Q1 2024 Earnings presentation

• Announced 3 cent increase to quarterly common shareholder dividend

All results compared to Q1'23.

1 Represents a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section in the appendix to these slides and Q1 2024 MD&A.

Footnotes 2-4: Refer to slide 22.

Sun Life - Q1 2024

4

Our Purpose: Help Clients achieve lifetime

financial security and live healthier lives

Our Values: Caring, Authentic, Bold, Inspiring,

Impactful

Our Ambition: To be one of the best asset

management and insurance companies

in the world

Footnotes 1-4: Refer to slide 22.

Sun Life - Q1 2024

Improving access to care and helping Clients live healthier lives

• Strong demand for theCanadian Dental Care Plan, with 1.7 million Canadians signed up as of the end of April
• Launched ourDiabetes Care Program as part of our online Lumino Health Pharmacy app in Canada, helping plan members achieve their diabetes goals
• OfferingHealth Navigator, a personal health care navigation and advisory service, powered by PinnacleCare, to the large employer group benefits market, helping members access the right medical diagnoses for their needs
• Became the first major group benefits provider to offerFamily Leave Insurance in five U.S. states1

Accelerating growth in Asia through distribution excellence and realizing value from strategic investments

• Achieved strong individual protection sales in Hong Kong, driven by broker relationships, contribution from our bancassurance partnership with Dah Sing Bank, and momentum from agency teams
• Sold 6.3% interest of Aditya Birla Sun Life Asset Management Company ("ABSLAMC"), generating a pre-tax gain of $98 million2

Thinking and acting more like a digital company, harnessing the power of Generative AI

• Leveraging GenAI to summarize complex medical records for PinnacleCare Clients and expected to reduce turnaround time from 14 days to 1 day, unlocking greater capacity to serve more Clients
• Experimenting with a GenAI chatbot in Sun Life Global Investments that provides faster responses to complex segregated fund inquiries and is projected to generate annual productivity savings of $1 million

Embracing our responsibility to create a more sustainable future

• Made several sustainable investments, including BentallGreenOak ("BGO") completing Ontario's first all-electric net zero carbon industrial building, and lnfraRed Capital Partners acquiring a portfolio of two operating, utility-scale renewable energy assets in the U.S.3
• BGO awarded 2024 ENERGY STAR® Partner of the Year-Sustained Excellence Award for 14th consecutive year4

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 2024 MD&A.

Footnotes 2-6: Refer to slide 22.

Sun Life - Q1 2024

Results Highlights

Mixed operating results; business fundamentals remain solid

• Wealth & asset management: flat y/y as higher fee income driven by higher AUM offset by higher compensation expenses and lower net seed income
• Group - Health & Protection: solid revenue growth in Canada and the U.S. more than offset by less favourable morbidity experience and lower U.S. Dental results due to Medicaid redeterminations
• Individual - Protection: business growth in Asia more than offset by the sale of Sun Life UK5
• Corporate expenses & other: includes lower financing costs

Total AUM1 up 8% due to market appreciation, partially offset by net outflows Total insurance sales up 26% y/y

• Individual sales up 48% y/y primarily from higher sales in Hong Kong
• Group sales up 4% y/y driven by large case sales in Canada, partially offset by lower U.S. Dental sales

New business CSM up 50% y/y driven by strong sales performance in Hong Kong

Strong capital position

• SLF LICAT of 148%, down one percentage point q/q, which included the impact of share buybacks
• Low financial leverage ratio of 21.1%
• $1.5 billion in holdco cash1,6

7

Underlying net income1($ millions)

Impact of currency translation decreased underlying net income by $4M2

282282 310316

237

189177141

(83) (81)

Constant currency2 year-over-year growth

Reported net income ($ millions)

Impact of currency translation decreased reported net income by $2M2

AMCANU.S. ASIA CORP

329

(88) (79)

Business Group Results (US$)

Quarterly Highlights (US$)

• Underlying net income in-line with prior year as higher fee income from ANA growth was offset by higher expenses, including fair value changes in management's participation in MFS shares
• Reported net income down 10% y/y driven by the impact of fair value changes of shares owned by management
• Pre-taxnet operating profit margin of 37.2% was in-line with prior year; down 2.2 percentage points from prior quarter due to seasonal compensation expenses
• Ending AUM of $630 billion up 10% y/y reflecting market appreciation, partially offset by net outflows; up 5% q/q
• Long-termretail fund performance remains good with 97% and 53% of fund assets ranked in the top half of their respective Morningstar categories based on 10- and 5-year performance, respectively