Sun Life Financial Inc. (SLF): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des services financiers, Sun Life Financial Inc. (SLF) est un phare d'innovation et de solutions financières complètes. En fabriquant méticuleusement une toile de modèle commerciale robuste, cette puissance mondiale transforme les paradigmes d'assurance traditionnels, mélangeant de manière transparente la technologie numérique, des expériences client personnalisées et des stratégies de bien-être holistiques. Des consommateurs individuels aux clients des entreprises, l'approche unique de Sun Life redéfinit la façon dont la protection financière et les services d'investissement sont fournis, ce qui rend la planification financière complexe accessible, transparente et centrée sur l'utilisateur sur un marché mondial de plus en plus interconnecté.

Sun Life Financial Inc. (SLF) - Modèle commercial: partenariats clés

Alliances stratégiques avec des institutions financières mondiales

Sun Life Financial a établi des partenariats stratégiques avec les institutions financières mondiales suivantes:

Institution partenaire	Pays	Détails du partenariat
DBS Bank	Singapour	Contrat de distribution de bancassurance
Banque de Nouvelle-Écosse	Canada	Partenariat de distribution d'assurance à long terme
Banque ICICI	Inde	Joint-venture pour les services d'assurance-vie

Partenariats avec les courtiers d'assurance et les agents indépendants

Sun Life collabore avec un vaste réseau de professionnels de l'assurance:

• Environ 8 500 agents d'assurance indépendants au Canada
• Plus de 2 000 conseillers financiers sur les marchés internationaux
• Plateforme numérique prenant en charge plus de 15 000 relations de courtier

Collaboration avec les prestataires de soins de santé et les réseaux de bien-être

Les partenariats stratégiques de santé comprennent:

Partenaire de santé	Collaboration de service	Portée géographique
Clinique Medcan	Programmes de bien-être d'entreprise	Canada
Santé Teladoc	Services de télésanté	Mondial

Entreprises de technologie numérique pour l'innovation

Les principaux partenariats technologiques se sont concentrés sur la transformation numérique:

• Microsoft Azure Cloud Infrastructure Partnership
• Collaboration avec Salesforce pour la gestion de la relation client
• Partenariat avec IBM pour l'intégration de l'intelligence artificielle

Réassurance des entreprises pour la gestion des risques

Partenariats de réassurance à partir de 2024:

Entreprise de réassurance	Couverture des risques	Valeur de réassurance annuelle
Suisse re	Risques d'assurance-vie et de santé	750 millions de dollars
Munich re	Risques de mortalité et de morbidité mondiale	650 millions de dollars
Hanover re	Portefeuilles à risque spécialisés	500 millions de dollars

Sun Life Financial Inc. (SLF) - Modèle d'entreprise: activités clés

Développement de produits d'assurance-vie et de santé

Sun Life Financial développe environ 15 à 20 nouveaux produits d'assurance par an sur différents segments de marché.

Catégorie de produits	Volume de développement annuel	Focus du marché
Assurance-vie individuelle	6-8 produits	Canada, États-Unis, Asie
Assurance maladie en groupe	4-6 produits	Segment de l'entreprise
Solutions de retraite	3-5 produits	Marchés de pension et de rente

Services de gestion de la gestion des investissements et de la richesse

Sun Life gère 1,26 billion de dollars d'actifs totaux à partir de 2023.

• Attribution des actifs à travers les fonds propres, les revenus fixe et les investissements alternatifs
• Services de planification de la retraite
• Solutions de gestion de patrimoine

Innovation de plate-forme numérique et de technologie

Investissement dans la transformation numérique: 250 à 300 millions de dollars par an.

Initiative numérique	Montant d'investissement	Statut d'implémentation
Développement d'applications mobiles	75 à 100 millions de dollars	En cours
IA et apprentissage automatique	50-75 millions de dollars	En cours
Amélioration de la cybersécurité	50-75 millions de dollars	Continu

Évaluation des risques et souscription

Volume de souscription annuel: environ 500 000 politiques individuelles et de groupe.

• Techniques de modélisation prédictive avancées
• Processus d'évaluation des risques complets
• Algorithmes de souscription basés sur les données

Service client et gestion des réclamations

Volume de traitement des réclamations: 2,5 millions de réclamations par an sur tous les marchés.

Catégorie des réclamations	Volume annuel	Temps de traitement moyen
Réclamations d'assurance-vie	750,000	7-10 jours ouvrables
Réclamations d'assurance maladie	1,250,000	3-5 jours ouvrables
Réclamations d'invalidité	500,000	10-15 jours ouvrables

Sun Life Financial Inc. (SLF) - Modèle d'entreprise: Ressources clés

Capital financier solide et réserves

Au quatrième trimestre 2023, Sun Life Financial a rapporté:

• Total des actifs: 228 milliards de CAD
• Total des capitaux propres des actionnaires: 24,5 milliards de CAD
• Ratio de capital (LICAT): 140%

Métrique financière	Montant (CAD)
Revenu net (2023)	3,87 milliards
Gains opérationnels (2023)	4,24 milliards

Réseau de distribution mondial étendu

La présence géographique comprend:

• Canada
• États-Unis
• Mexique
• Philippines
• Indonésie
• Vietnam
• Inde
• Royaume-Uni

Infrastructure de technologie numérique avancée

Investissements technologiques en 2023:

• Budget de transformation numérique: 250 millions de CAD
• Initiatives d'apprentissage de l'IA et de la machine: 75 millions de CAD
• Investissements en cybersécurité: 40 millions de CAD

Travail qualifié avec une expertise dans les services financiers

Métrique de la main-d'œuvre	Nombre
Total des employés	28,500
Employés avec des certifications financières avancées	65%

Réputation de la marque et confiance des clients

Métriques de la marque:

• Évaluation de satisfaction du client: 4.2 / 5
• Total des clients dans le monde: 16,3 millions
• Années d'activité: 166 ans

Sun Life Financial Inc. (SLF) - Modèle d'entreprise: propositions de valeur

Solutions complètes de protection financière

Sun Life Financial propose une gamme de solutions de protection avec 1,07 billion de dollars d'actifs totaux sous gestion au 423 du quatrième trimestre. La société offre une couverture d'assurance-vie totalisant 1,4 billion de dollars sur plusieurs marchés.

Catégorie de produits	Valeur de couverture totale	Pénétration du marché
Assurance-vie	1,4 billion de dollars	25% de part de marché au Canada
Avantages de groupe	385 milliards de dollars	18% de couverture du marché des entreprises
Assurance maladie individuelle	240 milliards de dollars	15% de part de marché individuelle

Produits d'assurance et d'investissement personnalisés

Sun Life fournit des solutions financières personnalisées sur plusieurs segments avec 668 milliards de dollars de fonds d'investissement nets en 2023.

• Solutions de planification de la retraite
• Gestion individuelle de la richesse
• Programmes de retraite d'entreprise
• Produits d'assurance liés à l'investissement

Expérience client d'abord numérique

Les métriques d'engagement de la plate-forme numérique pour 2023 incluent:

Canal numérique	Adoption des utilisateurs	Volume de transaction
Application mobile	2,3 millions d'utilisateurs actifs	6,8 millions de transactions mensuelles
Portail en ligne	1,9 million d'utilisateurs enregistrés	4,5 millions d'interactions mensuelles

Programmes de bien-être et de gestion de la santé holistiques

Couverture des initiatives de bien-être de Sun Life:

• Programmes de soutien à la santé mentale
• Consultations de soins de santé virtuels
• Services de dépistage de la santé préventive

Services financiers fiables et transparents

Indicateurs de performance financière pour 2023:

Métrique financière	Valeur
Revenu net	3,2 milliards de dollars
Retour des capitaux propres	14.7%
Rendement des dividendes	4.8%

Sun Life Financial Inc. (SLF) - Modèle d'entreprise: relations clients

Plates-formes de libre-service numériques

Sun Life Financial propose des plateformes numériques avec les mesures clés suivantes:

Fonctionnalité de plate-forme	Statistiques d'utilisation
Utilisateurs d'applications mobiles	1,3 million d'utilisateurs actifs au quatrième trimestre 2023
Gestion de compte en ligne	Taux d'engagement numérique de 82%
Traitement des réclamations numériques	67% des réclamations traitées en ligne

Services de conseil financier personnalisés

Sun Life fournit des services de conseil spécialisés:

• 360 conseillers financiers à travers le Canada
• Consultations de planification de la retraite personnalisées
• Gestion du portefeuille d'investissement numérique

Support client multicanal

Canal de support	Volume de contact
Support téléphonique	2,4 millions d'interactions client par an
Assistance par e-mail	1,1 million de courriels clients traités
Chat en direct	425 000 sessions de chat par an

Gestion des relations à long terme

Les stratégies de rétention de la clientèle comprennent:

• Taux de rétention de clientèle moyen: 89%
• Programme de fidélité avec 650 000 membres actifs
• Points de contact de communication personnalisés

Communication proactive et engagement

Méthode de communication	Métriques d'engagement
Envoyez des newsletters	1,7 million d'abonnés
Interactions des médias sociaux	425 000 abonnés combinés
Enquêtes client annuelles	Taux de satisfaction du client 87%

Sun Life Financial Inc. (SLF) - Modèle d'entreprise: canaux

Plateformes numériques en ligne

Sun Life Financial exploite plusieurs plateformes numériques avec 3,5 millions d'utilisateurs numériques à partir de 2023. La plate-forme numérique de la société a traité 12,4 milliards de dollars de transactions en ligne au cours de l'exercice.

Plate-forme numérique	Métriques des utilisateurs	Volume de transaction
Portail Web	2,1 millions d'utilisateurs	7,2 milliards de dollars
Tableau de bord en ligne client	1,4 million d'utilisateurs	5,2 milliards de dollars

Applications mobiles

L'application mobile de Sun Life compte 1,8 million d'utilisateurs actifs, avec 72% des interactions numériques survenant via des plateformes mobiles en 2023.

• Taux de téléchargement de l'application mobile: 450 000 nouveaux téléchargements en 2023
• Utilisateurs actifs mensuels moyens: 1,2 million
• Valeur de transaction mobile: 3,6 milliards de dollars par an

Réseaux de succursale physiques

Sun Life maintient 1 200 branches physiques à travers le Canada, avec 350 emplacements internationaux supplémentaires.

Région	Nombre de branches	Trafficage quotidien moyen
Canada	1,200	45 000 clients
International	350	15 000 clients

Agents d'assurance indépendants

Sun Life collabore avec 12 500 agents d'assurance indépendants à l'échelle nationale, générant 4,8 milliards de dollars de ventes annuelles via ce canal.

• Agents indépendants totaux: 12 500
• Taux de commission moyen: 15-20%
• Ventes annuelles par le biais d'agents: 4,8 milliards de dollars

Télémarketing et ventes directes

La division de télémarketing génère 1,2 milliard de dollars de revenus annuels, avec 350 représentants des ventes dédiés.

Canal de vente	Revenus annuels	Représentants des ventes
Télémarketing	1,2 milliard de dollars	350
Ventes directes	2,3 milliards de dollars	275

Sun Life Financial Inc. (SLF) - Modèle d'entreprise: segments de clientèle

Consommateurs individuels

Sun Life Financial dessert environ 30 millions de clients individuels dans plusieurs pays, avec une présence significative au Canada, aux États-Unis et en Asie.

Région	Nombre de clients individuels	Pénétration du marché
Canada	15,2 millions	40.3%
États-Unis	8,5 millions	25.7%
Asie	6,3 millions	19.1%

Clients d'assurance d'entreprise et de groupe

Sun Life Financial fournit des solutions d'assurance de groupe à environ 62 000 clients d'entreprise.

• Couverture des avantages sociaux du groupe pour 3,5 millions d'employés
• Valeur du contrat d'assurance de groupe moyen: 2,3 millions de dollars
• Industries desservies: financier, technologie, soins de santé, fabrication

Individus à haute nette

La société cible les clients à forte valeur avec des actifs dépassant 1 million de dollars.

Caractéristiques du segment	Nombre de clients	Valeur de portefeuille moyenne
Ultra-netteur	12,500	5,7 millions de dollars
Netteur élevée	45,000	1,8 million de dollars

Petites et moyennes entreprises

Sun Life cible les petites et moyennes entreprises avec des assurances spécialisées et des solutions financières.

• Clients totaux de PME: 48 000
• Prime annuelle moyenne par PME: 125 000 $
• Domaines de couverture: interruption des entreprises, responsabilité, avantages sociaux des employés

Clients de la retraite et de la retraite

L'entreprise dessert les clients de la planification de la retraite sur plusieurs segments.

Segment de clientèle	Nombre de clients	Portefeuille de retraite moyen
Comptes de retraite individuels	2,1 millions	$385,000
Plans parrainés par l'employeur	1,7 million	$520,000

Sun Life Financial Inc. (SLF) - Modèle d'entreprise: Structure des coûts

Développement de produits et dépenses d'innovation

En 2023, Sun Life Financial a investi 214 millions de dollars dans la recherche et le développement, ce qui représente 2,3% de ses dépenses d'exploitation totales.

Catégorie d'innovation	Dépenses (USD)	Pourcentage du budget de la R&D
Développement de plate-forme numérique	87,6 millions de dollars	40.9%
IA et apprentissage automatique	62,3 millions de dollars	29.1%
Améliorations de la cybersécurité	41,5 millions de dollars	19.4%

Compensation et formation des employés

Les dépenses totales liées aux employés pour 2023 étaient de 1,2 milliard de dollars.

• Salaire moyen des employés: 95 000 $
• Budget de formation et de développement: 42,5 millions de dollars
• Avantages sociaux: 28% de la rémunération totale

Investissements infrastructures technologiques

Sun Life Financial a alloué 328 millions de dollars aux infrastructures technologiques en 2023.

Composant d'infrastructure	Investissement (USD)
Cloud computing	124 millions de dollars
Sécurité du réseau	86 millions de dollars
Centres de données	118 millions de dollars

Coûts de marketing et d'acquisition des clients

Les dépenses de marketing en 2023 ont totalisé 276 millions de dollars.

• Marketing numérique: 112 millions de dollars
• Publicité traditionnelle: 84 millions de dollars
• Coût d'acquisition du client par nouveau client: 487 $

Compliance réglementaire et gestion des risques

Les dépenses liées à la conformité ont atteint 193 millions de dollars en 2023.

Zone de conformité	Dépenses (USD)
Conseil juridique et réglementaire	76 millions de dollars
Technologie de conformité	58 millions de dollars
Audit et rapport	59 millions de dollars

Sun Life Financial Inc. (SLF) - Modèle d'entreprise: Strots de revenus

Primes d'assurance-vie

En 2023, Sun Life Financial a signalé des primes d'assurance-vie totales de 4,73 milliards de CAD. La ventilation des primes par segment est la suivante:

Région géographique	Revenus premium (CAD)
Canada	1,89 milliard
États-Unis	1,42 milliard
Asie	1,12 milliard
Marchés internationaux	0,30 milliard

Polices d'assurance maladie

Les revenus de la police d'assurance maladie pour Sun Life Financial en 2023 ont totalisé 3,56 milliards de CAD, avec la distribution suivante:

• Assurance maladie en groupe: 2,41 milliards de CAD
• Assurance maladie individuelle: 1,15 milliard de CAD

Frais de gestion des investissements

Les frais de gestion des investissements pour 2023 ont atteint 2,89 milliards de CAD, généré sur plusieurs plates-formes:

Plate-forme d'investissement	Revenus de frais (CAD)
Fonds communs de placement	1,37 milliard
Gestion des pensions	0,92 milliard
Investissements institutionnels	0,60 milliard

Ventes de produits de retraite et de retraite

Les ventes de produits de retraite et de retraite en 2023 s'élevaient à 3,21 milliards de CAD:

• Régimes de retraite à prestations définies: 1,45 milliard de CAD
• Plans de contribution définis: 1,06 milliard de CAD
• Produits de retraite individuels: CAD 0,70 milliard

Services de gestion des actifs et de richesse

Les services de gestion des actifs et de fortune ont généré 2,67 milliards de CAD en 2023:

Catégorie de service	Revenus (CAD)
Gestion de la richesse	1,53 milliard
Planification financière	0,74 milliard
Avis d'investissement	0,40 milliard

Sun Life Financial Inc. (SLF) - Canvas Business Model: Value Propositions

You're looking at the core promises Sun Life Financial Inc. makes to its various stakeholders. These aren't just mission statements; they are backed by the scale of their operations as of late 2025.

Lifetime financial security and healthier lives for clients.

Sun Life Financial Inc. serves a massive client base globally, aiming to deliver on this promise of security. As of September 30, 2025, the organization reported serving over 85M+ Clients across its operations. The company's financial strength, reflected in its regulatory capital position, supports this commitment; the Life Insurance Capital Adequacy Test (LICAT) ratio stood at 154% at the end of Q3 2025. This strong capital base is a direct enabler of their long-term security promise.

The focus on 'healthier lives' is supported by the performance in their protection segments:

• Individual protection underlying net income for Q3 2025 was $361 million, up 25% year-over-year.
• Total insurance sales grew 26% year-over-year in Q3 2025.

Diversified solutions: insurance, wealth, and asset management.

The value proposition is built on a balanced structure across its main pillars. This diversification helps smooth earnings across different economic cycles. As of September 30, 2025, Sun Life Financial Inc. managed total assets under management (AUM) of $1.623 trillion.

The contribution from the wealth and asset management side shows its importance:

Segment	Q3 2025 Underlying Net Income (CAD)	Year-over-Year Change
Asset Management & Wealth	$500 million	Up 5%
Individual - Protection	$361 million	Up 25%
Group - Health & Protection	$284 million	Down 18%

The company operates across 28 markets globally, employing 66,900 people and supported by 95,000 advisors as of late 2025.

Access to private market and alternative investments.

This access is primarily delivered through the Asset Management pillar, which includes specialized groups like SLC Management. The scale of their asset management operations is significant, with AUM reaching $1.623 trillion as of September 30, 2025. The momentum in this area is clear from the flows:

• Asset management gross flows and wealth sales reached $62.1 billion in Q3 2025, a 48% increase from $41.9 billion in Q3 2024.
• The Canada wealth platform reached $277 billion of AUMA (Assets Under Management and Administration), up 13% from the prior year.

Stable and reliable dividend income for shareholders.

Sun Life Financial Inc. demonstrates a commitment to returning capital, which underpins the value proposition for shareholders seeking reliable income. The company announced an increase to its common share dividend to $0.92 per share for the payment on December 31, 2025, up from $0.88 in the previous quarter. The trailing annual dividend yield as of early December 2025 was approximately 4.32%. The company's medium-term objective for the underlying dividend payout ratio is between 40-50%, with the actual ratio for Q3 2025 reported at 47%.

Group benefits and stop-loss insurance for employers.

For employers, Sun Life Financial Inc. provides solutions to keep employees healthy and engaged. The Group - Health & Protection segment generated an underlying net income of $284 million in the third quarter of 2025. The U.S. business, which is heavily focused on group health and protection, contributed approximately 20% of the firm's adjusted earnings in 2024. Furthermore, new rates for Personal Health Insurance (PHI) and Health Coverage Choice (HCC) took effect on April 1, 2025, reflecting an annual review of pricing due to ongoing increases in claims paid to clients.

Sun Life Financial Inc. (SLF) - Canvas Business Model: Customer Relationships

You're looking at how Sun Life Financial Inc. keeps its diverse client base engaged, which really boils down to a mix of high-touch advice and digital efficiency. For the wealth segment, the relationship is definitely advisor-led, which is where the high-touch service comes in.

The scale of their wealth operations shows why this personal touch matters. As of September 30, 2025, Sun Life Financial Inc. had total assets under management (AUM) of $1.623 trillion globally. Specifically in Canada, the wealth platform reached $277 billion of AUMA (Assets Under Management and Administration), which was up 13% from the prior year, supported by net inflows of $1.6 billion over the last 12 months. This segment, Asset Management & Wealth, delivered underlying net income of $500 million in Q3 2025, a 5% increase year-over-year.

For day-to-day policy and claims interaction, Sun Life Financial Inc. leans heavily on self-service digital tools. The company has been advancing multiple technology-driven initiatives, using automation and artificial intelligence tools to streamline processes like real-time underwriting and processing efficiency. This digital focus helps manage the massive scale of their insurance operations.

The broker-supported model is key for group benefits and pensions. In the U.S. benefits space, Sun Life Financial Inc. helps approximately 50 million Americans access the care and coverage they need through employers and government programs. Still, this segment faces challenges; the Group - Health & Protection underlying net income was down 18% to $284 million in Q3 2025, partly due to U.S. experience. On the other hand, their strong sales pipeline in U.S. Dental is set to give more than 2.3 million new members access to dental care.

Institutional investors connect with Sun Life Financial Inc. through long-term, trust-based relationships, often managed through their private markets platform, SLC Management. This platform has total assets under management valued at $304 billion across acquired businesses, or $259 billion mentioned in the context of profit contribution. The strategy here is to be an investment manager of choice for institutional capital providers.

Personalized care navigation is a growing focus, particularly in health claims. The company is expanding its offerings to provide more comprehensive support. For instance, Sun Life Financial Inc. now offers Family Leave Insurance services to employers in 24 states, covering more than 57% of the U.S. population. In Asia, the Hong Kong operation launched the Advisor Workbench, which streamlines work process applications into a single, efficient platform for advisors serving clients.

Here's a quick look at the scale of the relationships driving the Asset Management & Wealth segment:

Metric	Value (as of Q3 2025)	Context
Total AUM	$1.623 trillion	Global scale across all segments.
SLC Management AUM	$259 billion or $304 billion	Private markets platform scale.
Canada Wealth AUMA	$277 billion	Reflects advisor/digital client base in Canada.
Asset Management Gross Flows & Wealth Sales (Q3 2025)	$2.8 billion	Net flows and wealth sales for the quarter.

The relationship strategy is clearly segmented, recognizing that a high-net-worth client needs a dedicated advisor, while a group benefits member needs fast digital claims processing. You see this in the regional digital efforts too; for example, Sun Life Philippines had 444 advisors qualify for the Million Dollar Round Table in 2025. That's a lot of high-touch relationships being built on the ground.

Finance: draft Q4 2025 client engagement metrics review by end of January.

Sun Life Financial Inc. (SLF) - Canvas Business Model: Channels

You're looking at the specific ways Sun Life Financial Inc. gets its products and services to clients as of late 2025. It's a mix of traditional feet-on-the-street presence and modern digital tools across its main operating segments.

Direct sales force and captive agents in Asia.

Sun Life Financial Inc. maintains a significant agency presence in Asia, operating in 8 markets including India, Hong Kong, and the Philippines. The company had a total of 95,000 advisors across its operations as at September 30, 2025. In the Philippines, Sun Life Philippines qualified 444 advisors for the Million Dollar Round Table (MDRT) in 2025, affirming its agency leadership there. The Asia segment delivered underlying net income of $206 million in the second quarter of 2025.

Independent financial advisors and brokerage firms.

Distribution to advisors is supported through new product offerings. For instance, SLGI launched its first ETF Series, giving advisors more access points to the expertise of MFS, SLC Management, and Crescent Capital. In the Individual Insurance line, critical illness products grew 31% compared to the prior year in Q2'25, reflecting strong sales momentum through various channels.

Bank distribution channels (Bancassurance model).

Bancassurance is a key growth driver in Asia. In the second quarter of 2025, Sun Life Financial Inc. saw a 15% increase in bancassurance sales across markets such as Hong Kong, India, and the Philippines. This channel saw a 35% surge in India during the first quarter of 2025. The company has a 15-year expansion partnership with CIMB Niaga in Indonesia, which contributed to a 54% sales surge there in Q1 2025.

The performance metrics related to key distribution channels in Asia for recent quarters are:

Metric	Q1 2025 Value (CAD)	Q2 2025 Value (CAD)	Source Context
Asia Underlying Net Income	$197 million	$206 million	Reported in millions
India Bancassurance Sales Growth	Up 35%	Part of 15% regional increase	Year-over-year/Period-over-period
Indonesia Sales Surge	Up 54%	N/A	Year-over-year

Digital platforms and mobile applications.

Digital tools are used to streamline processes and enhance client interaction. In Hong Kong, the newly launched Advisor Workbench consolidates work process applications onto a single platform. Sun Life Philippines introduced a new mobile application to make bancassurance processes simpler. The company is advancing technology-driven initiatives globally, including the adoption of automation and artificial intelligence tools for underwriting and processing efficiency. In Canada, Sun Life Choices Flex was launched as a financial planning platform.

Sun Life Financial Inc. serves over 85M+ Clients as at September 30, 2025.

Direct-to-employer sales for U.S. Group Benefits.

The U.S. segment focuses on health and benefits distribution directly to employers. The Dental sales pipeline secured contract wins that will grant access to more than 2.3 million new members for dental care and coverage. Sun Life expanded its Family Leave Insurance (FLI) offering to three additional states during Q3'25. This means Sun Life now offers FLI to employers in 24 states, covering more than 57% of the U.S. population through statutory and voluntary programs. The U.S. underlying net income reached C$151 million in the first quarter of 2025.

Key U.S. Group Benefits Channel Metrics (Q3 2025 and Q1 2025):

• FLI offered in 24 states as of Q3'25.
• FLI coverage represents over 57% of the U.S. population as of Q3'25.
• New dental contract wins will add over 2.3 million new members.
• U.S. underlying net income was C$151 million for Q1 2025.

Sun Life Financial Inc. (SLF) - Canvas Business Model: Customer Segments

You're looking at the core groups Sun Life Financial Inc. (SLF) serves as of late 2025. This company is structured around five main reporting segments: Asset Management, Canada, United States (U.S.), Asia, and Corporate, which directly map to these customer groups.

Sun Life Financial Inc. serves over 85M+ clients globally as of September 30, 2025, supported by a workforce of 66,900 employees and 95,000 advisors.

Individual retail clients seeking life and health protection.

This segment is a primary focus, especially in Canada and Asia, where demand for protection products remains high. The Individual Protection line showed strong performance, posting an underlying net income of $361 million for the third quarter of 2025, which was a 25% increase from the third quarter of 2024. In Asia, this growth was driven by good sales momentum and in-force business expansion. The company targets individuals between 35 and 65 years old in Canada with tailored wealth advice alongside protection products.

Key indicators for this segment include:

• Individual Protection underlying net income (Q3 2025): $361 million.
• Individual Protection sales (Q3 2025): up 35% year-over-year, driven by Asia and Canada.
• New business Contractual Service Margin (CSM) (Q2 2025): $299 million.

Mass affluent and high-net-worth individuals (wealth management).

This group is served through the Asset Management & Wealth segment, which includes Sun Life Global Investments and SLC Management. The focus here is on comprehensive financial planning that connects insurance and wealth products. The Canada wealth platform reached $277 billion of Assets Under Management and Administration (AUMA) as of Q3 2025, adding $1.6 billion in net inflows over the preceding 12 months. Globally, Asset Management gross flows & wealth sales hit $62.1 billion in Q3 2025. The underlying net income for the entire Asset Management & Wealth segment in Q3 2025 was $500 million.

Institutional investors (pension funds, endowments) for asset management.

Sun Life Financial Inc. manages assets for large institutions through its asset management arms like SLC Management and MFS Investment Management. Total Assets Under Management (AUM) for Sun Life Financial Inc. stood at $1,623 billion as of September 30, 2025. SLC Management saw strong capital raising and net inflows contributing to the wealth segment's performance. The company operates in 28 markets, providing a global platform for these institutional clients.

Self-funded U.S. employers (stop-loss and group benefits).

In the U.S., Sun Life Financial Inc. targets self-funded employers with group benefits, including medical stop-loss insurance designed to protect against catastrophic claims. The Group - Health & Protection segment in the U.S. saw improved Dental results driven by Medicaid repricing in Q1 2025. In Q2 2025, the Group - Health & Protection underlying net income was $326 million, up 7% year-over-year. For the stop-loss business specifically, premium revenue reached $685 million in the latest reported quarter (Q4 2024 context). U.S. group sales in Q1 2025 were $176 million.

Emerging middle class in high-growth Asian markets.

Asia is a key growth engine, with underlying net income reaching $206 million in Q3 2025, an 11% increase year-over-year. The company has a strong presence in markets like Indonesia, where bancassurance sales surged 54% in Q2 2025 due to a partnership with CIMB Niaga. The overall Asia segment saw an 11% increase in underlying net income in Q3 2025. The company also reinforced its digital focus here, for example, by acquiring an additional stake in Bowtie Life Insurance Company Limited in Hong Kong in July 2025.

Here's a quick look at the financial scale across the core operating segments as of late 2025:

Business Segment / Customer Focus	Underlying Net Income (Q3 2025, CAD millions)	Year-over-Year Change (Q3 2025 vs Q3 2024)	Relevant Metric / Data Point
Asset Management & Wealth (Mass Affluent/Institutional)	500	Up 5%	Gross Flows & Wealth Sales: $62.1 billion (Q3 2025)
Canada (Retail Protection/Wealth)	422	Up 13%	Canada Wealth Platform AUMA: $277 billion (Q3 2025)
Asia (Emerging Middle Class Protection/Wealth)	206	Up 15%	Bancassurance Sales Growth (Q2 2025): 15% increase
Group - Health & Protection (U.S. Employers)	284 (Q3 2025)	Down 18%	U.S. Group Sales: $176 million (Q1 2025)
Individual - Protection (Retail Life/Health)	361	Up 25%	Insurance Sales (Total): $1,485 million (Q3 2025)

The total AUM across the firm was $1,623 billion at the end of Q3 2025. Finance: draft next quarter's segment performance variance analysis by end of January.

Sun Life Financial Inc. (SLF) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Sun Life Financial Inc.'s operations, the costs that keep the engine running through late 2025. It's about where the money actually goes, not just where the strategy says it should.

Significant insurance claims and benefit payouts represent a massive outflow. For the full year 2024, Sun Life Financial Inc. reported Insurance service expenses of $19,631 million, against Insurance revenue of $22,637 million. To be fair, the net insurance service result for Q2 2025 was a positive C$825M, showing some fluctuation in the core claims cost versus premium income.

Agent commissions and distribution channel expenses are bundled into the broader operating costs. In the 2024 Consolidated Statements of Operations, Operating expenses and commissions totaled $8,766 million. This figure captures the cost of getting policies sold across all channels, including the large advisor force.

Investment in technology and digital transformation initiatives is a clear cost driver, often masked within operating expenses or capital expenditures. While a specific technology spend isn't isolated, the company took concrete steps to fund future efficiency. For example, a restructuring charge of $138 million ($108 million post-tax) was taken in Q2 2024, with expected annual savings reaching approximately $200 million by 2026, which signals significant underlying investment in productivity.

Employee compensation and incentive programs are a key component of the operating cost base. We see evidence of variable compensation impacting results; for instance, the Q3 2024 Regional office expenses & other loss increased by $6 million, reflecting higher incentive compensation in Asia. The total headcount, which drives base salary costs, is substantial, though the exact 2025 figure isn't immediately available.

Interest expense on debt is a predictable, recurring cost. For the full year 2024, the reported Interest expenses amounted to $664 million. This cost base is set to increase following a major funding event: in early December 2025, Sun Life Financial Inc. issued C$1 billion of Series 2025-2 subordinated unsecured 4.56% fixed/floating debentures due 2040.

Here's a quick look at the major cost categories from the 2024 reported financials:

Cost Category (2024)	Amount (Millions CAD/USD)
Insurance service expenses	$19,631 million
Operating expenses and commissions	$8,766 million
Interest expenses	$664 million
Corporate expenses & other (Net Loss)	$(433) million (Full Year)

You should also note the following specific cost drivers:

• Q2 2024 restructuring charge: $138 million.
• Expected annual savings from restructuring by 2026: $200 million.
• Sun Life Philippines benefits paid in 2024: Over ₱6 billion.
• Q3 2025 Common share dividend: Increased to $0.92 per share.

Finance: draft 13-week cash view by Friday.

Sun Life Financial Inc. (SLF) - Canvas Business Model: Revenue Streams

You're looking at the core ways Sun Life Financial Inc. actually brings in the money to keep the lights on and pay those dividends. It's a mix of taking on risk, managing other people's money, and earning spread on investments. Honestly, it's the engine room of the whole operation.

The top-line number you need to anchor on is the total Trailing Twelve Months (TTM) revenue, which, as of late 2025, sits at approximately $25.82 billion USD.

This revenue is fundamentally sourced from a few key areas, which you can see reflected in the performance of the underlying business segments:

• Insurance premiums (Life, Health, Group Protection).
• Fee income from asset management (MFS, SLC Management).
• Wealth management fees and mutual fund sales.
• Investment income and net interest spread.

To give you a concrete look at the drivers behind these streams, here is a snapshot of the underlying net income performance for Q3 2025, which directly correlates with the success of those revenue-generating activities. Remember, these are net income figures, not top-line revenue, but they show where the profitability-and thus the revenue momentum-is coming from. All figures below are in Canadian Dollars (CAD) unless otherwise noted, as per the source reporting.

Revenue Driver Segment	Underlying Net Income (Q3 2025)	Year-over-Year Change (Q3 2025)	Key Metric Context
Asset Management & Wealth	$500 million	Up 5%	Driven by higher fee income from $1,623 billion AUM
Individual - Protection	$361 million	Up 25%	Strong sales growth, especially non-participating life in Canada
Group - Health & Protection	$284 million	Down 18%	Softness due to unfavorable insurance experience in the U.S.
Corporate Expenses & Other	($98) million net loss	Increase in net loss of $6 million	Reflects overhead and non-allocated items

The asset management pillar, which houses MFS and SLC Management, is clearly a powerhouse, contributing $500 million in underlying net income for the quarter. This directly reflects the fee income component of your revenue stream query. You saw asset management gross flows and wealth sales jump to $62.1 billion in the quarter, up from $41.9 billion the prior year.

The insurance side is more mixed, but the Individual - Protection segment showed real strength, with underlying net income up 25% year-over-year, signaling strong premium growth from new business and in-force policies.

For the wealth management side specifically, the Canada wealth platform reached $277 billion of Assets Under Management and Administration (AUMA) in Q3 2025, with strong net inflows of $1.6 billion over the last 12 months.

Investment income and net interest spread are embedded within the segment results, but we know the overall Assets Under Management (AUM) for Sun Life Financial Inc. stood at $1,623 billion as of September 30, 2025. That massive asset base is what generates the investment income that feeds the bottom line, even when underwriting income faces headwinds.

Here's the quick math on the TTM revenue you mentioned:

• Total TTM revenue (ending Q3 2025): $25.82 billion USD.
• Q3 2025 Reported Revenue: $1.45 billion.
• MFS Pre-tax net operating profit margin (Q3 2025): 39.2%.

If onboarding takes 14+ days, churn risk rises, which impacts the recurring nature of insurance premium revenue streams.