Annual reports

2020 Annual Report

Learn more about Sun Life’s growth and progress during a year like no other. And see how we were there for our Clients, when and where they needed us most.

Download report

2020 Annual Report

Learn more about Sun Life’s growth and progress during a year like no other. And see how we were there for our Clients, when and where they needed us most.

Download report

Financial highlights

2020 marked another year of progress for Sun Life. We achieved strong performance against our five-year medium-term financial objectives:

  • growth in underlying earnings per share,
  • underlying return on equity,
  • and dividend payout ratio.

Full year 2020

5-year progress on medium-term objectives

  • $2.4 billion
    Reported net income

  • $3.2 billion1
    Underlying net income

  • $1.25 trillion1
    Assets under management

  • 8%1,2
    Underlying EPS growth

  • 13.5%1,2
    Underlying ROE

  • 41%1,2
    Dividend payout ratio 

Cecil’s Story

Cecil, a Sun Life Client from the Philippines, was diagnosed with stage 3 breast cancer. Her life-saving treatment was costly, and Cecil struggled to afford it, especially when COVID-19 negatively affected her husband’s business.

Thanks to Cecil’s Sun Life Critical Illness policy, some additional health benefits, and help from family and friends, Cecil received treatment and is now cancer-free. 

Dean A. Connor Dean A. Connor

Message from CEO,
Dean A. Connor

“We have such a compelling purpose – to help Clients achieve lifetime financial security and live healthier lives – and that purpose really shone through in 2020.”

William D. Anderson William D. Anderson

Message from the Chair of the Board, William D. Anderson

“I’m proud to share Sun Life’s 2020 Annual Report detailing your company’s strong performance in a year that presented extraordinary and unexpected challenges.”

The World of Sun Life

42,100
employees*

Offices in 
27 
markets*

140,900
advisors*

Our commitment to sustainability

Underpinned by our purpose, sustainability is a strategic priority for Sun Life and essential to our long-term success. We strive to embed sustainability in everything we do to drive the best social and economic outcomes for our Clients, employees, investors and communities. Our goal is to contribute to a healthier, more financially resilient, environmentally secure, socially just and economically prosperous world. Read about our sustainability efforts at sunlife.com/sustainability.

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 2020 Consolidated Financial Statements? Send us an email to request a free copy.

Request a copy

Annual reports Archive

Read our past annual reports: 

2019 Annual Report

2018 Annual Report

1Underlying net income, assets under management, underlying earnings per share (EPS), underlying return on equity (ROE) and dividend payout ratio represent non-IFRS financial measures. For additional information, see Non-IFRS financial measures in our 2020 Annual Management’s Discussion and Analysis.

2Underlying EPS growth is calculated using a compound annual growth rate. Underlying ROE and dividend payout ratio are calculated using an average. 

*At the end of 2020. Includes Asia joint ventures.