Newswires
UNITED STATES
Washington, D.C. 20549
Sun Life Financial Inc.
Canada
1 York Street , 31stFloor, Toronto, Ontario, Canada M5J 0B6 (416) 979-9966
Sun Life Assurance Company of Canada - U.S. Operations Holdings, Inc.
Wellesley Hills, Massachusetts 02481
Annual Report for Fiscal Year Ending December 31, 2024 (Form 40-F)
SECURITIES AND EXCHANGE COMMISSION
Form 40-F
| ☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
OR
| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the fiscal year ended December 31, 2024
Commission File Number 001-15014
(Exact name of Registrant as specified in its charter)
(Province or other jurisdiction of incorporation or organization)
52411
(Primary Standard Industrial Classification Code Number (if applicable))
Not Applicable
(I.R.S. Employer Identification Number (if applicable))
(Address and telephone number of Registrant's principal executive offices)
One Sun Life Executive Park
(781) 237-6030
(Name , address (including zip code) and telephone number (including area code) of agent for service in the United States )
Securities registered or to be registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | ||||||||||
| Common Shares | SLF | ||||||||||
Securities registered or to be registered pursuant to Section 12(g) of the Act.
Not Applicable
(Title of Class)
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.
Not Applicable
(Title of Class)
For annual reports, indicate by check mark the information filed with this Form:
|
☒Annual information form
|
☒Audited annual financial statements
|
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Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.
| Common Shares | 573,892,200 | |||||||||||||
| Class A Preferred Shares Series 3 | 10,000,000 | |||||||||||||
| Class A Preferred Shares Series 4 | 12,000,000 | |||||||||||||
| Class A Preferred Shares Series 5 | 10,000,000 | |||||||||||||
| Class A Preferred Shares Series 8R | 6,217,331 | |||||||||||||
| Class A Preferred Shares Series 9QR | 4,982,669 | |||||||||||||
| Class A Preferred Shares Series 10R | 6,838,672 | |||||||||||||
| Class A Preferred Shares Series 11QR | 1,161,328 | |||||||||||||
| Class A Preferred Shares Series 14 | 1,000,000 | 1 | ||||||||||||
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
| Emerging growth company | ☐ | |||||||||||||||||||
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐
† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012 .
1In connection with the issuance of $1 billion principal amount of 3.60% Limited Recourse Capital Notes (LRCN) Series 2021-1 (Subordinated Indebtedness) on June 30, 2021 , the Registrant issued 1 million class A Non-Cumulative Rate Reset Preferred Shares Series 14 (Series 14) at a price of $1,000 per Series 14 share. The Series 14 shares were issued to a consolidated trust to be held as trust assets in connection with the LRCN structure.
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐
INCORPORATION BY REFERENCE
The following information is incorporated by reference in this annual report on Form 40-F:
Disclosure Controls and Procedures
The information under the heading "Accounting and Control Matters - Disclosure Controls and Procedures" in Sun Life Financial Inc.'s (the "Company") Management's Discussion and Analysis for the year ended December 31, 2024 (the "2024 Annual MD&A") is incorporated by reference herein.
A copy of the Company's 2024 Annual MD&A is attached hereto asExhibit 99.1.
Management's Annual Report on Internal Control Over Financial Reporting
The information under the heading "Accounting and Control Matters - Disclosure Controls and Procedures - Management's Report on Internal Control over Financial Reporting" in the Company's 2024 Annual MD&A and the information in the management report titled "Financial Reporting Responsibilities", attached to the Company's annual consolidated financial statements for the year ended December 31, 2024 (the "2024 Annual Financial Statements") is incorporated by reference herein.
A copy of the Company's 2024 Annual MD&A is attached hereto asExhibit 99.1. A copy of the Company's 2024 Annual Financial Statements are attached hereto asExhibit 99.2.
Attestation Report of the Registered Public Accounting Firm
The "Report of Independent Registered Public Accounting Firm" with respect to the audit of the internal control over financial reporting of the Company, which accompanies the Company's 2024 Annual Financial Statements is incorporated by reference herein.
The Company's 2024 Annual Financial Statements are attached hereto asExhibit 99.2.
Changes in Internal Control Over Financial Reporting
The information under the heading "Accounting and Control Matters - Disclosure Controls and Procedures - Changes in Internal Control over Financial Reporting" in the Company's 2024 Annual MD&A is incorporated by reference herein.
A copy of the Company's 2024 Annual MD&A is attached hereto asExhibit 99.1.
Identification of Audit Committee
The information under the heading "Directors and Executive Officers - Audit Committee" in the Company's annual information form dated February 12, 2025 (the "2024 AIF") is incorporated by reference herein.
A copy of the Company's 2024 AIF is attached hereto asExhibit 99.3.
Audit Committee Financial Expert
The Company's Board of Directors (the "Board")has determined that Deepak Chopra , Laurie G. Hylton and Helen M. Mallovy Hicks are the Audit Committee Financial Experts as defined by the SEC . The SEC has indicated that the designation of a person as an Audit Committee Financial Expert does not make that person an "expert" for any purpose, or impose any duties, obligations or liabilities on that person that are greater than those imposed on members of the audit committee and the Board who do not carry this designation or affect the duties, obligations or liabilities of any other member of the Audit Committee or the Board. Each of Mr. Chopra , Ms. Hylton and Ms. Mallovy Hicks is "independent" within the meaning of the listing standards of the New York Stock Exchange and Rule 10A-3 of the U.S. Securities Exchange Act of 1934, as amended.
Code of Ethics
The information under the heading "Code of Conduct" in the Company's 2024 AIF is incorporated by reference herein.
A copy of the Company's 2024 AIF is attached hereto asExhibit 99.3.
A copy of the current Sun Life Financial Code of Conduct is attached hereto asExhibit 99.8andavailable on our website atwww.sunlife.comunder "About Us".
In 2024, the Company updated its Code of Conduct to reinforce its key principles and values while providing enhanced guidance and clarification to employees and the Board. Key revisions include: a new section on the Company's culture to clarify expectations and help build awareness of the Company's values; emphasis on the importance of cooperating with investigations; enhanced content on human rights, sustainability, and diversity, equity & inclusion; clarification on guidelines for appropriate outside activities and employment, including political contributions; the reinforcement of the Company's requirement to only use approved communication channels and applications to conduct business or transmit Company information, including on mobile devices; and added content on security and integrity, including foreign interference.
Principal Accountant Fees and Services
The information about aggregate fees billed to us by our principal accountant, Deloitte LLP , under the headings "Principal Accountant Fees and Services" in the Company's 2024 AIF is incorporated by reference herein.
A copy of the Company's 2024 AIF is attached hereto asExhibit 99.3.
Comparison with New York Stock Exchange Governance Rules
The Company's governance processes and practices are consistent with the New York Stock Exchange corporate governance rules for U.S. publicly-listed companies.
UNDERTAKING
Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.
CONSENT TO SERVICE OF PROCESS
The Company has previously filed a Form F-X in connection with the class of securities in relation to which the obligation to file this annual report on Form 40-F arises. Any change to the name or address of the Company's agent for service of process shall be communicated promptly to the Securities and Exchange Commission by an amendment to the Form F-X referencing the file number of the relevant registration statement of the Company.
SIGNATURES
Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.
| By: | /s/ |
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| Executive Vice-President, Chief Legal | ||||||||
| & Public Policy Officer | ||||||||
|
Dated:
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EXHIBITS:
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| 97.1 | Clawback Policy (incorporated by reference to Exhibit 97.1 of the Company's Annual Report on Form 40-F filed |
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Annual Management's Discussion and Analysis for the year ended
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Consolidated Annual Financial Statements for the year ended
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Annual Information Form dated
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| Certifications required by Rule 13a-14(a) or Rule 15d-14(a), pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||||||
| Certifications required by Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of United States Code, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||||||
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Consent of Independent Registered Public Accounting Firm (PCAOB ID No.01208)
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| Consent of Appointed Actuary | ||||||||
| 99.8 | Sun Life Financial Code of Conduct (incorporated by reference to Exhibit 99.1 of the Company's Form 6-K filed on |
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| 101 | Interactive Data File | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||||
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