio
Slide 15: Performance against our medium-term objectives
Performance against our medium-term objectives Medium-term Q4 2025 Measure1 objectives2 Results 2025 Results Underlying EPS growth Achieved above target underlying EPS growth driven by Growth in EPS reflects the Company's focus on 10% 17% 12% strong underlying net income growth and share buybacks ge
Slide 16: Appendix
Appendix Sun Life – Q4 2025 16
Slide 17: Drivers of earnings
Drivers of earnings1 Underlying drivers of earnings (DOE) Non-underlying net income adjustments Q4’25 Q3’25 Q4’24 Q4’25 Q3’25 Q4’24 $ millions, pre-tax $ millions, post-tax Risk adjustment release 101 103 104 Common shareholders’ underlying net income (loss) 1,094 1,047 965 Contractual Service Margi
Slide 18: DOE experience gains/(losses) – details
DOE experience gains/(losses)1 – details Pre-tax Post-tax $ millions Q4’25 Q3’25 Q4’24 Q4’25 Q3’25 Q4’24 Net equity market impact 5 38 (13) 5 29 (15) Net interest rate impact (144) 6 (109) (126) 15 (86) Impact of changes in the fair value of investment properties (71) (70) (99) (58) (58) (78) Market
Slide 19: Contractual service margin movement analysis
Contractual service margin movement analysis1 $ millions, pre-tax Q4’25 Q3’25 Q4’24 CSM Highlights CSM at beginning of period 14,406 13,675 12,836 • Total CSM ended Q4’25 at $14.5 billion, up 8% y/y largely driven by strong Impact of new insurance business2,3 440 446 306 organic CSM generation Expec
Slide 20: Earnings on surplus – Supplemental details
Earnings on surplus – Supplemental details Earnings on surplus – EOS Highlights supplemental details $ millions, pre-tax Q4’25 Q3’25 Q4’24 • Core investment income up q/q on higher surplus balance Core investment income 138 129 134 • Realized investment gains up q/q due to prior quarter trading acti
Slide 21: Credit experience – Supplemental details
Credit experience – Supplemental details Credit experience – Credit Highlights supplemental details $ millions, pre-tax Q4’25 Q3’25 Q4’24 • Ratings/Net impairments reflect a small number of impairments Ratings/Net impairments1 (15) (49) (51) Expected credit loss2 (4) (2) 3 Credit experience (19) (51
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 section M - Non-IFRS Financial Measures of our 2025 Annual MD&A. 3 In underlying net income by business type, Group businesses in Asia have been