SUN LIFE FINANCIAL (SLF) Company Report

Analyst Coverage

Research analysts who have asked questions during SUN LIFE FINANCIAL earnings calls.

Doug Young

Desjardins Capital Markets

7 questions for SLF

Also covers: , BMO, BNS +7 more

Gabriel Dechaine

National Bank Financial

7 questions for SLF

Also covers: , BMO, BNS +6 more

Paul Holden

CIBC World Markets

7 questions for SLF

Also covers: BMO, BNS, GRWTF +5 more

Tom MacKinnon

BMO Capital Markets

7 questions for SLF

Also covers: CIXXF, FRFHF, GRWTF +3 more

Mario Mendonca

TD Securities

6 questions for SLF

Also covers: BMO, BNS, CM +5 more

Darko Mihelic

RBC Capital Markets

5 questions for SLF

Also covers: , BMO, BNS +4 more

Lemar Persaud

Cormark Securities

5 questions for SLF

Also covers: BMO, BNS, CM +3 more

Alex Scott

Barclays PLC

4 questions for SLF

Also covers: ACGL, AFL, AIG +29 more

Thomas Gallagher

Evercore

4 questions for SLF

Also covers: AFL, AMP, BHF +13 more

John Aiken

Jefferies Securities

3 questions for SLF

Also covers: BMO, BNS, CM +3 more

Meny Grauman

Scotiabank

3 questions for SLF

Also covers: , BMO, CM +4 more

Taylor Scott

BofA Securities

2 questions for SLF

Also covers: ACGL, AFL, AJG +12 more

Nick Lu

Evercore ISI

1 question for SLF

Nigel D'Souza

Veritas Investment Research

1 question for SLF

Also covers: BNS, CM, GRWTF +2 more

Latest news

Recent press releases and 8-K filings for SLF.

Sun Life Financial Announces Subordinated Unsecured Debentures Offering

SLF

Debt Issuance

New Projects/Investments

Sun Life Financial Inc. announced its intention to issue $1 billion principal amount of Series 2025-2 Subordinated Unsecured 4.56% Fixed/Floating Debentures due 2040.
The offering is expected to close on December 3, 2025, with net proceeds intended for general corporate purposes, which may include supporting acquisitions of SLC Management affiliates, investments in subsidiaries, and repayment of indebtedness.
The Debentures are anticipated to qualify for Tier 2 capital.

Dec 2, 2025, 1:03 AM

6-K

Sun Life Discusses Strategic Priorities, Capital Deployment, and ROE Targets

SLF

Guidance Update

M&A

Share Buyback

Sun Life (SLF) reported its asset management business surpassed CAD 1.6 trillion in assets under management (AUM) and plans to complete the remaining equity stake purchases in BGO and Crescent in Q1 next year.
The company maintains a strong capital position with CAD 6 billion in excess capital and debt capacity, having generated 52% of underlying earnings organically year-to-date, exceeding its 30% to 40% guidance. Sun Life plans to deploy CAD 2.2 billion for upcoming equity stake purchases and has executed almost CAD 1.5 billion in share buybacks year-to-date.
SLF is on track to achieve its 20% underlying ROE target from the current 18%, with growth expected from asset management, improvements in U.S. businesses, and strong performance in Canada (which achieved a 29% ROE) and Asia.
Sun Life Capital Management (SLC) is projected to reach CAD 235 million in underlying earnings for 2025 and anticipates 20% annual earnings growth from 2027, following a transition year in 2026.

Nov 25, 2025, 2:30 PM

Transcript

Sun Life Discusses Strategic Priorities, Capital Deployment, and ROE Targets at Desjardins Conference

SLF

M&A

Share Buyback

Guidance Update

Sun Life's EVP and CFO, Tim Deacon, highlighted strategic priorities including growing its asset management business, which recently surpassed $1.6 trillion in assets under management, enhancing its US dental business, and accelerating digital transformation and AI deployment.
The company is generating strong capital, with year-to-date organic capital generation at 52% of underlying earnings (net of dividends), exceeding its 30% to 40% long-term guidance. Sun Life plans to deploy $2.2 billion for remaining equity stakes in private asset managers and has deployed almost $1.5 billion in share buybacks year-to-date.
Sun Life maintains its 20% underlying Return on Equity (ROE) target, up from approximately 18%, with a clear pathway driven by growth in asset management, improved profitability in the US, and continued strong performance in Canada and Asia.
The SLC asset management pillar is on track to achieve $235 million in underlying earnings and is projected to grow at 20% annually starting in 2027, following a transition year in 2026.
The US medical stop loss business anticipates 8.5% medical cost inflation for both the current and next year, which the company states it has been able to accurately price for due to its annually repriceable nature and historical experience.

Nov 25, 2025, 2:30 PM

Transcript

Sun Life CFO Discusses Strategic Priorities, Capital Deployment, and ROE Targets

SLF

Guidance Update

Share Buyback

M&A

Sun Life's strategic priorities include growing its asset management business, which has surpassed $1.6 trillion in assets under management, enhancing its US dental business, deploying AI for efficiency and client propositions, and supporting strong performance in its Asia and Canadian businesses.
The company has generated 52% organic capital year-to-date, exceeding its guidance of 30% to 40% of underlying earnings net of dividends, and holds $6 billion in excess capital and debt capacity, net of upcoming acquisitions.
Sun Life is on track for an underlying Return on Equity (ROE) of approximately 18% and maintains a 20% target over the next several years, primarily driven by growing earnings from capital-light businesses like asset management and Sun Life Capital Management (SLC).
Sun Life Capital Management (SLC) is expected to achieve $235 million in underlying earnings for 2025 and projects 20% annual earnings growth starting in 2027, following a transition year in 2026 due to the integration of VGO and Crescent.
Sun Life has been active in share buybacks, deploying almost $1.5 billion year-to-date, and plans to fully utilize the remaining $300 million on its existing Normal Course Issuer Bid (NCIB) and continue buybacks after the $2.2 billion purchases of remaining equity stakes in its private asset managers.

Nov 25, 2025, 2:30 PM

Transcript

SLF Reports Q3 2025 Financial Results

SLF

Earnings

Dividends

Share Buyback

SLF reported underlying EPS of $1.86, an increase of 6% year over year, and an underlying ROE of 18.3% for Q3 2025.
The company saw strong sales growth, with Individual protection sales up 35% and Group health and protection sales up 12%, alongside almost $3 billion of positive net flows in asset management and wealth.
The US business experienced challenges due to unfavorable insurance experience across group and dental, resulting in Sun Life US's underlying net income being down 34% from the prior year.
SLF maintained a strong capital position with a LICAT ratio of 154%, announced a $0.04 increase to its dividend, bringing it to $0.92 per share, and repurchased approximately $400 million of shares in the quarter.

Nov 6, 2025, 3:00 PM

Transcript

Sun Life Financial Reports Strong Q3 2025 Results with Dividend Increase and Share Buybacks

SLF

Earnings

Dividends

Share Buyback

Sun Life Financial reported strong Q3 2025 results, with underlying EPS of CAD 1.86, an increase of 6% year-over-year, and an underlying ROE of 18.3%.
The U.S. business performed below expectations due to unfavorable insurance experience in group and dental, particularly in medical stop loss and Medicaid contract repricing, while Asia delivered record underlying net income of CAD 226 million, up 32% year-over-year.
The company announced a CAD 0.04 increase to its dividend, raising it to CAD 0.92 per share, and repurchased approximately CAD 400 million of shares during the quarter.
Asset management and wealth experienced positive net flows of almost CAD 3 billion, with SLC fee-earning assets under management growing 9% year-over-year. Tom Murphy was appointed President, Sun Life Asset Management, effective January 1, 2026, to accelerate global growth.

Nov 6, 2025, 3:00 PM

Transcript

Sun Life Financial Reports Q3 2025 Results with Strong Asia and Asset Management Performance Offset by US Challenges

SLF

Earnings

Dividends

Share Buyback

Sun Life Financial reported Q3 2025 underlying EPS of $1.86, an increase of 6% year over year, and underlying net income of $1.047 billion, up 3% year over year. The company also announced a $0.04 increase to its dividend, bringing it to $0.92 per share, and repurchased approximately $400 million of shares in the quarter.
The US business performed below expectations due to unfavorable insurance experience across group and dental, including higher claims frequency and costs in medical stop loss and pricing shortfalls in Medicaid dental. Management anticipates gradual improvement in 2026 through ongoing repricing efforts.
Asia and Canada delivered strong underlying earnings. Asia's underlying net income was $226 million, up 32% year over year, driven by double-digit protection sales growth in six markets and a 17% increase in total CSM to $6.5 billion.
The company's asset management businesses, MFS and SLC, contributed solid underlying earnings with almost $3 billion of positive net flows. Total assets under management reached $1.6 trillion, with MFS's AUM at $659 billion.

Nov 6, 2025, 3:00 PM

Transcript

Sun Life Financial Inc. Announces Third Quarter 2025 Results

SLF

Earnings

Dividends

Revenue Acceleration/Inflection

Sun Life Financial Inc. reported underlying net income of $1,047 million for Q3 2025, an increase of 3% from Q3 2024, and reported net income of $1,106 million, an 18% decrease from Q3 2024.
Assets under management (AUM) grew to $1,623 billion, representing a 7% increase from Q3 2024.
The company announced an increase to its common share dividend from $0.88 to $0.92 per share and maintained a strong capital position with a LICAT ratio of 154 percent as of September 30, 2025.
Diluted earnings per share for Q3 2025 were $1.86 for underlying EPS and $1.97 for reported EPS.

Nov 5, 2025, 11:46 PM

6-K

Sun Life Financial Inc. Reports Third Quarter 2025 Results

SLF

Earnings

Dividends

New Projects/Investments

Sun Life Financial Inc. reported underlying net income of $1,047 million for the third quarter ended September 30, 2025, an increase of $31 million or 3% from Q3 2024, with an underlying return on equity (ROE) of 18.3%.
Reported net income was $1,106 million, which decreased $242 million or 18% from Q3 2024, resulting in a reported ROE of 19.3%.
Assets under management (AUM) reached $1,623 billion as of September 30, 2025, representing an increase of $108 billion or 7% from Q3 2024.
The company announced an increase to its common share dividend from $0.88 to $0.92 per share.

Nov 5, 2025, 11:38 PM

6-K

Sun Life Financial Inc. Increases Common Share Dividend and Declares Preferred Share Dividends

SLF

Dividends

Sun Life Financial Inc. announced an increase in its common share dividend to $0.92 per share, which is a 4 cent increase from the previous quarter.
This common share dividend, along with dividends on Class A Non-Cumulative Preferred Shares, is payable on December 31, 2025, to shareholders of record as of November 26, 2025.
All stated dividend figures are in Canadian dollars.