Slides
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Q3 2026 Delivering sustainable shareholder value
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Sunlife – Q3 2026 2 • Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio
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Sunlife – Q3 2026 3 A leading global financial services organization Balanced & diversified business model2 Year-to-date at September 30 , 2026 85M+ Clients3,4,5 68,800 Employees3,6 99,000+ Advisors3,7 Offices in 28 markets3 $1.68T Assets Under Management (“AUM”)1,8 $61.6B market cap8 1 Represents a Non-IFRS financial measure; Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our MD&A for the period ended September 30, 2026 (“Q3 2026 MD&A”). Footnotes 2-8: Refer to slide 39. Group - Health & Protection 26% Asset management & wealth 41% Individual – Protection 33%
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Sunlife – Q3 2026 4 The Sunlife 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 Sunlife experiences we create, the products and service experiences we deliver, and the culture we live by
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Sunlife – Q3 2026 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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Sunlife – Q3 2026 6 • Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio
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Sunlife – Q3 2026 Our Purpose: Helping Clients build lifetime financial security and lead healthier lives Our Ambition: To be the best Asset Management and Insurance company in the world Asset Management • Global and diverse alternatives platform • Global leader in public equity & fixed income Insurance and Wealth • Strong Canadian foundation • Leader in Asia’s growth markets • At-scale solutions in U.S. workplaces Integrated Advantage Deep expertise and global scale Asset Management x Insurance Synergies Win-win partnerships Our Values: Caring, Authentic, Bold, Inspiring, Impactful Risk SavvyPerformance FocusedPurpose Driven AI and Digital Forward Client Impact Great People, Winning Culture Global Mindset, Local Impact We win by putting the Client at the centre Our strategy is evolving while remaining anchored in our Purpose and Ambition 7
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Sunlife – Q3 2026 5.3% 12.4% 12.5% 15.2% 20.0% 25.7% 16.0% Traditional AMs U.S. Lifecos Global Lifecos TSX Canadian Banks Canadian Lifecos Sunlife Source: Bloomberg 8 Consistently delivering value to shareholders 5-year annualized total shareholder return6 At September 30, 2026 Performance against medium-term objectives Medium-term objectives2 Q3’26 4-Year3,4,5 Underlying EPS growth1 10% 10% 9% Underlying ROE1 20% 19.0% 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 MD&A for the period ended December 31, 2025 (“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 37 for additional information. Footnotes 3-6: Refer to slide 39.
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Sunlife – Q3 2026 • Began working with Claritev, a healthcare technology, data, and insights company, to help self-funded employers deliver a more seamless supplemental health benefits experience. Claritev’s machine-learning technology identifies diagnosis connections between employees' medical claims and supplemental health coverages, enabling covered employees to efficiently access the benefits they are eligible for Digital Leadership We are operating like a digital company focused on: Digital Experiences Digital Capabilities Digital W ay of W orking Supported by a strong, resilient and trusted technology foundation Amazing Client, employee, advisor and partner experiences Enabling our experiences and improving our digital maturity Empowering our people to support our digital journey Q3 2026 highlights Digital and Innovation Awards • Won two 2026 Global Insurance digital and innovation awards (Best Mobile Insurance App – Canada and Best Digital Insurance Company – Canada), recognizing Sunlife Canada as a leader in digital innovation and reimagining how Canadians engage with health, wealth and protection Automated claims adjudication enhancements in Indonesia • Implemented automated claims adjudication enhancements in Indonesia for medical claims, increasing straight through processing by nearly 20% within two months, enabling a faster, more seamless experience for Clients Began working with Claritev in the U.S. 9
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Sunlife – Q3 2026 10 Distribution excellence Distribution across the four pillars AM • MFS partners with leading retail intermediary firms and global institutional consultants • GreenOak distributes products through subsidiaries 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 96,400 agents across Asia1 supported by Sunlife’s Brighter Academy, which strives to develop and support advisors through the Most Respected Advisor (MRA) program • 29 bancassurance partners across Asia markets2 • Joint venture partnerships in India, China and Malaysia Omni-channel approach to serving Clients, including more mobile touch points, click-to-chat, call center and in-person interactions Aim to reach Clients at the right moments, with personally relevant and useful offers New digital business models broaden access to Clients 1 As at September 30, 2026, including joint ventures. 2 As at September 30, 2026.
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Sunlife – Q3 2026 11 • Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio
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Sunlife – Q3 2026 12 Q3 2026 results 1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our Q3 2026 MD&A. Footnotes 2-5: Refer to slide 39. Growth Q3’26 Q3’25 Change Asset management gross flows & wealth sales 1,2 ($ billions) 54.4 63.1 (8.6) B Total AUM1,2 ($ billions) 1,676 1,623 +3% Group insurance sales1 ($ millions) 619 498 +24% Individual insurance sales1 ($ millions) 1,042 987 +6% New business CSM1,3 ($ millions) 385 446 (14)% Financial strength Q3’26 Q2’26 Change SLF Inc. LICAT ratio4 (%) 142 145 (3) pp SLA LICAT ratio4,5 (%) 130 133 (3) pp Financial leverage ratio1 (%) 24.1 23.8 +0.3 pp Book value per share ($) 42.79 42.49 +0.7% Profitability ($ millions) Q3’26 Q3’25 Change Sun Life Asset Management 416 387 +7% Canada 422 397 +6% U.S. 197 147 +34% Asia 226 211 +7% Corporate (115) (95) (21)% Underlying net income1 ($ millions) 1,146 1,047 +9% Reported net income ($ millions) 785 1,106 (29)% Results Highlights Underlying net income1 of $1,146M increased $99M, driven by: • Strong business growth across Canada, the U.S. and Asia, higher fee-related earnings in GreenOak, and favourable net investment results; partially offset by • Less favourable insurance experience in Canada and higher financing costs supporting the acquisition of our remaining interests in GreenOak subsidiaries. Total insurance sales1 up 12% y/y • Group sales up 24% y/y • Canada group sales increased 26%, primarily driven by higher large case sales • U.S. group sales increased 24%, primarily driven by higher medical stop-loss sales reflecting strong close rates, continued pricing discipline supported by our risk selection tools, and favourable market conditions and higher commercial sales in Dental aligned with our strategic growth focus, reflecting higher average case sizes, were offset by lower Medicare Advantage sales • Individual sales up 6% y/y • Canada individual sales decreased 18%, reflecting lower participating life sales • Asia individual sales increased 9%, driven by higher sales in Hong Kong across all channels and strong growth in India and Malaysia, primarily from the bancassurance channel, partially offset by lower sales in China primarily through the broker channel New business CSM 1 down 14% y/y reflecting an increasing competitive environment primarily in Hong Kong
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Sunlife – Q3 2026 293 418 107 123 (156) 363 378 98 359 (92) Reported net income ($ millions) Impact of currency translation increased reported net income by $8M2 13 Q3 2026 results 1 Represents a Non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our Q3 2026 MD&A. 2 Percentage changes are reported on a constant currency basis, which excludes the impacts of foreign exchange translation. 416 422 197 226 (115) 387 397 147 211 (95) Underlying net income1 ($ millions) Impact of currency translation increased underlying net income by $7M2 (19)% +11% +9% (66)% Constant currency2 year-over-year growth Year-over-year growth +7% +6% +34% +7% (20)% +11% +7% (65)% Q3’26 Q3’25 SLAM CAN U.S. ASIA CORPSLAM CAN U.S. ASIA CORP +6% +6% +32% +8%
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Sunlife – Q3 2026Sunlife – Q3 2026 MFS US$619B AUM1 Public fixed income 18% Private fixed income 6% Equity 59% Real Estate 9% Infrastructure 2% Other 6% ⬤ ⬤ ⬤ A global asset management platform that delivers a comprehensive suite of investment solutions for retail and institutional investors worldwide GreenOak US$205B AUM1 All numbers are as at September 30, 2026, 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 37. 1 Represents a Non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our Q3 2026 MD&A. Footnotes 2-7: Refer to slide 39. Aditya Birla Sun Life AMC US$112B AUM1,3 Asia Asset Management US$24B AUM1 US$1.1B US$1,019B FY25 underlying net income1 Global markets reached 30+ Managed assets1,2 Institutional Clients served 3,800+ Defined Benefits Solutions US$14B AUM1 Sun Life Asset Management strategy Asset class mix1,2,3 14 Public Equities and Fixed Income Public Fixed Income and Equities Real Assets, Public and Private Fixed Income Leading pension risk transfer business7 Public Equities and Fixed Income in India Accelerate growth in asset management by: • Surfacing new sources of permanent and seed capital through enhanced internal and external partnerships • Strengthening collaboration and driving revenue opportunities across our diverse asset management platform • Enhancing collaboration with Sunlife’s wealth channels to grow AUM • Accelerating our asset management presence in the largest and fastest growing markets in Asia US$904B AUM1,2 Solutions & Other Top 10 US Retail Asset Manager4 focused on public equities and fixed income Global, diversified alternatives and fixed income manager One of the leading asset managers in India, offering equity, debt and alternative funds 5 Leader in Hong Kong pension market6 offering comprehensive financial solutions for retirement Leading insurance business helping Canadians achieve lifetime financial security Sun Life Asset Management
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Sunlife – Q3 2026Sunlife – Q3 2026 U.S. Equity 41% Non-U.S. Equity 42% Fixed Income 14% Balanced 3% ⬤ ⬤ ⬤ Focused on public equities and fixed income Our purpose is to allocate capital responsibly and help investors achieve financial goals9th largest US$619B U.S. Retail Asset Manager Employees Assets under management 1 Institutional Clients served 700+ All numbers are as at September 30, 2026, 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 37. 1 Represents a Non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our Q3 2026 MD&A. Footnotes 2-3: Refer to slide 39. 2,100+ RETAIL US$432B 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 style1 Value: 29% Growth: 32% Core: 18% Other2: 21% INSTITUTIONAL US$187B 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$619B AUM1 MFS is a strong strategic and financial contributor to Sunlife 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 15 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 US$619B AUM1
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Sunlife – Q3 2026Sunlife – Q3 2026 Public fixed income 27% Private fixed income 24% Real estate equity 36% Real estate debt 5% Infrastructure 7% Cash and other 1% ⬤ ⬤ ⬤ Focused on fixed income and real assets GreenOak4 is 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 US$55B 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 ManagementAll numbers are as at September 30, 2026, 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 37. 1 Represents a Non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our Q3 2026 MD&A. Footnotes 2-5: Refer to slide 39. Alternative Credit US$52B 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 US$84B 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 US$13B AUM1,2 230+ infrastructure investments under management4 Strategies Infrastructure, Equity (Core, Value Add, Renewables) US$945M US$205B LTM Fee-Related Revenue1 Investment professionals 750+ Assets under management1,2,3,5 Institutional Clients served 1,400+ Wealth Distribution US$2B 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 GreenOak 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 16 US$205B AUM1,2 Global investment platform
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Sunlife – Q3 2026Sunlife – Q3 2026 Reimagine Insurance to grow the Canadian Life Insurance market and emerge as the leading provider of non-participating solutions Accelerate Asset Management & wealth to continue delivering across our three distribution channels (2B, 2C, 2A10) and leading product solutioning and structuring Differentiate Health to continue leadership in Group Benefits profitability and elevate our health products Move faster with Digital / AI-forward business and operating model to drive efficiencies and new capabilities, and mobilize faster organizational speed and focus on outcomes Asset management & wealth 25% Individual Insurance 31% Sun Life Health 44% ⬤ ⬤ ⬤ Helping Canadians build lifetime financial security and lead healthier lives A leader in health, asset management & wealth, and protection in Canada $1,466M FY25 Underlying net income1 Canadians served2 Career Advisor Network professionals3 2,600+ 13M+ Market Position: 2nd in Group Benefits5 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) $7.6B Net premiums1,4 ~11M Canadians2 Sun Life Health Market Position: 1st in Group Wealth8 and 5th in Individual Wealth Fixed and Seg Fund9 Workplaces (2B10) Retirement and savings solutions and related admin services for employers and employees On the Go (2C10) Integrated digital + salaried Advisor wealth platform Communities (2A10) 15k+ local Advisors Wealth product solutioning and structuring Wealth and insurance-based wealth solutions, (e.g., multi-asset solutions) $284B AUMA1,7 ~2M Canadians2 Asset Management & Wealth6 Market Position: 1st in Individual Insurance11 Manufacturing Life & health protection solutions (e.g., Critical illness, Term) $6.7B Net premiums1,4 ~2M Canadians2 Individual Insurance Elevating Canada as a flagship business FY25 underlying net income by business unit1 161 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 37. 1 Represents a Non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our Q3 2026 MD&A. Footnotes 2-11: Refer to slide 40. 17 $1,466M Canada
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Sunlife – Q3 2026Sunlife – Q3 2026 Leverage our unique portfolio of businesses to connect our health businesses and employee benefits, providing a more cohesive and differentiated experience for members, employers, and brokers. Deliver integrated, digital solutions to help Clients manage rising healthcare costs, while expanding access to care and improving health outcomes and workforce productivity. Help In-force Management Clients achieve lifetime financial security, while optimizing 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. Sunlife U.S. employees 2 FY25 Underlying net income 1 Members served ~48M US$3.2B Revenue1,3 ~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 Revenue1,3 ~8M Members US$2.5B Revenue1,3 ~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 37. 1 Represents a Non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in our Q3 2026 MD&A. Footnotes 2-6: Refer to slide 40. 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+ 2025 Revenue1Sun Life U.S. Strategy – Health + Benefits. Connected. 18 US$8.5B U.S.
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Sunlife – Q3 2026Sunlife – Q3 2026 Asia • 7th in insurance sales and 7th in bancassurance sales1,10 • 2nd in Sharia bancassurance among foreign multinationals10 • Overall market share of 4.7%1,10 • 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 37. 1 Represents a Non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in our Q3 2026 MD&A. Footnotes 2-13: Refer to slide 40. ⬤ ⬤ ⬤ 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 134 years $775M Experience in Asia Clients servedFY25 Underlying net income1 30M+ Agents2 96,400 Bank partners2 29 Joint Ventures 6 $261M ins. sales1,3 $2,124M ins. sales1,3 $74M ins. sales1,3 $370M ins. sales1,3 $54M ins. sales1,3 $188M ins. sales1,3 Philippines Hong Kong $87M ins. sales1,3 Indonesia $55M ins. sales1,3 Vietnam Malaysia India China High-Net-Worth Sun Life Asia strategy 19 • 1st in total premiums1,4 for 15 consecutive years • 1st in new business premiums5 • 2nd largest mutual fund provider based on AUM1,6 • 3rd in MPF net inflows and 4th based on AUM1,7 • 6th in insurance sales, with a market share of 6.7%1,8 • 11th in insurance sales and 7th in bancassurance sales1,9 • Up from 13th in insurance sales in Q4 2020, supported by partnerships with Asia Commercial Bank & TPBank • 7th in insurance sales1,11 • 2nd in BancaTakaful and 4th in banca sales, with a 13.2% bancassurance market share1,11 • 7th in Individual insurance, with an overall market share of 5.8%1,12 • 12th in insurance gross premiums among foreign multinationals 1,13 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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Sunlife – Q3 2026 20 • Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio
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Sunlife – Q3 2026 21 Earnings consistently exceeded consensus estimates over the past decade $0.00 $0.30 $0.60 $0.90 $1.20 $1.50 $1.80 $2.10 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Earnings Per Share ($) 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 in our Q3 2026 MD&A. 2 Source: Bloomberg
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Sunlife – Q3 2026 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 GreenOak buy-ups are completed2 Increase in fair value of MFS shares to employees is an expense Note: 2025, 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 37 of this document. 1 Net Income Net Income Cumulative reported net income impacts (2016 – 2025) 22
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Sunlife – Q3 2026 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 $14.3B in dividends paid to common shareholders over the past 10 years 23
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Sunlife – Q3 2026 24 • Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio
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Sunlife – Q3 2026 Book value excl. from LICAT SLA LICAT1 130% SLF Inc. LICAT1 142% Canada Capitalized to meet local capital rules Asia U.S. Bermuda All information as at September 30, 2026; all dollar amounts are in C$, 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 GreenOak Asset Management 25 Capital model provides financial flexibility DentaQuest (U.S.)
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Sunlife – Q3 2026 26 Capital strength & flexibility 1 Represents a Non-IFRS financial measure; Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our Q3 2026 MD&A. Footnotes 2-5: Refer to slide 40. Q3’26 Capital metrics SLF Inc. LICAT3 142% Financial leverage ratio1 24.1% SLF Inc. holdco cash1,2 $2.0B Sunlife Assurance Company of Canada Financial Strength Ratings A.M. Best A+ DBRS AA Moody’s Aa3 S&P AA Q3’26 Capital ($ millions) Subordinated debt4 8,921 Innovative capital instruments (“SLEECS”)5 200 Preferred shareholders’ equity and other equity instruments5 2,239 11,360 Equity Common shareholders’ equity5 23,764 Equity in the participating account5 878 Non-controlling interests’ equity5 144 24,786 Contractual Service Margin (after-tax)5 11,053 Total capital (for financial leverage) 47,199 Financial leverage ratio1 24.1% • Organic investments • Common shareholder dividend • Mergers & acquisitions • Share buybacks • Debt redemption Deployment opportunities
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Sunlife – Q3 2026 • Activity over last eleven 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 2026 – Acquired remaining 49% 2020 – Majority acquisition 2024 – Acquired remaining 20% 2019 – Majority acquisition of GreenOak and merger of GreenOak and Bentall Kennedy 2026 – Acquired remaining 44% 2015 – Majority acquisition 2015 – Acquisition2015 – Acquisition Sun Life 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 Sunlife to 100%; 2016, 2022 – extended banca partnership 2025 – expanded and extended banca partnership 2016 – Expanded ownership in Birla Sunlife to 49% 1 2016 – Expanded ownership in PVI Sunlife 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. Footnotes 1-2: Refer to slide 41. 27 2023 – Strategic investment 2026 – Acquisition
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Sunlife – Q3 2026 28 • Business overview • Strategic overview • Business group highlights • Share performance • Capital management • Asset portfolio
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Sunlife – Q3 2026 AAA & insured 6% AA 15% A 40% BBB+ 11% BBB 17% BBB- 7% BB and lower5 4% AAA 16% AA 23% A 38% BBB+ 9% BBB 11% BBB- 2% BB and lower 1% Debt securities $90.2 Loans $45.2 Mortgages $12.5 Derivatives $1.7 Other1,4 $11.1 Investment properties $10.0 Equity securities $14.7 Cash, cash equivalents & short-term securities $15.0 29 High quality, well-diversified investment portfolio • 74% 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 • 23% of total commercial mortgage loan portfolio is CMHC-insured; our uninsured commercial mortgage portfolio has strong metrics with LTV 3 of 53% and DSCR3 of 1.79 Investment profile As of September 30, 2026 Debt securities by credit rating As of September 30, 2026 Mortgages & loans by credit rating As of September 30, 2026 $200.4 billion1 99% investment grade2 96% investment grade2 1 Effective during the third quarter of 2026, assets related to the CLOs are reclassified from Other financial invested assets to Other assets to better reflect their distinct economic characteristics relative to our other portfolio investments. Footnotes 2-5: Refer to slide 41. Equities include Mutual Funds in our General Account. The majority of these assets support our Participating and Universal Life liabilities in Canada and Asia. Other 1 includes Limited Partnerships, investments in our Joint Ventures and seed investments.
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Sunlife – Q3 2026 30 Mortgages and investment property exposures Mortgages by type and geography1 As of September 30, 2026 ($millions) Office Industrial Retail Multi-family residential Other Total % of Total Canada2 1,193 2,525 1,223 2,873 761 8,575 69% U.S. 802 1,389 848 822 26 3,887 31% Europe - - - - 47 47 0% Total 1,995 3,914 2,071 3,695 834 12,509 100% Mortgages: • 34% of Canadian portfolio is CMHC-insured • Well-distributed maturity profile • Portfolio is high quality with an average credit rating of A Investment Properties As of September 30, 2026 ($millions) Office Industrial Retail Multi-family residential Other Total % of Total Canada 1,729 3,446 1,065 1,849 366 8,455 85% U.S. 357 925 125 39 2 1,448 14% Asia - - - 60 - 60 1% Total 2,086 4,371 1,190 1,948 368 9,963 100% Mortgages by type and rating1,3 As of September 30, 2026 ($millions) Office Industrial Retail Multi-family residential Other Total Insured - - - 2,534 385 2,919 AAA - - - - - - AA 131 1,499 506 108 33 2,277 A 728 2,036 1,235 425 48 4,472 BBB 865 379 326 602 240 2,412 Subtotal 1,724 3,914 2,067 3,669 706 12,080 BB & below 261 - 4 26 128 419 Impaired 10 - - - - 10 Total 1,995 3,914 2,071 3,695 834 12,509 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 41.
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Sunlife – Q3 2026 31 Loans Loans As of September 30, 2026 ($millions) FVTPL FVOCI Amortized Cost Total Total AAA 317 - - 317 1% AA 5,819 489 37 6,345 14% A 17,128 1,220 257 18,605 41% BBB 17,126 659 52 17,837 39% Subtotal 40,390 2,368 346 43,104 95% BB & below 1,490 67 7 1,564 4% Impaired 554 3 6 563 1% Total 42,434 2,438 359 45,231 100% Loans As of September 30, 2026 ($millions) Total Total Canada 13,017 29% U.S. 19,848 44% Europe 9,854 22% Asia 510 1% Other 2,002 4% Total 45,231 100%
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Sunlife – Q3 2026 32 Private credit: Loan portfolio represents 23% of total invested assets as of Q3 2026 Institutional portfolio strength • High-quality portfolio with approximately 95% investment-grade exposure1 Cycle-tested platform (40+ years) with focus on downside protection • Combining fundamental credit analysis with structuring expertise • Since the Global Financial Crisis, average annual net loss of General Account Private Fixed Income has been less than 5bps since 2008 Portfolio construction • Majority of the portfolio secured by collateral • Middle-market direct lending represents less than 1% of total loan portfolio • Well diversified portfolio with less than 1% exposure to software2 Liquidity and valuation discipline • Robust monitoring framework enabling early identification and corrective action Middle-market direct lending 1% Private structured credit 12% Private infrastructure debt 41% Private corporate debt 46% Loan portfolio1 As of September 30, 2026 1 Based on AUM. AUM represents a Non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our Q3 2026 MD&A. 2 Our grouping of debt securities by sector is based on the Global Industry Classification Standard.
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Sunlife – Q3 2026 33 Private credit: Crescent Capital private credit portfolio Institutional portfolio strength • ~US$43 billion in private credit1,3, with approximately 99% in locked vehicles • 95%+ institutional capital base Cycle-tested platform (30+ years) with focus on downside protection • Since inception, Crescent Private Credit annual net loss is less than 10bps Portfolio construction • Emphasis on cash-flow-based underwriting, tight covenants, and sponsor oversight • Limited exposure to high disruption sectors, with minimal exposure to software/AI disruption4 risk (less than 5% across the Crescent Private Credit platform5,6) Liquidity and valuation discipline • Robust valuation framework and conservative leverage provide liquidity and flexibility amid market volatility 1 Based on AUM. AUM Represents a Non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our Q3 2026 MD&A. Footnotes 2-6: Refer to slide 41. Healthcare 30% Industrials 21% Information Technology 18% Consumer Discretionary 13% Financials 12% Communication Services 3% Consumer Staples 2% Materials 1% Private credit portfolio concentration (% of market value)1,2 As of September 30, 2026
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Sunlife – Q3 2026 34 Appendix
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Sunlife – Q3 2026 35 Market sensitivities Change in Private and Public Equity Markets1,2,3 As at September 30, 2026 ($millions, unless otherwise noted) 25% decrease 10% decrease 10% increase 25% increase Potential impact on net income (after-tax) Private Equity (425) (175) 175 425 Public Equity (250) (100) 100 275 Potential impact on CSM (pre-tax) (900) (350) 350 875 Potential impact on LICAT ratio4 1.5% point decrease 0.5% point decrease 0.5% point increase 1.0% point increase As at December 31, 2025 ($millions, unless otherwise noted) 25% decrease 10% decrease 10% increase 25% increase Potential impact on net income (after-tax) Private Equity (325) (125) 125 325 Public Equity (225) (100) 100 250 Potential impact on CSM (pre-tax) (900) (350) 325 825 Potential impact on LICAT ratio 4 1.0% point decrease 0.5% point decrease 0.5% point increase 0.5% point increase Footnotes 1-7: Refer to slide 41. Change in Interest Rates2,3,5 As at September 30, 2026 As at December 31, 2025 ($millions, unless otherwise noted) 50 basis point decrease 50 basis point increase 50 basis point decrease 50 basis point increase Potential impact on net income (after-tax) 50 (75) - (25) Potential impact on CSM (pre-tax) 225 (225) 175 (200) Potential impact on OCI6 200 (200) 200 (200) Potential impact on LICAT ratio7 3.0% point increase 3.0% point decrease 3.0% point increase 3.0% point decrease
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Sunlife – Q3 2026 36 Market sensitivities Change in Credit Spreads1,2 As at September 30, 2026 As at December 31, 2025 ($millions, unless otherwise noted) 50 basis point decrease 50 basis point increase 50 basis point decrease 50 basis point increase Potential impact on net income (after-tax) 150 (100) 125 (25) Potential impact on CSM (pre-tax) 200 (225) 100 (125) Potential impact on OCI3 200 (200) 200 (175) Potential impact on LICAT ratio4 2.0% point increase 2.5% point decrease 2.5% point increase 2.5% point decrease Change in Swap Spreads1,5 ($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) - - - - 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 (475) 475 Potential impact on CSM (pre-tax) (100) 100 (100) 100 Footnotes 1-5: Refer to slide 41.
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Sunlife – Q3 2026 37 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”, “Sunlife” 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 Q3 2026 MD&A. Effective Q3'26, we launched GreenOak, SLC Management's new global brand, bringing together our alternative asset management businesses under a unified platform. As a result, references to SLC Management in this Investor Kit have been updated to GreenOak. 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 reductions in acquisition, integration and restructuring expenses; (iv) set out in our Q3 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 Q3 2026 MD&A under the headings C - Profitability - 5 - Income taxes, F - Financial Strength and I - Risk Management and in SLF Inc.’s 2025 AIF under the heading Risk Factors, and the factors detailed in SLF Inc.’s 2025 Annual MD&A in section K – Risk Management and in 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 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 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 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. Currency All amounts are in Canadian dollars unless otherwise noted. Rounding Amounts in this document are impacted by rounding.
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Sunlife – Q3 2026 38 Use of Non-IFRS Financial Measures We report certain financial information using Non-IFRS financial measures, as we believe that these measures provide information that is useful to investors in understanding our performance and facilitate a comparison of our quarterly and full year results from period to period. These Non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These Non-IFRS financial measures should not be viewed in isolation from or as alternatives to measures of financial performance determined in accordance with IFRS. Additional information concerning Non-IFRS financial measures and, if applicable, reconciliations to the closest IFRS measures are available in section N - Non-IFRS Financial Measures of our Q3 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 Sunlife's business performance by making certain adjustments to IFRS income. Underlying net income, along with common shareholders’ net income (Reported net income), is used as a basis for management planning, and is also a key measure in our employee incentive compensation programs. This measure reflects management's view of the underlying business performance of the company and long-term earnings potential. For example, due to the longer-term nature of our individual protection businesses, market movements related to interest rates, equity markets and investment properties can have a significant impact on reported net income in the reporting period. However, these impacts are not necessarily realized, and may never be realized, if markets move in the opposite direction in subsequent periods or in the case of interest rates, the fixed income investment is held to maturity. Underlying net income removes the impact of the following items from reported net income: i. Market-related impacts reflecting the after-tax difference in actual versus expected market movements, ii. ACMA – captures the impact of method and assumption changes, and management actions on insurance and reinsurance contracts, and iii. Other adjustments (MFS shares owned by management, acquisition, integration, and restructuring, Intangible asset amortization, and Other). Additional detail on these adjustments is provided in section N - Non-IFRS Financial Measures of our Q3 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 GreenOak), 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 and other 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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Sunlife – Q3 2026 Footnotes From slide 3 2 For more information about business type in Sunlife’s business groups, refer to the General Information section in the Financial and Operating Results Supplementary Financial Information for the period ended September 30, 2026. 3 As of December 31, 2025. 4 Rounded to the nearest million. 5 Clients are those who have access to our professional services including insurance policyholders, investment account holders, group plan members and their dependents, members of government-funded public, health insurance programs and members of Sunlife owned health services companies. 6 Rounded to the nearest hundred. Represents full-time equivalent employees, temporary employees and employees in Asia joint ventures. 7 Rounded to the nearest hundred. 8 C$ as at September 30, 2026. 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 As of December 31, 2025. 6 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, and Invesco. Canadian Banks – RBC, TD, Scotiabank, BMO, CIBC, and National Bank. From slide 12 2 Prior period amounts have been updated. 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. From slide 14 2 This does not include assets under administration. 3 Includes the total assets under management for Aditya Birla Sun Life Asset Management Company. 4 Ranked #9 by active MF assets as of September 2026 by ISS MI MarketPulse powered by Simfund. 5 Ranked #6 in terms of average AUM by the AMFI as of September 2026. 6 Ranked #4 by asset value by MPFA as of September 2026. 7 Largest block of pension risk reserves amongst 8 insurers actively quoting on group annuities as of March 2026 by Eckler. From slide 15 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 16 2 Does not include the General Account. GreenOak total AUM including the General Account was US$324 billion at September 30, 2026. 3 This does not include assets under administration. More information is available upon request. 4 GreenOak is the brand name under which Sun Life Capital Management (U.S.) LLC, Sun Life Capital Management (Canada) Inc., Crescent Capital Group LP, BentallGreenOak (U.S.) Limited Partnership, BentallGreenOak (Canada) Limited Partnership, InfraRed Capital Partners Limited, Advisors Asset Management, Inc, and each of their respective affiliates operate. Each regulated legal entity under the GreenOak brand provides products and services only where permitted under applicable law. 5 Summation of AUM for each business may not equal the total AUM reported due to rounding. 39
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Sunlife – Q3 2026 Footnotes continued From slide 17 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 FY2025 net premiums, which include gross insurance and annuity premiums adjusted for unearned premiums, experience-rated refund premiums, premium taxes and associated ceded amounts. 5 Based on revenue for year-ended December 2025 from Fraser Group Life and Health in Canada Report. Group benefits industry market share does not account for Sunlife’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. 6 Asset Management & Wealth includes Group Wealth and Individual Wealth business. Effective Q1'26, we report our Group Retirement Services business unit under "Group Wealth”. 7 Assets Under Management and Administration (“AUMA”) at September 30, 2026. Total SLGI AUM is $46 billion at September 30, 2026 and is included in the Asset Management & Wealth total. 8 Based on total Capital Accumulation Plan assets for the year ended December 2025 from 2026 Fraser Pension Universe Report. 9 Based on Life Insurance Marketing and Research Association (“LIMRA”) data for Individual Wealth fixed and seg fund products as of second quarter 2026. 10 2B = Business to Business, 2C = Business to Client, 2A = Business to Advisor 11 LIMRA Market Share by premiums within individual life and health market as of fourth quarter 2025, on a year-to-date basis. From slide 18 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 Sunlife company. Ranking compiled by Sunlife and based on data disclosed by competitors. 5 Ranking compiled by Sunlife based on industry data contained in the 2025 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 The top 10 ranking is compiled by Sunlife based on industry data contained in the LIMRA 2025 Annual Sales & In-force Reports and internal Sunlife book of business data to reflect our relative position in businesses in which we participate, including group life and disability insurance and group life and disability insurance managed and reinsured by Sunlife. The ranking excludes group insurance sold through associations. From slide 19 2 As of September 30, 2026. 3 FY2025 Individual insurance sales. These include the sales in the company’s joint ventures and associates with local partners in Asia based on our proportionate equity interest. 4 Insurance Commission of the Philippines, based on Q2 2026 year-to-date total premium income for Sunlife of Canada (Philippines). 5 Insurance Commission of the Philippines, based on Q2 2026 year-to-date new business premiums for Sunlife of Canada (Philippines) and Sunlife Grepa. 6 Philippine Investment Funds Association, based on June 2026 ending assets under management. 7 Mercer MPF Market Shares Report, based on June 2026 quarter-to-date. 8 Insurance Authority of Hong Kong, Provisional Statistics on Hong Kong Long Term Insurance Business, based on Q2 2026 year-to-date annualized first year premiums. 9 August 2026 year-to-date annualized first year premiums, based on data shared among Vietnam industry players. 10 Indonesia Life Insurance Association, based on Q2 2026 year-to-date Annualized New Business premiums. 11 Life Insurance Association of Malaysia and Insurance Statistics Malaysia, based on Q2 2026 year-to-date annualized first year premiums for conventional and takaful business. 12 Insurance Regulatory Authority of India, based on August 2026 year-to-date first year premiums among private players. 13 China: based on gross premiums for Q2 2026 year-to-date (excluding universal life insurance deposits and pension companies) amongst foreign multinationals. From slide 26 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. 40
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Sunlife – Q3 2026 Footnotes continued From slide 27 1 Aditya Birla Sun Life AMC Limited (“ABSLAMC”) and Aditya Birla Life Insurance. Sunlife subsequently sold 12.5% and 6.5% of ou r 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. From slide 29 2 BBB- and higher. 3 LTV: Loan-to-Value; DSCR: Debt-service coverage ratio. 4 Consists of: Other financial invested assets ($9.2B) and other non-financial invested assets ($1.9B). 5 BB and lower includes impaired mortgages and loans. From slide 30 2 Includes insured mortgages; multi-family residential $2,534M and other $385M. 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 2025 Annual MD&A. From slide 33 2 As of Q3 2026; Crescent Capital also manages approximately US$10 billion AUM in public credit including broadly and narrowly syndicated bank loans, high yield bonds, and structured products; Sunlife assets managed by Crescent Capital are C$2 billion as of Q3 2026 (includes unfunded commitments). 3 Past performance is not a guarantee of future results. 4 Software includes companies whose primary business involves the development, licensing, or delivery of software products and Software-as-a-Service (“SaaS”) solutions. 5 As of September 30, 2026 6 Crescent Private Credit platform includes assets in U.S. and European Direct Lending, Credit Solutions and Multi Asset Funds. From slide 35 1 Represents the respective change across all equity exposures as at September 30, 2026 and December 31, 2025. Due to the impact of active management, basis risk, and other factors, realized sensitivities may differ significantly from expectations. Sensitivities include the impact of re-balancing equity hedges for hedging programs at 2% intervals (for 10% changes in equity markets) and at 5% intervals (for 25% changes in equity markets). 2 The market risk sensitivities include the estimated impact of our hedging programs in effect as at September 30, 2026 and December 31, 2025, and include new business added and product changes implemented prior to such dates. 3 Net income, CSM and OCI sensitivities have been rounded in increments of $25 million. The sensitivities exclude the market impacts on the income from our joint ventures in China and India. 4 The LICAT sensitivities illustrate the impact on SLF Inc. as at September 30, 2026 and December 31, 2025. LICAT ratios are rounded in increments of 0.5%. 5 Interest rate sensitivities assume a parallel shift in assumed interest rates across the entire yield curve as at September 30, 2026 and December 31, 2025 with no change to the ultimate risk-free rate. Variations in realized yields based on factors such as different terms to maturity and geographies may result in realized sensitivities being significantly different from those illustrated on the slide. Sensitivities include the impact of re-balancing interest rate hedges for hedging programs at 10 basis point intervals (for 50 basis point changes in interest rates). 6 The market risk OCI sensitivities exclude the impact of changes in the defined benefit obligations and plan assets. 7 The LICAT sensitivities illustrate the impact on SLF Inc. as at September 30, 2026 and December 31, 2025. The sensitivities reflect the worst scenario as of September 30, 2026 and assume that a scenario switch does not occur in the quarter. LICAT ratios are rounded in increments of 0.5%. From slide 36 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 September 30, 2026 and December 31, 2025. The sensitivities reflect the worst scenario as of September 30, 2026 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. 41
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Sunlife – Q3 2026 42 Sunlife Investor Relations To contact Sunlife Investor Relations: Please email Investor_Relations@sunlife.com