Sun Life Receives Regulatory Approval of Normal Course Issuer Bid Renewal

Sun Life (TSX: SLF, NYSE: SLF) received OSFI and TSX approval to renew its normal course issuer bid to repurchase up to 10,000,000 common shares, about 1.8% of shares outstanding.

Rhea-AI Summary

Sun Life (TSX: SLF, NYSE: SLF) received OSFI and TSX approval to renew its normal course issuer bid to repurchase up to 10,000,000 common shares, about 1.8% of shares outstanding.

The NCIB runs from May 29, 2026 to May 28, 2027, with an automatic repurchase plan and a TSX daily cap of 502,034 shares. The prior NCIB was fully used, buying 10,570,915 shares at a weighted average of $83.33.

Positive

• Regulatory approval to repurchase up to 10,000,000 common shares (about 1.8% of float)
• NCIB period from May 29, 2026 to May 28, 2027 adds capital-return flexibility
• TSX daily purchase limit of 502,034 shares (25% of 2,008,137 ADTV)
• Prior NCIB fully utilized with 10,570,915 shares repurchased at $83.33 average price
• Automatic repurchase plan enables buybacks during blackout and restricted trading periods

Negative

• None.

Argus May 27 session

-0.58% close to close Open Argus

Details

News Market Reaction – SLF

On May 27, the first trading day after this news, SLF closed 0.58% below the previous close.

Data tracked by StockTitan Argus for the May 27 session.

Key Figures

NCIB size: 10,000,000 common shares NCIB percentage: 1.8% of common shares Shares outstanding: 554,255,267 common shares +5 more

NCIB size

10,000,000 common shares

Maximum shares under renewed NCIB

NCIB percentage

1.8% of common shares

Portion of 554,255,267 shares outstanding as of May 15, 2026

Shares outstanding

554,255,267 common shares

Issued and outstanding as at May 15, 2026

NCIB period

May 29, 2026 to May 28, 2027

Planned duration of renewed NCIB

ADTV (TSX)

2,008,137 common shares

Average daily trading volume for six months ending Apr 30, 2026

Daily buy limit (TSX)

502,034 common shares

25% of ADTV allowed per trading day under TSX rules

Prior NCIB capacity

10,570,915 common shares

Maximum under Prior NCIB from Jun 9, 2025 to May 21, 2026

Prior NCIB avg price

$83.33 per share

Weighted average price paid for 10,570,915 shares under Prior NCIB

Historical Context

5 past events · Latest: May 21

5 events

1. May 21

   Claims trends report

   24h Move

   -0.2%

   Released analysis of 70,000+ high-cost medical claims for employers.

2. May 07

   Director elections

   24h Move

   +0.8%

   All 13 director nominees elected with 97.9–99.8% shareholder support.

3. May 07

   Executive award

   24h Move

   -4.9%

   Chief Legal and Public Policy Officer received a legal profession achievement award.

4. May 06

   Dividend increase

   24h Move

   -4.9%

   Raised common dividend to $0.96 per share and declared preferred dividends.

5. May 06

   NCIB intention

   24h Move

   -4.9%

   Announced intention to renew NCIB for up to 10,000,000 common shares.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

normal course issuer bid, automatic repurchase plan, insider trading rules, block purchases, +1 more

5 terms

normal course issuer bid regulatory

"approved the renewal of the Company's previously announced normal course issuer bid to purchase up to 10,000,000"

A Normal Course Issuer Bid is when a company buys back its own shares from the stock market over time. This usually shows that the company believes its stock is undervalued and wants to support its price, which can be important for investors to watch.

automatic repurchase plan financial

"The Company has established an automatic repurchase plan with its designated broker in order to facilitate"

An automatic repurchase plan is a pre-set program that lets a company buy back its own shares on a regular, automated schedule rather than making one-off purchases. For investors, it matters because it can steadily reduce the number of shares available, potentially supporting the stock price and boosting per-share metrics, while also signaling management’s view of the company’s value—think of it like a standing order to quietly trim inventory over time.

insider trading rules regulatory

"at times when the Company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise"

Insider trading rules are laws and regulations that ban buying or selling a company’s stock based on secret information that could change its price, like undisclosed earnings or merger plans. They matter to investors because they keep markets fair and trustworthy—like rules preventing someone from using stolen exam answers—so prices reflect public information and punishments deter cheating that would harm ordinary shareholders.

block purchases financial

"502,034 of its common shares on the TSX during any trading day, which represents 25% of the ADTV, subject to the TSX rules permitting block purchases"

A block purchase is a large, privately negotiated trade of shares or bonds executed between institutions or big investors outside the regular public market. Think of it like buying a pallet of goods at once instead of individual items; it lets buyers and sellers move big positions with less public price disruption, but it can still signal shifting ownership and affect market liquidity and investor perceptions of demand for the security.

issuer bid exemption orders regulatory

"share repurchase programs under issuer bid exemption orders issued by securities regulatory authorities"

Orders used when a company buys back its own shares under a regulatory exemption that lets the company complete repurchases with fewer formal steps or disclosures than a full, regulated tender offer. Investors care because these buybacks reduce the number of shares available, can push the share price up, change ownership proportions and voting power, and signal management’s view of the company’s value — think of a shop quietly removing items from sale to boost scarcity and price.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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TORONTO, May 26, 2026 /PRNewswire/ - Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) (the "Company") announced today that the Office of the Superintendent of Financial Institutions ("OSFI") and the Toronto Stock Exchange (the "TSX") have approved the renewal of the Company's previously announced normal course issuer bid to purchase up to 10,000,000 of its common shares ("common shares") (representing approximately 1.8% of the 554,255,267 common shares issued and outstanding as at May 15, 2026) (the "NCIB").

The NCIB will provide the Company with the flexibility to acquire common shares in order to return capital to shareholders as part of its overall capital management strategy.

The NCIB will commence on May 29, 2026 and continue until May 28, 2027, or such earlier date as the Company may determine. The average daily trading volume on the TSX for the six months ending April 30, 2026 was 2,008,137 common shares (the "ADTV"). Purchases under the NCIB may be made through the facilities of the TSX, other Canadian stock exchanges, the New York Stock Exchange (the "NYSE") and/or alternative trading platforms in Canada and the United States, at prevailing market rates. In accordance with the TSX rules, the Company may purchase up to 502,034 of its common shares on the TSX during any trading day, which represents 25% of the ADTV, subject to the TSX rules permitting block purchases. Subject to certain exceptions for block purchases, the maximum number of common shares which can be purchased per day on the NYSE will be 25% of the average daily trading volume for the four calendar weeks preceding the date of purchase.

Subject to regulatory approval, purchases under the NCIB may also be made by way of private agreements or share repurchase programs under issuer bid exemption orders issued by securities regulatory authorities. Any purchases made under an exemption order issued by a securities regulatory authority will generally be at a discount to the prevailing market price. The actual number of common shares purchased under the NCIB, and the timing of such purchases (if any), will be determined by the Company. Any common shares purchased by the Company pursuant to the NCIB will be cancelled or used in connection with certain equity settled incentive arrangements.

The Company has established an automatic repurchase plan with its designated broker in order to facilitate purchases of common shares under the NCIB. Under the automatic repurchase plan, the Company's designated broker may purchase common shares pursuant to the NCIB at times when the Company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Purchases made pursuant to the automatic repurchase plan, if any, will be made by the Company's designated broker based upon the parameters prescribed by the TSX, the NYSE, applicable Canadian and U.S. securities laws and the terms of the written agreement between the Company and its designated broker. The automatic repurchase plan constitutes an "automatic plan" for purposes of applicable Canadian securities legislation and has been pre-cleared by the TSX.

Under its prior normal course issuer bid (the "Prior NCIB"), which commenced on June 9, 2025 and expired on May 21, 2026, the Company was permitted to purchase up to 10,570,915 common shares. As of May 15, 2026, the Company had purchased 10,570,915 common shares under the Prior NCIB at a weighted average price of $83.33 per common share through the facilities of the TSX, other Canadian stock exchanges, the NYSE and/or alternative trading platforms in Canada and the United States.

Forward-Looking Statements
From time to time, the Company makes written or oral forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements contained in this news release include statements (i) relating to the NCIB (including, but not limited to, statements regarding future purchases of common shares under the NCIB, including under the automatic repurchase plan), (ii) that are predictive in nature or that depend upon or refer to future events or conditions, and (iii) that include words such as "intends", "expects", "will" and similar expressions. The forward-looking statements made in this news release are stated as at May 26, 2026, represent the Company's current expectations, estimates and projections regarding future events and are not historical facts. These statements are not a guarantee of future performance and involve assumptions and risks and uncertainties that are difficult to predict. Some of these assumptions and risks and uncertainties are described further in the Company's management's discussion and analysis for the year ended December 31, 2025 under the heading "Forward-looking Statements", in the risk factors set out in the Company's annual information form for the year ended December 31, 2025 under the heading "Risk Factors", and in the Company's interim management's discussion and analysis for the quarter ended March 31, 2026 under the heading "Risk Management", in the other factors detailed in the Company's annual and interim financial statements and in the Company's other filings with Canadian and U.S. securities regulators, which are available for review at www.sedarplus.ca and www.sec.gov, respectively. Actual results may differ materially from those expressed, implied or forecasted in such forward-looking statements and there is no assurance that any common shares will be purchased under the NCIB (including under the automatic repurchase plan).

The Company does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events, except as required by law.

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, 2026, Sun Life had total assets under management of $1.58 trillion. For more information, please visit www.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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/sun-life-receives-regulatory-approval-of-normal-course-issuer-bid-renewal-302782303.html

SOURCE Sun Life Financial Inc. - Financial News

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Sun Life (SLF) announce about its normal course issuer bid on May 26, 2026?

Sun Life announced regulatory approval to renew its normal course issuer bid to repurchase up to 10,000,000 common shares. According to Sun Life, this represents about 1.8% of 554,255,267 shares outstanding and supports its overall capital management and shareholder capital-return strategy.

How many Sun Life (TSX: SLF) shares can be repurchased under the renewed NCIB?

Under the renewed NCIB, Sun Life may repurchase up to 10,000,000 common shares. According to Sun Life, this equals approximately 1.8% of its issued and outstanding common shares as of May 15, 2026, providing flexibility to return capital to shareholders over the program period.

When does the renewed Sun Life (SLF) normal course issuer bid start and end?

The renewed Sun Life NCIB starts on May 29, 2026 and ends on May 28, 2027, unless ended earlier. According to Sun Life, the company can decide the actual timing of purchases within this window, subject to regulatory and exchange rules in Canada and the United States.

How will Sun Life execute share repurchases for the NCIB on TSX and NYSE?

Sun Life may repurchase shares through the TSX, other Canadian exchanges, the NYSE and alternative trading platforms at market prices. According to Sun Life, TSX purchases are capped at 502,034 shares daily, while NYSE daily limits follow 25% of recent average trading volume rules.

What is Sun Life’s automatic repurchase plan under the renewed NCIB?

Sun Life has an automatic repurchase plan with a designated broker to buy shares during blackout or restricted periods. According to Sun Life, the broker acts under preset parameters consistent with TSX, NYSE, Canadian and U.S. securities laws and a pre-cleared written agreement.

How did Sun Life use its prior NCIB before the 2026 renewal?

Under its prior NCIB, Sun Life repurchased all 10,570,915 permitted shares before expiry on May 21, 2026. According to Sun Life, these shares were bought through North American exchanges and platforms at a weighted average price of $83.33 per common share.