Sun Life Financial Inc. · TSX:SLF
Sun Life Financial — Investor Presentation (February 2026)
39 slides from Sun Life Financial's investor presentation, February 2026
Slide 1: Q4'25 Delivering sustainable shareholder value
Q4'25 Delivering sustainable shareholder value
Slide 2: Agenda
• Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio Sun Life – Q4 2025 2
Slide 3: A leading global financial services organization
A leading global financial services organization Balanced & diversified $1.60T business model2 85M+ 66,900 95,000 Offices in Assets Under $47.4B Year-to-date at December 31, 2025 Clients5,6 Employees5,7 Advisors5,8 28 markets5 Management market cap9 (AUM)1,9 Group - Health & Protection 27% Asset man
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: Agenda
• Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio Sun Life – Q4 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 Scale a leadi
Slide 8: Consistently delivering value to shareholders
Consistently delivering value to shareholders 5-year annualized total shareholder return5 Performance against medium-term objectives At December 31, 2025 Sun Life 13.3% Medium-term objectives2 Q4'25 4-Year3,4 Underlying EPS growth1 Canadian Lifecos 25.6% 10% 17% 9% Canadian Banks 19.9% Underlying RO
Slide 9: Digital Leadership
Digital Leadership Q4 2025 highlights We are operating like a digital company focused on: Enhancing digital capabilities in Asia • In Malaysia, Clients benefitted from a faster onboarding experience, with almost two-third of Clients receiving automated underwriting decisions Digital Experiences with
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: Agenda
• Business and strategic overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio Sun Life – Q4 2025 11
Slide 12: Q4 2025 results
Q4 2025 results Profitability ($ millions) Q4'25 Q4’24 Change Results Highlights Asset management & wealth 534 486 +10% Strong financial performance, reflecting growth across businesses: Group - Health & Protection 308 266 +16% • Asset management & wealth: up 10% y/y from lower credit losses and hig
Slide 13: Q4 2025 results
Q4 2025 results Underlying net income1 ($ millions) Reported net income ($ millions) Impact of currency translation increased 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 307 210 207 253 161
Slide 14: Asset management & wealth: MFS
Asset management & wealth RETAIL INSTITUTIONAL TOTAL MFS US$457B AUM1 US$194B AUM1 US$651B 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 $98B AUM1,2 $75B AUM1,2 $66B 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 $7.6B Net premiums1,5 $197B AUMA1,4 $85B AUMA1,4 $6.7B Net premiums1,5 Canada ~11M Canadians2 ~2M Canadians2 ~0.7M Canadians2 ~2M Canad
Slide 17: U.S.
Group - Health Individual - & Protection Protection Dental Health Group Individual US$3.2B Revenues1,3 US$2.8B Revenues1,3 US$2.5B Revenues1,3 US$16.5B AUM1 ~32M Members ~8M Members ~10M Members ~0.2M Members One of the largest Dental Largest independent Stop- Top ten U.S. Group Life Closed blocks o
Slide 18: Asia
Philippines Hong Kong Vietnam Indonesia $261M ins. sales1,2 $2,124M ins. sales1,2 $55M ins. sales1,2 $87M ins. sales1,2 • 1st in total premiums1,3 for • 3rd in MPF net inflows and • 9th in insurance sales and 6th Asia 14 consecutive years 3rd based on AUM1,6 in bancassurance sales1,8 • 9th in insura
Slide 19: Agenda
• Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio Sun Life – Q4 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 $2.10 $1.80 Earnings Per Share ($) $1.50 $1.20 $0.90 $0.60 $0.30 $0.00 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 Q3'19 Q4'19
Slide 21: High-quality earnings – differential between underlying and reported earnings
High-quality earnings – differential between underlying and reported earnings is modest and/or transitory Cumulative reported net income impacts (2016 – 2025) 100% 91% 87% (5)% (4)% (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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $14.3B in dividends paid to common shareholders over the past 10 years Sun Life – Q4 2025
Slide 23: Agenda
• Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio Sun Life – Q4 2025 23
Slide 24: Capital model provides financial flexibility
Capital model provides financial flexibility SLF Inc. LICAT1 157% SLA Asset Management LICAT1 140% DentaQuest SLC Canada Bermuda Asia U.S. (U.S.) MFS Management Capitalized to meet local capital rules Book value excl. from LICAT All information as at December 31, 2025; all dollar amounts are in C$,
Slide 25: Capital strength & flexibility
Capital strength & flexibility • Target minimum cash and other liquid assets at the holding company of $500 million1,2,3 Q4’25 Capital Q4’25 Capital metrics SLF Inc. ($ millions) Deployment opportunities LICAT3 157% Subordinated debt4 8,171 • Organic investments Financial leverage ratio1 23.5% 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: Agenda
• Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio Sun Life – Q4 2025 27
Slide 28: High quality, well-diversified investment portfolio
High quality, well-diversified investment portfolio Investment profile Debt securities by credit rating • 73% of the portfolio is fixed As of December 31, 2025 As of December 31, 2025 income; 98% of fixed income BB and lower rated investment grade2 BBB- 1% Cash, cash equivalents BBB 2% AAA & short-t
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 December 31, 2025 As of December 31, 2025 Multi-family % of Multi-family ($millions) Office Industrial Retail Other Total ($millions) Office Industrial Retail Other Total residential To
Slide 30: Loans
Loans Loans Loans As of December 31, 2025 As of December 31, 2025 Amortized ($millions) FVTPL FVOCI Total Total ($millions) Total Total Cost AAA 180 - - 180 0% Canada 12,880 28% AA 6,488 507 56 7,051 16% U.S. 20,044 44% A 16,563 1,190 215 17,968 39% Europe 9,234 20% BBB 18,152 483 46 18,681 41% Asia
Slide 31: Appendix
Appendix Sun Life – Q4 2025 31
Slide 32: Market sensitivities
Market sensitivities Change in Private and Public Equity Markets1,2,3 Change in Interest Rates2,3,5 As at December 31, 2025 25% 10% 10% 25% As at December 31, 2025 As at December 31, 2024 ($millions, unless otherwise noted) decrease decrease increase increase ($millions, unless otherwise noted) 50 b
Slide 33: Market sensitivities
Market sensitivities Change in Credit Spreads1,2 As at December 31, 2025 As at December 31, 2024 ($millions, unless otherwise noted) 50 basis point 50 basis point 50 basis point 50 basis point decrease increase decrease increase Potential impact on net income (after-tax) 125 (25) 75 (50) Potential i
Slide 34: 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 35: 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 36: 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 37: Footnotes continued
Footnotes continued From slide 16 2 Total number of Clients served, including Dialogue and Canadian Dental Care Plan members. 3 Includes advisors and associate advisors in Sun Life Financial Distribution (SLFD) network. 4 Total SLGI AUM is $44.5 billion at December 31, 2025. The portion of SLGI AUM
Slide 38: 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 39: Sun Life Investor Relations
Sun Life Investor Relations To contact Sun Life Investor Relations: Please email Investor_Relations@sunlife.com Sun Life – Q4 2025 39
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