Investor presentation (pa e q125 investor presentation)

Q1'25

Delivering sustainable shareholder value

• Business overview

• Strategic overview

• Business group highlights

• Share performance

• Capital management

  

• Asset portfolio

  A leading global financial services organization

  				$1.55T
  85M+	66,900	95,000	Offices in	Assets Under	$46.7B
  Clients5,6	Employees5,7	Advisors5,8	28 markets5	Management	market cap9
  				(AUM)1,9

  Balanced & diversified business model2

  Year-to-date at March 31, 2025

  Group - Health & Protection

  29%

  Individual -Protection428%

  Asset management & wealth343%

  1 Represents a Non-IFRS financial measure; Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our MD&A for the period ended March 31, 2025 ("Q1 2025 MD&A"). Footnotes 2-9: Refer to slide 34.

• A diversified business model, with four well-positioned business groups, focused on creating value and positively impacting our Clients, employees and shareholders

• Portfolio of businesses that have strong growth prospects and capital generation in attractive global markets

• Strategy is underpinned by a continued commitment to strong financial discipline and risk management

• We have an omni-channel approach to distribution, making it easier for Clients to do business with us across all markets

• We are operating like a digital company to drive leading experiences and capabilities

• Purpose-driven people and culture to help us deliver on our strategy through BOLDER behaviours and effective decision-making

• Our trusted brand informs the differentiated Sun Life experiences we create, the products and service experiences we deliver, and the culture we live by

• Individual and employer attention on physical and mental health

• Demographic shifts in developed markets

• Increased economic, market and geopolitical volatility

• Gig economy and shift in nature of work

• Digital acceleration

• Adoption of digital health technologies

• Growth of alternative asset classes

• Increasing competition from new market entrants

• Business overview

• Strategic overview

• Business group highlights

• Share performance

• Capital management

• Asset portfolio

Four Pillars Client Impact

AM

A global leader in both public and alternative asset classes through MFS and SLC Management

CAN

A leader in health, wealth and insurance

US

A leader in health and benefits

Our Ambition: To be the best Asset Management and Insurance company in the world

ASIA

A regional leader focused on fast-growing markets

Strategic Imperatives

01

Leverage our asset management capabilities and extend our wealth presence

02

Accelerate our momentum in Asia

03

Deepen our impact along our Client's health journey

04

Operate like a digital company

5-year annualized total shareholder return5

At March 31, 2025

Performance against medium-term objectives

Sun Life Canadian Lifecos

U.S. Lifecos

Tradtional Asset Managers

Canadian Banks

TSX

17.5%

19.4%

17.0%

16.8%

27.1%

25.2%

Medium-term objectives2 Q1'25 3-Year3,4

Underlying EPS growth1 10%	21%	8%
Underlying ROE1 20%	17.7%	17.3%
Underlying dividend Payout ratio1 40-50%	46%	48%

Global Lifecos 11.7%

1 Underlying EPS, underlying ROE and underlying dividend payout ratio are non-IFRS financial measures. See section M - Non-IFRS Financial Measures in our MD&A for the period ended December 31, 2024 ("2024 Annual MD&A"). Underlying dividend payout ratio represents the ratio of common shareholders' dividends to diluted underlying EPS. See section J - Capital and Liquidity Management - 3 - Shareholder Dividends in our 2024 Annual MD&A for further information regarding dividends.

2 Although considered reasonable, we may not be able to achieve our medium-term objectives as our assumptions may prove to be inaccurate. Accordingly, our actual results could differ materially from our medium-term objectives as described on the slide. Our medium-term objectives do not constitute guidance. Our medium-term objectives are forward-looking non-IFRS financial measures and additional information is provided in section P - Forward-looking Statements - Medium-Term Financial Objectives of our 2024 Annual MD&A.

Footnotes 3-5: Refer to slide 34.

Q1 2025 highlights

• Canadian advisors are testing the use of GenAI with a Notes Assistant tool to efficiently and securely summarize Client meetings. This is allowing advisors to dedicate more resources to deepening their relationships with Clients and enrich the overall Client-advisor experience. We have seen successful testing in the pilot program to date and will be launching this innovative tool to all Sun Life Financial Distribution ("SLFD") advisors in June 2025

• Sun Life Canada launched an industry-first capability for our GRS Clients using the Interac® verification service. Members can securely submit their banking information electronically, shrinking the processing time for setting up money movements

  Improving digital capabilities in the U.S.

• Sun Life U.S. Employee Benefits is one of the first strategic Workday Wellness partners, utilizing Workday's AI platform to show a real-time view of the benefits and wellness programs that employers are offering. The partnership will simplify benefits management, streamline enrollment, enhance leave administration and reduce administrative burdens

• FullscopeRMS launched its new Integrated Absence & Short-Term Disability portal "Your Benefit Connect". The portal provides a streamlined claims-filing experience for members, and enhanced reporting tools, including self-service options, for FullscopeRMS partners and employers

Distribution across the four pillars

AM

• MFS partners with leading retail intermediary firms and global institutional consultants

• SLC Management distributes products through affiliates Crescent Capital, BentallGreenOak, InfraRed Capital Partners and Advisors Asset Management

CAN

U.S.

• Products distributed via multi-channel distribution model, consisting of: a) Sun Life Financial Distributors, our proprietary advisory network, b) Third-party channels, including independent brokers and broker-dealers, c) Sales representatives in collaboration with pension and/or benefit consultants and advisors, and d) Direct to consumer, using digital tools like Sun Life Go, Lumino Health and Prospr by Sun Life

• Sell products and services through independent brokers, benefits consultants and

  health plans, as well as industry and digital partners

• Supported by employee benefits representatives, supplemental health representatives and stop-loss specialists

  ASIA •

  Network of 92,000 agents across Asia1 supported by Sun Life's Brighter Academy, which strives to develop and support advisors through the Most Respected Advisor (MRA) program

  • 27 bancassurance partners across Asia markets2

  • Joint venture partnerships in India, China and Malaysia

  1 As at December 31, 2024, including joint ventures.

  2 As at March 31, 2025.

  • Business and strategic overview

  • Strategic overview

  • Business group highlights

  • Share performance

  • Capital management

  • Asset portfolio

    Profitability ($ millions) Q1'25 Q1'24 Change

    Asset management & wealth2	487	408	+19%
    Group - Health & Protection	330	280	+18%
    Individual - Protection3	325	270	+20%
    Corporate expenses & other3	(97)	(83)	(17)%
    Underlying net income1($ millions)	1,045	875	+19%
    Reported net income ($ millions)	928	818	+13%

    Growth Q1'25 Q1'24 Change

    Asset management net flows & net wealth sales1($ billions)	(6.4)	(10.0)	+3.6 B
    Total AUM1($ billions)	1,551	1,470	+6%
    Group sales1($ millions)	580	528	+10%
    Individual sales1($ millions)	874	757	+15%
    New business CSM1,4($ millions)	406	347	+17%

    Financial strength Q1'25 Q4'24 Change

    SLF Inc. LICAT ratio5(%)	149	152 (3) pp
    SLA LICAT ratio5,6(%)	141	146 (5) pp
    Financial leverage ratio1(%)	20.1	20.1 -
    Book value per share ($)	40.84	40.63 +0.5%

    1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our Q1 2025 MD&A.

    Footnotes 2-8: Refer to slide 34.

    Results Highlights

    Strong financial performance, reflecting growth across businesses:

• Asset management & wealth: up 19% y/y on higher fee income across businesses, as well as catch-up fees at BGO and higher net seed investment income in SLC Management

• Group - Health & Protection: up 18% y/y on business growth, favourable morbidity and mortality experience in Canada and higher U.S. Dental results, partially offset by moderately unfavourable morbidity experience in U.S. medical stop-loss

• Individual - Protection3: up 20% y/y on business growth and higher contributions from joint ventures in Asia, and improved mortality experience in Canada

• Corporate expenses & other3: higher net loss primarily reflecting lower investment income

  Total AUM1 up 6% y/y due to market appreciation, partially offset by net outflows

  Total insurance sales up 13% y/y

• Individual sales up 15% y/y from higher sales across most of our Asia markets and in Canada

• Group sales up 10% y/y driven by large case sales in Canada, partially offset by lower

  U.S. sales

• Total CSM up 12% y/y on strong organic CSM growth and currency impacts New business CSM up 17% y/y driven by strong profit margins in Hong Kong Strong capital position

• Organic capital generation1,7 of $308 million

• SLF LICAT of 149%, down 3 point driven by share buybacks and the commencement of the CIMB Niaga bancassurance deal

• Low financial leverage ratio of 20.1%; $1.3 billion in holdco cash1,8

  Underlying net income1($ millions)

  Impact of currency translation increased underlying net income by $39M2

  Reported net income ($ millions)

  Impact of currency translation increased reported net income by $41M2

  AM CAN U.S. ASIA CORP

  AM CAN U.S. ASIA CORP

  326

  351

  284290

  235

  186

  166

  97

  351

  376

  282

  310

  218189

  197177

  (97)

  (83)

  (101)(88)

   Q1'25Q1'24

  Year-over-year growth

  +24% +21% +15% +11% +15% +21% +92% (29)%

Constant currency2 year-over-year growth

1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our Q1 2025 MD&A.

2 Percentage changes are reported on a constant currency basis, which excludes the impacts of foreign exchange translation.

RETAIL US$423B AUM1	INSTITUTIONAL US$181B AUM1 Partner with leading consultants to manage assets for public and corporate pension plans, DC retirement plans, insurance companies, sovereign wealth funds, endowments and foundations and more Vehicles Commingled products, Separate accounts and Sub-advised accounts	TOTAL MFS US$604B AUM1
Distributed through financial advisors affiliated with brokerage houses, financial institutions, financial planning firms, defined contribution investment-only (DCIOs), RIAs, analyst teams and independent advisors Vehicles Domestic Mutual Funds, Non-U.S. Mutual Funds, Separately Managed Accounts (SMAs), and Variable Insurance Trusts Retail AUM by style1 Value: 32% Growth: 32% Core: 14% Other3: 22%		MFS is a strong strategic and financial contributor to Sun Life and a top quartile asset manager in terms of operating margin4 We believe a fully integrated global research platform provides competitive advantages across our businesses MFS by the numbers2 110 Fundamental research analysts 105 Portfolio managers 12 Quantitative research analysts 12 Analyst-managed strategies 8 Global sector teams

MFS strategy

Continue to deliver superior investment performance while

Asset class mix1

allocating capital responsibly for our Clients

Fixed Income 14%

Non-U.S.

Equity

37%

Balanced

4%

U.S. Equity

45%

Sun Life - Q1 2025

14

⬤ ⬤ ⬤

Focused on public equities and fixed income

Our purpose is to allocate capital responsibly and help investors achieve financial goals

US$604B

Assets under management1

800+

Institutional Clients served2

9thlargest

U.S. Retail Asset Manager2

2,100+

Employees2

All numbers are as at March 31, 2025, unless otherwise noted. This slide contains forward-looking statements within the meaning of applicable securities laws. For more information, refer to "Forward-looking Statements" and "Risk Factors" on slide 32.

1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our Q1 2025 MD&A.

Footnotes 2-4: Refer to slide 34.

Sun Life - Q1 2025

Real Estate $97B AUM1,2	IG Credit $74B AUM1,2	Alternative Credit $63B AUM1,2
Seeks to help investors and stakeholders realize value from the world's premier real estate markets	Invests across spectrum of investment grade public and private fixed income for pension plans and insurance companies	Seeks investments in high-quality companies across a diverse range of industries
Strategies Global Real Estate, Equity (Core, Core Plus, Value Add), and Real Estate Debt	Strategies Investment Grade Private and Public Fixed Income, Liability-driven Investing ("LDI"), Insurance Asset Management	Strategies Direct Lending, High Yield, Mezzanine, Bank Loans/Collateralized Loan Obligations ("CLOs"), and Special Credit Opportunities

Infrastructure

$18BAUM1,2

230+ infrastructure investments under management4

Strategies Infrastructure, Equity (Core, Value Add, Renewables)

Distribution

$3BAUM1,2,3

One of the largest independent investment solutions platforms in the

U.S. with a full-service team and broad relationship network

Strategies

Mutual Funds, managed Accounts, ETFs, UITs, with a focus on High-Net-Worth Clients

SLC Management strategy

Help investors meet their investment objectives by offering a broad suite of alternative asset classes and fixed income strategies

• Deliver superior investment performance, expand and deepen our distribution relationships and build out products

• Offer our Clients a compelling suite of investment capabilities to meet their needs, including:

  • leading public and private fixed income capabilities, spanning both investment grade and alternative credit

  • global real estate expertise across both equity and debt investments,

Asset class mix1,2,3

Cash and other

Infrastructure 1%

Real estate7%

debt

4%

Real estate equity 34%

Public fixed income 31%

and global infrastructure capabilities

Private fixed income

23%

Sun Life - Q1 2025

15

⬤ ⬤ ⬤

Focused on fixed income and real assets

A diversified investment management firm that offers a range of yield-orientated asset classes designed to help our Clients meet their long-term financial obligations

$255B 1,400+

assets under Institutional Clients

management1,2,3 served4

$1,298M

LTM Fee-Related Revenue1

750+

Investment professionals4

All numbers are as at March 31, 2025, unless otherwise noted. This slide contains forward-looking statements within the meaning of applicable securities laws. For more information, refer to "Forward-looking Statements" and "Risk Factors" on slide 32.

1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our Q1 2025 MD&A.

Footnotes 2-4: Refer to slide 34.

Sun Life - Q1 2025

& P r o t e c t i o n

Group Retirement

& w e a l t h

P r o t e c t i o n

$7.1B Net premiums1,4 ~10M Canadians2			$174B AUM1,3 ~1M Canadians2
Market Position: 2ndin Group Benefits5 Group Benefits (GB) Health and protection solutions and admin services for employers and employees Health Employer market health solutions (e.g., virtual primary care) and direct-to-consumer adjacent health solutions (e.g., online pharmacy)			Market Position: 1stin GRS6 GRS Retirement and saving solutions and related admin services for employers and their employees Defined Benefit Solutions (DBS) Customized de-risking solutions for employers who offer defined benefit plans
	Group B2B2C9 int Worksite + digital + sala	egr ied	ated distribution advisor + contact center

$78B AUM1,3 ~0.7M Canadians2			$6.3B Net premiums1,4 ~2M Canadians2
Market Position: 4thin Individual Wealth Fixed and Seg Fund7 Wealth/ Insured Wealth Wealth and insurance-based wealth solutions, (e.g., mutual and seg funds) including SLGI4			Market Position: 1stin Individual Insurance8 Manufacturing Life & health protection solutions (e.g., Critical illness, Term)
	Retail B2A2C10 int Advisor (Proprietary face-to-f conta	egr ace ct	ated distribution , salaried, 3rd party) + digital + center

Sun Life Health Services (GRS) Individual Wealth Individual Insurance

r

Building Canada as a flagship business

Expand our core businesses through innovation in Group Wealth, Group Health, and Individual Protection

Build a distinctive, integrated digital + Advisor wealth platform with

FY24 underlying net income by business type1

Asset management

leading asset management capabilities

Create new engines of growth through health ecosystem and One Sun

Sun Life - Q1 2025

Institutionalize entrepreneurial, digital-first model to deliver outcomes at pace and design, pilot and build new digital products

Group -Health & Protection 41%

& wealth

30%

Individual -Protection

29% 16

Canada

⬤ ⬤ ⬤

Help Canadians achieve lifetime financial security and live healthier lives

A leader in health, wealth and protection in Canada

$1,453M12M+

FY24 Underlying net Canadians served2income1

160years2,500+

Experience in Canada Career Advisor

Network professionals

All numbers are as at December 31, 2024, unless otherwise noted. This slide contains forward-looking statements within the meaning of applicable securities laws. For more information, refer to "Forward-looking Statements" and "Risk Factors" on slide 32.

1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our Q1 2025 MD&A.

Footnotes 2-10: Refer to slide 35.

Sun Life - Q1 2025

G r o u p - H e a l t h & P r o t e c t i o n

I n d i v i d u a l -P r o t e c t i o n

Dental Health Group Individual

US$3.1B Revenues1,3 ~35M Members	US$2.7B Revenues1,3 ~8M Members	US$2.4B Revenues1,3 ~9M Members	US$15.7B AUM1 ~0.2M Members
Largest Dental benefits provider in the U.S.4	Largest independent Stop-Loss provider in the U.S.5	Top ten U.S. Group Life and Disability provider6	Closed blocks of individual and annuity business with sizable and stable earnings
Expand leadership in government programs, grow in commercial markets, expand care delivery	Build on industry-leading capabilities and margins with differentiated offerings that improve healthcare access	Focus on health and productivity, connectivity to the digital ecosystem, and help Clients get the coverage they need	Enhance earnings contribution while providing excellent service for Clients
Target clients Medicaid, Medicare Advantage, ACA, employers, their employees, health plans	Target clients Employers, their employees, TPAs, captive managers, health plans	Target clients Small, middle and large employers and their employees, insurance companies, health plans, TPAs	Target clients Individuals
Products Dental, Vision, Care Delivery	Products Stop-loss (direct and through captives), Care Navigation, Health Solutions	Products Life, Disability, Absence, Supplemental Health	Products U.S. Individual Life Insurance, U.K. Annuities, Run-off Reinsurance (closed to new sales)

Sun Life U.S. strategy

Helping Clients access the health care and coverage they need by extending our leadership position in medical stop-loss, leveraging DentaQuest's scale and expertise, focusing on health and productivity and driving growth in FullscopeRMS

Making health and benefits easier through digital solutions by integrating with other health and benefits platforms, driving digital expansion and leveraging digital tools

Sun Life - Q1 2025

Helping In-Force Management policy-owners achieve lifetime financial security, while effectively managing our operations by providing excellent service, implementing opportunities to improve profitability and managing risk and capital

FY24 health-focused business mix (US$)1,7

Non-health-related products 10%

Health-related products

90%

17

U.S.

⬤ ⬤ ⬤

Helping Clients access the health care and coverage they need

One of the largest providers of employee and government benefits in the U.S. with a broad range of group products, dental care and health care navigation services

US$566M ~50M

FY24 Underlying net Members served income1

100+years

Group Benefits experience in the U.S.

6,400+

Sun Life U.S. employees2

All numbers are as at December 31, 2024, unless otherwise noted. This slide contains forward-looking statements within the meaning of applicable securities laws. For more information, refer to "Forward-looking Statements" and "Risk Factors" on slide 32.

1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in our Q1 2025 MD&A. Footnotes 2-7: Refer to slide 35.

Sun Life - Q1 2025

High Net Worth

Malaysia

Vietnam

Philippines

Indonesia

• 3rd in MPF net inflows and 3rd based on AUM1,6

• 7th in insurance sales, with a market share of 6.1%1,7

India

Hong Kong

China

Sun Life Asia strategy

Deliver on bancassurance, sustainably grow agency, embed quality and optimize distribution mix by building sustainable scale, collaborating with existing bancassurance partners, scaling agency and becoming the partner of choice for advisors

Strengthen brand and differentiated Client value propositions to build and deepen Client, advisor, and employee relationships by delivering digital excellence, building a distinctive and trusted brand, providing quality advice and offering relevant solutions and becoming a partner in our Clients' health journeys

Transform Client and advisor experience, capture efficiencies, retain and gain Clients and scale markets by digitizing our business, increasing engagement of prospective and existing Clients, empowering advisors and delivering digital innovation for our business units

Sun Life - Q1 2025

18

Asia

⬤ ⬤ ⬤

A regional leader focused on fast-growing markets

Operates in eight markets to deliver value to over 30 million Clients by providing life, health and wealth management solutions through multiple distribution channels and manages our International High Net Worth insurance business

$701M

FY24 Underlying net income1

133years

Experience in Asia14

30M+

Clients served

92,000

Agents

27

Bank partners14

6

Joint Ventures

All numbers are as at December 31, 2024, unless otherwise noted. This slide contains forward-looking statements within the meaning of applicable securities laws. For more information, refer to "Forward-looking Statements" and "Risk Factors" on slide 32.

1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in our Q1 2025 MD&A. Footnotes 2-14: Refer to slide 35.

Sun Life - Q1 2025

• Business overview

• Strategic overview

• Business group highlights

• Share performance

• Capital management

• Asset portfolio

Underlying earnings per share1 vs. consensus estimate2

$1.80

Earnings Per Share ($)

$1.50

$1.20

$0.90

$0.60

$0.30

Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24

Q4'24

$0.00

SLF Underlying EPS Consensus

1 Represents a Non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our Q1 2025 MD&A.

2 Source: Bloomberg

Cumulative reported net income impacts (2015 - 2024)

(5)%

92%

(3)%

88%

(3)%

(1)%

Long-term neutral

100%

Underlying Markets ACMA & Other 1

Acquisition MFS Shares Reported

Net Income

Primarily due to interest rates

Integration & Restructuring

Expected to reduce as integrations and SLC buy-ups are completed2

Increase in fair value of MFS shares to employees is an expense

Net Income

Note: 2024 and 2023 results are reported on an IFRS 17 basis. Prior periods are reported on an IFRS 4 basis.

1 Includes assumption changes and management actions (ACMA), other and intangible asset amortization.

2 See "Forward-Looking Statements" and "Risk Factors" on slide 32 of this document.

Strong record of returning capital to shareholders

$4.00

Annual dividend per common share

+9% CAGR

Dividend Per Share ($)

$3.00

$2.00

$1.00

$0.00

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

$10.3B in dividends paid to common shareholders over the past 10 years

• Business overview

• Strategic overview

• Business group highlights

• Share performance

• Capital management

• Asset portfolio

Bermuda

Canada

All information as at March 31, 2025; all dollar amounts are in C$, unless otherwise stated.

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

• Target minimum cash and other liquid assets at the holding company of $500 million1,2,3

  Q1'25 Capital metrics

  SLF Inc.

  Q1'25 Capital ($ millions)

  LICAT4 149%

  Financial leverage ratio1 20.1%

  Subordinated debt5 6,179

  Innovative capital instruments (SLEECS)6 200

  Deployment opportunities

  • Organic investments

    SLF Inc. holdco cash1,3 $1.3B

    Preferred shareholders' equity and other equity instruments6

    Equity

    2,239

    8,618

  • Common shareholder dividend

  • Mergers & acquisitions

  • Share buybacks

  • Debt redemption

    Sun Life Assurance Company of Canada Financial Strength Ratings

    A.M. Best A+

    DBRS AA

    Moody's Aa3

    S&P AA

    Common shareholders' equity6 23,179 Equity in the participating account6 547

    Non-controlling interests' equity6	74
    	23,800
    Contractual Service Margin (after-tax)6	10,548
    Total capital (for financial leverage)	42,966
    Financial leverage ratio1,2	20.1%

    1 Represents a Non-IFRS financial measure; Refer to the Non-IFRS Financial Measures section in the appendix to these slides and in our Q1 2025 MD&A.

    2 See "Forward-Looking Statements" and "Risk Factors" on slide 32 of this document. Footnotes 3-6: Refer to slide 36.

    Asset Management

    2023 - Majority acquisition

U.S.

Asia

Canada

2020 - Strategic investment

2023 - Majority acquisition

1 Aditya Birla Sun Life AMC Limited (ABSLAMC) and Aditya Birla Life Insurance. Sun Life subsequently sold 12.5% and 6.5% of our ABSLAMC ownership in 2021 and 2024, respectively, to meet regulatory obligations.

Debt securities by credit rating

As of March 31, 2025

BB and lower

BBB-1%

BBB2%

12%

AAA

19%

BBB+

9%

99%

investment grade1

AA

19%

A

38%

Investment profile

As of March 31, 2025

Equity Investment securities

properties

$9.3

Cash, cash equivalents

& short-term securities

$11.5

Derivatives & other3

$17.2

Mortgages

$14.6

$9.7

$191.0

billion

Debt securities

$84.6

Mortgages & loans by credit rating

As of March 31, 2025

BB andAAA &BBB-lower4insured

8%

4%7%

BBB

19%

AA

15%

96%

investment grade1

BBB+

10%

A

37%

Loans

$44.1

1 BBB- and higher.

Footnotes 2-4: Refer to slide 36.

Mortgages by type and geography1 As of March 31, 2025

Mortgages by type and rating1,3 As of March 31, 2025

($millions)	Office	Industrial	Retail	Multi-family residential	Other	Total	% of Total		($millions)	Office	Industrial Retail	Multi-family residential	Other	Total
Canada2	1,364	2,426	1,440	3,516	869	9,615	66%		Insured	-	-	- 3,232	427	3,659
U.S.	1,254	1,339	1,144	989	48	4,774	33%		AAA	-	-	- -	-	-

	38% of Canadian portfolio is CMHC-insured Well distributed maturity profile Portfolio is high quality with an average credit rating of A	BB & below Impaired	309 21	12 -	20 5	47 -	92 -	480 26
Investment Properties As of March 31, 2025		Total	2,618	3,765	2,584	4,505	1,134	14,606
($millions) Office Industrial Retail Multi-family Other Total % of

				residential			Total
Canada	1,479	3,492	943	1,485	468	7,867	84%
U.S.	334	976	118	38	2	1,468	16%
Europe	-	-	-	-	-	-	-
Total	1,813	4,468	1,061	1,523	470	9,335	100%

Europe	-	-	-	-	217	217	1%	AA 170 1,347 611 117 462,291
Total 2,618 3,765 2,584 4,505 1,134 14,606100%A912 2,105 1,481 430 584,986 Mortgages: BBB1,206 301 467 679 5113,164

1 Excludes real estate debt securities and private loans. Footnotes 2-3: Refer to slide 36.

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Sun Life Financial Inc. published this content on May 08, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2025 at 21:55 UTC.