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

9 questions for SLF

Also covers: , BMO, BNS +7 more

Gabriel Dechaine

National Bank Financial

9 questions for SLF

Also covers: , BMO, BNS +6 more

Paul Holden

CIBC World Markets

9 questions for SLF

Also covers: BMO, BNS, GRWTF +5 more

Tom MacKinnon

BMO Capital Markets

9 questions for SLF

Also covers: CIXXF, FRFHF, GRWTF +3 more

Mario Mendonca

TD Securities

8 questions for SLF

Also covers: BMO, BNS, CM +5 more

Darko Mihelic

RBC Capital Markets

7 questions for SLF

Also covers: , BMO, BNS +4 more

Alex Scott

Barclays PLC

6 questions for SLF

Also covers: ACGL, AFL, AIG +30 more

John Aiken

Jefferies Securities

5 questions for SLF

Also covers: BMO, BNS, CM +3 more

Lemar Persaud

Cormark Securities

5 questions for SLF

Also covers: BMO, BNS, CM +3 more

Thomas Gallagher

Evercore

4 questions for SLF

Also covers: AFL, AMP, BHF +13 more

Meny Grauman

Scotiabank

3 questions for SLF

Also covers: , BMO, CM +4 more

Mike Ward

UBS

2 questions for SLF

Also covers: GM, MFC, PAG +4 more

Taylor Scott

BofA Securities

2 questions for SLF

Also covers: ACGL, AFL, AJG +12 more

Tom Gallagher

Evercore ISI

2 questions for SLF

Also covers: AMP, CRBG, EQH +6 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 Reports Strong Q4 and Full-Year 2025 Results with Double-Digit Earnings Growth

SLF

Earnings

M&A

Share Buyback

Sun Life Financial reported strong Q4 2025 results, with underlying net income of CAD 1.1 billion and underlying EPS growth of 17% year-over-year, contributing to a full-year 2025 underlying EPS growth of 12%, exceeding its medium-term objective. The underlying return on equity for Q4 was 19.1%.
The company's diversified strategy drove robust performance, including 50% year-over-year protection sales growth in Asia and 58% sales growth in the U.S. Medical Stop-Loss business. The U.S. Dental business also made a profit in Q4.
SLC Management achieved CAD 242 million in underlying net income for 2025, surpassing its investor day target, and is on track to complete the BGO and Crescent buyouts in the first half of 2026. A management equity plan was introduced, allowing the SLC management team to own up to 25% of the company.
Sun Life maintained a strong capital position with a LICAT ratio of 157% and generated CAD 4.2 billion in organic capital in 2025. The company returned CAD 3.7 billion to shareholders through share buybacks and dividends, with CAD 400 million in buybacks executed in Q4.

Feb 12, 2026, 4:00 PM

Transcript

Sun Life Financial Reports Strong Q4 and Full-Year 2025 Results with Robust Capital Position

SLF

Earnings

Share Buyback

M&A

Sun Life Financial delivered strong Q4 2025 underlying net income of CAD 1.1 billion and underlying earnings per share growth of 17% over Q4 last year, contributing to a full-year underlying EPS growth of 12%.
The company maintained a strong capital position with a LICAT ratio of 157% and generated CAD 4.2 billion in organic capital in 2025, returning CAD 3.7 billion to shareholders through dividends and share buybacks.
SLC Management exceeded its 2025 underlying earnings target, reaching CAD 242 million, and the company expects to complete the buyouts of BGO and Crescent in the first half of 2026, introducing a management equity plan for SLC.
All business groups demonstrated strong performance, with Asia protection sales up 50% year-over-year, Canada wealth sales up 46% year-over-year, and U.S. Group Health and Protection sales increasing 45% year-over-year, driven by record medical stop-loss sales.

Feb 12, 2026, 4:00 PM

Transcript

Sun Life Financial Reports Strong Q4 2025 Results and Strategic Progress

SLF

Earnings

M&A

Share Buyback

Sun Life Financial delivered strong fourth quarter 2025 results, with underlying net income reaching CAD 1.1 billion, an increase of 13% year-over-year, and underlying earnings per share growing 17% over Q4 last year to CAD 1.96. For the full year 2025, underlying EPS grew 12%.
The company maintained a strong capital position, ending the quarter with a LICAT ratio of 157%, up 3 percentage points from Q3, driven by a debt issuance and strong organic capital generation.
SLC Management exceeded its investor day earnings target, achieving CAD 242 million in underlying net income in 2025, and introduced a management equity plan allowing the management team to own up to 25% of the company.
Sun Life Financial saw robust sales growth, including 50% year-over-year protection sales growth in Asia and 46% year-over-year gross sales growth in Canada wealth. U.S. Group Health and Protection sales were up 42%, with a 17% price increase achieved in Medical Stop-Loss renewal business.
In 2025, the company generated CAD 4.2 billion in organic capital and returned CAD 3.7 billion to shareholders through dividends and share buybacks, including CAD 400 million of share buybacks executed in Q4.

Feb 12, 2026, 4:00 PM

Transcript

Sun Life Financial Reports Strong Q4 and Full-Year 2025 Results

SLF

Earnings

Dividends

Sun Life Financial reported strong financial results for Q4 2025, with underlying net income of US$1.094 billion (up 13%) and underlying EPS of US$1.96. For the full-year 2025, underlying net income reached US$4.201 billion (up 9%) and underlying EPS was US$7.45.
The company's Q4 2025 underlying return on equity (ROE) was 19.1%, outperforming closest rival Manulife by approximately 200 basis points.
Assets under management (AUM) climbed to about US$1.61 trillion.
Sun Life increased its quarterly dividend to US$0.92, payable March 31 to shareholders of record on Feb. 25.

Feb 12, 2026, 12:11 AM

Morningstar

Sun Life Reports Strong Fourth Quarter and Full Year 2025 Results

SLF

Earnings

Debt Issuance

Sun Life Financial Inc. reported underlying net income of $1,094 million for Q4 2025, a 13% increase from Q4 2024, and $4,201 million for the full year 2025, up 9% from 2024.
Underlying EPS grew by 17% to $1.96 in Q4 2025 and by 12% to $7.45 for the full year 2025.
Assets under management (AUM) increased by 4% to $1,605 billion as of December 31, 2025.
The company maintained a strong capital position with a LICAT ratio of 157% at the end of Q4 2025.
During 2025, Sun Life issued $2 billion in subordinated unsecured debentures across two offerings in September and December.

Feb 11, 2026, 11:42 PM

6-K

Sun Life Financial Announces Fourth Quarter and Full Year 2025 Results

SLF

Earnings

Share Buyback

Sun Life Financial reported strong fourth quarter and full year 2025 results, with Q4'25 underlying net income of $1,094 million and underlying EPS of $1.96, representing increases of 13% and 17% respectively from Q4'24.
For the full year 2025, underlying net income reached $4,201 million and underlying EPS was $7.45, up 9% and 12% respectively from 2024.
The company's Assets Under Management (AUM) increased by $62 billion or 4% from December 31, 2024, reaching $1,605 billion at the end of Q4'25.
Sun Life Financial maintained a strong financial position with a LICAT ratio of 157% and a financial leverage ratio of 23.5% at Q4'25.
In Q4'25, Sun Life Financial repurchased 4.7 million common shares for $392 million under its 2025 Normal Course Issuer Bid (NCIB).

Feb 11, 2026, 10:01 PM

Press Release

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.