Slides
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Sun Life Q2 2026 Quarterly Results Presentation August 7 , 2026
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2 Cautionary notes 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. We have updated our disclosures for 2026 to reflect the implementation of the new Sun Life Asset Management structure, effective January 1, 2026, and other refinements to enhance the understanding of our financial results. Prior period results have been updated to reflect current presentation. For more details on how we report our results, see Section A - How We Report Our Results in our MD&A for the period ended June 30, 2026 (“Q2 2026 MD&A”). Forward-looking statements Certain statements in this presentation and certain oral statements made by senior management during the earnings conference call on August 7, 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 29 and in the Q2 2026 MD&A in section N – Non-IFRS Financial Measures. Additional information Additional information concerning forward-looking statements and non-IFRS financial measures is included at the end of this presentation. Currency Unless otherwise noted, all amounts are in Canadian dollars. Rounding Amounts in this presentation are impacted by rounding.
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3 Conference call participants Kevin Strain President & Chief Executive Officer Tim Deacon Chief Financial Officer Tom Murphy President, Sun Life Asset Management Manjit Singh President, Sun Life Asia David Healy President, Sun Life U.S. Jessica Tan President, Sun Life Canada Randy Brown Chief Investment Officer Brennan Kennedy Chief Actuary Ted Maloney Chief Executive Officer, MFS Jacques Goulet Chief Risk Officer Steve Peacher Executive Chair, SLC Management
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President and Chief Executive Officer Kevin Strain
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5 Q2 2026 RESULTS Double-digit EPS growth reflecting higher earnings across all business groups All results compared to Q2 2025. 1 Underlying net income was $1,123 million in Q2 2026 ($1,015 million in Q2 2025). Reported net income was $1,008 million in Q2 2026 ($716 million in Q2 2025). 2 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and i n our Q2 2026 MD&A. Footnotes 3-5: Refer to slide 31. Profitability1 ($) Growth Financial Strength 1,398 1,682 Q2'25 Q2'26 (14.2) 2.1 Q2'25 Q2'26 435 400 Q2'25 Q2'26 SLF Inc. LICAT ratio5 145% (6) pp Financial leverage ratio2 23.8% +3 pp Total CSM $15.3B +12% Book value per common share $42.49 +7% Underlying ROE2 19.1% +2 pp Reported ROE2 17.2% +5 pp Insurance sales2 ($M) New business CSM2,4 ($M)Asset management net flows & net wealth sales2,3 ($B) +20% (8)% 1.79 2.02 Q2'25 Q2'26 Underlying EPS2 +13% 1.26 1.81 Q2'25 Q2'26 Reported EPS +44% +16.3B
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6 PROGRESS AGAINST OUR STRATEGIC IMPERATIVES Helping Clients achieve lifetime financial security and live healthier lives 1 Sun Life Financial Distribution ("SLFD") is our proprietary career advisory network. 2 Compared to Q2 2025. This change excludes the impacts of foreign exchange translation. For more information about these non -IFRS financial measures, see section N – Non-IFRS Financial measures in our Q2 2026 MD&A. Operate as a digital company to drive business and Client outcomes • Founding member of an AI Consortium alongside industry leaders, advancing responsible AI adoption across regulated industries • Built an agentic AI-platform that streamlines complex technology design decisions, enabling faster execution • Enhanced Client service in Indonesia through our AI-powered contact centre, improving responsiveness and first-call resolution • Enhanced My Sun Life app with integrated health capabilitiesfor Canadian clients, bringing health services together in one place • Launched AI-powered concierge for Canada's SLFD1 advisors, accelerating access to information and support for complex inquiries Scale a leading global asset and wealth management platform Asset Management: • Closed fourth U.S. direct lending fund with US$10.8 billion in investible capital, our largest private credit fund to date, demonstrating our ability to attract investor capital at scale • Aditya Birla Sun Life Asset Management Corporation (ABSLAMC)secured a large institutional fixed income mandate in India, significantly expanding scale and strengthening its position in a key growth market Wealth Management: • Canada Wealth AUMA of $286 billion increased 18%, while sales grew 60%, reflecting recorddefined contribution sales and strength in mutual fund and rollover activity Accelerate our momentum in Asia • Asia sales increased 20%2 to $875 million2 and CSM exceeded $7 billion, with significant growth across multiple markets • Hong Kong sales increased 20%2 with strong results from all distribution channels • Indonesia delivered sales growth of 69%2 , supported by the continued success of our expanded CIMB bancassurance partnership Navigate and grow in U.S. health and benefits • Medical stop-loss sales grew 86% year-over-year, reflecting disciplined pricing and continued success in winning high-quality business • Expanded our suite of health solutions through a newpartnership that enhances support formembers facing complex health challenges 01 02 03 04
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7 Q2 2026 RESULTS Performance against our medium-term objectives1 1 Our medium-term financial objectives are forward -looking non-IFRS financial measures and do not constitute guidance. See slide 30 for additional information. 2 Underlying EPS, underlying ROE and underlying dividend payout ratio are non- IFRS financial measures. See section N - Non-IFRS Financial Measures in our Q2 2026 MD&A. Underlying dividend payout ratio represents the ratio of common shareholders' dividend s to diluted underlying EPS. See section J - Capital and Liquidity Management - 3 - Shareholder Dividends in our MD&A for the period ended De cember 31, 2025 (“2025 Annual MD&A”) for further information regarding dividends. $1.79 $1.86 $1.96 $1.89 $2.02 17.6% 18.3% 19.1% 18.6% 19.1% $1.00 $1.20 $1.40 $1.60 $1.80 $2.00 $2.20 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Underlying earnings per share Underlying return on equity Underlying EPS growth Target1 10% Q2 2026 result2 13% Underlying ROE Dividend payout ratio Target1 20% Q2 2026 result2 19.1% Target1 40-50% Q2 2026 result2 48% 2 2
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Executive Vice President & Chief Financial Officer Tim Deacon
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9 1.79 2.02 Q2'25 Q2'26 Underlying EPS1 1.26 1.81 Q2'25 Q2'26 Q2 2026 RESULTS Strong net income results with all business groups reporting increased earnings 1 Represents a non-IFRS financial measure. Refer to the Non- IFRS Financial Measures section in the appendix to these slides and i n our Q2 2026 MD&A. Footnotes 2-7: Refer to slide 31. Earnings for the second quarter (C$ millions) Q2’26 Post-Tax Q2’25 Post-Tax Underlying net income1 1,123 1,015 Add: Market-related impacts2 (22) (166) Add: Assumption changes and management actions (6) 3 Add: Other adjustments MFS shares owned by management3 (25) (1) Acquisition, integration and restructuring4,5,6 (18) (38) Intangible asset amortization7 (44) (97) Other - - Reported net income – Common Shareholders 1,008 716 Reported EPS +13% +44%
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10 Managed assets1,4 SUN LIFE ASSET MANAGEMENT Strong asset management fundraising and positive net flows support continued growth 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 Q2 2026 MD&A. 2 Gross flows and net flows relate to Sun Life Asset Management Assets Under Management. Footnote 3-4: Refer to slide 31. Profitability (US$ millions) Growth (US$ billions) MFS SLC Solutions & Other 214 243 Q2'25 Q2'26 251 262 Q2'25 Q2'26 635 645 300 316 28 75 Q2'25 Q2'26 963 1,035 +4% Quarterly Highlights Profitability: • Underlying net income growth driven by seed performance at SLC and higher fee revenue on higher AUM at MFS • Reported net income reflects favourable market- related impacts and the largely offsetting effects of the closed-end fund sale and the accelerated amortization of retirement compensation at MFS Growth: • Gross flows reflect strong demand in key areas of the platform including a government fixed income mandate in India and strong fundraising at SLC • Net flows were positive as strong sales and fundraising activity were mostly offset by MFS outflows impacted by ongoing industry pressure on active U.S. equities, while ETFs, Fixed Income and separately managed accounts continued to generate positive inflows +7% Underlying net income1 Reported net income +14% 26.8 24.8 6.1 7.6 1.7 21.2 Q2'25 Q2'26 34.6 53.6 +18.9B (14.3) (22.9) 3.0 4.6 0.4 19.7 (10.9) 1.5 Q2’25 Q2’26 Gross flows1,2,3 Net flows1,2,3 +12.4B
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11 Reported net income 136 140 Q2'25 Q2'26 Underlying net income1 CANADA Canada results reflect strong business growth combined with favourable experience 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 Q2 2026 MD&A. Profitability ($ millions) Growth ($ millions) 243 286 Q2'25 Q2'26 Underlying ROE1 36.6% +10.2 pp Reported ROE1 37.9% +14.8 pp347 427 Q2'25 Q2'26 +23% +18% +3% Quarterly Highlights Profitability: • Underlying net income growth driven by business growth in Sun Life Health, favourable insurance experience, and higher fee income from higher AUMA • Reported net income growth reflects the increase in underlying net income and favourable market-related impacts Growth: • AUMA growth of 18% is the result of record defined contribution sales, increased rollover volumes and strong equity market performance as well as higher mutual fund volumes • Sun Life Health growth in line with prior year and reflects timing of large case sales 302 443 Q2'25 Q2'26 +47% Wealth AUMA1 ($B) 201 203 Q2'25 Q2'26 +1% Sun Life Health sales1 Individual Insurance sales1
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12 74 125 Q2'25 Q2'26 Reported net income 54 67 Q2'25 Q2'26 143 164 Q2'25 Q2'26 U.S. Health and Risk Solutions and In-force Management drive U.S. growth 1 Represents a non-IFRS financial measure. Refer to the Non- IFRS Financial Measures section in the appendix to these slides and i n our Q2 2026 MD&A. Profitability (US$ millions) Growth (US$ millions) 121 225 Q2'25 Q2'26 22 29 32 Q2'25 Q2'26 Commercial Government +24% +86% Quarterly Highlights Profitability: • Underlying net income up 15% over the prior year driven by growth in Health and Risk Solutions and favourable experience in In-force Management • Reported net income reflects the increase in underlying net income and a prior-year impairment charge in Dental Growth: • Medical stop-loss continues to deliver substantial sales growth, reflecting larger case sales, strong close rates, continued pricing discipline and favourable market conditions • Dental sales reflect the continued shift toward commercial business • Employee Benefits sales were supported by momentum in Direct Life & Disability Underlying ROE1 13.3% +1.6 pp Reported ROE1 10.1% +4.0 pp +69% (37)% +15% Employee Benefits sales1 Medical stop-loss sales1 Dental sales1 Underlying net income1
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13 299 277 281 Q2'25 Q2'26 Q2'26 CC 727 862 875 Q2'25 Q2'26 Q2'26 CC 80 202 206 Q2'25 Q2'26 Q2'26 CC ASIA Asia delivered strong earnings and sales growth across multiple markets 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 Q2 2026 MD&A. 2 Percentage change is reported on a constant currency basis, which excludes the impacts of foreign exchange translation. Refer to section N – Non-IFRS Financial Measures of our Q2 2026 MD&A. 3 New business CSM represents growth from sales activity in the period, including individual protection sales (excluding joint ventures). Profitability ($ millions) Growth ($ millions) 188 222 227 Q2'25 Q2'26 Q2'26 CC 2 2 2 Underlying ROE1 15.7% +1.1 pp Reported ROE1 14.3% +8.1 pp (6)%+20% 2 Quarterly Highlights Profitability: • Underlying net income increased by 21%2 over the prior year, driven by strong business growth across multiple markets, led by Hong Kong, as well as favourable credit experience and lower expenses • Reported net income reflects the increase in underlying net income and improved market- related impacts Growth: • Individual insurance sales growth was broad- based across the region, with particularly strong results in Hong Kong (+20% 2), Indonesia (+69%2) and Malaysia (+87%2) • New business CSM reflects the competitive market environment in Hong Kong. Margins remain strong +158% Underlying net income1 Reported net income Individual insurance sales1 New business CSM1,3 +21%
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14 Financial leverage ratio2 20.4% 23.2% 23.8% Q2'25 Q1'26 Q2'26 +0.6 pp FINANCIAL STRENGTH Demonstrated financial strength and flexibility 1 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. 2 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and i n our Q2 2026 MD&A. SLF Inc. LICAT ratio1 151% 143% 145% Q2'25 Q1'26 Q2'26 Book value per share ($) 39.57 41.10 42.49 Q2'25 Q1'26 Q2'26 +7% Total CSM ($B) 13.7 14.7 15.3 Q2'25 Q1'26 Q2'26 +12% +2 pp
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15 CAPITAL Continuing to generate and return capital to shareholders with an attractive dividend yield 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 Q2 2026 MD&A. 2 Excludes the impact of excise tax on net repurchases of equity. Dividend yield1 4.1% 4.2% 3.8% Q2'25 Q1'26 Q2'26 Capital returned to shareholders ($B) 0.4 0.1 0.5 0.5 0.5 Q2'25 Q1'26 Q2'26 Share buybacks Common share dividends2
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Appendix
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17 SUPPLEMENTAL DETAILS 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 Q2 2026 MD&A. Refer to the Basis of Presentation section in our Supplementary Financial I nformation package for the period ended June 30, 2026 for more information about certain amounts that are presented on a net basis to reflect how the bu siness is managed, compared to a gross basis in the Consolidated Financial Statements. Footnotes 2-12: Refer to slide 32. Market-related impacts reflects unfavourable interest rate and real estate experience, partially offset by favourable public equity experience across all geographies MFS shares owned by management reflects accelerated amortization of retirement compensation Acquisition, integration and restructuring includes integration costs related to DentaQuest Intangible asset amortization includes an impairment charge on a customer relationship intangible asset from the early termination of a U.S. group dental contract in Q2'25 Underlying drivers of earnings (DOE) $ millions, pre-tax Q2’26 Q1’26 Q2’25 Risk adjustment release 103 103 107 Contractual Service Margin recognized for services provided 273 265 252 Expected earnings on short-term (group) insurance business 472 450 438 Expected insurance earnings 848 818 797 Impact of new insurance business (12) (10) (12) Experience gains (losses) 77 8 (25) Total net insurance service result - Underlying 913 816 760 Expected investment earnings 292 279 263 Credit experience 4 (25) (32) Earnings on surplus 131 138 148 Joint ventures & other 66 93 67 Total net investment result - Underlying 493 485 446 Other fee income 112 104 102 Expenses – other2 (510) (492) (440) Asset management – Underlying 436 431 416 Earnings before income taxes – Underlying 1,444 1,344 1,284 Income tax (expense) or recovery (292) (266) (237) Dividends, distributions, NCI, and SLC MEP expenses3,4 (29) (28) (32) Common shareholders’ underlying net income (loss) 1,123 1,050 1,015 Non-underlying net income adjustments $ millions, post-tax Q2’26 Q1’26 Q2’25 Common shareholders’ underlying net income (loss) 1,123 1,050 1,015 Market-related impacts5 (22) (220) (166) Assumption changes and management actions (ACMA) (6) 4 3 MFS shares owned by management6 (25) 2 (1) Acquisition, integration and restructuring7,8,9,10 (18) (183) (38) Intangible asset amortization11 (44) (43) (97) Other12 - (145) - Common shareholders’ reported net income (loss) 1,008 465 716
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18 SUPPLEMENTAL DETAILS DOE experience gains/(losses)1 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 Q2 2026 MD&A. Refer to the Basis of Presentation section in our Supplementary Financial I nformation package for the period ended June 30, 2026 for more information about certain amounts that are presented on a net basis to reflect how the bu siness is managed, compared to a gross basis in the Consolidated Financial Statements. Underlying DOE experience $ millions, pre-tax Q2’26 Q1’26 Q2’25 Mortality 69 23 35 Morbidity 44 5 (28) Policyholder behaviour (9) - (8) Expenses (19) (23) (45) Other insurance experience (8) 3 21 Insurance experience gains / (losses) 77 8 (25) Credit experience (investments) 4 (25) (32) Other investment experience 16 42 8 Non-underlying DOE experience $ millions, post-tax Q2’26 Q1’26 Q2’25 Net equity market impact 76 (53) - Net interest rate impact (59) (120) (94) Impact of changes in the fair value of investment properties (39) (47) (72) Market-related impacts (22) (220) (166) Underlying Experience Highlights • Mortality experience was favourable due to fewer claims in Canada, the U.S., and Asia • Morbidity experience was favourable in Canada primarily from strong LTD experience, and unfavourable in the U.S. primarily from seasonal medical stop-loss reserving • Expense experience was unfavourable primarily in Canada • Credit experience: refer to earnings on surplus and credit experience on slide 20 for details • Other investment experience was favourable driven by asset pre-payments and various minor items Non-Underlying Experience Highlights • Equity experience reflects public equity market overperformance, partially offset by private equity underperformance • Interest reflects unfavourable interest rate experience driven by non-parallel movements in risk-free rates, credit spreads and swap spread and other market driven impacts • Real estate experience was primarily driven by appraisal losses in industrial properties in Canada and the U.S.
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19 SUPPLEMENTAL DETAILS Contractual Service Margin movement analysis1,2 1 CSM Movement Analysis includes certain non-IFRS financial measures and presents certain measures on a net basis to reflect how the business is managed, compared to a gross basis in the Consolidated Financial Statements. Refer to the Non -IFRS Financial Measures section in the appendix to these slides and in our Q2 2026 MD&A. Refer to the Basis of Presentation section in our Supplementary Financial I nformation package for the period ended June 30, 2026 for more information about certain amounts that are presented on a net bas is to reflect how the business is managed, compared to a gross basis in the Consolidated Financial Statements. Footnotes 2-5: Refer to slide 32. CSM Highlights • Total CSM ended Q2’26 at $15.3 billion, up 12% y/y largely driven by new business in Asia and Canada • New business CSM of $400 million down 8% y/y, driven by lower margins in Hong Kong reflecting repricing and mix changes $ millions, pre-tax Q2’26 Q1’26 Q2’25 CSM at beginning of period 14,673 14,492 13,619 Impact of new insurance business1,3 400 429 435 Expected movements from asset returns & locked-in rates1 214 211 185 Insurance experience gains/(losses)1 (54) (9) (30) CSM recognized for services provided (340) (333) (313) Organic CSM Movement1,4 220 298 277 Impact of markets & other1 224 (136) 184 Impact of change in assumptions1 5 (19) (14) Currency impact 141 38 (391) Disposition - - - Total CSM Movement 590 181 56 CSM at end of period5 15,263 14,673 13,675
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20 SUPPLEMENTAL DETAILS Earnings on surplus and credit experience1 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 Q2 2026 MD&A. Refer to the Basis of Presentation section in our Supplementary Financial I nformation package for the period ended June 30, 2026 for more information about certain amounts that are presented on a net basis to reflect how the bu siness is managed, compared to a gross basis in the Consolidated Financial Statements. Footnotes 2-5: Refer to slide 33. EoS Highlights • Core investment income down q/q primarily from a decrease in cash and short income due to the SLC buy-ups; down y/y due to a decrease in balances from deployments and yield Earnings on surplus $ millions, pre-tax Q2’26 Q1’26 Q2’25 Core investment income 128 132 146 Realized investment gains / (losses) 0 11 (4) Other2 2 (5) 6 Earnings on surplus 131 138 148 Interest on debt (92) (92) (74) Earnings on surplus net of debt cost 39 46 74 Credit experience $ millions, pre-tax Q2’26 Q1’26 Q2’25 Ratings/Net impairments3 (4) (21) (31) Expected credit loss4 8 (4) (1) Credit experience 4 (25) (32) Release of credit within expected investment earnings5 38 38 37 Net Credit Experience 42 13 5 Credit Highlights • Credit experience up q/q and y/y reflecting positive rating migrations and positive ECL impacts, slightly offset by one small impairment
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21 Q2 2026 Total company detailed 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 Q2 2026 MD&A. Footnotes 2-6: Refer to slide 33. Growth Q2’26 Q2’25 Change Asset management net flows & net wealth sales1,2 ($ billions) 2.1 (14.2) +16.3 B Total AUM1,2 ($ billions) 1,696 1,541 +10% Group insurance sales1 ($ millions) 680 535 +27% Individual insurance sales1 ($ millions) 1,002 863 +16% New business CSM1,3 ($ millions) 400 435 (8)% Financial strength Q2’26 Q2’25 Change SLF Inc. LICAT ratio4 (%) 145 151 (6) pp SLA LICAT ratio4,5 (%) 133 141 (8) pp Financial leverage ratio1,6 (%) 23.8 20.4 +3.4 pp Book value per share ($) 42.49 39.57 +7.4% Profitability Q2’26 Q2’25 Change Asset management & wealth1 ($ millions) 479 456 +5% Group - Health & Protection1 ($ millions) 362 326 +11% Individual - Protection1 ($ millions) 399 295 +35% Corporate expenses & other1 ($ millions) (117) (62) (89)% Underlying net income1 ($ millions) 1,123 1,015 +11% Reported net income ($ millions) 1,008 716 +41%
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22 Q2 2026 BUSINESS GROUP RESULTS Sun Life Asset Management 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 Q2 2026 MD&A. 2 Gross flows and net flows relate to Sun Life Asset Management Assets Under Management. Footnote 3-4: Refer to slide 33. Profitability (US$) Q2’26 Q2’25 Change MFS1 ($ millions) 187 184 +2% SLC1 ($ millions) 43 33 +30% Solutions & Other1 ($ millions) 32 34 (6)% Underlying net income1 ($ millions) 262 251 +4% Reported net income ($ millions) 243 214 +14% Growth2 (US$) Q2’26 Q2’25 Change Gross flows1,3 ($ billions) 53.6 34.6 +18.9 B Net flows1,3 ($ billions) 1.5 (10.9) +12.4 B Assets under management1 ($ billions) 918 856 +7% Managed assets1,4 ($ billions) 1,035 963 +7%
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23 Q2 2026 BUSINESS GROUP RESULTS MFS 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 Q2 2026 MD&A. Profitability (US$) Q2’26 Q2’25 Change Underlying net income1 ($ millions) 187 184 +2% Reported net income ($ millions) 184 183 +1% Pre-tax net operating margin1 (%) 35.7 35.1 +0.6 pp Total revenue1 ($ millions) 823 801 +3% Total expenses1 ($ millions) 572 558 +3% Growth (US$) Q2’26 Q2’25 Change Total net flows1 ($ billions) (22.9) (14.3) (8.5) B Institutional net flows1 ($ billions) (9.2) (8.4) (0.8) B Retail net flows1 ($ billions) (13.6) (5.9) (7.8) B Total gross flows1 ($ billions) 24.8 26.8 (2.0) B Total assets under management1 ($ billions) 645 635 +1% Institutional AUM1 ($ billions) 190 188 +1% Retail AUM1 ($ billions) 455 447 +2% Average net assets (“ANA”)1 ($ billions) 647 607 +6%
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24 Q2 2026 BUSINESS GROUP RESULTS SLC Management 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 Q2 2026 MD&A. Footnotes 2-3: Refer to slide 33. Profitability (US$) Q2’26 Q2’25 Change Fee-related earnings1 ($ millions) 62 63 (2)% Pre-tax fee-related earnings margin1,2 (%) 26.3 25.5 +0.8 pp Pre-tax net operating margin1,2 (%) 25.0 26.3 (1.3) pp Underlying net income1 ($ millions) 43 33 30% Reported net income ($ millions) 29 0 nm Growth (US$) Q2’26 Q2’25 Change Total assets under management1,3 ($ billions) 194 183 +6% Total AUM net flows1 ($ billions) 4.6 3.0 +1.7 B Assets under administration1 ($ billions) 14.6 11.7 +24% Fee-earning AUM1 ($ billions) 147 143 +3% Fee-earning AUM net flows1 ($ billions) 4.0 3.2 +0.8 B AUM not yet earning fees1 ($ billions) 23.7 20.2 +18% Capital raising1 ($ billions) 4.7 4.4 +0.4 B Deployment1 ($ billions) 6.2 4.4 +1.8 B
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25 Q2 2026 BUSINESS GROUP RESULTS Canada 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 Q2 2026 MD&A. Footnotes 2-3: Refer to slide 33. Profitability Q2’26 Q2’25 Change Underlying net income1 ($ millions) 427 347 +23% Reported net income ($ millions) 443 302 +47% Underlying ROE1 (%) 36.6 26.4 +10.2 pp Reported ROE1 (%) 37.9 23.1 +14.8 pp Growth Q2’26 Q2’25 Change AM net flows & net wealth sales – AUMA1 ($ millions) 1,483 936 +58% Asset management & wealth AUM1,2,3 ($ billions) 210 183 +14% Sun Life Health sales1 ($ millions) 203 201 +1% Sun Life Health net premiums1 ($ millions) 1,973 1,882 +5% Sun Life Health fee income ($ millions) 140 134 +4% Individual Insurance sales1 ($ millions) 140 136 +3%
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26 Q2 2026 BUSINESS GROUP RESULTS U.S. 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 Q2 2026 MD&A. Growth (US$) Q2’26 Q2’25 Change Employee Benefits sales1 ($ millions) 67 54 +24% Medical stop-loss sales1 ($ millions) 225 121 +86% Dental sales1 ($ millions) 32 51 (37)% Net premiums1 – Group Health & Benefits ($ millions) 2,098 2,049 +2% Fee Income – Group Health & Benefits ($ millions) 99 93 +6% Profitability (US$) Q2’26 Q2’25 Change Underlying net income1 ($ millions) 164 143 +15% Reported net income ($ millions) 125 74 +69% Underlying ROE1 (%) 13.3 11.7 +1.6 pp Reported ROE1 (%) 10.1 6.1 +4.0 pp
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27 Q2 2026 BUSINESS GROUP RESULTS Asia 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 Q2 2026 MD&A. Footnotes 2-3: Refer to slide 33. Growth Q2’26 Q2’25 Change CC1,2 AM net flows & net wealth sales1 ($ millions) 442 305 +137 M +144 M Asset management & wealth AUM1 ($ billions) 35 29 +20% +16% Individual Insurance sales1 ($ millions) 862 727 +19% +20% Total weighted premium income1 ($ millions) 2,740 2,263 +21% +24% New business CSM1,3 ($ millions) 277 299 (7)% (6)% Profitability Q2’26 Q2’25 Change CC1,2 Underlying net income1 ($ millions) 222 188 +18% +21% Reported net income ($ millions) 202 80 +153% +158% Underlying ROE1 (%) 15.7 14.6 +1.1 pp n/a Reported ROE1 (%) 14.3 6.2 +8.1 pp n/a
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28 U.S. DENTAL Supplemental U.S. Dental metrics Note: Q1 2025 included the benefit of a retroactive premium payment. 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 Q2 2026 MD&A. 2 Loss ratios are Dental Medical claims divided by premiums 243 251 252 253 250 255 269 273 550 528 571 556 579 477 425 416 89.6% 88.1% 86.9% 92.6% 94.2% 88.8% 87.2% 87.4% 75% 80% 85% 90% 95% 100% 105% 0 100 200 300 400 500 600 700 800 900 1000 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Medicaid revenue (US$M) Commercial dental and Medicare Advantage revenue (US$M) Medicaid loss ratio Medicaid target loss ratio 2 (1) Q2'25 Q2'26 • Continued Medicaid loss ratio stabilization reflects repricing actions and exiting contracts not achieving our target margins, partially offset by industry- wide membership declines. • Targeted growth in government and commercial businesses, along with optimizing the expense, will drive gradual earnings improvement over time. Dental revenue and Medicaid loss ratios1,2 Underlying net income1 (US$M) 26.5 26.4 26.2 23.9 24.7 22.9 22.0 21.7 Medicaid membership (millions)
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29 Use of Non-IFRS Financial Measures We report certain financial information using non-IFRS financial measures, as we believe that these measures provide information that is useful to investors in understanding our performance and facilitate a comparison of our quarterly and full year results from period to period. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed in isolation from or as alternatives to measures of financial performance determined in accordance with IFRS. Additional information concerning non-IFRS financial measures and, if applicable, reconciliations to the closest IFRS measures are available in section N - Non-IFRS Financial Measures of our Q2 2026 MD&A and the Supplementary Financial Information package on www.sunlife.com under Investors - Financial results and reports. Non-IFRS Financial Measures Underlying net income is a non-IFRS financial measure that assists in understanding Sun Life's business performance by making certain adjustments to IFRS income. Underlying net income, along with common shareholders’ net income (Reported net income), is used as a basis for management planning, and is also a key measure in our employee incentive compensation programs. This measure reflects management's view of the underlying business performance of the company and long-term earnings potential. For example, due to the longer term nature of our individual protection businesses, market movements related to interest rates, equity markets and investment properties can have a significant impact on reported net income in the reporting period. However, these impacts are not necessarily realized, and may never be realized, if markets move in the opposite direction in subsequent periods or in the case of interest rates, the fixed income investment is held to maturity. Underlying net income removes the impact of the following items from reported net income: i. Market-related impacts reflecting the after-tax difference in actual versus expected market movements, ii. ACMA – captures the impact of method and assumption changes, and management actions on insurance and reinsurance contracts, and iii. Other adjustments (MFS shares owned by management, Acquisition, integration, and restructuring, Intangible asset amortization, and Other). Additional detail on these adjustments is provided in section N - Non-IFRS Financial Measures of our Q2 2026 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, 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. Cautionary notes
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30 Cautionary notes Forward-Looking Statements From time to time, the Company makes written or oral forward-looking statements within the meaning of certain securities laws, including 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) relating to expectations with respect to U.S. Dental earnings; (iv) set out in our Q2 2026 MD&A under the heading I - Risk Management - Market Risk Sensitivities - Interest Rate Sensitivities; (v) that are predictive in nature or that depend upon or refer to future events or conditions; and (vi) that include words such as “achieve”, “aim”, “ambition”, “anticipate”, “aspiration”, “assumption”, “believe”, “could”, “estimate”, “expect”, “goal”, “initiatives”, “intend”, “may”, “objective”, “outlook”, “plan”, “project”, “seek”, “should”, “strategy”, “strive”, “target”, “will”, and similar expressions. Forward-looking statements include the information concerning our possible or assumed future results of operations. These statements represent our current expectations, estimates, and projections regarding future events and are not historical facts and remain subject to change. Forward-looking statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. Future results and shareholder value may differ materially from those expressed in these forward-looking statements due to, among other factors, the matters set out in our Q2 2026 MD&A under the headings C - Profitability - 5 - Income taxes, F - Financial Strength and I - Risk Management and in SLF Inc.’s Annual Information Form for the year ended December 31, 2025 under the heading Risk Factors, and the factors detailed in SLF Inc.’s 2025 Annual MD&A under the heading K – Risk Management and its 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 7 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 capital 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 valuation 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 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 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 requirements 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 integration 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 and 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.
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31 Slide Footnote 5 3 Prior period amounts have been updated reflecting a reporting refinement. 4 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. 5 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. 9 2 Our results are sensitive to long term interest rates given the nature of our business and to non-parallel yield curve movements (for example flattening, inversion, steepening, etc.). 3 Q2'26 includes $16 million in share-based compensation expenses at MFS resulting from a share plan change. 4 Amounts relate to acquisition costs for our SLC Management affiliates, which include the unwinding of the discount for Other financial liabilities of $1 million in Q2'26 ( Q2'25- $15 million). The unwinding relates to Advisors Asset Management, Inc. for 2026 reporting periods and to BentallGreenOak, Crescent Capital Group LP, and Advisors Asset Management, Inc. for 2025 reporting periods. 5 Reflects the reorganization of certain MFS closed-end funds and the related change in investment advisor in Q2’26 (“sale of MFS’ closed-end funds”). 6 Includes acquisition, integration and restructuring costs associated with DentaQuest, acquired on June 1, 2022. 7 Includes an impairment charge of $61 million on a customer relationship intangible asset from the early termination of a U.S. group dental contract in Q2'25. 10 3 Prior period amounts have been updated reflecting a reporting refinement. 4 Sun Life Asset Management managed assets consists of (i) Sun Life Asset Management ("SLAM") AUM, which is retail and institutional Client assets where SLAM is the asset manager, as well as general fund assets of SLAM’s business units; and (ii) Internally managed assets that are general fund invested assets of other Sun Life business groups managed by SLAM. Third party and segregated fund assets reported by Canada and Asia for which SLAM is the asset manager are reported as “SLAM AUM” rather than “Internally managed as sets” to distinguish where a Client is the asset owner rather than Sun Life. FOOTNOTES
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32 Slide Footnote 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. Other adjustments 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") and SLC Management - Management Equity Plan ("SLC MEP") expenses. 4 Prior period amounts have been updated reflecting a reporting refinement. 5 Our results are sensitive to long term interest rates given the nature of our business and to non-parallel yield curve movements (for example flattening, inversion, steepening, etc.). 6 Q2'26 includes $16 million in share-based compensation expenses at MFS resulting from a share plan change. 7 Amounts relate to acquisition costs for our SLC Management affiliates, which include the unwinding of the discount for Other financial liabilities of $1 million in Q2'26 ( Q1'26 - $nil, Q2'25- $15 million). The unwinding relates to Advisors Asset Management, Inc. for 2026 reporting periods and to BentallGreenOak, Crescent Capital Group LP, and Advisors Asset Management, Inc. for 2025 reporting periods. 8 Q1'26 includes a $165 million charge from the acquisition of remaining equity interests in SLC Management affiliates. For additional details see the "Other Transactions" heading in Section F - Financial Strength in our Q2 2026 MD&A. 9 Q2'26 includes a $20 million gain from the reorganization and related change of investment advisor for certain MFS closed-end funds (“sale of MFS’ closed-end funds”). 10 Includes acquisition, integration and restructuring costs associated with DentaQuest, acquired on June 1, 2022. 11 Includes an impairment charge of $61 million on a customer relationship intangible asset from the early termination of a U.S. group dental contract in Q2'25. 12 Q1'26 includes a $145 million charge reflecting the proposed settlement of a legal matter in Canada. For more details, see th e "Other Transactions" heading in Section F - Financial Strength in our Q2 2026 MD&A. 19 2 Contractual service margin movement analysis includes both non-participating and participating policyholder CSM. 3 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. 4 Organic CSM movement is a component of both total CSM movement and organic capital generation. 5 Total company CSM presented above is comprised of CSM on Insurance contracts issued net of CSM Reinsurance contracts held. FOOTNOTES
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33 Slide Footnote 20 2 Includes timing differences on derivatives, currency and other items. 3 On fair value through profit / loss assets. 4 On fair value through other comprehensive income and amortized cost assets. 5 Release of credit risk adjustments are reported in the Expected investment earnings line of the Drivers of Earnings. 21 2 Prior period amounts have been updated reflecting a reporting refinement. 3 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. 4 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. 5 SLA is SLF Inc.'s principal operating life insurance subsidiary. 6 The calculation for the financial leverage ratio includes the CSM balance (net of taxes) in the denominator. The CSM (net of taxes) was $11.9 billion as at June 30, 2026 (March 31, 2026 - $11.4 billion; June 30, 2025 - $10.6 billion). 22 3 Prior period amounts have been updated reflecting a reporting refinement. 4 Sun Life Asset Management managed assets consists of (i) Sun Life Asset Management ("SLAM") AUM, which is retail and institutional Client assets where SLAM is the asset manager, as well as general fund assets of SLAM’s business units; and (ii) Internally managed assets that are general fund invested assets of other Sun Life business groups managed by SLAM. Third party and segregated fund assets reported by Canada and Asia for which SLAM is the asset manager are reported as “SLAM AUM” rather than “Internally managed as sets” to distinguish where a Client is the asset owner rather than Sun Life. 24 2 Based on a trailing 12-month basis. 3 Total AUM including the General Account was US$316 billion at June 30, 2026. 25 2 Prior period amounts have been updated reflecting a reporting refinement. 3 Asset management & wealth AUM includes General fund assets, Segregated fund assets and Third-party and other AUM, excluding Third-party mutual funds assets. 27 2 Percentage change is reported on a constant currency basis, which excludes the impacts of foreign exchange translation. Refer to the Non-IFRS Financial Measures section in our Q2 2026 MD&A. 3 New business CSM represents growth from sales activity in the period, including individual protection sales (excluding joint ventures). FOOTNOTES