Annual reports

2023 Annual Report

Learn more about our growth and progress, and our focus on Client Impact in 2023.

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Financial highlights

We delivered for our shareholders in 2023, achieving strong performance against our medium-term financial objectives: 

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

Full year 2023 results (vs. 2022)1,2

  • $3.1B (+7%)

    Reported net income

  • $3.7B (+11%)

    Underlying net income3

  • $5.4B (+26%)

    Insurance sales3

  • $174B (-12%)

    Wealth sales and asset management gross flows3

  • $0.78 (+8% vs. Q4’22)

    Q4’23 dividend per common share

  • $1.40T (+6%)

    Assets under management3

Medium-term financial objectives4,5,6

2023 results


Underlying EPS growth




Underlying ROE


17.8% 17.4%

Underlying dividend payout ratio




Moments that matter – William’s story 

“Dental deserts” are areas across the U.S. where there’s a shortage of oral health care professionals. Hear William’s story about getting support for him and his wife, the compassionate care he received from DentaQuest and his journey to live a healthier life.

[charming folk music plays]

I’m William Wisniewski.


My wife was having teeth issues.

And when we called DentaQuest,

we got a hold of Kerri.

My name is Kerri Cook,

and I am a case manager with DentaQuest.


Came from a dental public health


I came into this job

because I knew that it would allow me

to use my dental knowledge,

to assist other people

to be able to access dental care

... as well as to help them

gain a better understanding

of the importance of oral health

to good overall health.


When Kerri got involved,

my wife came down sick.


She asked me

if I would be able to help her husband.

I said, well, is he Medicaid?

And she says, Yes!

I worked their case management

case as a single case.


I worked them together.


My wife came down as terminal


She passed away in December of 2022.

I knew that without support,

Mr. Wisniewski would be in trouble

based on his health history.


And I have heart issues

and I had a heart attack.


The last thing that he would

want to be bothered with

is to pick up the phone to call

and make an appointment.


That was the furthest thing from

my mind, is to get the teeth pulled.


He's in mourning.

He's experiencing grief.


She wanted me to

keep on going.

I was still going to live and move on.


Right after she passed away

about once a week,

I would pick up the phone and call him.

Is there anything you need?

Have you seen the doctor?

Okay, what's next?

At this point

it was just a matter

of not letting go of him.


She was going to stick with me

no matter what

to complete what we started.

[sound: wind and chime]


I don't know what to say, but

she's a fantastic woman

and you need more like her.




Yes. I’m excited.

He's the first plan member

that I've ever had a chance to meet.


Hey, Mr. Wisniewski!


We got a surprise for you.


It's Kerri from DentaQuest.


She’s done so much for us, she didn't have to.

I mean, it was just a job.

I got off the phone with you sometimes,

and I said,

I'm glad I have her.

None of this would have happened.

I mean, I hope she's like this

with everyone--

--I know she's like this

with every one of her clients.

It brought me right out of it.

It really did.


Remember I would say to you...

Am I pestering you?




She told me - Never give up.

And I didn’t.

And I'm doing good now.


We shifted your focus, didn’t we?


- Yes, you did.

This has impacted my whole life to where

I have a new beginning.

And it all started with a

with a woman who helped

me get my teeth fixed.

[inspiring country music plays]


Kevin Strain's headshot

Message from President & CEO,
Kevin Strain

“As I reflect on 2023, I’m filled with pride at the remarkable accomplishments we’ve achieved, the resilience we’ve shown and the impact our Employees and advisors have had on our 85 million Clients worldwide.”  

Scott Powers Headshot

Message from the Chair of the Board, Scott Powers 

“Sun Life was built on a foundation of strong values, a meaningful Purpose and an ambition to be the best. It’s this foundation that supports our thoughtful and disciplined approach to everything we do.”

Sun Life at a glance

Our Purpose

Help Clients achieve lifetime financial security and live healthier lives.

28 markets*

85M+ Clients*

58,200 employees*

91,700 advisors*

Our Ambition

To be One of the Best Asset Management and Insurance companies in the world.

*As of December 31, 2023. Rounded to the nearest hundred. Represents full-time equivalent employees, temporary employees and employees in Asia joint ventures.

Annual Report cover - about the artist


[Animated graphic]

Golden Season
By Thanh Chuong


Luc Nhon Ly
CEO, Sun Life Vietnam

Luc: Sun Life has chosen your painting for the annual report. It’s kind of a big deal. So, today I want to know you just a little more.


Thanh Chuong

Thanh: Truth be told, we are sitting at the very place where I was born and raised. My hometown. The land of Bac Ninh.

So, I was born in that land of countryside, in a family where my father is someone who loved and also had his fair share of knowledge about customs and traditions, culture and arts, and the life of country folks.


Inspiration behind the painting Golden Season

Meanwhile, you know, in making arts like painting, the “personal” touch is what matters. So, looking at my painting, everyone knows it’s a Vietnamese work, it cannot be a Chinese, Japanese, French, or Italian painting. It is Vietnamese. So, that’s the spirit of culture, the traditions that were imbued into the blood of our people, and it shines out into the spirit.

Buffalo is a member of the family. It is a family member. So, as a kid, you raise buffalo and cut grass, growing up, you have labour capacity, you work with buffalo again, plowing, cultivating and harvesting with buffalo. And when you’re old, you can no longer work, you return to buffalo raising. That is the life cycle of a Vietnamese farmer, already closed at the early age, raising buffalo and cutting grass, growing up, you work with buffalo, growing old, you return to buffalo raising.

It is a closed circle. They were deeply carved into our core, and I always express that image as a signature of Vietnam. It’s the embodiment of my style and feelings, and I also... use languages, visuals that are modern so my works can integrate with the world. So the message behind it all aims to showcase the culture of Vietnamese.

The culture of Vietnamese is in our heart... The culture that expresses the souls of Vietnamese, the souls of Vietnamese country people. Yes, that very culture that expresses that very soul and the core of Vietnam is the folk culture of farmers. And because it is folk culture, it’s always simple, rustic, homely, innocent and pure.

Luc: It would be very special because many people will see it. Not just in Vietnam, or in Canada, but even in the US. So maybe you could say something to everyone who’s going to see the Golden Season painting?

Thanh: I hope that everyone on this planet, not just in Vietnam, but throughout the globe, that everyone would get to live in joy, happiness and peace under the sun. May everyone be happy all the time.

Luc: Thank you so much.



2023 Annual Report

Read our 2023 Annual Report at:


As part of our commitment of showcasing diverse voices in our community, our 2023 Annual Report proudly features “Golden Season,” by Thanh Chuong. Chuong is a distinguished Vietnamese artist renowned for his fusion of modern art’s simplicity and the cultural richness of Vietnamese traditions, solidifying his status as a symbol of contemporary Vietnam.

This artwork captures a serene moment in Vietnam, portraying a mother and child, a buffalo and the harmonious coexistence of nature and family.  

To delve deeper into the artist’s journey and the meaning behind “Golden Season,” Luc Nhon Ly, CEO of Sun Life Vietnam, sat down with the artist at his home in Vietnam. Tune into this chat where art and storytelling come together to provide a unique narrative on the importance of both big and small moments in our lives and the impact we can have on each other and our communities. 

Annual Report materials

Shareholders and policyholders can access the Notice of Annual Meeting and Management Information Circular and additional information under Annual Meetings.

Consider the environment

You can help us lighten our environmental footprint and cut down printed material by downloading the full Annual Report.

Request a print copy

Do you want a print version of Sun Life’s 2023 Consolidated Financial Statements? Send us an email to request a free copy.

Request a copy

Annual reports Archive

Read our past annual reports: 

2022 Annual Report

2021 Annual Report

The full year 2023 results values have been rounded and are in Canadian dollars. For values to the nearest million, see section C - Financial Summary in our 2023 Annual Management’s Discussion and Analysis (“2023 Annual MD&A”).

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. Using sensitivities to analyze the outlook for market risk and related impacts (e.g., interest rate sensitivities) will be more representative starting with the sensitivities disclosed for Q1’23 and onward in section K - Risk Management in our MD&A for the period ended December 31, 2023 (“2023 Annual MD&A”) and section I - Risk Management in each quarter's respective interim MD&A document. Certain 2022 restated results and 2023 interim results in the Drivers of Earnings and CSM Movement Analysis were refined to more accurately reflect how management views the business.

Represents a non-IFRS financial measure. See section M - Non-IFRS Financial Measures in our 2023 Annual MD&A for further information.

Underlying EPS, underlying ROE and underlying dividend payout ratio are non-IFRS financial measures. See section M - Non-IFRS Financial Measures in our 2023 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 2023 Annual MD&A for further information regarding dividends.

Our medium-term financial objective for underlying ROE changed to 18%+ following the adoption of IFRS 17 and IFRS 9, an increase from 16%+ prior to transition. Our medium-term financial objectives remain consistent for underlying earnings per share and underlying dividend payout ratio following the adoption of both standards. 2022 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. See the heading "Note to Readers: 2022 Restated Results on Adoption of IFRS 17 and IFRS 9" in section A - How We Report Our Results of our 2023 Annual MD&A.

Although considered reasonable, we may not be able to achieve our medium-term financial objectives as our assumptions may prove to be inaccurate. Accordingly, our actual results could differ materially from our medium-term financial objectives as described above. Our medium-term financial objectives do not constitute guidance. Our medium-term financial objectives are forward-looking non-IFRS financial measures and additional information is provided in our 2023 Annual MD&A in section P - Forward-looking Statements - Medium-Term Financial Objectives.

Underlying EPS growth, ROE and dividend payout ratio are calculated using an average. Underlying EPS growth reflects 1-year growth (2023 over 2022). The beginning period is January 1, 2022 and ending period is December 31, 2023.