Sun Life Financial Inc.

SLF

NYSE · Life & Annuity Insurers

$71.53

At close - Nov 6, 4:00 PM EST - USD

Market Cap$39.63B

P/E17.1x

52W High$84.38

Volume562.35K

VCP Research Verdict2026Q2

IFRS 17 Volatility Masks Stable Underwriting Discipline

Sun Life's reported results are heavily distorted by IFRS 17 accounting, with revenue swinging from $3.3B in 2024Q4 to $13.9B in 2026Q2, yet underwriting discipline remains intact as combined ratios have held between 82.0% and 90.5% over the past ten quarters.

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MARKET ACTION

SLF price & volume

Price trend, volume and key moving averages

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Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis

Fundamental Trajectory

Revenue growth is highly volatile under IFRS 17, swinging from $3.3B in 2024Q4 to $13.9B in 2026Q2 (a 51.4% YoY surge), but underwriting profitability remains stable with combined ratios consistently below 100%, ranging from 82.0% to 90.5%.

Analyst Consensus+23.0% target

Hold(15 analysts)

3 Buy10 Hold2 Sell

The Bull Case

Upside Catalysts

Robust Earnings & ROE Growth

Sun Life projected core earnings growth of about 13% for both 2025 and 2026, with 12% EPS growth and an 18% return on equity approaching its 20% target. Q4 underlying net income rose 13% to $1.1 billion, driving underlying EPS up 17% to $1.96 and underlying ROE to 19.1%. Growth is evident across all major lines, with individual protection sales up 38%, group health sales up 42%, and US stop‑loss sales up 58%.

Diversified Global Business Mix

The company balances protection and wealth businesses with a global footprint, mitigating segment volatility. Canadian operations contribute about 38% of adjusted earnings, while robust US and Asia segments further diversify revenue streams.

Asset Management Expansion & CAGR Target

Sun Life’s asset management arm manages CAD 1.1 trillion in assets, with SLC Management targeting a 20% compound annual growth rate. Recent acquisitions of BGO and Crescent strengthen its alternative asset management capabilities.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return

SLF+17.10%

S&P 500 (^GSPC)+7.63%

1-Year Return

SLF+25.64%

S&P 500 (^GSPC)+9.69%

3-Year Return

SLF+65.57%

S&P 500 (^GSPC)+64.69%

5-Year Return

SLF+45.01%

S&P 500 (^GSPC)+53.26%

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis

Trailing P/E5Y High

17.1x

Forward P/EExpansion

12.5x

EV/EBITDA100th %ile

13.1x

FCF YieldCash Flow

18.0%

Valuation vs 5-Year History

Multiple Range

Metric

Current

5Y Median

Historical Range

Percentile

P/E

17.1x

9.9x

100th· High

EV/EBITDA

13.1x

8.1x

100th· High

Price/FCF

5.6x

4.0x

75th· Fair

Current Multiple

5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection

Bear$47.31-33.9%

Base (Fair)$79.30+10.9%

Bull$119.80+67.5%

$47.31 Bear$79.30 Base$119.80 Bull

Current Market Price: $71.53

Trades at a 9.8% discount to Base DCF ($79.30)

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Growth & profitability

Annual revenue & EPS trend

Revenue FY25

$42.17B+22.3% YoY

Net income FY25

$3.74B+18.0% YoY

Free cash flow FY25

$13.6B+469.4% YoY

Operating margin FY25

11.4%-1.2 pts YoY

ROIC (FY25)10.7%

Avg ROIC 5Y11.3%

ROE (TTM)12.6%

Piotroski Score8 / 9

Financial Statements →

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History

EPS Beat Rate10/12 (83%)

Revenue Beat Rate4/12 (44%)

Quarter	EPS (Act vs Est)	Revenue (Act vs Est)
Q4 2026Latest Nov 4, 2026	$1.47+1.4% vs $1.45	$987M+0.0% vs $987M
Q3 2026 Aug 6, 2026	$1.46+5.0% vs $1.39	$956M-3.9% vs $994M
Q2 2026 May 6, 2026	$1.38+2.2% vs $1.35	$6.3B+581.6% vs $926M
Q1 2026 Feb 11, 2026	$1.41+4.4% vs $1.35	$820M-15.8% vs $974M

Historical baseline: 12 quarters analyzedGAAP / Adjusted

MARKET COVERAGE

Latest News

4 Stories

Seeking Alpha·2d ago

Sun Life Financial Inc. (SLF:CA) Q3 2026 Earnings Call Transcript

Sun Life Financial Inc. ( SLF:CA ) Q3 2026 Earnings Call November 5, 2026 11:00 AM EST Company Participants Darko Mihelic - Senior VP & Head of Investor Relations Kevin Strain - President, CEO & Director Timothy Deacon - Executive VP & CFO David Healy - President of Sun Life U.S. Ted Maloney Sin Yin Tan - President Manjit Singh - President of Sun Life Asia Randolph Brown - Chief Investment Officer Karamjit Kalsi - Co-CEO Conference Call Participants Doug Young - Desjardins Securities Inc., Research Division Taylor Scott - Barclays Bank PLC, Research Division Gabriel Dechaine - National Bank Financial, Inc., Research Division Tom MacKinnon - BMO Capital Markets Equity Research Mario Mendonca - TD Cowen, Research Division Paul Holden - CIBC Capital Markets, Research Division Mehmed Rizvanovic - Scotiabank Global Banking and Markets, Research Division Bart Dziarski - RBC Capital Markets, Research Division Thomas Gallagher - Evercore ISI Institutional Equities, Research Division Presentation Operator Good morning, and welcome to the Sun Life Financial Q3 2026 Conference Call. My name is Gayleen, and I will be your conference operator today.

PRNewsWire·3d ago

Sunlife increases Common Share dividend and declares dividends on Preferred Shares payable in Q4 2026

TORONTO, Nov. 4, 2026 /PRNewswire/ -- The Board of Directors (the "Board") of Sun Life Financial Inc. (the "Company") (TSX: SLF) (NYSE: SLF) today announced that a dividend of $1.00 per share on the common shares of the Company has been declared, payable December 31, 2026 to shareholders of record at the close of business on November 25, 2026. This represents a 4 cent increase to the amount paid in the previous quarter.

PRNewsWire·3d ago

Sunlife Reports Third Quarter 2026 Results

Sunlife's (1) Q3 results reflect growth across Canada, Asia, U.S. stop loss, and GreenOak, with double-digit growth in underlying EPS. TORONTO, Nov. 4, 2026 /PRNewswire/ -- Sun Life Financial Inc.(1) (TSX: SLF) (NYSE: SLF) announced its results for the third quarter ended September 30, 2026.

PRNewsWire·Oct 22, 2026

Sunlife hosts third quarter 2026 earnings conference call

TORONTO, Oct. 22, 2026 /PRNewswire/ -- Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) ("Sunlife") will release its third quarter financial results on Wednesday, November 4, 2026 after markets close. A live webcast of the quarterly earnings call with analysts will be held the following day at 11:00 a.m.

Filtered for Sun Life Financial Inc.More Headlines

Compare before deciding

Benchmark SLF against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Sun Life Financial Inc. (SLF)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
SLFSun Life Financial Inc.Current	$71.53	$39.63B	17.13	22.29%	9.37%	12.57%	3.57%
MFCManulife Financial Corporation	$43.24	$72.16B	15.78	827.41%	12.22%	11.89%	3.17%
PRUPrudential Financial, Inc.	$119.24	$41.38B	10.92	-13.74%	6.17%	11.21%	4.62%
METMetLife, Inc.	$98.27	$63.23B	12.27	10.22%	6.23%	19.1%	2.31%
LNCLincoln National Corporation	$40.05	$7.66B	2.38	1.24%	16.36%	31.63%	4.36%
UNMUnum Group	$76.75	$12.15B	50.03	2.07%	1.96%	2.23%	2.31%

Compare SLF vs Peers

Sun Life Financial Inc. (SLF) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs MFC

Most directly comparable listed peer for SLF.

Scale Benchmark

vs UNH

Larger-name benchmark to compare SLF against a more recognizable public peer.

Peer Set

Compare Top 5

vs MFC, PRU, MET, LNC

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SLF Frequently Asked Questions

Sun Life Financial Inc. (SLF) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

How fast is Sun Life Financial Inc. growing?

Sun Life Financial Inc. (SLF) revenue fell by 2.5% over the trailing twelve months, compared with the twelve months before.

Is SLF profitable?

Yes. Sun Life Financial Inc. (SLF) earned $3.31B in net income over the trailing twelve months (a 9.4% net margin).

Dividend & Returns

Does SLF pay dividends?

Yes. Sun Life Financial Inc. (SLF) pays a dividend that yields 3.57% at the current price, a moderate yield.

What is SLF's return on equity?

Sun Life Financial Inc. (SLF) had a return on equity (ROE) of 12.6% over the trailing twelve months. That is in line with the market's typical 10-15%.

What if you invested $1,000 in SLF back in 1998?

Total return calculator · dividends reinvested · 28+ years of data

See returns →

Quarter

EPS (Act vs Est)

Revenue (Act vs Est)

Q4 2026Latest

Nov 4, 2026

$1.47+1.4%

vs $1.45

$987M+0.0%

vs $987M

Q3 2026

Aug 6, 2026

$1.46+5.0%

vs $1.39

$956M-3.9%

vs $994M

Q2 2026

May 6, 2026

$1.38+2.2%

vs $1.35

$6.3B+581.6%

vs $926M

Q1 2026

Feb 11, 2026

$1.41+4.4%

vs $1.35

$820M-15.8%

vs $974M

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

SLFSun Life Financial Inc.Current

$71.53

$39.63B

17.13

22.29%

9.37%

12.57%

3.57%

MFCManulife Financial Corporation

$43.24

$72.16B

15.78

827.41%

12.22%

11.89%

3.17%

PRUPrudential Financial, Inc.

$119.24

$41.38B

10.92

-13.74%

6.17%

11.21%

4.62%

METMetLife, Inc.

$98.27

$63.23B

12.27

10.22%

6.23%

19.1%

2.31%

LNCLincoln National Corporation

$40.05

$7.66B

2.38

1.24%

16.36%

31.63%

4.36%

UNMUnum Group

$76.75

$12.15B

50.03

2.07%

1.96%

2.23%

2.31%