• Like Prudential Financial or MetLife, providing a comprehensive suite of life and health insurance, along with wealth management services.
• Imagine a financial services company with the wealth management offerings of Fidelity Investments combined with the insurance products of MetLife.

• Life Insurance: Provides financial protection to beneficiaries upon the insured's death.
• Health and Group Benefits Insurance: Offers coverage for medical, dental, disability, and critical illness expenses for individuals and employee groups.
• Investment & Wealth Management Products: Includes mutual funds, segregated funds, annuities, and various retirement and savings plans for individual wealth accumulation.
• Asset Management Services: Provides investment management services to institutional clients globally, including pension funds and endowments, through its MFS Investment Management and SLC Management subsidiaries.

Sun Life Financial (SLF) serves a diverse client base, including individuals, businesses, and institutional investors. While many of its products and services ultimately benefit individuals, a significant portion of its business is conducted through corporate channels. For the purpose of categorization, we describe up to three categories of customers that it serves, encompassing both direct individual clients and entities that purchase services for individuals or for their own investment purposes.

1. Individuals and Families

This category includes individuals who directly purchase Sun Life's insurance and wealth management products. This encompasses life insurance policies, health and critical illness insurance, personal wealth management solutions (such as mutual funds, segregated funds, and annuities), and retirement planning services. These clients interact directly with Sun Life advisors or through digital channels.

2. Businesses and Organizations (for Group Benefits and Pensions)

Sun Life provides a wide range of group benefits and retirement solutions to employers of various sizes, from small businesses to large corporations. These organizations purchase group life insurance, health and dental plans, disability coverage, and group retirement and pension plans for their employees. While the businesses are the direct clients and purchasers of these services, the ultimate beneficiaries are their employees and their families.

3. Institutional Investors and Financial Advisors

Through its asset management divisions, MFS Investment Management and SLC Management, Sun Life serves a broad range of institutional clients globally. This includes pension funds, endowments, foundations, sovereign wealth funds, insurance companies, and other financial institutions that seek investment management expertise. Additionally, financial advisors utilize Sun Life's products, platforms, and expertise to serve their own individual and corporate clients.

• DXC Technology (NYSE: DXC)
• Amazon (NASDAQ: AMZN)
• Alphabet (NASDAQ: GOOGL)
• Capgemini (EPA: CAP)

Kevin D. Strain, President & Chief Executive Officer

Kevin D. Strain was appointed President and Chief Executive Officer of Sun Life in August 2021, and has been a member of the company's Board of Directors since February 2021. He joined Sun Life in 2002, holding various senior leadership positions, including Vice-President of Investor Relations and Senior Vice-President of the Individual Insurance and Investments division in Canada. In 2012, he became President of Sun Life Asia, where he oversaw the company's expansion into Vietnam and Malaysia and enhanced its distribution capabilities in the region. From 2017 to 2021, he served as Sun Life's Executive Vice-President and Chief Financial Officer, responsible for worldwide Finance, Taxation, Capital, Investor Relations, Enterprise Services, and Corporate Development. Mr. Strain is a Chartered Accountant and holds a Master of Accounting degree from the University of Waterloo. He currently sits on the Board of Directors for Sunnybrook Health Sciences Centre and is a Board Member at the C.D. Howe Institute. Information on whether Mr. Strain founded or sold other companies, or has a pattern of managing private equity-backed companies, is not available.

Timothy Deacon, Executive Vice-President & Chief Financial Officer

Timothy Deacon became Sun Life's Executive Vice-President and Chief Financial Officer in April 2024. He brings over two decades of global experience in insurance, wealth and asset management, investments, and capital markets. Prior to joining Sun Life, Mr. Deacon was the Chief Financial Officer of the Ontario Teachers' Pension Plan Board. He also previously served as Group Controller, Global Chief Accounting Officer, Executive Vice-President, and CFO of the Global Wealth and Asset Management business at Manulife. Mr. Deacon is a member of the Canadian Performance Reporting Board at CPA Canada and co-Chair of the Accounting for Sustainability CFO Network (Canadian Chapter). He also serves as a Board Member and Treasurer of Business / Arts and St. Clement's School in Toronto. Information on whether Mr. Deacon founded or sold other companies, or has a pattern of managing private equity-backed companies, is not available.

Manjit Singh, President, Sun Life Asia

Manjit Singh was appointed President of Sun Life Asia in March 2024, overseeing life, health, and wealth management businesses across eight Asian markets. He served as Sun Life's Executive Vice-President and Chief Financial Officer from 2021 to March 2024. Before joining Sun Life in 2021, Mr. Singh was Executive Vice-President, Finance at TD Bank, leading Enterprise Finance functions. He has more than 25 years of experience in finance, strategy, risk, and treasury across various global financial services. Mr. Singh is a Fellow of the Chartered Professional Accountants (CPA) of Ontario and holds the CFA designation. He has also served on the Boards of Trillium Health Partners, the American Red Cross NYC, Lung Cancer of Canada, and Sikh Foundation of Canada. Information on whether Mr. Singh founded or sold other companies, or has a pattern of managing private equity-backed companies, is not available.

Scott F. Powers, Chairman Executive Board

Scott F. Powers has served as the Chairman of Sun Life's Executive Board and a Director of the company since 2015. Prior to his role at Sun Life, he was the President and Chief Executive Officer at State Street Global Advisors. He also held the position of President and Chief Executive Officer of Old Mutual Asset Management Plc. Mr. Powers' career includes various leadership roles at Mellon Institutional Asset Management, BNY Mellon's investment management business, and The Boston Company Asset Management, LLC.

Thomas P. Murphy, Executive Vice-President & Chief Risk Officer

Thomas P. Murphy has been the Executive Vice-President and Chief Risk Officer of Sun Life since 2022. Before this, he was the Head of Institutional Business and President of Fixed Income for SLC Management. His previous roles include Head of Affiliate Development and Business Strategy at SLC Management, and he also worked for Mercer's North American Investments and Actuarial businesses.

The key risks to Sun Life Financial (SLF) include:

1. Market Volatility and Interest Rate Fluctuations: Sun Life Financial is exposed to market volatility, which can lead to net outflows in its asset management division, such as those experienced by MFS due to market volatility. Management has noted that equity market declines and interest rate uncertainty could pressure future results. While elevated interest rates can be beneficial for life insurers, significant changes in interest rate levels could impact the company's ability to achieve its medium-term financial objectives. The company also faces asset risk, particularly in its commercial real estate (CRE) portfolio, though these are unlevered cash purchases.
2. Mortality and Actuarial Pricing Assumptions: As a life insurer, Sun Life Financial's profitability is fundamentally tied to its mortality experience and the accuracy of its actuarial pricing assumptions. Inaccurate assumptions in these areas can directly impact the company's financial performance.
3. Operational Risks and Cybersecurity Threats: Sun Life Financial faces operational risks stemming from potential failures in internal processes, people, and systems, as well as external events. A significant component of this risk includes the failure of information system security and privacy, encompassing cyber-attacks.

The rise of digital-first insurers (insurtech) and wealth managers (robo-advisors) who leverage advanced technology (AI, data analytics) to offer highly streamlined, often lower-cost, and personalized insurance and investment products. These competitors challenge traditional distribution channels, legacy IT infrastructure, and customer acquisition models, appealing to digitally native customers with superior user experiences and faster service. Examples include companies like Lemonade in general insurance and Wealthsimple in wealth management, demonstrating a shift in how financial products are delivered and consumed.

The increasing entry of major technology companies and non-financial companies into financial services, often through embedded finance models. These entities leverage their vast customer bases, extensive data, and platform ecosystems to offer financial products (e.g., payments, lending, and potentially insurance or wealth solutions) directly within their existing customer journeys. This trend disintermediates traditional financial institutions like Sun Life from direct customer relationships and presents competition from players with different cost structures and data advantages. Examples include Apple's expansion into high-yield savings and health-related services, or automotive manufacturers offering integrated insurance products.

Sun Life Financial (symbol: SLF) is a prominent international financial services organization offering a diverse array of insurance, wealth, and asset management solutions. The addressable markets for their main products and services are sizable across various regions.

Life Insurance

• Canada: The life insurance market in Canada is projected to reach US$69.20 billion by 2027. In 2022, the Canadian life insurance market's gross written premiums totaled $71.7 billion.
• Hong Kong: The life insurance market in Hong Kong is forecast to grow to US$73.7 billion in direct written premiums by 2029, with an estimated market size of US$64 billion in 2025.
• Philippines: The Philippines life insurance market was valued at US$6.38 billion in 2024 and is expected to reach US$7.1 billion by 2028.
• Indonesia: The Indonesia life insurance market was valued at US$12.8 billion in 2023 and is projected to reach US$12.1 billion in gross written premiums by 2028.
• India: India's life insurance market reached US$110.60 billion in 2024 and is anticipated to grow to US$248.37 billion by 2033.

Health Insurance

• Global: The global health insurance market was valued at US$2.6 trillion in 2023 and is projected to reach US$6.2 trillion by 2032.
• Canada: The Canadian health insurance market is estimated at US$73.60 billion in 2025 and is forecast to grow to US$121.53 billion by 2030. Another estimate values the Canada Health Insurance Market at US$118.84 billion in 2025.

Wealth Management

• Global: The global wealth management market reached approximately US$1.8 trillion in 2023 and is expected to grow to US$2.5 trillion by 2028 and US$3.5 trillion by 2033. The market was valued at $1.25 trillion in 2020 and is projected to reach $3.4 trillion by 2030.
• Global Annuities (as part of Wealth Management): The global annuity insurance market is projected to reach US$1.05 trillion in 2025 and grow to US$1.31 trillion by 2029.

Asset Management

• Global: The global asset management market size is null, as specific market size data for "asset management" as a standalone addressable market (separate from wealth management or platforms) was not distinctly available in the search results to avoid double-counting or misinterpreting "platform market size" as overall AUM market size. Sun Life Financial itself reported total assets under management (AUM) of $1.54 trillion as of December 31, 2024.

Sun Life Financial (SLF) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Strategic Expansion in Asian Markets: Sun Life is committed to expanding its presence in Asia, a region highlighted for significant growth potential. This includes strategic appointments, such as a new bancassurance chief for Asia, and partnerships like the new bancassurance agreement with Dah Sing Bank in Hong Kong, as well as increased investment in virtual insurer Bowtie. The company has established operations in several Asian countries, including Mainland China, Hong Kong, India, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam, anticipating growth from the expanding middle class in these regions.
2. Growth in Asset Management and Wealth Solutions: The company anticipates revenue growth from its asset management and wealth segments. Sun Life's Q3 2025 results showed a 5% increase in asset management and wealth underlying earnings, driven by higher fee income in Canada and increased net seed investment income at SLC Management Group. The company is also focused on addressing outflows at MFS Investment Management and expanding its fee-based earnings in asset management.
3. Digital Transformation and Enhanced Client Experience: Sun Life is leveraging digital transformation to improve efficiency and enhance client experiences. This strategic focus is expected to contribute to earnings growth by offering improved client interactions and exploring alternative investment strategies.
4. Organic Growth in Individual Protection and Group Health Sectors: Sun Life has reported strong sales growth in both individual protection and group health sectors, particularly in its Canadian operations. This organic business growth in key insurance segments is a consistent contributor to revenue.

Share Repurchases

• Sun Life Financial is authorized to purchase up to 10,570,915 common shares under its 2025 Normal Course Issuer Bid (NCIB), effective June 9, 2025, until May 21, 2026.
• Under its 2024 NCIB, the company was authorized to repurchase up to 15 million common shares, with 14,429,085 shares repurchased at an average price of approximately $81.49 as of June 4, 2025.
• The total approved purchase amount, encompassing the remaining shares from the 2024 NCIB and additional shares for 2025, is 25 million common shares, representing about 4.4% of outstanding shares as of June 2, 2025.

Share Issuance

• Common shares acquired through the Canadian Dividend Reinvestment and Share Purchase Plan are purchased on the open market, meaning the company does not issue new shares for this program.

Outbound Investments

• On February 1, 2023, Sun Life completed the acquisition of a 51% stake in Advisors Asset Management, Inc. (AAM), a U.S. retail distribution firm, which oversaw approximately US$40.5 billion (C$55 billion) in assets as of December 31, 2022.
• In October 2020, Sun Life announced its intent to acquire a 51% stake in Crescent Capital Group LP for up to US$338 million (approximately C$450 million); the acquisition was completed on January 5, 2021, for a total cash consideration of $308 million (US$241 million).
• Sun Life completed the majority stake acquisition of InfraRed Capital Partners on July 1, 2020, acquiring an 80% interest in the global infrastructure and real estate manager, which had approximately US$12 billion (C$17 billion) in assets under management as of March 31, 2020.