Sun Life Financial

Sun Life Financial Inc. (Sun Life) is a Canadian life insurer and asset manager based in Toronto. It reports five business groups: Sun Life Asset Management, Canada, the United States, Asia and Corporate. Sun Life Asset Management includes MFS, which manages money for investors in the United States, and GreenOak (the new name for SLC Management), which manages real estate and private assets. Canada sells group benefits, individual insurance and wealth products.

The US business sells stop-loss and other group cover. Asia sells insurance in markets such as Hong Kong and Indonesia. Assets under management were $1,676 billion at September 30, 2026. Underlying net income was $1,146 million in Q3 2026.

Kevin Strain is President and Chief Executive Officer. Sun Life files annual reports on Form 40-F and quarterly reports on Form 6-K with the SEC. The pick is the Toronto Stock Exchange listing in Canadian dollars.

Sun Life trades above its intrinsic value because investors pay for its steady earnings growth and its high return on equity, even though its asset management business has outflows. Underlying EPS rose 10% in Q3 2026 to $2.05, and underlying return on equity was 19.0%. But MFS had net outflows of US$26.9 billion in Q3, as retail investors left US equity funds, and Sun Life's total asset management net outflows were US$22.8 billion. Sun Life also paid $1.59 billion and $829 million in 2026 to buy the rest of BentallGreenOak and Crescent, and it bought Bell Partners for $522 million.

Its LICAT ratio fell to 142% from 157% at the end of 2025. For the price to hold, three things must be true. Underlying EPS must keep growing at about 10% from Canada, Asia and GreenOak. MFS outflows must slow.

The LICAT ratio must stay above the level that supports buybacks and the higher dividend of $1.00 per quarter. The next test is the Q4 2026 report in February 2027.

1. Nov 4, 2026Passed

   Q3 2026 results: underlying EPS growthUnderlying EPS growth of 8% or more with underlying return on equity above 18% passes; slower growth fails.Outcome: Underlying EPS rose 10% to $2.05 and underlying return on equity was 19.0%.
2. Feb 10, 2027 · est.Pending

   Q4 2026 results: asset management flows and capitalUnderlying EPS growth of 8% or more, MFS net outflows that are smaller than in Q3 and a LICAT ratio of 140% or more passes; weaker results fail.

Every passed and failed checkpoint across all picks

• November 4, 2026Sun Life reported Q3 2026 results. Underlying net income was $1,146 million, up 9%, and underlying EPS was $2.05, up 10%. Reported net income fell 29% to $785 million. The company raised its quarterly dividend from $0.96 to $1.00 per share.
• September 21, 2026Sun Life said that it will redeem all $500 million of its 2.46% Series 2021-1 subordinated debentures on November 18, 2026, with existing cash and other liquid assets.
• September 8, 2026A court approved the settlement of a class action about life insurance policies that MetLife sold in the 1980s and 1990s, which Sun Life inherited through earlier Canadian deals. Sun Life seeks full recourse under MetLife's indemnity. It had booked a charge of $145 million.

Next earnings

Expected about February 10, 2027. The company has not confirmed the date.

• 40-FAnnual report for the period ended Dec 31, 2025Filed February 12, 2026 · slf-20251231
• 40-FAnnual report for the period ended Dec 31, 2024Filed February 13, 2025 · slf-20241231

Every filing on SEC EDGAR (CIK 1097362)

• Asset management outflows may continue. MFS had net outflows of US$26.9 billion in Q3 2026, and Sun Life Asset Management gross flows fell 18%. Fee income and profit would fall if outflows last.
• Capital is lower. The LICAT ratio was 142% at September 30, 2026, down from 154% a year earlier. The financial leverage ratio was 24.1% against 21.6%. Less capital limits buybacks and deals.
• Markets and interest rates change reported results. Reported net income fell 29% in Q3 2026 because of interest rate effects and acquisition charges. Market falls would also cut fee income.
• Integration may cost more than planned. Sun Life bought out the rest of BentallGreenOak and Crescent and bought Bell Partners in 2026, and it took charges for them. Real estate and private asset fees depend on markets.
• Asia is exposed to regional risks. Asia had underlying net income of $226 million in Q3 2026, up 7%. Currency, politics and rules in Hong Kong, China and Southeast Asia could change this.

Sun Life Financial Inc. had a LICAT ratio of 142% at September 30, 2026, against 145% at June 30 and 154% a year earlier. Sun Life Assurance's ratio was 130%. Read more

Yield at the current rate

3.7% (current annual rate, at today’s price)

Dividend yield

3.6% (last 12 months, at today’s price of CA$105.13)

Paid per share

CA$3.76 in the last 12 months (4 payments)

Current annual rate

CA$3.84 (CA$0.96 × 4 a year)

Latest ex-dividend date

August 26, 2026, CA$0.96 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 9.9% a year. From 2015 to 2025, the dividend grew by about 8.8% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.