Financial Data and Key Metrics - Net fixed income inflows were approximately $1 billion in the quarter [1] - Individual protection earnings increased by $40 million, driven by premium growth and higher investment earnings [2] - Underlying ROE for the quarter was 17.3%, trending towards the medium-term objective of 18%-plus [38] - SLF LICAT ratio was 148%, up 18 points from the prior quarter, including 12 points from the transition to IFRS 17 and 6 points of organic capital generation [26] - Reported net income for the quarter was $806 million, up 21% from the prior year [90] Business Line Performance - Individual protection sales were up year-over-year, reflecting strong demand for par products [2] - Wealth and Asset Management businesses comprise 40% to 45% of earnings, with resilient results this quarter despite global equity market declines [25] - Group and health protection businesses comprise approximately 30% of earnings, with strong premium growth and favorable experience in Q1 [55] - Sun Life Asia achieved 24% overall sales growth and over 20% insurance sales growth in 5 of its markets, including the Philippines, Hong Kong, India, and international [12] - DentaQuest had strong business growth during the quarter, with significant Medicaid and commercial business wins [37] Market Performance - In Canada, earnings were up across all business types, reflecting higher investment income and realized investment gains [2] - In the U.S., underlying net income was $176 million, up $93 million from last year, driven by premium growth and favorable experience [75] - In Asia, underlying net income was $141 million, up 4% year-over-year on a constant currency basis [28] - Hong Kong sales were up significantly due to the reopening of the border with Mainland China and new product offerings [12] Strategic Direction and Industry Competition - The company is committed to sustainability, with a goal to achieve net zero greenhouse gas emissions by 2050 [29] - Sun Life is leveraging digital capabilities and product innovation to help clients achieve lifetime financial security [54] - The company is focused on increasing access to healthcare and wellness solutions, with partnerships like AbleTo and GoodPath [34] - Sun Life is recognized for its commitment to diversity, equity, and inclusion, and was named among America's best employers for diversity [7] Management Commentary on Operating Environment and Future Outlook - The company is confident in its diversified and capital-light business mix, strong capital position, and prudent approach to risk management [73] - Sun Life remains excited about growth opportunities in Asia as markets reopen following pandemic restrictions [33] - The company expects to continue delivering strong results, with a focus on client needs, pricing, and risk management [56] Other Important Information - Sun Life completed the acquisition of a 51% interest in Advisors Asset Management and is developing alternative products for high net worth individuals [32] - The company introduced the Sun Life One Plan digital tool to over 750,000 Canadian GRS clients, with nearly 100,000 financial roadmaps created [6] - Sun Life Health Navigator powered by Pinnacle Care is providing personal care navigation services to help members access timely and quality care [71] Q&A Session Summary Question: Capital optimization and its impact on LICAT [18] - Capital optimization added 4 points to LICAT, primarily from ALM actions and reinsurance activities [143] Question: Commercial real estate market impact on fundraising [18] - BGO expects to raise a meaningful amount of money this year, despite a more difficult fundraising environment [162] Question: U.S. group side decline in dental underlying earnings [77] - The decline in dental underlying earnings was due to seasonality and higher claim amounts, with DentaQuest contributing positively [61] Question: Capital deployment priorities [160] - The priority for capital deployment remains unchanged, with a focus on dividends, organic growth, M&A, and buybacks [161] Question: CSM balance and amortization [135] - CSM amortization is expected to remain relatively stable, with growth in new business CSM in the mid to low-double digit range [124] Question: Investment activity gains and IFRS 17 impact [86] - Investment activity gains under IFRS 4 will be recognized over time through investment income under IFRS 17 [154] Question: U.S. segment ROE increase [104] - The increase in U.S. segment ROE was driven by improved margins in the stop-loss business and the integration of DentaQuest [170] Question: Commercial mortgage book exposure to office space [103] - The company has repositioned its real estate portfolio, reducing office exposure and increasing industrial exposure, with no mortgages in arrears [10]

"We started 2023 with strong results driven by our execution capabilities and growth in our health and protection businesses, highlighting the resilience of our business mix. We generated strong growth in both health and protection sales, which reinforces the importance Clients continue to place on health and financial security," said Kevin Strain, President and CEO of Sun Life. "This is Sun Life's first quarter reporting under IFRS 17 and IFRS 9. A special thank you to all of the Sun Lifers involved in the ...

Sun Life Financial, Inc. (NYSE:SLF) Q4 2022 Earnings Conference Call February 9, 2023 10:00 AM ET Company Participants Yaniv Bitton - VP, Head of IR & Capital Markets Kevin Strain - President, CEO & Director Manjit Singh - EVP & CFO Ingrid Johnson - President, Sun Life Asia Daniel Fishbein - President, Sun Life U.S. Jacques Goulet - President, Sun Life Canada Randolph Brown - CIO, SLC Management Kevin Morrissey - Chief Actuary & SVP Stephen Peacher - President, SLC Management Conference Call Participants Me ...

Financial Performance - Reported net income for Q4'22 was $951 million, a decrease of 12% from Q4'21, primarily due to unfavorable market-related impacts and DentaQuest integration costs [41]. - Underlying net income for Q4'22 increased by 10% to $990 million, driven by business growth and contributions from the DentaQuest acquisition [41]. - Reported net income for Q4'22 was C$951 million, a 103% increase from Q3'22, driven by strong performance across business segments [74]. - Total underlying net income for the company was C$990 million in Q4'22, reflecting a 4% increase from Q4'21 [74]. - Reported net income for Q4'22 was $951 million, compared to $1,078 million in Q4'21, reflecting a decrease of 11.8% year-over-year [108]. - Underlying net income for Q4'22 increased to $990 million, up from $898 million in Q4'21, representing a growth of 10.2% [110]. - Reported diluted EPS for Q4'22 was $1.62, down from $1.83 in Q4'21, a decline of 11.5% [108]. - Reported net income for Q4'22 was $951 million, an increase from $466 million in Q3'22 [150]. - Underlying net income for Q4'22 reached $990 million, compared to $949 million in Q3'22, reflecting a growth of approximately 4.3% [150]. Sales Performance - Insurance sales in Q4'22 reached $1,843 million, up from $1,606 million in Q4'21, reflecting a growth of 15% [38]. - Wealth sales in Q4'22 were $45,754 million, a decrease of 19% compared to $56,708 million in Q4'21 [38]. - Total insurance sales rose by $237 million or 15% year-over-year, while total wealth sales decreased by $10,954 million or 19% year-over-year [52]. - Canada insurance sales increased by 2%, while U.S. insurance sales rose by 11% driven by higher dental and employee benefits sales [53]. - Asia insurance sales increased by 9% in Q4'22, driven by growth in India, International, the Philippines, and Vietnam, while wealth sales decreased by 56% [100]. - Canada wealth sales increased by C$0.9 billion or 16%, driven by higher defined contribution sales in Group Retirement Services [79]. Assets Under Management (AUM) - Total assets under management (AUM) as of Q4'22 were $1,325,859 million, down from $1,444,728 million in Q4'21, representing a decline of 8% [38]. - AUM net outflows in Q4 2022 were $12.7 billion, primarily due to $16.1 billion in MFS [57]. - Assets under management (AUM) totaled $1,325,859 million, a decrease of $118.9 billion or 8% from December 31, 2021 [55][56]. - Asset Management's AUM decreased by $107.2 billion or 10% from December 31, 2021, due to net asset value changes and net outflows [91]. - MFS's AUM decreased by $144.9 billion or 21% from December 31, 2021, reflecting significant asset value changes and net outflows [92]. - SLC Management's AUM increased by $25.7 billion or 14% as of December 31, 2022, driven by net inflows of $21.5 billion [93]. Tax and Regulatory Impacts - The effective tax rate for reported net income in Q4'22 was -1.0%, primarily due to the Canada Tax Rate Change [49]. - The legislation implementing an additional surtax of 1.5% on taxable income over $100 million positively impacted reported net income by $127 million in Q4'22 [48]. - Reported net income increased by $127 million in Q4 2022 due to a new surtax legislation in Canada [51]. - The effective income tax rate on reported net income was calculated using total income before income taxes, reflecting the impacts of tax legislation [51]. - The effective tax rate for underlying net income adjustments varied, reflecting the mix of business based on the company's international operations [110]. Operational Metrics - The dividend payout ratio remained stable at 43% in Q4'22 [38]. - The company reported a financial leverage ratio of 25.1% in Q4'22, a slight decrease from 25.5% in Q4'21 [38]. - The LICAT ratio for Sun Life Financial Inc. was 130% as of December 31, 2022, down from 145% a year earlier [59][61]. - Total capital increased by $1.6 billion to $36.3 billion, driven by reported net income of $3,060 million and foreign exchange translation impacts [64]. - The underlying dividend payout ratio is targeted between 40% and 50% based on underlying EPS, ensuring capital initiatives are met [146]. Business Developments - A new 15-year exclusive bancassurance partnership was announced with Dah Sing Bank in Hong Kong, expected to start in July 2023 [70]. - Sun Life completed the acquisition of a 51% interest in Advisors Asset Management, overseeing US$40.5 billion in assets as of December 31, 2022 [71]. - The company completed the acquisition of DentaQuest on June 1, 2022, which is expected to enhance its market position in the U.S. [122]. - The company completed the sale of its sponsored markets business to Canadian Premier Life Insurance Company on February 1, 2023 [71]. - The company plans to divest Sun Life UK, which may impact future financial performance and strategic positioning [156]. Market Conditions - Market-related impacts on reported net income were negative $273 million in Q4'22, compared to positive impacts of $153 million in Q4'21 [110]. - Experience-related items accounted for pre-tax gains and losses due to differences between actual experience and best estimate assumptions, impacting the Sources of Earnings framework [128]. - The financial results are subject to risks including market volatility, regulatory changes, and the ongoing impacts of the COVID-19 pandemic [158]. Income and Expenses - Total expenses for Q4'22 were $452 million, compared to $391 million in Q3'22 and $470 million in Q4'21, reflecting a decrease of 4% year-over-year [132]. - Fee income for Q4'22 was $501 million, up from $310 million in Q3'22 and $300 million in Q4'21, representing a year-over-year increase of 67% [132]. - Fee-related earnings for Q4'22 were $73 million, compared to $58 million in Q3'22 and $60 million in Q4'21, indicating a 22% increase from the previous quarter [132]. - Operating income for Q4'22 was $65 million, up from $42 million in Q3'22 and $64 million in Q4'21, showing a 55% increase quarter-over-quarter [132]. Segment Performance - In the U.S. segment, reported net income for Q4'22 was $81 million, up from $72 million in Q3'22 [152]. - The Asset Management unit reported an underlying net income of $313 million in Q4'22, a slight increase from $295 million in Q3'22 [151]. - The U.S. Group Benefits segment achieved an underlying net income of $115 million in Q4'22, compared to $103 million in Q3'22 [154]. - MFS reported net income of $223 million in Q4'22, down $11 million or 5%, with underlying net income decreasing by $70 million or 26% to $202 million, primarily due to declines in global equity markets [89]. - SLC Management's reported net income was $19 million in Q4'22, a significant recovery from a net loss of $155 million in the prior year, while underlying net income decreased by $2 million or 5% to $38 million [90].

Sun Life Financial, Inc. (NYSE:SLF) Q3 2022 Earnings Conference Call November 3, 2022 10:00 AM ET Company Participants Yaniv Bitton - VP, Head of IR & Capital Markets Kevin Strain - President, CEO & Director Manjit Singh - EVP & CFO Kevin Morrissey - Chief Actuary & SVP Jacques Goulet - President, Sun Life Canada Daniel Fishbein - President, Sun Life U.S. Randolph Brown - CIO, SLC Management Michael Roberge - Chairman, MFS Mclean Budden Limited & Co-CEO, MFS Investment Management Stephen Peacher - President ...

CANADIAN RESIDENTS PARTICIPATING IN THE SHARE ACCOUNT Shareholders holding shares in the Canadian Share Account can sell their shares for $15 plus 3 cents per share. Complete Form A on the front of your Share Ownership Statement, tear it off and return it by mail to TSX Trust Company. For more information call TSX Trust Company at 1 877 224-1760. Sun Life Reports Third Quarter 2022 Results Sun Life Financial Inc. ("SLF Inc."), its subsidiaries and, where applicable, its joint ventures and associates are col ...

Sun Life Financial Inc. (NYSE:SLF) Q2 2022 Earnings Conference Call August 4, 2022 10:00 AM ET Â Company Participants Yaniv Bitton - Vice President, Head of Investor Relations & Capital Markets Kevin Strain - President and Chief Executive Officer Daniel Fishbein - President, U.S. Manjit Singh - Chief Financial Officer Ingrid Johnson - President, Sun Life Asia Kevin Morrissey - SVP, Chief Actuary Stephen Peacher - President, SLC Management Jacques Goulet - President, Sun Life Canada Michael Roberge - Preside ...

CANADIAN RESIDENTS PARTICIPATING IN THE SHARE ACCOUNT Shareholders holding shares in the Canadian Share Account can sell their shares for $15 plus 3 cents per share. Complete Form A on the front of your Share Ownership Statement, tear it off and return it by mail to TSX Trust Company. For more information call TSX Trust Company at 1 877 224-1760. Sun Life Reports Second Quarter 2022 Results Sun Life Financial Inc. ("SLF Inc."), its subsidiaries and, where applicable, its joint ventures and associates are co ...

Financial Data and Key Metrics Changes - Reported net income for Q1 2022 was $858 million, down 8% from the prior year, while underlying net income was $843 million, broadly in line with last year [4][15] - Underlying return on equity was 14% in the quarter, with assets under management at $1.35 trillion, reflecting declines in equity markets and rising interest rates [16] - Book value per share increased by 11%, while value per share was up 7% over the prior year, excluding impacts from other comprehensive income [16] Business Line Data and Key Metrics Changes - MFS reported net income of $228 million, up 23% from the prior year, with underlying net income up 4% driven by higher average net assets [16][17] - SLC Management delivered net income of $19 million, with fee-related earnings up 38% year-over-year, reflecting strong capital raising activity [18] - Canada reported net income of $263 million, down 35% year-over-year, while underlying net income was up 5% due to broad-based business growth [19] - U.S. reported net income of $133 million, down 20% from the prior year, with underlying net income impacted by COVID-related effects [20] - Asia reported net income of $161 million, down 16% from the prior year, with underlying net income down 1% on a constant currency basis [22] Market Data and Key Metrics Changes - The company noted improvements in U.S. COVID-related mortality, with expectations for normalization in mortality rates [27] - In Asia, sales were impacted by corporate-related lockdown measures, but the company remains optimistic as restrictions are lifted [22] Company Strategy and Development Direction - The company is focused on sustainability, launching the first ESG savings plan in Hong Kong, and expanding partnerships in Indonesia [7][8] - Digital leadership is emphasized with the launch of new tools like Prospr by Sun Life and Benefits Explorer to enhance client experience [10][11] - The company is committed to maintaining a strong capital position, with a LICAT ratio of 143% and a focus on organic growth and dividend increases [6][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from geopolitical pressures, inflation, and rising interest rates but expressed confidence in the diversified business model to navigate these headwinds [6][23] - The company expects continued pressure on equity markets but anticipates that higher interest rates will drive profitability [6][23] Other Important Information - The company announced a 4.5% increase in its quarterly dividend, reflecting its commitment to delivering shareholder value [6] - The acquisition of DentaQuest is progressing well, with expectations to close in the first half of the year [12] Q&A Session Summary Question: Details on U.S. mortality outlook - Management noted significant improvement in U.S. mortality rates, with expectations for continued improvement and normalization over time [27][28] Question: Margin outlook for MFS - Management indicated that margins may be pressured due to market conditions but remain comfortable with long-term targets [32][34] Question: Non-COVID long-term disability experience - Management acknowledged elevated morbidity in long-term disability, with pricing adjustments being made in response [35][36] Question: Yield enhancement gains - Management attributed gains to favorable market conditions and indicated that similar opportunities may continue [38][41] Question: Capital allocation and excess capital generation - Management confirmed a disciplined approach to capital allocation, focusing on organic growth, dividends, and potential M&A opportunities [67][70] Question: Group morbidity experience in Canada - Management acknowledged unfavorable morbidity experience but indicated that it is being monitored closely and is expected to normalize [53][54]

Sun Life Reports First Quarter 2022 Results Sun Life Financial Inc. ("SLF Inc."), its subsidiaries and, where applicable, its joint ventures and associates are collectively referred to as "the Company", "Sun Life", "we", "our", and "us". We manage our operations and report our financial results in five business segments: Canada, United States ("U.S."), Asset Management, Asia, and Corporate. The information in this document is based on the unaudited interim financial results of SLF Inc. for the period ended ...