Annual reports

Financial highlights

We delivered for our shareholders in 2025, achieving strong performance against our medium-term financial objectives: 

  • Growth in underlying earnings per share,
  • Underlying return on equity (ROE),
  • Underlying dividend payout ratio.

Full year 2025 results (vs. 2024)

Reported net income

$3.47B (+14%)

Insurance sales

$7.17B (+25%)1,2

Dividend per common share

$3.52 (+9%)

Underlying net income

$4.20B (+9%)1

Wealth sales and asset management gross flows

$237B (+21%)1,2

Assets under management

$1.60T (+4%)1,3

Medium-Term Objectives4,5 4-year6,7 2025 results

Underlying EPS growth

10%

9%

12%

Underlying ROE

20%

17.6%

18.2%

Underlying dividend payout ratio

40-50%

48%

47%

All numbers are impacted by rounding and in Canadian dollars, unless otherwise noted. For values to the nearest million, see section C - Financial Summary in our 2025 Annual Management’s Discussion and Analysis (“2025 Annual MD&A").

Download highlights

Client Impact: Norma's Story

After the sudden loss of her husband, Norma – a mother of seven in a small Philippine fishing village – faced significant financial and emotional hardship. But with support from NGO, Ahon Sa Hirap Inc. (ASHI), and Sun Life Grepa’s microinsurance product, Norma found hope.

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[Music]

[Text on screen] Ahon Sa Hirap Inc. (ASHI) is a microfinance NGO committed to uplifting women, or nanays, from low-income communities through microloans, savings programs, training, and microinsurance.

[Text on screen] Mercedes Abad, Ahon Sa Hirap (ASHI) President

Mercedes:

Ahon Sa Hirap started more than 30 years ago through a grant by a UP professor. The life of the poor is full of unspeakable pain. I didn’t realize it myself until I started working with them.

[Text on screen] Nanay Norma recounts the day she lost her husband due to cardiac arrest.

[Text on screen] Norma Bias, Ahon Sa Hirap (ASHI) member

Norma:

I’m Norma Lianis Bias, living in Wawa Pililla, province of Rizal. My husband is a fisherman. We have seven children. Five boys and two girls.

My husband continued to make a living for us. Recently, he had been feeling something in his body. At the same time, there was a typhoon, so the bamboo trees fell down together with all the cages. With that, they wanted to buy new bamboo to repair the cages. Maybe at that time, he couldn’t take the pain anymore. They weren’t able to go to the sea.

Then he went into cardiac arrest.

What I miss about my husband is his diligence and his kindness. We never fought. He was kind to his children.

The benefits that I receive from Ahon Sa Hirap is the life insurance from Sun Life Grepa. I was assisted by our ASHI staff. During my husband’s wake, I was able to pay the cost for water and electricity. I also used the money to pay for our day to day expenses.

Mercedes:

The benefit that the insurance covers is not only the member, but also dependents. We’re very happy with the relationship. It’s such a big thing for them (nanays) that their benefits increased but the fee is the same.

Norma:

Life insurance was a big help for us, because it helps us pay our daily expenses. With what happened to my husband and myself, I hope that they (ASHI) continue to provide benefits like insurance from Sun Life Grepa, because it is really a big help for us.

Mercedes:

Insurance is such a big thing for me and for also our members. That’s why we provide as much benefits to them as we can. In ASHI, we really want to make their lives better. We walk with them. And we want them to realize their true value.

[Text on screen] With support from ASHI and Sun Life Grepa, Norma is regaining hope and stability. Her story reflects the impact of Sun Life’s Bridges Initiative, a leading effort to close gaps and create paths for underserved communities to access health and wealth solutions.

[Logo] Sun Life

Message from our CEO and Chair

Kevin Strain

President & CEO
Message from the CEO

“Everything we do is inspired by our deep commitment to making a meaningful difference.”

Scott Powers

Chair of the Board
Message from the Chair

“As Sun Life enters the latter half of this decade, we do so with confidence and optimism… Guided by our people, culture and Purpose.”

Sun Life at a glance

Our Purpose

Help Clients achieve lifetime financial security and live healthier lives.

Our Ambition

To be the best asset management and insurance company in the world.

28 markets

85M+ Clients*

68.8K employees**

99K+ advisors

All figures as of December 31, 2025. Rounded to the nearest hundred.

* 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 Sun Life owned health services companies.

** Represents full-time equivalent employees, temporary employees and employees in Asia joint ventures.

Annual Report cover - about the artist

Abraham Anghik Ruben, whose sculpture ‘Ellesmere’ is shown on the cover of Sun Life’s annual report, is a celebrated Canadian Inuit artist. Born in the Northwest Territories, Abraham spent his early childhood immersed in traditional Inuvialuit life before being sent to a residential school in Inuvik.

Abraham’s ‘Ellesmere’ depicts a point in time when Vikings and Inuit had a mutually cooperative relationship. His artwork is a meaningful choice for 2025, the year in which Sun Life received the Partnership Accreditation in Indigenous Relations Bronze certification. Watch Abraham’s interview below. 

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[Music]

[Abraham Anghik Ruben]

The events that are taking place today are just repetitions of what happened in the past.

[Super: Ellesmere, Abraham Anghik Ruben, Featured artist for Sun Life’s 2025 Annual Report]

[Abraham Anghik Ruben]

My name is Abraham Anghik Ruben. My Inuvialuit name given to me by my parents was "Ahpakuk", which was the name from my great grandfather when he came from Alaska. They were shamans. I was born in November of 1951, in the western Arctic. Weather was hard. Survival on the land difficult to the best of times. But we managed to make our way through it. So that was part of the landscape.

I'm primarily Mongolian, but within the Mongolian is Siberian, Manchu, Inuit. I'm a mix of all of the cultures from around the world. One group story is no less than the other.

In later years, that's when I started getting into art school and learning how to manipulate material and see things. My thoughts and ideas I could see looking at things from a 360 degree point of view.

The abstract form of an idea - piece of music, sculpture, painting - that's where the power comes from.

The sculpture entitled Ellesmere, is about a point in time in Viking and Inuit contact, that took place around a thousand years ago. The Vikings had come and established themselves in Iceland. The land and the oceans were rich. Viking sailors made their way up to Baffin, northern Baffin Island, then to Ellesmere Island.

In Ellesmere Island, the Viking settlers found a large numbers of eider ducks where they could get down from. So what they would do is they would build shelters for the eider ducks to nest, and when the season was over, they gathered the eider down to be sent back to Iceland and to Europe for trade.

The trade off in Ellesmere Island, the sculpture depicts a Viking man with his companions and Inuit families around, because they had to do things cooperatively. The Inuit knew how to live on the land and travel on the oceans, and knew the landscape.

Ellesmere is one of the sculptures that speak about a point in time with the relationship between the Vikings and the Inuit when things were done cooperatively.

During the early period of that contact, both the Vikings and Inuit understood the concept of "Spirit of the Place". They gave reverence to the spirit for the land, the spirit of the ocean, the spirits of the valley and the mountains where they drew their sustenance from. I think that that was the common points where they could understand each other.

I'm looking at this exhibition, and the work's coming out of it as, this has got to be the most challenging part of what I'm planning on doing over the next 20 years.

I feel that I've matured as an artist, matured as an individual. I want to use the art that I have, that I've done over the last 50 years, passing on what I've learned.

I try to draw the knowledge from things that have happened in the past, to bring it to a modern audience.

To be an artist is not just about manipulating the physical forms. You've got to look at creating works that speak to others, that have the physical, cultural, emotional, intellectual, spiritual. To reach out to someone from any of those levels.

And, my teacher says that you have the means to put a certain kind of fire into your works, to make the works, to become alive and speak out to others.

And that's what I've been trying to do over the years.

[Graphic See Abraham Anghik Ruben’s Ellesmere on the cover of our Annual Report. Sunlife.com/annualreport]

[Music fades out]

Annual Report materials

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Annual reports Archive

Read our past annual reports:

1 Represents a non-IFRS financial measure. See section M - Non-IFRS Financial Measures in our 2025 Annual MD&A for further information.

2 Sales are for the year-ended 2025.

3 Figures as of December 31, 2025.

4 Underlying earnings per share (“EPS”), underlying ROE and underlying dividend payout ratio are non-IFRS financial measures. See section M - Non-IFRS Financial Measures in our 2025 Annual MD&A for further information. 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.

5 Our medium-term financial objectives are forward-looking non-IFRS financial measures and do not constitute guidance. Additional information is provided in our 2025 Annual MD&A in section P – Forward-looking Statements – Medium-Term Financial Objectives.

6 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.

7 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.