Information financière supplément (pa e q125 finsupp)

Financial and Operating Results Supplementary Financial Information

Sun Life Financial Inc. (unaudited) For the period ended March 31, 2025

SUPPLEMENTARY FINANCIAL INFORMATION TABLE OF CONTENTS

Non-IFRS Financial Measures	Page 1		Investments	Page
			Debt and Equity Securities	32
Financial Highlights	2-3		Properties, Mortgages & Loans and Derivatives	33
Consolidated Financial Statements Statements of Operations	4		Expenses Operating Expenses and Commissions	34
Drivers of Earnings	5-6		Interest Expense	34
Underlying Net Income by Business Type	5
Statements of Financial Position	7		Financial Strength and Capital Adequacy
Statements of Equity	8		Financial Strength and Debt Ratings	35
LICAT Ratio - Sun Life Financial Inc. and Capital	9
Contractual Service Margin Movement Analysis	10		General Information	36
Segmented Results (Business Groups & Associated Business Units)			Appendix
Asset Management	11		Net Income Reconciliations	37-40
MFS	12		MFS Reconciliations	41
SLC Management	13-14		Asset Management Reported Net Income Reconciliation	42
Canada	15-17		SLC Management Reported Net Income Reconciliation	43
Canada Business Unit Summary	18		Diluted Earnings Per Share Reconciliation	44
U.S.	19-24		Drivers of Earnings Reconciliations	45-49
U.S. Business Unit Summary	25		Additional Non-IFRS Financial Measures Glossary	50-51
Asia	26-28		Reporting Refinements	51
Asia Business Unit Summary	29		Understanding the Drivers of Earnings	52-53
Corporate	30-31

Note to Readers: Restated Results on Adoption of IFRS 17 and IFRS 9

Sun Life Financial Inc. ('the Company", "Sun Life","we","our" and "us") adopted IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments ("IFRS 17" and "IFRS 9", respectively, and "IFRS 17/9", collectively) on January 1, 2023. For IFRS 9, we elected not to restate comparative period results, but will present comparative information on financial assets as if IFRS 9 were applicable during the 2022 comparative period ("classification overlay"). 2022 results have been restated for the adoption of IFRS 17 and the related IFRS 9 classification overlay ("the new standards").The restated results may not be fully representative of our future earnings profile, as in 2022 we were not managing our asset and liability portfolios under the new standards. The majority of the actions taken to re-balance asset portfolios and transition asset-liability management execution to an IFRS 17 basis occurred in Q1'23. Accordingly, analysis based on 2022 comparative results may not necessarily be indicative of future trends, and should be interpreted with this context. Using sensitivities to analyze the outlook for market risk and related impacts (e.g., interest rate sensitivities) will be more representative starting with the sensitivities disclosed for Q1'23 and onwards in section I - Risk Management of the Company's Management's Discussion and Analysis ("MD&A") for each respective quarter. Certain 2022 restated results and 2023 interim results in the Drivers of Earnings ("DOE") and Contractual Service Margin ("CSM") Movement Analysis were refined to more accurately reflect how the business is managed.

Basis of Presentation

All amounts in this document are presented in millions of Canadian dollars unless otherwise indicated. We prepare our unaudited Interim Consolidated Financial Statements using International Financial Reporting Standards ("IFRS"), the accounting requirements of the Office of the Superintendent of Financial Institutions ("OSFI") and in accordance with the International Accounting Standards ("IAS") 34 Interim Financial Reporting as issued and adopted by the International Accounting Standards Board ("IASB"). Reported net income (loss) refers to common shareholders' net income (loss) determined in accordance with IFRS.

This document and the Q1'25 MD&A contain certain amounts that are presented on a net basis to reflect how the business is managed, compared to a gross basis in the Consolidated Financial Statements. Examples include:

1. Within the DOE: i) Net investment result and Other expenses of the Asset Management operating segment are combined with Fee Income to report the net contribution to earnings; ii) Income for fee-based businesses is reported net of the associated expenses; iii) Carried interest in SLC Management excludes the carried interest that Sun Life does not participate in economically, and nets the non-controlling interest ("NCI") against fee income and expenses of consolidated funds; iv) Net investment results include assets returns net of the crediting rate for investment contract liabilities and the unwinding of and changes in the discount rate for insurance contract liabilities; v) Earnings on surplus reflects net spread earned from investment strategies; and vi) Earnings attributable to the participating account are excluded.

2. Within the CSM Movement Analysis: i) The impacts of insurance contracts issued is presented net of reinsurance; ii) Impact of new business is presented net of acquisition expense gain/loss; and iii) Certain methodology changes are presented as an impact of change in assumptions, whereas the Consolidated Financial Statement presentation is a contract modification.

For more information on the DOE and CSM Movement Analysis, refer to the Non-IFRS Financial Measures section on the subsequent page of this document or section N -Non-IFRS Financial Measures of the Company's Q1'25 MD&A. For the reconciliations of the Statements of Operations to the DOE, refer to the DOE Reconciliations section in the appendix of this document.

Constant Currency Measures

Constant currency measures are calculated using the average currency and period end rates, as appropriate, in effect in the comparable period. Constant currency measures are non-IFRS financial measures. See section N - Non-IFRS Financial Measures, 3. Additional Non-IFRS Financial Measures of the Company's Q1'25 MD&A.

Rounding

Amounts in this document may be impacted by rounding.

Adjustments

Acquisition, Integration and Restructuring

In Q1'25 amounts include DentaQuest Group, Inc. ("DentaQuest") acquisition, integration,and restructuring costs of $23 million post-tax and the unwinding of the discount for Other financial liabilities of $14 million post-tax for BentallGreenOak ("BGO"), the Crescent Capital Group LP ("Crescent") and Advisors Asset Management Inc. ("AAM") (collectively, "SLC Management's affiliates(1)").

In Q4'24 amounts include DentaQuest integration costs of $11 million post-tax and the unwinding of the discount for Other financial liabilities of $13 million post-tax for SLC Management's affiliates.

In Q3'24 amounts include DentaQuest integration costs of $11 million post-tax and the unwinding of the discount for Other financial liabilities of $19 million post-tax for SLC Management's affiliates. Amounts also include the changes in estimated future payments for options to purchase remaining ownership interests of SLC Management affiliates in the amount of $334 million post-tax.

In Q2'24 amounts include DentaQuest integration costs of $28 million post-tax and the unwinding of the discount for Other financial liabilities of $22 million post-tax for SLC Management's affiliates. Amounts also include a restructuring charge of $108 million reflecting actions taken to improve productivity and drive earnings growth at the higher-end of our Medium-Term Financial Objectives. We expect these actions to result in annual savings of approximately $200 million (pre-tax) by 2026.

In Q1'24 amounts include DentaQuest integration costs of $29 million post-tax and the unwinding of the discount for Other financial liabilities of $22 million post-tax for SLC Management's affiliates. Amounts also include a gain from the partial sale of our ownership interest in Aditya Birla Sun Life AMC Limited ("ABSLAMC") of $84 million post-tax. As a result of the transaction, our ownership interest in ABSLAMC was reduced from 36.5% to 30.2%.

In Q4'23, amounts include DentaQuest integration costs of $28 million post-tax and the unwinding of the discount for Other financial liabilities of $24 million post-tax for SLC Management's affiliates.

In Q3'23, amounts include DentaQuest integration costs of $31 million post-tax and the unwinding of the discount for Other financial liabilities of $21 million post-tax for SLC Management's affiliates. Amounts also include the changes in estimated future payments for acquisition-related contingent considerations and options to purchase remaining ownership interests of SLC Management affiliates in the amount of $42 million post-tax.

In Q2'23, amounts include DentaQuest integration costs of $32 million post-tax and the unwinding of the discount for Other financial liabilities of $21 million post-tax for SLC Management's affiliates. Amounts also include a $19 million post-tax gain resulting from the completion of the sale of SLF of Canada UK Limited to Phoenix Group Holdings plc ("Phoenix Group") on April 3, 2023 ("the sale of Sun Life UK"). After the sale, the remaining UK payout annuities business has moved to the U.S. business segment and is combined with U.S. In-force Management.

In Q1'23, amounts include DentaQuest integration costs of $29 million post-tax and AAM acquisition costs of $16M post-tax, as well as the unwinding of the discount for Other financial liabilities of $20 million post-tax for SLC Management's affiliates. Amounts also include Canada's $65 million post-tax gain on sale of its sponsored markets business to Canadian Premier Life Insurance Company (re-branded to Securian Canada), which was recognized in Other income.

Other

Q4'24: Amounts include lower tax exempt investment income of $234 million in Corporate and a non-recurring provision in U.S. Dental. Q2'24: Amounts include a tax adjustment related to Pillar Two legislation of $15 million.

Q1'24: Amounts include a gain relating to the early termination of a distribution agreement in Asset Management.

Q4'23: On December 27, 2023, Bermuda enacted its Corporate Income Tax Act 2023, which will apply a 15% income tax beginning on January 1, 2025 ("Bermuda Corporate Income Tax Change"). The enacted legislation provides an economic transition adjustment that aligns an entity's starting point for the tax regime more closely with its economic position prior to the application of the Corporate Income Tax 2023. The benefit of this economic transition adjustment has been recognized in 2023. As a result, reported net income increased by $51 million in the fourth quarter, reflected in Other adjustments.

ii

(1)For the periods Q3'24 and prior, includes InfraRed Capital Partners ("InfraRed").

Non-IFRS Financial Measures

Sun Life prepares annual and interim financial statements using IFRS. We report certain financial information that are not based on IFRS ("non-IFRS financial measures"), as we believe that these measures provide information that is useful to investors in understanding our performance and facilitate a comparison of our quarterly and full year results from period to period. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed in isolation from or as alternatives to measures of financial performance determined in accordance with IFRS. Additional information concerning non-IFRS financial measures and, if applicable, reconciliations to the closest IFRS measures are available in the Company's annual and interim MD&A and the Supplementary Financial Information packages on https://www.sunlife.com under Investors - Financial results and reports.

Underlying Net Income

Underlying net income is a non-IFRS financial measure that assists in understanding Sun Life's business performance by making certain adjustments to IFRS income. Underlying net income, along with common shareholders' net income ("Reported net income"), is used as a basis for management planning, and is also a key measure in our employee incentive compensation programs. This measure reflects management's view of the underlying business performance of the Company and long-term earnings potential. For example, due to the longer term nature of our individual protection businesses, market movements related to interest rates, equity markets and investment properties can have a significant impact on Reported net income in the reporting period. However, these impacts are not necessarily realized, and may never be realized, if markets move in the opposite direction in subsequent periods or, in the case of interest rates, the fixed income investment is held to maturity.

Underlying net income removes the impact of the following items from reported net income:

• Market-related impacts reflecting the after-tax difference in actual versus expected market movements, including:

  1. Net interest impact from risk-free rate, credit spread, swap spread movements, and other impacts, reflecting accounting mismatches between assets and liabilities:

     1. Differences arising from fair value changes(1)of fixed income assets (including derivatives) measured at Fair value through profit or loss ("FVTPL") supporting insurance contracts, compared to fair value changes of the liabilities(2);

     2. Fair value changes of fixed income assets (including derivatives) measured at FVTPL supporting our investment contract liability and surplus portfolios(3); and

     3. Tax-exempt investment income(4)above or below expected long-term tax savings relating to our Canadian multi-national insurance operations.

  2. Non-fixed income investments, where the weighted average expected retuis approximately 2% per quarter, including:

     1. Equity investments (including derivatives) supporting insurance contracts and surplus portfolios; and

     2. Investment properties supporting insurance contracts and surplus portfolios.

• Assumption changes and management actions ("ACMA") - captures the impact of method and assumption changes, and management actions on insurance and reinsurance contracts.

• Other adjustments:

  1. MFS(5)shares owned by management - this adjustment removes the change in fair value and other activity related to MFS common shares owned by management;

  2. Acquisition, integration, and restructuring - expense and income related to acquisition or disposal of a business. Also includes expenses related to restructuring activities;

     iii.

     Intangible asset amortization - removes the amortization expense associated with finite life intangible assets arising from acquisitions or business combinations excluding amortization of software and distribution agreements; and

     iv. Other - represents items that are unusual or exceptional in nature which management believes are not representative of the long-term performance of the Company.

     Refer to Net Income Reconciliations - Pre-Tax and Post-Tax in the appendix of this document for the non-underlying adjustments from underlying net income to reported net income, as well as section N - Non-IFRS Financial Measures, 2. Underlying Net Income and Underlying EPS and 4. Reconciliations of Select Non-IFRS Financial Measures of the Company's Q1'25 MD&A.

     For more information about business types in Sun Life's operating segments/business groups, see the General Information section of this document and section A - How We Report Our Results under the heading Underlying Net Income by Business Types of the Company's Q1'25 MD&A.

     Underlying Diluted Earnings per Share ("EPS")

     This measure is used in comparing the profitability across multiple periods and is calculated by dividing Underlying net income by weighted average common shares outstanding for diluted EPS, excluding the dilutive impact of convertible instruments. For additional information about the Underlying net income, see above. For additional information about the composition of the EPS, please refer to Note 13 of our Q1'25 Consolidated Financial Statements. For additional information about the Sun Life ExchangEable Capital Securities ("SLEECS"), please refer to Note 12 of our 2024 Annual Consolidated Financial Statements.

     Drivers of Earnings ("DOE")

     The DOE analysis provides additional detail on the sources of earnings, primarily for protection and health businesses, and explains the actual results compared to the longer term expectations. The DOE is presented on a reported and underlying common shareholders' basis. Within the net insurance service result, the underlying DOE provides detail on expected insurance earnings, impact of new insurance business and experience gains (losses). Within the net investment result, the underlying DOE provides detail on expected investment earnings, credit experience, earnings on surplus, and joint ventures & other. For more information on the DOE, see Understanding the Drivers of Earnings in the appendix of this document and section N - Non-IFRS Financial Measures, 3. Additional Non-IFRS Financial Measures under the heading Driver of Earnings of the Company's Q1'25 MD&A. Refer to the Basis of Presentation section on page ii of this document for more information about certain amounts that are presented on a net basis to reflect how the business is managed, compared to a gross basis in the Consolidated Financial Statements, and the reconciliations of the Statements of Operations to the DOE in the DOE Reconciliations section in the appendix of this document.

     Contractual Service Margin ("CSM")

     CSM represents a source of stored value for future insurance profits and qualifies as available capital for LICAT(6)purposes. CSM is a component of insurance contract liabilities. Refer to the Basis of Presentation section on page ii of this document for more information about certain amounts that are presented on a net basis to reflect how the business is managed, compared to a gross basis in the Consolidated Financial Statements.

• Organic CSM Movement is comprised of the Impact of new insurance business, Expected movements from asset returns & locked-in rates, Insurance experience gains/losses, and CSM recognized for services provided.

• Impact of new insurance business on CSM, also referred to as "new business CSM", represents growth from sales activity in the period, including individual protection sales (excluding joint ventures), and defined benefit solutions and segregated fund wealth sales in Canada. New business CSM is presented net of acquisition expense gain/loss.

• Expected movements from asset returns & locked-in rates applies to variable fee approach ("VFA") and general measurement approach ("GMA") contracts. For VFA contracts, this component of the CSM movement analysis is comprised of two factors: (i) the expected retuon underlying assets and (ii) the measurement of financial guarantees. The difference between actual and expected results are reported as the impact of markets. For GMA contracts, this component of the CSM includes the accretion of the CSM balance at locked-in rates, which refer to the term structure associated with locked-in discount rates, set when the insurance contract was sold or on transition to IFRS 17. Average locked-in rates increase with the passage of time on in-force business and new business added at current rates.

• Impact of markets & other includes the difference between actual and expected movement for VFA contracts for: (i) the retuon underlying assets and (ii) the measurement of financial guarantees. Also includes other amounts excluded from Organic CSM Movement.

• Insurance experience gains/losses represents the current period impacts of insurance experience, resulting in a change in future cash flows that adjust CSM.

• Impact of change in assumptions represents the future period impacts of changes in fulfilment cash flows that adjust CSM.

(1)For fixed income assets, Underlying net income includes credit experience from rating changes on assets measured at FVTPL, and the Expected credit loss ("ECL") impact for assets measured at Fair value through other comprehensive income ("FVOCI").

(2)Underlying net income is based on observable discount curves and exchange rates at the beginning of the period.

(3)Underlying net income for earnings on surplus includes realized gains (losses) on fixed income assets classified as FVOCI.

(4)Q4'24 balances are isolated in Other within Other adjustments.

(5)MFS Investment Management ("MFS").

(6)Life Insurance Capital Adequacy Test ("LICAT") ratio. Our LICAT ratios are calculated in accordance with the OSFI-mandated guideline, Life Insurance Capital Adequacy Test.

FINANCIAL HIGHLIGHTS At and For the Quarter Ended At and For the Year Ended

(C$ millions, unless otherwise noted) RESULTS		Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	2024	2023	2022
Underlying Net Income by Segment (1)
Asset Management	1	351	360	344	307	282	331	330	296	282	1,293	1,239	1,238
Canada	2	376	366	375	402	310	350	338	372	316	1,453	1,376	1,063
U.S.	3	218	161	219	204	189	253	185	215	237	773	890	698
Asia	4	197	175	170	179	177	143	166	150	141	701	600	539
Corporate	5	(97)	(97)	(92)	(92)	(83)	(94)	(89)	(113)	(81)	(364)	(377)	(169)
Total underlying net income (1)	6	1,045	965	1,016	1,000	875	983	930	920	895	3,856	3,728	3,369

326	326	644	274	284	297	268	248	254	1,528	1,067	1,148
351	253	382	292	290	348	365	210	329	1,217	1,252	1,241
186	(7)	339	127	97	101	132	175	168	556	576	532
166	11	32	151	235	44	211	122	134	429	511	210
(101)	(346)	(49)	(198)	(88)	(41)	(105)	(95)	(79)	(681)	(320)	(260)
928	237	1,348	646	818	749	871	660	806	3,049	3,086	2,871

Reported Net Income - Common Shareholders by Segment

Asset Management 7

Canada 8

U.S. 9

Asia 10

Corporate 11

Total reported net income - Common shareholders 12

Profitability Measures

Basic earnings per common share ("EPS")
Reported	13	1.62	0.41	2.33	1.11	1.40	1.28	1.49	1.12	1.37	5.27	5.27	4.90
Diluted EPS
Underlying (1)	14	1.82	1.68	1.76	1.72	1.50	1.68	1.59	1.57	1.52	6.66	6.36	5.75
Reported	15	1.62	0.41	2.33	1.11	1.40	1.28	1.48	1.12	1.37	5.26	5.26	4.89
Retuon equity ("ROE") - underlying (1)	16	17.7%	16.5%	17.9%	18.1%	16.0%	18.4%	17.7%	17.7%	17.3%	17.2%	17.8%	17.0%
ROE - reported (1)	17	15.7%	4.0%	23.8%	11.7%	15.0%	14.0%	16.6%	12.7%	15.6%	13.6%	14.7%	14.5%
Dividend per common share ($)	18	0.84	0.84	0.81	0.81	0.78	0.78	0.75	0.75	0.72	3.24	3.00	2.76
Dividend payout ratio (1)
Underlying (1)	19	46%	50%	46%	47%	52%	46%	47%	48%	47%	49%	47%	48%
Reported (2)	20	52%	nm	35%	73%	56%	61%	51%	67%	53%	62%	57%	56%
Dividend yield (1)	21	4.1%	4.1%	4.5%	4.7%	4.4%	4.7%	4.5%	4.5%	4.4%	4.4%	4.5%	4.4%

40.84	40.63	39.88	37.70	37.41	36.51	35.91	34.86	35.34	40.63	36.51	34.60
19.13	19.11	18.81	16.80	16.68	16.01	15.51	15.20	15.36	19.11	16.01	14.79
2.02	2.10	1.97	1.78	1.98	1.88	1.85	1.98	1.79	2.10	1.88	1.82
46.7	49.0	45.2	38.8	43.1	40.2	38.7	40.5	37.0	49.0	40.2	36.9

86.05	88.54	78.85	73.89	74.94	70.82	70.11	69.18	69.09	88.54	70.82	74.22
76.12	76.80	64.38	64.60	67.29	61.84	63.33	62.67	60.01	64.38	60.01	52.97
82.36	85.35	78.45	67.08	73.91	68.72	66.27	69.06	63.14	85.35	68.72	62.85

Valuation Data

Book value per common share 22

Tangible book value per common share (1)23

Price-to-book value (times) 24

Total market capitalization (TSX in $ billions) 25

Common Share Information (SLF on TSX)

High (intraday) 26

Low (intraday) 27

Close (end of period) 28

Financial Strength

SLF LICAT ratio (3)29

SLA LICAT ratio (3)30

Financial leverage ratio (1)31

Sales, Gross Flows and Net Flows (1)

Asset management gross flows & wealth sales 32

Asset management net flows & net wealth sales 33

Individual - Protection sales 34

Group - Health & Protection sales (4)35

149%	152%	152%	150%	148%	149%	147%	148 %	148 %	152%	149 %	130 %
141%	146%	147%	142%	142%	141%	138%	139 %	144 %	146%	141 %	127 %
20.1%	20.1%	20.4%	22.6%	21.1%	21.5%	21.8%	23.3 %	23.2 %	20.1%	21.5 %	25.1 %

62,221	60,999	41,915	46,262	46,898	45,750	39,324	42,397	46,349	196,074	173,820	198,650
(6,416)	(13,580)	(17,217)	(19,666)	(9,990)	(9,715)	(9,122)	(3,476)	(1,772)	(60,453)	(24,085)	(20,471)
874	743	730	753	757	707	669	604	511	2,983	2,491	1,767
580	1,270	445	494	528	1,459	374	600	509	2,737	2,942	2,554

(1) Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section on page 1 and the Additional Non-IFRS Financial Measures Glossary in the appendix of this document,or section N - Non-IFRS Financial Measures of the Company's Q1'25 MD&A.

(2) Reported dividend payout ratio in Q4'24 is "nm" that is defined as not meaningful.

(3) Life Insurance Capital Adequacy Test ("LICAT") ratio. Our LICAT ratios are calculated in accordance with OSFI-mandated guideline, Life Insurance Capital Adequacy Test. Sun Life Assurance Company of Canada ("SLA" or "Sun Life Assurance") is SLF Inc.'s principal operating life insurance subsidiary.

(4) Effective Q4'23, prior period amounts related to sales in the U.S. Dental segment have been restated to reflect new information.

FINANCIAL HIGHLIGHTS CONTINUED		At and For the Quarter Ended Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023	At and For the 2024	Year Ended 2023	2022
Number of Common Shares Outstanding (in millions) (1)
At beginning of period	1
Common shares issued	2
Common shares purchased and cancelled	3
At end of period	4
Weighted average shares outstanding - basic	5
Weighted average shares outstanding - diluted (2)	6

573.9	576.5	578.4	582.5	584.6	584.3	586.9	586.7	586.4	584.6	586.4	586.0
0.1	0.4	0.1	-	0.3	0.3	0.2	0.2	0.3	0.8	1.0	0.4
(6.4)	(3.0)	(2.0)	(4.1)	(2.4)	-	(2.8)	-	-	(11.5)	(2.8)	-
567.6	573.9	576.5	578.4	582.5	584.6	584.3	586.9	586.7	573.9	584.6	586.4
572	575	578	581	584	584	586	587	587	579	586	586
575	579	581	584	587	587	589	590	590	582	589	589

223,310	221,935	216,180	207,545	204,986	204,789	193,858	196,575	201,792	221,935	204,789	198,316
149,650	148,786	145,072	136,971	135,541	128,452	119,988	123,366	131,033	148,786	128,452	125,292

645,183	648,515	633,767	607,727	606,320	567,657	544,946	557,093	543,847	648,515	567,657	527,617
579,587	568,437	562,565	553,798	563,773	537,424	518,129	527,344	528,897	568,437	537,424	507,673
1,224,770	1,216,952	1,196,332	1,161,525	1,170,093	1,105,081	1,063,075	1,084,437	1,072,744	1,216,952	1,105,081	1,035,290
(46,847)	(45,333)	(43,014)	(41,240)	(40,540)	(38,717)	(36,780)	(37,536)	(41,947)	(45,333)	(38,717)	(40,337)
1,550,883	1,542,340	1,514,570	1,464,801	1,470,080	1,399,605	1,340,141	1,366,842	1,363,622	1,542,340	1,399,605	1,318,561
73,296	73,698	71,001	66,584	64,696	99,350	94,600	95,961	95,696	73,698	99,350	43,866
1,624,179	1,616,038	1,585,571	1,531,385	1,534,776	1,498,955	1,434,741	1,462,803	1,459,318	1,616,038	1,498,955	1,362,427

Assets Under Management and Administration ("AUMA") (3)

General funds 7

Segregated funds 8

Third-party assets under management

Retail 9

Institutional and managed & other 10

Total third-party assets under management 11

Consolidation adjustments 12

Total assets under management ("AUM") 13

Total assets under administration ("AUA") (4)14

Total AUMA 15

Select Constant Currency Measures (3)

Underlying net income 16

Reported net income 17

Asset management gross flows & wealth sales 18

Asset management net flows & net wealth sales 19

AUM 20

Individual - Protection sales 21

Group - Health & Protection sales 22

Underlying EPS - diluted 23

Reported EPS - diluted 24

1,006
887
59,138
(5,750)
1,479,676
836
569
1.76
1.55

(1)Certain numbers have been rounded in order to arrive at the number of common shares outstanding at end of period.

875
818
46,898
(9,990)
1,470,080
757
528
1.50
1.40

(2)The number of diluted shares outstanding reflect the impact of dilution from SLEECS under IFRS. Where the calculation of diluted EPS has resulted in anti-dilution, the dilutive impact of the SLEECS has been excluded in the number of weighted average number of shares outstanding.

(3)Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section on page 1 and the Additional Non-IFRS Financial Measures Glossary in the appendix of this document, or section N - Non-IFRS Financial Measures of the Company's Q1'25 MD&A.

⁽⁴⁾ Q1'25 includes $3.1 billion of consolidation adjustments.

CONSOLIDATED STATEMENTS OF OPERATIONS For the Quarter Ended For the Year Ended

(C$ millions) Insurance service result		Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023						Q3 2023 Q2 2023 Q1 2023			2024	2023	2022
Insurance revenue	1	6,018	5,879	5,651	5,567	5,540	5,458	5,333	5,283	5,282	22,637	21,356	18,902
Insurance service expenses	2	(5,095)	(5,056)	(4,998)	(4,737)	(4,840)	(4,803)	(4,555)	(4,528)	(4,564)	(19,631)	(18,450)	(16,456)
Reinsurance contract held net income (expenses)	3	(13)	1	47	(24)	61	7	(66)	20	(30)	85	(69)	(153)
Net insurance service result	4	910	824	700	806	761	662	712	775	688	3,091	2,837	2,293
Investment result Investment result excluding result for account of segregated fund holders:
Net investment income (loss)	5	3,093	(720)	7,540	1,272	(677)	11,161	(4,824)	449	4,800	7,415	11,586	(20,580)
Insurance finance income (expenses) from insurance contracts issued	6	(2,579)	1,049	(6,778)	(786)	1,376	(10,982)	5,759	(81)	(4,371)	(5,139)	(9,675)	22,595
Insurance finance income (expenses) from reinsurance contracts held	7	56	(66)	122	(14)	9	178	(144)	(38)	63	51	59	(440)
Decrease (increase) in investment contract liabilities	8	(86)	(92)	(100)	(102)	(99)	(96)	(88)	(76)	(71)	(393)	(331)	(152)
Net investment result excluding result for account of segregated fund holders	9	484	171	784	370	609	261	703	254	421	1,934	1,639	1,423
Investment result for insurance contracts for account of segregated fund holders:
Investment income (loss) on investments for account of segregated fund holders	10	(1)	(27)	1,213	74	1,056	1,109	(362)	234	812	2,316	1,793	(2,353)
Insurance finance income (expenses)	11	1	27	(1,213)	(74)	(1,056)	(1,109)	362	(234)	(812)	(2,316)	(1,793)	2,353
Net investment result for insurance contracts for account of segregated fund holders	12	-	-	-	-	-	-	-	-	-	-	-	-
Net investment result	13	484	171	784	370	609	261	703	254	421	1,934	1,639	1,423
Fee income	14	2,240	2,350	2,142	2,077	2,012	2,065	1,930	1,936	1,901	8,581	7,832	7,447
Other expenses (income)
Other income (1)	15	-	(2)	-	-	(161)	-	-	(67)	(102)	(163)	(169) -
Operating expenses and commissions	16	2,252	2,576	1,798	2,205	2,187	2,086	2,004	2,023	1,882	8,766	7,995	7,092
Interest expenses	17	133	182	185	138	159	115	160	142	135	664	552	445
Total other expenses (income)	18	2,385	2,756	1,983	2,343	2,185	2,201	2,164	2,098	1,915	9,267	8,378	7,537
Income before income taxes	19	1,249	589	1,643	910	1,197	787	1,181	867	1,095	4,339	3,930	3,626
Less: Income tax expense (benefit)	20	242	372	215	192	261	(87)	244	127	177	1,040	461	546
Total net income	21	1,007	217	1,428	718	936	874	937	740	918	3,299	3,469	3,080
Less: Net income (loss) allocated to the participating account	22	53	(115)	54	48	55	57	37	51	33	42	178	83
Less: Net income (loss) attributable to non-controlling interest ("NCI")	23	6	75	6	4	43	48	10	9	59	128	126	56
Net income - Shareholders	24	948	257	1,368	666	838	769	890	680	826	3,129	3,165	2,941
Less: Preferred shareholders' dividends and distributions on other equity instruments	25	20	20	20	20	20	20	19	20	20	80	79	70
Reported net income - Common shareholders	26	928	237	1,348	646	818	749	871	660	806	3,049	3,086	2,871
Underlying net income (2)	27	1,045	965	1,016	1,000	875	983	930	920	895	3,856	3,728	3,369

(1)Refer to the Notes page ii, Adjustments - Acquisition, Integration and Restructuring and Adjustments - other for additional details.

(2)Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section on page 1 and the Additional Non-IFRS Financial Measures Glossary in the appendix of this document, or section N - Non-IFRS Financial Measures of the Company's Q1'25 MD&A.

COMMON SHAREHOLDERS' DRIVERS OF EARNINGS ("DOE") - Total

Company (1)For the Quarter Ended For the Year Ended

109	104	101	104	101	106	114	103	95	410	418	392
243	235	236	226	224	215	184	192	199	921	790	760
445	440	421	419	417	407	373	367	378	1,697	1,525	1,235
797	779	758	749	742	728	671	662	672	3,028	2,733	2,387
(10)	(21)	(23)	(13)	(14)	(15)	(12)	(12)	(12)	(71)	(51)	(91)
50	(23)	67	11	(16)	56	81	144	16	39	297	80
837	735	802	747	712	769	740	794	676	2,996	2,979	2,376
252	243	245	243	224	230	218	221	217	955	886	653
(28)	(48)	(80)	(14)	(27)	(25)	(8)	(4)	(10)	(169)	(47)	(26)
128	129	161	159	160	158	155	165	161	609	639	491
70	78	81	61	62	64	51	48	69	282	232	119
422	402	407	449	419	427	416	430	437	1,677	1,710	1,237
483	505	457	417	383	460	437	403	377	1,762	1,677	1,651
80	91	98	84	48	66	38	64	79	321	247	298
(494)	(513)	(482)	(451)	(479)	(489)	(485)	(500)	(454)	(1,925)	(1,928)	(1,435)
1,328	1,220	1,282	1,246	1,083	1,233	1,146	1,191	1,115	4,831	4,685	4,127
(248)	(212)	(232)	(215)	(175)	(203)	(182)	(235)	(191)	(834)	(811)	(637)
(35)	(43)	(34)	(31)	(33)	(47)	(34)	(36)	(29)	(141)	(146)	(121)
1,045	965	1,016	1,000	875	983	930	920	895	3,856	3,728	3,369

(22)	(179)	29	(153)	(70)	(193)	23	(220)	(64)	(373)	(454)	(21)
(4)	11	36	16	(7)	(1)	35	7	(5)	56	36	(168)

5	-	(10)	-	(12)	(11)	7	(1)	17	(22)	12	115
(54)	(30)	312	(164)	22	(42)	(89)	(20)	(4)	140	(155)	(492)
(39)	(223)	(35)	(38)	(36)	(38)	(35)	(26)	(33)	(332)	(132)	(97)
(3)	(307)	-	(15)	46	51	-	-	-	(276)	51	165
928	237	1,348	646	818	749	871	660	806	3,049	3,086	2,871

(C$ millions) Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 2024 2023 2022

Risk adjustment release 1

Contractual Service Margin ("CSM") recognized for services provided 2

Expected earnings on short-term (group) insurance business 3

Expected insurance earnings 4

Impact of new insurance business 5

Experience gains (losses) (2)6

Net insurance service result - Underlying 7

Expected investment earnings 8

Credit experience 9

Earnings on surplus 10

Joint ventures & other 11

Net investment results - Underlying 12

Asset Management - underlying 13

Other fee income (2)14

Expenses - other (2)(3)15

Income before taxes - Underlying 16

Income tax (expense) or recovery 17

Dividends, distributions, NCI (4)18

Underlying net income (1)19

Add: Non-underlying net income adjustments (1)(post-tax):

Market-related impacts 20

Assumption changes and management actions ("ACMA") 21

Other adjustments:

MFS shares owned by management 22

Acquisition, integration and restructuring (5)23

Intangible asset amortization (6)24

Other (5)25

Reported net income - Common shareholders 26

UNDERLYING NET INCOME BY BUSINESS TYPE (1) - Total Company

Asset management & wealth 27

Group - Health & Protection 28

Individual - Protection (7)29

Corporate expenses & other (7)30

Underlying net income 31

Add: Market-related impacts 32

ACMA 33

Other adjustments 34

Reported net income - Common shareholders 35

For the Quarter Ended For the Year Ended

Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 2024 2023 2022

487	486	474	455	408	439	457	419	411	1,823	1,726	1,673
330	266	345	305	280	365	285	360	303	1,196	1,313	963
325	310	289	332	270	273	277	258	287	1,201	1,095	989
(97)	(97)	(92)	(92)	(83)	(94)	(89)	(117)	(106)	(364)	(406)	(256)
1,045	965	1,016	1,000	875	983	930	920	895	3,856	3,728	3,369
(22)	(179)	29	(153)	(70)	(193)	23	(220)	(64)	(373)	(454)	(21)
(4)	11	36	16	(7)	(1)	35	7	(5)	56	36	(168)
(91)	(560)	267	(217)	20	(40)	(117)	(47)	(20)	(490)	(224)	(309)
928	237	1,348	646	818	749	871	660	806	3,049	3,086	2,871

EXCHANGE RATES - Average for the period

U.S. Dollar 36

1.40 1.36 1.37 1.35 1.36 1.34 1.34 1.35

1.35 1.30

(1) The DOE analysis and Underlying Net Income by Business Type contain non-IFRS financial measures. Refer to the Non-IFRS Financial Measures section on page 1 and the Additional Non-IFRS Financial Measures Glossary in the appendix of this document, or section N -Non-IFRS Financial Measures of the Company's Q1'25 MD&A. Refer to the Basis of Presentation section on page ii of this document for more information about certain amounts that are presented on a net basis to reflect how the business is managed, compared to a gross basis in the Consolidated Financial Statements.

(2) Effective Q4'23, prior period amounts in the DOE related to Expenses - other for health, asset management and wealth businesses in Canada have been restated to improve comparability of data over time and with other business units; related amounts in Other fee income and Experience gains (losses) have also been restated accordingly. In addition, effective Q3'23, the Other Fee Income line for the U.S. business segment has been refined to include Employee Benefits and Health and Risk Solutions fee income net of corresponding expenses in order to align with the presentation of the Dental business in this line. We have updated prior period amounts to reflect this refinement.

(3) Expenses - other removes non-underlying Other adjustments, including MFS shares owned by management, Acquisition, integration and restructuring, and Intangible asset amortization. Certain Other adjustments - other may also be removed from Other expenses.

(4) Dividends on preferred shares, distributions on other equity instruments, and non-controlling interests ("Dividends, distributions, NCI").

(5) Refer to the Notes page ii, Adjustments - Acquisition, Integration and Restructuring and Adjustments - other for additional details.

(6) Q4'24 amounts include an impairment charge of $186 million on an intangible asset related to bancassurance in Vietnam reflecting updates resulting from changes in regulatory and macro-economic factors.

(7) Effective Q1'25 Regional Office in Asia was moved from the Corporate expenses & other business type to the Individual - Protection business type, reflecting a reporting refinement. Prior period amounts reflect current presentation.

COMMON SHAREHOLDERS' DOE - Total Company (1)For the Quarter Ended - Q1 2025

($ millions) Canadian dollars U.S. Dollars

	Asset Management	Canada	U.S.	Asia	Corporate	Total Company	MFS	U.S.
Risk adjustment release 1	-	54	8		47	-	109	-	5
CSM recognized for services provided 2	-	95	16		132	-	243	-	11
Expected earnings on short-term (group) insurance business 3	-	170	276		(1)	-	445	-	193
Expected insurance earnings 4	-	319	300		178	-	797	-	209
Impact of new insurance business 5	-	(5)	-		(5)	-	(10)	-	-
Experience gains (losses) (2)6	-	56	4		(10)	-	50	-	1
Net insurance service result - Underlying 7	-	370	304		163	-	837	-	210
Expected investment earnings 8	-	181	47		24	-	252	-	33
Credit experience 9	-	(21)	(4)		(3)	-	(28)	-	(3)
Earnings on surplus 10	-	46	42		28	12	128	-	30
Joint ventures & other 11	-	(1)	9		59	3	70	-	8
Net investment results - Underlying 12	-	205	94		108	15	422	-	68
Asset Management - underlying 13	483	-	-		-	-	483	247	-
Other fee income (2)14	-	54	11		15	-	80	-	7
Expenses - other (2)(3)15	-	(137)	(138)		(80)	(139)	(494)	-	(97)
Income before taxes - Underlying 16	483	492	271		206	(124)	1,328	247	188
Income tax (expense) or recovery 17	(117)	(116)	(53)		(9)	47	(248)	(61)	(37)
Dividends, distributions, NCI 18	(15)	-	-		-	(20)	(35)	-	-
Underlying net income (1)19	351	376	218		197	(97)	1,045	186	151
Add: Non-underlying net income adjustments (1)(post-tax):
Market-related impacts 20	(7)	(7)	14		(18)	(4)	(22)	-	10
ACMA 21	-	(1)	-		(3)	-	(4)	-	-
Other adjustments:
MFS shares owned by management 22	5	-	-		-	-	5	4	-
Acquisition, integration and restructuring (4)23	(16)	(11)	(23)		(4)	-	(54)	-	(16)
Intangible asset amortization 24	(7)	(6)	(23)		(3)	-	(39)	-	(16)
Other (4)25	-	-	-		(3)	-	(3)	-	-
Reported net income - Common shareholders 26	326	351	186		166	(101)	928	190	129

COMMON SHAREHOLDERS' DOE - Total Company (1)For the Quarter Ended - Q1 2024

($ millions) Canadian dollars U.S. Dollars

	Asset Management	Canada	U.S.	Asia	Corporate	Total Company	MFS	U.S.
Risk adjustment release 27	-	52	9		40	-	101	-	6
CSM recognized for services provided 28	-	92	23		109	-	224	-	17
Expected earnings on short-term (group) insurance business 29	-	158	258		1	-	417	-	192
Expected insurance earnings 30	-	302	290		150	-	742	-	215
Impact of new insurance business 31	-	(8)	-		(6)	-	(14)	-	-
Experience gains (losses) (2)32	-	(11)	(7)		2	-	(16)	-	(3)
Net insurance service result - Underlying 33	-	283	283		146	-	712	-	212
Expected investment earnings 34	-	166	42		16	-	224	-	30
Credit experience 35	-	(20)	(9)		1	1	(27)	-	(7)
Earnings on surplus 36	-	54	39		44	23	160	-	30
Joint ventures & other 37	-	15	2		43	2	62	-	1
Net investment results - Underlying 38	-	215	74		104	26	419	-	54
Asset Management - underlying 39	383	-	-		-	-	383	250	-
Other fee income (2)40	-	39	2		7	-	48	-	1
Expenses - other (2)(3)41	-	(142)	(121)		(76)	(140)	(479)	-	(90)
Income before taxes - Underlying 42	383	395	238		181	(114)	1,083	250	177
Income tax (expense) or recovery 43	(88)	(85)	(49)		(4)	51	(175)	(61)	(36)
Dividends, distributions, NCI 44	(13)	-	-		-	(20)	(33)	-	-
Underlying net income (1)45	282	310	189		177	(83)	875	189	141
Add: Non-underlying net income adjustments (1)(post-tax):
Market-related impacts 46	1	(9)	(42)		(15)	(5)	(70)	-	(32)
ACMA 47	-	(5)	1		(3)	-	(7)	-	1
Other adjustments:
MFS shares owned by management 48	(12) -		-		-	-	(12)	(9) -
Acquisition, integration and restructuring (4)49	(27)	-	(29)		78	-	22	-	(22)
Intangible asset amortization 50	(6)	(6)	(22)		(2)	-	(36)	-	(17)
Other (4)51	46	-	-		-	-	46	-	-
Reported net income - Common shareholders 52	284	290	97		235	(88)	818	180	71

(1)The DOE analysis and Underlying Net Income by Business Type contain non-IFRS financial measures. Refer to the Non-IFRS Financial Measures section on page 1 and the Additional Non-IFRS Financial Measures Glossary in the appendix of this document, or section N - Non-IFRS Financial Measures of the Company's Q1'25 MD&A. Refer to the Basis of Presentation section on page ii of this document for more information about certain amounts that are presented on a net basis to reflect how the business is managed, compared to a gross basis in the Consolidated Financial Statements.

(2)Effective Q4'23, prior period amounts in the DOE related to Expenses - other for health, asset management and wealth businesses in Canada have been restated to improve comparability of data over time and with other business units; related amounts in Other fee income and Experience gains (losses) have also been restated accordingly. In addition, effective Q3'23, the Other Fee Income line for the U.S. business segment has been refined to include Employee Benefits and Health and Risk Solutions fee income net of corresponding expenses in order to align with the presentation of the Dental business in this line. We have updated prior period amounts to reflect this refinement.

(3)Expenses - other removes non-underlying Other adjustments, including MFS shares owned by management, Acquisition, integration and restructuring, and Intangible asset amortization. Certain Other adjustments - other may also be removed from Other expenses.

(4)Refer to the Notes page ii, Adjustments - Acquisition, Integration and Restructuring and Adjustments - other for additional details.

STATEMENTS OF FINANCIAL POSITION At the Quarter Ended At the Year Ended

(C$ millions) Assets		Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	2024	2023	2022
Cash, cash equivalents and short-term securities	1	11,506	13,873	11,765	11,477	11,265	13,173	11,026	10,348	11,012	13,873	13,173	11,219
Debt securities	2	84,630	81,955	81,832	76,174	75,887	75,493	68,879	72,469	76,285	81,955	75,493	75,902
Equity securities	3	9,656	9,974	9,398	8,420	7,750	7,138	7,080	7,187	7,590	9,974	7,138	7,148
Mortgages and loans	4	58,749	57,619	57,151	55,647	54,798	54,600	51,994	52,338	53,303	57,619	54,600	51,253
Derivative assets	5	1,839	1,971	1,724	1,691	1,504	2,183	1,878	2,178	1,813	1,971	2,183	2,095
Other financial invested assets	6	13,546	13,306	11,560	11,909	10,943	10,361	10,203	9,613	9,482	13,306	10,361	9,418
Financial assets	7	179,926	178,698	173,430	165,318	162,147	162,948	151,060	154,133	159,485	178,698	162,948	157,035
Investment properties	8	9,335	9,290	9,333	9,474	9,555	9,723	9,952	10,001	10,148	9,290	9,723	10,102
Other non-financial invested assets	9	1,784	1,829	1,769	1,697	1,713	1,657	1,752	1,683	1,676	1,829	1,657	1,652
Invested assets	10	191,045	189,817	184,532	176,489	173,415	174,328	162,764	165,817	171,309	189,817	174,328	168,789
Other assets	11	6,657	7,021	6,981	6,922	7,475	6,462	7,601	7,409	6,829	7,021	6,462	6,442
Reinsurance contract held assets	12	6,426	6,318	5,978	5,707	5,745	5,794	5,766	5,998	6,052	6,318	5,794	6,115
Insurance contract assets	13	285	355	411	203	180	184	208	214	238	355	184	75
Deferred tax assets	14	3,922	3,910	4,099	3,957	3,939	3,878	3,421	3,448	3,475	3,910	3,878	3,466
Intangible assets	15	5,507	5,058	5,071	5,116	5,142	5,174	5,161	4,886	5,081	5,058	5,174	4,724
Goodwill	16	9,468	9,456	9,108	9,151	9,090	8,969	8,937	8,803	8,808	9,456	8,969	8,705
Total general fund assets	17	223,310	221,935	216,180	207,545	204,986	204,789	193,858	196,575	201,792	221,935	204,789	198,316
Investments for account of segregated fund holders	18	149,650	148,786	145,072	136,971	135,541	128,452	119,988	123,366	131,033	148,786	128,452	125,292
Total assets	19	372,960	370,721	361,252	344,516	340,527	333,241	313,846	319,941	332,825	370,721	333,241	323,608
Liabilities and equity Liabilities
Insurance contract liabilities excluding those for account of segregated fund holders	20	150,100	147,269	144,300	136,540	134,909	135,669	124,873	129,103	134,230	147,269	135,669	131,294
Reinsurance contract held liabilities	21	1,827	1,825	1,690	1,480	1,536	1,623	1,543	1,612	1,734	1,825	1,623	1,603
Investment contract liabilities	22	11,998	11,678	11,769	11,755	11,757	11,672	11,344	11,065	10,967	11,678	11,672	10,728
Derivative liabilities	23	1,886	2,077	1,567	1,774	1,703	1,311	2,541	1,628	1,915	2,077	1,311	2,351
Deferred tax liabilities	24	287	286	285	277	278	281	305	524	512	286	281	468
Other liabilities	25	24,794	26,292	24,264	23,892	23,779	23,655	23,108	22,572	22,147	26,292	23,655	22,109
Senior debentures - innovative capital instruments	26	200	200	200	200	200	200	200	200	200	200	200	200
Subordinated debt	27	6,179	6,179	6,177	6,926	6,179	6,178	6,177	6,679	6,677	6,179	6,178	6,676
Total general fund liabilities	28	197,271	195,806	190,252	182,844	180,341	180,589	170,091	173,383	178,382	195,806	180,589	175,429
Insurance contract liabilities for account of segregated fund holders	29	19,769	20,097	20,192	19,202	19,654	19,041	18,377	19,032	23,622	20,097	19,041	23,139
Investment contract liabilities for account of segregated fund holders	30	129,881	128,689	124,880	117,769	115,887	109,411	101,611	104,334	107,411	128,689	109,411	102,153
Total liabilities	31	346,921	344,592	335,324	319,815	315,882	309,041	290,079	296,749	309,415	344,592	309,041	300,721
Equity
Issued share capital and contributed surplus	32	10,432	10,526	10,550	10,572	10,643	10,660	10,642	10,671	10,664	10,526	10,660	10,640
Shareholders' retained earnings and accumulated other comprehensive income ("OCI")	33	14,986	15,031	14,678	13,470	13,386	12,922	12,581	12,029	12,310	15,031	12,922	11,889
Total shareholders' equity	34	25,418	25,557	25,228	24,042	24,029	23,582	23,223	22,700	22,974	25,557	23,582	22,529
Equity in the participating account	35	547	496	621	567	510	457	397	354	303	496	457	268
NCI equity	36	74	76	79	92	106	161	147	138	133	76	161	90
Total equity	37	26,039	26,129	25,928	24,701	24,645	24,200	23,767	23,192	23,410	26,129	24,200	22,887
Total liabilities and equity	38	372,960	370,721	361,252	344,516	340,527	333,241	313,846	319,941	332,825	370,721	333,241	323,608
EXCHANGE RATES - Period end rates
U.S. Dollar	39	1.44	1.44	1.35	1.37	1.35	1.32	1.36	1.32	1.35	1.44	1.32	1.35

STATEMENTS OF TOTAL SHAREHOLDERS' EQUITY At and For the Quarter Ended At and For the Year Ended

(C$ millions)		Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	2024	2023	2022
Preferred shares and other equity instruments	1	2,239	2,239	2,239	2,239	2,239	2,239	2,239	2,239	2,239	2,239	2,239	2,239
Common shares
Balance, beginning of period	2	8,192	8,215	8,239	8,305	8,327	8,309	8,338	8,331	8,311	8,327	8,311	8,305
Stock options exercised	3	5	26	9	-	12	18	11	7	20	47	56	6
Common shares purchased for cancellation	4	(103)	(49)	(33)	(66)	(34)	-	(40)	-	-	(182)	(40) -
Balance, end of period	5	8,094	8,192	8,215	8,239	8,305	8,327	8,309	8,338	8,331	8,192	8,327	8,311
Contributed surplus
Balance, beginning of period	6	95	96	94	99	94	94	94	94	90	94	90	71
Share-based payments	7	4	1	3	(5)	6	2	2	1	6	5	11	19
Stock options exercised	8	-	(2)	(1)	-	(1)	(2)	(2)	(1)	(2)	(4)	(7) -
Balance, end of period	9	99	95	96	94	99	94	94	94	94	95	94	90
Retained earnings
Balance, beginning of period (1)	10	12,817	13,321	12,482	12,478	12,370	11,866	11,582	11,400	11,729	12,370	11,729	14,713
Adjustment for changes in accounting policies (2)	11	-	-	-	-	-	-	-	-	(553)	-	(553)	(4,241)
Balance, beginning of period, after change in accounting policy	12	12,817	13,321	12,482	12,478	12,370	11,866	11,582	11,400	11,176	12,370	11,176	10,472
Net Income (loss) (3)	13	948	257	1,368	666	838	769	890	680	826	3,129	3,165	2,941
Dividends on common shares	14	(480)	(484)	(464)	(471)	(456)	(458)	(441)	(439)	(424)	(1,875)	(1,762)	(1,614)
Dividends on preferred shares and distributions on other equity instruments (3)	15	(20)	(20)	(20)	(20)	(20)	(20)	(19)	(20)	(20)	(80)	(79)	(70)
Common shares purchased for cancellation	16	(559)	(257)	(45)	(171)	(254)	-	(146)	-	-	(727)	(146) -
Transfer from accumulated other comprehensive income (loss)	17	-	-	-	-	-	-	-	(37)	-	-	(37) -
Change attributable to acquisition	18	-	-	-	-	-	-	-	(2)	(158)	-	(160) -
Balance, end of period	19	12,706	12,817	13,321	12,482	12,478	12,157	11,866	11,582	11,400	12,817	12,157	11,729
Accumulated other comprehensive income (loss), net of taxes
Balance, beginning of period (1)	20	2,214	1,357	988	908	552	715	447	910	160	552	160	986
Adjustment for changes in accounting policies (2)	21	-	-	-	-	-	-	-	-	553	-	553	(116)
Balance, beginning of period, after change in accounting policy	22	2,214	1,357	988	908	552	715	447	910	713	552	713	870
Other comprehensive income (loss) for the period (2)(4):
Unrealized foreign currency translation gains/(losses), net of hedging activities	23	27	994	(17)	76	286	(296)	273	(324)	2	1,339	(345) 678
Unrealized gains (losses) on FVOCI assets	24	120	(160)	309	-	(45)	448	(45)	(146)	228	104	485	(1,483)
Unrealized gains (losses) on cash flow hedges	25	2	(2)	11	(6)	2	3	(7)	27	(6)	5	17	(11)
Share of other comprehensive income (loss) in joint ventures and associates	26	(70)	5	77	4	115	(35)	19	(29)	1	201	(44)	(60)
Items that will not be reclassified subsequently to income	27	(13)	20	(11)	6	(2)	(70)	28	(28)	(28)	13	(98)	166
Balance at the end of the period	28	66	857	369	80	356	50	268	(500)	197	1,662	15	(710)
Transfer to retained earnings (5)	29	-	-	-	-	-	-	-	37	-	-	37	-
Composition of shareholders' accumulated OCI balance:
Unrealized foreign currency translation gains (losses), net of hedging activities	30	2,709	2,682	1,688	1,705	1,629	1,343	1,639	1,366	1,690	2,682	1,343	1,629
Unrealized gains (losses) on FVOCI assets	31	(130)	(250)	(90)	(399)	(399)	(354)	(802)	(757)	(611)	(250)	(354)	(1,333)
Unrealized gains (losses) on cash flow hedges	32	6	4	6	(5)	1	(1)	(4)	3	(24)	4	(1)	(18)
Share of other comprehensive income (loss) in joint ventures and associates(1)	33	(233)	(163)	(168)	(245)	(249)	(151)	(116)	(135)	(106)	(163)	(151)	(107)
Items that will not be reclassified subsequently to income	34	(72)	(59)	(79)	(68)	(74)	(72)	(2)	(30)	(39)	(59)	(72)	(11)
Balance, end of period	35	2,280	2,214	1,357	988	908	765	715	447	910	2,214	765	160
Total Shareholders' equity, end of period	36	25,418	25,557	25,228	24,042	24,029	23,582	23,223	22,700	22,974	25,557	23,582	22,529

(1)Balances have been restated for the periods Q1'24 to Q4'24. For additional details refer to the Consolidated Statements of Changes in Equity and Note 2. Changes in Accounting Policies of the Company's Q1'25 Consolidated Financial Statements and Notes.

(2)For additional details on the adjustment of changes related to IFRS 17 and IFRS 9, refer to the Consolidated Statements of Changes in Equity and Note 2. Changes in Accounting Policies of the Company's Q1'23 Consolidated Financial Statements and Notes.

(3)Common shareholders' net income ("reported net income") is equal to Total shareholder net income (loss) less Dividends on preferred shares and distributions on other equity instruments.

(4)The Q4'22 Accumulated OCI balance plus the Other comprehensive income (loss) for Q1'23 do not sum to the Q1'23 Accumulated OCI balance due to the Adjustment for changes in accounting policies as we adopted IFRS 9 effective January 1, 2023, which resulted in classification and measurement changes of financial instruments.

(5)During the second quarter of 2023, the Company transferred cumulative remeasurement losses of $37 million from Accumulated other comprehensive income (loss) to Retained earnings as a result of the termination and complete settlement of the defined benefit pension plan upon the sale of Sun Life UK.

LICAT RATIO - SUN LIFE FINANCIAL INC. (1)At the Quarter Ended

(C$ millions) Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023CAPITAL RESOURCES

26,751	26,377	26,458	25,215	24,776	24,076	23,410	22,861	22,553
2,281	2,217	1,370	1,001	912	771	718	424	910
10,333	10,431	10,454	10,478	10,544	10,566	10,548	10,577	10,571
200	200	200	200	200	200	200	200	200
-	-	-	-	-	-	-	-	-

4,787	4,788	4,663	4,680	4,661	4,620	4,670	4,622	4,664
16,473	15,764	15,753	14,683	14,845	14,602	13,940	13,374	14,051
18,305	18,673	18,066	17,531	16,926	16,391	16,266	16,066	15,519

6,119	6,118	6,117	6,866	6,149	6,148	6,147	6,649	6,677
4,519	4,481	4,442	3,813	4,052	3,934	3,813	3,699	3,983

-	-	-	-	-	-	-	-	-
10,638	10,599	10,559	10,679	10,201	10,082	9,960	10,348	10,660
7,169	6,838	6,791	6,129	6,072	6,165	5,573	6,034	5,692
36,112	36,110	35,416	34,339	33,199	32,638	31,799	32,448	31,871

4,351	4,351	4,447	4,309	4,182	4,170	3,972	4,039	4,099
4,504	4,459	4,419	4,371	4,298	4,238	4,422	4,335	4,249
11,919	11,257	11,015	11,186	11,051	10,489	10,528	10,860	10,526
20,774	20,067	19,881	19,866	19,531	18,897	18,922	19,234	18,874
6,145	6,129	5,758	5,421	5,309	5,171	4,903	4,892	4,971

6,122	5,497	5,346	5,339	5,251	4,984	4,956	4,957	5,036
20,797	20,699	20,293	19,948	19,589	19,084	18,869	19,169	18,809
989	706	702	711	709	719	721	694	712
2,386	2,332	2,276	2,239	2,195	2,139	2,104	2,090	2,059
24,172	23,737	23,271	22,898	22,493	21,942	21,694	21,953	21,580

149%	152%	152%	150%	148%	149%	147%	148%	148%
96%	99%	98%	95%	94%	94%	93%	92%	90%

Tier 1 capital

Adjusted retained earnings and contributed surplus (includes contractual service margin) (2)1

Adjusted accumulated other comprehensive income (2)2

Common & preferred shares and other equity instruments 3

Innovative instruments 4

Other 5

Less:

Goodwill 6

Tier 1 deductions 7

Net Tier 1 capital 8

Tier 2 capital

Preferred shares and subordinated debt 9

Other Tier 2 10

Less:

Tier 2 deductions 11

Net Tier 2 capital 12

Surplus allowance and eligible deposits 13

Total capital resources 14

CAPITAL REQUIREMENTS

Credit risk 15

Market risk 16

Insurance risk 17

Total non-participating product risk (before other credits and diversification) 18

Total participating product risk including par credits (before other credits and diversification) 19

Less:

Credits and diversification benefits 20

Total non-participating and participating product risk 21

Segregated fund guarantee risk 22

Operational risk 23

Base solvency buffer 24

LICAT ratio 25

LICAT core ratio 26

IFRS 17/9 IFRS 17/9

At the Quarter Ended At the Year Ended

IFRS 4 &

IAS 39 (3)

CAPITAL (3)		Q1 2025	Q4 2024	Q3 2024	Q2 2024 Q1 2024 Q4 2023			Q3 2023	Q2 2023	Q1 2023	2024	2023	2022
Subordinated debt	27	6,179	6,179	6,177	6,926	6,179	6,178	6,177	6,679	6,677	6,179	6,178	6,676
Innovative capital instruments (4)	28	200	200	200	200	200	200	200	200	200	200	200	200
Equity:
Preferred shareholders' equity and other equity instruments	29	2,239	2,239	2,239	2,239	2,239	2,239	2,239	2,239	2,239	2,239	2,239	2,239
Common shareholders' equity (5)	30	23,179	23,318	22,989	21,803	21,790	21,343	20,984	20,461	20,735	23,318	21,343	25,211
Equity in the participating account	31	547	496	621	567	510	457	397	354	303	496	457	1,837
NCI equity	32	74	76	79	92	106	161	147	138	133	76	161	90
CSM	33	13,619	13,366	12,836	12,512	12,141	11,786	11,452	11,258	11,243	13,366	11,786	-
Total capital	34	46,037	45,874	45,141	44,339	43,165	42,364	41,596	41,329	41,530	45,874	42,364	36,253

(1)OSFI's 2023 LICAT Guideline, effective January 1, 2023, specifies that available capital for LICAT purposes includes the CSM. Prior period restatement and resubmissions are not mandated.

(2)Balances have been restated for the periods Q1'24 to Q4'24. For additional details refer to the Consolidated Statements of Changes in Equity and Note 2. Changes in Accounting Policies of the Company's Q1'25 Consolidated Financial Statements and Notes.

(3)Effective January 1, 2023, the definition of Capital was updated to include the CSM balance. Capital has not been restated for periods in 2022 and earlier as IFRS 17 and IFRS 9 were not the accounting standards in effect and therefore, were not applicable to our capital management practices at the time.

(4)Innovative capital instruments, which represent SLEECS issued by Sun Life Capital Trust, are presented net of associated transaction costs. SLEEC securities qualify as capital for Canadian Regulatory purposes.

(5)Common shareholders' equity is equal to Total shareholders' equity less Preferred shares and other equity instruments.

CSM MOVEMENT ANALYSIS (1)At and For the Quarter Ended At and For the Year Ended

(C$ millions)		Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023									2024	2023	2022
CSM at beginning of period	1	13,366	12,836	12,512	12,141	11,786	11,452	11,258	11,243	10,865	11,786	10,865	9,797
Impact of new insurance business	2	406	306	383	437	347	381	370	270	232	1,473	1,253	762
Expected movements from asset returns & locked-in rates	3	191	191	185	166	161	152	152	131	125	703	560	362
Insurance experience gains/losses	4	20	(14)	(63)	(21)	21	(19)	(28)	21	93	(77)	67	89
CSM recognized for services provided	5	(303)	(308)	(286)	(272)	(269)	(264)	(212)	(220)	(223)	(1,135)	(919)	(861)
Organic CSM movement	6	314	175	219	310	260	250	282	202	227	964	961	352
Impact of markets & other	7	(74)	(127)	191	45	15	114	(158)	(80)	86	124	(38) 37
Impact of change in assumptions	8	(6)	141	(95)	7	(23)	76	(43)	284	47	30	364	431
Currency impact	9	19	341	9	9	103	(106)	113	(129)	18	462	(104) 248
Disposition (2)	10	-	-	-	-	-	-	-	(262)	-	-	(262) -
Total CSM movement	11	253	530	324	371	355	334	194	15	378	1,580	921	1,068
CSM at end of period	12	13,619	13,366	12,836	12,512	12,141	11,786	11,452	11,258	11,243	13,366	11,786	10,865

(1) Certain measures in the CSM Movement Analysis are non-IFRS financial measures. Refer to the Non-IFRS Financial Measures section on page 1 and the Additional Non-IFRS Financial Measures Glossary in the appendix of this document, or section N - Non-IFRS Financial Measures of the Company's Q1'25 MD&A for more information. Refer to the Basis of Presentation section on page ii of this document for more information about certain amounts that are presented on a net basis to reflect how the business is managed, compared to a gross basis in the Consolidated Financial Statements.

(2) In Q2'23, we completed the sale of Sun Life UK, and after the sale, the remaining UK payout annuities business was moved from the Corporate business segment to the U.S. business segment and combined with U.S. In-force Management. Refer to the Notes page ii, Adjustments - Acquisition, Integration and Restructuring for additional details.

ASSET MANAGEMENT

(C$ millions) At and For the Quarter Ended

At and For the Year Ended

FINANCIAL SUMMARY ON AN UNDERLYING BASIS (1) Revenue		Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	2024	2023	2022
Net investment result	1	75	85	55	51	44	96	41	54	29	235	220	75
Fee income	2	1,489	1,473	1,415	1,382	1,365	1,348	1,335	1,312	1,289	5,635	5,284	5,218
Total revenue	3	1,564	1,558	1,470	1,433	1,409	1,444	1,376	1,366	1,318	5,870	5,504	5,293
Expenses	4	1,081	1,053	1,013	1,016	1,026	984	939	963	941	4,108	3,827	3,642
Income before income taxes	5	483	505	457	417	383	460	437	403	377	1,762	1,677	1,651
Less: Income tax expense (benefit)	6	117	122	99	99	88	102	92	91	86	408	371	362
Less: NCI	7	15	23	14	11	13	27	15	16	9	61	67	51
Underlying net income (1)	8	351	360	344	307	282	331	330	296	282	1,293	1,239	1,238
Add: Non-underlying net income adjustments (1)(post-tax):
Market-related impacts	9	(7)	(14)	(6)	(1)	1	(6)	(3)	(31)	(7)	(20)	(47)	(22)
Other adjustments:
MFS shares owned by management	10	5	-	(10)	-	(12)	(11)	7	(1)	17	(22)	12	115
Acquisition, integration and restructuring (2)	11	(16)	(14)	322	(26)	(27)	(12)	(58)	(11)	(33)	255	(114)	(176)
Intangible asset amortization	12	(7)	(6)	(6)	(6)	(6)	(5)	(8)	(5)	(5)	(24)	(23)	(14)
Other (2)	13	-	-	-	-	46	-	-	-	-	46	-	7
Reported net income - Common shareholders	14	326	326	644	274	284	297	268	248	254	1,528	1,067	1,148
Underlying net income (1)
MFS	15	266	301	297	265	254	261	277	252	254	1,117	1,044	1,080
SLC Management	16	85	59	47	42	28	70	53	44	28	176	195	158
Total	17	351	360	344	307	282	331	330	296	282	1,293	1,239	1,238
Reported net income (loss) - Common shareholders
MFS	18	271	301	287	265	242	250	284	251	271	1,095	1,056	1,195
SLC Management	19	55	25	357	9	42	47	(16)	(3)	(17)	433	11	(47)
Total	20	326	326	644	274	284	297	268	248	254	1,528	1,067	1,148
Gross flows (1)	21	52,521	54,008	36,259	38,882	40,718	38,322	34,266	37,651	40,829	169,867	151,068	172,881
Net flows (1)	22	(8,680)	(14,349)	(17,380)	(20,951)	(10,138)	(11,440)	(9,109)	(3,320)	(2,513)	(62,818)	(26,382)	(21,985)
AUMA (1)
MFS (3)	23	868,690	871,219	872,683	845,331	852,332	792,794	754,757	779,771	770,734	871,219	792,794	742,317
SLC Management (4)	24	254,960	250,064	230,383	226,770	226,312	223,112	219,473	218,077	217,827	250,064	223,112	209,647
Total AUM	25	1,123,650	1,121,283	1,103,066	1,072,101	1,078,644	1,015,906	974,230	997,848	988,561	1,121,283	1,015,906	951,964
AUA	26	15,799	15,900	15,272	11,524	11,220	49,771	48,389	49,854	50,131	15,900	49,771	-
Total AUMA	27	1,139,449	1,137,183	1,118,338	1,083,625	1,089,864	1,065,677	1,022,619	1,047,702	1,038,692	1,137,183	1,065,677	951,964

(1) Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section on page 1 and the Additional Non-IFRS Financial Measures Glossary in the appendix of this document, or section N - Non-IFRS Financial Measures of the Company's Q1'25 MD&A. Further, certain measures of this Financial Summary on an Underlying Basis are non-IFRS financial measures; refer to the Asset Management Reported Net Income Reconciliation section in the appendix of this document for additional details.

(2) Refer to the Notes page ii, Adjustments - Acquisition, Integration and Restructuring and Adjustments - other for additional details.

(3) Includes retail and institutional assets. Retail consists of domestic and international retail funds as well as other retail and trust accounts. Institutional consists of institutional accounts, pension business and insurance products.

(4) Represents institutional assets. Excludes assets managed on behalf of the Insurance businesses and General Fund.

MFS

(US$ millions, unless otherwise noted) At and For the Quarter Ended

At and For the Year Ended

BUSINESS UNIT FINANCIAL SUMMARY - UNDERLYING BASIS (1) Revenue		Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	2024	2023	2022
Net investment result	1	16	18	24	19	29	29	19	22	18	90	88	14
Fee income	2	785	817	813	792	788	753	771	760	749	3,210	3,033	3,158
Total revenue	3	801	835	837	811	817	782	790	782	767	3,300	3,121	3,172
Expenses	4	548	539	542	553	556	518	514	533	519	2,190	2,084	2,088
Compensation-related equity plan expenses (2)	5	6	9	11	2	11	10	5	1	-	33	16	7
Total Expenses	6	554	548	553	555	567	528	519	534	519	2,223	2,100	2,095
Income before income taxes	7	247	287	284	256	250	254	271	248	248	1,077	1,021	1,077
Less: Income tax expense (benefit)	8	61	71	66	62	61	63	64	61	60	260	248	245
Underlying net income (1)	9	186	216	218	194	189	191	207	187	188	817	773	832
Add: Non-underlying net income adjustments (1)(post-tax):
MFS shares owned by management	10	4	-	(8)	-	(9)	(8)	5	-	12	(17)	9	87
Reported net income - Common shareholders	11	190	216	210	194	180	183	212	187	200	800	782	919
RETAIL - CHANGES IN AUM (1)(3)
Opening AUM	12	426,202	442,914	420,073	422,585	401,264	375,574	393,740	380,741	367,276	401,264	367,276	465,384
Inflows	13	22,170	20,733	18,562	18,486	19,433	16,722	16,829	19,429	20,048	77,214	73,028	83,372
Outflows	14	(28,344)	(25,796)	(22,572)	(24,077)	(25,165)	(25,895)	(20,549)	(21,087)	(21,895)	(97,610)	(89,426)	(106,942)
Market movement	15	2,793	(11,649)	26,851	3,079	27,053	34,863	(14,446)	14,657	15,312	45,334	50,386	(74,538)
Closing AUM	16	422,821	426,202	442,914	420,073	422,585	401,264	375,574	393,740	380,741	426,202	401,264	367,276

179,653	202,371	197,994	207,046	197,297	180,335	195,389	189,539	180,600	197,297	180,600	227,377
9,690	5,848	4,369	5,700	6,640	5,580	4,260	5,350	5,477	22,557	20,667	25,069
(11,599)	(21,154)	(14,341)	(14,901)	(9,552)	(7,648)	(9,838)	(7,670)	(7,885)	(59,948)	(33,041)	(34,595)
3,238	(7,412)	14,349	149	12,661	19,030	(9,476)	8,170	11,347	19,747	29,071	(37,251)
180,982	179,653	202,371	197,994	207,046	197,297	180,335	195,389	189,539	179,653	197,297	180,600

603,803	605,855	645,285	618,067	629,631	598,561	555,909	589,129	570,280	605,855	598,561	547,876
615,888	630,455	626,242	620,224	609,312	566,637	581,608	577,107	566,269	621,596	572,930	584,793
31,860	26,581	22,931	24,186	26,073	22,302	21,089	24,779	25,525	99,771	93,695	108,441
(8,083)	(20,369)	(13,982)	(14,792)	(8,644)	(11,241)	(9,298)	(3,978)	(4,255)	(57,787)	(28,772)	(33,096)
(6,174)	(5,063)	(4,010)	(5,591)	(5,732)	(9,173)	(3,720)	(1,658)	(1,847)	(20,396)	(16,398)	(23,570)
(1,909)	(15,306)	(9,972)	(9,201)	(2,912)	(2,068)	(5,578)	(2,320)	(2,408)	(37,391)	(12,374)	(9,526)

INSTITUTIONAL - CHANGES IN AUM (1)(3)

Opening AUM 17

Inflows 18

Outflows 19

Market movement 20

Closing AUM 21

SUPPLEMENTAL INFORMATION (1)(3)

Total AUM 22

Average net assets 23

Total gross flows 24

Total net flows 25

Retail net flows (4)26

Institutional net flows (4)27

Pre-tax net operating margin (1)28

Pre-tax gross operating margin (1)29

35.4%	40.5%	40.5%	36.5%	37.2%	39.4%	40.8%	36.6%	36.8%	38.7%	38.4%	38.7%
32.0%	36.5%	36.5%	32.7%	33.3%	35.2%	36.4%	32.7%	32.8%	34.8%	34.3%	34.3%

(1) Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section on page 1 and the Additional Non-IFRS Financial Measures Glossary in the appendix of this document, or section N - Non-IFRS Financial Measures of the Company's Q1'25 MD&A. Further, revenues and expenses have been adjusted to remove NCI, and Expenses on an underlying basis exclude MFS shares owned by management; refer to the Asset Management Reported Net Income Reconciliation section in the appendix of this document for additional details.

(2) Includes stock settled incentive compensation.

(3) Monthly information on AUM is provided by MFS in its Corporate Fact Sheet, which can be found at https://www.mfs.com/CorpFact. The Corporate Fact Sheet also provides MFS' U.S GAAP assets and liabilities as at December 31, 2024.

(4) Retail consists of domestic and international retail funds as well as other retail, trust accounts and ETFs. Institutional consists of institutional accounts, pension business and insurance products.

SLC MANAGEMENT

(C$ millions, unless otherwise noted) For the Quarter Ended For the Year Ended

BUSINESS UNIT FINANCIAL SUMMARY		Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023									2024	2023	2022
Underlying net income (1)	1	85	59	47	42	28	70	53	44	28	176	195	158
Reported net income (loss) - Common shareholders	2	55	25	357	9	42	47	(16)	(3)	(17)	433	11	(47)
SUPPLEMENTARY INCOME STATEMENT (2) Fee-related revenue
Management fees	3	323	282	270	263	259	264	252	248	244	1,074	1,008	862
Distribution fees	4	13	12	10	11	24	23	22	23	15	57	83	-
Property management, transaction, advisory and other fees	5	27	36	26	25	20	35	25	21	24	107	105	115
Total fee-related revenue	6	363	330	306	299	303	322	299	292	283	1,238	1,196	977
Fee-related expenses
Compensation - fee-related	7	204	181	173	173	173	159	163	164	163	700	649	537
Other operating expenses	8	60	70	61	61	61	71	68	66	52	253	257	203
Total fee-related expenses	9	264	251	234	234	234	230	231	230	215	953	906	740
Total fee-related earnings	10	99	79	72	65	69	92	68	62	68	285	290	237
Investment income (loss) and performance fees	11	52	60	22	25	5	57	16	24	5	112	102	56
Interest and other	12	(19)	(36)	(25)	(23)	(28)	(39)	(20)	(19)	(32)	(112)	(110)	(50)
Operating income	13	132	103	69	67	46	110	64	67	41	285	282	243
Placement fees - other	14	(3)	1	-	-	-	3	7	4	1	1	15	8
Income (loss) before income taxes	15	129	104	69	67	46	113	71	71	42	286	297	251
Less: Income tax expense (benefit)	16	29	22	8	14	5	16	3	11	5	49	35	42
Less: NCI	17	15	23	14	11	13	27	15	16	9	61	67	51
Underlying net income (1)	18	85	59	47	42	28	70	53	44	28	176	195	158
Add: Non-underlying net income adjustments (1)(post-tax):
Market-related impacts	19	(7)	(14)	(6)	(1)	1	(6)	(3)	(31)	(7)	(20)	(47)	(22)
Acquisition, integration and restructuring (2)	20	(16)	(14)	322	(26)	(27)	(12)	(58)	(11)	(33)	255	(114)	(176)
Intangible asset amortization	21	(7)	(6)	(6)	(6)	(6)	(5)	(8)	(5)	(5)	(24)	(23)	(14)
Other (2)	22	-	-	-	-	46	-	-	-	-	46	-	7
Reported net income - Common shareholders	23	55	25	357	9	42	47	(16)	(3)	(17)	433	11	(47)
Pre-tax fee-related earnings margin (1)	24	24.3%	23.0%	24.2%	24.0%	23.9%	24.2%	23.8%	24.1%	24.3%	23.0%	24.2%	24.3%
Pre-tax net operating margin (1)	25	25.5%	21.1%	21.8%	21.6%	21.8%	21.8%	20.3%	19.8%	20.6%	21.1%	21.8%	23.4%

(1) Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section on page 1 and the Additional Non-IFRS Financial Measures Glossary in the appendix of this document, or section N - Non-IFRS Financial Measures of the Company's Q1'25 MD&A. Further, certain measures of this Supplementary Income Statement are non-IFRS financial measures; refer to the SLC Management Reported Net Income Reconciliation section in the appendix of this document for additional details.

(2) Refer to the Notes page ii, Adjustments - Acquisition, Integration and Restructuring and Adjustments - other for additional details.

SLC MANAGEMENT CONTINUED

(C$ millions) At and For the Quarter Ended At and For the Year Ended

Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 2024 2023 2022

AUM (1)	1	254,960	250,064 230,383 226,770 226,312 223,112					219,473 218,077 217,827			250,064	223,112 209,647
CHANGES IN AUM (1)
Opening AUM	2	250,064	230,383	226,770	226,312	223,112	219,473	218,077	217,827	209,647	223,112	209,647	183,925
Inflows	3	6,802	16,829	4,977	5,797	5,579	7,970	5,977	4,371	6,322	33,182	24,640	32,317
Outflows	4	(3,885)	(2,689)	(3,282)	(6,513)	(4,066)	(4,111)	(2,614)	(2,348)	(3,083)	(16,550)	(12,156)	(10,859)
Realizations and distributions (2)	5	(1,801)	(2,807)	(1,734)	(1,609)	(1,463)	(1,744)	(1,554)	(1,665)	(1,496)	(7,613)	(6,459)	(4,556)
Market movement and other (3)	6	3,780	8,348	3,652	2,783	3,150	1,524	(413)	(108)	6,437	17,933	7,440	8,820
Closing AUM	7	254,960	250,064	230,383	226,770	226,312	223,112	219,473	218,077	217,827	250,064	223,112	209,647

192,734	182,521	177,874	178,548	176,863	172,606	171,056	171,659	164,438	176,863	164,438	147,941
13,095	8,582	6,445	7,339	6,992	9,174	6,157	4,210	5,044	29,358	24,585	32,983
(3,278)	(2,108)	(2,245)	(6,217)	(4,044)	(3,583)	(2,079)	(2,192)	(2,500)	(14,614)	(10,354)	(7,813)
(3,625)	(2,375)	(3,060)	(3,500)	(2,683)	(2,203)	(2,126)	(1,631)	(1,215)	(11,618)	(7,175)	(6,861)
2,048	6,114	3,507	1,704	1,420	869	(402)	(990)	5,892	12,745	5,369	(1,812)
200,974	192,734	182,521	177,874	178,548	176,863	172,606	171,056	171,659	192,734	176,863	164,438

CHANGES IN FEE-EARNING AUM (1)

Opening fee-earning AUM 8

Inflows 9

Outflows 10

Realizations and distributions (2)11

Market movement and other (3)12

Closing fee-earning AUM 13

SUPPLEMENTAL INFORMATION (1)

Capital raising 14

Deployment 15

AUM not yet earning fees 16

AUA 17

4,369	10,209	7,144	3,022	3,545	5,486	3,221	2,107	2,295	23,920	13,109	18,168
10,569	6,330	4,623	6,003	5,577	7,267	4,751	4,724	5,962	22,533	22,704	30,202
25,999	30,206	19,081	20,644	21,389	20,859	21,497	21,205	20,829	30,206	20,859	21,028
15,799	15,900	15,272	11,524	11,220	49,771	48,389	49,854	50,131	15,900	49,771	-

(1) Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section on page 1 and the Additional Non-IFRS Financial Measures Glossary in the appendix of this document, or section N - Non-IFRS Financial Measures of the Company's Q1'25 MD&A.

(2) Realizations represent proceeds from the disposition or other monetization of assets, with capital returned to investors or held in non-fee earning cash to be deployed in the regular course of a product life cycle. Distributions include regular course income from an investment product, including dividends, where payments are initiated by SLC Management.

(3) Market movement and other consists of realized and unrealized gains (losses) on portfolio investments, the impact of foreign exchange rate fluctuations, working capital changes within investment products and the transfer in of acquired assets.

CANADA

(C$ millions) At and For the Quarter Ended At and For the Year Ended

STATEMENTS OF OPERATIONS Insurance service result		Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	2024	2023	2022
Insurance revenue	1	2,247	2,238	2,217	2,190	2,133	2,102	2,020	1,997	2,046	8,778	8,165	8,111
Insurance service expenses	2	(1,824)	(1,806)	(1,918)	(1,766)	(1,819)	(1,837)	(1,671)	(1,613)	(1,734)	(7,309)	(6,855)	(6,920)
Reinsurance contract held net income (expenses)	3	(23)	(14)	51	(40)	(1)	(40)	(51)	(26)	(47)	(4)	(164)	(262)
Net insurance service result	4	400	418	350	384	313	225	298	358	265	1,465	1,146	929
Investment result
Net investment income (loss)	5	1,816	616	4,490	939	(1,006)	7,865	(3,636)	415	2,870	5,039	7,514	(10,698)
Insurance finance income (expenses) from insurance contracts issued	6	(1,526)	(454)	(4,025)	(720)	1,356	(7,546)	4,082	(318)	(2,633)	(3,843)	(6,415)	11,752
Insurance finance income (expenses) from reinsurance contracts held	7	10	5	(113)	(1)	28	(17)	30	(1)	(14)	(81)	(2)	97
Decrease (increase) in investment contract liabilities	8	(86)	(94)	(98)	(101)	(97)	(95)	(86)	(74)	(71)	(390)	(326)	(160)
Net investment result	9	214	73	254	117	281	207	390	22	152	725	771	991
Fee income	10	475	469	460	435	407	385	349	383	366	1,771	1,483	1,395
Other expenses (income)
Other Income (1)	11	-	-	-	-	-	-	-	-	(102)	-	(102) -
Operating expenses and commissions	12	548	515	504	486	484	468	424	439	420	1,989	1,751	1,512
Interest expenses	13	46	89	82	34	57	18	53	45	44	262	160	201
Total expenses (income)	14	594	604	586	520	541	486	477	484	362	2,251	1,809	1,713
Income before income taxes	15	495	356	478	416	460	331	560	279	421	1,710	1,591	1,602
Less: Income tax expense (benefit)	16	115	79	68	104	144	(42)	183	58	76	395	275	335
Less: Net income (loss) allocated to the participating account	17	29	24	28	20	26	25	12	11	16	98	64	26
Reported net income - Common shareholders	18	351	253	382	292	290	348	365	210	329	1,217	1,252	1,241
Underlying net income (2)	19	376	366	375	402	310	350	338	372	316	1,453	1,376	1,063
ROE - underlying (2)	20	25.3%	23.0%	22.6%	25.0%	19.2%	21.9%	22.2%	23.5%	18.3%	22.4%	21.4%	16.3%
ROE - reported (2)	21	23.6%	15.9%	23.0%	18.1%	17.9%	21.8%	23.9%	13.2%	19.1%	18.8%	19.4%	19.1%
SUN LIFE HEALTH
Net premiums (2)	22	1,896	1,800	1,794	1,755	1,732	1,644	1,614	1,573	1,605	7,081	6,436	6,251
Fee income	23	133	131	138	126	111	100	76	100	93	506	369	314

139	142	112	167	130	171	148	154	136	551	609	496
375	88	124	143	311	174	119	153	145	666	591	533
514	230	236	310	441	345	267	307	281	1,217	1,200	1,029

3,296	2,902	2,423	2,619	2,768	2,438	1,924	1,821	2,067	10,712	8,250	7,262
3,231	2,036	1,332	2,753	1,311	2,986	1,471	1,309	1,023	7,432	6,789	7,367
6,527	4,938	3,755	5,372	4,079	5,424	3,395	3,130	3,090	18,144	15,039	14,629
709	101	(316)	945	(220)	996	(114)	(355)	76	510	603	2,039

WEALTH, HEALTH AND PROTECTION SALES (2)

Individual - Protection 24

Group - Health & Protection 25

Group & individual sales 26

Individual - Asset management & wealth 27

Group Retirement Services 28

Asset management gross flows & gross wealth sales 29

Asset management net flows & net wealth sales 30

AUMA (2)

General funds 31

Segregated funds 32

Third-party AUM 33

Total AUM 34

AUA 35

Total AUMA 36

Wealth AUM (3)37

122,419	120,987	120,270	114,256	113,396	114,838	104,960	107,815	108,316	120,987	114,838	107,407
141,832	140,900	137,092	129,573	127,812	120,963	112,691	115,880	114,425	140,900	120,963	109,058
5,184	5,334	5,334	5,186	5,366	5,386	5,347	5,876	6,069	5,334	5,386	6,136
269,435	267,221	262,696	249,015	246,574	241,187	222,998	229,571	228,810	267,221	241,187	222,601
55,998	56,017	53,401	49,695	48,351	44,896	41,613	41,814	41,042	56,017	44,896	39,292
325,433	323,238	316,097	298,710	294,925	286,083	264,611	271,385	269,852	323,238	286,083	261,893

189,156 184,837 174,827 173,316 166,741 154,422 158,541 158,748

166,741 152,374

SLGI Asset Management Inc.

Gross flows (2)
Retail	38	1,180	1,104	866	952	898	635	435	462	525	3,820	2,057	2,320
Institutional & other (4)	39	838	486	454	508	525	816	457	457	529	1,973	2,259	2,663
Total gross flows	40	2,018	1,590	1,320	1,460	1,423	1,451	892	919	1,054	5,793	4,316	4,983
Net flows (2)	41	33	(261)	(80)	(689)	(433)	(359)	(369)	(344)	(127)	(1,463)	(1,199)	284
AUM (2)	42	41,136	40,954	40,314	38,272	38,277	36,145	34,277	35,555	35,464	40,954	36,145	33,978

(1) Refer to the Notes page ii, Adjustments - Acquisition, Integration and Restructuring and Adjustments - other for additional details.

(2) Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section on page 1 and the Additional Non-IFRS Financial Measures Glossary in the appendix of this document, or section N - Non-IFRS Financial Measures of the Company's Q1'25 MD&A.

(3) Wealth AUM includes General fund assets, Segregated fund assets and Third-party AUM, excluding Third-party mutual funds assets.

(4) Institutional & other consists primarily of Group Retirement Services Segregated fund deposits.

CANADA CONTINUED

(C$ millions) For the Quarter Ended For the Year Ended

COMMON SHAREHOLDERS' DOE (1)		Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023						Q3 2023 Q2 2023 Q1 2023			2024	2023	2022
Risk adjustment release	1	54	50	50	50	52	51	51	51	47	202	200	204
CSM recognized for services provided	2	95	95	94	92	92	90	80	86	90	373	346	346
Expected earnings on short-term (group) insurance business	3	170	175	163	165	158	153	138	134	132	661	557	491
Expected insurance earnings	4	319	320	307	307	302	294	269	271	269	1,236	1,103	1,041
Impact of new insurance business	5	(5)	(4)	(8)	(4)	(8)	(13)	(10)	(9)	(10)	(24)	(42)	(68)
Experience gains (losses) (2)	6	56	49	78	37	(11)	58	74	94	(19)	153	207	(5)
Net insurance service result - Underlying	7	370	365	377	340	283	339	333	356	240	1,365	1,268	968
Expected investment earnings	8	181	181	182	191	166	171	164	173	165	720	673	501
Credit experience	9	(21)	(50)	(61)	(14)	(20)	(27)	(2)	(6)	(13)	(145)	(48)	(33)
Earnings on surplus	10	46	33	57	62	54	69	46	59	89	206	263	165
Other	11	(1)	15	2	5	15	3	2	1	1	37	7	(10)
Net investment results - Underlying	12	205	179	180	244	215	216	210	227	242	818	895	623
Other fee income (2)	13	54	69	71	62	39	38	35	56	49	241	178	181
Expenses - other (2)(3)	14	(137)	(137)	(141)	(137)	(142)	(144)	(148)	(150)	(131)	(557)	(573)	(465)
Income before taxes - Underlying	15	492	476	487	509	395	449	430	489	400	1,867	1,768	1,307
Income tax (expense) or recovery	16	(116)	(110)	(112)	(107)	(85)	(99)	(92)	(117)	(84)	(414)	(392)	(244)
Underlying net income (1)	17	376	366	375	402	310	350	338	372	316	1,453	1,376	1,063
Add: Non-underlying net income adjustments (1)(post-tax):
Market-related impacts	18	(7)	(106)	47	(109)	(9)	(50)	10	(156)	(47)	(177)	(243) 330
ACMA	19	(1)	(1)	(34)	6	(5)	52	15	(6)	(2)	(34)	59	(228)
Other adjustments:
Acquisition, integration and restructuring (4)	20	(11)	-	-	-	-	3	5	3	65	-	76	(2)
Intangible asset amortization	21	(6)	(6)	(6)	(7)	(6)	(7)	(3)	(3)	(3)	(25)	(16)	(12)
Other (4)	22	-	-	-	-	-	-	-	-	-	-	-	90
Reported net income - Common shareholders	23	351	253	382	292	290	348	365	210	329	1,217	1,252	1,241
UNDERLYING NET INCOME BY BUSINESS TYPE (1)
Asset management & wealth	24	112	101	101	130	109	92	116	110	114	441	432	364
Group - Health & Protection	25	145	153	172	152	114	159	136	160	95	591	550	375
Individual - Protection	26	119	112	102	120	87	99	86	102	107	421	394	324
Underlying net income	27	376	366	375	402	310	350	338	372	316	1,453	1,376	1,063
Add: Market-related impacts	28	(7)	(106)	47	(109)	(9)	(50)	10	(156)	(47)	(177)	(243) 330
ACMA	29	(1)	(1)	(34)	6	(5)	52	15	(6)	(2)	(34)	59	(228)
Other adjustments	30	(17)	(6)	(6)	(7)	(6)	(4)	2	-	62	(25)	60	76
Reported net income - Common shareholders	31	351	253	382	292	290	348	365	210	329	1,217	1,252	1,241

(1) The DOE analysis and Underlying Net Income by Business Type contain non-IFRS financial measures. Refer to the Non-IFRS Financial Measures section on page 1 and the Additional Non-IFRS Financial Measures Glossary in the appendix of this document, or section N - Non-IFRS Financial Measures of the Company's Q1'25 MD&A.

(2) Effective Q4'23, prior period amounts in the DOE related to Expenses - other for health, asset management and wealth businesses in Canada have been restated to improve comparability of data over time and with other business units; related amounts in Other fee income and Experience gains (losses) have also been restated accordingly

(3) Expenses - other removes the non-underlying Other adjustments, including Acquisition, integration and restructuring, and Intangible asset amortization. Certain Other adjustments - other may also be an adjustment from Other expenses.

(4) Refer to the Notes page ii, Adjustments - Acquisition, Integration and Restructuring and Adjustments - other for additional details.

CANADA CONTINUED

CSM MOVEMENT ANALYSIS (1)At and For the Quarter Ended At and For the Year Ended

(C$ millions)		Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023									2024	2023	2022
CSM at beginning of period	1	6,512	6,507	6,272	6,160	6,030	5,734	5,733	5,708	5,501	6,030	5,501	5,334
Impact of new insurance business	2	133	105	116	217	117	158	132	152	130	555	572	440
Expected movements from asset returns & locked-in rates	3	87	86	88	76	74	74	74	64	60	324	272	177
Insurance experience gains/losses	4	-	(33)	(34)	(18)	12	-	(7)	9	24	(73)	26	14
CSM recognized for services provided	5	(136)	(133)	(134)	(126)	(126)	(127)	(96)	(104)	(105)	(519)	(432)	(397)
Organic CSM movement	6	84	25	36	149	77	105	103	121	109	287	438	234
Impact of markets & other	7	(21)	(25)	118	(43)	53	113	(103)	(103)	50	103	(43)	(342)
Impact of change in assumptions	8	(8)	5	81	6	-	78	1	7	48	92	134	275
Total CSM movement	9	55	5	235	112	130	296	1	25	207	482	529	167
CSM at end of period	10	6,567	6,512	6,507	6,272	6,160	6,030	5,734	5,733	5,708	6,512	6,030	5,501

(1) Certain measures in the CSM Movement Analysis are non-IFRS financial measures. Refer to the Non-IFRS Financial Measures section on page 1 and the Additional Non-IFRS Financial Measures Glossary in the appendix of this document, or section N - Non-IFRS Financial Measures of the Company's Q1'25 MD&A for more information.

CANADA CONTINUED

(C$ millions) At and For the Quarter Ended At and For the Year Ended

BUSINESS UNIT FINANCIAL SUMMARY Underlying net income (1)		Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	2024	2023	2022
Individual Insurance and Wealth	1	138	127	123	152	114	116	116	131	140	516	503	414
Sun Life Health	2	145	153	172	152	114	159	136	160	95	591	550	375
Group Retirement Services	3	93	86	80	98	82	75	86	81	81	346	323	274
Total underlying net income	4	376	366	375	402	310	350	338	372	316	1,453	1,376	1,063
Reported net income (loss) - Common shareholders
Individual Insurance and Wealth	5	124	73	117	69	138	166	190	(14)	93	397	435	713
Sun Life Health	6	139	136	216	152	95	83	106	161	175	599	525	215
Group Retirement Services	7	88	44	49	71	57	99	69	63	61	221	292	313
Total reported net income	8	351	253	382	292	290	348	365	210	329	1,217	1,252	1,241
WEALTH, HEALTH AND PROTECTION SALES (1) Individual Insurance and Wealth
Individual - Protection - Sun Life Financial Distribution (SLFD) (2)	9	41	43	36	55	38	47	42	47	36	172	172	166
Individual - Protection - Third-party	10	98	99	76	112	92	124	106	107	100	379	437	330
Total individual - protection sales	11	139	142	112	167	130	171	148	154	136	551	609	496
Individual Wealth - fixed products	12	221	227	227	272	420	581	464	356	397	1,146	1,798	1,209
Individual Wealth - mutual funds	13	2,838	2,462	1,974	2,130	2,136	1,672	1,317	1,306	1,475	8,702	5,770	5,243
Individual Wealth - segregated funds	14	237	213	222	217	212	185	143	159	195	864	682	810
Total Individual Wealth sales	15	3,296	2,902	2,423	2,619	2,768	2,438	1,924	1,821	2,067	10,712	8,250	7,262
Wealth manufactured sales (3)	16	1,648	1,402	1,162	1,262	1,397	1,262	947	858	994	5,223	4,061	3,713
Other wealth sales	17	1,648	1,500	1,261	1,357	1,371	1,176	977	963	1,073	5,489	4,189	3,549
Total Individual Wealth sales	18	3,296	2,902	2,423	2,619	2,768	2,438	1,924	1,821	2,067	10,712	8,250	7,262
SLFD - Career Advisor Network	19	2,697	2,707	2,655	2,660	2,675	2,724	2,717	2,700	2,711	2,707	2,724	2,704
Sun Life Health sales	20	375	88	124	143	311	174	119	153	145	666	591	533
Group Retirement Services
Defined Contribution sales	21	1,815	354	215	387	229	535	206	194	162	1,185	1,097	1,828
Defined Benefits Solutions sales	22	289	536	189	1,518	262	1,442	389	309	40	2,505	2,180	2,119
Asset consolidation and rollovers	23	1,127	1,146	928	848	820	1,009	876	806	821	3,742	3,512	3,420
Total Group Retirement Services sales	24	3,231	2,036	1,332	2,753	1,311	2,986	1,471	1,309	1,023	7,432	6,789	7,367
AUMA (1) Individual Insurance and Wealth
General funds	25	76,124	75,471	75,361	71,983	71,728	72,727	66,841	68,618	70,977	75,471	72,727	70,563
Segregated funds	26	12,039	12,306	12,301	11,887	12,011	11,633	11,166	11,635	11,759	12,306	11,633	11,553
Third-party AUM	27	5,184	5,334	5,334	5,186	5,366	5,386	5,347	5,876	6,069	5,334	5,386	6,136
Total AUM	28	93,347	93,111	92,996	89,056	89,105	89,746	83,354	86,129	88,805	93,111	89,746	88,252
Mutual fund dealers' assets	29	38,155	37,527	35,789	33,702	32,788	30,368	28,132	28,298	27,732	37,527	30,368	26,366
Total Individual Insurance and Wealth AUMA	30	131,502	130,638	128,785	122,758	121,893	120,114	111,486	114,427	116,537	130,638	120,114	114,618
Sun Life Health
General funds	31	18,606	18,281	18,033	17,500	16,929	17,166	16,072	16,768	14,500	18,281	17,166	14,832
Group Retirement Services
General funds	32	27,689	27,235	26,876	24,773	24,739	24,945	22,047	22,429	22,839	27,235	24,945	22,012
Segregated funds	33	129,793	128,594	124,791	117,686	115,801	109,330	101,525	104,245	102,666	128,594	109,330	97,505
Total AUM	34	157,482	155,829	151,667	142,459	140,540	134,275	123,572	126,674	125,505	155,829	134,275	119,517
AUA	35	17,843	18,490	17,612	15,993	15,563	14,528	13,481	13,516	13,310	18,490	14,528	12,926
Total Group Retirement Services AUMA	36	175,325	174,319	169,279	158,452	156,103	148,803	137,053	140,190	138,815	174,319	148,803	132,443

(1) Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section on page 1 and the Additional Non-IFRS Financial Measures Glossary in the appendix of this document,or section N - Non-IFRS Financial Measures of the Company's Q1'25 MD&A.

(2) Individual insurance sales - SLFD also includes sales from Prospr, a hybrid digital advice solution, and Sun Life Go, a digital channel.

(3) Wealth manufactured sales represent sales of individual wealth products developed by Sun Life, which include SLGI Asset Management Inc. retail funds, Sun Life Guaranteed Investment Fund segregated funds, Guaranteed Investment Certificates, and Accumulation and Payout Annuities.

U.S. (1)

(C$ millions) For the Quarter Ended For the Year Ended

STATEMENTS OF OPERATIONS Insurance service result		Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	2024	2023	2022
Insurance revenue	1	3,346	3,170	3,091	2,981	3,054	2,960	3,002	2,940	2,819	12,296	11,721	9,004
Insurance service expenses	2	(3,054)	(2,972)	(2,807)	(2,733)	(2,833)	(2,696)	(2,656)	(2,672)	(2,498)	(11,345)	(10,522)	(8,200)
Reinsurance contract held net income (expenses)	3	21	22	28	26	69	45	(8)	52	11	145	100	91
Net insurance service result	4	313	220	312	274	290	309	338	320	332	1,096	1,299	895
Investment result
Net investment income (loss)	5	605	(763)	1,161	20	(102)	1,381	(712)	(46)	698	316	1,321	(3,840)
Insurance finance income (expenses) from insurance contracts issued	6	(545)	860	(1,113)	40	150	(1,587)	901	169	(733)	(63)	(1,250)	4,744
Insurance finance income (expenses) from reinsurance contracts held	7	49	(75)	232	(11)	(25)	181	(174)	(34)	84	121	57	(538)
Net investment result	8	109	22	280	49	23	(25)	15	89	49	374	128	366
Fee income	9	134	133	123	117	116	128	111	108	111	489	458	307
Other expenses
Operating expenses and commissions	10	290	354	250	248	275	252	263	263	253	1,127	1,031	795
Interest expenses	11	31	30	29	30	27	28	29	26	24	116	107	73
Total other expenses	12	321	384	279	278	302	280	292	289	277	1,243	1,138	868
Income before income taxes	13	235	(9)	436	162	127	132	172	228	215	716	747	700
Less: Income tax expense (benefit)	14	42	(7)	88	27	25	25	34	47	42	133	148	141
Less: Net income (loss) allocated to the participating account	15	7	5	9	8	5	6	6	6	5	27	23	27
Reported net income (loss) - Common shareholders	16	186	(7)	339	127	97	101	132	175	168	556	576	532
Underlying net income (2)	17	218	161	219	204	189	253	185	215	237	773	890	698
NET PREMIUMS (2)
Group Benefits	18	1,868	1,798	1,737	1,729	1,698	1,654	1,602	1,588	1,574	6,962	6,418	5,670
Dental	19	1,086	990	990	880	977	953	994	1,037	1,010	3,837	3,994	2,325
Total	20	2,954	2,788	2,727	2,609	2,675	2,607	2,596	2,625	2,584	10,799	10,412	7,995
FEE INCOME
Group Benefits	21	36	33	31	28	28	28	27	25	26	120	106	85
Dental	22	95	100	90	87	86	99	80	82	83	363	344	204
Total	23	131	133	121	115	114	127	107	107	109	483	450	289
SALES (2)
Group Benefits	24	154	1,069	228	303	152	1,112	201	238	152	1,752	1,703	1,611
Dental (3)	25	22	92	72	29	39	157	38	190	187	232	572	337
Total	26	176	1,161	300	332	191	1,269	239	428	339	1,984	2,275	1,948

(1) Effective Q2'23, the UK payout annuities business was moved from the Corporate business segment to the U.S. business segment and combined with U.S. In-force Management. In Q3'23, the Run-off Reinsurance business was also moved from Corporate to U.S. In-force Management.

(2) Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section on page 1 and the Additional Non-IFRS Financial Measures Glossary in the appendix of this document, or section N - Non-IFRS Financial Measures of the Company's Q1'25 MD&A.

(3) Effective Q4'23, prior period amounts related to sales in the U.S. Dental segment have been restated to reflect new information.

U.S. CONTINUED

(C$ millions) For the Quarter Ended For the Year Ended

COMMON SHAREHOLDERS' DOE (1)		Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	2024	2023	2022
Risk adjustment release	1	8	9	9	10	9	8	10	10	8	37	36	32
CSM recognized for services provided	2	16	16	18	21	23	21	20	20	18	78	79	66
Expected earnings on short-term (group) insurance business	3	276	266	258	254	258	253	234	233	244	1,036	964	731
Expected insurance earnings	4	300	291	285	285	290	282	264	263	270	1,151	1,079	829
Experience gains (losses)	5	4	(76)	7	(21)	(7)	32	6	51	54	(97)	143	114
Net insurance service result - Underlying	6	304	215	292	264	283	314	270	314	324	1,054	1,222	943
Expected investment earnings	7	47	46	49	39	42	44	36	34	28	176	142	81
Credit experience	8	(4)	1	(14)	-	(9)	-	(6)	3	1	(22)	(2) 8
Earnings on surplus	9	42	45	47	43	39	42	35	37	32	174	146	105
Other	10	9	-	11	1	2	1	2	2	8	14	13	37
Net investment results - Underlying	11	94	92	93	83	74	87	67	76	69	342	299	231
Other fee income (2)	12	11	12	11	12	2	22	4	4	11	37	41	38
Expenses - other (2)(3)	13	(138)	(117)	(122)	(102)	(121)	(109)	(114)	(120)	(106)	(462)	(449)	(332)
Income before taxes - Underlying	14	271	202	274	257	238	314	227	274	298	971	1,113	880
Income tax (expense) or recovery	15	(53)	(41)	(55)	(53)	(49)	(61)	(42)	(59)	(61)	(198)	(223)	(182)
Underlying net income (1)	16	218	161	219	204	189	253	185	215	237	773	890	698
Add: Non-underlying net income adjustments (1)(post-tax):
Market-related impacts	17	14	(60)	12	(26)	(42)	(48)	36	(15)	(17)	(116)	(44) (35)
ACMA	18	-	(1)	140	-	1	(52)	(36)	23	-	140	(65) 53
Other adjustments:
Acquisition, integration and restructuring (4)	19	(23)	(11) (11)		(28)	(29)	(28)	(31)	(32)	(29)	(79)	(120)	(137)
Intangible asset amortization	20	(23)	(23) (21)		(23)	(22)	(24)	(22)	(16)	(23)	(89)	(85)	(63)
Other (4)	21	-	(73) -		-	-	-	-	-	-	(73)	-	16
Reported net income (loss) - Common shareholders	22	186	(7) 339		127	97	101	132	175	168	556	576	532
UNDERLYING NET INCOME BY BUSINESS TYPE (1)
Group - Health & Protection	23	185	113	173	153	166	206	149	200	208	605	763	588
Individual - Protection	24	33	48	46	51	23	47	36	15	29	168	127	110
Underlying net income	25	218	161	219	204	189	253	185	215	237	773	890	698
Add: Market-related impacts	26	14	(60)	12	(26)	(42)	(48)	36	(15)	(17)	(116)	(44)	(35)
ACMA	27	-	(1)	140	-	1	(52)	(36)	23	-	140	(65) 53
Other adjustments	28	(46)	(107)	(32)	(51)	(51)	(52)	(53)	(48)	(52)	(241)	(205)	(184)
Reported net income (loss) - Common shareholders	29	186	(7)	339	127	97	101	132	175	168	556	576	532

(1) The DOE analysis and Underlying Net Income by Business Type contain non-IFRS financial measures. Refer to the Non-IFRS Financial Measures section on page 1 and the Additional Non-IFRS Financial Measures Glossary in the appendix of this document, or section N - Non-IFRS Financial Measures of the Company's Q1'25 MD&A.

(2) Effective Q3'23, the Other Fee Income line for the U.S. business segment has been refined to include Employee Benefits and Health and Risk Solutions fee income net of corresponding expenses in order to align with the presentation of the Dental business in this line. We have updated prior period amounts to reflect this refinement.

(3) Expenses - other removes the non-underlying Other adjustments, including Acquisition, integration and restructuring, and Intangible asset amortization. Certain Other adjustments - other may also be an adjustment from Other expenses.

(4) Refer to the Notes page ii, Adjustments - Acquisition, Integration and Restructuring and Adjustments - other for additional details.

U.S.CONTINUED

CSM MOVEMENT ANALYSIS (1)At and For the Quarter Ended At and For the Year Ended

(C$ millions)		Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023									2024	2023	2022
CSM at beginning of period	1	876	841	1,205	1,197	1,153	1,229	1,217	1,131	1,168	1,153	1,168	1,090
Expected movements from asset returns & locked-in rates	2	4	2	5	5	3	2	3	2	2	15	9	6
Insurance experience gains/losses	3	(4)	(1)	-	(2)	28	(11)	(10)	23	(10)	25	(8) 6
CSM recognized for services provided	4	(24)	(25)	(27)	(30)	(31)	(30)	(27)	(28)	(24)	(113)	(109)	(101)
Organic CSM movement	5	(24)	(24)	(22)	(27)	-	(39)	(34)	(3)	(32)	(73)	(108)	(89)
Impact of markets & other	6	20	(8)	(3)	22	21	(4)	7	2	(2)	32	3	109
Impact of change in assumptions	7	(1)	14	(328)	1	(3)	(3)	(1)	4	-	(316)	-	(25)
Currency impact	8	-	53	(11)	12	26	(30)	29	(25)	(3)	80	(29) 83
Disposition (2)	9	-	-	-	-	-	-	11	108	-	-	119	-
Total CSM movement	10	(5)	35	(364)	8	44	(76)	12	86	(37)	(277)	(15) 78
CSM at end of period	11	871	876	841	1,205	1,197	1,153	1,229	1,217	1,131	876	1,153	1,168

(1) Certain measures in the CSM Movement Analysis are non-IFRS financial measures. Refer to the Non-IFRS Financial Measures section on page 1 and the Additional Non-IFRS Financial Measures Glossary in the appendix of this document, or section N - Non-IFRS Financial Measures of the Company's Q1'25 MD&A for more information.

(2) In Q2'23, we completed the sale of Sun Life UK, and after the sale, the remaining UK payout annuities business was moved from the Corporate business segment to the U.S. business segment and combined with U.S. In-force Management. In Q3'23, the Run-off Reinsurance business was also moved from Corporate to U.S. In-force Management. Refer to the Notes page ii, Adjustments - Acquisition, Integration and Restructuring for additional details.

U.S. (1)

(US$ millions) For the Quarter Ended For the Year Ended

STATEMENTS OF OPERATIONS Insurance service result		Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	2024	2023	2022
Insurance revenue	1	2,332	2,264	2,267	2,179	2,266	2,176	2,237	2,191	2,084	8,976	8,688	6,891
Insurance service expenses	2	(2,129)	(2,125)	(2,056)	(1,999)	(2,101)	(1,979)	(1,982)	(1,989)	(1,847)	(8,281)	(7,797)	(6,295)
Reinsurance contract held net income (expenses)	3	13	19	19	18	52	32	(4)	37	11	108	76	76
Net insurance service result	4	216	158	230	198	217	229	251	239	248	803	967	672
Investment result
Net investment income (loss)	5	424	(543)	848	15	(76)	1,018	(525)	(32)	513	244	974	(3,002)
Insurance finance income (expenses) from insurance contracts issued	6	(380)	615	(818)	30	110	(1,170)	673	126	(541)	(63)	(912)	3,692
Insurance finance income (expenses) from reinsurance contracts held	7	34	(55)	171	(9)	(18)	133	(130)	(25)	62	89	40	(421)
Net investment result	8	78	17	201	36	16	(19)	18	69	34	270	102	269
Fee income	9	93	95	91	86	85	94	82	81	82	357	339	233
Other expenses
Operating expenses and commissions	10	202	252	182	182	204	184	197	196	186	820	763	591
Interest expenses	11	22	22	21	21	21	21	21	20	18	85	80	56
Total other expenses	12	224	274	203	203	225	205	218	216	204	905	843	647
Income before income taxes	13	163	(4)	319	117	93	99	133	173	160	525	565	527
Less: Income tax expense (benefit)	14	29	(7)	64	20	18	17	24	36	31	95	108	102
Less: Net income (loss) allocated to the participating account	15	5	4	5	6	4	5	4	4	4	19	17	21
Reported net income (loss) - Common shareholders	16	129	(1)	250	91	71	77	105	133	125	411	440	404
Underlying net income (2)	17	151	115	161	149	141	187	140	160	176	566	663	531
ROE - underlying (2)	18	12.6%	9.5%	13.4%	12.9%	12.0%	16.1%	12.2%	13.8%	14.8%	12.0%	14.2%	13.6%
ROE - reported (2)	19	10.7%	(0.1)%	20.8%	7.9%	6.2%	6.7%	9.2%	11.4%	10.5%	8.7%	9.4%	10.3%
NET PREMIUMS (2)
Group Benefits	20	1,302	1,285	1,273	1,264	1,260	1,215	1,194	1,183	1,165	5,082	4,757	4,357
Dental	21	757	708	726	643	725	700	741	772	747	2,802	2,960	1,762
Total	22	2,059	1,993	1,999	1,907	1,985	1,915	1,935	1,955	1,912	7,884	7,717	6,119
FEE INCOME
Group Benefits	23	25	24	23	21	20	19	20	19	19	88	77	65
Dental	24	66	71	67	63	64	73	60	61	61	265	255	154
Total	25	91	95	90	84	84	92	80	80	80	353	332	219
SALES (2)
Group Benefits	26	107	764	167	222	113	818	150	177	112	1,266	1,257	1,209
Dental (3)	27	16	66	52	21	29	114	29	142	138	168	423	255
Total	28	123	830	219	243	142	932	179	319	250	1,434	1,680	1,464

(1) Effective Q2'23, the UK payout annuities business was moved from the Corporate business segment to the U.S. business segment and combined with U.S. In-force Management. In Q3'23, the Run-off Reinsurance business was also moved from Corporate to U.S. In-force Management.

(2) Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section on page 1 and the Additional Non-IFRS Financial Measures Glossary in the appendix of this document, or section N - Non-IFRS Financial Measures of the Company's Q1'25 MD&A.

(3) Effective Q4'23, prior period amounts related to sales in the U.S. Dental segment have been restated to reflect new information.

U.S. CONTINUED

(US$ millions) For the Quarter Ended For the Year Ended

COMMON SHAREHOLDERS' DOE (1)		Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023						Q3 2023 Q2 2023 Q1 2023			2024	2023	2022
Risk adjustment release	1	5	6	6	8	6	6	8	7	6	26	27	24
CSM recognized for services provided	2	11	11	14	15	17	16	15	15	14	57	60	50
Expected earnings on short-term (group) insurance business	3	193	191	188	184	192	186	175	174	180	755	715	559
Expected insurance earnings	4	209	208	208	207	215	208	198	196	200	838	802	633
Experience gains (losses)	5	1	(56)	8	(17)	(3)	24	2	37	41	(68)	104	71
Net insurance service result - Underlying	6	210	152	216	190	212	232	200	233	241	770	906	704
Expected investment earnings	7	33	33	32	28	30	32	28	25	20	123	105	63
Credit experience	8	(3)	1	(10)	1	(7)	-	(4)	2	1	(15)	(1) 6
Earnings on surplus	9	30	33	35	33	30	31	28	29	23	131	111	83
Other	10	8	1	8	1	1	-	1	1	6	11	8	23
Net investment results - Underlying	11	68	68	65	63	54	63	53	57	50	250	223	175
Other fee income (2)	12	7	8	7	10	1	16	3	5	7	26	31	30
Expenses - other (2)(3)	13	(97)	(83)	(86)	(76)	(90)	(81)	(86)	(91)	(78)	(335)	(336)	(238)
Income before taxes - Underlying	14	188	145	202	187	177	230	170	204	220	711	824	671
Income tax (expense) or recovery	15	(37)	(30)	(41)	(38)	(36)	(43)	(30)	(44)	(44)	(145)	(161)	(140)
Underlying net income (1)	16	151	115	161	149	141	187	140	160	176	566	663	531
Add: Non-underlying net income adjustments (1)(post-tax):
Market-related impacts	17	10	(39)	9	(22)	(32)	(33)	30	(9)	(13)	(84)	(25) (30)
ACMA	18	-	-	104	-	1	(40)	(26)	18	-	105	(48) 40
Other adjustments:
Acquisition, integration and restructuring (4)	19	(16)	(9) (8)		(21)	(22)	(19)	(23)	(24)	(21)	(60)	(87)	(103)
Intangible asset amortization	20	(16)	(16) (16)		(15)	(17)	(18)	(16)	(12)	(17)	(64)	(63)	(47)
Other (4)	21	-	(52) -		-	-	-	-	-	-	(52)	-	13
Reported net income (loss) - Common shareholders	22	129	(1) 250		91	71	77	105	133	125	411	440	404
UNDERLYING NET INCOME BY BUSINESS TYPE (1)
Group - Health & Protection	23	129	82	127	112	124	153	112	149	154	445	568	450
Individual - Protection	24	22	33	34	37	17	34	28	11	22	121	95	81
Underlying net income	25	151	115	161	149	141	187	140	160	176	566	663	531
Add: Market-related impacts	26	10	(39)	9	(22)	(32)	(33)	30	(9)	(13)	(84)	(25)	(30)
ACMA	27	-	-	104	-	1	(40)	(26)	18	-	105	(48) 40
Other adjustments	28	(32)	(77)	(24)	(36)	(39)	(37)	(39)	(36)	(38)	(176)	(150)	(137)
Reported net income (loss) - Common shareholders	29	129	(1)	250	91	71	77	105	133	125	411	440	404

(1) The DOE analysis and Underlying Net Income by Business Type contain non-IFRS financial measures. Refer to the Non-IFRS Financial Measures section on page 1 and the Additional Non-IFRS Financial Measures Glossary in the appendix of this document, or section N - Non-IFRS Financial Measures of the Company's Q1'25 MD&A.

(2) Effective Q3'23, the Other Fee Income line for the U.S. business segment has been refined to include Employee Benefits and Health and Risk Solutions fee income net of corresponding expenses in order to align with the presentation of the Dental business in this line. We have updated prior period amounts to reflect this refinement.

(3) Expenses - other removes the non-underlying Other adjustments, including Acquisition, integration and restructuring, and Intangible asset amortization. Certain Other adjustments - other may also be an adjustment from Other expenses.

(4) Refer to the Notes page ii, Adjustments - Acquisition, Integration and Restructuring and Adjustments - other for additional details.

U.S. CONTINUED

CSM MOVEMENT ANALYSIS (1)At and For the Quarter Ended At and For the Year Ended

(US$ millions)		Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023									2024	2023	2022
CSM at beginning of period	1	609	622	880	884	870	902	917	835	861	870	861	862
Expected movements from asset returns & locked-in rates	2	3	1	4	3	2	1	2	2	2	10	7	4
Insurance experience gains/losses	3	(3)	(1)	-	(2)	21	(8)	(8)	18	(8)	18	(6) 5
CSM recognized for services provided	4	(17)	(17)	(20)	(23)	(23)	(22)	(20)	(21)	(18)	(83)	(81)	(79)
Organic CSM movement	5	(17)	(17)	(16)	(22)	-	(29)	(26)	(1)	(24)	(55)	(80)	(70)
Impact of markets & other	6	14	(6)	1	17	16	-	4	2	(2)	28	4	88
Impact of change in assumptions	7	-	10	(243)	1	(2)	(3)	(1)	3	-	(234)	(1)	(19)
Disposition (2)	8	-	-	-	-	-	-	8	78	-	-	86	-
Total CSM movement	9	(3)	(13)	(258)	(4)	14	(32)	(15)	82	(26)	(261)	9	(1)
CSM at end of period	10	606	609	622	880	884	870	902	917	835	609	870	861

(1) Certain measures in the CSM Movement Analysis are non-IFRS financial measures. Refer to the Non-IFRS Financial Measures section on page 1 and the Additional Non-IFRS Financial Measures Glossary in the appendix of this document, or section N - Non-IFRS Financial Measures of the Company's Q1'25 MD&A for more information.

(2) In Q2'23, we completed the sale of Sun Life UK, and after the sale, the remaining UK payout annuities business was moved from the Corporate business segment to the U.S. business segment and combined with U.S. In-force Management. In Q3'23, the Run-off Reinsurance business was also moved from Corporate to U.S. In-force Management. Refer to the Notes page ii, Adjustments - Acquisition, Integration and Restructuring for additional details.

U.S. CONTINUED (1)

(US$ millions) At and For the Quarter Ended

At and For the Year Ended

BUSINESS UNIT FINANCIAL SUMMARY Underlying net income (2)		Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	2024	2023	2022
Group Benefits	1	105	62	118	124	118	138	96	116	128	422	478	356
Dental	2	24	20	9	(12)	6	15	16	33	26	23	90	94
In-force Management	3	22	33	34	37	17	34	28	11	22	121	95	81
Total underlying net income	4	151	115	161	149	141	187	140	160	176	566	663	531
Reported net income - Common shareholders
Group Benefits	5	108	44	134	110	106	133	121	106	128	394	488	302
Dental	6	(5)	(53)	(8)	(43)	(27)	(18)	(21)	2	(8)	(131)	(45)	(36)
In-force Management	7	26	8	124	24	(8)	(38)	5	25	5	148	(3)	138
Total reported net income (loss)	8	129	(1)	250	91	71	77	105	133	125	411	440	404

NET PREMIUMS (2)

611	600	589	600	597	565	555	553	540	2,386	2,213	1,955
691	685	684	664	663	650	639	630	625	2,696	2,544	2,402
1,302	1,285	1,273	1,264	1,260	1,215	1,194	1,183	1,165	5,082	4,757	4,357

628	584	603	521	603	591	632	670	644	2,311	2,537	1,403
129	124	123	122	122	109	109	102	103	491	423	359
757	708	726	643	725	700	741	772	747	2,802	2,960	1,762

18	16	14	13	13	13	13	12	12	56	50	38
7	8	9	8	7	6	7	7	7	32	27	27
25	24	23	21	20	19	20	19	19	88	77	65

41	44	42	40	40	50	37	37	38	166	162	88
25	27	25	23	24	23	23	24	23	99	93	66
66	71	67	63	64	73	60	61	61	265	255	154

63	203	99	50	71	246	81	47	70	423	444	477
44	561	68	172	42	572	69	130	42	843	813	732
107	764	167	222	113	818	150	177	112	1,266	1,257	1,209

3	-	17	(2)	13	44	4	126	102	28	276	160
13	66	35	23	16	70	25	16	36	140	147	95
16	66	52	21	29	114	29	142	138	168	423	255

7,141	7,152	7,572	7,618	7,454	7,577	7,997	8,309	8,247	7,152	7,577	8,284
3,140	3,199	3,075	3,051	2,983	3,112	3,376	3,286	3,259	3,199	3,112	3,221

15,514	15,385	15,973	14,866	15,331	15,590	14,029	15,447	15,453	15,385	15,590	11,164
295	298	313	302	306	313	292	313	314	298	313	311
11	11	11	12	12	13	13	14	14	11	13	15
15,820	15,694	16,297	15,180	15,649	15,916	14,334	15,774	15,781	15,694	15,916	11,490

Group Benefits

Employee Benefits 9

Medical Stop-Loss 10

Total Group Benefits net premiums 11

Dental

Medicaid/Medicare Advantage (3)12

Commercial/Other (3)13

Total Dental net premiums 14

FEE INCOME

Group Benefits

Employee Benefits 15

Medical Stop-Loss 16

Total Group Benefits fee income 17

Dental

Medicaid/Medicare Advantage (3)18

Commercial/Other (3)19

Total Dental fee income 20

SALES (2)

Group Benefits

Employee Benefits 21

Medical Stop-Loss 22

Total Group Benefits sales 23

Dental

Medicaid/Medicare Advantage (3)(4)(5)24

Commercial/Other (3)25

Total Dental sales (4)(5)26

AUM (2)

Group Benefits - general funds 27

Dental - general funds 28

In-force Management

General funds 29

Segregated funds 30

Third-party AUM 31

Total In-force Management AUM 32

AFTER-TAX PROFIT MARGIN (2)

Group Benefits 33

8.3% 9.9% 9.6% 9.6% 10.0% 9.9% 10.2% 9.7%

10.0% 8.1%

(1)Effective Q2'23, the UK payout annuities business was moved from the Corporate business segment to the U.S. business segment and combined with U.S. In-force Management. In Q3'23, the Run-off Reinsurance business was also moved from Corporate to U.S. In-force Management.

(2)Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section on page 1 and the Additional Non-IFRS Financial Measures Glossary in the appendix of this document, or section N - Non-IFRS Financial Measures of the Company's Q1'25 MD&A.

(3)Medicaid/Medicare Advantage includes Children's Health Insurance Program ("CHIP") and Commercial/Other includes Affordable Care Act ("ACA") exchange programs.

(4)Effective Q4'23, prior period amounts related to sales in the U.S. Dental segment have been restated to reflect new information.

(5)Q2'24 includes the cancellation of a prior recorded sale in the U.S. Dental segment.

ASIA

(C$ millions) At and For the Quarter Ended

At and For the Year Ended

STATEMENTS OF OPERATIONS Insurance service result		Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	2024	2023	2022
Insurance revenue	1	425	467	342	392	353	397	312	364	312	1,554	1,385	1,323
Insurance service expenses	2	(217)	(277)	(273)	(236)	(188)	(272)	(224)	(238)	(238)	(974)	(972)	(993)
Reinsurance contract held net income (expenses)	3	(11)	(7)	(32)	(10)	(7)	2	(10)	(5)	6	(56)	(7)	25
Net insurance service result	4	197	183	37	146	158	127	78	121	80	524	406	355
Investment result
Net investment income (loss)	5	588	(664)	1,742	243	327	1,813	(532)	45	1,021	1,648	2,347	(4,739)
Insurance finance income (expenses) from insurance contracts issued	6	(508)	643	(1,640)	(106)	(130)	(1,849)	776	50	(874)	(1,233)	(1,897)	4,813
Insurance finance income (expenses) from reinsurance contracts held	7	(3)	4	3	(2)	6	14	-	(4)	(6)	11	4	3
Decrease (increase) in investment contract liabilities	8	-	2	(2)	(1)	(2)	-	(2)	(2)	(1)	(3)	(5) 8
Net investment result	9	77	(15)	103	134	201	(22)	242	89	140	423	449	85
Fee income	10	87	88	90	80	71	73	76	74	77	329	300	340
Other expenses
Operating expense and commissions	11	132	335	135	115	116	125	137	117	110	701	489	451
Interest expenses	12	25	26	27	25	27	23	21	15	15	105	74	65
Total other expenses	13	157	361	162	140	143	148	158	132	125	806	563	516
Income before income taxes	14	204	(105)	68	220	287	30	238	152	172	470	592	264
Less: Income tax expense (benefit)	15	21	28	19	49	28	(40)	8	(4)	26	124	(10) 24
Less: Net income (loss) allocated to the participating account	16	17	(144)	17	20	24	26	19	34	12	(83)	91	30
Reported net income - Common shareholders	17	166	11	32	151	235	44	211	122	134	429	511	210
Underlying net income (1)	18	197	175	170	179	177	143	166	150	141	701	600	539
ROE - underlying (1)	19	14.6%	12.6%	12.2%	13.2%	13.0%	10.5%	12.2%	10.9%	10.4%	12.7%	11.0%	11.1%
ROE - reported (1)	20	12.3%	0.8%	2.3%	11.1%	17.3%	3.2%	15.5%	9.0%	9.9%	7.8%	9.4%	4.3%
SALES - Proportionate ownership (1)
Total asset management gross flows & gross wealth sales	21	3,173	2,053	1,901	2,008	2,101	2,004	1,663	1,616	2,430	8,063	7,713	11,140
Total asset management net flows & net wealth sales	22	1,555	668	479	340	368	729	101	199	665	1,855	1,694	(524)
Individual - Protection sales	23	735	601	618	586	627	536	521	450	375	2,432	1,882	1,271
Group - Health & Protection sales	24	29	21	21	19	26	16	16	19	25	87	76	73
Total weighted premium income (1)(2)	25	2,246	1,918	1,868	1,776	1,713	1,674	1,563	1,425	1,351	7,275	6,013	4,884
CSM - Impact of new insurance business (1)	26	273	201	267	220	230	223	238	118	102	918	681	322
AUMA (1)
General funds	27	44,015	43,158	41,669	39,156	38,537	37,405	36,600	35,825	36,712	43,158	37,405	35,798
Segregated funds	28	7,394	7,457	7,557	6,985	7,316	7,075	6,901	7,072	7,281	7,457	7,075	7,111
Third-party AUM	29	82,211	77,071	75,369	72,540	74,825	73,329	73,543	70,996	68,449	77,071	73,329	68,270
Total AUM	30	133,620	127,686	124,595	118,681	120,678	117,809	117,044	113,893	112,442	127,686	117,809	111,179
AUA	31	4,639	4,801	5,477	5,365	5,125	4,683	4,598	4,293	4,523	4,801	4,683	4,574
Total AUMA	32	138,259	132,487	130,072	124,046	125,803	122,492	121,642	118,186	116,965	132,487	122,492	115,753
Wealth AUM (1)	33	44,260	42,317	41,108	38,434	36,362	37,268	36,072	35,548	35,830	42,317	37,268	34,965
SELECT CONSTANT CURRENCY MEASURES (1)
Underlying net income	34
Reported net income - Common shareholders	35
Asset management gross flows & gross wealth sales	36
Asset management net flows & net wealth sales	37
Individual - Protection sales	38
Group - Health & protection sales	39
Total weighted premium income	40

187

158

3,071

1,510

697

28

2,133

177

235

2,101

368

627

26

1,713

(1) Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section on page 1 and the Additional Non-IFRS Financial Measures Glossary in the appendix of this document,or section N - Non-IFRS Financial Measures of the Company's Q1'25 MD&A.

(2) Prior period amounts were understated and have been updated.

ASIA CONTINUED

(C$ millions) For the Quarter Ended For the Year Ended

COMMON SHAREHOLDERS' DOE (1)		Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	2024	2023	2022
Risk adjustment release	1	47	45	42	44	40	46	54	41	35	171	176	127
CSM recognized for services provided	2	132	124	124	113	109	103	84	86	81	470	354	313
Expected earnings on short-term (group) insurance business	3	(1)	(1)	-	-	1	1	1	-	2	-	4	13
Expected insurance earnings	4	178	168	166	157	150	150	139	127	118	641	534	453
Impact of new insurance business	5	(5)	(17)	(15)	(9)	(6)	(2)	(2)	(3)	(2)	(47)	(9)	(23)
Experience gains (losses)	6	(10)	1	(15)	(7)	2	(33)	2	(5)	(17)	(19)	(53)	(81)
Net insurance service result - Underlying	7	163	152	136	141	146	115	139	119	99	575	472	349
Expected investment earnings	8	24	17	14	13	16	15	18	14	19	60	66	69
Credit experience	9	(3)	-	(5)	-	1	2	-	(1)	2	(4)	3	-
Earnings on surplus	10	28	32	34	31	44	21	40	32	28	141	121	146
Joint ventures & other	11	59	67	63	60	43	63	47	47	49	233	206	134
Net investment results - Underlying	12	108	116	106	104	104	101	105	92	98	430	396	349
Other fee income	13	15	10	16	11	7	6	(1)	4	11	44	20	55
Expenses - other (2)	14	(80)	(97)	(82)	(70)	(76)	(75)	(76)	(57)	(55)	(325)	(263)	(210)
Income before taxes - Underlying	15	206	181	176	186	181	147	167	158	153	724	625	543
Income tax (expense) or recovery	16	(9)	(6)	(6)	(7)	(4)	(4)	(1)	(8)	(12)	(23)	(25)	(4)
Underlying net income (1)	17	197	175	170	179	177	143	166	150	141	701	600	539
Add: Non-underlying net income adjustments (1)(post-tax):
Market-related impacts	18	(18)	16	(57)	(20)	(15)	(142)	(4)	(12)	5	(76)	(153)	(332)
ACMA	19	(3)	13	(74)	10	(3)	(1)	56	(10)	(6)	(54)	39	1
Other adjustments:
Acquisition, integration and restructuring (3)	20	(4)	(5)	(5)	(2)	78	(5)	(5)	(4)	(4)	66	(18)	(7)
Intangible asset amortization (4)	21	(3)	(188)	(2)	(2)	(2)	(2)	(2)	(2)	(2)	(194)	(8)	(8)
Other (3)	22	(3)	-	-	(14)	-	51	-	-	-	(14)	51	17
Reported net income - Common shareholders	23	166	11	32	151	235	44	211	122	134	429	511	210
UNDERLYING NET INCOME BY BUSINESS TYPE (1)
Asset management & wealth	24	24	25	29	18	17	16	11	13	15	89	55	71
Individual - Protection (5)	25	173	150	141	161	160	127	155	137	126	612	545	468
Underlying net income	26	197	175	170	179	177	143	166	150	141	701	600	539
Add: Market-related impacts	27	(18)	16	(57)	(20)	(15)	(142)	(4)	(12)	5	(76)	(153)	(332)
ACMA	28	(3)	13	(74)	10	(3)	(1)	56	(10)	(6)	(54)	39	1
Other adjustments	29	(10)	(193)	(7)	(18)	76	44	(7)	(6)	(6)	(142)	25	2
Reported net income - Common shareholders	30	166	11	32	151	235	44	211	122	134	429	511	210

(1)The DOE analysis and Underlying Net Income by Business Type contain non-IFRS financial measures. Refer to the Non-IFRS Financial Measures section on page 1 and the Additional Non-IFRS Financial Measures Glossary in the appendix of this document, or section N - Non-IFRS Financial Measures of the Company's Q1'25 MD&A.

(2)Expenses - other removes the non-underlying Other adjustments, including Acquisition, integration and restructuring, and Intangible asset amortization. Certain Other adjustments - other may also be an adjustment from Other expenses.

(3)Refer to the Notes page ii, Adjustments - Acquisition, Integration and Restructuring and Adjustments - other for additional details.

(4)Q4'24 amounts include an impairment charge of $186 million on an intangible asset related to bancassurance in Vietnam reflecting updates resulting from changes in regulatory and macro-economic factors.

(5)Effective Q1'25, Regional office expenses & other was moved to the Individual - Protection business type, reflecting a reporting refinement. Prior period amounts reflect current presentation.