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    Sun Life Financial (SLF)

    Market Price (8/20/2026): $79.27 | Market Cap: $43.9 BilSector: Financials | Industry: Multi-line Insurance

    Sun Life Financial (SLF)

    Market Price (8/20/2026): $79.27
    Market Cap: $43.9 Bil
    Sector: Financials
    Industry: Multi-line Insurance

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 4.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.6%, FCF Yield is 10%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -43%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%, CFO LTM is 4.7 Bil, FCF LTM is 4.5 Bil

    Stock buyback support
    Stock Buyback 3Y Total is 2.8 Bil

    Low stock price volatility
    Vol 12M is 18%

    Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments, AI in Financial Services, and Sustainable Finance. Themes include Wealth Management Technology, Show more.

    Key risks
    SLF key risks include [1] market volatility driving net outflows in its MFS asset management division and [2] asset risk within its commercial real estate (CRE) portfolio.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 4.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.6%, FCF Yield is 10%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -43%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%, CFO LTM is 4.7 Bil, FCF LTM is 4.5 Bil
    3 Stock buyback support
    Stock Buyback 3Y Total is 2.8 Bil
    4 Low stock price volatility
    Vol 12M is 18%
    5 Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments, AI in Financial Services, and Sustainable Finance. Themes include Wealth Management Technology, Show more.
    6 Key risks
    SLF key risks include [1] market volatility driving net outflows in its MFS asset management division and [2] asset risk within its commercial real estate (CRE) portfolio.

    Valuation & Metrics

    FYE: 12/31SLF [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$40.6 Bil—
    FY 2026 Sales$13.9 Bil—
    FY 2027 Sales$15.1 Bil—
    FY 2026 Sales Growth-65.8%—
    FY 2027 Sales Growth8.7%13.1%
    EARNINGS
    LTM Net Income (GAAP) [3]$3.6 Bil—
    FY 2026 Net Income (Non-GAAP)$3.3 Bil—
    FY 2027 Net Income (Non-GAAP)$3.5 Bil—
    FY 2027 Net Income Growth7.6%19.3%
    FY 2026 EPS (Non-GAAP)$5.66—
    FY 2027 EPS (Non-GAAP)$6.14—
    FY 2027 EPS Growth8.4%—
    VALUATION
    FY 2026 P/S3.21.8
    FY 2027 P/S2.9—
    FY 2026 P/E13.58.1
    FY 2027 P/E12.5—

    [1] SLF forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 8/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    SLFS&P 500
    REVENUE GROWTHFAIR
    Rev LTM ($ Bil)40.6
    Rev Chg Q51.4%9.3%
    Rev Chg LTM3.6%8.4%
    Rev Chg 3Y Avg9.8%5.9%
    PROFITABILITYPOOR
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)4.7
    Net Inc LTM ($ Bil)3.6
    CFO/Rev LTM11.5%21.8%
    Net Inc Mgn8.8%13.0%
    VALUATIONLOW
    P/S1.13.3
    P/CFO9.415.7
    P/FCF9.720.2
    P/E12.323.3

    AI Analysis | Feedback

    MetricValueDateSource
    Assets Under Management (AUM)C$1.623 trillion9302025Link
    Number of Clients85M+12312024Link
    Number of Advisors95,000+12312024Link
    Life Insurance Capital Adequacy Test (LICAT) Ratio154%9302025Link
    Market Share - Hong Kong New Insurance Premiums Ranking5th12312024Link
    Market Share - Philippines Life InsuranceRanked #1 in Total Premium Income12312023Link
    Number of U.S. Group Benefits ClientsMore than 60,000 employers6012016Link

    Price Chart

    Recent
    8/06/2026Earnings ReleaseRev: $9.0 Bil (A) vs. $994 Mil (E)
    EPS: 1.46 (A) vs. $1.39 (E)
    Upcoming
    8/26/2026DividendAmount: $0.69
    Payment On: 9/29/2026
    11/04/2026Earnings ReleaseRev: $1.0 Bil (E)
    EPS: $1.45 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 8/1/2026

    Sun Life Financial (SLF) stock has gained about 10% since 4/30/2026 because of the following key factors:

    1. Strong Fiscal Q1 2026 Earnings Beat: Sun Life Financial reported robust fiscal Q1 2026 earnings on May 6, 2026, surpassing analyst expectations. The company announced earnings per share (EPS) of $1.38, which exceeded the consensus estimate of $1.35 by $0.03. Additionally, revenue for the quarter reached $6.41 billion, significantly above analyst estimates of $925.99 million.

    2. Increased Quarterly Dividend Payout: On May 6, 2026, Sun Life Financial's Board of Directors declared an increased quarterly dividend of $0.96 per common share. This represents a 4-cent increase from the previous quarter's payout and implies an annualized yield of approximately 4.7%.

    Show more
    Updated on 8/1/2026

    Sun Life Financial (SLF) stock has gained about 10% since 4/30/2026 because of the following key factors:

    1. Strong Fiscal Q1 2026 Earnings Beat: Sun Life Financial reported robust fiscal Q1 2026 earnings on May 6, 2026, surpassing analyst expectations. The company announced earnings per share (EPS) of $1.38, which exceeded the consensus estimate of $1.35 by $0.03. Additionally, revenue for the quarter reached $6.41 billion, significantly above analyst estimates of $925.99 million.

    2. Increased Quarterly Dividend Payout: On May 6, 2026, Sun Life Financial's Board of Directors declared an increased quarterly dividend of $0.96 per common share. This represents a 4-cent increase from the previous quarter's payout and implies an annualized yield of approximately 4.7%.

    3. Positive Analyst Sentiment and Price Target Revisions: Multiple financial analysts revised their outlook and price targets for SLF during the period. For instance, Jefferies Financial Group raised its price target from C$115.00 to C$131.00 on July 21, 2026, maintaining a "buy" rating. Similarly, TD increased its price target from C$107.00 to C$121.00 with a "buy" rating on the same day.

    4. Favorable Macroeconomic and Financial Market Conditions in Fiscal Q2 2026: The broader financial markets experienced a strong rebound during the second fiscal quarter of 2026, with major U.S. stock indices seeing substantial gains, such as the Russell 3000 Index jumping 15.4%. This was supported by resilient macroeconomic conditions, including gradually easing inflation and strong labor markets, which generally create a positive environment for financial services companies.

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    Stock Movement Drivers

    Fundamental Drivers

    The 11.3% change in SLF stock from 4/30/2026 to 8/19/2026 was primarily driven by a 16.3% change in the company's P/E Multiple.
    (LTM values as of)43020268192026Change
    Stock Price ($)71.3979.4911.3%
    Change Contribution By: 
    Total Revenues ($ Mil)38,44740,5995.6%
    Net Income Margin (%)9.7%8.8%-9.4%
    P/E Multiple10.612.316.3%
    Shares Outstanding (Mil)5545540.0%
    Cumulative Contribution11.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 8/19/2026
    ReturnCorrelation
    SLF11.3% 
    Market (SPY)7.0%16.4%
    Sector (XLF)10.3%40.1%

    Fundamental Drivers

    The 28.6% change in SLF stock from 1/31/2026 to 8/19/2026 was primarily driven by a 12.1% change in the company's Total Revenues ($ Mil).
    (LTM values as of)13120268192026Change
    Stock Price ($)61.7979.4928.6%
    Change Contribution By: 
    Total Revenues ($ Mil)36,20940,59912.1%
    Net Income Margin (%)8.5%8.8%3.3%
    P/E Multiple11.212.39.7%
    Shares Outstanding (Mil)5615541.3%
    Cumulative Contribution28.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    1/31/2026 to 8/19/2026
    ReturnCorrelation
    SLF28.6% 
    Market (SPY)11.4%26.4%
    Sector (XLF)8.1%37.4%

    Fundamental Drivers

    The 35.9% change in SLF stock from 7/31/2025 to 8/19/2026 was primarily driven by a 20.4% change in the company's P/E Multiple.
    (LTM values as of)73120258192026Change
    Stock Price ($)58.5079.4935.9%
    Change Contribution By: 
    Total Revenues ($ Mil)38,88540,5994.4%
    Net Income Margin (%)8.4%8.8%4.7%
    P/E Multiple10.212.320.4%
    Shares Outstanding (Mil)5725543.2%
    Cumulative Contribution35.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2025 to 8/19/2026
    ReturnCorrelation
    SLF35.9% 
    Market (SPY)22.7%22.9%
    Sector (XLF)11.1%32.1%

    Fundamental Drivers

    The 71.8% change in SLF stock from 7/31/2023 to 8/19/2026 was primarily driven by a 102.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)73120238192026Change
    Stock Price ($)46.2679.4971.8%
    Change Contribution By: 
    Total Revenues ($ Mil)20,09740,599102.0%
    Net Income Margin (%)15.8%8.8%-44.1%
    P/E Multiple8.612.343.5%
    Shares Outstanding (Mil)5875546.0%
    Cumulative Contribution71.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2023 to 8/19/2026
    ReturnCorrelation
    SLF71.8% 
    Market (SPY)73.9%43.5%
    Sector (XLF)70.0%50.3%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    SLF Return30%-13%17%19%10%31%128%
    Peers Return8%1%11%22%10%6%71%
    S&P 500 Return27%-19%24%23%16%12%105%

    Monthly Win Rates [3]
    SLF Win Rate75%42%58%50%58%75% 
    Peers Win Rate52%47%52%50%57%57% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    SLF Max Drawdown-9%-31%-14%-14%-15%-10% 
    Peers Max Drawdown-20%-27%-24%-13%-20%-16% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: L, GNW, HMN, KMPR, SLF.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 8/19/2026 (YTD)

    How Low Can It Go

    EventSLFS&P 500
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-14.3%-9.5%
      % Gain to Breakeven16.7%10.5%
      Time to Breakeven45 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-13.3%-6.7%
      % Gain to Breakeven15.4%7.1%
      Time to Breakeven81 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-27.7%-24.5%
      % Gain to Breakeven38.3%32.4%
      Time to Breakeven264 days427 days
    2020 COVID-19 Crash
      % Loss-50.1%-33.7%
      % Gain to Breakeven100.3%50.9%
      Time to Breakeven290 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-18.6%-19.2%
      % Gain to Breakeven22.9%23.8%
      Time to Breakeven85 days105 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-21.2%-12.2%
      % Gain to Breakeven27.0%13.9%
      Time to Breakeven84 days62 days

    Compare to L, GNW, HMN, KMPR, SLF

    In The Past

    Sun Life Financial's stock fell -3.6% during the 2025 US Tariff Shock. Such a loss loss requires a 3.8% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventSLFS&P 500
    2022 Inflation Shock & Fed Tightening
      % Loss-27.7%-24.5%
      % Gain to Breakeven38.3%32.4%
      Time to Breakeven264 days427 days
    2020 COVID-19 Crash
      % Loss-50.1%-33.7%
      % Gain to Breakeven100.3%50.9%
      Time to Breakeven290 days140 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-21.2%-12.2%
      % Gain to Breakeven27.0%13.9%
      Time to Breakeven84 days62 days
    2014-2016 Oil Price Collapse
      % Loss-26.5%-6.8%
      % Gain to Breakeven36.1%7.3%
      Time to Breakeven140 days15 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-20.3%-17.9%
      % Gain to Breakeven25.5%21.8%
      Time to Breakeven406 days123 days
    2008-2009 Global Financial Crisis
      % Loss-78.2%-53.4%
      % Gain to Breakeven357.8%114.4%
      Time to Breakeven2803 days1085 days

    Compare to L, GNW, HMN, KMPR, SLF

    In The Past

    Sun Life Financial's stock fell -3.6% during the 2025 US Tariff Shock. Such a loss loss requires a 3.8% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Sun Life Financial (SLF)

    ```html

    Sun Life Financial Inc. (SLF) is a global financial services company that provides a comprehensive suite of insurance, wealth, and asset management solutions. Headquartered in Canada, the company serves a broad client base, including individuals and corporate clients across various international markets.

    The core of Sun Life Financial's business involves a wide array of insurance products. These include term and permanent life insurance, personal health, dental, critical illness, long-term care, and disability insurance. The company also extends its insurance expertise through reinsurance products, catering to the needs of other insurers.

    Beyond insurance, Sun Life Financial offers significant wealth and asset management services. This segment provides investment counselling, portfolio management, mutual funds, and segregated funds, alongside trust and banking services. The company reaches its diverse clientele through an extensive distribution network, utilizing direct sales agents, financial intermediaries, banks, and various third-party marketing organizations to deliver its products and services worldwide.

    ```

    AI Analysis | Feedback

    Here are a few analogies for Sun Life Financial:

    • It's like **Prudential Financial** for insurance and wealth management.
    • Imagine **MetLife** and **Fidelity Investments** rolled into one company.

    AI Analysis | Feedback

    ```html
    • Life Insurance: Offers various types of life insurance, including term and permanent coverage.
    • Health & Specialty Insurance: Provides personal health, dental, critical illness, long-term care, and disability insurance products.
    • Reinsurance: Offers insurance products to other insurance companies.
    • Investment Management: Provides investment counselling and portfolio management services to clients.
    • Mutual Funds & Segregated Funds: Offers a range of investment products for individuals and institutions.
    • Trust & Banking Services: Provides trust administration and banking-related services.
    • Real Estate Services: Offers property brokerage and appraisal services for real estate.
    • Merchant Banking: Provides financial services such as direct equity investments and advisory roles to companies.
    ```

    AI Analysis | Feedback

    ```html

    Sun Life Financial (SLF) serves a diverse client base that includes individuals and various types of corporate clients. Based on the provided description, it does not primarily sell to a small number of identifiable companies. Instead, its customer base can be categorized as follows:

    1. Individuals: This category includes personal customers who purchase a wide range of insurance products such as term and permanent life, personal health, dental, critical illness, long-term care, and disability insurance. Individuals also utilize Sun Life's wealth management solutions, including investment counselling, portfolio management services, mutual funds, and segregated funds.
    2. Corporate Clients: This segment consists of businesses and organizations that leverage Sun Life's expertise for their group benefits needs (e.g., group life, health, and disability plans for employees), as well as asset management services for their corporate funds or pension plans. Corporate clients may also use trust, banking, and merchant banking services.
    3. Other Insurance Companies: Sun Life provides reinsurance products, meaning it acts as an insurer for other insurance companies, helping them manage their own risk exposures.
    ```

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Kevin D. Strain, President & Chief Executive Officer

    Kevin D. Strain was appointed President and Chief Executive Officer of Sun Life in August 2021. He joined Sun Life in 2002 following the acquisition of Clarica, where he had been since 1997. Prior to that, he was an auditor at Ernst & Young. At Sun Life, he has held several senior roles, including Vice-President of Investor Relations and Senior Vice-President of the Individual Insurance and Investments division in Canada. In 2012, he became President, Sun Life Asia, responsible for growth and partner relationships in the region. He was appointed Chief Financial Officer in 2017. He is a Chartered Accountant and holds a Master of Accounting degree from the University of Waterloo.

    Timothy (Tim) Deacon, Executive Vice-President and Chief Financial Officer

    Timothy Deacon was appointed Executive Vice-President and Chief Financial Officer of Sun Life, effective April 8, 2024. He joined Sun Life from the Ontario Teachers' Pension Plan Board, where he served as Chief Financial Officer for three years, starting in 2021. Before the Ontario Teachers' Pension Plan Board, he held executive roles at Manulife, including Group Controller and Global Chief Accounting Officer, and Executive Vice-President and CFO of its Global Wealth and Asset Management business. Prior to Manulife, he was a director at PwC LLP in the Global Capital Markets Group. He has over 20 years of global experience in insurance, wealth and asset management, investments, and capital markets. He holds a Bachelor of Commerce from Queen's University and is a Fellow of the Chartered Professional Accountants of Ontario (FCPA) and a U.S. Certified Public Accountant in the State of Illinois.

    Linda Dougherty, Executive Vice-President, Chief Strategy and Enablement Officer

    Linda Dougherty joined Sun Life in 2015. She is responsible for developing and executing the company's growth strategy, programmatic mergers and acquisitions, and investments in global partnerships. Before joining Sun Life, she spent over 20 years with TD Bank Group, where she held senior roles in strategy, corporate development, analytics, client experience, and transformation in the banking and wealth management businesses. Her prior experience also includes working in mergers and acquisitions and private equity in TD Bank's capital markets division, as an equity analyst in Singapore, and as a management consultant in New York and London. She was also a Director at Q9 Networks, Inc. and a Principal at Birch Hill Equity Partners Management, Inc., which invests in middle-market companies.

    Dan Fishbein, M.D., Executive Chair, Sun Life U.S.

    Dan Fishbein joined Sun Life in 2014. He assumed the role of Executive Chair, Sun Life U.S. on September 1, 2025, after serving 11 years as President, Sun Life U.S. During his tenure as president, he transformed the company into a leader in health-related benefits and services. Before Sun Life, he spent 16 years at Aetna, leading health plans, product development, and specialty businesses. Earlier in his career, he helped establish one of the first insurer physician and hospital networks with MassMutual and led NYLCare Health Plan of Maine. He has overseen several successful acquisitions at Sun Life, including DentaQuest (2022), PinnacleCare (2021), Maxwell Health (2018), and Assurant Employee Benefits (2016).

    Jacques Goulet, Executive Vice-President and Chief Risk Officer

    Jacques Goulet joined Sun Life in 2018 as President, Sun Life Canada, and now serves as Executive Vice-President and Chief Risk Officer. Prior to Sun Life, he had a 29-year career at Mercer, holding various leadership roles in Canada, Europe, and the U.S., including President, Health and Wealth, where he was responsible for global retirement, health, investment consulting, and investment management businesses. He holds a Bachelor of Science in Actuarial Science from Concordia University and is a Fellow of both the Society of Actuaries (FSA) and the Canadian Institute of Actuaries.

    AI Analysis | Feedback

    Here are the key risks to Sun Life Financial (SLF):
    1. Concentration Risk in Asset Management: Sun Life's Asset Management & Wealth segment, particularly MFS Investment Management, is a significant contributor to the company's profitability, representing nearly 47.7% of its total underlying net income in the third quarter of 2025. This creates a concentration risk. The segment also faces challenges such as margin compression across the asset management industry and net outflows.
    2. Mortality and Actuarial Pricing Assumptions: As a life insurer, Sun Life Financial's profitability is sensitive to the accuracy of its mortality and actuarial pricing assumptions. Deviations from expected experience in areas like policyholder behavior, mortality, morbidity, and longevity can significantly impact product performance and financial results.
    3. Geopolitical and Economic Risks in Asia: Sun Life has a significant growth strategy and presence in Asia, with a substantial portion of its Hong Kong business originating from China. This exposes the company to potential risks arising from economic and political instability in the region, which could affect its growth and profitability targets.

    AI Analysis | Feedback

    The emergence and growth of digital-first competitors in the insurtech and wealthtech sectors, leveraging advanced technologies such as artificial intelligence, machine learning, and data analytics to offer streamlined, personalized, and often lower-cost insurance and wealth management products. These companies frequently employ direct-to-consumer models, challenging traditional distribution channels and established customer acquisition methods for Sun Life Financial's core offerings in life, health, disability insurance, investment counselling, mutual funds, and segregated funds.

    AI Analysis | Feedback

    Addressable Markets for Sun Life Financial's Main Products and Services

    Sun Life Financial (SLF) operates in various financial services, including insurance, wealth, and asset management. The addressable markets for its main products and services are significant across its key regions of operation.

    Insurance Products

    • Life Insurance:
      • Global: The global life insurance market size was estimated at USD 8.25 trillion in 2025 and is predicted to increase to approximately USD 18.03 trillion by 2034.
      • Canada: The market size for Life Insurance and Annuities in Canada was approximately USD 117.6 billion in 2024. This market is expected to reach USD 149.34 billion by 2030.
      • U.S.: The U.S. life insurance market size was estimated at USD 1.93 trillion in 2024 and is predicted to be worth around USD 4.74 trillion by 2034.
      • Asia Pacific: The Asia-Pacific (APAC) life insurance industry is projected to grow from an estimated USD 1.2 trillion in 2025 to USD 1.6 trillion in 2029.
    • Health Insurance:
      • Global: The global health insurance market size was valued at USD 2.32 trillion in 2025 and is projected to grow from USD 2.53 trillion in 2026 to USD 5.5 trillion by 2034.
      • U.S.: The United States health and medical insurance market is estimated to be USD 1.65 trillion in 2026 and is projected to reach USD 2.15 trillion by 2031.
    • Reinsurance:
      • Global: The global reinsurance market size was valued at USD 621.39 billion in 2025 and is projected to grow from USD 673.28 billion in 2026 to USD 1,403.7 billion by 2034.

    Wealth and Asset Management Solutions

    • Asset Management (Assets Under Management - AuM):
      • Global: Global assets under management (AuM) are expected to climb from US $139 trillion in 2024 to $200 trillion by 2030.
      • Canada: The Canada asset management market size is USD 5.49 trillion in 2026 and is projected to reach USD 9.07 trillion by 2031.
      • Asia Pacific (Wealth Management): The APAC Wealth Management Market size is estimated at USD 34.38 trillion in 2025 and is expected to reach USD 50.80 trillion by 2030.

    AI Analysis | Feedback

    Here are 3-5 expected drivers of future revenue growth for Sun Life Financial (SLF) over the next 2-3 years:

    1. Expansion and Strong Sales Growth in Asian Markets: Sun Life Financial anticipates continued robust growth from its Asian businesses, with strong performance observed in individual protection sales and wealth management earnings, particularly in regions like India. The company has seen significant increases in individual protection sales in India through its banca and direct channels.
    2. Growth in Asset Management and Wealth Solutions: This segment is expected to be a significant growth engine, driven by higher fee income from increased Assets Under Management (AUM) and strategic initiatives. Sun Life's asset management arm, SLC Management, is consolidating private asset affiliates and making acquisitions, such as a 51% interest in Advisors Asset Management, to expand its offerings and capital raising capabilities for high-net-worth individuals.
    3. Continued Business Growth and Strategic Pricing in Group and Individual Protection Segments: Sun Life expects revenue growth from its Group - Health & Protection and Individual - Protection businesses in both Canada and the U.S. This includes favorable insurance experience, higher large-case sales, and improved dental results. Notably, the U.S. stop-loss business has seen strong sales growth, supported by strategic price increases on renewal business to maintain target margins.

    AI Analysis | Feedback

    Share Repurchases

    • Between August 29, 2024, and May 7, 2025, Sun Life Financial repurchased 13,018,997 common shares under its 2024 Normal Course Issuer Bid (NCIB).
    • As of June 4, 2025, Sun Life Financial completed the repurchase of 14,429,085 common shares under its 2024 NCIB at a weighted average price of approximately $81.49 per share.
    • Sun Life Financial was authorized to purchase up to an additional 10,570,915 common shares under its 2025 NCIB, which commenced on June 9, 2025, and is expected to continue until May 21, 2026.

    Share Issuance

    • The number of common shares outstanding decreased from 573.9 million in Q4 2024 to 553.8 million in Q4 2025, indicating a net reduction in shares.

    Outbound Investments

    • Sun Life Financial committed to $20 billion in new sustainable investments over the five years following its 2021 Annual Report.
    • SLC Management generated net inflows of $5.9 billion in Q4 2025 from capital raising.
    • BentallGreenOak (BGO) closed its inaugural U.S. Industrial Strategies fund, raising US$800 million in Q4 2025, which included data center co-investment.

    Peer Outperformance in Multi-line Insurance

    SLF has outperformed 75% of its 8 Multi-line Insurance peers over 5Y. Multi-line Insurance ranks 7th of 18 industries in Financials by median 5Y return.
    Share of Multi-line Insurance constituents that SLF has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    100%
    of 8 industry peers · 42.0% return
    3Y
    63%
    of 8 industry peers · 89.8% return
    5Y
    75%
    of 8 industry peers · 89.6% return
    No Multi-line Insurance peer with a comparable growth profile has beaten SLF by more than 20pp over 5Y.
    Median price return by industry across the Financials sector, ranked by 5Y. Multi-line Insurance is SLF's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Investment Banking & Brokerage 13 6.3%130.7%137.3% IBKR 501% · SNEX 237% · GS 191%
    Reinsurance 6 21.6%83.3%115.7% SPNT 139% · MTG 132% · RGA 129%
    Diversified Banks 12 43.1%129.6%111.2% JPM 162% · CM 159% · RY 142%
    Life & Health Insurance 19 14.9%55.7%88.3% UNM 301% · FG 210% · MFC 181%
    Property & Casualty Insurance 42 13.7%74.7%66.5% ASIC 2448900% · HRTG 423% · UVE 271%
    Regional Banks 265 32.1%79.7%65.1% GCBC 389% · ESQ 367% · NBN 285%
    Multi-line Insurance ← 9 15.3%82.1%58.3% GNW 196% · L 106% · SLF 90%
    Consumer Finance 30 14.7%85.8%37.6% ENVA 710% · EZPW 356% · AGM 171%
    Multi-Sector Holdings 6 -2.4%17.8%34.9% JEF 90% · BRK-B 75% · VOYA 68%
    Insurance Brokers 15 -11.0%10.3%31.9% LIFE 616% · AJG 90% · ARX 86%
    Asset Management & Custody Banks 83 -6.7%22.2%27.7% SII 312% · WT 300% · VCTR 290%
    Financial Exchanges & Data 15 -2.1%14.4%20.5% VIRT 183% · CBOE 131% · CME 66%
    Commercial & Residential Mortgage Finance 12 -27.2%18.8%9.1% FNMA 543% · FMCC 523% · ESNT 64%
    Specialized Finance 3 22.3%55.7%0.5% EFC 39% · CACC 1% · HASI -7%
    Mortgage REITs 34 -4.2%15.4%-10.4% RITM 77% · NREF 59% · DX 45%
    Transaction & Payment Processing Services 15 3.1%5.5%-40.2% MA 66% · V 64% · CPAY 58%
    Diversified Capital Markets 21 -26.8%0.5%-43.5% BTCS 538% · OPY 184% · LPLA 158%
    Diversified Financial Services 5 -6.0%61.5%-55.9% FRHC 164% · EQH 88% · TMS -56%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

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    1Fundamental Metrics: ...06/19/2024
    Title
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    Peer Comparisons

    Peers to compare with:

    Financials

    SLFLGNWHMNKMPRMedian
    NameSun Life.Loews Genworth.Horace M.Kemper  
    Mkt Price79.49111.199.9250.3926.7250.39
    Mkt Cap44.022.83.82.11.63.8
    Rev LTM40,59918,3997,1671,6794,5537,167
    Op Inc LTM------
    FCF LTM4,5411,766430566397566
    FCF 3Y Avg4,1752,345293480295480
    CFO LTM4,6722,575430566434566
    CFO 3Y Avg4,3083,032293480339480

    Growth & Margins

    SLFLGNWHMNKMPRMedian
    NameSun Life.Loews Genworth.Horace M.Kemper  
    Rev Chg LTM3.6%3.5%1.4%6.1%-4.5%3.5%
    Rev Chg 3Y Avg9.8%7.4%-0.9%7.1%-4.6%7.1%
    Rev Chg Q51.4%3.6%5.8%8.9%-11.3%5.8%
    QoQ Delta Rev Chg LTM13.2%0.9%1.4%2.1%-3.0%1.4%
    Op Inc Chg LTM------
    Op Inc Chg 3Y Avg------
    Op Mgn LTM------
    Op Mgn 3Y Avg------
    QoQ Delta Op Mgn LTM------
    CFO/Rev LTM11.5%14.0%6.0%33.7%9.5%11.5%
    CFO/Rev 3Y Avg11.5%17.3%4.1%29.9%7.3%11.5%
    FCF/Rev LTM11.2%9.6%6.0%33.7%8.7%9.6%
    FCF/Rev 3Y Avg11.2%13.4%4.1%29.9%6.3%11.2%

    Valuation

    SLFLGNWHMNKMPRMedian
    NameSun Life.Loews Genworth.Horace M.Kemper  
    Mkt Cap44.022.83.82.11.63.8
    P/S1.11.20.51.20.31.1
    P/Op Inc------
    P/EBIT8.68.37.58.1-3.28.1
    P/E12.313.517.811.6-3.212.3
    P/CFO9.48.98.83.63.68.8
    Total Yield13.0%7.6%5.6%11.4%-26.7%7.6%
    Dividend Yield4.8%0.2%0.0%2.8%4.8%2.8%
    FCF Yield 3Y Avg11.7%12.3%9.1%26.9%12.2%12.2%
    D/E0.20.40.40.30.60.4
    Net D/E-0.40.1-1.90.00.40.0

    Returns

    SLFLGNWHMNKMPRMedian
    NameSun Life.Loews Genworth.Horace M.Kemper  
    1M Rtn-1.4%-2.9%-1.8%-2.3%-5.8%-2.3%
    3M Rtn9.9%2.3%6.6%8.5%-9.4%6.6%
    6M Rtn22.2%2.5%12.0%17.9%-17.9%12.0%
    12M Rtn42.0%16.2%17.8%15.3%-48.9%16.2%
    3Y Rtn89.8%82.1%71.3%96.8%-37.0%82.1%
    1M Excs Rtn-4.5%-5.6%-4.7%-5.2%-7.6%-5.2%
    3M Excs Rtn7.3%-1.6%3.5%5.1%-13.2%3.5%
    6M Excs Rtn10.2%-9.5%-0.0%5.9%-30.0%-0.0%
    12M Excs Rtn22.5%-1.6%-1.0%-3.1%-67.5%-1.6%
    3Y Excs Rtn9.1%6.7%-6.1%23.2%-111.7%6.7%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/6/20265/7/20262/12/202611/6/20258/8/20255/9/20252/13/202511/5/20248/13/20245/10/20242/8/202411/14/2023
    Key Financials Quarterly            
    Total Revenue13,9258,7625,51312,3999,19711,3383,27515,3808,8926,93614,3402,373
    Net Income1,0825367931,1737781,0011421,422714893826927
    EPS1.820.841.311.971.271.620.432.331.111.401.291.49
    Key Financials TTM            
    Total Revenue TTM40,59935,87138,44736,20939,19038,88534,48345,54832,54131,33736,35429,564
    Net Income TTM3,5843,2803,7453,0943,3433,2793,1713,8553,3603,3773,3433,686
    Growth Rates Quarterly            
    Total Revenue Growth51.4%-22.7%68.3%-19.4%3.4%63.5%-77.2%548.1%15.7%-42.0%89.9%-36.0%
    Net Income Growth39.1%-46.5%458.5%-17.5%9.0%12.1%-82.8%53.4%-2.3%4.0%-29.3%543.8%
    Margins Quarterly            
    Net Income Margin7.8%6.1%14.4%9.5%8.5%8.8%4.3%9.2%8.0%12.9%5.8%39.1%
    Cash & Debt            
    Total Cash28,04326,21227,93126,48525,39926,21327,79626,03125,88925,62427,55424,986
    Total Debt9,1208,37218,7927,3766,3806,37916,8696,3777,1266,37915,3966,377
    Net Debt / (Cash)-18,923-17,840-9,139-19,109-19,019-19,834-10,927-19,654-18,763-19,245-12,158-18,609
    Cash Flows Quarterly            
    FCF from Operations1162,1751,2011,180800-3826123,2401,167-2,4873,4031,900
    Cash Flows TTM            
    FCF from Operations TTM4,6725,3562,7992,2104,2704,6372,5325,3233,9833,1055,6123,123
    Returns to Shareholders Quarterly            
    Dividends563520545507526486510483502467521453
    Share Repurchases83-0392397398520249146286174-0186
    Return on Invested Capital (ROIC) Quarterly            
    ROIC--102.5%---37.6%-----
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM--119.6%---142.9%-----

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    United States (U.S.)12,93612,29611,7219,0045,998
    Canada9,2208,7788,1658,11118,858
    Asia1,8261,5541,3851,3235,096
    Consolidation adjustments0000-377
    Corporate0985464258
    Sun Life Asset Management (SLAM)00005,855
    Total23,98222,63721,35618,90235,688


    Net Income by Segment
    $ Mil20252024202320222021
    Canada1,4021,2171,2521,2411,558
    Sun Life Asset Management (SLAM)1,2141,5281,0671,148892
    Asia7684295112101,075
    United States (U.S.)520556576532499
    Consolidation adjustments00000
    Corporate-353-601-241-19011
    Total3,5513,1293,1652,9414,035


    Assets by Segment
    $ Mil20252024202320222021
    Canada283,069261,887235,801216,465110,499
    Asia56,29250,61544,48042,90937,661
    United States (U.S.)36,23137,43535,23431,13833,391
    Corporate12,77010,0448,80421,83714,187
    Sun Life Asset Management (SLAM)10,53711,0669,97911,57610,024
    Consolidation adjustments-444-326-1,057-317-388
    Investments for account of segregated fund holders    139,996
    Total398,455370,721333,241323,608345,370


    Price Behavior

    Price Behavior
    Market Price$79.49 
    Market Cap ($ Bil)44.0 
    First Trading Date03/23/2000 
    Distance from 52W High-5.4% 
       50 Days200 Days
    DMA Price$79.91$67.85
    DMA Trendupup
    Distance from DMA-0.5%17.2%
     3M1YR
    Volatility15.8%18.2%
    Downside Capture9.7636.52
    Upside Capture51.3468.66
    Correlation (SPY)13.5%26.1%
    SLF Betas & Captures as of 7/31/2026

     1M2M3M6M1Y3Y
    Beta0.580.180.260.410.370.54
    Up Beta-0.58-0.26-0.070.550.390.55
    Down Beta1.05-0.20-0.27-0.18-0.040.46
    Up Capture120%97%86%78%58%32%
    Bmk +ve Days11223567138427
    Stock +ve Days16314379150407
    Down Capture34%-0%27%31%43%76%
    Bmk -ve Days11212859114326
    Stock -ve Days6122047100341

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with SLF
    SLF42.2%18.1%1.79-
    Sector ETF (XLF)10.8%14.5%0.4936.7%
    Equity (SPY)20.7%12.8%1.1925.7%
    Gold (GLD)35.0%28.8%1.044.7%
    Commodities (DBC)41.4%20.2%1.60-25.4%
    Real Estate (VNQ)15.3%13.9%0.7830.7%
    Bitcoin (BTCUSD)-44.7%42.7%-1.2713.4%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with SLF
    SLF13.1%19.4%0.54-
    Sector ETF (XLF)10.0%18.4%0.4162.3%
    Equity (SPY)13.1%17.2%0.5956.1%
    Gold (GLD)20.4%18.6%0.8912.0%
    Commodities (DBC)9.8%19.6%0.3913.6%
    Real Estate (VNQ)2.4%18.9%0.0352.8%
    Bitcoin (BTCUSD)7.2%52.6%0.3223.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with SLF
    SLF13.8%22.7%0.56-
    Sector ETF (XLF)13.4%22.0%0.5572.8%
    Equity (SPY)15.2%17.9%0.7266.1%
    Gold (GLD)12.5%16.2%0.636.2%
    Commodities (DBC)7.9%18.1%0.3526.9%
    Real Estate (VNQ)4.9%20.7%0.2056.8%
    Bitcoin (BTCUSD)60.0%66.0%1.0018.0%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date7312026
    Short Interest: Shares Quantity5.1 Mil
    Short Interest: % Change Since 715202684.8%
    Average Daily Volume0.6 Mil
    Days-to-Cover Short Interest8.8 days
    Basic Shares Quantity554.0 Mil
    Short % of Basic Shares0.9%

    Earnings Returns History

    Updated 6/2/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    SUMMARY STATS   
    # Positive000
    # Negative000
    Median Positive   
    Median Negative   
    Max Positive   
    Max Negative   
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    SUMMARY STATS   
    # Positive000
    # Negative000
    Median Positive   
    Median Negative   
    Max Positive   
    Max Negative   

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    03/31/202605/07/20266-K
    12/31/202502/12/202640-F
    09/30/202511/06/20256-K
    06/30/202508/08/20256-K
    03/31/202505/09/20256-K
    12/31/202402/13/202540-F
    09/30/202411/05/20246-K
    06/30/202408/13/20246-K
    03/31/202405/10/20246-K
    12/31/202302/08/202440-F
    09/30/202311/14/20236-K
    06/30/202308/09/20236-K
    03/31/202305/12/20236-K
    12/31/202202/09/202340-F
    09/30/202211/03/20226-K
    06/30/202208/04/20226-K
     Collapse to Preview
    Report DateFiling DateFiling
    03/31/202605/07/20266-K
    12/31/202502/12/202640-F
    09/30/202511/06/20256-K
    06/30/202508/08/20256-K
    03/31/202505/09/20256-K
    12/31/202402/13/202540-F
    09/30/202411/05/20246-K
    06/30/202408/13/20246-K
    03/31/202405/10/20246-K
    12/31/202302/08/202440-F
    09/30/202311/14/20236-K
    06/30/202308/09/20236-K
    03/31/202305/12/20236-K
    12/31/202202/09/202340-F
    09/30/202211/03/20226-K
    06/30/202208/04/20226-K
    03/31/202205/12/20226-K
    12/31/202102/10/202240-F
    09/30/202111/04/20216-K
    06/30/202108/05/20216-K
    03/31/202105/06/20216-K
    12/31/202002/11/202140-F
    09/30/202011/05/20206-K
    06/30/202008/07/20206-K
    03/31/202005/06/20206-K
    12/31/201902/14/202040-F
    09/30/201911/07/20196-K
    06/30/201908/01/20196-K

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