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- **EPS Growth Strong**: Underlying EPS up 6% YoY, ROE near medium-term target.
- **US Dental Risk**: 2025 loss ratio +1.5pts Q3, 2026 repricing +14% YoY.
- **Asset Management Resilience**: MFS net outflows lowest since 2021, SLC on track for $235M growth.
- **Asia Outperformance**: Protection sales +38% YoY, CSM +17% YoY.
- **Capital Discipline**: 60% organic capital generation, $400M buybacks Q3.

**【CEO Opening Remarks】**
- Underlying EPS of $1.86, up 6% YoY, driven by strong sales in Asia and Canada.
- ROE of 18.3%, progressing toward medium-term target of 20%.
- Individual protection sales grew 35% YoY, group health 12%, and asset management saw $3B net inflows.
- US business underperformed due to higher claims frequency in stop loss and dental.

**【CFO Financial Commentary】**
- GAAP net income: $1.047B (3% YoY), Non-GAAP EPS: $1.86 (6% YoY).
- Asset management AUM: $1.6T, with MFS net outflows of $0.9B (lowest since 2021).
- SLC Management on track for $235M YoY growth, MFS margin: 39.2%.
- LICAT ratio: 154%, up 3pts QoQ, supporting $400M share buybacks.

**【Q&A Highlights】**
- **US Dental Challenges**: 2026 repricing expected to offset 7% YoY utilization growth. 2025 cohort loss ratio updated +1.5pts Q3.
- **Asset Management Momentum**: MFS wins $12.9B institutional mandates, SLC deploys $7.4B.
- **Dividend Policy**: Organic capital generation (60% of net income) supports 40-50% payout ratio.
- **Asia Growth**: Individual protection sales up 38% YoY, CSM +17% YoY.
- **US Stop Loss Volatility**: Q4 claims expected to reflect 30% of 2025 cohort, with 2026 pricing +14% YoY.


Sun Life Financial Inc (SLF) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SLF

SLF fundamentals

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