Sun Life Reports Third Quarter 2025 Results
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- Underlying net income(1) of
$1,047 million increased$31 million or 3% from Q3'24; underlying return on equity ("ROE")(1) was 18.3%.- Asset management & wealth(2) underlying net income(1):
$500 million , up$26 million or 5%. - Group - Health & Protection underlying net income(1):
$284 million , down$61 million or 18%. - Individual - Protection underlying net income(1)(3):
$361 million , up$72 million or 25%. - Corporate expenses & other(1)(3):
$(98) million net loss, increase in net loss of$(6) million or 7%.
- Asset management & wealth(2) underlying net income(1):
- Reported net income of
$1,106 million decreased$242 million or 18% from Q3'24; reported ROE(1) was 19.3%. - Assets under management ("AUM")(1) of
$1,623 billion increased$108 billion or 7% from Q3'24. - Increase to common share dividend from
$0.88 to$0.92 per share.
"Our Q3 results reflect the strength of our balanced and diversified business strategy," said
Strain added, "As one of the largest asset managers in the world with more than
Financial and Operational Highlights
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Quarterly results |
Year-to-date |
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Profitability |
Q3'25 |
Q3'24 |
2025 |
2024 |
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Underlying net income ($ millions)(1) |
1,047 |
1,016 |
3,107 |
2,891 |
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Reported net income - Common shareholders ($ millions) |
1,106 |
1,348 |
2,750 |
2,812 |
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Underlying EPS ($)(1)(4) |
1.86 |
1.76 |
5.48 |
4.98 |
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Reported EPS ($)(4) |
1.97 |
2.33 |
4.85 |
4.83 |
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Underlying ROE(1) |
18.3 % |
17.9 % |
17.8 % |
17.2 % |
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Reported ROE(1) |
19.3 % |
23.8 % |
15.8 % |
16.8 % |
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Growth |
Q3'25 |
Q3'24 |
2025 |
2024 |
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Asset management gross flows & wealth sales ($ millions)(1) |
62,117 |
41,915 |
177,050 |
135,075 |
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Group - Health & Protection sales ($ millions)(1) |
498 |
445 |
1,613 |
1,467 |
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Individual - Protection sales ($ millions)(1) |
987 |
730 |
2,724 |
2,240 |
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Assets under management ("AUM") ($ billions)(1)(5) |
1,623 |
1,515 |
1,623 |
1,515 |
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New business Contractual Service Margin ("CSM") ($ millions)(1) |
446 |
383 |
1,287 |
1,167 |
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Financial Strength |
Q3'25 |
Q3'24 |
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LICAT ratios (at period end)(6) |
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154 % |
152 % |
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Sun |
138 % |
147 % |
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Financial leverage ratio (at period end)(1)(8) |
21.6 % |
20.4 % |
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__________ |
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(1) |
Represents a non-IFRS financial measure. For more details, see the Non-IFRS Financial Measures section in this document and in Q3'25 MD&A. |
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(2) |
Effective Q1'25, the Wealth & asset management business type was renamed to Asset management & wealth. |
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(3) |
Effective Q1'25, Regional Office in |
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(4) |
All earnings per share ("EPS") measures refer to fully diluted EPS, unless otherwise stated. |
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(5) |
Prior period amounts have been updated. |
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(6) |
Life Insurance Capital Adequacy Test ("LICAT") ratio. Our LICAT ratios are calculated in accordance with the OSFI-mandated guideline, Life Insurance Capital Adequacy Test. |
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(7) |
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(8) |
The calculation for the financial leverage ratio includes the CSM balance (net of taxes) in the denominator. The CSM (net of taxes) was |
Financial and Operational Highlights - Quarterly Comparison (Q3'25 vs. Q3'24)
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($ millions) |
Q3'25 |
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Underlying net income by business type(1)(2): |
Sun Life |
Asset |
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Corporate |
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Asset management & wealth |
500 |
350 |
120 |
— |
30 |
— |
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Group - Health & Protection |
284 |
— |
197 |
87 |
— |
— |
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Individual - Protection(3) |
361 |
— |
105 |
60 |
196 |
— |
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Corporate expenses & other(3) |
(98) |
— |
— |
— |
— |
(98) |
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Underlying net income(1) |
1,047 |
350 |
422 |
147 |
226 |
(98) |
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Reported net income (loss) - Common shareholders |
1,106 |
316 |
414 |
98 |
373 |
(95) |
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Change in underlying net income (% year-over-year) |
3 % |
2 % |
13 % |
(33) % |
33 % |
nm(4) |
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Change in reported net income (% year-over-year) |
(18) % |
(51) % |
8 % |
(71) % |
nm(4) |
nm(4) |
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Asset management gross flows & wealth sales(1) |
62,117 |
55,848 |
4,076 |
— |
2,193 |
— |
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Group - Health & Protection sales(1) |
498 |
— |
98 |
375 |
25 |
— |
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Individual - Protection sales(1) |
987 |
— |
130 |
— |
857 |
— |
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Change in asset management gross flows & wealth sales (% year-over-year) |
48 % |
54 % |
9 % |
— |
15 % |
— |
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Change in group sales (% year-over-year) |
12 % |
— |
(21) % |
25 % |
19 % |
— |
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Change in individual sales (% year-over-year) |
35 % |
— |
16 % |
— |
39 % |
— |
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(1) |
Represents a non-IFRS financial measure. For more details, see the Non-IFRS Financial Measures section in this document and in the Q3'25 MD&A. |
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(2) |
For more information about the business types in Sun Life's business groups, see section A - How We Report Our Results in the Q3'25 MD&A. |
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(3) |
Effective Q1'25, Regional Office in |
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(4) |
Not meaningful. |
Underlying net income(1) of
-
Asset management & wealth(1) up
$26 million: Improved credit experience and higher fee income from higher AUM inCanada , and higher net seed investment income in SLC Management. -
Group - Health & Protection(1) down
$61 million: Unfavourable insurance experience across Group Benefits and Dental in theU.S. , partially offset by business growth and favourable insurance experience inCanada . -
Individual - Protection(1)(2)up
$72 million: Business growth and favourable mortality experience inAsia , higher contributions from ourIndia joint venture, and higher investment earnings inCanada . -
Corporate expenses & other(1)(2)
$(6) million increase in net loss reflecting timing of strategic investment spend.
Reported net income of
- The prior year decrease in SLC Management's estimated acquisition-related liabilities(3);
- Unfavourable ACMA(4) impacts; and
- Market-related impacts reflecting unfavourable other market-related impacts, primarily from
Asia , and real estate experience(5), partially offset by favourable interest rate impacts; partially offset by - A gain from increased ownership interest in Bowtie(6); and
- The increase in underlying net income.
Underlying ROE was 18.3% and reported ROE was 19.3% (Q3'24 - 17.9% and 23.8%, respectively).
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_______ |
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(1) |
Refer to section C - Profitability in the Q3'25 MD&A for more information on notable items attributable to reported and underlying net income items and the Non-IFRS Financial Measures in this document for a reconciliation between reported net income and underlying net income. For more information about the business types in Sun Life's operating segments/business groups, see section A - How We Report Our Results in the Q3'25 MD&A. |
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(2) |
Effective Q1'25, Regional Office in |
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(3) |
There were no changes in estimated future payments for options to purchase the remaining ownership interests of SLC Management affiliates in Q3'25 (Q3'24 - a decrease of $334 million). |
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(4) |
Assumption Changes and Management Actions ("ACMA"). |
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(5) |
Real estate experience reflects the difference between the actual value of real estate investments compared to management's longer-term expected returns supporting insurance contract liabilities ("real estate experience"). |
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(6) |
On |
Business Group Highlights
Asset Management: A global leader in both public and alternative asset classes through MFS and SLC Management
Asset Management underlying net income of
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MFS(1)down
$1 million (down$3 million on aU.S. dollar basis): A decrease in net investment income mostly offset by higher fee income from higher average net assets ("ANA"). Pre-tax net operating profit margin(2) was 39.2% for Q3'25, compared to 40.5% in the prior year. -
SLC Management up
$7 million: Higher net seed investment income and fee-related earnings. Fee-related earnings(2) increased 8% driven by capital raising partially offset by higher expenses. Fee-related earnings margin(2) was 26.0% for Q3'25, compared to 24.2% in the prior year.
Reported net income of
Foreign exchange translation led to an increase of
Total AUM(2) at Q3'25 was
BentallGreenOak ("BGO") closed its inaugural Canadian Value-Add Real Estate Strategy fund during the third quarter, raising
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Asset management & wealth up
$19 million: Improved credit experience and higher fee income driven by higher AUM reflecting market movements. -
Group - Health & Protection up
$25 million: Business growth, favourable insurance experience, and improved credit experience. -
Individual - Protection up
$3 million: Higher investment earnings. - Lower earnings on surplus primarily reflecting lower net interest income from lower surplus asset balances and rates.
Reported net income of
- Asset management gross flows & wealth sales of
$4 billion were up 9%, driven by higher mutual fund sales in Individual Wealth and higher rollover volumes in Group Retirement Services ("GRS") reflecting strong member deposits, partially offset by lower defined benefit solution sales in GRS. - Group - Health & Protection sales of
$98 million were down 21%, reflecting timing of large case sales. - Individual - Protection sales of
$130 million were up 16%, driven by higher non-participating life sales and increases across SLFD(5) and third-party channels.
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_________ |
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(1) |
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(2) |
Represents a non-IFRS financial measure. For more details, see the Non-IFRS Financial Measures section in this document and in the Q3'25 MD&A. |
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(3) |
There were no changes in estimated future payments for options to purchase the remaining ownership interests of SLC Management affiliates in Q3'25 (Q3'24 - a decrease of $334 million). |
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(4) |
Compared to the prior year. |
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(5) |
Sun Life Financial Distribution ("SLFD") is our proprietary career advisory network. |
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(6) |
Assets under management and administration ("AUMA") is a non-IFRS measure that consists of both AUM and assets under administration ("AUA"). AUA represents Client assets for which Sun Life provides administrative services. In |
In
-
Group - Health & Protection down
US$64 million: Reflecting lower Group Benefits and Dental results. Group Benefits results were driven by unfavourable medical stop-loss insurance experience and unfavourable long-term disability experience in employee benefits. Dental results were driven by higher utilization rates and the prior year impact of a retroactive premium payment. -
Individual - Protection up
US$10 million: Improved credit experience and higher investment earnings.
Reported net income of
Foreign exchange translation led to an increase of
In Dental, our strong sales pipeline has produced several contract implementations and new contract wins during the quarter that will give more than 2.3 million new members access to the dental care and coverage they need.
In employee benefits, we expanded our
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Asset management & wealth up
$1 million: In line with the prior year. -
Individual - Protection(2)up
$55 million: Continued strong sales momentum and in-force business growth across most markets, favourable mortality experience in International, and higher contributions from ourIndia joint venture, partially offset by unfavourable credit experience.
Reported net income of
Foreign exchange translation led to an increase of
- Individual sales of
$857 million were up 39%, driven by higher sales in:Hong Kong from growth across all channels;- International from the broker channel;
the Philippines from agency and bancassurance channels; andIndonesia andIndia primarily from the bancassurance channel.
- Asset management gross flows & wealth sales of
$2 billion were up 15%, driven by higher fixed income fund sales inIndia andMandatory Provident Fund ("MPF") sales inHong Kong , partially offset by lower money market and fixed income fund sales inthe Philippines .
New business CSM of
We are dedicated to empowering advisors with centralized resources and AI-powered support for routine tasks and queries. In
In Sun Life Philippines, we have been recognized as the top
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_________ |
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(1) |
Sales market share based on Q2'25 |
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(2) |
Effective Q1'25, Regional office expenses & other was moved to the Individual - Protection business type, reflecting a reporting refinement. Prior period amounts reflect current presentation. |
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(3) |
Compared to the prior year. |
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(4) |
A global independent association of the world's leading life insurance and financial service professionals. Most number of MDRT members in 2025. |
Corporate
Underlying net loss was
Reported net loss was
Earnings Conference Call
The Company's Q3'25 financial results will be reviewed at a conference call on
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Media Relations: |
Investor Relations: |
Non-IFRS Financial Measures
We report certain financial information using non-IFRS financial measures, as we believe that these measures provide information that is useful to investors in understanding our performance and facilitate a comparison of our quarterly and full year results from period to period. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed in isolation from or as alternatives to measures of financial performance determined in accordance with IFRS. Additional information concerning non-IFRS financial measures and, if applicable, reconciliations to the closest IFRS measures are available in the Q3'25 MD&A under the heading N - Non-IFRS Financial Measures and the Supplementary Financial Information packages that are available on www.sunlife.com under Investors – Financial results and reports.
1. Underlying Net Income and Underlying EPS
Underlying net income is a non-IFRS financial measure that assists in understanding Sun Life's business performance by making certain adjustments to IFRS income. Underlying net income, along with common shareholders' net income (Reported net income), is used as a basis for management planning, and is also a key measure in our employee incentive compensation programs. This measure reflects management's view of the underlying business performance of the company and long-term earnings potential. For example, due to the longer term nature of our individual protection businesses, market movements related to interest rates, equity markets and investment properties can have a significant impact on reported net income in the reporting period. However, these impacts are not necessarily realized, and may never be realized, if markets move in the opposite direction in subsequent periods or in the case of interest rates, the fixed income investment is held to maturity.
Underlying net income removes the impact of the following items from reported net income:
- Market-related impacts reflecting the after-tax difference in actual versus expected market movements;
- Assumptions changes and management actions;
- Other adjustments:
i) MFS shares owned by management;
ii) Acquisition, integration, and restructuring;
iii) Intangible asset amortization;
iv) Other items that are unusual or exceptional in nature.
For additional information about the adjustments removed from reported net income to arrive at underlying net income, refer to section N - Non-IFRS Financial Measures - 2 - Underlying Net Income and Underlying EPS in the Q3'25 MD&A.
The following table sets out the post-tax amounts that were excluded from our underlying net income (loss) and underlying EPS and provides a reconciliation to our reported net income and EPS based on IFRS.
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Reconciliations of Select Net Income Measures |
Quarterly results |
Year-to-date |
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($ millions, after-tax) |
Q3'25 |
Q3'24 |
2025 |
2024 |
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Underlying net income |
1,047 |
1,016 |
3,107 |
2,891 |
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Market-related impacts |
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|
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Equity market impacts |
29 |
36 |
(19) |
40 |
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Interest rate impacts(1) |
15 |
38 |
(22) |
26 |
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Impacts of changes in the fair value of investment properties (real estate experience) |
(58) |
(45) |
(161) |
(260) |
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Add: |
Market-related impacts |
(14) |
29 |
(202) |
(194) |
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Add: |
Assumption changes and management actions |
(13) |
36 |
(14) |
45 |
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Other adjustments |
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MFS shares owned by management |
(3) |
(10) |
1 |
(22) |
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Acquisition, integration and restructuring(2)(3)(4)(5)(6)(7) |
128 |
312 |
36 |
170 |
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Intangible asset amortization(8) |
(39) |
(35) |
(175) |
(109) |
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Other(9)(10) |
— |
— |
(3) |
31 |
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Add: |
Total of other adjustments |
86 |
267 |
(141) |
70 |
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Reported net income - Common shareholders |
1,106 |
1,348 |
2,750 |
2,812 |
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Underlying EPS (diluted) ($) |
1.86 |
1.76 |
5.48 |
4.98 |
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Add: |
Market-related impacts ($) |
(0.03) |
0.05 |
(0.36) |
(0.34) |
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Assumption changes and management actions ($) |
(0.02) |
0.06 |
(0.02) |
0.08 |
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MFS shares owned by management ($) |
(0.01) |
(0.02) |
— |
(0.04) |
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Acquisition, integration and restructuring ($) |
0.23 |
0.54 |
0.06 |
0.29 |
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Intangible asset amortization ($) |
(0.07) |
(0.06) |
(0.31) |
(0.19) |
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Other ($) |
— |
— |
(0.01) |
0.05 |
||
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Impact of convertible securities on diluted EPS ($) |
0.01 |
— |
0.01 |
— |
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Reported EPS (diluted) ($) |
1.97 |
2.33 |
4.85 |
4.83 |
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(1) |
Our results are sensitive to long term interest rates given the nature of our business and to non-parallel yield curve movements (for example flattening, inversion, steepening, etc.). |
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(2) |
Amounts relate to acquisition costs for our SLC Management affiliates, BentallGreenOak, |
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(3) |
There were no changes in estimated future payments for options to purchase the remaining ownership interests of SLC Management affiliates in Q3'25 (Q3'24 - a decrease of $334 million). |
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(4) |
Includes acquisition, integration and restructuring costs associated with DentaQuest, acquired on |
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(5) |
Q2'24 includes a restructuring charge of |
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(6) |
To meet regulatory obligations, in Q1'24, we sold 6.3% of our ownership interest in Aditya Birla Sun Life AMC Limited ("partial sale of ABSLAMC"), generating a gain of |
|
(7) |
On |
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(8) |
Includes an impairment charge of |
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(9) |
Includes a Pillar Two global minimum tax adjustment in Q2'24. For additional information, refer to Note 9 of our Interim Consolidated Financial Statements for the period ended |
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(10) |
Includes the early termination of a distribution agreement in Asset Management in Q1'24. |
The following table shows the pre-tax amount of underlying net income adjustments:
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Quarterly results |
Year-to-date |
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($ millions) |
Q3'25 |
Q3'24 |
2025 |
2024 |
|
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Underlying net income (after-tax) |
1,047 |
1,016 |
3,107 |
2,891 |
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Underlying net income adjustments (pre-tax): |
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|
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Add: |
Market-related impacts |
(26) |
(12) |
(241) |
(207) |
|
|
Assumption changes and management actions(1) |
(18) |
63 |
(19) |
73 |
|
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Other adjustments |
67 |
246 |
(227) |
33 |
|
|
Total underlying net income adjustments (pre-tax) |
23 |
297 |
(487) |
(101) |
|
Add: |
Taxes related to underlying net income adjustments |
36 |
35 |
130 |
22 |
|
Reported net income - Common shareholders (after-tax) |
1,106 |
1,348 |
2,750 |
2,812 |
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(1) |
In this document, the reported net income impact of ACMA excludes amounts attributable to participating policyholders and includes non-liability impacts. In contrast, the Interim Consolidated Financial Statements for the period ended |
Taxes related to underlying net income adjustments may vary from the expected effective tax rate range reflecting the mix of business based on the Company's international operations and other tax-related adjustments.
2. Additional Non-IFRS Financial Measures
Management also uses the following non-IFRS financial measures, and a full listing is available in section N - Non-IFRS Financial Measures in the Q3'25 MD&A.
Assets under management. AUM is a non-IFRS financial measure that indicates the size of our Company's assets across asset management, wealth, and insurance. There is no standardized financial measure under IFRS. In addition to the most directly comparable IFRS measures, which are the balance of General funds and Segregated funds on our Statements of Financial Position, AUM also includes Third-party AUM and Consolidation adjustments. "Consolidation adjustments" is presented separately as consolidation adjustments apply to all components of total AUM. For additional information about Third-party AUM, refer to sections D - Growth - 2 - Assets Under Management and N - Non-IFRS Financial Measures in the Q3'25 MD&A.
|
|
Quarterly results |
|
|
($ millions) |
Q3'25 |
Q3'24 |
|
Assets under management |
|
|
|
General fund assets |
230,034 |
216,180 |
|
Segregated funds |
164,895 |
145,072 |
|
Third-party AUM(1) |
1,281,031 |
1,196,332 |
|
Consolidation adjustments(1)(2) |
(52,497) |
(42,381) |
|
Total assets under management(2) |
1,623,463 |
1,515,203 |
|
(1) |
Represents a non-IFRS financial measure. For more details, see section N - Non-IFRS Financial Measures in the Q3'25 MD&A. |
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(2) |
Prior period amounts have been updated. |
Cash and other liquid assets. This measure is comprised of cash, cash equivalents, short-term investments, and publicly traded securities, net of loans related to acquisitions and short-term loans that are held at
|
($ millions) |
As at September 30, 2025 |
As at December 31, 2024 |
|
Cash and other liquid assets (held at |
|
|
|
Cash, cash equivalents & short-term securities |
1,494 |
479 |
|
Debt securities(1) |
569 |
780 |
|
Equity securities(2) |
— |
112 |
|
Sub-total |
2,063 |
1,371 |
|
Less: Loans related to acquisitions and short-term loans(3) (held at |
— |
(17) |
|
Cash and other liquid assets (held at |
2,063 |
1,354 |
|
(1) |
Includes publicly traded bonds. |
|
(2) |
Includes exchange traded fund ("ETF") Investments. |
|
(3) |
Includes drawdowns from credit facilities to manage timing of cash flows. |
3. Reconciliations of Select Non-IFRS Financial Measures
Underlying Net Income to Reported Net Income Reconciliation - Pre-tax by
|
|
Q3'25 |
||||||
|
($ millions) |
Asset Management |
Canada |
U.S. |
|
Corporate |
Total |
|
|
Underlying net income (loss) |
350 |
422 |
147 |
226 |
(98) |
1,047 |
|
|
Add: |
Market-related impacts (pre-tax) |
(3) |
(15) |
47 |
(57) |
2 |
(26) |
|
|
Assumption changes and management actions (pre-tax) |
— |
8 |
(61) |
35 |
— |
(18) |
|
|
Other adjustments (pre-tax) |
(36) |
(8) |
(45) |
156 |
— |
67 |
|
|
Tax expense (benefit) |
5 |
7 |
10 |
13 |
1 |
36 |
|
Reported net income (loss) - Common shareholders |
316 |
414 |
98 |
373 |
(95) |
1,106 |
|
|
|
Q3'24 |
||||||
|
Underlying net income (loss) |
344 |
375 |
219 |
170 |
(92) |
1,016 |
|
|
Add: |
Market-related impacts (pre-tax) |
(7) |
13 |
14 |
(55) |
23 |
(12) |
|
|
Assumption changes and management actions (pre-tax) |
— |
(47) |
180 |
(74) |
4 |
63 |
|
|
Other adjustments (pre-tax) |
304 |
(8) |
(43) |
(7) |
— |
246 |
|
|
Tax expense (benefit) |
3 |
49 |
(31) |
(2) |
16 |
35 |
|
Reported net income (loss) - Common shareholders |
644 |
382 |
339 |
32 |
(49) |
1,348 |
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Forward-looking Statements
From time to time, the Company makes written or oral forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements contained in this document include statements (i) relating to our strategies, plans, targets, goals and priorities; (ii) relating to our growth initiatives and other business objectives; (iii) relating to the new structure of our asset management pillar; (iv) that are predictive in nature or that depend upon or refer to future events or conditions; and (v) that include words such as "achieve", "aim", "ambition", "anticipate", "aspiration", "assumption", "believe", "could", "estimate", "expect", "goal", "initiatives", "intend", "may", "objective", "outlook", "plan", "project", "seek", "should", "strategy", "strive", "target", "will", and similar expressions. Forward-looking statements include the information concerning our possible or assumed future results of operations. These statements represent our current expectations, estimates, and projections regarding future events and are not historical facts, and remain subject to change.
Forward-looking statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. Future results and shareholder value may differ materially from those expressed in these forward-looking statements due to, among other factors, the matters set out in the Q3'25 MD&A under the headings C - Profitability - 5 - Income taxes, F - Financial Strength and I - Risk Management and in
Important risk factors that could cause our assumptions and estimates, and expectations and projections to be inaccurate and our actual results or events to differ materially from those expressed in or implied by the forward-looking statements contained in this document, are set out below. The realization of our forward-looking statements essentially depends on our business performance which, in turn, is subject to many risks. Factors that could cause actual results to differ materially from expectations include, but are not limited to: market risks - related to the performance of equity markets; changes or volatility in interest rates or credit spreads or swap spreads; real estate investments; fluctuations in foreign currency exchange rates; and inflation; insurance risks - related to mortality experience, morbidity experience and longevity; policyholder behaviour; product design and pricing; the impact of higher-than-expected future expenses; and the availability, cost and effectiveness of reinsurance; credit risks - related to issuers of securities held in our investment portfolio, debtors, structured securities, reinsurers, counterparties, other financial institutions and other entities; business and strategic risks - related to global economic and geopolitical conditions; the design and implementation of business strategies; changes in distribution channels or Client behaviour including risks relating to market conduct by intermediaries and agents; the impact of competition; the performance of our investments and investment portfolios managed for Clients such as segregated and mutual funds; shifts in investing trends and Client preference towards products that differ from our investment products and strategies; changes in the legal or regulatory environment, including capital requirements and tax laws; environmental and social issues and their related laws and regulations; operational risks - related to breaches or failure of information system security and privacy, including cyber-attacks; our ability to attract and retain employees; legal, regulatory compliance and market conduct, including the impact of regulatory inquiries and investigations; the execution and integration of mergers, acquisitions, strategic investments and divestitures; our information technology infrastructure; a failure of information systems and Internet-enabled technology; dependence on third-party relationships, including outsourcing arrangements; business continuity; model errors; information management; liquidity risks - the possibility that we will not be able to fund all cash outflow commitments as they fall due; and other risks - changes to accounting standards in the jurisdictions in which we operate; risks associated with our international operations, including our joint ventures; market conditions that affect our capital position or ability to raise capital; downgrades in financial strength or credit ratings; and tax matters, including estimates and judgements used in calculating taxes.
The Company does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law.
About Sun Life
Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including
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