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SLF

Sun Life Financial Inc.

SLF

Sun Life Financial Inc. • NYSE
$59.12 ▲ 0.78% (+0.46)
Market Cap $32.95 B
52w High $66.81
52w Low $52.44
Dividend Yield 2.51%
P/E 15.68
Volume 176.38K
Outstanding Shares 557.42M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $12.399B ▲ $131M ▲ $1.173B ▲ 9.46% ▲ $1.97 ▲ $1.578B ▲
Q2-2025 $9.197B ▼ $129M ▼ $778M ▼ 8.459% ▼ $1.27 ▼ $1.105B ▼
Q1-2025 $11.338B ▲ $208M ▼ $1.001B ▲ 8.829% ▲ $1.62 ▲ $1.382B ▲
Q4-2024 $3.275B ▼ $223M ▼ $142M ▼ 4.336% ▼ $0.41 ▼ $771M ▼
Q3-2024 $15.38B $298M $1.422B 9.246% $2.34 $1.828B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $26.485B ▲ $394.929B ▲ $368.94B ▲ $25.7B ▲
Q2-2025 $25.399B ▼ $376.287B ▲ $351.103B ▲ $25.123B ▼
Q1-2025 $26.213B ▼ $372.96B ▲ $346.921B ▲ $25.965B ▼
Q4-2024 $27.796B ▲ $370.721B ▲ $344.592B ▲ $26.053B ▲
Q3-2024 $26.031B $361.252B $335.324B $25.849B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.126B ▲ $1.18B ▲ $-43M ▲ $-10M ▲ $1.251B ▲ $1.144B ▲
Q2-2025 $976M ▼ $800M ▲ $-53M ▲ $-864M ▲ $-367M ▲ $768M ▲
Q1-2025 $1.249B ▲ $-382M ▼ $-80M ▲ $-1.642B ▼ $-2.085B ▼ $-413M ▼
Q4-2024 $589M ▼ $612M ▼ $-181M ▼ $-1.019B ▲ $-253M ▼ $572M ▼
Q3-2024 $1.368B $3.24B $-75M $-1.644B $1.476B $3.207B

Five-Year Company Overview

Income Statement

Income Statement Sun Life’s profits look relatively steady over the past several years, even though reported revenue has bounced around a lot, which is common in insurance due to investment market swings and accounting rules. Earnings have held in a fairly consistent range, with a noticeable one‑time jump in operating results recently that then cooled back to more normal levels. Overall, the story is one of resilience: profit per share has inched higher over time, and there is no obvious sign of a structural deterioration in profitability, but investors should expect some lumpiness from year to year rather than a smooth growth path.

Balance Sheet

Balance Sheet The balance sheet appears solid and conservatively built for a global insurer. Total assets have grown steadily, and shareholder equity has inched up, suggesting the company is gradually building financial strength. Debt has risen over the period, but it remains modest relative to the size of the firm, and cash holdings are still comfortable even though they have trended slightly lower. In plain terms, Sun Life looks well‑capitalized, but it is relying a bit more on borrowing than it did a few years ago, which is worth monitoring in a higher‑rate environment.

Cash Flow

Cash Flow Cash generation is healthy over the long run but quite volatile from year to year, which is typical for a large insurer with big investment portfolios. Operating cash flow swung from very strong to temporarily negative and then back to solidly positive again, showing that short‑term cash movements can be noisy but the underlying franchise still throws off cash over time. Free cash flow has generally been positive and robust, with only one clearly weak year in the period. Capital spending is low, reflecting a capital‑light, services‑oriented model rather than a heavy industrial business.

Competitive Edge

Competitive Edge Sun Life benefits from a broad and diversified business across insurance, retirement, wealth management, and asset management, which helps smooth results when any one segment or region slows. Its long history and strong brand in Canada and other core markets give it a trust advantage that matters in selling long‑term financial products. The company also has a meaningful and growing footprint in selected Asian markets, which could be an important long‑term growth driver. Its expertise in niche areas such as private fixed income investing and its large health‑provider network in Canada add differentiation. The main competitive pressures come from other global insurers and asset managers, regulatory changes, and sensitivity to interest rates and financial markets, all of which can influence growth and profitability.

Innovation and R&D

Innovation and R&D Sun Life is clearly leaning into digital innovation rather than treating it as a side project. It has built out user‑friendly mobile and web platforms that bring insurance, benefits, and investments together in one place and is embedding AI into client support, underwriting, and internal productivity tools. The Dialogue acquisition and the Lumino Health platform show a deliberate push to blend health and wealth solutions, which helps the company stand out from traditional insurers that focus only on protection products. Modernizing core systems and moving more of its infrastructure to the cloud should support faster product development and better data use over time, though this also brings execution and cybersecurity risks. Overall, its innovation agenda looks active and commercially focused, not just experimental.

Summary

Putting it all together, Sun Life looks like a mature, diversified financial services firm with relatively steady earnings, a conservative balance sheet, and meaningful but manageable financial leverage. Revenue and cash flows can be choppy because of how insurance and investment results are reported, yet the underlying profit picture appears stable. Competitively, the company benefits from a strong brand, multiple business lines, and growing exposure to higher‑growth Asian markets, while actively using technology and health‑focused services to deepen client relationships. Key uncertainties include interest‑rate cycles, equity market volatility, regulatory changes across its various regions, and the challenge of executing on its digital and acquisition‑driven strategy at scale. Overall, the profile is one of stability with measured strategic ambition, rather than a high‑growth, high‑risk story.

NEWS

November 25, 2025 · 8:00 AM UTC

Sun Life Executive Vice-President and Chief Financial Officer Tim Deacon to participate in fireside chat at the Desjardins Toronto Conference

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November 17, 2025 · 5:22 PM UTC

Nancy Gaudet, founder of Type One Families, receives Health Access Hero Award from Sun Life and DentaQuest

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November 14, 2025 · 11:04 AM UTC

Sun Life benefits now accessible on Pasito, an AI-powered education and communications platform

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November 10, 2025 · 1:00 PM UTC

Breakthrough T1D receives Health Access Hero Award grant for $50,000 from Sun Life and DentaQuest

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November 5, 2025 · 5:02 PM UTC

Sun Life increases Common Share dividend and declares dividends on Preferred Shares payable in Q4 2025

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