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Sun Life Announces Intended Renewal of Normal Course Issuer Bid

Core Viewpoint - Sun Life Financial Inc. intends to renew its normal course issuer bid (NCIB) for share repurchases, pending approval from regulatory authorities [1][2]. Group 1: Normal Course Issuer Bid (NCIB) Details - The current NCIB, initiated on August 29, 2024, allows for the repurchase of up to 15,000,000 common shares, with 13,018,997 shares repurchased as of May 7, 2025 [2][5]. - Upon completion of the current NCIB, the company plans to establish a new NCIB (2025 NCIB) to repurchase an additional 10,000,000 common shares, subject to regulatory approvals [2][5]. - The 2025 NCIB will expire 12 months after its commencement or earlier if the company decides [2]. Group 2: Share Repurchase Mechanism - Purchases under the 2025 NCIB may occur through various trading platforms, including the TSX and NYSE, at prevailing market rates [3]. - The company may also engage in private agreements or share repurchase programs under exemption orders, typically at a discount to market prices [3]. - The actual number and timing of shares repurchased will be determined by the company [3]. Group 3: Pre-defined Plans and Compliance - The company may enter into pre-defined plans with brokers to facilitate share repurchases during internal trading blackout periods [4]. - Such plans will comply with applicable Canadian and U.S. securities laws [4]. Group 4: Financial Overview - As of May 7, 2025, the company had repurchased 13,018,997 shares at a weighted average price of approximately $80.79 per share [5]. - The total number of shares that can be repurchased under the 2025 NCIB will be adjusted to account for shares repurchased under the 2024 NCIB, allowing for a total of 25,000,000 shares, which represents about 4.1% of the total shares outstanding as of May 5, 2025 [5]. Group 5: Company Background - Sun Life is a prominent international financial services organization, offering asset management, wealth, insurance, and health solutions [9]. - As of March 31, 2025, the company had total assets under management of $1.55 trillion [9].