Slides
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Sun Life Financial Inc. (unaudited) Q4'25 financial & operating results For the period ended December 31, 2025
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Sun Life – Q4 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 February 12, 2026 (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 December 31, 2025 (“2025 Annual MD&A”) in section M – 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 – Q4 2025 Kevin Strain President and Chief Executive Officer 3
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Sun Life – Q4 2025 Reported net income $722 M +205% Reported EPS $1.29 +215% Underlying net income1 $1,094 M +13% Underlying EPS1 $1.96 +17% 4 Q4 2025 financial highlights GrowthProfitability Financial Strength All results compared to Q4 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 2025 Annual MD&A. Footnotes 2-7: Refer to slide 24. SLF Inc. LICAT ratio3 157% Underlying ROE1 19.1% Reported ROE1 12.6% Financial leverage ratio1 23.5% Asset management & wealth4 43% Individual - Protection6 30% Group - Health & Protection 27% New business CSM1,2 $440 M +44% Total CSM $14.5 B +8% Diversified Business Mix 7 Year-to-date at December 31, 2025 Asset management net flows & net wealth sales1,4,5 $(19.3) B (43)% Group - Health & Protection sales1 $1,803 M +42% Individual - Protection sales1,6 $1,027 M +38%
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Sun Life – Q4 2025 5 Highlights: Delivering on our Purpose and strategy Asset Management and Wealth Asia Health Continued strength in asset management • SLC Management: Achieved $242 million underlying net income1, surpassing 2021 Investor Day target2 • MFS: Maintained strong margins and cash generation of C$1 billion in 2025 Scaling our wealth platform in Canada • Gross sales1,3 up 46% y/y, driven by strong performance in Group Retirement Services and Individual Mutual Funds Sustained momentum and distribution excellence • Overall, delivered 50% y/y protection sales1,4 growth including double-digit growth across all channels • Hong Kong sales1 doubled y/y demonstrating strong performance across all channels • Indonesia sales1,4 up 43% y/y driven by the expanded scope of our CIMB Niaga partnership • Contractual service margin reached $6.7 billion, doubling since moving to IFRS 17 Growth and scale advantages in Canada and U.S. • U.S. Dental results reflect impact of our long-term strategy to reprice, grow commercial and manage expenses • Solid sales growth in Canada Sun Life Health • Record sales performance in U.S. medical stop- loss while maintaining strong underwriting discipline Digital Launched Sun Life Essentials, a fully digital group retirement solution in Canada to scale in the small-to-medium business market, leveraging automation to seamlessly onboard and serve Clients Digitized claims and underwriting processes in U.S. and Asia to improve Client experiences and drive efficiencies, leading to broad-based improvement in processing time for underwriting, onboarding and claims processing, notably improving Client satisfaction across both business groups. People and Culture Achieved Great Place to Work re-certification® in nine countries: Canada, India, Indonesia, Ireland, Malaysia, Philippines, Singapore, Vietnam, United States5 For the sixth consecutive year, SLC Management was named one of the Best Places to Work in Money Management by Pensions & Investments6 1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our 2025 Annual MD&A. Footnotes 2-6: Refer to slide 24.
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Sun Life – Q4 2025 Reported EPS $6.15 +17% Reported net income $3,472 M +14% Underlying net income1 $4,201 M +9% Underlying EPS1 $7.45 +12% 6 Full year 2025 financial highlights All results compared to FY2024. 1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our 2025 Annual MD&A. Footnotes 2-3: Refer to slide 24. Key Business HighlightsProfitability Financial Strength Assets under management1 $1.60 T +4% Underlying ROE1 18.2% Reported ROE1 15.1% Group - Health & Protection sales1 $3.4 B +25% New Business CSM1,2 $1,727 M +17% AM net flows & net wealth sales1 $(37.5) B +38% AM • Third-party assets under management and administration1 of $1.17 trillion • Effective January 1, 2026, we extended and formalized our asset management pillar in Sun Life Asset Management CAN • Achieved underlying net income1 of $1.6 billion, up 10% y/y, and ROE of 27.6%, up 5.2 pp y/y, with solid results across all businesses • Wealth AUM 1 reached $214.9 billion, up 10% y/y US • Grew U.S. Client revenues to US$8.5 billion driven by execution of our strategy to help Clients access the care and coverage they need • Sales 1,3 increased by 27% to a record US$1.8 billion ASIA • Strong Individual Protection sales1,3 momentum with growth of 30% y/y and total weighted premium income 3 of $9.3 billion up 26% y/y • Achieved 17% y/y growth in underlying net income1,3 to $836 million Growth Individual - Protection sales1 $3.8 B +26% Book value per common share $40.25 (1)%
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Sun Life – Q4 2025 Tim Deacon Executive Vice-President & Chief Financial Officer 7
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Sun Life – Q4 2025 8 Q4 2025 results Results Highlights Strong financial performance, reflecting growth across businesses: • Asset management & wealth: up 10% y/y from lower credit losses and higher fee income in Canada, and higher fee income from ANA growth in MFS • Group - Health & Protection: up 16% y/y on improved U.S. medical stop-loss business results and business growth in Canada • Individual - Protection2: up 17% y/y on business growth and favourable mortality experience in Asia and the U.S. • Corporate expenses & other2: increase in net loss reflects higher debt financing costs Total AUM up 4% y/y due to market appreciation, partially offset by net outflows Total insurance sales up 41% y/y • Group sales up 42% y/y driven by higher U.S. medical stop-loss, large case sales in Employee Benefits, Medicaid Dental sales, and higher health product sales in Canada • Individual sales up 38% y/y from higher sales in Hong Kong, India and Indonesia, partially offset by lower sales in HNW Total CSM up 8% y/y on strong organic CSM generation; New business CSM up 44% y/y driven by higher sales in Asia Strong capital position • Organic capital generation1,7 of $651 million driven by underlying net income and new business CSM • SLF LICAT of 157% was up 3 points q/q • Financial leverage ratio of 23.5%; $2.4 billion in holdco cash1,8 1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our 2025 Annual MD&A. Footnotes 2-8: Refer to slide 24. Growth Q4’25 Q4’24 Change Asset management net flows & net wealth sales1,3 ($ billions) (19.3) (13.5) (5.8) B Total AUM1,3 ($ billions) 1,605 1,543 +4% Group sales1 ($ millions) 1,803 1,270 +42% Individual sales1 ($ millions) 1,027 743 +38% New business CSM1,4 ($ millions) 440 306 +44% Financial strength Q4’25 Q3’25 Change SLF Inc. LICAT ratio5 (%) 157 154 +3 pp SLA LICAT ratio5,6 (%) 140 138 +2 pp Financial leverage ratio1 (%) 23.5 21.6 +1.9 pp Book value per share ($) 40.25 40.86 (1.5)% Profitability Q4’25 Q4’24 Change Asset management & wealth ($ millions) 534 486 +10% Group - Health & Protection ($ millions) 308 266 +16% Individual - Protection2 ($ millions) 362 310 +17% Corporate expenses & other2 ($ millions) (110) (97) (13)% Underlying net income1 ($ millions) 1,094 965 +13% Reported net income ($ millions) 722 237 +205%
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Sun Life – Q4 2025 9 Q4 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 2025 Annual MD&A. 2 Percentage changes are reported on a constant currency basis, which excludes the impacts of foreign exchange translation. 370 417 210 207 (110) 360 366 161 175 (97) Underlying net income1 ($ millions) Impact of currency translation decreased underlying net income by $3M2 318 307 133 131 (167) 326 253 (7) 11 (346) Reported net income ($ millions) Currency translation had no impact on reported net income (2)% +21% nm nm Constant currency2 year-over-year growth Year-over-year growth +3% +14% +30% +18% (2)% +21% nm nm Q4’25 Q4’24 AM CAN U.S. ASIA CORPAM CAN U.S. ASIA CORP +3% +14% +30% +19%
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Sun Life – Q4 2025 10 MFS: A global leader in public asset management Profitability Q4’25 Q4’24 Change Underlying net income1 ($ millions) 224 216 +4% Reported net income ($ millions) 216 216 - Pre-tax net operating margin1,2 (%) 40.0 40.5 (0.5) pp Total revenue1 ($ millions) 863 835 +3% Total expenses1 ($ millions) 564 548 +3% Growth Q4’25 Q4’24 Change Total gross flows1 ($ billions) 28.5 26.6 +1.9 B Total net flows1 ($ billions) (18.2) (20.4) +2.2 B Institutional net flows1 ($ billions) (8.5) (15.3) +6.8 B Retail net flows1 ($ billions) (9.8) (5.1) (4.7) B Total assets under management1 ($ billions) 651 606 +8% Institutional AUM1 ($ billions) 194 180 +8% Retail AUM1 ($ billions) 457 426 +7% Average net assets (“ANA”)1 ($ billions) 653 630 +4% Quarterly Highlights (US$) • Underlying net income up 4% y/y/ from higher fee income on ANA growth, partially offset by higher expenses • Reported net income in line with the prior year • MFS generated cash dividends to Sun Life of C$273 million in Q4 and C$1 billion in 2025 • Pre-tax net operating profit margin of 40.0% remained strong, down from 40.5% in Q4’24, from decreased interest income • In 2025, total gross flows of $121.2 billion were up 21% over 2024 from higher sales in U.S. retail and institutional products • Institutional gross flows of $35.9 billion were up 59% over 2024 from large mandate wins in separate accounts and collective investment trusts • Q4’25 net outflows reflect the continued trend in the U.S. retail market out of active equity funds, and institutional portfolio rebalancing • Ending AUM of $651 billion up 8% y/y reflecting market appreciation, partially offset by net outflows • Fixed income net inflows 1 of $1.9 billion during Q4 and continued growth in active ETFs Business Group Results (US$) 1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our 2025 Annual MD&A. 2 For more details, see section D - Profitability in the 2025 Annual MD&A.
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Sun Life – Q4 2025 11 SLC Management: Growing a premier alternatives platform Profitability Q4’25 Q4’24 Change Fee-related earnings1 ($ millions) 99 79 +25% Pre-tax fee-related earnings margin1,2 (%) 27.5 23.0 +4.5 pp Pre-tax net operating margin1,2 (%) 26.9 21.1 +5.8 pp Underlying net income1 ($ millions) 58 59 (2)% Reported net income ($ millions) 16 25 (36)% Growth Q4’25 Q4’24 Change Total assets under management1,3 ($ billions) 260 250 +4% Total AUM net flows1 ($ billions) 5.9 14.1 (8.2) B Assets under administration1 ($ billions) 18.5 15.9 +16% Fee-earning AUM1 ($ billions) 200 193 +4% Fee-earning AUM net flows1 ($ billions) 6.7 6.5 +0.2 B AUM not yet earnings fees1 ($ billions) 29.4 30.2 (3)% Capital raising1 ($ billions) 6.4 10.2 (3.8) B Deployment1 ($ billions) 10.6 6.3 +4.3 B Quarterly Highlights • Underlying net income flat y/y as higher fee-related earnings (“FRE”) was offset by lower net seed investment income • FRE up 25% y/y driven by growth in BGO management fees and property transaction fees • FRE margin up from the prior year driven by scale improvements in BGO and SLC Fixed Income • Reported net income down y/y driven by market-related movements • Fee-earning AUM increased 4% y/y driven by net inflows, partially offset by Client distributions and asset value changes • Capital raising of $6.4 billion driven by a large mandate win in SLC Fixed Income and continued resilient fundraising in BGO and Crescent Capital • Continued strong deployments of $10.6 billion driven by momentum in BGO, Crescent Capital, and SLC Fixed Income mandate wins Business Group Results 1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our 2025 Annual MD&A. Footnotes 2-3: Refer to slide 24.
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Sun Life – Q4 2025 1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our 2025 Annual MD&A. Footnotes 2-3: Refer to slide 24. 12 Canada: A leader in health, wealth, and insurance Profitability Q4’25 Q4’24 Change Asset management & wealth ($ millions) 142 101 +41% Group - Health & Protection ($ millions) 155 153 +1% Individual - Protection ($ millions) 120 112 +7% Underlying net income1 ($ millions) 417 366 +14% Reported net income ($ millions) 307 253 +21% Underlying ROE1 (%) 30.1 23.0 +7.1 pp Reported ROE1 (%) 22.2 15.9 +6.3 pp Growth Q4’25 Q4’24 Change AM net flows & net wealth sales1,2 ($ millions) (200) 200 (400) M Asset management & wealth AUM1,2,3 ($ billions) 215 196 +10% Group - Health & Protection sales1 ($ millions) 95 88 +8% Group - Health & Protection net premiums1 ($ millions) 1,922 1,800 +7% Group - Health & Protection fee income ($ millions) 138 131 +5% Individual - Protection sales1 ($ millions) 133 142 (6)% Quarterly Highlights • Underlying net income up 14% y/y from lower credit losses, higher fee income, favourable insurance experience, and business growth • Asset management & wealth earnings up 41% y/y on lower credit losses and higher fee income driven by AUM growth • Asset management & wealth AUM up 10% y/y • Asset management gross flows & wealth sales up 46% y/y driven by DBS annuity sales, DC sponsor sales and increased rollover volumes, and higher mutual fund sales • Group - Health & Protection earnings up 1% y/y reflecting business growth and favourable mortality experience, mostly offset by less favourable morbidity experience • Group sales up 8% y/y reflecting higher health product sales • Individual - Protection earnings up 7% y/y on favourable insurance experience • Individual sales down 6% y/y reflecting lower participating life sales partially offset by strong non-participating life sales • Reported net income up 21% y/y driven by the increase in underlying net income and reduced market-related impacts Business Group Results
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Sun Life – Q4 2025 13 U.S.: A leader in health & benefits Growth Q4’25 Q4’24 Change Employee Benefits sales1 ($ millions) 220 203 +8% Medical stop-loss sales1 ($ millions) 888 561 +58% Dental sales1 ($ millions) 98 66 +48% Net premiums1 – GB & Dental ($ millions) 1,967 1,993 (1)% Fee Income – GB & Dental ($ millions) 96 95 +1% Quarterly Highlights (US$) • Underlying net income up 30% y/y reflecting improved medical stop-loss experience and favourable experience in In-force Management • Group - Health & Protection earnings up 33% y/y driven by higher Group Benefits results primarily reflecting improved medical stop-loss experience, partially offset by higher distribution costs and Dental claims volumes • Sales up 45% y/y with growth across all businesses, led by medical stop-loss • Q4’25 Dental Medicaid Loss Ratio1,2 was 88.8%, up from 88.1% in the prior year, but down from 94.2% in Q3’25 • Net premiums down 1% y/y driven by the government Dental business, mostly offset by growth across employee benefits and medical stop-loss • Individual - Protection earnings up 24% from prior year on favourable mortality experience • Reported net income up from prior year driven by the increase in underlying net income, improved market-related impacts, and a prior year provision in Dental Business Group Results (US$) Profitability Q4’25 Q4’24 Change Group - Health & Protection ($ millions) 109 82 +33% Individual - Protection ($ millions) 41 33 +24% Underlying net income1 ($ millions) 150 115 +30% Reported net income ($ millions) 93 (1) nm Underlying ROE1 (%) 12.3 9.5 +2.8 pp Reported ROE1 (%) 7.6 (0.1) +7.7 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 2025 Annual MD&A. 2 Loss ratios are Dental Medical claims (a component of “insurance service expenses”) divided by net premiums.
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Sun Life – Q4 2025 14 Asia: A regional leader focused on fast-growing markets Quarterly Highlights (% in constant currency1,2) • Underlying net income of $207 million up 19% y/y • Individual - Protection3,4 earnings up 24% y/y on continued strong sales momentum and in-force business growth, and favourable mortality experience, partially offset by lower contributions from joint ventures • Individual sales up 50% y/y driven by higher sales in Hong Kong, India and Indonesia • Asset management & wealth earnings down 8% y/y from reduced fee income related to the transition to the centralized eMPF platform in Hong Kong • Asset management gross flows & wealth sales up 12% y/y driven by higher fixed income and equity fund sales in India, partially offset by lower fixed income fund sales in the Philippines • Total CSM up 18% y/y on strong organic CSM generation • New business CSM of $300 million up 49% y/y driven by higher sales partially offset by competitive pressure on margin in Hong Kong • Reported net income higher y/y driven by the increase in underlying net income and a prior year impairment charge in Vietnam, partially offset by unfavourable market-related and ACMA impacts Growth Q4’25 Q4’24 Change CC1,2 AM net flows & net wealth sales1 ($ millions) 429 668 (239) M (220) M Asset management & wealth AUM1 ($ billions) 47 42 +12% +19% Individual - Protection sales1 ($ millions) 894 601 +49% +50% Total weighted premium income1 ($ millions) 2,393 1,918 +25% +26% New business CSM1,5 ($ millions) 300 201 +49% +49% Business Group Results Profitability Q4’25 Q4’24 Change CC1,2 Individual - Protection3,4 ($ millions) 185 150 +23% +24% Asset management & wealth ($ millions) 22 25 (12)% (8)% Underlying net income1 ($ millions) 207 175 +18% +19% Reported net income ($ millions) 131 11 nm nm Underlying ROE1 (%) 14.3 12.6 +1.7 pp n/a Reported ROE1 (%) 9.1 0.8 +8.3 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 in our 2025 Annual MD&A. Footnotes 2-5: Refer to slide 25.
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Sun Life – Q4 2025 15 Performance against our medium-term objectives Measure1 Medium-term objectives2 Q4 2025 Results 2025 Results Underlying EPS growth Growth in EPS reflects the Company's focus on generating sustainable earnings for shareholders. 10% 17% 12% Achieved above target underlying EPS growth driven by strong underlying net income growth and share buybacks Underlying ROE ROE is a significant driver of shareholder value and is a major focus for management across all businesses. 20% 19.1% 18.2% Underlying ROE advanced towards medium-term objective; expansion underpinned by underlying net income growth and actions to return shareholder capital Underlying dividend payout ratio Payout of capital versus shareholder value, based on underlying net income. 40 - 50% 47% 47% Increased dividends per share by 9% y/y, in-line with underlying EPS growth 1 Underlying EPS, underlying ROE and underlying dividend payout ratio are non- IFRS financial measures. See section M - Non-IFRS Financial Measures in our 2025 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 2025 Annual MD&A for further information regarding dividends. 2 Our medium-term financial objectives are forward-looking non-IFRS financial measures and do not constitute guidance. See slide 23 for additional information.
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Sun Life – Q4 2025 16 Appendix
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Sun Life – Q4 2025 17 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 2025 Annual MD&A. Refer to the Basis of Presentation section in our Supplementary Financial Information package for the period ended December 31, 2025 for more information about certain amounts that are pres ented 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 other market-related and interest rate impacts, and adverse real estate experience Acquisition, integration and restructuring includes integration costs related to DentaQuest and changes to acquisition-related liabilities at SLC Management5 Other includes lower than expected tax-exempt investment income primarily in Corporate6 Underlying drivers of earnings (DOE) $ millions, pre-tax Q4’25 Q3’25 Q4’24 Risk adjustment release 101 103 104 Contractual Service Margin recognized for services provided 260 258 235 Expected earnings on short-term (group) insurance business 457 445 440 Expected insurance earnings 818 806 779 Impact of new insurance business (14) (19) (21) Experience gains (losses) 55 10 (23) Total net insurance service result - Underlying 859 797 735 Expected investment earnings 263 261 243 Credit experience (19) (51) (48) Earnings on surplus 135 123 129 Joint ventures & other 50 85 78 Total net investment result - Underlying 429 418 402 Other fee income 114 126 91 Expenses – other2 (485) (483) (513) Asset management – Underlying 527 480 505 Earnings before income taxes – Underlying 1,444 1,338 1,220 Income tax (expense) or recovery (307) (259) (212) Dividends, distributions, NCI3 (43) (32) (43) Common shareholders’ underlying net income (loss) 1,094 1,047 965 Non-underlying net income adjustments $ millions, post-tax Q4’25 Q3’25 Q4’24 Common shareholders’ underlying net income (loss) 1,094 1,047 965 Market-related impacts (179) (14) (179) Assumption changes and management actions (“ACMA”) (31) (13) 11 MFS shares owned by management 1 (3) - Acquisition, integration and restructuring4 (63) 128 (30) Intangible asset amortization (40) (39) (223) Other4 (60) - (307) Common shareholders’ reported net income (loss) 722 1,106 237
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Sun Life – Q4 2025 18 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 2025 Annual MD&A. $ millions Pre-tax Post-tax Q4’25 Q3’25 Q4’24 Q4’25 Q3’25 Q4’24 Net equity market impact 5 38 (13) 5 29 (15) Net interest rate impact (144) 6 (109) (126) 15 (86) Impact of changes in the fair value of investment properties (71) (70) (99) (58) (58) (78) Market-related impacts (210) (26) (221) (179) (14) (179) Mortality 69 36 12 55 30 10 Morbidity 26 (34) (25) 17 (28) (22) Policyholder behaviour 1 (4) - 1 (4) - Expenses (58) (11) (13) (42) (9) (10) Other insurance experience 17 23 3 17 18 5 Insurance experience gains / (losses) 55 10 (23) 48 7 (17) Credit experience (investments) (19) (51) (48) (16) (41) (34) Other investment experience 8 15 16 7 11 11
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Sun Life – Q4 2025 19 Contractual service margin movement analysis1 CSM Highlights • Total CSM ended Q4’25 at $14.5 billion, up 8% y/y largely driven by strong organic CSM generation • New business CSM of $440 million up 44% y/y, primarily driven by sales in Asia • CSM recognized for services provided over the last twelve months represented 9.4% 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 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 2025 Annual MD&A. 4 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”). $ millions, pre-tax Q4’25 Q3’25 Q4’24 CSM at beginning of period 14,406 13,675 12,836 Impact of new insurance business2,3 440 446 306 Expected movements from asset returns & locked-in rates3,4 206 192 191 Insurance experience gains/(losses)3 (68) (10) (14) CSM recognized for services provided (327) (320) (308) Organic CSM Movement 3 251 308 175 Impact of markets & other3 26 139 (127) Impact of change in assumptions3 (70) 139 141 Currency impact (121) 145 341 Disposition - - - Total CSM Movement 86 731 530 CSM at end of period 14,492 14,406 13,366
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Sun Life – Q4 2025 20 Earnings on surplus – Supplemental details 1 Includes timing differences on derivatives, currency and other items. EOS Highlights • Core investment income up q/q on higher surplus balance • Realized investment gains up q/q due to prior quarter trading activity Earnings on surplus – supplemental details $ millions, pre-tax Q4’25 Q3’25 Q4’24 Core investment income 138 129 134 Realized investment gains / (losses) 2 (9) 2 Other1 (5) 3 (7) Earnings on surplus 135 123 129 Interest on debt (86) (75) (80) Earnings on surplus net of debt cost 49 48 49
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Sun Life – Q4 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 Q4’25 Q3’25 Q4’24 Ratings/Net impairments1 (15) (49) (51) Expected credit loss2 (4) (2) 3 Credit experience (19) (51) (48) Release of credit within expected investment earnings3 39 37 37 Net Credit Experience 20 (14) (11) Credit Highlights • Ratings/Net impairments reflect a small number of impairments
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Sun Life – Q4 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 M - Non-IFRS Financial Measures of our 2025 Annual 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 M - Non-IFRS Financial Measures of our 2025 Annual 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 – Q4 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 growth initiatives and other business objectives; (iii) set out in our 2025 Annual MD&A under the heading K - Risk Management - Market Risk Sensitivities - Interest Rate Sensitivities; (iv) that are predictive in nature or that depend upon or refer to future events or conditions; and (v) that include words such as “achieve”, “aim”, “ambition”, “anti cipate”, “aspiration”, “assumption”, “believe”, “could”, “estimate”, “expect”, “goal”, “initiatives”, “intend”, “may”, “objective”, “outlook”, “plan”, “project”, “seek”, “should”, “strategy”, “strive”, “target”, “will”, and sim ilar 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 futur e 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 2025 Annual MD&A under the headings D - Profitability - 5 - Income taxes, G - Financial Strength and K - Risk Management and in SLF Inc.’s Annual Information Form for the year ended December 31, 2025 under the heading Risk Factors, and the factors detai led 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 financial objectives set out on slide 15 are forward-looking non-IFRS financial measures and do not constitute guidance. Although considered reasonable by the Company, actual results could differ materially depending on our success in achieving growth initiatives and business objectives and based on certain key assu mptions, which may prove to be inaccurate, including: (i) no significant changes in the level of interest rates; (ii) average total return on real estate and equity investments of approximately 8% per annum; (iii) credit expe rience in line with expectations; (iv) no significant changes in the level of our regulatory capital requirements; (v) no significant changes to our effective tax rate; (vi) no significant increase in the number of shares outs tanding; (vii) no material changes to our hedging program; (viii) hedging costs that are consistent with our expectations; (ix) no material assumption changes; and (x) no material accounting standard changes. In addition, our medium-term financial 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 deferred tax assets as wel l as other items that may be non-operational in nature. Our underlying ROE is dependent upon capital levels and options for deployment of excess capital. 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 dec laration, amount and payment of dividends is subject to the approval of SLF Inc.'s Board of Directors and our compliance with the capital requirements in the Insurance Companies Act (Canada). Additional information on dividends is provided in section J - Capital and Liquidity Management - 3 - Shareholder Dividends in our 2025 Annual MD&A. 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 – Q4 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 5 2 The target set at the 2021 SLC Management Investor Day was $225 million and was subsequently updated to $235 million. 3 Asset management gross flows & wealth sales 4 Percentage change is reported on a constant currency basis, which excludes the impacts of foreign exchange translation. Refer to section M - Non-IFRS Financial Measures of our 2025 Annual MD&A. 5 Source: Great Place to Work 2025. 6 Pensions & Investments, a global news source of money management. From slide 6 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 Percentage change is reported on a constant currency basis, which excludes the impacts of foreign exchange translation. Refer to section M - Non-IFRS Financial Measures section in our 2025 Annual MD&A. 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 $425 billion at December 31, 2025. 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.
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Sun Life – Q4 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 section M - Non-IFRS Financial Measures of our 2025 Annual MD&A. 3 In underlying net income by business type, Group businesses in Asia have been 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 17 2 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. 3 Dividends on preferred shares, distributions on other equity instruments, and non- controlling interests ("Dividends, distributions, NCI"). 4 Refer to the Notes page ii, Adjustments - Acquisition, Integration and Restructuring and Adjustments – other in our Supplementary Financial Information package for the period ended December 31, 2025 for additional details. 5 Amounts primarily relate to acquisition costs for our SLC Management affiliates, BentallGreenOak, Crescent Capital Group LP and Advisors Asset Management, Inc., which include the unwinding of the discount for Other financial liabilities. 6 Q4'25 results reflect lower than expected tax-exempt investment income of $49 million (Q4'24 - lower than expected tax-exempt investment income of $234 million).
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Q4'25 Delivering sustainable shareholder value
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Sun Life – Q4 2025 2 • Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio
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Sun Life – Q4 2025 3 A leading global financial services organization Balanced & diversified business model2 Year-to-date at December 31, 2025 85M+ Clients5,6 66,900 Employees5,7 95,000 Advisors5,8 Offices in 28 markets5 $1.60T Assets Under Management (AUM)1,9 $47.4B 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 December 31, 2025 (“2025 Annual MD&A”). Footnotes 2-9: Refer to slide 36. Group - Health & Protection 27% Asset management & wealth 3 43% Individual – Protection4 30%
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Sun Life – Q4 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 – Q4 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 – Q4 2025 6 • Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio
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Sun Life – Q4 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 asset 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 Scale a leading global asset and wealth management platform Accelerate our momentum in Asia Navigate and grow in U.S. health and benefits Operate as a digital company to drive business and Client outcomes US ASIA CAN AM 01 02 03 04
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Sun Life – Q4 2025 8 Consistently delivering value to shareholders 5-year annualized total shareholder return5 At December 31, 2025 Performance against medium-term objectives Medium-term objectives2 Q4'25 4-Year3,4 Underlying EPS growth1 10% 17% 9% Underlying ROE1 20% 19.1% 17.6% 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 2025 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 2025 Annual MD&A for further information regarding dividends. 2 Our medium-term financial objectives are forward-looking non-IFRS financial measures and do not constitute guidance. See slide 34 for additional information. Footnotes 3-5: Refer to slide 36. 10.2% 12.3% 15.8% 16.1% 19.9% 25.6% 13.3% Traditional AMs Global Lifecos US Lifecos TSX Canadian Banks Canadian Lifecos Sun Life Source: Bloomberg
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Sun Life – Q4 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 Q4 2025 highlights Enhancing digital capabilities in Asia • In Malaysia, Clients benefitted from a faster onboarding experience, with almost two-third of Clients receiving automated underwriting decisions within two hours • In Indonesia, introduced automated claims features creating a faster, more efficient claims process for Clients, with digital claims submissions increasing approximately eight percentage points from the prior year 9 Individual Insurance underwriting cycle times in Canada • Leveraging technology and process transformation, Sun Life Canada improved straight through underwriting for a target segment by more than 50% year-over-year Collaboration with Pasito in the U.S. • Collaborated with Pasito, an AI-powered platform that connects with more than 200 payroll providers to deliver personalized benefits guidance. This helps members choose plans that fit their needs, their budgets and best complement their health coverage, driving better engagement and member decision making
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Sun Life – Q4 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 97,000 agents across Asia1 supported by Sun Life’s Brighter Academy, which strives to develop and support advisors through the Most Respected Advisor (MRA) program • 30 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, 2025, including joint ventures. 2 As at December 31, 2025.
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Sun Life – Q4 2025 11 • Business and strategic overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio
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Sun Life – Q4 2025 12 Q4 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 2025 Annual MD&A. Footnotes 2-8: Refer to slide 36. Growth Q4'25 Q4’24 Change Asset management net flows & net wealth sales1 ($ billions) (19.3) (13.5) (5.8) B Total AUM1,3 ($ billions) 1,605 1,543 +4% Group sales1 ($ millions) 1,803 1,270 +42% Individual sales1 ($ millions) 1,027 743 +38% New business CSM1,4 ($ millions) 440 306 +44% Financial strength Q4'25 Q3’25 Change SLF Inc. LICAT ratio5 (%) 157 154 +3 pp SLA LICAT ratio5,6 (%) 140 138 +2 pp Financial leverage ratio1 (%) 23.5% 21.6% +1.9 pp Book value per share ($) 40.25 40.86 (1.5)% Profitability ($ millions) Q4'25 Q4’24 Change Asset management & wealth 534 486 +10% Group - Health & Protection 308 266 +16% Individual – Protection2 362 310 +17% Corporate expenses & other2 (110) (97) (13)% Underlying net income1 ($ millions) 1,094 965 +13% Reported net income ($ millions) 722 237 +205% Results Highlights Strong financial performance, reflecting growth across businesses: • Asset management & wealth: up 10% y/y from lower credit losses and higher fee income in Canada, and higher fee income from ANA growth in MFS • Group - Health & Protection: up 16% y/y on improved U.S. medical stop-loss business results and business growth in Canada • Individual - Protection2: up 17% y/y on business growth and favourable mortality experience in Asia and the U.S. • Corporate expenses & other2: increase in net loss reflects higher debt financing costs Total AUM up 4% y/y due to market appreciation, partially offset by net outflows Total insurance sales up 41% y/y • Group sales up 42% y/y driven by higher U.S. medical stop-loss, large case sales in Employee Benefits, Medicaid Dental sales, and higher health product sales in Canada • Individual sales up 38% y/y from higher sales in Hong Kong, India and Indonesia, partially offset by lower sales in HNW Total CSM up 8% y/y on strong organic CSM generation; New business CSM up 44% y/y driven by higher sales in Asia Strong capital position • Organic capital generation1,7 of $651 million driven by underlying net income and new business CSM • SLF LICAT of 157% was up 3 points q/q • Financial leverage ratio of 23.5%; $2.4 billion in holdco cash1,8
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Sun Life – Q4 2025 13 Q4 2025 results 1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and i n our 2025 Annual MD&A. 2 Percentage changes are reported on a constant currency basis, which excludes the impacts of foreign exchange translation. 370 417 210 207 (110) 360 366 161 175 (97) Underlying net income1 ($ millions) Impact of currency translation increased underlying net income by $3M2 318 307 133 131 (167) 326 253 (7) 11 (346) Reported net income ($ millions) Currency translation had no impact on reported net income (2)% +21% nm nm Constant currency2 year-over-year growth Year-over-year growth +3% +14% 30% +18% (2)% +21% Nm nm Q4’25 Q4’24 AM CAN U.S. ASIA CORPAM CAN U.S. ASIA CORP +3% +14% 30% +19%
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Sun Life – Q4 2025Sun Life – Q4 2025 U.S. Equity 43% Non-U.S. Equity 39% Fixed Income 14% Balanced 4% ⬤ ⬤ ⬤ Focused on public equities and fixed income Our purpose is to allocate capital responsibly and help investors achieve financial goals9th largest US$651B U.S. Retail Asset Manager Employees Assets under management 1 Institutional Clients served 700+ All numbers are as at December 31, 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 34. 1 Represents a non-IFRS financial measure. Refer to the Non- IFRS Financial Measures section in the appendix to these slides and in our 2025 Annual MD&A. Footnotes 2-3: Refer to slide 36. 2,100+ RETAIL US$457B 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% Other2: 22% INSTITUTIONAL US$194B 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$651B AUM1 MFS is a strong strategic and financial contributor to Sun Life and a top quartile asset manager in terms of operating margin3 We believe a fully integrated global research platform provides competitive advantages across our businesses MFS by the numbers 125 Fundamental research analysts 97 Portfolio managers 16 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 – Q4 2025Sun Life – Q4 2025 Public fixed income 30% Private fixed income 24% Real estate equity 33% 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 $75B 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 December 31, 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 34. 1 Represents a non-IFRS financial measure. Refer to the Non- IFRS Financial Measures section in the appendix to these slides and in our 2025 Annual MD&A. Footnotes 2-3: Refer to slide 36. Alternative Credit $66B 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 $98B 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) $1,329M $260B LTM Fee-Related Revenue1 Investment professionals 750+ Assets under management1,2,3 Institutional Clients served 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 – Q4 2025Sun Life – Q4 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 31% Individual - Protection 28% Group - Health & Protection 41% ⬤ ⬤ ⬤ Help Canadians achieve lifetime financial security and live healthier lives A leader in health, wealth and protection in Canada $1,594M FY25 Underlying net income1 Canadians served2 Career Advisor Network professionals3 2,600+ 13M+ 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: 5th in Individual Wealth Fixed and Seg Fund8 Wealth/ Insured Wealth Wealth and insurance-based wealth solutions, (e.g., mutual and seg funds) including SLGI4 $7.6B Net premiums1,5 ~11M Canadians2 $197B AUMA1,4 ~2M Canadians2 $6.7B Net premiums1,5 ~2M Canadians2 $85B AUMA1,4 ~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 FY25 underlying net income by business type1 160 years Experience in Canada All numbers are as at December 31, 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 34. 1 Represents a non-IFRS financial measure. Refer to the Non- IFRS Financial Measures section in the appendix to these slides and in our 2025 Annual MD&A. Footnotes 2-11: Refer to slide 37. 16 Group - Health & Protection Group B2B2C10 integrated distribution Worksite + digital + salaried advisor + contact center
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Sun Life – Q4 2025Sun Life – Q4 2025 Help Clients access the 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 and health capabilities 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 Dental 37% Health 33% Group 30% 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 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$551M Group Benefits experience in the U.S. Sun Life U.S. employees 2 FY25 Underlying net income1 Members served ~48M US$3.2B Revenues1,3 ~32M Members One of the 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$2.8B Revenues1,3 ~8M Members US$2.5B Revenues1,3 ~10M Members US$16.5B AUM1 ~0.2M Members All numbers are as at December 31, 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 34. 1 Represents a non-IFRS financial measure. Refer to the Non- IFRS Financial Measures section in our 2025 Annual MD&A. Footnotes 2-6: Refer to slide 37. 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. Balanced business mix $8.5 billion Sun Life U.S. 2025 Revenue1 Sun Life U.S. strategy 17 Individual - Protection Group - Health & Protection
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Sun Life – Q4 2025Sun Life – Q4 2025 • 9th in insurance sales and 7th in bancassurance sales1,9 • 4th in Sharia among foreign multinationals9 • Overall market share of 3.7%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, 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 34. 1 Represents a non-IFRS financial measure. Refer to the Non- IFRS Financial Measures section in our 2025 Annual MD&A. Footnotes 2-13: Refer to slide 37. ⬤ ⬤ ⬤ 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 $836M Experience in Asia Clients servedFY25 Underlying net income1 30M+ Asia Agents 97,000 Bank partners 30 Joint Ventures 6 $261M ins. sales1,2 $2,124M ins. sales1,2 $74M ins. sales1,2 $370M ins. sales1,2 $54M ins. sales1,2 $188M ins. sales1,2 Philippines Hong Kong $87M ins. sales1,2 Indonesia $55M 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 5.6%1,7 • 9th 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 • 7th in insurance sales1,10 • 2nd in BancaTakaful and 5th in banca sales, with a 8.8% bancassurance market share1,10 • 7th in Individual insurance, with an overall market share of 3.4% 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 – Q4 2025 19 • Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio
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Sun Life – Q4 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 $2.10 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Earnings Per Share ($) 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 2025 Annual MD&A. 2 Source: Bloomberg
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Sun Life – Q4 2025 High-quality earnings – differential between underlying and reported earnings is modest and/or transitory 100% (5)% (4)% 91% (3)% (1)% 87% 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 34 of this document. 1 Net Income Net Income Cumulative reported net income impacts (2016 – 2025)
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Sun Life – Q4 2025 Strong record of returning capital to shareholders $0.00 $1.00 $2.00 $3.00 $4.00 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dividend Per Share ($) Annual dividend per common share +9% CAGR $14.3B in dividends paid to common shareholders over the past 10 years
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Sun Life – Q4 2025 23 • Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio
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Sun Life – Q4 2025 Book value excl. from LICAT SLA LICAT1 140% SLF Inc. LICAT1 157% Canada Capitalized to meet local capital rules Asia U.S. Bermuda All information as at December 31, 2025; all dollar amounts are in C$, 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 – Q4 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 2025 Annual MD&A. Footnotes 2-5: Refer to slide 38. Q4’25 Capital metrics SLF Inc. LICAT3 157% Financial leverage ratio1 23.5% SLF Inc. holdco cash1,2 $2.4B Sun Life Assurance Company of Canada Financial Strength Ratings A.M. Best A+ DBRS AA Moody’s Aa3 S&P AA Q4’25 Capital ($ millions) Subordinated debt4 8,171 Innovative capital instruments (SLEECS)5 200 Preferred shareholders’ equity and other equity instruments5 2,239 10,610 Equity Common shareholders’ equity5 22,293 Equity in the participating account5 696 Non-controlling interests’ equity5 264 23,253 Contractual Service Margin (after-tax)5 11,258 Total capital (for financial leverage) 45,121 Financial leverage ratio1 23.5% • Organic investments • Common shareholder dividend • Mergers & acquisitions • Share buybacks • Debt redemption Deployment opportunities
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Sun Life – Q4 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 2023 – Majority acquisition 2018 – Acquisition Canada 2023 – Divestiture of Sun Life UK and establishment of strategic asset management partnership with Phoenix Group U.K. 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 – Q4 2025 27 • Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio
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Sun Life – Q4 2025 AAA & insured 6% AA 16% A 39% BBB+ 11% BBB 17% BBB- 7% BB and lower5 4% AAA 17% AA 22% A 38% BBB+ 9% BBB 11% BBB- 2% BB and lower 1% Debt securities $85.7 Loans $45.8 Mortgages $13.6 Derivatives $1.5 Other4 $16.1 Investment properties $9.4 Equity securities $12.3 Cash, cash equivalents & short-term securities $14.8 28 High quality, well-diversified investment portfolio • 73% of the portfolio is fixed income; 98% of fixed income rated investment grade 2 • Only 4% of fixed income rated BBB-; skewed BBBs to private loans with collateral and covenant protection • 25% of total commercial mortgage loan portfolio is CMHC-insured; our uninsured commercial mortgage portfolio has strong metrics with LTV 3 of 54% and DSCR3 of 1.78 Investment profile As of December 31, 2025 Debt securities by credit rating As of December 31, 2025 Mortgages & loans by credit rating As of December 31, 2025 $199.2 billion 98% investment grade1 96% investment grade1 1 Sun Life’s Investment portfolio includes $6.2 billion in consolidated Crescent Capital related CLO assets. Sun Life’s maximum contractual exposure to loss related to these CLOs is limited to our investment of $0.3 billion in the most subordinated tranche. Footnotes 2-5: Refer to slide 38. Equities include Mutual Funds in our General Account. The majority of these assets support our Participating and Universal Life liabilities in Canada and Asia. Other includes Limited Partnerships, Crescent Capital CLOs1, investments in our Joint Ventures and seed investments.
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Sun Life – Q4 2025 29 Mortgages and investment property exposures Mortgages by type and geography1 As of December 31, 2025 ($millions) Office Industrial Retail Multi-family residential Other Total % of Total Canada2 1,335 2,537 1,268 3,255 740 9,135 67% U.S. 1,029 1,256 1,068 948 34 4,335 32% Europe - - - - 135 135 1% Total 2,364 3,793 2,336 4,203 909 13,605 100% Mortgages: • 37% 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 December 31, 2025 ($millions) Office Industrial Retail Multi-family residential Other Total % of Total Canada 1,432 3,503 1,023 1,684 386 8,028 85% U.S. 354 897 114 37 2 1,404 15% Europe - - - - - - - Total 1,786 4,400 1,137 1,721 388 9,432 100% Mortgages by type and rating1,3 As of December 31, 2025 ($millions) Office Industrial Retail Multi-family residential Other Total Insured - - - 2,953 408 3,361 AAA - - - - - - AA 180 1,343 604 92 35 2,254 A 785 2,222 1,338 532 52 4,929 BBB 1,032 224 378 596 245 2,475 Subtotal 1,997 3,789 2,320 4,173 740 13,019 BB & below 359 4 11 30 169 573 Impaired 8 - 5 - - 13 Total 2,364 3,793 2,336 4,203 909 13,605 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 38.
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Sun Life – Q4 2025 Loans: • Lending leader with 40 years of experience • Portfolio is high quality and well-diversified • 96% of Corporate Loan portfolio investment grade • Typically are senior, secured with collateral and covenants • We have a history of strong credit performance in our portfolio and our credit performance over the long term has been better than the provisions built into the liabilities 30 Loans Loans As of December 31, 2025 ($millions) FVTPL FVOCI Amortized Cost Total Total AAA 180 - - 180 0% AA 6,488 507 56 7,051 16% A 16,563 1,190 215 17,968 39% BBB 18,152 483 46 18,681 41% Subtotal 41,383 2,180 317 43,880 96% BB & below 1,373 49 3 1,425 3% Impaired 500 5 18 523 1% Total 43,256 2,234 338 45,828 100% Loans As of December 31, 2025 ($millions) Total Total Canada 12,880 28% U.S. 20,044 44% Europe 9,234 20% Asia 678 1% Other 2,992 7% Total 45,828 100%
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Sun Life – Q4 2025 31 Appendix
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Sun Life – Q4 2025 32 Market sensitivities Change in Private and Public Equity Markets1,2,3 As at December 31, 2025 ($millions, unless otherwise noted) 25% decrease 10% decrease 10% increase 25% increase Potential impact on net income (after-tax) Private Equity (325) (125) 125 325 Public Equity (225) (100) 100 250 Potential impact on CSM (pre-tax) (900) (350) 325 825 Potential impact on LICAT ratio4 1.0% point decrease 0.5% point decrease 0.5% point increase 0.5% point increase As at December 31, 2024 ($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 Footnotes 1-7: Refer to slide 38. Change in Interest Rates2,3,5 As at December 31, 2025 As at December 31, 2024 ($millions, unless otherwise noted) 50 basis point decrease 50 basis point increase 50 basis point decrease 50 basis point increase Potential impact on net income (after-tax) - (25) (50) 25 Potential impact on CSM (pre-tax) 175 (200) 150 (150) Potential impact on OCI6 200 (200) 200 (200) Potential impact on LICAT ratio7 3.0% point increase 3.0% point decrease 2.5% point increase 2.0% point decrease
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Sun Life – Q4 2025 33 Market sensitivities Change in Credit Spreads1,2 As at December 31, 2025 As at December 31, 2024 ($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) 125 (25) 75 (50) Potential impact on CSM (pre-tax) 100 (125) 125 (125) Potential impact on OCI3 200 (175) 200 (200) Potential impact on LICAT ratio4 2.5% point increase 2.5% point decrease 2.0% point increase 2.0% point decrease Change in Swap Spreads1,5 ($millions, unless otherwise noted) 20 basis point decrease 20 basis point increase 20 basis point decrease 20 basis point increase Potential impact on net income (after-tax) - - (25) 25 Change in Real Estate Values1 ($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 1-5: Refer to slide 38.
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Sun Life – Q4 2025 34 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 business objectives; (iii) relating t o reductions in Acquisition Integration & Restructuring expenses; (iv) set out in our 2025 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 (vi) that include words such as “achieve”, “aim”, “ambition”, “anticipate”, “aspiration”, “assumption”, “beli eve”, “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 2025 Annual MD&A under the headings D - Profitability - 5 - Income taxes, G - Financial Strength and K - Risk Management and in SLF Inc.’s 2025 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 financial objectives are forward-looking non-IFRS financial measures and do not constitute guidance. Although considered reasonable by the Company, actual results could differ materially depending on our success in achieving growth initiatives and business objectives and based on certain key assumptions, which may prove to be inaccurate, including: (i) no significant changes in the level of interest rates; (ii) average total return on real estate and equity investments of approximately 8% per annum; (iii) credit experience in line with expectations; (iv) no significant changes in the level of our regulatory c apital requirements; (v) no significant changes to our effective tax rate; (vi) no significant increase in the number of shares outstanding; (vii) no material changes to our hedging program; (viii) hedging costs that are consistent with our expectations; (ix) no material assumption changes; and (x) no material accounting standard changes. In addition, our medium-term financial objectives do not reflect the indirect effects of interest rate and equity market movements including the potential impacts on goodwill or the current valuati on allowance on deferred tax assets as well as other items that may be non-operational in nature. Our underlying ROE is dependent upon capital levels and options for deployment of excess capital. 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 SLF Inc.'s Board of Directors and our compliance with the capital requirements in the Insurance Companies Act (Canada). Additional information on dividends is provided in the section J - Capital and Liquidity Management - 3 - Shareholder Dividends in the 2025 Annual MD&A. 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 judgements 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 – Q4 2025 35 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 M - Non-IFRS Financial Measures of our 2025 Annual 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 M - Non-IFRS Financial Measures of our 2025 Annual 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 – Q4 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 December 31, 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 three-year compound annual growth rate. Underlying ROE and dividend payout ratio are calculated using a four-year average of 2022-2025. These calculations reflect data available under the new standards. As we continue to report under the new standards in future periods, an additional year will be added until we reach a five-year period, consistent with disclosures in 2022 and prior. 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 Includes: Total Return, High Grade, Municipal and Other. 3 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 $425 billion at December 31, 2025. 3 This does not include assets under administration. More information is available upon request. 36
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Sun Life – Q4 2025 Footnotes continued From slide 16 2 Total number of Clients served, including Dialogue and Canadian Dental Care Plan members. 3 Includes advisors and associate advisors in Sun Life Financial Distribution (SLFD) network. 4 Total SLGI AUM is $44.5 billion at December 31, 2025. The portion of SLGI AUM related to the GRS business is included in the Total GRS AUM. 5 FY2025 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 2024 from Fraser Group Life and Health in Canada Report. Group benefits industry market share does not account for Sun Life’s Canada Dental Care Plan business and similar plans not reported by other carriers. Our ambition is to extend our group benefits profit share leadership position in Canada. 7 Based on total Capital Accumulation Plan assets for the year ended December 2024 from 2025 Fraser Pension Universe Report. 8 Based on LIMRA data for Individual Wealth fixed and seg fund products as of third quarter 2025, on a year-to-date basis. 9 LIMRA Market Share by premiums within individual life and health market as of third quarter 2025, 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 FY2025 revenues (net premiums + fees). 4 Based on membership as of December 31, 2025, 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. From slide 18 2 FY2025 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 Q3 2025 year-to-date total premium income for Sun Life of Canada (Philippines). 4 Insurance Commission of the Philippines, based on Q3 2025 year-to-date new business premiums for Sun Life of Canada (Philippines). 5 Philippine Investment Funds Association, based on November 2025 ending assets under management. 6 Mercer MPF Market Shares Report, Q3 2025 year-to-date. 7 Insurance Authority of Hong Kong, Provisional Statistics on Hong Kong Long Term Insurance Business, based on Q3 2025 year-to-date annualized first year premiums. 8 December 2025 year-to-date annualized first year premiums, based on data shared among Vietnam industry players. 9 Indonesia Life Insurance Association, based on Q3 2025 year-to-date first year premiums. 10 Life Insurance Association of Malaysia and Insurance Services Malaysia Berhad, based on Q3 2025 year-to-date annualized first year premiums for conventional and takaful business. 11 Insurance Regulatory Authority of India, based on November 2025 year-to-date first year premiums among private players. 12 Association of Mutual Funds in India, based on December 31, 2025 ending average assets under management. 13 China: based on gross premiums for Q3 2025 year-to-date (excluding universal life insurance deposits and pension companies) amongst foreign multinationals. 37
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Sun Life – Q4 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 BBB- and higher. 3 LTV: Loan-to-Value; DSCR: Debt-service coverage ratio. 4 Consists of: Other financial invested assets ($14.4B) and other non-financial invested assets ($1.7B). 5 BB and lower includes impaired mortgages and loans. From slide 29 2 Includes insured mortgages; multi-family residential $2,953M and other $408M. 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, 2025. From slide 32 1 Represents the respective change across all equity exposures as at December 31, 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 December 31, 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 December 31, 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 December 31, 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 December 31, 2025 and December 31, 2024. The sensitivities reflect the worst scenario as of December 31, 2025 and assume that a scenario switch does not occur in the quarter. LICAT ratios are rounded in increments of 0.5%. From slide 33 1 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. 2 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. 3 The market risk OCI sensitivities exclude the impact of changes in the defined benefit obligations and plan assets. 4 The LICAT sensitivities illustrate the impact on SLF Inc. as at December 31, 2025 and December 31, 2024. The sensitivities reflect the worst scenario as of December 31, 2025 and assume that a scenario switch does not occur in the quarter. LICAT ratios are rounded in increments of 0.5%. 5 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. 38
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Sun Life – Q4 2025 39 Sun Life Investor Relations To contact Sun Life Investor Relations: Please email Investor_Relations@sunlife.com