Financial Data and Key Metrics Changes - In 2025, the company achieved record financial results with Distributable Earnings before realizations of $5.4 billion, representing an 11% increase over the prior year, and total Distributable Earnings of $6 billion [7][15] - The total net income for the year was $3.2 billion, with Distributable Earnings per share of $2.27 before realizations and $2.54 including realizations [15] - The company raised $112 billion of capital during the year, with fee-bearing capital increasing by 12% to over $600 billion, driving a 22% increase in Fee-Related Earnings to $3 billion [15][16] Business Line Data and Key Metrics Changes - The Asset Management business generated $2.8 billion of Distributable Earnings, or $1.17 per share, reflecting strong investor demand for fund offerings [15] - The Wealth Solutions business delivered $1.7 billion of Distributable Earnings, a 24% increase over the prior year, driven by $20 billion of annuity sales and improved profitability in the P&C business [16][24] - Operating businesses generated Distributable Earnings of $1.6 billion, supported by strong fundamentals across the platform, with Renewable Power and Transition and Infrastructure businesses seeing a 14% increase in Operating Funds from Operations [17] Market Data and Key Metrics Changes - The market environment showed strong business fundamentals, with improved capital markets and increased transaction activity, leading to expectations that real assets will continue to outperform [8][11] - In the real estate sector, nearly 17 million square feet of office leases were signed globally, with net rents averaging 18% higher than expiring leases [18] - The company’s Super Core and Core Plus portfolios finished the year with over 95% occupancy, poised for robust NOI growth in 2026 [19] Company Strategy and Development Direction - The company is focused on streamlining and consolidating its market capitalizations, with plans to merge Brookfield Corporation with its sister insurance entity, BNT, to enhance growth potential [12][13] - The strategic initiatives advanced in 2025 are expected to fuel meaningful momentum, with a strong capital base of $180 billion and significant access to capital [22][14] - The company aims to maintain a long-term focus on value creation, emphasizing the importance of avoiding disruption to the compounding process [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver financial results and compound value for shareholders, anticipating 2026 to be another strong year [14] - The company highlighted the importance of maintaining excess capital to navigate market cycles and capitalize on investment opportunities [10] - Management noted that the current market sentiment is beginning to realign with strong underlying fundamentals, particularly in real estate [11] Other Important Information - The company returned $1.6 billion to shareholders in 2025 through dividends and share buybacks, repurchasing over $1 billion of Class A shares at a significant discount to intrinsic value [21] - A 17% increase in the quarterly dividend to $0.07 per share was declared, reflecting a commitment to returning capital to shareholders while maintaining a low payout ratio [23][66] Q&A Session Summary Question: Scaling the P&C business and its profitability - Management discussed the repositioning of the P&C business to generate strong profits and the potential for M&A opportunities as markets soften, with a target of $20 billion-$25 billion of float by the end of the decade [32][35] Question: Decision to simplify the structure and collapse BNT - Management explained that the decision to streamline and simplify the structure is based on the evolution of public markets and the growth potential of the insurance business, aiming to fully benefit from the broader capital base [38][41] Question: Outlook for the Carry into 2026 - Management indicated a strong pipeline for monetizations and expects an increase in Carry realizations in the second half of the year, with good valuations for assets being brought to market [62][63] Question: Dividend increase and its implications - Management clarified that the 17% dividend increase is not a shift in strategy but a result of share splits and a low payout ratio, maintaining a focus on reinvesting capital back into the business [66][67]

Financial Data and Key Metrics Changes - Primerica reported a record year in 2025 with a 10% increase in adjusted net operating income to $751 million and a 16% increase in diluted adjusted operating income per share to $22.92 [5][14] - The company achieved a 16% increase in fourth quarter adjusted net operating income and a 22% increase in diluted adjusted operating income per share [4][14] - The return on adjusted equity (ROAE) increased by 200 basis points to 33.1% [14] Business Line Data and Key Metrics Changes - Term life insurance sales faced challenges with a 10% decline in new policies issued for the full year compared to record levels in 2024, while estimated annualized issued term life premiums declined by 7% [8][10] - Investment and savings product (ISP) sales grew significantly, with fourth quarter sales of $4.1 billion, up 24% year-over-year, and full year sales of $14.9 billion, also up 24% [9][10] - The ISP segment represented 38% of consolidated operating revenues in 2025, up from 32% in 2022 [18] Market Data and Key Metrics Changes - Client asset values reached $129 billion, a 15% increase compared to the previous year, supported by solid annual net inflows of $1.7 billion [11] - The company ended the year with nearly 3,500 licensed representatives in the U.S. who closed over $500 million in mortgage loans, a 26% increase year-over-year [12] Company Strategy and Development Direction - Primerica aims to grow across all major product lines while strengthening recruiting and licensing to expand its distribution footprint [12] - The company is optimistic about the opportunities in 2026, focusing on accelerating momentum and improving productivity through targeted sales training [9][13] - The management emphasizes the importance of building relationships with clients, which is seen as a competitive advantage against emerging technologies like AI [41][43] Management's Comments on Operating Environment and Future Outlook - Management noted that cost of living pressures are beginning to ease, which may improve purchasing power for middle-income families [30][46] - The company maintains a conservative outlook for term life policy growth in 2026, projecting a 2%-3% increase [9][18] - Management expressed confidence in the ISP segment's continued growth, driven by favorable demographic trends and strong demand for retirement solutions [10][11] Other Important Information - Primerica returned approximately 79% of net operating income to shareholders through share repurchases and dividends, indicating a capital-light approach to capital deployment [23] - The company is investing in technology to enhance operational efficiency and support growth in its securities business [82] Q&A Session Summary Question: What is driving the term sales outlook for 2026? - Management anticipates increasing momentum as economic conditions improve, particularly for middle-income families [29][31] Question: Why are term life and ISP showing diverging trends? - Different segments of the middle-income market react differently to economic conditions, with ISP benefiting from money in motion towards retirement accounts [32][33] Question: What is the potential impact of AI on the business model? - Management views AI as an opportunity to improve efficiencies and enhance the sales process, while emphasizing the importance of personal relationships with clients [41][43] Question: What distractions are being seen in the middle market? - Cost of living pressures and economic uncertainties have been distractions, but there are signs of improvement in purchasing power [45][46] Question: What is the outlook for recruiting and sales force growth? - Management believes there is significant market potential and expects to see growth in the sales force, although it may take time to see results [58][59]

Financial Data and Key Metrics Changes - In 2025, the company achieved record financial results with distributable earnings before realizations of $5.4 billion, representing an 11% increase over the prior year, and total distributable earnings of $6 billion [7][15] - The total net income for the year was $3.2 billion, with a fee-related earnings increase of 22% to $3 billion [15][21] - The company raised $112 billion of capital during the year, reflecting continued investor demand for its fund offerings [15][21] Business Line Data and Key Metrics Changes - The asset management business generated $2.8 billion of distributable earnings, or $1.17 per share, while the wealth solutions business delivered $1.7 billion of distributable earnings, representing a 24% increase over the prior year [15][16] - The operating businesses generated distributable earnings of $1.6 billion, or $0.68 per share, supported by strong underlying fundamentals [17] - The insurance asset base grew to $145 billion, with $20 billion of annuity sales during the year [6][16] Market Data and Key Metrics Changes - The market environment showed strong business fundamentals, with improved capital markets and a return of liquidity in both debt and equity markets [8] - The company signed nearly 17 million square feet of office leases globally, with net rents averaging 18% higher than expiring leases [18] - In major global markets, tenant demand has continued to grow, translating into strong leasing activity and meaningful rent growth for high-quality assets [19] Company Strategy and Development Direction - The company is focused on streamlining and consolidating its market capitalizations, with plans to merge Brookfield Corporation with its paired sister insurance entity, BNT [12][13] - The strategic initiatives advanced in 2025 are expected to fuel meaningful momentum, with a strong liquidity position and multiple avenues for growth [22] - The company aims to maintain excess capital to navigate market cycles and focus on long-term value creation [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to continue delivering financial results and compounding value for shareholders, anticipating 2026 to be another strong year [14] - The company highlighted the importance of avoiding disruption to the compounding process and maintaining a long-term investment mindset [9][10] - Management noted that the real estate market is beginning to realign with fundamentals, with muted new supply and growing demand [11] Other Important Information - The company returned $1.6 billion to shareholders in 2025 through dividends and share buybacks, repurchasing more than $1 billion of Class A shares [21] - A 17% increase in the quarterly dividend to $0.07 per share was declared, reflecting a commitment to returning capital to shareholders [23] Q&A Session Summary Question: Scaling the P&C business and its profitability - Management discussed the challenges of acquiring businesses in a hard market and the strategy to reposition them for future growth, indicating a strong outlook for the protection business [32][34] Question: Decision to simplify the structure and collapse BNT - Management explained that the decision to streamline was based on the evolution of public markets and the growth potential of the insurance business, aiming for a single listed entity [38][41] Question: Outlook for the P&C business and its size relative to life and annuity - Management indicated a path to significantly increase the float of the protection business, projecting growth to $20 billion-$25 billion by the end of the decade [35] Question: Dividend increase and its implications - Management clarified that the dividend increase was not a shift in strategy but a result of share splits and a low payout ratio, maintaining a focus on reinvesting capital [66][67] Question: Growth initiatives in Asia and Europe - Management highlighted ongoing efforts in Japan and other Asian markets, while noting the regulatory challenges in Europe that would require a cautious approach [59][60]

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 ...

Financial Data and Key Metrics Changes - In 2025, the company raised $112 billion of capital and generated record financial results with distributable earnings before realizations of $5.4 billion, representing an 11% increase over the prior year [5][13] - Total distributable earnings reached $6 billion, or $2.54 per share, with total net income of $3.2 billion for the year [13] - Fee-bearing capital increased by 12% to over $600 billion, driving a 22% increase in fee-related earnings to $3 billion [14] Business Line Data and Key Metrics Changes - The asset management business generated $2.8 billion of distributable earnings, or $1.17 per share, while the wealth solutions business delivered $1.7 billion of distributable earnings, representing a 24% increase over the prior year [14][22] - Operating businesses generated distributable earnings of $1.6 billion, or $0.68 per share, supported by strong underlying fundamentals [15] Market Data and Key Metrics Changes - The real estate business saw strong leasing activity, signing nearly 17 million sq ft of office leases globally, with net rents averaging 18% higher than expiring leases [16] - In major markets like New York, Canada, and London, leasing activity resulted in rents significantly higher than those expiring, indicating strong demand from credit-worthy tenants [17] Company Strategy and Development Direction - The company is focused on streamlining its structure by merging Brookfield Corporation with its paired sister insurance entity, BNT, to enhance growth potential and simplify access for investors [11][12] - The strategy emphasizes long-term value creation, maintaining excess capital to navigate market cycles, and investing in high-quality real estate and other assets [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted that business fundamentals are strong, with improved capital markets and liquidity, leading to increased transaction activity [7] - The company is confident in its ability to deliver financial results and compound value for shareholders, projecting 2026 to be another strong year [12] Other Important Information - The company returned $1.6 billion to shareholders in 2025 through dividends and share buybacks, repurchasing over $1 billion of Class A shares at a significant discount to intrinsic value [19] - The board declared a 17% increase in the quarterly dividend to $0.07 per share, reflecting confidence in future cash flow growth [21] Q&A Session Summary Question: Scaling the P&C business and its profitability - Management discussed the strong outlook for the protection business, emphasizing the potential for M&A and organic growth as markets soften [31][34] Question: Decision to simplify the structure and collapse BNT - Management explained that the decision to streamline was based on the evolution of public markets and the growth potential of the insurance business, which has become more integrated with the corporation [37][40] Question: Outlook for the protection franchise and ROE - Management highlighted the focus on diversifying product types and geographic expansion to maintain strong returns on equity [41][42] Question: Implications of P&C growth on the overall platform - Management noted that while the P&C business requires capital to grow, it does not have the same operating leverage as the annuity business, allowing for strategic capital allocation [46][48] Question: Performance of the North American residential portfolio - Management indicated that Q4 performance was influenced by seasonality and a one-time gain, with expectations for improved performance as housing shortages persist [70][72] Question: Dividend increase and its implications - Management clarified that the dividend increase was not a shift in strategy but a result of share splits and a low payout ratio [63][64]

Financial Data and Key Metrics Changes - Primerica reported a record year in 2025 with a 10% increase in adjusted net operating income to $751 million and a 16% increase in diluted adjusted operating income per share to $22.92 [5][14] - The company achieved a 16% increase in fourth quarter adjusted net operating income and a 22% increase in diluted adjusted operating income per share [4] - Record adjusted operating revenues reached $3.3 billion, up 8% year-over-year, and record net operating income was $761 million, up 10% [14] Business Line Data and Key Metrics Changes - Term life insurance sales faced challenges with a 10% decline in new policies issued for the full year compared to record levels in 2024, while estimated annualized issued term life premiums declined 7% [7][10] - Investment and savings product (ISP) sales grew significantly, with fourth quarter sales of $4.1 billion, up 24% year-over-year, and total annual sales of $14.9 billion, also up 24% [9][10] - Client asset values increased by 15% to $129 billion, supported by strong annual net inflows of $1.7 billion [11] Market Data and Key Metrics Changes - The U.S. market saw nearly 3,500 licensed representatives close over $500 million in mortgage loans, a 26% increase from 2024 [12] - Canadian clients experienced over 18% growth in mortgage volume year-over-year [12] Company Strategy and Development Direction - The company aims to grow its sales force by approximately 1% in 2026, focusing on improving recruiting and licensing efforts [5][6] - Primerica is investing in technology and training to enhance sales processes and improve productivity among representatives [40][80] - The company plans to maintain a conservative outlook for policy growth in 2026, projecting a 2%-3% increase in term life sales [9][18] Management's Comments on Operating Environment and Future Outlook - Management noted that cost of living pressures are beginning to ease, which may improve purchasing power for middle-income families [30][45] - The company anticipates a gradual normalization of persistency rates as economic conditions stabilize [17] - Management expressed optimism about the ISP segment's growth potential, driven by favorable demographic trends and increasing demand for retirement solutions [10][15] Other Important Information - Primerica returned approximately 79% of net operating income to shareholders through share repurchases and dividends, indicating a disciplined approach to capital deployment [22][23] - The company maintains a strong financial position with $521 million in cash and invested assets [22] Q&A Session Summary Question: What is driving the term sales outlook of 2%-3% growth for 2026? - Management indicated that improving purchasing power for middle-income families and easing economic uncertainties are expected to drive sales momentum [28][30] Question: Why are term life and ISP showing diverging trends? - Management explained that different segments of the middle-income market react differently to economic conditions, with ISP benefiting from money in motion towards retirement accounts [32][33] Question: What is the potential impact of AI on the business model? - Management views AI as an opportunity to improve efficiencies and reshape workflows, enhancing the sales process without threatening the relationship-based model [39][42] Question: What distractions are being observed in the middle market? - Management noted that tight budgets and economic uncertainties have been distractions, but there are signs of improvement as cost pressures ease [44][45] Question: What is the outlook for term life margin? - Management expects the term life operating margin to be around 21% for the year, with stable benefit and claims ratios [18][67]

Core Insights - Manulife Financial Corporation (MFC) reported fourth-quarter 2025 core earnings of 80 cents per share, exceeding the Zacks Consensus Estimate by 5.2% and reflecting an 8.1% year-over-year improvement [1][10] Financial Performance - Core earnings totaled $1.4 billion (C$1.9 billion), driven by business growth in Asia, Global Wealth and Asset Management (WAM), and Canada, though partially offset by unfavorable life insurance claims in the U.S. and lower investment spreads [2] - New business value (NBV) for the quarter was $626 million (C$874 million), a 4.1% increase year over year, attributed to a favorable business mix and margin improvements [3] - Annualized premium equivalent (APE) sales decreased by 1% year over year [3] - Wealth and asset management assets under management reached $799.7 billion (C$1,115 billion), marking a 13% year-over-year increase, despite net outflows of $6.8 billion (C$9.5 billion) [4] Segment Performance - Global Wealth and Asset Management's core earnings were $351 million (C$490 million), up 2.3% year over year, supported by higher net fee income and expense discipline [6] - Asia division's core earnings rose to $563 million (C$785 million), a 65% increase year over year, with NBV margin improving to 41.2% [7] - Canada division's core earnings increased to $296 million (C$413 million), up 6.4% year over year, driven by favorable insurance experience and business growth [8] - The U.S. division reported core earnings of $228 million (C$319 million), an 8.5% year-over-year increase, with APE sales and NBV rising by 9% and 8%, respectively [9] Return Metrics - Core return on equity expanded by 60 basis points year over year to 17.1% [5] - Adjusted book value per common share increased by 5.5% year over year to $38.27 [5] Dividend Update - The board approved a 10.2% increase in the quarterly dividend to 48.5 cents, payable to shareholders of record as of February 25, 2026 [11]

Core Insights - A significant majority of Americans, 64%, express greater concern about depleting their financial resources than about death itself, highlighting a critical issue in retirement planning [2] - Nearly half of retirees experience anxiety regarding their spending habits during retirement, with 54% of pre-retirees fearing they will outlive their savings [2][6] Behavioral Insights - Behavioral economics identifies "loss aversion" as a key factor affecting retirees' spending behavior, where the discomfort of seeing account balances decrease outweighs the enjoyment of spending, even if it is planned [3] - Research indicates that retirees prefer to spend income received as paychecks (e.g., Social Security, pensions) rather than withdrawing from investment accounts, which contributes to their spending anxiety [3] Spending Patterns - Retirees with a higher proportion of annuitized income tend to spend more compared to those with similar amounts in non-annuitized assets, suggesting that guaranteed income sources encourage higher spending [4][6] Psychological Factors - Financial stress is a prevalent issue across age groups, with older adults particularly concerned about health expenses and fixed incomes, which can exacerbate anxiety [5] - A study indicates that perceived financial security and confidence about the future have a stronger correlation with mental health than actual income levels, emphasizing the importance of feeling secure in retirement [5]

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 Insights - The Insurance Accounting & Systems Association (IASA) has opened registration for IASA Xchange™ 2026, which is scheduled to take place from June 7 to June 9 in New Orleans [1] Group 1 - IASA Xchange™ 2026 is a significant event for the insurance industry, focusing on accounting and systems [1] - The event will provide a platform for industry professionals to network and share insights [1] - Registration is now available, indicating the event's approach and preparation [1]