NYSE : SLF
Sun Life Financial Inc. — Financial statements
Financials · Insurance - Diversified · Canada
Last price 81.58 USD (Oct 30, 2026, 9:49 AM EDT) · Market cap 45.47B
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Financial statements
Income statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 24.39B | 23.98B | 22.64B | 21.36B | 18.90B | 23.05B |
| Total Interest & Dividend Income | 2.21B | 2.16B | 2.28B | 1.99B | 1.57B | 6.27B |
| Gain (Loss) on Sale of Investments | -1.64B | |||||
| Other Revenue | 8.93B | 8.74B | 8.19B | 7.50B | 7.29B | 8.00B |
| Total Revenue | 35.53B | 34.88B | 33.10B | 30.85B | 27.77B | 35.69B |
| Policy Benefits | 19.31B | 19.01B | 17.99B | 17.32B | 13.69B | 21.21B |
| Policy Acquisition & Underwriting Costs | 1.70B | 1.70B | 1.60B | 1.38B | 1.16B | |
| Selling, General & Administrative | 9.49B | 8.94B | 8.56B | 7.99B | 8.74B | 11.81B |
| Reinsurance Income or Expense | 2.42B | |||||
| Total Operating Expenses | 30.50B | 29.64B | 28.15B | 26.69B | 23.60B | 30.59B |
| Operating Income | 5.03B | 5.24B | 4.95B | 4.16B | 4.17B | 5.10B |
| Interest Expense | -558.00M | -526.00M | -664.00M | -552.00M | -445.00M | -327.00M |
| Currency Exchange Gain (Loss) | -20.00M | -20.00M | 49.00M | -23.00M | 5.00M | |
| Other Non Operating Income (Expenses) | 67.00M | |||||
| EBT Excluding Unusual Items | 4.45B | 4.69B | 4.33B | 3.65B | 3.73B | 4.77B |
| Impairment of Goodwill | -170.00M | |||||
| Gain (Loss) on Sale of Assets | 102.00M | |||||
| Asset Writedown | -88.00M | -88.00M | -201.00M | -5.00M | -18.00M | -9.00M |
| Other Unusual Items | 163.00M | |||||
| Pretax Income | 4.36B | 4.60B | 4.30B | 3.75B | 3.54B | 4.76B |
| Income Tax Expense | 963.00M | 1.02B | 1.04B | 461.00M | 546.00M | 727.00M |
| Earnings From Continuing Ops. | 3.40B | 3.59B | 3.26B | 3.29B | 3.00B | 4.04B |
| Minority Interest in Earnings | -16.00M | -37.00M | -128.00M | -126.00M | -56.00M | |
| Net Income | 3.38B | 3.55B | 3.13B | 3.17B | 2.94B | 4.04B |
| Preferred Dividends & Other Adjustments | 82.00M | 79.00M | 80.00M | 79.00M | 70.00M | 101.00M |
| Net Income to Common | 3.30B | 3.47B | 3.05B | 3.09B | 2.87B | 3.93B |
| Shares Outstanding (Basic) | 556.00M | 563.00M | 579.00M | 586.00M | 586.00M | 586.00M |
| Shares Outstanding (Diluted) | 560.50M | 566.00M | 582.00M | 589.00M | 589.00M | 590.00M |
| EPS (Basic) | 5.94 | 6.17 | 5.27 | 5.27 | 4.90 | 6.71 |
| EPS (Diluted) | 5.91 | 6.15 | 5.26 | 5.26 | 4.89 | 6.68 |
| Free Cash Flow | 4.54B | 2.65B | 2.39B | 5.44B | 4.31B | -1.94B |
| Free Cash Flow Per Share | 8.10 | 4.69 | 4.11 | 9.24 | 7.32 | -3.29 |
| Dividend Per Share | 3.68 | 3.52 | 3.24 | 3.00 | 2.76 | 2.31 |
| Operating Margin | 14.15% | 15.02% | 14.95% | 13.49% | 15.02% | 14.29% |
| Profit Margin | 9.29% | 9.95% | 9.21% | 10.00% | 10.34% | 11.02% |
| Free Cash Flow Margin | 12.78% | 7.61% | 7.22% | 17.63% | 15.53% | -5.43% |
| EBITDA | 5.49B | 5.75B | 5.47B | 4.64B | 4.59B | 5.46B |
| EBITDA Margin | 15.46% | 16.49% | 16.53% | 15.05% | 16.52% | 15.29% |
| D&A For EBITDA | 464.00M | 513.00M | 521.00M | 480.00M | 415.00M | 359.00M |
| EBIT | 5.03B | 5.24B | 4.95B | 4.16B | 4.17B | 5.10B |
| EBIT Margin | 14.15% | 15.02% | 14.95% | 13.49% | 15.02% | 14.29% |
| Effective Tax Rate | 22.08% | 22.07% | 24.20% | 12.29% | 15.41% | 15.27% |
| Revenue as Reported | 35.69B |
Balance sheet
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 13.18B | 13.02B | 13.85B | 14.31B | 16.55B | 12.73B |
| Investments in Equity & Preferred Securities | 1.91B | 1.76B | 1.90B | 1.73B | 1.65B | 1.57B |
| Policy Loans | 3.26B | |||||
| Other Investments | 12.63B | 19.53B | 17.05B | 12.36B | 11.26B | 8.78B |
| Total Investments | 153.78B | 142.34B | 134.93B | 120.94B | 121.19B | 139.85B |
| Cash & Equivalents | 8.89B | 9.69B | 10.13B | 11.17B | 9.38B | 7.83B |
| Reinsurance Recoverable | 6.43B | 6.14B | 6.32B | 5.79B | 6.12B | 3.68B |
| Other Receivables | 46.26B | 51.20B | 47.45B | 44.18B | 40.53B | 39.58B |
| Deferred Policy Acquisition Cost | 142.00M | 157.00M | 152.00M | 158.00M | 172.00M | |
| Separate Account Assets | 182.24B | 166.57B | 148.79B | 128.45B | 125.29B | 140.00B |
| Property, Plant & Equipment | 1.44B | 1.40B | 1.45B | 1.36B | 1.31B | |
| Goodwill | 9.73B | 9.53B | 9.46B | 8.97B | 8.71B | 6.52B |
| Other Intangible Assets | 5.15B | 5.16B | 5.06B | 5.17B | 4.72B | 3.37B |
| Other Current Assets | 1.62B | 2.26B | 2.92B | 2.90B | 2.48B | 1.05B |
| Long-Term Deferred Tax Assets | 4.08B | 3.80B | 3.91B | 3.88B | 3.47B | 1.85B |
| Other Long-Term Assets | 7.14B | 199.00M | 213.00M | 185.00M | 208.00M | 176.00M |
| Total Assets | 425.33B | 398.45B | 370.72B | 333.24B | 323.61B | 345.37B |
| Accounts Payable | 2.14B | 2.56B | 2.49B | 2.35B | 1.87B | |
| Accrued Expenses | 5.15B | 4.90B | 4.43B | 4.00B | 4.26B | |
| Insurance & Annuity Liabilities | 166.33B | 155.91B | 147.27B | 135.67B | 131.29B | 147.81B |
| Reinsurance Payable | 2.33B | 2.05B | 1.82B | 1.62B | 1.60B | |
| Current Portion of Long-Term Debt | 1.75B | 2.13B | 2.33B | 2.34B | 441.00M | |
| Current Portion of Leases | 167.00M | 166.00M | 188.00M | 168.00M | 151.00M | |
| Short-Term Debt | 24.00M | 2.95B | 3.02B | 2.71B | 2.73B | 2.46B |
| Long-Term Debt | 15.50B | 17.39B | 14.68B | 12.97B | 13.46B | 11.21B |
| Long-Term Leases | 757.00M | 780.00M | 801.00M | 784.00M | 699.00M | |
| Long-Term Deferred Tax Liabilities | 298.00M | 301.00M | 286.00M | 281.00M | 468.00M | 322.00M |
| Separate Account Liability | 182.24B | 166.57B | 148.79B | 128.45B | 125.29B | 140.00B |
| Other Long-Term Liabilities | 31.85B | 17.50B | 17.84B | 16.74B | 15.95B | 7.55B |
| Total Liabilities | 398.57B | 372.96B | 344.59B | 309.04B | 300.72B | 317.30B |
| Preferred Stock, Redeemable | 2.24B | 2.24B | 2.24B | 2.24B | 2.24B | 2.24B |
| Common Stock | 7.94B | 7.90B | 8.19B | 8.33B | 8.31B | 8.30B |
| Additional Paid-In Capital | 546.00M | 81.00M | 95.00M | 94.00M | 90.00M | 71.00M |
| Retained Earnings | 13.09B | 12.93B | 12.82B | 12.16B | 11.73B | 14.71B |
| Comprehensive Income & Other | 2.75B | 2.08B | 2.71B | 1.22B | 428.00M | 2.69B |
| Total Common Equity | 24.32B | 22.99B | 23.81B | 21.80B | 20.56B | 25.77B |
| Minority Interest | 199.00M | 264.00M | 76.00M | 161.00M | 90.00M | 59.00M |
| Shareholders' Equity | 26.76B | 25.49B | 26.13B | 24.20B | 22.89B | 28.07B |
| Total Liabilities & Equity | 425.33B | 398.45B | 370.72B | 333.24B | 323.61B | 345.37B |
| Filing Date Shares Outstanding | 556.86M | 553.87M | 572.86M | 584.63M | 586.40M | 586.00M |
| Total Common Shares Outstanding | 553.70M | 553.80M | 573.90M | 584.60M | 586.40M | 586.00M |
| Total Debt | 15.52B | 23.01B | 20.77B | 18.99B | 19.49B | 14.96B |
| Net Cash (Debt) | -6.63B | -13.33B | -10.64B | -7.82B | -10.11B | -7.13B |
| Net Cash Per Share | -11.83 | -23.54 | -18.28 | -13.28 | -17.16 | -12.08 |
| Book Value Per Share | 43.93 | 41.51 | 41.50 | 37.29 | 35.06 | 43.98 |
| Tangible Book Value | 9.44B | 8.30B | 9.30B | 7.66B | 7.13B | 15.89B |
| Tangible Book Value Per Share | 17.04 | 14.99 | 16.20 | 13.10 | 12.16 | 27.11 |
Cash flow statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 3.38B | 3.55B | 3.13B | 3.17B | 2.94B | 4.04B |
| Depreciation & Amortization | 464.00M | 513.00M | 521.00M | 480.00M | 415.00M | 359.00M |
| Other Amortization | 178.00M | 178.00M | 218.00M | 113.00M | 113.00M | 79.00M |
| Gain (Loss) on Sale of Investments | -2.08B | -765.00M | 129.00M | -4.66B | 26.58B | 1.64B |
| Reinsurance Recoverable | 167.00M | 25.00M | -136.00M | 10.00M | 593.00M | 86.00M |
| Change in Insurance Reserves / Liabilities | 4.57B | 3.22B | 2.13B | 6.77B | -25.04B | 2.42B |
| Change in Other Net Operating Assets | 290.00M | 323.00M | 393.00M | 331.00M | 152.00M | |
| Other Operating Activities | -1.88B | -3.82B | -3.59B | -560.00M | -1.59B | -10.56B |
| Operating Cash Flow | 4.67B | 2.80B | 2.53B | 5.61B | 4.31B | -1.86B |
| Capital Expenditures | -131.00M | -145.00M | -143.00M | -172.00M | -81.00M | |
| Sale of Property, Plant & Equipment | 71.00M | |||||
| Cash Acquisitions | 25.00M | 25.00M | -439.00M | -2.63B | -412.00M | |
| Investment in Securities | -44.00M | -44.00M | -17.00M | -75.00M | -69.00M | -29.00M |
| Other Investing Activities | -196.00M | -156.00M | -177.00M | -170.00M | -232.00M | -281.00M |
| Investing Cash Flow | -346.00M | -320.00M | -337.00M | -559.00M | -2.86B | -803.00M |
| Long-Term Debt Issued | 2.02B | 769.00M | 638.00M | 2.43B | 2.13B | |
| Total Debt Repaid | -151.00M | -488.00M | -1.26B | -1.25B | -570.00M | -793.00M |
| Lease Payments | -166.00M | -180.00M | -175.00M | -176.00M | -136.00M | -143.00M |
| Net Debt Issued (Repaid) | 2.66B | 1.53B | -496.00M | -610.00M | 1.86B | 1.34B |
| Issuance of Common Stock | 63.00M | 37.00M | 43.00M | 49.00M | 6.00M | 36.00M |
| Repurchases of Common Stock | -872.00M | -1.71B | -855.00M | -186.00M | ||
| Issuance of Preferred Stock | 987.00M | |||||
| Repurchases of Preferred Stock | -1.02B | |||||
| Common & Preferred Dividends Paid | -2.13B | -2.06B | -1.96B | -1.88B | -1.67B | -1.43B |
| Total Dividends Paid | -2.13B | -2.06B | -1.96B | -1.88B | -1.67B | -1.43B |
| Other Financing Activities | -2.84B | -433.00M | -612.00M | -457.00M | -268.00M | -168.00M |
| Financing Cash Flow | -3.12B | -2.64B | -3.88B | -3.09B | -71.00M | -260.00M |
| Foreign Exchange Rate Adjustments | 167.00M | -198.00M | 471.00M | -169.00M | 302.00M | -35.00M |
| Net Cash Flow | 1.37B | -355.00M | -1.22B | 1.80B | 1.68B | -2.96B |
| Free Cash Flow | 4.54B | 2.65B | 2.39B | 5.44B | 4.31B | -1.94B |
| Free Cash Flow Margin | 12.78% | 7.61% | 7.22% | 17.63% | 15.53% | -5.43% |
| Free Cash Flow Per Share | 8.10 | 4.69 | 4.11 | 9.24 | 7.32 | -3.29 |
| Levered Free Cash Flow | -13.76B | -4.23B | -7.93B | 2.02B | 25.20B | 2.81B |
| Unlevered Free Cash Flow | -13.41B | -3.90B | -7.52B | 2.36B | 25.48B | 3.01B |
| Free Cash Flow After Leases | 4.38B | 2.47B | 2.21B | 5.26B | 4.17B | -2.08B |
| Cash Interest Paid | 421.00M | 355.00M | 389.00M | 405.00M | 270.00M | 187.00M |
| Cash Income Tax Paid | 1.10B | 978.00M | 1.14B | 1.24B | 795.00M | 1.03B |
| Change in Working Capital | 5.03B | 3.57B | 2.39B | 7.11B | -24.30B | 2.50B |
Ratios
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 44.95B | 34.72B | 34.13B | 30.41B | 27.23B | 32.60B |
| Enterprise Value | 51.44B | 39.87B | 37.13B | 30.27B | 29.48B | 32.43B |
| PE Ratio | 19.09 | 13.71 | 16.11 | 13.01 | 12.84 | 10.49 |
| PS Ratio | 1.80 | 1.36 | 1.48 | 1.30 | 1.33 | 1.16 |
| PB Ratio | 2.39 | 1.87 | 1.88 | 1.66 | 1.61 | 1.47 |
| P/FCF Ratio | 13.85 | 17.94 | 20.55 | 7.38 | 8.55 | |
| P/OCF Ratio | 13.46 | 17.01 | 19.39 | 7.16 | 8.55 | |
| EV/Sales Ratio | 2.06 | 1.57 | 1.61 | 1.30 | 1.44 | 1.15 |
| EV/EBITDA Ratio | 13.30 | 9.51 | 9.77 | 8.61 | 8.70 | 7.52 |
| EV/EBIT Ratio | 14.53 | 10.44 | 10.79 | 9.60 | 9.57 | 8.05 |
| EV/FCF Ratio | 15.84 | 20.60 | 22.36 | 7.35 | 9.26 | |
| Debt / Equity Ratio | 0.58 | 0.90 | 0.80 | 0.79 | 0.85 | 0.53 |
| Debt / EBITDA Ratio | 2.83 | 4.00 | 3.80 | 4.09 | 4.25 | 2.74 |
| Debt / FCF Ratio | 3.42 | 8.67 | 8.69 | 3.49 | 4.52 | |
| Net Debt / Equity Ratio | 0.25 | 0.52 | 0.41 | 0.32 | 0.44 | 0.25 |
| Net Debt / EBITDA Ratio | 1.21 | 2.32 | 1.95 | 1.68 | 2.20 | 1.31 |
| Net Debt / FCF Ratio | 1.46 | 5.02 | 4.45 | 1.44 | 2.35 | -3.68 |
| Quick Ratio | 50.16 | 7.33 | 6.54 | 6.13 | 6.13 | 11.27 |
| Current Ratio | 53.58 | 8.00 | 7.25 | 6.84 | 6.88 | 11.91 |
| Asset Turnover | 0.09 | 0.09 | 0.09 | 0.09 | 0.08 | 0.11 |
| Return on Equity (ROE) | 13.09% | 13.90% | 12.94% | 13.98% | 11.76% | 14.96% |
| Return on Assets (ROA) | 0.78% | 0.85% | 0.88% | 0.79% | 0.78% | 0.95% |
| Return on Invested Capital (ROIC) | 9.52% | 8.56% | 8.33% | 8.54% | 8.26% | 10.77% |
| Earnings Yield | 5.24% | 7.46% | 6.37% | 7.88% | 7.98% | 9.78% |
| FCF Yield | 7.22% | 5.58% | 4.87% | 13.55% | 11.70% | -4.70% |
| Dividend Yield | 3.36% | 4.09% | 3.79% | 4.37% | 4.39% | 3.28% |
| Payout Ratio | 64.11% | 58.12% | 62.70% | 59.46% | 56.82% | 35.39% |
| Buyback Yield / Dilution | 2.52% | 2.75% | 1.19% | 0.17% | -0.17% | |
| Total Shareholder Return | 5.89% | 6.84% | 4.98% | 4.37% | 4.56% | 3.11% |