# SUN LIFE FINANCIAL INC

Summary updated: 2026-03-18T15:56:21.441795Z
Canonical: https://finbar.com/research/companies/sun-life-financial

## Overview

Sun Life Financial Inc. is an international financial services company that provides asset management, wealth, insurance, and health solutions to individual and institutional clients.[1](https://app.finbar.com/go?id=P-df754501fafc401186fae5d617eb6936) It manages and reports its operations through five business segments: Asset Management, Canada, U.S., Asia, and Corporate.[2](https://app.finbar.com/go?id=P-5653ca5aba0648438d0aa0196934fbbd) Its revenue is primarily derived from life and health insurance, investment management and annuities, and mutual funds, with total revenue comprising insurance revenue, net investment income, and fee income.[3](https://app.finbar.com/go?id=P-8dcef64ffa2742239ab93bece222f9d4) Sun Life states its purpose as helping clients achieve lifetime financial security and live healthier lives.[4](https://app.finbar.com/go?id=P-9e7cc8fd94334bcdb506317af2de5199)

The company has operations across a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, and multiple Asia-Pacific markets such as Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia, and Bermuda; its annual report highlights a presence in 28 markets.[1](https://app.finbar.com/go?id=P-df754501fafc401186fae5d617eb6936)[5](https://app.finbar.com/go?id=P-fea1c9160e0d4164aa769b10a66c718d) As of December 31, 2024, Sun Life had $1.54 trillion in assets under management, more than 85 million clients, more than 95,000 advisors, and about 66,900 employees.[1](https://app.finbar.com/go?id=P-df754501fafc401186fae5d617eb6936)[5](https://app.finbar.com/go?id=P-fea1c9160e0d4164aa769b10a66c718d)[6](https://app.finbar.com/go?id=P-ebd0b48b98ab42f7b5d9068089671663) In 2024, it generated total revenue of C$38.633 billion.

[7](https://app.finbar.com/go?id=P-f368652d2c2b46678584f87ce53097ec)

## Products & services

Sun Life’s product set spans asset management, retirement and wealth products, and insurance and health benefits. In asset management, MFS Investment Management offers actively managed investment products for retail and institutional clients, including pension plans, sovereign wealth funds, monetary authorities, endowments and foundations, with retail distribution through financial advisors and brokerages and institutional distribution through an internal sales force and consultants; MFS reported US$605.9 billion of AUM and a 38.7% pre-tax net operating margin in 2024.[8](https://app.finbar.com/go?id=T-26454c8ce4624d9d8a7f9f9ff70fdb4e)[9](https://app.finbar.com/go?id=T-62669670fc8a4945b3211943884bc365) SLC Management provides public and private credit, fixed income, real estate and infrastructure solutions through affiliate managers including BentallGreenOak, InfraRed Capital Partners, Crescent Capital Group, SLC Fixed Income and Advisors Asset Management, and reported C$250.1 billion of AUM, C$192.7 billion of fee-earning AUM and a 23.0% fee-related earnings margin.[8](https://app.finbar.com/go?id=T-26454c8ce4624d9d8a7f9f9ff70fdb4e)[9](https://app.finbar.com/go?id=T-62669670fc8a4945b3211943884bc365)

In Canada, Group Retirement Services provides defined contribution pension plans, defined benefit solutions, voluntary savings plans and post-employment plans, including de-risking solutions for defined benefit pension plans.[10](https://app.finbar.com/go?id=T-566624b3260b49de8e7f997214556248) Individual Wealth combines advice with wealth and protection-based wealth solutions distributed through Sun Life Financial Distribution, third-party brokers and direct-to-consumer channels, while SLGI manufactures wealth solutions for retail and institutional clients.[10](https://app.finbar.com/go?id=T-566624b3260b49de8e7f997214556248) Sun Life Health offers group protection products including life, dental, extended health care, disability and critical illness, alongside personalized digital health experiences enabled by Dialogue and voluntary benefits and post-employment life and health plans.[10](https://app.finbar.com/go?id=T-566624b3260b49de8e7f997214556248) Individual Insurance offers life and health protection products through the same multi-channel model, including direct-to-consumer distribution under Prospr by Sun Life.[10](https://app.finbar.com/go?id=T-566624b3260b49de8e7f997214556248) In 2024, Canada reported C$18.1 billion of wealth sales and asset-management gross flows, C$666 million of Group Health & Protection sales, and C$551 million of Individual Protection sales.[11](https://app.finbar.com/go?id=T-345b890e5b3442738539a6433ea1aed7)

In the U.S., Employee Benefits includes group life, long- and short-term disability, absence management and supplemental health products such as hospital indemnity, accident and critical illness, and also includes FullscopeRMS turnkey risk-management services for insurers and health plans.[12](https://app.finbar.com/go?id=T-c82d8d1b29184f38aff26f2c13f8fb9c) Its Health and Risk Solutions offering includes medical stop-loss coverage for self-insured employers, health-care navigation and advisory services, and care-partner services; Sun Life also launched Clinical 360+, which combines stop-loss with specialty and infusion drug support, at-home kidney, heart and musculoskeletal programs, and access to Health Navigator.[12](https://app.finbar.com/go?id=T-c82d8d1b29184f38aff26f2c13f8fb9c)[13](https://app.finbar.com/go?id=P-7307560f001943b6afc652dd07495e38) Health Navigator, powered by PinnacleCare, is a personal medical navigation and advisory service designed to help members obtain diagnoses, physicians and treatments; Sun Life said member engagements rose 50% in 2024 and 59% of users obtained an expert opinion.[14](https://app.finbar.com/go?id=P-48afac558383407a80b291497fd60626) The U.S. dental business offers Medicaid, Medicare Advantage, and commercial group dental and vision products, serves about 35 million members, includes roughly 75 Advantage Dental+ practices, and uses the Preventistry model and the Sun Life Dental Network of more than 140,000 unique providers.[12](https://app.finbar.com/go?id=T-c82d8d1b29184f38aff26f2c13f8fb9c)[15](https://app.finbar.com/go?id=P-6c0c1428d5bd454f8cfb38e93ee89d4a) In Asia, Sun Life offers MPF and pension administration in Hong Kong; mutual fund and asset-management products in the Philippines, China and India; and individual and group life, health, savings and retirement products across markets including high-net-worth life insurance solutions in Hong Kong and Singapore.

[16](https://app.finbar.com/go?id=T-ebffb8c5e30143ae956d735079148565)

## Geographic presence

Sun Life Financial’s main operating geographies are Canada, the U.S. and Asia, and it reports five business segments: Canada, U.S., Asset Management, Asia and Corporate. Its Asset Management segment includes MFS and SLC Management, while Corporate also contains residual UK-related activities and support operations. As of December 31, 2024, the company said it operated in 28 markets and had 66.9 thousand employees.[17](https://app.finbar.com/go?id=P-689aa5ed71d8416d86d583f2f21593e9)[5](https://app.finbar.com/go?id=P-fea1c9160e0d4164aa769b10a66c718d)[6](https://app.finbar.com/go?id=P-ebd0b48b98ab42f7b5d9068089671663)

In 2024, wealth sales and asset management gross flows were dominated by the global Asset Management platform at $169.9 billion out of $196.1 billion total, or about 86.6%, versus Canada at $18.1 billion, or 9.3%, and Asia at $8.1 billion, or 4.1%. Group health and protection sales were led by the U.S. at $1.984 billion out of $2.737 billion total, or about 72.5%, followed by Canada at $666 million, or 24.3%, and Asia at $87 million, or 3.2%. Individual protection sales were concentrated in Asia at $2.432 billion out of $2.983 billion, or about 81.5%, with Canada at $551 million, or 18.5%.[18](https://app.finbar.com/go?id=P-b3694a0f81514a8586c55d80c7ecac5c)[19](https://app.finbar.com/go?id=T-edd4dba88441454faf5369e1f5e74849)

For the geographically segmented Asset Management and Corporate businesses, 2024 Asset Management revenue was weighted to the U.S. at $5.995 billion out of $6.672 billion total, with smaller contributions from the UK at $245 million, Canada at $282 million and other countries at $150 million. Corporate revenue was $180 million in the U.S., $53 million in Canada and $171 million in other countries. General fund assets for these segments were also concentrated in the U.S.: Asset Management held $9.027 billion of its $11.066 billion total there, while Corporate held $5.161 billion in the U.S. and $4.758 billion in Canada.[20](https://app.finbar.com/go?id=P-f6e3a989e7734c2b9d19f50e90e688ee)[21](https://app.finbar.com/go?id=P-46852e2232be4460b169ea3a7e786d7e)[22](https://app.finbar.com/go?id=P-20a1ba5ea8634923b2377db02be5272d)[23](https://app.finbar.com/go?id=T-64775efb90f645349182f9fab75d5657)

The company’s listed office footprint includes its corporate office in Toronto, MFS in Boston, BentallGreenOak headquarters in Toronto and New York, InfraRed in London, and Asia offices in Kuala Lumpur, Taguig City and Makati City in the Philippines, Singapore and Ho Chi Minh City.

[24](https://app.finbar.com/go?id=P-537d867af9be4f348535834453fb3b97)[25](https://app.finbar.com/go?id=P-c7f4f2f867bd40c18ca304dacc4265d1)[26](https://app.finbar.com/go?id=P-d257cd0e44eb4f6186f5629f74fb8208)[27](https://app.finbar.com/go?id=P-3dee238fd3c641c4ae021e60be72ca3f)[28](https://app.finbar.com/go?id=P-69a7765897de46c38c9f601483476c39)[29](https://app.finbar.com/go?id=P-37d0881ded484a6e8ebb4166568ab679)[30](https://app.finbar.com/go?id=P-48a9fc2ace5e46dea80f60aeee243efb)[31](https://app.finbar.com/go?id=P-66e782750ace44ec94b4f65f496f6b39)[32](https://app.finbar.com/go?id=P-2dbbe3f8418c46b68ab7667ba5431be2)[33](https://app.finbar.com/go?id=P-acdafc143ef946df8bc87a14a830631a)

## Business segments

Sun Life officially reports five business segments: Canada, U.S., Asset Management, Asia, and Corporate. In its segment disclosure, segment revenues are described as coming primarily from life and health insurance, investment management and annuities, and mutual funds, while Corporate includes items such as investment income and earnings on capital. [34](https://app.finbar.com/go?id=P-71fa1240fcb34ebf847cb7adb1ed3c8d)[35](https://app.finbar.com/go?id=T-18fcb7f77ac24aaf8bde2a281b20ec82)

By focus area, Canada is organized around three main business groups: Wealth & asset management, including Group Retirement Services and Individual Wealth; Group Health & Protection, including Sun Life Health/group benefits; and Individual Protection, including Individual Insurance. The U.S. segment is focused on group health & protection and dental, alongside in-force management, with strategy emphasis on helping members access care and coverage and simplifying health and benefits through digital solutions. [10](https://app.finbar.com/go?id=T-566624b3260b49de8e7f997214556248)[12](https://app.finbar.com/go?id=T-c82d8d1b29184f38aff26f2c13f8fb9c)[36](https://app.finbar.com/go?id=P-f76d99518e6d4f06badd7ee661d05e6d)

Asset Management consists primarily of MFS and SLC Management: MFS manages assets for retail and institutional investors, while SLC Management provides public and private credit, fixed income, real estate, and infrastructure solutions through affiliated managers. Asia combines wealth and asset management with individual protection activities across markets including Hong Kong, India, China joint ventures, and Southeast Asia, with stated priorities around bancassurance, agency growth, and distribution mix. Corporate covers enterprise oversight, capital, investment income, and other support items. [8](https://app.finbar.com/go?id=T-26454c8ce4624d9d8a7f9f9ff70fdb4e)[37](https://app.finbar.com/go?id=P-5d3600d07a8c4382bf4025b6e837a3c4)[16](https://app.finbar.com/go?id=T-ebffb8c5e30143ae956d735079148565)[38](https://app.finbar.com/go?id=P-99971c1e94f747d5b959736e3e8df069)[39](https://app.finbar.com/go?id=P-287643c267034a46864e13e2f6da2e67)

On a 2024 underlying net income basis, approximate segment contribution was Canada 37.7%, Asset Management 33.5%, U.S. 20.0%, and Asia 18.2%, offset by Corporate at -9.4%. Within Canada specifically, underlying net income by business group was approximately 40.7% from Group Health & Protection, 30.4% from Wealth & asset management, and 29.0% from Individual Protection.

[40](https://app.finbar.com/go?id=T-f30d6d6c71fa4993994c28683b11178d)[11](https://app.finbar.com/go?id=T-345b890e5b3442738539a6433ea1aed7)

## Company history

Sun Life Financial traces its origins to 1865, when Mathew Hamilton Gault founded the business in Montreal. In the late 19th century, it expanded beyond Canada, with Sun Life dating its Hong Kong presence to 1892 and its operations in both the Philippines and the United States to 1895, establishing an early international footprint.[41](https://www.sunlife.com/content/dam/sunlife/regional/global-marketing/documents/com/pa_e_History_of_SLF.pdf)[42](https://www.sunlife.com.hk/en/about-us/)[43](https://www.sunlife.com.ph/en/about-us/who-we-are/our-history/)[44](https://www.sunlife.com/content/dam/sunlife/regional/usa/documents/sl-us-fact-sheet.pdf)

A major strategic milestone came in 1982, when Sun Life became the owner of Boston-based MFS Investment Management, broadening the group beyond traditional insurance.[45](https://www.sunlifeglobalinvestments.com/en/insights/commentary/portfolio-insights/mutual-funds-in-canada-and-north-america/) The company later converted from a mutual insurer to a publicly traded company through demutualization in March 2000.[46](https://www.sunlife.com/en/investors/shareholder-services/unclaimed-demutualization-benefits/search-for-unclaimed-demutualization-benefits/) Sun Life then expanded its Canadian platform through the 2002 amalgamation of Clarica with Sun Life, following Clarica’s own 1999 demutualization.

[47](https://www.sunlife.com/us/en/about/support/participating-and-adjustable-policyholder-information/dividend-policy/)

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47. [www.sunlife.com](https://www.sunlife.com/us/en/about/support/participating-and-adjustable-policyholder-information/dividend-policy/)

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