Slides
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Q3'25 Delivering sustainable shareholder value
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Sun Life – Q3 2025 2 • Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio
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Sun Life – Q3 2025 3 A leading global financial services organization Balanced & diversified business model2 Year-to-date at September 30, 2025 85M+ Clients5,6 66,900 Employees5,7 95,000 Advisors5,8 Offices in 28 markets5 $1.62T Assets Under Management (AUM)1,9 $46.7B market cap9 1 Represents a Non-IFRS financial measure; Refer to the Non-IFRS Financial Measures section in the appendix to these slides and i n our MD&A for the period ended September 30, 2025 (“Q3 2025 MD&A”). Footnotes 2-9: Refer to slide 34. Group - Health & Protection 28% Asset management & wealth 3 43% Individual – Protection4 29%
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Sun Life – Q3 2025 4 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 • Strategy is underpinned by a continued commitment to strong financial discipline and risk management • We have an omni-channel approach to distribution, making it easier for Clients to do business with us across all markets • We are operating like a digital company to drive leading experiences and capabilities • Purpose-driven people and culture to help us deliver on our strategy through BOLDER behaviours and effective decision-making • Our trusted brand informs the differentiated Sun Life experiences we create, the products and service experiences we deliver, and the culture we live by
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Sun Life – Q3 2025 5 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 • Growth of alternative asset classes • Increasing competition from new market entrants
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Sun Life – Q3 2025 6 • Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio
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Sun Life – Q3 2025 7 Executing on our ambition to be the best Asset Management and Insurance company in the world Strategic ImperativesFour Pillars Client Impact Our Purpose: Help Clients achieve lifetime financial security and live healthier lives Our Values: Caring, Authentic, Bold, Inspiring, Impactful A global leader in both public and alternative asset classes through MFS and SLC Management A leader in health, wealth and insurance A leader in health and benefits A regional leader focused on fast- growing markets Our Ambition: To be the best Asset Management and Insurance company in the world Leverage our asset management capabilities and extend our wealth presence Accelerate our momentum in Asia Deepen our impact along our Client’s health journey Operate like a digital company US ASIA CAN AM 01 02 03 04
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Sun Life – Q3 2025 8 Consistently delivering value to shareholders 5-year annualized total shareholder return5 At September 30, 2025 Performance against medium-term objectives Medium-term objectives2 Q3'25 3-Year3,4 Underlying EPS growth1 10% 6% 8% Underlying ROE1 20% 18.3% 17.3% Underlying dividend Payout ratio1 40-50% 47% 48% 1 Underlying EPS, underlying ROE and underlying dividend payout ratio are non- IFRS financial measures. See section M - Non-IFRS Financial Measures in our MD&A for the period ended December 31, 2024 (“2024 Annual MD&A”). Underlying dividend payout ratio represents the ratio of common shareholders' dividends to diluted underlying EPS. See section J - Capital and Liquidity Management - 3 - Shareholder Dividends in our 2024 Annual MD&A for further information regarding dividends. 2 Although considered reasonable, we may not be able to achieve our medium-term objectives as our assumptions may prove to be inac curate. Accordingly, our actual results could differ materially from our medium-term objectives as described on the slide. Our medium-term objectives do not constitute guidance. Our medium-term objectives are forward-looking non-IFRS financial measures and additional information is provided in section P - Forward-looking Statements - Medium-Term Financial Objectives of our 2024 Annual MD&A. Footnotes 3-5: Refer to slide 34. 13.9% 15.9% 16.7% 20.9% 21.6% 26.5% 13.7% Global Lifecos Traditional AMs TSX Canadian Banks US Lifecos Canadian Lifecos Sun Life Source: Bloomberg
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Sun Life – Q3 2025 Digital Leadership We are operating like a digital company focused on: Digital Experiences Digital Capabilities Digital Way of Working Supported by a strong, resilient and trusted technology foundation Amazing Client, employee, advisor and partner experiences Enabling our experiences and improve our digital maturity Empowering our people to support our digital journey Q3 2025 highlights Launched Advisor Workbench in Asia • In Hong Kong, our new Advisor Workbench streamlines multiple applications into a single, efficient platform 9 Seamless Digital Access to our Products Through My Sun Life Mobile app • Launched a significantly upgraded mobile app for our Canadian Clients to elevate their health, wealth, and protection experience with Sun Life. In just three months since launch, we’ve seen a 7% increase in 90-day active users, and 3.5x more engagement with our health services Enhanced Portal in the U.S. • Continued making benefits easier with new digital upgrades that streamline claims, leave management, and member data – supporting over 27,000 employers through our enhanced portal
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Sun Life – Q3 2025 10 Distribution excellence Distribution across the four pillars AM • MFS partners with leading retail intermediary firms and global institutional consultants • SLC Management distributes products through affiliates Crescent Capital, BentallGreenOak, InfraRed Capital Partners and Advisors Asset Management CAN • Products distributed via multi-channel distribution model, consisting of: a) Sun Life Financial Distributors, our proprietary advisory network, b) Third-party channels, including independent brokers and broker-dealers, c) Sales representatives in collaboration with pension and/or benefit consultants and advisors, and d) Direct to consumer, using digital tools like Sun Life Go, Lumino Health and Prospr by Sun Life U.S. • Sell products and services through independent brokers, benefits consultants and health plans, as well as industry and digital partners • Supported by employee benefits representatives, supplemental health representatives and stop-loss specialists ASIA • Network of 92,000 agents across Asia1 supported by Sun Life’s Brighter Academy, which strives to develop and support advisors through the Most Respected Advisor (MRA) program • 29 bancassurance partners across Asia markets2 • Joint venture partnerships in India, China and Malaysia Omni-channel approach to serving Clients, including more mobile touch points, click-to-chat, call center and in-person interactions Aim to reach Clients at the right moments, with personally relevant and useful offers New digital business models broaden access to Clients 1 As at December 31, 2024, including joint ventures. 2 As at September 30, 2025.
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Sun Life – Q3 2025 11 • Business and strategic overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio
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Sun Life – Q3 2025 12 Q3 2025 results 1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our Q3 2025 MD&A. Footnotes 2-8: Refer to slide 34. Growth Q3'25 Q3’24 Change Asset management net flows & net wealth sales1 ($ billions) 2.8 (17.1) +19.9 B Total AUM1,3 ($ billions) 1,623 1,515 +7% Group sales1 ($ millions) 498 445 +12% Individual sales1 ($ millions) 987 730 +35% New business CSM1,4 ($ millions) 446 383 +16% Financial strength Q3'25 Q2’25 Change SLF Inc. LICAT ratio5 (%) 154 151 +3 pp SLA LICAT ratio5,6 (%) 138 141 (3) pp Financial leverage ratio1 (%) 21.6% 20.4 +1.2 pp Book value per share ($) 40.86 39.57 +3.3% Profitability ($ millions) Q3'25 Q3’24 Change Asset management & wealth 500 474 +5% Group - Health & Protection 284 345 (18)% Individual – Protection2 361 289 +25% Corporate expenses & other2 (98) (92) (7)% Underlying net income1 ($ millions) 1,047 1,016 +3% Reported net income ($ millions) 1,106 1,348 (18)% Results Highlights Good overall results underpinned by business diversification: • Asset management & wealth: up 5% y/y from improved credit experience and higher fee income in Canada, and higher net seed investment income in SLC Management • Group - Health & Protection: down 18% y/y from unfavourable insurance experience across Group Benefits and Dental in the U.S., partially offset by business growth and favourable insurance experience in Canada • Individual - Protection2: up 25% y/y on business growth, favourable mortality experience in Asia, higher joint venture earnings in India, and higher investment earnings in Canada • Corporate expenses & other2: increase in net loss driven by timing of strategic investment spend Total AUM up 7% y/y due to market appreciation • Asset management net flows & net wealth sales of $2.8 billion reflects improved net outflows at MFS and strong capital raising and deployment activity at SLC Management Total insurance sales up 26% y/y • Individual sales up 35% y/y from higher sales across nearly all markets in Asia and higher non-participating life sales in Canada • Group sales up 12% y/y primarily driven by higher large case sales in U.S employee benefits and higher U.S. Dental sales, partially offset by lower large case sales in Canada Total CSM up 12% y/y on strong organic CSM generation; New business CSM up 16% y/y primarily driven by strong sales in Asia Strong capital position • Organic capital generation 1,7 of $624 million • SLF LICAT of 154% was up 3 points q/q driven by a debt issuance • Low financial leverage ratio of 21.6%; $2.1 billion in holdco cash1,8
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Sun Life – Q3 2025 13 Q3 2025 results 1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and i n our Q3 2025 MD&A. 2 Percentage changes are reported on a constant currency basis, which excludes the impacts of foreign exchange translation. 350 422 147 226 (98) 344 375 219 170 (92) Underlying net income1 ($ millions) Impact of currency translation increased underlying net income by $5M2 316 414 98 373 (95) 644 382 339 32 (49) Reported net income ($ millions) Impact of currency translation increased reported net income by $8M2 (51)% +8% (71)% nm Constant currency2 year-over-year growth Year-over-year growth +2% +13% (33)% +33% (51)% +8% (71)% nm Q3’25 Q3’24 AM CAN U.S. ASIA CORPAM CAN U.S. ASIA CORP +1% +13% (33)% +32%
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Sun Life – Q3 2025Sun Life – Q3 2025 U.S. Equity 44% Non-U.S. Equity 39% Fixed Income 13% Balanced 4% ⬤ ⬤ ⬤ Focused on public equities and fixed income Our purpose is to allocate capital responsibly and help investors achieve financial goals9th largest US$659B U.S. Retail Asset Manager2 Employees2 Assets under management 1 Institutional Clients served2 800+ All numbers are as at September 30, 2025, unless otherwise noted. This slide contains forward-looking statements within the meaning of applicable securities laws. For more information, refer to "Forward-looking Statements" and "Risk Factors" on slide 32. 1 Represents a non-IFRS financial measure. Refer to the Non- IFRS Financial Measures section in the appendix to these slides and in our Q3 2025 MD&A. Footnotes 2-4: Refer to slide 34. 2,100+ RETAIL US$460B AUM1 Distributed through financial advisors affiliated with brokerage houses, financial institutions, financial planning firms, defined contribution investment-only (DCIOs), RIAs, analyst teams and independent advisors Vehicles Domestic Mutual Funds, Non-U.S. Mutual Funds, Separately Managed Accounts (SMAs), and Variable Insurance Trusts Retail AUM by style 1 Value: 30% Growth: 33% Core: 15% Other3: 22% INSTITUTIONAL US$198B AUM1 Partner with leading consultants to manage assets for public and corporate pension plans, DC retirement plans, insurance companies, sovereign wealth funds, endowments and foundations and more Vehicles Commingled products, Separate accounts and Sub-advised accounts TOTAL MFS US$659B AUM1 MFS is a strong strategic and financial contributor to Sun Life and a top quartile asset manager in terms of operating margin4 We believe a fully integrated global research platform provides competitive advantages across our businesses MFS by the numbers2 110 Fundamental research analysts 105 Portfolio managers 12 Quantitative research analysts 12 Analyst-managed strategies 8 Global sector teams Asset class mix1 14 MFS strategy Continue to deliver superior investment performance while allocating capital responsibly for our Clients • Engage Clients to align with MFS to focus on longer investment horizons, leveraging our proven ability to deliver above benchmark performance through a market cycle • Build out institutional fixed income products and sales capabilities and broaden non-U.S. retail initiatives • Strive to maintain margins in the top quartile of active managers while providing long-term value to Clients Asset management & wealth
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Sun Life – Q3 2025Sun Life – Q3 2025 Public fixed income 30% Private fixed income 23% Real estate equity 34% Real estate debt 5% Infrastructure 7% Cash and other 1% ⬤ ⬤ ⬤ Focused on fixed income and real assets A diversified investment management firm that offers a range of yield-orientated asset classes designed to help our Clients meet their long-term financial obligations IG Credit $74B AUM1,2 Invests across spectrum of investment grade public and private fixed income for pension plans and insurance companies Strategies Investment Grade Private and Public Fixed Income, Liability-driven Investing (“LDI”), Insurance Asset Management All numbers are as at September 30, 2025, unless otherwise noted. This slide contains forward-looking statements within the meaning of applicable securities laws. For more information, refer to "Forward-looking Statements" and "Risk Factors" on slide 32. 1 Represents a non-IFRS financial measure. Refer to the Non- IFRS Financial Measures section in the appendix to these slides and in our Q3 2025 MD&A. Footnotes 2-4: Refer to slide 34. Alternative Credit $65B AUM1,2 Seeks investments in high- quality companies across a diverse range of industries Strategies Direct Lending, High Yield, Mezzanine, Bank Loans/Collateralized Loan Obligations (“CLOs”), and Special Credit Opportunities Real Estate $99B AUM1,2 Seeks to help investors and stakeholders realize value from the world’s premier real estate markets Strategies Global Real Estate, Equity (Core, Core Plus, Value Add), and Real Estate Debt Infrastructure $18B AUM1,2 230+ infrastructure investments under management4 Strategies Infrastructure, Equity (Core, Value Add, Renewables) $1,325M $259B LTM Fee-Related Revenue1 Investment professionals 4 750+ Assets under management1,2,3 Institutional Clients served4 1,400+ Distribution $3B AUM1,2,3 One of the largest independent investment solutions platforms in the U.S. with a full-service team and broad relationship network Strategies Mutual Funds, managed Accounts, ETFs, UITs, with a focus on High-Net- Worth Clients SLC Management strategy Help investors meet their investment objectives by offering a broad suite of alternative asset classes and fixed income strategies • Deliver superior investment performance, expand and deepen our distribution relationships and build out products • Offer our Clients a compelling suite of investment capabilities to meet their needs, including: • leading public and private fixed income capabilities, spanning both investment grade and alternative credit • global real estate expertise across both equity and debt investments, and global infrastructure capabilities Asset class mix1,2,3 15 Asset management & wealth
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Sun Life – Q3 2025Sun Life – Q3 2025 Expand our core businesses through innovation in Group Wealth, Group Health, and Individual Protection Build a distinctive, integrated digital + Advisor wealth platform with leading asset management capabilities Create new engines of growth through health ecosystem and One Sun Institutionalize entrepreneurial, digital-first model to deliver outcomes at pace and design, pilot and build new digital products Asset management & wealth 30% Individual - Protection 29% Group - Health & Protection 41% ⬤ ⬤ ⬤ Help Canadians achieve lifetime financial security and live healthier lives A leader in health, wealth and protection in Canada $1,453M FY24 Underlying net income1 Canadians served2 Career Advisor Network professionals 2,500+ 12M+ Canada Market Position: 2nd in Group Benefits6 Group Benefits (GB) Health and protection solutions and admin services for employers and employees Health Employer market health solutions (e.g., virtual primary care) and direct-to-consumer adjacent health solutions (e.g., online pharmacy) Market Position: 1st in GRS7 GRS Retirement and saving solutions and related admin services for employers and their employees Defined Benefit Solutions (DBS) Customized de-risking solutions for employers who offer defined benefit plans Market Position: 1st in Individual Insurance9 Manufacturing Life & health protection solutions (e.g., Critical illness, Term) Market Position: 4th in Individual Wealth Fixed and Seg Fund8 Wealth/ Insured Wealth Wealth and insurance-based wealth solutions, (e.g., mutual and seg funds) including SLGI4 $7.1B Net premiums1,5 ~10M Canadians2 $193B AUMA1,3,4 ~1M Canadians2 $6.3B Net premiums1,5 ~2M Canadians2 $84B AUMA1,3,4 ~0.7M Canadians2 Sun Life Health Group Retirement Services (GRS) Individual Wealth Individual Insurance Asset management & wealth Individual - Protection Retail B2A2C11 integrated distribution Advisor (Proprietary face-to-face, salaried, 3rd party) + digital + contact center Building Canada as a flagship business FY24 underlying net income by business type1 160 years Experience in Canada All numbers are as at December 31, 2024, unless otherwise noted. This slide contains forward-looking statements within the meaning of applicable securities laws. For more information, refer to "Forward-looking Statements" and "Risk Factors" on slide 32. 1 Represents a non-IFRS financial measure. Refer to the Non- IFRS Financial Measures section in the appendix to these slides and in our Q3 2025 MD&A. Footnotes 2-11: Refer to slide 35. 16 Group - Health & Protection Group B2B2C10 integrated distribution Worksite + digital + salaried advisor + contact center
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Sun Life – Q3 2025Sun Life – Q3 2025 Help Clients access the health care and coverage they need by extending our leadership position in medical stop-loss, leveraging DentaQuest’s scale and expertise, focusing on health and productivity and driving growth in FullscopeRMS Make health and benefits easier through digital solutions by integrating with other health and benefits platforms, driving digital expansion and leveraging digital tools Help In-Force Management policy-owners achieve lifetime financial security, while effectively managing our operations by providing excellent service, implementing opportunities to improve profitability and managing risk and capital Non-health- related products 10% Health-related products 90% Top ten U.S. Group Life and Disability provider6 Focus on health and productivity, connectivity to the digital ecosystem, and help Clients get the coverage they need Target clients Small, middle and large employers and their employees, insurance companies, health plans, TPAs Products Life, Disability, Absence, Supplemental Health Largest independent Stop- Loss provider in the U.S.5 Build on industry-leading capabilities and margins with differentiated offerings that improve healthcare access Target clients Employers, their employees, TPAs, captive managers, health plans Products Stop-loss (direct and through captives), Care Navigation, Health Solutions ⬤ ⬤ ⬤ Helping Clients access the health care and coverage they need One of the largest providers of employee and government benefits in the U.S. with a broad range of group products, dental care and health care navigation services 100+ years US$566M Group Benefits experience in the U.S. Sun Life U.S. employees 2 FY24 Underlying net income1 Members served ~50M US$3.1B Revenues1,3 ~35M Members Largest Dental benefits provider in the U.S.4 Expand leadership in government programs, grow in commercial markets, expand care delivery Target clients Medicaid, Medicare Advantage, ACA, employers, their employees, health plans Products Dental, Vision, Care Delivery US$2.7B Revenues1,3 ~8M Members US$2.4B Revenues1,3 ~9M Members US$15.7B AUM1 ~0.2M Members All numbers are as at December 31, 2024, unless otherwise noted. This slide contains forward-looking statements within the meaning of applicable securities laws. For more information, refer to "Forward-looking Statements" and "Risk Factors" on slide 32. 1 Represents a non-IFRS financial measure. Refer to the Non- IFRS Financial Measures section in our Q3 2025 MD&A. Footnotes 2-7: Refer to slide 35. Dental Health Group Individual Closed blocks of individual and annuity business with sizable and stable earnings Enhance earnings contribution while providing excellent service for Clients Target clients Individuals Products U.S. Individual Life Insurance, U.K. Annuities, Run-off Reinsurance (closed to new sales) 6,400+ U.S. FY24 health-focused business mix (US$)1,7Sun Life U.S. strategy 17 Individual - Protection Group - Health & Protection
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Sun Life – Q3 2025Sun Life – Q3 2025 • 9th in insurance sales and 7th in bancassurance sales1,9 • 4th in Sharia among foreign multinationals9 • Overall market share of 3.5%1,9 • A leader in Individual life insurance solutions for HNW clients outside the U.S. and Canada and in Asia • Best in market financial strength (AA credit rating) All numbers are as at December 31, 2024, unless otherwise noted. This slide contains forward-looking statements within the meaning of applicable securities laws. For more information, refer to "Forward-looking Statements" and "Risk Factors" on slide 32. 1 Represents a non-IFRS financial measure. Refer to the Non- IFRS Financial Measures section in our Q3 2025 MD&A. Footnotes 2-14: Refer to slide 35. ⬤ ⬤ ⬤ A regional leader focused on fast- growing markets Operates in eight markets to deliver value to over 30 million Clients by providing life, health and wealth management solutions through multiple distribution channels and manages our International High Net Worth insurance business 133 years $701M Experience in Asia14 Clients servedFY24 Underlying net income1 30M+ Asia Agents 92,000 Bank partners14 29 Joint Ventures 6 $242M ins. sales1,2 $1,425M ins. sales1,2 $74M ins. sales1,2 $319M ins. sales1,2 $36M ins. sales1,2 $212M ins. sales1,2 Philippines Hong Kong $58M ins. sales1,2 Indonesia $66M ins. sales1,2 Vietnam Malaysia India China High Net Worth Sun Life Asia strategy 18 • 1st in total premiums1,3 for 14 consecutive years • 3rd in new business premiums4 • 2nd largest mutual fund provider based on AUM1,5 • 3rd in MPF net inflows and 3rd based on AUM1,6 • 8th in insurance sales, with a market share of 5.2%1,7 • 10th in insurance sales and 6th in bancassurance sales1,8 • Up from 13th in insurance sales in Q4 2020, supported by partnerships with Asia Commercial Bank & TPBank • 8th in insurance sales1,10 • 3rd in BancaTakaful and 5th in banca sales, with a 8.2% bancassurance market share1,10 • 7th in Individual insurance, with an overall market share of 5.2% 1,11 • 6th largest mutual fund provider based on AUM1,12 • 13th in insurance gross premiums among foreign multinationals1,13 Deliver on bancassurance, sustainably grow agency, embed quality and optimize distribution mix by building sustainable scale, collaborating with existing bancassurance partners, scaling agency and becoming the partner of choice for advisors Strengthen brand and differentiated Client value propositions to build and deepen Client, advisor and employee relationships by delivering digital excellence, building a distinctive and trusted brand, providing quality advice and offering relevant solutions and becoming a partner in our Clients’ health journeys Transform Client and advisor experience, capture efficiencies, retain and gain Clients and scale markets by digitizing our business, increasing engagement of prospective and existing Clients, empowering advisors and delivering digital innovation for our business units
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Sun Life – Q3 2025 19 • Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio
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Sun Life – Q3 2025 20 Earnings consistently exceeded consensus estimates over the past decade $0.00 $0.30 $0.60 $0.90 $1.20 $1.50 $1.80 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Earnings Per Share ($) Underlying earnings per share1 vs. consensus estimate2 SLF Underlying EPS Consensus 1 Represents a Non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and i n our Q3 2025 MD&A. 2 Source: Bloomberg
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Sun Life – Q3 2025 High-quality earnings – differential between underlying and reported earnings is modest and/or transitory 100% (5)% (3)% 92% (3)% (1)% 88% Underlying Markets ACMA & Other Acquisition MFS Shares Reported Long-term neutral Primarily due to interest rates Integration & Restructuring Expected to reduce as integrations and SLC buy-ups are completed2 Increase in fair value of MFS shares to employees is an expense Note: 2024 and 2023 results are reported on an IFRS 17 basis. Prior periods are reported on an IFRS 4 basis. 1 Includes assumption changes and management actions (“ACMA”), other and intangible asset amortization. 2 See “Forward-Looking Statements” and “Risk Factors” on slide 32 of this document. 1 Net Income Net Income Cumulative reported net income impacts (2015 – 2024)
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Sun Life – Q3 2025 Strong record of returning capital to shareholders $0.00 $1.00 $2.00 $3.00 $4.00 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Dividend Per Share ($) Annual dividend per common share +9% CAGR $10.3B in dividends paid to common shareholders over the past 10 years
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Sun Life – Q3 2025 23 • Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio
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Sun Life – Q3 2025 Book value excl. from LICAT SLA LICAT1 138% SLF Inc. LICAT1 154% Canada Capitalized to meet local capital rules Asia U.S. Bermuda All information as at September 30, 2025; all dollar amounts are in C$, unless otherwise stated. 1 Life Insurance Capital Adequacy Test (“LICAT”) ratio; our LICAT ratios are calculated in accordance with the OSFI -mandated guideline, Life Insurance Capital Adequacy Test. MFS SLC Management Asset Management 24 Capital model provides financial flexibility DentaQuest (U.S.)
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Sun Life – Q3 2025 25 Capital strength & flexibility • Target minimum cash and other liquid assets at the holding company of $500 million1,2,3 1 Represents a Non-IFRS financial measure; Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our Q3 2025 MD&A. Footnotes 2-5: Refer to slide 36. Q3’25 Capital metrics SLF Inc. LICAT3 154% Financial leverage ratio1 21.6% SLF Inc. holdco cash1,2 $2.1B Sun Life Assurance Company of Canada Financial Strength Ratings A.M. Best A+ DBRS AA Moody’s Aa3 S&P AA Q3’25 Capital ($ millions) Subordinated debt4 7,176 Innovative capital instruments (SLEECS)5 200 Preferred shareholders’ equity and other equity instruments5 2,239 9,615 Equity Common shareholders’ equity5 22,817 Equity in the participating account5 644 Non-controlling interests’ equity5 289 23,750 Contractual Service Margin (after-tax)5 11,178 Total capital (for financial leverage) 44,543 Financial leverage ratio1 21.6% • Organic investments • Common shareholder dividend • Mergers & acquisitions • Share buybacks • Debt redemption Deployment opportunities
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Sun Life – Q3 2025 • Activity over last ten years promotes growth in Asia and Asset Management and builds out group benefits/dental capabilities in the U.S. M&A activity reflects strategic priorities 2021 – Divestiture of InfraRed’s European Real Estate Business 2023 – Majority acquisition 2021 – Majority acquisition 2020 – Majority acquisition 2024 – Acquired remaining 20% 2019 – Majority acquisition of GreenOak and merger of GreenOak and Bentall Kennedy 2015 – Majority acquisition 2015 – Acquisition2015 – Acquisition Asset Management 2022 – Acquisition 2021 – Acquisition 2018 – Acquisition 2018 – Strategic investment 2016 – Acquisition of Assurant Employee Benefits U.S. 2023 – Banca partnership 2020 – Banca partnership 2019 – Banca partnership 2018 – Strategic investment2 2016 – Acquisition of the inforce block of FWD’s HK pension business 2016 – Expanded ownership in PT CIMB Sun Life to 100%; 2016, 2022 – extended banca partnership 2025 – expanded and extended banca partnership 2016 – Expanded ownership in Birla Sun Life to 49% 1 2016 – Expanded ownership in PVI Sun Life to 100% Asia 2023 – Divestiture of the sponsored markets business in Canada 2020 – Strategic investment 2018 – Acquisition Canada 2023 – Divestiture of Sun Life UK and establishment of strategic asset management partnership with Phoenix Group U.K. 2023 – Majority acquisition 1 Aditya Birla Sun Life AMC Limited (ABSLAMC) and Aditya Birla Life Insurance. Sun Life subsequently sold 12.5% and 6.5% of our ABSLAMC ownership in 2021 and 2024, respectively, to meet regulatory obligations. 2 Acquired additional interest in Bowtie Life Insurance Company Limited in 2021, 2023 and July 2025. 26 2023 – Strategic investment
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Sun Life – Q3 2025 27 • Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio
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Sun Life – Q3 2025 AAA & insured 6% AA 15% A 39% BBB+ 10% BBB 18% BBB- 8% BB and lower4 4% AAA 16% AA 22% A 38% BBB+ 9% BBB 12% BBB- 2% BB and lower 1% Debt securities $85.4 Loans $45.7 Mortgages $14.1 Derivatives & other3 $17.8 Cash, cash equivalents & short-term securities $12.9 Investment properties $9.3 Equity securities $12.1 28 High quality, well-diversified investment portfolio • 74% of the portfolio is fixed income; 98% of fixed income rated investment grade 1 • Only 5% of fixed income rated BBB-; skewed BBBs to private loans with collateral and covenant protection • 25% of commercial mortgage loan portfolio is CMHC-insured; our uninsured commercial mortgage portfolio has strong metrics with LTV 2 of 54% and DSCR2 of 1.76 • Repositioned real estate debt and equity portfolios to reduce exposure to underperforming property sectors and locations Investment profile As of September 30, 2025 Debt securities by credit rating As of September 30, 2025 Mortgages & loans by credit rating As of September 30, 2025 $197.3 billion 99% investment grade1 96% investment grade1 1 BBB- and higher. Footnotes 2-4: Refer to slide 36.
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Sun Life – Q3 2025 29 Mortgages and investment property exposures Mortgages by type and geography1 As of September 30, 2025 ($millions) Office Industrial Retail Multi-family residential Other Total % of Total Canada2 1,326 2,522 1,272 3,404 940 9,464 67% U.S. 1,128 1,269 1,046 939 45 4,427 31% Europe - - - - 227 227 2% Total 2,454 3,791 2,318 4,343 1,212 14,118 100% Mortgages: • 38% of Canadian portfolio is CMHC-insured • Well-distributed maturity profile • Portfolio is high quality with an average credit rating of A Investment Properties As of September 30, 2025 ($millions) Office Industrial Retail Multi-family residential Other Total % of Total Canada 1,444 3,530 961 1,521 382 7,838 85% U.S. 326 930 117 37 2 1,412 15% Europe - - - - - - - Total 1,770 4,460 1,078 1,558 384 9,250 100% Mortgages by type and rating1,3 As of September 30, 2025 ($millions) Office Industrial Retail Multi-family residential Other Total Insured - - - 3,148 417 3,565 AAA - - - - - - AA 159 1,401 586 94 44 2,284 A 822 2,109 1,298 539 55 4,823 BBB 1,108 277 418 516 567 2,886 BB & below 345 4 11 46 129 535 Impaired 20 - 5 - - 25 Total 2,454 3,791 2,318 4,343 1,212 14,118 Investment Properties: • Portfolio reflects multi-year repositioning out of challenged sectors • Properties are in core and/or strategic locations • Portfolio is high quality and well-diversified 1 Excludes real estate debt securities and private loans. Footnotes 2-3: Refer to slide 36.
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Sun Life – Q3 2025 30 Appendix
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Sun Life – Q3 2025 31 Market sensitivities Change in Private and Public Equity Markets1,2,3 As at September 30, 2025 ($millions, unless otherwise noted) 25% decrease 10% decrease 10% increase 25% increase Potential impact on net income (after-tax) (575) (225) 225 600 Potential impact on CSM (pre-tax) (925) (375) 350 850 Potential impact on LICAT ratio4 1.5% point decrease 0.5% point decrease 0.5% point increase 1.0% point increase As at December 31, 2024 ($millions, unless otherwise noted) 25% decrease 10% decrease 10% increase 25% increase Potential impact on net income (after-tax) (550) (225) 225 575 Potential impact on CSM (pre-tax) (775) (300) 275 650 Potential impact on LICAT ratio 4 2.0% point decrease 0.5% point decrease 0.5% point increase 1.0% point increase Change in Credit Spreads3,8 As at September 30, 2025 As at December 31, 2024 ($millions, unless otherwise noted) 50 basis point decrease 50 basis point increase 50 basis point decrease 50 basis point increase Potential impact on net income (after-tax) 100 (50) 75 (50) Potential impact on CSM (pre-tax) 100 (125) 125 (125) Potential impact on OCI6 200 (175) 200 (200) Potential impact on LICAT ratio7 2.0% point increase 2.0% point decrease 2.0% point increase 2.0% point decrease Change in Swap Spreads3,9 ($millions, unless otherwise noted) 20 basis point decrease 20 basis point increase 20 basis point decrease 20 basis point increase Potential impact on net income (after-tax) - - (25) 25 Change in Real Estate Values3 ($millions, unless otherwise noted) 10% decrease 10% increase 10% decrease 10% increase Potential impact on net income (after-tax) (475) 475 (450) 450 Potential impact on CSM (pre-tax) (100) 100 (100) 100 Footnotes 1-9: Refer to slide 36. Change in Interest Rates2,3,5 As at September 30, 2025 As at December 31, 2024 ($millions, unless otherwise noted) 50 basis point decrease 50 basis point increase 50 basis point decrease 50 basis point increase Potential impact on net income (after-tax) - - (50) 25 Potential impact on CSM (pre-tax) 175 (175) 150 (150) Potential impact on OCI 6 200 (200) 200 (200) Potential impact on LICAT ratio7 2.5% point increase 2.0% point decrease 2.5% point increase 2.0% point decrease
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Sun Life – Q3 2025 32 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) determined in accordance with IFRS. Forward-Looking Statements From time to time, the Company makes written or oral forward-looking statements within the meaning of certain securities laws, i ncluding the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable C anadian securities legislation. Forward-looking statements contained in this document include statements (i) relating to our strategies, plans, targets, goals and priorities; (ii) relating to our growth initiatives and other busines s objectives; (iii) relating to reductions in Acquisition Integration & Restructuring expenses; (iv) set out in our 2024 Annual MD&A under the heading K - Risk Management - Market Risk Sensitivities - Interest Rate Sensitivities; (v) that are predictive in nature or that depend upon or refer to future events or conditions; and (vii) that include words such as “achieve”, “aim”, “ambition”, “anticipate”, “aspiration”, “assumption”, “ believe”, “could”, “estimate”, “expect”, “goal”, “initiatives”, “intend”, “may”, “objective”, “outlook”, “plan”, “project”, “seek”, “should”, “strategy”, “strive”, “target”, “will”, and similar expressions. Forward-looking statements include the information concerning our possible or assumed future results of operations. These statements represent our current expectations, estimates, and projections regardi ng future events and are not historical facts, and remain subject to change. Forward-looking statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. Future results and shareholder value may differ materially from those expressed in these forward- looking statements due to, among other factors, the matters set out in our Q3 2025 MD&A under the headings C - Profitability - 5 - Income taxes, F - Financial Strength and I - Risk Management and in SLF Inc.’s 2024 AIF under the heading Risk Factors, and the factors detailed in SLF Inc.’s other filings with Canadian and U.S. securities regulators, which are available for review at www.sedarplus.ca and www .sec.gov, respectively. Medium-Term Financial Objectives The Company's medium-term objectives are forward-looking non-IFRS financial measures. Our ability to achieve those objectives is dependent on our success in achieving growth initiatives and business objectives and on certain key assumptions that include: (i) no significant changes in the level of interest rates; (ii) average total return on real estate and equity investments of appr oximately 8% per annum; (iii) credit experience in line with expectations; (iv) no significant changes in the level of our regul atory capital requirements; (v) no significant changes to our effective tax rate; (vi) no significant increase in the number of shares outs tanding; and (vii) other key assumptions include: no material changes to our hedging program, hedging costs that are consistent wit h our expectations, no material assumption changes and no material accounting standard changes. Our underlying ROE is dependent upon c apital levels and options for deployment of excess capital. Our medium-term objectives do not reflect the indirect effects of interest rate and equity market movements including the potential impacts on goodwill or the current valuation allowance on defe rred tax assets as well as other items that may be non-operational in nature. Our target dividend payout ratio of 40%-50% of our underlying net income assumes that economic conditions and our results will enable us to maintain our payout ratio in the target range, while maintaining a strong capital position. The declaration, amount and payment of dividends is subject to the approval of the Company's Board of Directors and our compliance with the capital requi rements in the Insurance Companies Act (Canada). Additional information on dividends is provided in section J - Capital and Liquidity Management - 3 - Shareholder Dividends in the 2024 Annual MD&A. Although considered reasonable by the Company, we may not be able to achieve our medium -term objectives as the assumptions on which these objectives were based may prove to be inaccurate. Accordingly, our actual results could differ materially from our medium-term objectives as described in this presentation. Our medium-term objectives do not constitute guidance. Risk Factors Important risk factors that could cause our assumptions and estimates, and expectations and projections to be inaccurate and our actual results or events to differ materially from those expressed in or implied by the forward-looking statements contained in this document, are set out below. The realization of our forward-looking statements essentially depends on our business performance which, in turn, is subject to many risks. Factors that could cause actual results to differ materially from expectations include, but are not limited to: market risks - related to the performance of equity markets; changes or volatility in interest rates or credit spreads or swap spreads; real estate investments; fluctuations in foreign currency exchange rates; and inflation; insurance risks - related to mortality experience, morbidity experience and longevity; policyholder behaviour; product design and pricing; the impact of higher -than-expected future expenses; and the availability, cost and effectiveness of reinsurance; credit risks - related to issuers of securities held in our investment portfolio, debtors, structured securities, reinsurers, counterparties, other financial inst itutions and other entities; business and strategic risks - related to global economic and geopolitical conditions; the design and implementation of business strategies; changes in distribution channels or Client behaviour including risks relating to market c onduct by intermediaries and agents; the impact of competition; the performance of our investments and investment portfolios managed for Clients such as segregated and mutual funds; shifts in investing trends and Client preference towards products that differ from our investment products and strategies; changes in the legal or regulatory environment, including capital requiremen ts and tax laws; environmental and social issues and their related laws and regulations; operational risks - related to breaches or failure of information system security and privacy, including cyber -attacks; our ability to attract and retain employees; legal, regulatory compliance and market conduct, including the impact of regulatory inquiries and investigations; the execution and int egration of mergers, acquisitions, strategic investments and divestitures; our information technology infrastructure; a failure of information systems and Internet-enabled technology; dependence on third- party relationships, including outsourcing arrangements; business continuity; model errors; information management; liquidity risks - the possibility that we will not be able to fund all cash outflow commitments as they fall due; and other risks - changes to accounting standards in the jurisdictions in which we operate; risks associated with our international operations, including our joint ventures; market conditions that affect our capital position or ability to raise capital; downgrades in financial strength or credit ratings; and tax matters, including estimates a nd judgments used in calculating taxes. The Company does not undertake any obligation to update or revise its forward- looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law. Currency All amounts are in Canadian dollars unless otherwise noted. Rounding Amounts in this document are impacted by rounding.
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Sun Life – Q3 2025 33 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 period to period. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed in isolation from or as alternatives to measures of financial performance determined in accordance with IFRS. Additional information concerning non-IFRS financial measures and, if applicable, reconciliations to the closest IFRS measures are availabl e in section N - Non-IFRS Financial Measures of our Q3 2025 MD&A and the Supplementary Financial Information package on www.sunlife.com under Investors - Financial results and reports. Non-IFRS Financial Measures Underlying net income is a non-IFRS financial measure that assists in understanding Sun Life's business performance by making certain adjustments to IFRS income. Underlying net income, along with common shareholders’ net income (Reported net income), is used as a basis for management planning, and is also a key measure in our employee incentive compensation programs. This measure reflects management's view of the underlying business performance of the company and long-term earnings potential. For example, due to the longer term nature of our individual protection businesses, market movements related to interest rates, equity markets and investment properties can have a significant impact on reported net income in the reporting period. However, these impacts are not necessarily realized, and may never be realized, if markets move in the opposite direction in subsequent periods or in the case of interest rates, the fixed income investment is held to maturity. Underlying net income removes the impact of the following items from reported net income: i. Market-related impacts reflecting the after-tax difference in actual versus expected market movements, ii. ACMA – captures the impact of method and assumption changes, and management actions on insurance and reinsurance contracts, and iii. Other adjustments (MFS shares owned by management, Acquisition, integration, and restructuring, Intangible asset amortization, and Other). Additional detail on these adjustments is provided in section N - Non-IFRS Financial Measures of our Q3 2025 MD&A. All factors discussed in this document that impact our underlying net income are also applicable to reported net income. All EPS measures in this presentation refer to fully diluted EPS, unless otherwise stated. Underlying EPS excludes the dilutive impacts of convertible instruments. Other non-IFRS financial measures that we use include: after-tax profit margin for U.S. Group Benefits, assets under administration (in SLC Management), assets under management (“AUM”), AUM not yet earning fees, capital raising, cash and other liquid assets, measures based on a currency adjusted basis, CSM movement analysis (organic CSM movement, impact of new insurance business on CSM, expected movements from asset returns & locked-in rates, impact of markets & other, insurance experience gains/losses, impact of change in assumptions, CSM market sensitivities), deployment, drivers of earnings, earnings on surplus, experience-related items attributable to reported net income and underlying net income, fee-earning AUM, fee-related earnings and operating income, financial leverage ratio, impacts of foreign exchange translation, LICAT market sensitivities, organic capital generation, pre-tax fee-related earnings margin, pre-tax net operating margin, return on equity, sales and flows, third-party AUM, total weighted premium income (“TWPI”), underlying dividend payout ratio, underlying EPS (diluted), and effective income tax rate on an underlying net income basis. Use of Names and Logos of Third Parties Names and logos of third parties are used for identification purposes and do not imply any relationship with, or endorsement by, them. Third party trade-marks are the property of their respective owners.
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Sun Life – Q3 2025 Footnotes From slide 3 2 Business Mix based on underlying net income, excluding Corporate expenses and other. Asset management & wealth includes MFS I nvestment Management, SLC Management, Canada Individual Wealth, Group Retirement Services, Asia Asset management & Individual wealth. Group - Health & Protection includes Canada Sun Life Health, U.S. Group Benefits (Employee Benefits and Health and Risk Solutions) and U.S. Dental. Individual - Protection includes Canada Individual Insurance, U.S. In-force Management, Asia Individual Protection and Asia Regional Office. 3 Effective Q1’25, the Wealth & asset management business type was renamed to Asset management & wealth. 4 Effective Q1'25, Regional Office in Asia was moved from the Corporate expenses & other business type to the Individual - Protection business type, reflecting a reporting refinement. Prior period amounts reflect current presentation. 5 As of December 31, 2024. 6 Rounded to the nearest million. 7 Rounded to the nearest hundred. Represents full-time equivalent employees, temporary employees and employees in Asia joint ventures. 8 Rounded to the nearest hundred. 9 C$ as at September 30, 2025. From slide 8 3 2022 results have been restated for the adoption of IFRS 17 and the related IFRS 9 classification overlay (“the new standards”). The restated results may not be fully representative of our future earnings profile, as we were not managing our asset and liability portfolios under the new standards. The majority of the actions taken to re-balance asset portfolios and transition asset-liability management execution to an IFRS 17 basis occurred in Q1'23. Accordingly, analysis based on 2022 comparative results may not necessarily be indicative of future trends, and should be interpreted with this context. 4 Underlying EPS growth is calculated using a two-year compound annual growth rate. Underlying ROE and dividend payout ratio are c alculated using a three-year average of 2022-2024. 5 Source: Bloomberg. Peer Groups: Canadian Lifecos – Manulife Financial Corporation, Great-West Life, and Industrial Alliance. Global Lifecos – AXA SA, Prudential PLC, Allianz SE, Aviva PLC, Assicurazioni Generali SpA, AIA Group Ltd., China Life Insurance Co. Ltd, China Pacific Insurance Company and Ping An Insurance Group. U.S. Lifecos – Hartford Financial Services Group, Lincoln National Corporation, MetLife Inc., Principal Financial Group, Inc., Prudential Financial, Inc., Unum Group, and Voya. Traditional Asset Managers – T Rowe Price, Franklin Resources, AllianceBernstein, Ameriprise Financial, BlackRock, Janus Henderson, and Invesco. Canadian Banks – RBC, TD, Scotiabank, BMO, CIBC, and National Bank. From slide 12 2 Effective Q1'25, Regional Office in Asia was moved from the Corporate expenses & other business type to the Individual - Protection business type, reflecting a reporting refinement. Prior period amounts reflect current presentation. 3 Prior period amounts have been updated. 4 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. 5 LICAT ratio of Sun Life Financial Incorporated and of Sun Life Assurance Company of Canada (“SLA”). Our LICAT ratios are calculated in accordance with the OSFI-mandated guideline, Life Insurance Capital Adequacy Test. 6 SLA is SLF Inc.'s principal operating life insurance subsidiary. 7 Organic capital generation measures the change in capital, net of dividends, above LICAT requirements excluding the impacts of markets and other non-recurring items. 8 Cash and other liquid assets at SLF Inc. and its wholly owned holding companies. From slide 14 2 As at December 31, 2024. 3 Includes: Total Return, High Grade, Municipal and Other. 4 2023 McKinsey Performance Lens Global Asset Management Survey, consisting of ~250 participants worldwide and representing more than 60% of Global AUM, ranks MFS pre-tax margin in the top 17th percentile. From slide 15 2 Does not include the General Account. SLC total AUM including the General Account was $422 billion at September 30, 2025. 3 This does not include assets under administration. More information is available upon request. 4 As at December 31, 2024. 34
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Sun Life – Q3 2025 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 GRS AUM. 5 FY2024 net premiums, which include gross insurance and annuity premiums adjusted for unearned premiums, experience-rated refund premiums, premium taxes and associated ceded amounts. 6 Based on revenue for year-ended December 2023 from 2024 Fraser Group Report. Sun Life’s business in-force (BIF) position is based on reporting that does not account for our Canada Dental Care Plan business (~$5B BIF). Sun Life remains the leading benefits provider across a range of metrics (profitability, service delivery, and Member experience) and remains focused on strategic Client acquisition / retention 7 Based on total Capital Accumulation Plan assets for the year ended December 2023 from 2024 Fraser Pension Universe Report. 8 Based on LIMRA data for Individual Wealth fixed and seg fund products as of third quarter 2024, on a year-to-date basis. 9 LIMRA Market Share by premiums within individual life and health market as of third quarter 2024, on a year-to-date basis. 10 Business to business to Client 11 Business to Advisor to Client From slide 17 2 Includes associates in our partner dental practices. 3 FY2024 revenues (net premiums + fees). 4 Based on membership as of December 31, 2024, for plans provided or administered by a Sun Life company. Ranking compiled by Sun Life and based on data disclosed by competitors. 5 Ranking compiled by Sun Life based on data contained in the 2024 Accident and Health Policy Experience Report from the National Association of Insurance Commissioners ("NAIC"). An independent stop-loss carrier is defined as a stop-loss carrier that does not also sell medical claim administration services. 6 LIMRA 2024 Annual Sales & In-force Reports for Group Life & Disability. Long-term disability results exclude reserve buy outs. Group Term Life, long-term disability and short-term disability results exclude business sold through associations; includes BIF managed by Sun Life for insurance carrier partners. 7 Based on revenue (net premiums + fee income) for 2024. From slide 18 2 FY2024 Individual – Protection sales. These include the sales in the company’s joint ventures and associates with local partners in Asia based on our proportionate equity interest. 3 Insurance Commission of the Philippines, based on Q2 2025 year-to-date total premium income for Sun Life of Canada (Philippines). 4 Insurance Commission of the Philippines, based on Q2 2025 year-to-date new business premiums for Sun Life of Canada (Philippines). 5 Philippine Investment Funds Association, based on July 2025 ending assets under management. 6 Mercer MPF Market Shares Report, Q2 2025. 7 Insurance Authority of Hong Kong, Provisional Statistics on Hong Kong Long Term Insurance Business, based on Q2 2025 year-to-date annualized first year premiums. 8 August 2025 year-to-date annualized first year premiums, based on data shared among Vietnam industry players. 9 Indonesia Life Insurance Association, based on Q2 2025 year-to-date first year premiums. 10 Life Insurance Association of Malaysia and Insurance Services Malaysia Berhad, based on Q2 2025 year-to-date annualized first year premiums for conventional and takaful business. 11 Insurance Regulatory Authority of India, based on August 2025 year-to-date first year premiums among private players. 12 Association of Mutual Funds in India, based on September 30, 2025 ending average assets under management. 13 China: based on gross premiums for Q2 2025 year-to-date (excluding universal life insurance deposits and pension companies) amongst foreign multinationals. 14 As at September 30, 2025. 35
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Sun Life – Q3 2025 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 Test. 4 Tier 2 capital under LICAT framework. 5 Tier 1 capital under LICAT framework. From slide 28 2 LTV: Loan-to-Value; DSCR: Debt-service coverage ratio. 3 Consists of: Other financial invested assets ($14.5B), derivative assets ($1.6B), other non-financial invested assets ($1.7B). 4 BB and lower includes impaired mortgages and loans. From slide 29 2 Includes insured mortgages; multi-family residential $3,148M and other $417M. 3 Credit risk ratings were established in accordance with the internal rating process described in the Credit Risk Management Governance and Control section in our MD&A for the period ended December 31, 2024. From slide 31 1 Represents the respective change across all equity exposures as at September 30, 2025 and December 31, 2024. Due to the impact of active management, basis risk, and other factors, realized sensitivities may differ significantly from expectations. Sensitivities include the impact of re-balancing equity hedges for hedging programs at 2% intervals (for 10% changes in equity markets) and at 5% intervals (for 25% changes in equity markets). 2 The market risk sensitivities include the estimated impact of our hedging programs in effect as at September 30, 2025 and December 31, 2024, and include new business added and product changes implemented prior to such dates. 3 Net income, CSM and OCI sensitivities have been rounded in increments of $25 million. The sensitivities exclude the market impacts on the income from our joint ventures in China and India. 4 The LICAT sensitivities illustrate the impact on SLF Inc. as at September 30, 2025 and December 31, 2024. LICAT ratios are rounded in increments of 0.5%. 5 Interest rate sensitivities assume a parallel shift in assumed interest rates across the entire yield curve as at September 30, 2025 and December 31, 2024 with no change to the ultimate risk-free rate. Variations in realized yields based on factors such as different terms to maturity and geographies may result in realized sensitivities being significantly different from those illustrated on the slide. Sensitivities include the impact of re-balancing interest rate hedges for hedging programs at 10 basis point intervals (for 50 basis point changes in interest rates). 6 The market risk OCI sensitivities exclude the impact of changes in the defined benefit obligations and plan assets. 7 The LICAT sensitivities illustrate the impact on SLF Inc. as at September 30, 2025 and December 31, 2024. The sensitivities reflect the worst scenario as of September 30, 2025 and assume that a scenario switch does not occur in the quarter. LICAT ratios are rounded in increments of 0.5%. 8 The credit spread sensitivities assume a parallel shift in the indicated spreads across the entire term structure with no change to the ultimate liquidity premium. The sensitivities reflect a floor of zero on credit spreads where the spreads are not currently negative. Variations in realized spread changes based on different terms to maturity, geographies, asset classes and derivative types, underlying interest rate movements, and ratings may result in realized sensitivities being significantly different from those provided on the slide. 9 The swap spread sensitivities assume a parallel shift in the indicated spreads across the entire term structure. Variations in realized spread changes based on different terms to maturity, geographies, asset classes and derivative types, underlying interest rate movements, and ratings may result in realized sensitivities being significantly different from those provided on the slide. 36
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Sun Life – Q3 2025 37 Sun Life Investor Relations To contact Sun Life Investor Relations: Please email Investor_Relations@sunlife.com
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Sun Life Financial Inc. (unaudited) Q3'25 financial & operating results For the period ended September 30, 2025
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Sun Life – Q3 2025 2 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) determined in accordance with IFRS. Forward-looking statements Certain statements in this presentation and certain oral statements made by senior management during the earnings conference call on November 6, 2025 (collectively, this “presentation”), including, but not limited to, statements that are not historical facts, are forward-looking and are subject to inherent risks, uncertainties and assumptions. The results or events predicted in these forward-looking statements may differ materially from actual results or events and we cannot guarantee that any forward-looking statement will materialize. Except as may be required by law, we do not undertake any obligation to update or revise any forward-looking statements made in this presentation. Non-IFRS financial measures The Company prepares its financial statements in accordance with international financial reporting standards (“IFRS”). This presentation includes financial measures that are not based on IFRS (“non-IFRS financial measures”). The Company believes that these non-IFRS financial measures provide information that is useful to investors in understanding the Company’s performance and facilitates the comparison of the quarterly and full year results from period to period. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed as alternatives to measures of financial performance determined in accordance with IFRS. For more information about these non-IFRS financial measures, refer to the Non-IFRS Financial Measures section on slide 22 and in our MD&A for the period ended September 30, 2025 (“Q3 2025 MD&A”) in section N – Non-IFRS Financial Measures. Additional information Additional information concerning forward-looking statements and non-IFRS financial measures is included at the end of this presentation. Currency Unless otherwise noted, all amounts are in Canadian dollars. Rounding Amounts in this presentation are impacted by rounding.
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Sun Life – Q3 2025 Kevin Strain President and Chief Executive Officer 3
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Sun Life – Q3 2025 4 Q3 2025 financial highlights GrowthProfitability Financial Strength All results compared to Q3 2024. 1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and i n our Q3 2025 MD&A. Footnotes 2-7: Refer to slide 24. Underlying net income1 $1,047 M +3% Reported net income $1,106 M (18)% Underlying EPS1 $1.86 +6% Reported EPS $1.97 (15)% SLF Inc. LICAT ratio3 154% Underlying ROE1 18.3% Reported ROE1 19.3% Financial leverage ratio1 21.6% Asset management & wealth4 43% Individual - Protection6 29% Group - Health & Protection 28% New business CSM1,2 $446 M +16% Total CSM 14.4. B +12% Diversified Business Mix7 Year-to-date at September 30, 2025 Asset management net flows & net wealth sales1,4,5 $2.8 B Group - Health & Protection sales1 $498 M +12% Individual - Protection sales1,6 $987 M +35% Announced 4 cent increase to quarterly common shareholder dividend
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Sun Life – Q3 2025 5 Accelerating growth through Sun Life Asset Management Effective January 1, 2026, Sun Life’s India asset management, Asia asset management and Canada pension risk transfer businesses will be formally added to the Sun Life Asset Management pillar, which will be led by Tom Murphy • This will enable us to further unlock opportunities that exist at the intersection of asset management, wealth, and insurance: • Enabling collaboration and co-creation between Sun Life’s asset managers and wealth and insurance businesses • Accelerating distribution through our proprietary wealth and insurance channels • Driving growth opportunities and enhancing value and options for Clients • Seeking new sources of permanent capital to drive revenue growth, increase scale and provide access to seed capital by leveraging our global balance sheet and developing strategic partnerships Sun Life Asset Management Each asset management business will continue to operate under existing brand names with no impact to Client relationships, governance structures, leadership teams, or investment philosophies $1.4 trillion assets under management2,3 1 This slide contains forward-looking statements within the meaning of applicable securities laws. For more information, refer to "Forward-looking Statements" and "Risk Factors" on slide 23. 2 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our Q3 2025 MD&A. 3 Sun Life Asset Management AUM excludes assets managed by Sun Life’s wealth businesses. Defined Benefit Solutions Asia Asset Management +
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Sun Life – Q3 2025 6 Highlights: Delivering on our Purpose and strategy Asset Management and Wealth Asia Health Continued momentum in asset management • SLC Management: Strong capital raising and deployments driving fee-earning AUM net inflows1 of $4.9 billion • MFS: Net outflows at lowest level since 2021, led by strong Institutional gross and net flows Leveraging the power of our platform in Canada • Sun Life Global Investments launched its first ETF Series through partnership with MFS and SLC Management Demonstrated distribution excellence • Achieved double-digit annual insurance sales growth across six markets • Strong performance across all channels in Hong Kong with 50%+ y/y insurance sales growth Continued growth in asset management and wealth • Gross flows & wealth sales up 17% y/y2, driven by strong fund performance in India and Hong Kong Mandatory Provident Fund (“MPF”) Sustained strength in Canada • Strong earnings performance and growth in Sun Life Health and individual protection Taking action to address challenges in the U.S. • Continued headwinds across our U.S. businesses from unfavourable morbidity experience • Dental results challenged by higher utilization; re- pricing activities ongoing, but at a slower pace Digital Delivered Client and business impact through a modernized underwriting platform in Canada to drive faster turnaround times, sales, and cost savings; and a comprehensive Advisor platform in Asia to boost productivity and Client satisfaction Recognized as a 2025 CIO Award Canada winner for the second consecutive year, this year for using GenAI and Agentic AI to improve employee productivity3 People and Culture Sun Life was recognized by Great Place to Work® as one of Canada’s best workplaces for Inclusion, one of the best workplaces for women in India, and one of Ontario’s best workplaces4, and Sun Life U.S. was recognized as a Top Workplace in Hartford for the fifth consecutive year5 1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our Q3 2025 MD&A. Footnotes 2-5: Refer to slide 24.
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Sun Life – Q3 2025 Tim Deacon Executive Vice-President & Chief Financial Officer 7
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Sun Life – Q3 2025 8 Q3 2025 results Results Highlights Good overall results underpinned by business diversification: • Asset management & wealth: up 5% y/y from improved credit experience and higher fee income in Canada, and higher net seed investment income in SLC Management • Group - Health & Protection: down 18% y/y from unfavourable insurance experience across Group Benefits and Dental in the U.S., partially offset by business growth and favourable insurance experience in Canada • Individual - Protection2: up 25% y/y on business growth, favourable mortality experience in Asia, higher joint venture earnings in India and higher investment earnings in Canada • Corporate expenses & other2: increase in net loss driven by timing of strategic investment spend Total AUM up 7% y/y due to market appreciation • Asset management net flows & net wealth sales of $2.8 billion reflects improved net outflows at MFS and strong capital raising and deployment activity at SLC Management Total insurance sales up 26% y/y • Individual sales up 35% y/y from higher sales across nearly all markets in Asia and higher non-participating life sales in Canada • Group sales up 12% y/y primarily driven by higher large case sales in U.S employee benefits and higher U.S. Dental sales, partially offset by lower large case sales in Canada Total CSM up 12% y/y on strong organic CSM generation; New business CSM up 16% y/y primarily driven by strong sales in Asia Strong capital position • Organic capital generation 1,7 of $624 million • SLF LICAT of 154% was up 3 points q/q driven by a debt issuance • Low financial leverage ratio of 21.6%; $2.1 billion in holdco cash1,8 1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our Q3 2025 MD&A. Footnotes 2-8: Refer to slide 24. Growth Q3’25 Q3’24 Change Asset management net flows & net wealth sales1,3 ($ billions) 2.8 (17.1) +19.9 B Total AUM1,3 ($ billions) 1,623 1,515 +7% Group sales1 ($ millions) 498 445 +12% Individual sales1 ($ millions) 987 730 +35% New business CSM1,4 ($ millions) 446 383 +16% Financial strength Q3’25 Q2’25 Change SLF Inc. LICAT ratio5 (%) 154 151 +3 pp SLA LICAT ratio5,6 (%) 138 141 (3) pp Financial leverage ratio1 (%) 21.6 20.4 +1.2 pp Book value per share ($) 40.86 39.57 +3.3% Profitability Q3’25 Q3’24 Change Asset management & wealth ($ millions) 500 474 +5% Group - Health & Protection ($ millions) 284 345 (18)% Individual - Protection2 ($ millions) 361 289 +25% Corporate expenses & other2 ($ millions) (98) (92) (7)% Underlying net income1 ($ millions) 1,047 1,016 +3% Reported net income ($ millions) 1,106 1,348 (18)%
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Sun Life – Q3 2025 9 Q3 2025 results 1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and i n our Q3 2025 MD&A. 2 Percentage changes are reported on a constant currency basis, which excludes the impacts of foreign exchange translation. 350 422 147 226 (98) 344 375 219 170 (92) Underlying net income1 ($ millions) Impact of currency translation increased underlying net income by $5M2 316 414 98 373 (95) 644 382 339 32 (49) Reported net income ($ millions) Impact of currency translation increased reported net income by $8M2 (51)% +8% (71)% nm Constant currency2 year-over-year growth Year-over-year growth +2% +13% (33)% +33% (51)% +8% (71)% nm Q3’25 Q3’24 AM CAN U.S. ASIA CORPAM CAN U.S. ASIA CORP +1% +13% (33)% +32%
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Sun Life – Q3 2025 10 MFS: A global leader in public asset management Profitability Q3’25 Q3’24 Change Underlying net income1 ($ millions) 215 218 (1)% Reported net income ($ millions) 213 210 +1% Pre-tax net operating margin1,2 (%) 39.2 40.5 (1.3) pp Total revenue1 ($ millions) 852 837 +2% Total expenses1 ($ millions) 567 553 +3% Growth Q3’25 Q3’24 Change Total net flows1 ($ billions) (0.9) (14.0) +13.1 B Institutional net flows1 ($ billions) 3.8 (10.0) +13.8 B Retail net flows1 ($ billions) (4.7) (4.0) (0.7) B Total assets under management1 ($ billions) 659 645 +2% Institutional AUM1 ($ billions) 198 202 (2)% Retail AUM1 ($ billions) 460 443 +4% Average net assets (“ANA”)1 ($ billions) 643 626 +3% Quarterly Highlights (US$) • Underlying net income down 1% compared to the prior year primarily driven by a decrease in net investment income, mostly offset by higher fee income from growth in average net assets • Reported net income up 1% y/y driven by the impact of fair value changes of MFS shares owned by management • Pre-tax net operating profit margin of 39.2% decreased from 40.5% in Q3’24, driven primarily by lower net investment income • Ending AUM of $659 billion up 2% y/y reflecting market appreciation, partially offset by net outflows • Institutional net inflows of $3.8 billion includes large mandate wins in separately managed accounts and new target date Collective Investment Trust offerings • Retail net outflows of $(4.7) billion reflects continued shift in investor preference for risk-free rate investments; aligned with industry trends Business Group Results (US$) 1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and i n our Q3 2025 MD&A. 2 Pre-tax gross operating margin was 35.4% in Q3 2025 and 36.5% in Q3 2024.
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Sun Life – Q3 2025 11 SLC Management: Growing a premier alternatives platform Profitability Q3’25 Q3’24 Change Fee-related earnings1 ($ millions) 78 72 +8% Pre-tax fee-related earnings margin1,2 (%) 26.0 24.2 +1.8 pp Pre-tax net operating margin1,2 (%) 27.5 21.8 +5.7 pp Underlying net income1 ($ millions) 54 47 +15% Reported net income ($ millions) 23 357 (94)% Growth Q3’25 Q3’24 Change Total assets under management1,3 ($ billions) 259 230 +12% Total AUM net flows1 ($ billions) 5.2 1.7 +3.5 B Assets under administration1 ($ billions) 18.0 15.3 +18% Fee-earning AUM1 ($ billions) 199 183 +9% Fee-earning AUM net flows1 ($ billions) 4.9 4.2 +0.7 B AUM not yet earnings fees1 ($ billions) 29.0 19.1 +52% Capital raising1 ($ billions) 5.6 7.1 (1.5) B Deployment1 ($ billions) 7.4 4.6 +2.8 B Quarterly Highlights • Underlying net income up 15% y/y on higher net seed investment income and fee-related earnings (“FRE”) • FRE up 8% y/y primarily driven by capital raising partially offset by higher expenses • FRE margin up from the prior year driven by margin expansion at BGO; net operating margin expansion includes the benefit of seed market gains • Reported net income down y/y driven by the prior year change to the value of acquisition-related liabilities 4 • Fee-earning AUM increased 9% y/y driven by net inflows, partially offset by realizations • Capital raising of $5.6 billion reflects strong activity in Crescent Capital, BGO, and SLC Fixed Income • Achieved continued strong deployments of $7.4 billion, driven by SLC Fixed Income, Crescent Capital, and BGO Business Group Results 1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and i n our Q3 2025 MD&A. Footnotes 2-4: Refer to slide 24.
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Sun Life – Q3 2025 1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and i n our Q3 2025 MD&A. Footnotes 2-3: Refer to slide 24. 12 Canada: A leader in health, wealth, and insurance Profitability Q3’25 Q3’24 Change Asset management & wealth ($ millions) 120 101 +19% Group - Health & Protection ($ millions) 197 172 +15% Individual - Protection ($ millions) 105 102 +3% Underlying net income1 ($ millions) 422 375 +13% Reported net income ($ millions) 414 382 +8% Underlying ROE1 (%) 29.2 22.6 +6.6 pp Reported ROE1 (%) 28.6 23.0 +5.6 pp Growth Q3’25 Q3’24 Change AM net flows & net wealth sales1,2 ($ millions) (1,555) (230) (1,325) M Asset management & wealth AUM1,2,3 ($ billions) 213 192 +11% Group - Health & Protection sales1 ($ millions) 98 124 (21)% Group - Health & Protection net premiums1 ($ millions) 1,909 1,794 +6% Group - Health & Protection fee income ($ millions) 128 138 (7)% Individual - Protection sales1 ($ millions) 130 112 +16% Quarterly Highlights • Underlying net income up 13% y/y from strong business growth, favourable insurance experience, and higher fee income • Asset management & wealth earnings up 19% y/y on improved credit experience and higher fee income driven by AUM growth • Asset management & wealth AUM up 11% y/y driven by market appreciation • Asset management gross flows & wealth sales up 9% y/y driven by higher mutual fund sales in Individual Wealth and higher rollover volumes in GRS • Group - Health & Protection earnings up 15% y/y reflecting business growth, favourable mortality and morbidity experience, and improved credit experience • Group sales down 21% y/y driven by the timing of large case sales • Individual - Protection earnings up 3% y/y on higher investment earnings • Individual sales up 16% y/y on higher non-participating life sales • Reported net income up 8% y/y driven by the increase in underlying net income and favourable ACMA impacts, partially offset by market-related impacts Business Group Results
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Sun Life – Q3 2025 13 U.S.: A leader in health & benefits Growth Q3’25 Q3’24 Change Employee Benefits sales1 ($ millions) 127 99 +28% Medical stop-loss sales1 ($ millions) 74 68 +9% Dental sales1 ($ millions) 72 52 +38% Net premiums1 – GB & Dental ($ millions) 2,049 1,999 +3% Fee Income – GB & Dental ($ millions) 99 90 +10% Quarterly Highlights (US$) • Underlying net income down 34% y/y • Group - Health & Protection earnings down 50% y/y reflecting negative insurance experience in medical stop-loss, unfavourable morbidity on higher claims frequency in Dental, and adverse long-term disability experience in employee benefits • Unfavourable morbidity experience in medical stop-loss reflects residual claims related to pre-2025 business and an increase in expected severity in the 1/1/2025 cohort • Q3’25 Dental Medicaid Loss Ratio1,2 was 94.2%, up from 92.6% in the prior year3 driven by pricing shortfalls and higher claims frequency • Net premiums up 3% y/y driven by growth in Medicaid and Commercial in Dental and growth across most products in employee benefits • Sales up 25% y/y, primarily driven by higher large case sales in employee benefits and higher government Dental sales • Individual - Protection earnings up 29% from prior year on favourable experience gains, improved credit experience and higher investment earnings • Reported net income down 71% y/y driven by unfavourable ACMA impacts and the decrease in underlying net income, partially offset by market-related impacts Business Group Results (US$) Profitability Q3’25 Q3’24 Change Group - Health & Protection ($ millions) 63 127 (50)% Individual - Protection ($ millions) 44 34 +29% Underlying net income1 ($ millions) 107 161 (34)% Reported net income ($ millions) 72 250 (71)% Underlying ROE1 (%) 8.8 13.4 (4.6) pp Reported ROE1 (%) 5.9 20.8 (14.9) pp 1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our Q3 2025 MD&A. Footnotes 2-3: Refer to slide 24.
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Sun Life – Q3 2025 14 Asia: A regional leader focused on fast-growing markets Quarterly Highlights (% in constant currency1,2) • Underlying net income of $226 million up 32% y/y • Individual - Protection3,4 earnings up 38% y/y on continued strong sales momentum and in-force business growth, favourable mortality experience in International, and higher India earnings, partially offset by unfavourable credit experience • Individual sales up 38% y/y driven by higher sales across nearly all markets and channels • Asset management & wealth earnings in line with the prior year • Asset management gross flows & wealth sales up 17% y/y driven by higher fixed income fund sales in India and Mandatory Provident Fund ("MPF") sales in Hong Kong • Total CSM up 17% y/y on strong organic CSM growth • New business CSM of $322 million up 20% y/y on higher sales • Reported net income higher y/y driven by a gain from increased ownership interest in Bowtie, favourable ACMA impacts, and the increase in underlying net income Growth Q3’25 Q3’24 Change CC1,2 AM net flows & net wealth sales1 ($ millions) 334 479 (145) M (142) M Asset management & wealth AUM1 ($ billions) 47 41 +15% +14% Individual - Protection sales1 ($ millions) 857 618 +39% +38% Total weighted premium income1 ($ millions) 2,390 1,868 +28% +28% New business CSM1,5 ($ millions) 322 267 +21% +20% Business Group Results Profitability Q3’25 Q3’24 Change CC1,2 Individual - Protection3,4 ($ millions) 196 141 +39% +38% Asset management & wealth ($ millions) 30 29 +3% +6% Underlying net income1 ($ millions) 226 170 +33% +32% Reported net income ($ millions) 373 32 nm nm Underlying ROE1 (%) 16.2 12.2 +4.0 pp n/a Reported ROE1 (%) 26.8 2.3 +24.5 pp n/a 1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and i n our Q3 2025 MD&A. Footnotes 2-5: Refer to slide 25.
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Sun Life – Q3 2025 15 Appendix
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Sun Life – Q3 2025 16 Drivers of earnings1 1 The Drivers of Earnings analysis contains non-IFRS financial measures. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our Q3 2025 MD&A. Refer to the Basis of Presentation section in our Supplementary Financial Information package for the period ended September 30, 2025 for more information about certain amounts that are presented on a net basis to reflect how the business is managed, compared to a gross basis in the Consolidated Financial Statements. Footnotes 2-6: Refer to slide 25. Market-related impacts reflect unfavourable real estate experience, partially offset by positive equity market and net interest experience. Acquisition, integration and restructuring includes a gain from increased ownership interest in Bowtie, partially offset by SLC Management’s acquisition- related liabilities and acquisition, integration and restructuring costs related to DentaQuest Underlying drivers of earnings (DOE) $ millions, pre-tax Q3’25 Q2’25 Q3’24 Risk adjustment release 103 107 101 Contractual Service Margin recognized for services provided 258 252 236 Expected earnings on short-term (group) insurance business 445 438 421 Expected insurance earnings 806 797 758 Impact of new insurance business (19) (12) (23) Experience gains (losses)2 10 (25) 67 Total net insurance service result - Underlying 797 760 802 Expected investment earnings 261 263 245 Credit experience (51) (32) (80) Earnings on surplus 123 148 161 Joint ventures & other 85 67 81 Total net investment result - Underlying 418 446 407 Other fee income2 126 102 98 Expenses – other2,3 (483) (440) (482) Asset management – Underlying 480 416 457 Earnings before income taxes – Underlying 1,338 1,284 1,282 Income tax (expense) or recovery (259) (237) (232) Dividends, distributions, NCI4 (32) (32) (34) Common shareholders’ underlying net income (loss) 1,047 1,015 1,016 Non-underlying net income adjustments $ millions, post-tax Q3’25 Q2’25 Q3’24 Common shareholders’ underlying net income (loss) 1,047 1,015 1,016 Market-related impacts (14) (166) 29 Assumption changes and management actions (“ACMA”) (13) 3 36 MFS shares owned by management (3) (1) (10) Acquisition, integration and restructuring5 128 (38) 312 Intangible asset amortization6 (39) (97) (35) Other5 - - - Common shareholders’ reported net income (loss) 1,106 716 1,348
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Sun Life – Q3 2025 17 DOE experience gains/(losses)1 – details 1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and i n our Q3 2025 MD&A. $ millions Pre-tax Post-tax Q3’25 Q2’25 Q3’24 Q3’25 Q2’25 Q3’24 Net equity market impact 38 3 48 29 - 36 Net interest rate impact 6 (103) (3) 15 (94) 38 Impact of changes in the fair value of investment properties (70) (87) (57) (58) (72) (45) Market-related impacts (26) (187) (12) (14) (166) 29 Mortality 36 35 6 30 29 3 Morbidity (34) (28) 83 (28) (22) 60 Policyholder behaviour (4) (8) (6) (4) (7) (5) Expenses (11) (45) (29) (9) (37) (25) Other insurance experience 23 21 13 18 17 11 Insurance experience gains / (losses) 10 (25) 67 7 (20) 44 Credit experience (investments) (51) (32) (80) (41) (26) (61) Other investment experience 15 8 26 11 5 19
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Sun Life – Q3 2025 18 Contractual service margin movement analysis1 CSM Highlights • Total CSM ended Q3’25 at $14.4 billion, up 12% y/y largely driven by organic CSM growth • New business CSM of $446 million up 16% y/y, primarily driven by sales in Hong Kong • CSM recognized for services provided over the last twelve months represented 9.7% of total CSM 1 Contractual service margin movement analysis includes both non- participating and participating policyholder CSM. 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 solutio ns and segregated fund wealth sales in Canada. 3 Expected movements from asset returns & locked-in rates primarily reflects: i) the expected returns on assets supporting variable fee approach (“VFA”) contracts and ii) the increase in average locked- in rates from the passage of time on in-force business and new business added at higher rates. Locked-in rates refer to the term structure associated with locked-in discount rates, set when the insurance contract was sold, or on transition to IFRS 17. VFA contracts include Participating life insurance, Segregated funds, and Variable Universal Life (“VUL”). 4 Certain measures in the CSM Movement Analysis are non-IFRS financial measures. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our Q3 2025 MD&A. $ millions, pre-tax Q3’25 Q2’25 Q3’24 CSM at beginning of period 13,675 13,619 12,512 Impact of new insurance business2 446 435 383 Expected movements from asset returns & locked-in rates3,4 192 185 185 Insurance experience gains/(losses)4 (10) (30) (63) CSM recognized for services provided (320) (313) (286) Organic CSM Movement 3 308 277 219 Impact of markets & other4 139 184 191 Impact of change in assumptions4 139 (14) (95) Currency impact 145 (391) 9 Disposition - - - Total CSM Movement 731 56 324 CSM at end of period 14,406 13,675 12,836
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Sun Life – Q3 2025 19 Assumption changes and management actions 1 The reported net income impact of ACMA is shown in aggregate for Net insurance service result and Net investment result and exc ludes amounts attributable to participating policyholders. 2 CSM is shown on a pre-tax basis as it reflects the changes in our insurance contract liabilities, while reported net income is s hown on a post-tax basis to reflect the impact on capital. 3 The impact of change in assumptions in the CSM roll forward of $119 million is comprised of $(6) million for the three months ended March 31, 2025, from various small enhancements, $(14) million for the three months ended June 30, 2025, from various small enhancements, and $139 million for the three months ended September 30, 2025, as referenced in the table above. 4 Total impact of change in assumptions represents a non-IFRS financial measure for amounts deferred in CSM. For more details, see section N - Non-IFRS Financial Measures in our Q3 2025 MD&A. ($ millions) Reported net income impacts (After tax)1,2 Deferred in CSM (Pre-tax) 2,3,4 Comments Mortality/morbidity 14 276 Updates to reflect mortality and morbidity experience in all jurisdictions. The largest item was a favourable mortality update mainly to Group Retirement Services and Individual Wealth in Canada. Lapse & Other policyholder behaviour (16) (143) Updates to reflect lapse and policyholder behaviour in all jurisdictions. The largest items were adverse lapse and policyholder behaviour in Individual Insurance in Canada and in Vietnam in Asia. Expense (29) (86) Updates to expenses in all jurisdictions. Financial 48 4 Updates to various financial-related assumptions. Other (30) 88 Various enhancements and methodology changes. The largest items were the net favourable impacts of refinements in Hong Kong and International in Asia. Total impact of change in assumptions (13) 139
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Sun Life – Q3 2025 20 Earnings on surplus – Supplemental details 1 Includes timing differences on derivatives, currency and other items. EOS Highlights • Core investment income down q/q primarily from a prior quarter gain on private credit; down y/y due to lower surplus balance to support share buybacks • Realized investment losses this quarter reflect actions to generate additional liquidity Earnings on surplus – supplemental details $ millions, pre-tax Q3’25 Q2’25 Q3’24 Core investment income 129 146 151 Realized investment gains / (losses) (9) (4) 13 Other1 3 6 (3) Earnings on surplus 123 148 161 Interest on debt (75) (74) (79) Earnings on surplus net of debt cost 48 74 82
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Sun Life – Q3 2025 21 Credit experience– Supplemental details 1 On fair value through profit / loss assets. 2 On fair value through other comprehensive income and amortized cost assets. 3 Release of credit risk adjustments are reported in the Expected investment earnings line of the Drivers of Earnings. Credit experience – supplemental details $ millions, pre-tax Q3’25 Q2’25 Q3’24 Ratings/Net impairments1 (49) (31) (71) Expected credit loss2 (2) (1) (9) Credit experience (51) (32) (80) Release of credit within expected investment earnings3 37 37 37 Net Credit Experience (14) 5 (43) Credit Highlights • Ratings/Net impairments reflect a small number of impairments
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Sun Life – Q3 2025 22 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 period to period. These non- IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non- IFRS financial measures should not be viewed in isolation from or as alternatives to measures of financial performance determined in accordance with IFRS. Additional information concerning non- IFRS financial measures and, if applicable, reconciliations to the closest IFRS measures are available in section N - Non-IFRS Financial Measures of our Q3 2025 MD&A and the Supplementary Financial Information package on www.sunlife.com under Investors - Financial results and reports. Non-IFRS Financial Measures Underlying net income is a non-IFRS financial measure that assists in understanding Sun Life's business performance by making certain adjustments to IFRS income. Underlying net income, along with common shareholders’ net income (Reported net income), is used as a basis for management planning, and is also a key measure in our employee incentive compensation programs. This measure reflects management's view of the underlying business performance of the company and long- term earnings potential. For example, due to the longer term nature of our individual protection businesses, market movements related to interest rates, equity markets and investment properties can have a significant impact on reported net income in the reporting period. However, these impacts are not necessarily realized, and may never be realized, if markets move in the opposite direction in subsequent periods or in the case of interest rates, the fixed income investment is held to maturit y. Underlying net income removes the impact of the following items from reported net income: i. Market-related impacts reflecting the after -tax difference in actual versus expected market movements, ii. ACMA – captures the impact of method and assumption changes, and management actions on insurance and reinsurance contracts, and iii. and Other adjustments (MFS shares owned by management, Acquisition, integration, and restructuring, Intangible asset amortizatio n, and Other). Additional detail on these adjustments is provided in section N - Non-IFRS Financial Measures of our Q3 2025 MD&A. All factors discussed in this document that impact our underlying net income are also applicable to reported net income. All EPS measures in this presentation refer to fully diluted EPS, unless otherwise stated. Underlying EPS excludes the dilutive impacts of convertible instruments. Other non-IFRS financial measures that we use include: after-tax profit margin for U.S. Group Benefits, assets under administrat ion (in SLC Management), assets under management (“AUM”), AUM not yet earning fees, capital raising, cash and other liquid assets, measures based on a currency adjusted basis, CSM movement analysis (organic CS M movement, impact of new insurance business on CSM, expected movements from asset returns & locked-in rates, impact of markets & other, insurance experience gains/losses, impact of change in assumptions, CSM market sensitivities), deployment, drivers of earnings, earnings on surplus, experience- related items attributable to reported net income and underlying net income, fee- earning AUM, fee-related earnings and operating income, financial leverage ratio, impacts of foreign exchange translation, LICAT market sensitivities, loss ratio, net premiums, organic capital generation, pre- tax fee-related earnings margin, pre-tax net operating margin, return on equity, sales and flows, third- party AUM, total weighted premium income (“TWPI”), underlying dividend payout ratio, underlying EPS (diluted), and effective income tax rate on an underlying net income basis.
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Sun Life – Q3 2025 23 Forward-Looking Statements From time to time, the Company makes written or oral forward- looking statements within the meaning of certain securities laws, i ncluding the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements contained in this document include statements (i) relating to our strategies, plans, targets, goals and priorities; (ii) relating to our expectations with respect to the new structure of our Sun Life Asset Management pillar; (iii) relating to our growth init iatives and other business objectives; (iv) set out in our Q3 2025 MD&A under the heading I - Risk Management - Market Risk Sensitivities - Interest Rate Sensitivities; (v) that are predictive in nature or that depend upon or r efer to future events or conditions; and (vi) that include words such as “achieve”, “aim”, “ambition”, “anticipate”, “aspiration”, “assumption”, “believe”, “could”, “estimate”, “expect”, “goal”, “initiatives”, “intend”, “may”, “objective”, “outlook”, “plan”, “project”, “seek”, “should”, “strategy”, “strive”, “target”, “will”, and similar expressions. Forward-looking statements include the information concerning our possible or assumed future results of operations. These statements represent our current expectations, estimates, and projections regarding future events and are not historical facts and remain subject to change. Forward-looking statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. Future results and shareholder value may differ materially from those expressed in these forward-looking statements due to, among other factors, the matters set out in our Q3 2025 MD&A under the headings C - Profitability - 5 - Income taxes, F - Financial Strength and I - Risk Management and in SLF Inc.’s Annual Information Form for the year ended December 31, 2024 under the heading Risk Factors, and the factors detailed in SLF Inc.’s other filings with Canadian and U.S. securities regulators, which are available for review at www.sedarplus.ca and www.sec.gov, respectively. Risk Factors Important risk factors that could cause our assumptions and estimates, and expectations and projections to be inaccurate and our actual results or events to differ materially from those expressed in or implied by the forward-looking statements contained in this document, are set out below. The realization of our forward- looking statements essentially depends on our business performance which, in turn, is subject to many risks. Factors that could cause actual results to differ materially from expectations include, but are not limited to: market risks - related to the performance of equity markets; changes or volatility in interest rates or credit spreads or swap spreads; real estate investments; fluctuations in foreign currency exchange rates; and inflation; insurance risks - related to mortality experience, morbidity experience and longevity; policyholder behaviour; product design and pricing; the impact of higher-than-expected future expenses; and the availability, cost and effectiveness of reinsurance; credit risks - related to issuers of securities held in our investment portfolio, debtors, structured securities, reinsurers, counterparties, other financial institutions and other entities; business and strategic risks - related to global economic and geopolitical conditions; the design and implementation of business strategies; changes in distribution channels or Client behaviour including risks relating to market conduct by inter mediaries and agents; the impact of competition; the performance of our investments and investment portfolios managed for Clients such as segregated and mutual funds; shifts in investing trends and Client preference towards products that differ from our investment products and strategies; changes in the legal or regulatory environment, including capital requirements and tax laws; environmental and social issues and their relat ed laws and regulations; operational risks - related to breaches or failure of information system security and privacy, including cyber-attacks; our ability to attract and retain employees; legal, regulatory compliance and mar ket conduct, including the impact of regulatory inquiries and investigations; the execution and integration of mergers, acquisitions, strategic investments and divestitures; our information technology infrastructure; a failu re of information systems and Internet-enabled technology; dependence on third-party relationships, including outsourcing arrangements; business continuity; model errors; information management; liquidity risks - the possibility that we will not be able to fund all cash outflow commitments as they fall due; and other risks - changes to accounting standards in the jurisdictions in which we operate; risks associated with our international operations, including our joint ventures; market conditions that affect our capital position or ability to raise capital; downgrades in financial strength or credit ratings; and tax matters, including estimates and judgem ents used in calculating taxes. The Company does not undertake any obligation to update or revise its forward- looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law.
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Sun Life – Q3 2025 24 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 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 Test. 4 Effective Q1'25, the Wealth & asset management business type was renamed to Asset management & wealth. 5 Prior period amounts have been updated. 6 Effective Q1'25, Regional office expenses & other was moved to the Individual - Protection business type, reflecting a reporting refinement. Prior period amounts reflect current presentation. 7 Business Mix based on underlying net income, excluding Corporate expenses and other. Asset management & wealth includes MFS I nvestment Management, SLC Management, Canada Individual Wealth, Group Retirement Services, Asia Asset management & Individual wealth. Group - Health & Protection includes Canada Sun Life Health, U.S. Group Benefits (Employee Benefits and Health and Risk Solutions) and U.S. Dental. Individual - Protection includes Canada Individual Insurance, U.S. In-force Management, Asia Individual protection and A sia Regional Office. From slide 6 2 Percentage change is reported on a constant currency basis, which excludes the impacts of foreign exchange translation. Refer to the Non-IFRS Financial Measures section in our Q3 2025 MD&A. 3 International Data Corporation (IDC) Canada. 4 Great Place to Work 2025. 5 Recognized by the Hartford Courant. The Top Workplaces recognitions are based on results of employee surveys conducted by Energ age. From slide 8 2 Effective Q1'25, Regional Office in Asia was moved from the Corporate expenses & other business type to the Individual - Protection business type, reflecting a reporting refinement. Prior period amounts reflect current presentation. 3 Prior period amounts have been updated. 4 New business CSM represents growth from sales activity in the period, including individual protection sales (excluding joint ve ntures), and defined benefit solutions and segregated fund wealth sales in Canada. 5 LICAT ratio of Sun Life Financial Incorporated and of Sun Life Assurance Company of Canada (“SLA”). Our LICAT ratios are calc ulated in accordance with the OSFI-mandated guideline, Life Insurance Capital Adequacy Test. 6 SLA is SLF Inc.'s principal operating life insurance subsidiary. 7 Organic capital generation measures the change in capital, net of dividends, above LICAT requirements excluding the impacts of markets and other non-recurring items. 8 Cash and other liquid assets at SLF Inc. and its wholly owned holding companies. From slide 11 2 Based on a trailing 12-month basis. 3 Total AUM including the General Account was $422 billion at September 30, 2025. 4 There were no changes in estimated future payments for options to purchase the remaining ownership interests of SLC Management affiliates in Q3’25 (Q3'24 - a decrease of $334 million). From slide 12 2 Prior period amounts have been updated. 3 Asset management & wealth AUM includes General fund assets, Segregated fund assets and Third- party AUM, excluding Third-party mutual funds assets. From slide 13 2 Loss ratios are Dental Medical claims (a component of “insurance service expenses”) divided by net premiums. 3 Q3’24 result of 92.6% excludes the benefit of a non- recurring retroactive premium payment.
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Sun Life – Q3 2025 25 Footnotes From slide 14 2 Percentage change is reported on a constant currency basis, which excludes the impacts of foreign exchange translation. Refer to the Non-IFRS Financial Measures section in our Q3 2025 MD&A. 3 In underlying net income by business type, Group businesses in Asia have been included with Individual - Protection. 4 Effective Q1'25, Regional office expenses & other was moved to the Individual - Protection business type, reflecting a reporting refinement. Prior period amounts reflect current presentation. 5 New business CSM represents growth from sales activity in the period, including individual protection sales (excluding joint ve ntures). From slide 16 2 Effective Q4'23, prior period amounts in the DOE related to Expenses - other for health, asset management and wealth businesses in Canada have been restated to improve comparability of data over time and with other business units; related amounts in Other fee income and Experience gains (losses) have also been restated accordingly. In additi on, effective Q3'23, the Other Fee Income line for the U.S. business segment has been refined to include Employee Benefits and Health and Risk Solutions fee income net of corresponding expenses in order to align with the presentation of the Dental business in this line. We have updated prior period amounts to reflect this refinement. . 3 Expenses - other and Net investment results removes non- underlying Other adjustments, including MFS shares owned by management, Acquisition, integration and restructuring, and Intangible asset amortization. Certain Other adjustments - other may also be removed from Other expenses and Net investment results. 4 Dividends on preferred shares, distributions on other equity instruments, and non- controlling interests ("Dividends, distributions, NCI"). 5 Refer to the Notes page ii, Adjustments - Acquisition, Integration and Restructuring and Adjustments – other in our Supplementary Financial Information package for the period ended September 30, 2025 for additional details. 6 Q2'25 amounts include an impairment charge of $61 million on a customer relationship intangible asset from the early terminat ion of a U.S group dental contract.