Sun Life Financial
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Sun Life Financial (SLF) investor relations material

Sun Life Financial Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Achieved strong Q4 2025 results with underlying net income of $1,094 million (CAD 1.1 billion), up 13% year-over-year, and reported net income of $722 million, up 205% year-over-year.

  • Underlying EPS for Q4 was $1.96, up 17% year-over-year; full-year underlying EPS was $7.45, up 12%.

  • Underlying ROE reached 19.1% for Q4 and 18.2% for the full year.

  • Total assets under management reached $1,605 billion (CAD 1.6 trillion), up 4% year-over-year.

  • Maintained a diversified business mix: 43% asset management & wealth, 30% individual protection, 27% group health & protection.

Financial highlights

  • Full-year underlying net income was $4,201 million, up 9% year-over-year; reported net income was $3,472 million, up 14%.

  • Group Health & Protection underlying net income rose 16% to $308 million; Individual Protection underlying net income rose 17% to $362 million in Q4.

  • Asset management & wealth underlying net income increased 10% to $534 million in Q4.

  • Group Health & Protection sales grew 42% year-over-year; Individual Protection sales grew 38% year-over-year.

  • New business CSM for Q4 was $440 million, up 44% year-over-year.

Outlook and guidance

  • Medium-term objectives include 10% underlying EPS growth, 20% underlying ROE, and a 40-50% dividend payout ratio.

  • Expect continued strong premium flows in U.S. stop-loss and robust Asia growth, with Indonesia and Hong Kong as key markets.

  • Asset management platform positioned for further growth, with SLC targeting 20% fee-related earnings growth medium-term.

  • Share buybacks expected to resume later in 2026, pending market conditions.

  • Dividend per share increased by 9% year-over-year.

How will the new asset management pillar accelerate growth?
What drives the increase in financial leverage ratio?
Explain Asia's asset management & wealth income decline.
SLC Management equity plan: expected impact
Stop-loss: How does scale mitigate market volatility
MFS: How to balance cash flow with growth
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Frequently asked questions

Sun Life Financial Inc is a Canada-based financial services company offering insurance, wealth management, and retirement solutions. The company operates globally, providing life, health, and disability insurance along with investment products to individuals and institutional clients. It distributes services through advisors, banks, and digital platforms. Sun Life Financial Inc is headquartered in Toronto, Canada, and its shares are listed on the TSX.

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