Learn more about our growth and progress, and our focus on Client Impact in 2024.
We delivered for our shareholders in 2024 and over the medium-term, achieving solid performance against our Medium-Term Objectives in a challenging operating environment reflecting economic uncertainties:
$3.0B (-1%)
$5.7B (+5%)
$0.84 (+8% vs. Q4’23)
$3.9B (+3%)
$196B (+13%)
$1.54T (+10%)
| Medium-Term Objectives3,4,5 | 2024 results | 3-year6,7 |
|---|---|---|
Underlying EPS growth 8-10% |
5% |
8% |
Underlying ROE 18%+ |
17.2% | 17.3% |
Underlying dividend payout ratio 40-50% |
49% |
48% |
As a small business owner and mother, Framie wanted to protect her family’s future. Her Sun Life advisor, Mary, recommended health insurance — a decision that became life-changing when Framie was diagnosed with endometrial cancer. With Mary’s support, she could focus on her health, knowing she had the coverage she needed.
[Music]
Framie:
I’m Framie (“Framie”) Hollera José. I’m a mom of an eight year old son. Sorry. Sorry, sorry. This is first jitters – sorry. So I do fondant cakes for birthdays, weddings and other events that you may think of.
Mary:
I’m Mary Zaren Martinez. I’m a mother of three beautiful children. Framie was our go-to baker. She will always be the one to bake for my children’s birthday cakes and cupcakes.
Framie:
At first we were just chilling because we kind of vibe. We have the same attitude. I don’t know, like a passion. We have the same passion.
Mary:
We can do this. Okay.
Framie:
My thinking about life insurances or policies, is that why would I attract sickness? When it’s already there, then I’ll deal with it.
Mary:
We really need health coverage. But when you are an entrepreneur, you don’t have benefits like this. That’s why I offer SUN Fit and Well. It has a minor critical illness benefit. It has a major critical illness benefit. It also has a living benefit because the goal is not to get sick.
Framie:
We found out that my son has type one diabetes.
Mary:
She’s also wondering what can I get for myself and for my son?
Framie:
She marvelously explained everything to me – the benefits of having health insurance.
Mary:
So SUN Fit and Well does not have just health insurance, but it also has a savings that she can use for Future Health Fund or whatever plan that she has.
Framie:
Early this year I was actually diagnosed with endometrial cancer. Who would expect the Big C, right?
Mary:
My mind is just like, I am focused only to her – what we’ll do next, or “Framie, don’t worry about it. We’ll help you get your claim.”
Framie:
I needed to do radiation, which is very expensive. She mentioned that I would be getting just a portion of it and then the rest of the policy could continue.
Mary:
We will try our best, and we’ll just provide everything that they need.
Framie:
I called her up and said, “Hi Zee, how’s it going? Is the cheque ready? Because I have my schedules already for the radiation.”
Mary:
Within that week, Sun Life released the cheque. We met in a small coffee shop with her family and my family. Our children were actually playing.
Framie:
I wasn’t expecting the next answer from her. “So your policy release got approved 100%”. I was like, “Wait!”
Mary:
Framie! You got the cheque!
Framie:
I can de-stress right now, that minute when she said that. You know, it’s actually like a silver lining through those stages where I was down.
Mary:
This is the time when our purpose as an advisor is really highlighted. When you deliver a plan, it’s like a fulfillment of promise. It’s not just a paper anymore.
Framie:
I am very lucky to have been diagnosed at an early stage. Sun Life kind of answered all of this, from the medical bills down to savings, and now the initial part of those funds is going to my business.
Mary:
I think, you know, as a mother I can relate to her. We always like to plan ahead, but for other people. Planning for ourselves, especially as a mom, is not selfishness. It’s actually a form of love because we don’t want to be a burden to your loved ones. So when the “what if?” in life hits you,
Framie:
always have a backup plan. This will be your best decision, if you go through Sun Life.
[Graphic]
[Logo] Sun Life
“We are truly helping people build wealth for the future, helping secure their lifetime financial security.”
“Our success is driven by an empowering and caring culture, fueled by the extraordinary talent of our people.”
Help Clients achieve lifetime financial security and live healthier lives.
To be the best asset management and insurance company in the world.
28 markets*
85M+ Clients*
66.9K employees*
95K+ advisors*
*As of December 31, 2024. Rounded to the nearest hundred. Represents full-time equivalent employees, temporary employees and employees in Asia joint ventures.
Cheryl R. Riley is an American multimedia artist know for her Glyphs series — a fusion of cultural symbols and contemporary design developed over two decades. Inspired by traditions like Chinese characters and Ethiopian Amharic, her work explores connection, resilience and transformation.
Her bold, authentic vision brings our Annual Report cover to life, reflecting our Purpose of helping Clients achieve lifetime financial security and live healthier lives.
[Music]
Cheryl:
My name is Cheryl R. Riley.
I'm an artist, I'm a furniture designer, and on occasion, I am an art advisor. I focus on artists of the Black African diaspora.
My journey as an artist began, I think as it does with all children, with just being free to draw.
My father during the summer would drop me off at the museum. My dad also would drop me at the zoo as a change-up of the scenery. And so I had sketchbooks full of things like that, just looking at nature, looking at the real world.
My mother was an artist and she was a sculptor. And so I was able to be exposed to a lot of art and a lot of the art culture, and that was just a part of my natural life. And it continues to be.
I've been very inspired by world cultures – Europe, Asia, Africa – in my designs and I find elements of all of those that I can relate to actually on a personal level.
I call them Glyphs now, but what inspired me to start creating them was just abstraction. They were just really great forms and shapes. As time has gone on, they have evolved and have meaning.
I only had four encyclopedias from 1957 that I found at the Goodwill. I go through them and I cut out the pages. Then I get very childlike and I just do all kinds of marks – that's going to be the background. And then I come back and actually do the Glyphs on top of that in another colour.
I'm using gouache paint, which is a beautiful variety of watercolour, but it's much more vibrant and jewel-like in its tones. The shapes themselves are very powerful and dynamic.
I have a dictionary that I have created. What has been interesting is sometimes coming back to that, that conversation that happens or that dynamic that can happen between what the page is defining and what the Glyph means itself.
There's a great deal of synergy between Sun Life and the Glyphs. They were made for each other. When I was choosing the ones for the cover, I wanted them to be all about life affirming love, joy, and beauty. It's about health. It's about all of the beautiful qualities that I think Sun Life likes to try to embed in their company culture.
I'm really grateful and honoured to be showcased on their annual report and in their space because what Sun Life stands for, I think, is very positive.
Making people's lives better.
[Graphic]
[Logo] Sun Life
Shareholders and policyholders can access the Notice of Annual Meeting and Management Information Circular and additional information under Annual Meetings.
Financial Highlights
Chair of the Board’s message
Chief Executive Officer’s message
Management’s Discussion and Analysis
Consolidated Financial Statements and notes
Financial reporting responsibilities
Consolidated financial statements
Notes to the consolidated financial statements
Appointed Actuary’s Report and Report of Independent Registered Public Accounting Firm
You can help us lighten our environmental footprint and cut down printed material by downloading the full Annual Report.
Do you want a print version of Sun Life’s 2024 Consolidated Financial Statements? Send us an email to request a free copy.
1The full year 2024 results values have been rounded and are in Canadian dollars. For values to the nearest million, see section C - Financial Summary in our 2024 Annual Management’s Discussion and Analysis (“2024 Annual MD&A”).
2Represents a non-IFRS financial measure. See section M - Non-IFRS Financial Measures in our 2024 Annual Management’s Discussion and Analysis (“MD&A”) for further information.
3Underlying EPS, underlying ROE and underlying dividend payout ratio are non-IFRS financial measures. See section M - Non-IFRS Financial Measures in our 2024 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 2024 Annual MD&A for further information regarding dividends.
4During our November 2024 Investor Day, we announced an increase to our underlying EPS growth and underlying ROE medium-term objectives to 10% and 20%, respectively. These updates are supported by strong business performance. Our medium-term objective for underlying dividend payout ratio did not change.
5Although considered reasonable, we may not be able to achieve our medium-term objectives as our assumptions may prove to be inaccurate. Accordingly, our actual results could differ materially from our medium-term objectives as described above. Our medium-term objectives do not constitute guidance. Our medium-term objectives are forward-looking non-IFRS financial measures and additional information is provided in our 2024 Annual MD&A in section P - Forward-looking Statements - Medium-Term Financial Objectives.
62022 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.
7Underlying EPS growth is calculated using a two-year compound annual growth rate. Underlying ROE and dividend payout ratio are calculated using a three-year average of 2022-2024. 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.
