Sun Life Announces Dividend Rates on Class A Non-Cumulative Rate Reset Preferred Shares Series 8R and Class A Non-Cumulative Floating Rate Preferred Shares Series 9QR

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Sun Life Financial announced dividend rates for its Class A Non-Cumulative Rate Reset Preferred Shares Series 8R and Class A Non-Cumulative Floating Rate Preferred Shares Series 9QR. For Series 8R Shares, the dividend rate will be 4.230% per annum ($0.264375 per share quarterly) for the period from June 30, 2025 to June 30, 2030. For Series 9QR Shares, the floating rate dividend will be 4.054% per annum ($0.255458 per share) for the period from June 30, 2025 to September 30, 2025. Shareholders wishing to convert their shares must communicate with their broker by 5:00 p.m. ET on June 16, 2025.

Positive

• Series 8R shareholders will receive a fixed dividend rate of 4.230% annually for five years
• Series 9QR shareholders will receive a floating rate dividend starting at 4.054% annually
• Both series offer quarterly dividend payments to shareholders

Negative

• None.

TORONTO, May 30, 2025 /PRNewswire/ - Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) today announced the applicable dividend rates for its Class A Non-Cumulative Rate Reset Preferred Shares Series 8R (the "Series 8R Shares") and Class A Non-Cumulative Floating Rate Preferred Shares Series 9QR (the "Series 9QR Shares").

With respect to any Series 8R Shares that remain outstanding after June 30, 2025, commencing as of such date, holders thereof will be entitled to receive non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of Sun Life and subject to the Insurance Companies Act (Canada). The dividend rate for the five-year period commencing on June 30, 2025 to but excluding June 30, 2030 will be 4.230% per annum or $0.264375 per share per quarter, being equal to the sum of the Government of Canada Yield, as defined in the terms of the Series 8R Shares, on Friday, May 30, 2025 plus 1.41%, as determined in accordance with the terms of the Series 8R Shares.

With respect to any Series 9QR Shares that remain outstanding after June 30, 2025, holders thereof will be entitled to receive floating rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of Sun Life and subject to the Insurance Companies Act (Canada), based on a dividend rate equal to the sum of the T-Bill Rate, as defined in the terms of the Series 9QR Shares, plus 1.41% (calculated on the basis of the actual number of days elapsed in such Quarterly Floating Rate Period divided by 365 days), subject to certain adjustments in accordance with the terms of the Series 9QR Shares. The dividend rate for the period commencing on June 30, 2025 to but excluding September 30, 2025 will be equal to 4.054% per annum or $0.255458 per share per share, as determined in accordance with the terms of the Series 9QR Shares.

Beneficial owners of Series 8R Shares and Series 9QR Shares who wish to exercise their right of conversion should communicate as soon as possible with their broker or other nominee and ensure that they follow their instructions in order to meet the deadline to exercise such right, which is 5:00 p.m. (ET) on Monday, June 16, 2025.

The Series 8R Shares and the Series 9QR Shares have not been and will not be registered under the United States Securities Act of 1933, as amended, and subject to certain exceptions, may not be offered, sold or delivered, directly or indirectly, in the United States of America for the account or benefit of U.S. persons. This release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

About Sun Life
Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2025, Sun Life had total assets under management of $1.55 trillion. For more information, please visit sunlife.com. 

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

Note to editors: All figures in Canadian dollars

To contact Sun Life media relations, please email Media.Relations@sunlife.com

To contact Sun Life investor relations, please email Investor_Relations@sunlife.com 

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SOURCE Sun Life Financial Inc.

FAQ

What is the new dividend rate for Sun Life's Series 8R preferred shares?

Sun Life's Series 8R preferred shares will pay a dividend rate of 4.230% per annum or $0.264375 per share quarterly from June 30, 2025 to June 30, 2030.

What is the dividend rate for Sun Life's Series 9QR preferred shares?

Sun Life's Series 9QR preferred shares will pay a floating rate dividend starting at 4.054% per annum or $0.255458 per share for the period from June 30, 2025 to September 30, 2025.

When is the deadline to convert SLF preferred shares Series 8R and 9QR?

The deadline to exercise conversion rights for both Series 8R and Series 9QR shares is 5:00 p.m. ET on June 16, 2025.

How often will dividends be paid on Sun Life's Series 8R and 9QR preferred shares?

Dividends on both Series 8R and Series 9QR preferred shares will be paid quarterly, subject to declaration by the Board of Directors.