Expert Cancer Review services help boost members' confidence in their cancer treatment plan ECR provides members diagnosed with cancer an objective, documented second opinion from an independent oncology specialist, helping to ensure they get the right care and feel confident in their chosen treatment plan. From 2024 – 2025, 41% of the second opinions facilitated by Sun Life resulted in a change in diagnosis or shift in diagnostic strategy or treatment. "Offering a second opinion when our members file a can ...

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Sun Life (SLF) - Sun Life currently holds a Momentum Style Score of A, indicating strong momentum characteristics [2] - The company has a Zacks Rank of 2 (Buy), suggesting it is positioned for potential outperformance in the market [3] Performance Metrics - Over the past week, SLF shares have increased by 5.74%, while the Zacks Insurance - Life Insurance industry has decreased by 1.22% [5] - In the last month, SLF's price change is 8.65%, significantly outperforming the industry's 1.56% [5] - Over the past quarter, SLF shares have risen by 13.43%, and over the last year, they have gained 22.17%, compared to the S&P 500's increases of 2.88% and 13.25%, respectively [6] Trading Volume - SLF's average 20-day trading volume is 699,340 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the past two months, one earnings estimate for SLF has increased, raising the consensus estimate from $5.65 to $5.73 [9] - For the next fiscal year, one estimate has also moved upwards, with no downward revisions during the same period [9] Conclusion - Given the strong performance metrics and positive earnings outlook, SLF is identified as a 2 (Buy) stock with a Momentum Score of A, making it a promising candidate for near-term investment [11]

Financial Data and Key Metrics Changes - Underlying net income reached CAD 1.1 billion, contributing to underlying earnings per share growth of 17% year-over-year and underlying return on equity of 19.1% [5][15] - Total company reported net income was CAD 722 million, 34% lower than underlying net income, primarily due to market-related impacts [17] - Full-year underlying earnings growth was 9%, with a 17% increase in new business contractual service margin [12][29] Business Line Data and Key Metrics Changes - SLC Management achieved CAD 242 million in underlying net income, exceeding its investor day target of CAD 235 million [6] - Group Health and Protection underlying earnings increased by 16% year-over-year, driven by stabilization in claims experience [16] - Individual protection underlying net income rose by 17%, supported by favorable mortality experience in Asia and the U.S. [16] Market Data and Key Metrics Changes - In Asia, protection sales grew by 50% year-over-year, with standout markets being Hong Kong and Indonesia [8][29] - In Canada, gross sales in wealth businesses were up 46% year-over-year, driven by strong results in Group Retirement Services and individual mutual funds [7][24] - U.S. Medical Stop-Loss business saw robust sales growth of 58% [9][25] Company Strategy and Development Direction - The company is focused on a balanced and diversified growth strategy, with a commitment to digital transformation and enhancing client experiences [10][11] - The introduction of a management equity plan for SLC aims to motivate and retain talent in the alternative asset management space [6] - The company plans to complete the buyouts of BGO and Crescent Capital in the first half of 2026, strengthening its alternative asset management platform [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the business mix and disciplined execution of long-term strategies, despite a complex operating environment [14] - The company anticipates continued strong earnings growth aligned with medium-term objectives, with a focus on organic capital generation and prudent risk management [11][30] - Management highlighted the importance of maintaining a strong capital position, with a LICAT ratio of 157% [5][18] Other Important Information - The company achieved Great Place to Work recertification in nine countries, emphasizing its commitment to culture and employee satisfaction [11] - The asset management platform ended the year with CAD 1.2 trillion of third-party assets under management and administration [13] Q&A Session Summary Question: Regarding stop-loss experience and future improvements - Management noted a modest improvement in the loss ratio and expressed confidence heading into 2026 [33][36] Question: On pricing increases in stop-loss and dental - Management confirmed a 17% average price increase on renewal business, which aligns with target margins [40][42] Question: Capital deployment strategy and buybacks - Management emphasized a disciplined approach to capital deployment, prioritizing organic growth and completing private asset affiliate purchases before resuming share buybacks [45][50] Question: Strategy for growth in the dental market - Management highlighted a strong distribution footprint and growth in the commercial dental segment, expecting continued expansion [61] Question: Insights on stop-loss market dynamics - Management acknowledged a hardening market and competitive dynamics, emphasizing their strong capabilities and historical low loss ratios [92]

Financial Data and Key Metrics Changes - Underlying net income reached CAD 1.1 billion, contributing to underlying earnings per share growth of 17% year-over-year and an underlying return on equity of 19.1% [5][15] - Total company reported net income was CAD 722 million, 34% lower than underlying net income, primarily due to market-related impacts [17] - The LICAT ratio ended at 157%, demonstrating a strong capital position, up 3 percentage points from the previous quarter [5][18] Business Line Data and Key Metrics Changes - SLC Management achieved CAD 242 million in underlying net income, exceeding its investor day target of CAD 235 million [6][21] - In Canada, gross sales were up 46% year-over-year, driven by strong results in Group Retirement Services and individual mutual funds [7][24] - Group Health and Protection underlying earnings increased by 16% year-over-year, while individual protection underlying net income rose by 17% [16][25] Market Data and Key Metrics Changes - Asia saw a 50% year-over-year growth in protection sales, with standout performances in Hong Kong and Indonesia [8][29] - U.S. Medical Stop-Loss business reported robust sales growth of 58% [9][25] - MFS experienced net outflows of approximately CAD 18.2 billion, consistent with industry trends, but had positive net flows in fixed income and ETF products [19][20] Company Strategy and Development Direction - The company is focused on a balanced and diversified growth strategy, with a commitment to digital transformation and enhancing client experiences [10][11] - The introduction of a management equity plan for SLC aims to motivate and retain talent in the alternative asset management space [6][21] - The company plans to complete the buyouts of BGO and Crescent Capital in the first half of 2026, further strengthening its alternative asset management platform [22][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the business mix and disciplined execution of long-term strategies, despite a complex operating environment [14][30] - The company anticipates continued strong earnings growth aligned with medium-term objectives, with underlying EPS growth at 12% and underlying ROE at 18.2% [11][29] - Management highlighted the importance of maintaining a strong culture and commitment to client impact as key differentiators [11][13] Other Important Information - The company achieved a full-year underlying earnings growth of 9% and concluded 2025 with over CAD 1.6 trillion in overall assets under management [12][13] - The company launched a fully digital group retirement solution, Sun Life Essentials, to capture market share in the small to medium business segment [10] Q&A Session Summary Question: Regarding stop-loss experience and future improvements - Management noted a modest improvement in the loss ratio and expressed confidence heading into 2026 [33][36] Question: On pricing increases in stop-loss - Management confirmed a 17% average price increase on renewal business, which aligns with target margins [40][42] Question: Capital deployment strategy and buybacks - Management emphasized a disciplined approach to capital deployment, prioritizing organic growth and completing private asset affiliate purchases before resuming share buybacks [49][50] Question: Strategy for growth in the dental market - Management highlighted a strong distribution footprint and growth in the commercial dental segment, expecting continued expansion [60][61] Question: Future growth expectations in Asia - Management anticipates moderation in growth rates but remains optimistic about performance in Hong Kong and other markets like Indonesia [69]

Financial Data and Key Metrics Changes - Underlying net income reached CAD 1.1 billion, contributing to underlying earnings per share growth of 17% year-over-year and underlying return on equity of 19.1% [4][14] - Total company reported net income was CAD 722 million, 34% lower than underlying net income, primarily due to market-related impacts [16] - Full-year underlying earnings growth was 9%, with underlying EPS growth at 12% and a dividend payout ratio of 47% [12][28] Business Line Data and Key Metrics Changes - Asset management and wealth underlying earnings were CAD 534 million, up 10% year-over-year, driven by lower credit losses and higher fee income [14] - Group Health and Protection underlying earnings increased by 16% year-over-year to CAD 308 million, with strong performance in the U.S. medical stop-loss business [15] - Individual protection underlying net income rose 17% to CAD 362 million, driven by business growth and favorable mortality experience [15] Market Data and Key Metrics Changes - In Asia, protection sales grew by 50% year-over-year, with standout markets being Hong Kong and Indonesia, where sales more than doubled and grew by 43% respectively [7][25] - U.S. Group Health and Protection sales increased by 45% year-over-year, primarily driven by record medical stop-loss sales [24] - MFS reported net outflows of approximately CAD 18.2 billion, with retail outflows of CAD 9.8 billion and institutional outflows of CAD 8.5 billion [18] Company Strategy and Development Direction - The company is focused on a balanced and diversified growth strategy, with a commitment to digital transformation and enhancing client experiences [10][11] - Plans to complete the buyouts of BGO and Crescent Capital in the first half of 2026, which will deepen ownership in high-performing businesses [20] - The introduction of a management equity plan for SLC aims to motivate and retain talent in the alternative asset management space [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the business mix and disciplined execution of long-term strategies, despite a complex operating environment [13] - The company anticipates continued growth in 2026, supported by strong organic capital generation and an industry-leading LICAT ratio of 157% [28] - Management highlighted the importance of maintaining pricing discipline in the stop-loss business and the positive impact of a hardening market [35] Other Important Information - The company achieved Great Place to Work recertification in nine countries, emphasizing its commitment to culture and employee satisfaction [11] - The asset management platform ended the year with CAD 1.2 trillion of third-party assets under management and administration [12] Q&A Session Summary Question: Stop-loss experience and future improvements - Management noted a modest improvement in the loss ratio and expressed optimism heading into 2026, maintaining pricing discipline [32] Question: Sales growth in stop-loss and dental products - Management confirmed that sales growth reflects seasonality and pricing discipline, with a large Medicaid contract returning in 2026 [33] Question: Excess capital and buyback strategy - Management emphasized a disciplined approach to capital deployment, prioritizing organic investments and completing private asset affiliate purchases before resuming share buybacks [46][70] Question: Strategy in the stop-loss market amid competition - Management highlighted their scale and capabilities as key advantages, allowing them to grow in a hardening market while maintaining low loss ratios [54][56] Question: Growth expectations in Asia - Management expects continued good performance in Hong Kong and growth opportunities in Indonesia, despite tough comparisons [66]

Q4'25 financial & operating results For the period ended December 31, 2025 Sun Life Financial Inc. (unaudited) In this presentation, Sun Life Financial Inc. ("SLF" or "SLF Inc."), its subsidiaries and, where applicable, its joint ventures and associates are collectively referred to as "we", "us", "our", "Sun Life" and the "Company". Reported net income (loss) refers to Common shareholders' net income (loss) determined in accordance with IFRS. Forward-looking statements Certain statements in this presentatio ...

Core Insights - Sun Life Financial Inc. (SLF) reported a fourth-quarter 2025 underlying net income of $1.41 per share, exceeding the Zacks Consensus Estimate by 4.4%, with a year-over-year increase of 17.5% [1] - The underlying net income totaled $784.6 million (C$1 billion), reflecting a 13.7% year-over-year growth, driven by strong performance in asset management, wealth, group health and protection, and individual protection [1] - Revenues rose 16.5% year over year to $6.2 billion [1] Wealth Sales & Asset Management - Wealth sales and asset management gross flows decreased by 1.6% year over year to $42.9 billion (C$59.8 billion) [2] - The new business contractual service margin was $315 million (C$440 million), marking a 44% increase year over year [2] Segment Results - SLF Canada's underlying net income increased by 14.2% year over year to $299 million (C$417 million), supported by improved performance in wealth and asset management, group health and protection, and individual protection [3] - Wealth sales and asset management gross flows in Canada reached $5 billion (C$7 billion), up 42% year over year [3] U.S. Performance - SLF U.S. reported an underlying net income of $210 million, a 30.4% increase year over year, attributed to strong results in group health and protection as well as individual protection [4] - U.S. group sales rose by 45% to $1.2 billion, driven by medical stop-loss and large case employee benefits sales in group benefits, along with higher Medicaid sales in dental [4] Asset Management - SLF Asset Management's underlying net income was $265 million (C$370 million), growing by 3.1% year over year, primarily due to higher fee income from increased assets under management (AUM) [5] - Asset Management AUM reached $827 billion (C$1,154 billion), reflecting a 6.1% year-over-year increase [5] Asia Performance - SLF Asia's underlying net income was $148.4 million (C$207 million), an 18.7% year-over-year increase, driven by better results in individual protection [5] - Individual sales in Asia amounted to $641 million (C$894 million), up 49.4%, with significant growth in Hong Kong and contributions from India and Indonesia [6] Financial Update - Total assets under management stood at $1.1 trillion (C$1,604.9 billion), remaining flat year over year [8] - The Life Insurance Capital Adequacy Test (LICAT) ratio for Sun Life Assurance was 140% as of December 31, 2025, down 600 basis points from the previous year [8] - Sun Life Financial's overall LICAT ratio was 157%, an increase of 500 basis points year over year [8] Dividend Update - The board of directors approved a quarterly dividend of $0.92 per share, to be paid on March 31 to shareholders of record as of February 25 [11] Performance Metrics - The underlying return on equity expanded to 19.1%, an increase of 260 basis points year over year [10] - The leverage ratio deteriorated to 23.5%, down 340 basis points year over year [10] - Sun Life's return on equity for 2025 was 15.1%, up 150 basis points year over year [10]

Core Viewpoint - Viking Therapeutics plans to advance its experimental oral obesity drug into late-stage trials later this year, indicating a significant step in its development pipeline [1]. Company Summary - Viking Therapeutics is focusing on the advancement of its oral obesity drug, which is currently in the experimental phase [1]. Industry Context - The move to late-stage trials reflects the growing interest and investment in obesity treatments within the pharmaceutical industry, as companies seek to address the rising prevalence of obesity globally [1].

Core Viewpoint - Sun Life Financial Inc. has declared dividends for both common and preferred shares, maintaining the same dividend amount as the previous quarter, indicating stability in its financial performance [1]. Dividend Declaration - A dividend of $0.92 per common share has been declared, payable on March 31, 2026, to shareholders of record as of February 25, 2026, which is unchanged from the previous quarter [1]. - Dividends for Class A Non-Cumulative Preferred Shares include: - Series 3: $0.278125 per share - Series 4: $0.278125 per share - Series 5: $0.281250 per share - Series 8R: $0.264375 per share - Series 9QR: $0.223644 per share - Series 10R: $0.185438 per share - Series 11QR: $0.270493 per share All preferred share dividends are also payable on March 31, 2026, to shareholders of record as of February 25, 2026 [1]. Company Overview - Sun Life Financial Inc. is a leading international financial services organization that provides asset management, wealth, insurance, and health solutions to both individual and institutional clients [1]. - The company operates in various global markets, including Canada, the U.S., the U.K., Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia, and Bermuda [1]. - As of December 31, 2025, Sun Life had total assets under management amounting to $1.60 trillion [1].

Core Insights - Sun Life Financial Inc. reported strong financial results for Q4 and full year 2025, with underlying net income reaching $1,094 million, a 13% increase from Q4 2024, and a full year increase of 9% to $4,201 million [1][2][6] - The company achieved an underlying EPS of $1.96 for Q4 2025, up 17% year-over-year, and $7.45 for the full year, reflecting a 12% increase [1][2][6] - The underlying return on equity (ROE) was 19.1% for Q4 and 18.2% for the full year, indicating strong profitability [1][2][6] Financial Performance - Reported net income for Q4 2025 was $722 million, a significant increase of 205% from the previous year, driven by favorable market conditions and improved operational performance [2][6] - The company’s total assets under management (AUM) reached $1,605 billion, a 4% increase from the previous year [1][2][6] - The Life Insurance Capital Adequacy Test (LICAT) ratio stood at 157%, reflecting strong financial stability [1][2][6] Business Segment Highlights Asset Management - Underlying net income from Asset Management was $370 million, a 3% increase year-over-year, with gross flows decreasing by 7% to $59,861 million [2][3][6] - MFS experienced net inflows of US$5.5 billion in fixed income, while SLC Management faced net outflows of $19.5 billion [2][3][6] Canada - Canada segment reported underlying net income of $417 million, a 14% increase, driven by favorable insurance experience and growth in asset management [3][4][6] - Individual Protection sales decreased by 6%, while Group Health & Protection sales increased by 8% [3][4][6] U.S. - U.S. underlying net income rose to US$150 million, a 30% increase, supported by improved medical stop-loss morbidity experience [3][4][6] - Group sales in the U.S. increased by 45%, primarily due to strong performance in medical stop-loss and large case employee benefits [3][4][6] Asia - Asia segment's underlying net income increased by 18% to $207 million, driven by strong sales momentum and favorable mortality experience [3][4][6] - Individual sales in Asia rose by 49%, with significant contributions from India and Indonesia [3][4][6] Strategic Developments - Sun Life is restructuring its asset management operations to enhance growth across its insurance and wealth businesses, effective January 1, 2026 [3][4][6] - The company has launched initiatives to improve client experience, including enhanced digital capabilities and automated claims processes [3][4][6]