TORONTO, Ontario — February 11, 2026 — Leads & Copy — Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) has announced its financial results for the fourth quarter and the full year, ending December 31, 2025.
Underlying net income reached $1,094 million, marking a $129 million or 13% increase from Q4 2024. For the full year, underlying net income was $4,201 million, an increase of $345 million or 9% from 2024. Underlying earnings per share (EPS) were $1.96, up 17% from Q4 2024, while full-year EPS reached $7.45, a 12% increase from 2024. The underlying return on equity (ROE) was reported at 19.1% for the quarter and 18.2% for the full year.
Asset management and wealth underlying net income totaled $534 million, reflecting a $48 million or 10% increase for the quarter. The full-year figure was $1,976 million, an $153 million or 8% increase.
Group health and protection underlying net income was $308 million, a $42 million or 16% increase, while full-year results reached $1,248 million, a $52 million or 4% increase.
Individual protection underlying net income amounted to $362 million, up $52 million or 17%. The full year saw $1,347 million, an increase of $146 million or 12%.
Corporate expenses and other losses were $(110) million, an increase of $(13) million in net loss or 13%. The full-year net loss was $(370) million, an increase of $(6) million or 2%.
Reported net income was $722 million, increasing $485 million or 205% from Q4 2024. The full-year reported net income was $3,472 million, up $423 million or 14% from 2024. Reported EPS was $1.29, a 215% increase, while the full-year EPS reached $6.15, a 17% increase. Reported ROE was 12.6% for the quarter and 15.1% for the full year.
Assets under management (AUM) totaled $1,605 billion, increasing $62 billion or 4% from December 31, 2024.
Kevin Strain, President and CEO of Sun Life, stated that the company delivered a strong fourth-quarter performance with underlying net income reaching $1.1 billion, contributing to 17% underlying earnings per share growth over Q4 last year and an underlying return on equity of 19.1%. He further stated that the company’s diversified strategy combined with its focus on its Client and its Purpose proved its strength and resilience throughout the quarter and that the company saw robust earnings and sales in Asia, solid wealth sales in Canada, and meaningful progress at SLC Management, which exceeded its Investor Day earnings target. He also noted satisfaction with earnings and sales growth in the U.S. stop-loss business.
Strain also noted that Sun Life closed 2025 with nine percent full-year underlying net income growth, strong sales in asset management, wealth, health, and protection, and a 17% increase in New Business Contractual Service Margin. The company’s LICAT ratio was 157%, and it advanced its Medium-Term Objectives with underlying ROE at 18.2%, underlying EPS growth at 12%, and a dividend payout ratio of 47%.
Quarterly Results:
Underlying net income by business type:
- Asset management & wealth: $534 million
- Group – Health & Protection: $308 million
- Individual – Protection: $362 million
- Corporate expenses & other: $(110) million
Asset management gross flows & wealth sales: $59,861 million
Group – Health & Protection sales: $1,803 million
Individual – Protection sales: $1,027 million
Year-to-Date Results:
Underlying net income: $4,201 million
Reported net income – Common shareholders: $3,472 million
Underlying EPS: $7.45
Reported EPS: $6.15
Underlying ROE: 18.2%
Reported ROE: 15.1%
Asset management gross flows & wealth sales: $236,911 million
Group – Health & Protection sales: $3,416 million
Individual – Protection sales: $3,751 million
Assets under management: $1,605 billion
New business Contractual Service Margin: $1,727 million
Sun Life Financial Inc. ended the quarter with a LICAT ratio of 157%.
Asset Management Highlights:
Asset Management underlying net income increased 3% to $370 million. MFS’ pre-tax net operating profit margin was 40.0%. SLC Management’s fee-related earnings increased 25%, and its fee-related earnings margin was 27.5%.
Canada Highlights:
Canada underlying net income increased 14% to $417 million. Asset management & wealth was up $41 million due to improved credit experience and higher fee income from higher AUM. Sun Life was named Life and Health Insurer of the Year at the tenth annual Insurance Business Canada Awards.
U.S. Highlights:
U.S. underlying net income increased 30% to US$150 million. Group – Health & Protection was up US$27 million. U.S. group sales were up 45% to US$1,206 million.
Asia Highlights:
Asia underlying net income increased 18% to $207 million. Individual – Protection was up $35 million. Individual sales were up 49% to $894 million.
Corporate Highlights:
Underlying net loss was $110 million. Sun Life was re-certified as a Great Place to Work® in multiple countries, and SLC Management was named one of Pensions & Investments’ 2025 Best Places to Work in Money Management for the sixth year in a row.
Sun Life is a leading international financial services organization that provides asset management, wealth, insurance, and health solutions to individual and institutional Clients. As of December 31, 2025, Sun Life had total assets under management of $1.60 trillion.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE), and Philippine (PSE) stock exchanges under the ticker symbol SLF.
Effective January 1, 2026, we extended and formalized our asset management pillar in Sun Life Asset Management. In addition to MFS and SLC Management, Sun Life Asset Management includes Sun Life’s stake in Aditya Birla Sun Life Asset Management, previously part of the Asia business segment, as well as Sun Life’s pension risk transfer business, previously part of the Canada business segment.
BentallGreenOak closed its inaugural U.S. Industrial Strategies fund, bolstered by data centre co-investment, raising US$800 million in the fourth quarter.
InfraRed Capital Partners launched a digital infrastructure vehicle with Pantheon, a leading global private markets investor, to invest in the data centre and telecommunications towers sectors in Europe, North America, and Australasia, highlighting InfraRed’s digital experience. InfraRed also made a majority investment in NxN Data Centers, a next generation data centre platform based in Spain, to deliver best-in-class data centre infrastructure in a fast-growing digital landscape.
Effective January 1, 2026, Sun Life’s asset management financial results will reflect this new structure.
In the fourth quarter, Sun Life launched a program to expand access to virtual healthcare for underserved communities across Canada, helping more Canadians to get the care they need.
In the fourth quarter, Sun Life collaborated with Pasito, an AI-powered platform that connects with more than 200 payroll providers to deliver personalized benefits guidance.
In Malaysia, Clients benefitted from a faster onboarding experience, with almost two-thirds of our Clients receiving automated underwriting decisions within two hours.
In Indonesia, Sun Life introduced automated claims features, delivering a faster and more efficient claims process for our Clients, with digital submissions rising approximately eight percentage points from the prior year.
In December, Sun Life expanded its reach to its High-Net-Worth (“HNW”) Clients by opening an office in the Dubai International Financial Centre.
Source: Sun Life Financial Inc.
