olivLaw · US equity research
Sun Life Financial Inc. SLF
Life Insurance · SIC 6311 · Vertical: Life Insurance (SIC 6311)
Sun Life Financial Inc. is a Canadian life insurance and asset management group, listed on the New York Stock Exchange under SLF, that files annual reports with the SEC on Form 40-F. Its filings for fiscal 2025 describe a capital structure with a large number of common shares and several series of preferred shares, which makes its financing structure relevant for US investors.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Sun Life Financial Inc. (SLF) stock was 81.98 USD (+1.85% on the day), with beta 0.48, 52-week range 57.60–84.07 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 61.5
- strong (55–70)
- Bollinger (20, 2)
- 76.44 – 82.55
- in the upper half of the band · %B 0.91 · band width 7.7%
- SMA 50 / 200
- 79.42 / 73.63
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.61 / 0.36
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.3% | −2.0% | +6.3 pp | — |
| 3 months | +0.1% | −2.2% | +2.3 pp | — |
| 6 months | +12.1% | +4.3% | +7.9 pp | — |
| Year to date | +31.4% | +10.6% | +20.8 pp | — |
| 1 year | +33.6% | +10.5% | +23.1 pp | +1.1% |
| 3 years | +70.7% | +73.7% | −3.0 pp | +41.1% |
| 5 years | +44.4% | +61.7% | −17.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | ⚠ 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 27.0 bn | 39.7 bn | 43.3 bn | 35.7 bn | 5.8 bn | 40.9 bn | 38.8 bn | 41.9 bn |
| Revenue YoY | −8.0% | +47.0% | +9.2% | −17.7% | — | +609.7% | −5.2% | +8.0% |
| Net income | 2.6 bn | 2.7 bn | 2.5 bn | 4.0 bn | 2.9 bn | 3.2 bn | 3.1 bn | 3.6 bn |
| Net income YoY | +16.7% | +3.7% | −7.9% | +61.5% | — | +7.6% | −1.1% | +13.5% |
| Diluted EPS | 4.14 | 4.40 | 4.10 | 6.69 | 4.89 | 5.26 | 5.26 | 6.15 |
| Diluted EPS YoY | +18.6% | +6.3% | −6.8% | +63.2% | — | +7.6% | 0.0% | +16.9% |
| net % | 9.7% | 6.8% | 5.8% | 11.3% | 51.0% | 7.7% | 8.1% | 8.5% |
| Free cash flow | 3.7 bn | 2.4 bn | 7.1 bn | -1.9 bn | unavailable | 5.4 bn | 2.4 bn | 2.7 bn |
The series breaks before 2022: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 9.6 bn CAD
- Financial debt
- unavailable CAD
- Net debt
- unavailable CAD
- Equity
- 25.5 bn CAD
- Total assets
- 398.5 bn CAD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 13.8%
- ROA
- 0.9%
- FCF margin
- 6.3%
Financial statements (source on every figure)
Revenue and net income (CAD)
Income statement · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Pre-tax income | 3.3 bn | 5.1 bn | 3.6 bn | 3.9 bn | 4.3 bn | 4.8 bn | SEC (XBRL)· 12 Feb 2026verified |
| Net income | 2.5 bn | 4.0 bn | 2.9 bn | 3.2 bn | 3.1 bn | 3.6 bn | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | 4.10 | 6.69 | 4.89 | 5.26 | 5.26 | 6.15 | SEC (XBRL)· 12 Feb 2026verified |
Balance sheet · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 10.6 bn | 7.7 bn | 9.4 bn | 11.2 bn | 10.0 bn | 9.6 bn | SEC (XBRL)· 12 Feb 2026verified |
| Total assets | 323.0 bn | 349.1 bn | 323.6 bn | 333.2 bn | 370.7 bn | 398.5 bn | SEC (XBRL)· 12 Feb 2026verified |
| Total liabilities | 297.1 bn | 326.9 bn | 300.7 bn | 309.0 bn | 344.6 bn | 373.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Equity | 25.9 bn | 22.2 bn | 22.9 bn | 24.2 bn | 26.1 bn | 25.5 bn | SEC (XBRL)· 12 Feb 2026verified |
Cash flow · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 1.4 bn | 1.4 bn | 1.7 bn | 1.9 bn | 2.0 bn | 2.1 bn | SEC (XBRL)· 12 Feb 2026verified |
| Share repurchases | 200.0 m | 0 | 0 | 186.0 m | 855.0 m | 1.7 bn | SEC (XBRL)· 12 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Insurance
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 44.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 44.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 14.2% | 74 (vs peers) | 41% |
| Loss ratio · Quality | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | 7.9% | 79 (on a fixed band) | 23% |
| Revenue CAGR 3Y · Growth | 93.7% | 100 (on a fixed band) | 18% |
| ROA · Balance sheet | 0.9% | 17 (on a fixed band) | 18% |
| P/B · Valuation | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| Dividend yield · Returns | unavailable | unavailable | — |
| Payout ratio (EPS) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet17/100 · 1/1 factors with a value
- Growth89/100 · 2/2 factors with a value
- Quality· partial74/100 · 1/2 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SUN LIFE FINANCIAL INC (SLF). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: YoY growth 8.0%; net margin 8.5%; ROE 14.2%.
The estimated value range is 22.06–105.73 CAD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 44.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROE: 14.2%
- EPS CAGR 3Y: 7.9%
- Revenue CAGR 3Y: 93.7%
What contradicts it
- ROA: 0.9%
Not assessed (insufficient data or a ratio without meaning): Loss ratio, P/B, P/E (TTM), Dividend yield, Payout ratio (EPS).
Versus the vertical median
Life Insurance (SIC 6311) · same industry (4-digit SIC) · compared with 19 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PUKPrudential PLC | 67.2 bn | 17.2 | 21.2% | 34.6% | +7.0% | −10% / +20% |
| METMetLife, Inc. | 64.0 bn | 19.1 | 13.2% | 4.6% | +8.6% | +31% / +58% |
| RGAReinsurance Group Of America, Incorporated | 17.3 bn | 11.6 | 11.7% | 5.8% | +7.2% | +39% / +62% |
| GLGlobe Life Inc. | 12.4 bn | 10.7 | 20.9% | 19.6% | +3.7% | +20% / +31% |
| VOYAVoya Financial, Inc. | 9.5 bn | 17.5 | 13.1% | 7.4% | +1.7% | +49% / +46% |
| CRBDCorebridge Financial, Inc. | 9.3 bn | 4.6 | 21.7% | 10.6% | −1.2% | −11% / unavailable |
| JXNJackson Financial Inc. | 9.1 bn | 11.1 | 9.5% | 13.4% | +104.3% | +40% / +188% |
| PRIPrimerica, Inc. | 8.8 bn | 11.4 | 33.0% | 23.2% | +6.6% | +11% / +36% |
| LNCLincoln National Corp | 8.0 bn | 3.6 | 22.6% | 12.2% | −1.2% | +1% / +75% |
| PFHPrudential Financial Inc | 5.3 bn | 1.4 | 12.6% | 6.0% | −13.7% | −11% / −20% |
| GNWGenworth Financial, Inc. | 3.5 bn | 17.5 | 2.4% | 2.9% | +0.1% | +6% / +56% |
| FGF&G Annuities & Life, Inc. | 2.9 bn | 7.4 | 9.2% | 6.9% | −0.2% | −32% / −46% |
| BHFBrighthouse Financial, Inc. | 2.4 bn | 3.3 | 13.6% | 12.5% | +43.2% | −35% / −18% |
| CIACitizens, Inc. | 209.2 m | 18.0 | 5.0% | 4.5% | +4.3% | −31% / +25% |
| AAMEAtlantic American Corporation | 24.3 m | 4.3 | 5.2% | 2.9% | +11.9% | −51% / −39% |
| ATHSAthene Holding Ltd | 4.7 m | 0.0 | 4.5% | 2.9% | +24.1% | −8% / unavailable |
| ANG-PDAmerican National Group Inc. | 215.5 k | 0.0 | 8.4% | 12.6% | −0.4% | −15% / unavailable |
| MFCManulife Financial Corporation | — | — | 11.0% | 68.5% | +7.1% | +31% / +135% |
| SLFSun Life Financial Inc | — | — | 14.2% | 8.5% | +8.0% | +34% / +71% |
| AEGAegon Ltd. | — | — | 10.5% | — | +1.1% | +7% / +56% |
1- and 3-year price returns: for SLF from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 12 Feb 2026; since then the company filed 6-K (08 Oct 2026), 6-K (30 Sept 2026), 6-K (22 Sept 2026), 6-K (01 Sept 2026), 6-K (25 Aug 2026).
In brief
Sun Life Financial Inc. is a Canadian life insurance and asset management group, listed on the New York Stock Exchange under SLF, that files annual reports with the SEC on Form 40-F. Its filings for fiscal 2025 describe a capital structure with a large number of common shares and several series of preferred shares, which makes its financing structure relevant for US investors.
SWOT
Strengths
- The Company is listed on a major US exchange and reports fully to the SEC, which supports transparency.
- The documents include audited financial statements and an internal control report verified by an independent registered auditor.
- The capital structure is diversified, with common shares and several series of preferred shares.
Weaknesses
- Hybrid structures and associated trusts complicate understanding of the repayment order for different creditor classes.
- The sources provided do not include segment result details, which limits assessment of operating performance.
- The large number of preferred share series can make the capital structure harder for ordinary investors to follow.
Opportunities
- Diversifying financing instruments could provide flexibility in periods of variable market conditions.
- If reporting remains consistent, it could strengthen confidence among US investors in the Company.
- Exposure to the US market could attract additional liquidity for shares listed in New York.
Threats
- Regulatory pressure and reporting requirements may raise compliance costs.
- Market volatility could affect the value of hybrid instruments and preferred shares.
- Competition in the life insurance sector could pressure margins if not managed effectively.
Risks
- Complexity of the capital structuremedium
Several series of preferred shares and subordinated instruments could make it difficult to assess the rights of each investor class.
- Reliance on consolidated trustsmedium
Series 14 shares are held by a trust in connection with an LRCN issue, which could create risks linked to the legal structure of these assets.
- Compliance costslow
Requirements on internal control and compensation recovery could raise administrative costs if restatements arise.
- Market conditionshigh
Changes in the financial environment could influence asset values and the Company's ability to meet subordinated obligations.
- Lack of segment data in sourceslow
Without segment details in the documents provided, the assessment of operating risks remains incomplete and would require checking the MD&A.
Investment thesis
What would need to be true (bull case)
- If reporting and internal control remain solid, the Company could benefit from the confidence of US investors.
- Diversifying capital across common and preferred shares could provide financial flexibility.
- The New York Stock Exchange listing could support liquidity in SLF shares.
What would break the thesis
- The complexity of hybrid structures could hide risks for ordinary shareholders.
- The lack of segment details in the sources provided could make it hard to assess operating results.
- Regulatory pressure could raise costs and limit the Company's flexibility.
What to watch
- Segment analysis in the annual MD&A2026
- Changes in the number of common and preferred shares outstandingnext 10-K
- Quarterly results in subsequent reportsQ1 2026
- Status of the LRCN instruments and the associated trust2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 12 Feb 2026; since then the company filed 6-K (08 Oct 2026), 6-K (30 Sept 2026), 6-K (22 Sept 2026), 6-K (01 Sept 2026), 6-K (25 Aug 2026).
The business
The filings show that Sun Life Financial Inc. (the 'Company') reports its annual results through the Management's Discussion and Analysis (MD&A) and consolidated financial statements for the year ended December 31, 2025, attached to Form 40-F 1. The form is filed under the Securities Exchange Act of 1934 by a foreign issuer, so reporting follows rules adapted for Canadian companies. The Company is listed on the New York Stock Exchange, with common shares trading under SLF 1.
The Company's capital consists of common shares and several series of Class A preferred shares, with separate issues for series 3, 4, 5, 8R, 9QR, 10R, 11QR and 14 1. Series 14 was issued in connection with a subordinated LRCN offering, under a structure in which the shares were held by a consolidated trust as trust assets 1. This shows the Company's financing combines equity with hybrid instruments, and the reporting documents describe these links explicitly.
On governance, the documents state that the Board has determined several members to be audit committee financial experts under SEC standards and New York Stock Exchange rules 1. The principal auditor is Deloitte LLP, and internal control reporting over financial reporting is included in the filed form 1.
Segments
Common and preferred shares
The capital structure includes common shares listed on the New York Stock Exchange and several series of Class A preferred shares, each with its own number of shares outstanding at the reporting date 1. For investors, this mix of equity instruments can affect how dividend and income rights are distributed.
Subordinated and hybrid instruments
The LRCN Series 2021-1 issue and preferred series 14 show that the Company uses hybrid financing, where subordinated debt is supported by shares held by a trust 1. This type of structure is worth monitoring because it changes the order in which creditors and shareholders are repaid.
Governance and financial reporting
The reporting documents include a detailed section on internal control, an independent registered auditor's report on internal control and an executive compensation recovery policy 1. This component does not generate revenue but defines the framework in which results are reported.
Market context
The available documents do not provide data on the life insurance market or the Company's market share, so the size of the segments in which it operates cannot be estimated from these sources alone 1. What can be observed is that the Company is listed on a major US exchange and reports under SEC requirements, which makes comparison with issuers in the same category easier.
The market context could be better assessed from the attached MD&A, which contains analysis of business segments, although that analysis is not reproduced in the sources provided for this profile 1. Before drawing conclusions about competitive position, it would be useful to check those sections.
Trends
- Reporting on Form 40-Ftailwind
The Company continues to file complete annual reports with the SEC, including the MD&A and audited financial statements, which gives US investors transparency 1. This practice could support market confidence if reporting remains consistent over time.
- Hybrid financing structuresmixed
The use of subordinated instruments and preferred shares issued through trusts could provide financing flexibility, but the complexity of the structure can raise sensitivity to market conditions. The effect depends on how these instruments are managed in coming periods.
- Governance and internal control requirementsmixed
Requirements on internal control and executive compensation recovery have become a mandatory part of reporting, which may raise compliance costs but also investor confidence 1.
- Listing on a major US markettailwind
The listing of shares on the New York Stock Exchange exposes the Company to a broad investor base and to US regulation, which could attract liquidity but also greater transparency pressure 1.
Competitive position
The sources provided for this profile do not identify direct competitors of the Company, so the competitive analysis is limited to what the documents state explicitly 1. Companies in the same life insurance and asset management category are generally compared on size, balance sheet quality and segment results.
A solid comparison would require reports from issuers in the same sector, which are not among the sources provided. Until then, any relative positioning remains unverified from the available documents.
- Life insurance sector peers
Not identified in the sources provided, so they cannot be confirmed from the available documents.
- Other Canadian issuers listed in the US
General category without names from the sources provided; could be checked in the Form 40-F reports of other companies.
- Asset management groups
Competition on the asset management side is not detailed in the sources provided and needs further verification.
- Issuers of financial hybrid instruments
Not mentioned in the documents; their relevance could be assessed by comparing capital structures.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Sun Life and Wilton Re form reinsurance joint ventureYahoo Finance — News · 26 Aug 2026 · EN
The latest news item in our archive is from 26 Aug 2026; the newest SEC filing is from 08 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)08 Oct 2026
- Current report (foreign issuer)30 Sept 2026
- Current report (foreign issuer)22 Sept 2026
- Current report (foreign issuer)22 Sept 2026
- Current report (foreign issuer)01 Sept 2026
- Current report (foreign issuer)25 Aug 2026
- Current report (foreign issuer)17 Aug 2026
- Current report (foreign issuer)07 Aug 2026
- Current report (foreign issuer)07 Aug 2026
- Current report (foreign issuer)07 Aug 2026
Sources
- [1] Form 40-F, fiscal year ended 2025-12-31 · SEC / Sun Life Financial Inc. · 12 Feb 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.