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Sun Life Financial (NYSE: SLF) files 2025 Form 40-F annual report

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
40-F

Rhea-AI Filing Summary

Sun Life Financial Inc. filed its annual report on Form 40-F for the year ended December 31, 2025. The company reports 553,799,595 common shares outstanding, along with multiple series of Class A preferred shares, including Series 3, 4, 5, 8R, 9QR, 10R, 11QR and 14.

The filing incorporates by reference the 2025 Annual Management’s Discussion and Analysis, consolidated annual financial statements, and the annual information form dated February 11, 2026. It confirms Deloitte LLP as principal accountant, identifies three Audit Committee Financial Experts, and includes exhibits such as a clawback policy, certifications, consents and interactive data files.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
Form 40-F
 
 
 
REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
OR
 
ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2025

Commission File Number 001-15014
 
 
Sun Life Financial Inc.
(Exact name of Registrant as specified in its charter)
 
 
Canada
(Province or other jurisdiction of incorporation or organization)
52411
(Primary Standard Industrial Classification Code Number (if applicable))
Not Applicable
(I.R.S. Employer Identification Number (if applicable))
1 York Street, 31st Floor, Toronto, Ontario, Canada M5J 0B6 (416) 979-9966
(Address and telephone number of Registrant’s principal executive offices)
Sun Life Assurance Company of Canada – U.S. Operations Holdings, Inc.
One Sun Life Executive Park
Wellesley Hills, Massachusetts 02481
(781) 237-6030
(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
 
Title of each classTrading Symbol(s) Name of each exchange on which registered
Common SharesSLF New York Stock Exchange



Securities registered or to be registered pursuant to Section 12(g) of the Act.
Not Applicable
(Title of Class)
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.
Not Applicable
(Title of Class)
For annual reports, indicate by check mark the information filed with this Form:
  Annual information form
 
  Audited annual financial statements
 
 
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.
 
Common Shares   553,799,595  
Class A Preferred Shares Series 3   10,000,000  
Class A Preferred Shares Series 4   12,000,000  
Class A Preferred Shares Series 5   10,000,000  
Class A Preferred Shares Series 8R   8,880,847  
Class A Preferred Shares Series 9QR   2,319,153  
Class A Preferred Shares Series 10R   6,838,672  
Class A Preferred Shares Series 11QR   1,161,328  
Class A Preferred Shares Series 141,000,000  1

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes  ☒            No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  ☒            No  ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
   Emerging growth company 
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.  ☐
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
1 In connection with the issuance of $1 billion principal amount of 3.60% Limited Recourse Capital Notes (LRCN) Series 2021-1 (Subordinated Indebtedness) on June 30, 2021, the Registrant issued 1 million class A Non-Cumulative Rate Reset Preferred Shares Series 14 (Series 14) at a price of $1,000 per Series 14 share. The Series 14 shares were issued to a consolidated trust to be held as trust assets in connection with the LRCN structure.



Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).
 

INCORPORATION BY REFERENCE
The following information is incorporated by reference in this annual report on Form 40-F:
Disclosure Controls and Procedures
The information under the heading “Accounting and Control Matters – Disclosure Controls and Procedures” in Sun Life Financial Inc.’s (the “Company”) Management’s Discussion and Analysis for the year ended December 31, 2025 (the “2025 Annual MD&A”) is incorporated by reference herein.
A copy of the Company’s 2025 Annual MD&A is attached hereto as Exhibit 99.1.
Management’s Annual Report on Internal Control Over Financial Reporting
The information under the heading “Accounting and Control Matters – Disclosure Controls and Procedures – Management’s Report on Internal Control over Financial Reporting” in the Company’s 2025 Annual MD&A and the information in the management report titled “Financial Reporting Responsibilities”, attached to the Company’s annual consolidated financial statements for the year ended December 31, 2025 (the “2025 Annual Financial Statements”) is incorporated by reference herein.
A copy of the Company’s 2025 Annual MD&A is attached hereto as Exhibit 99.1. A copy of the Company’s 2025 Annual Financial Statements are attached hereto as Exhibit 99.2.
Attestation Report of the Registered Public Accounting Firm
The “Report of Independent Registered Public Accounting Firm” with respect to the audit of the internal control over financial reporting of the Company, which accompanies the Company’s 2025 Annual Financial Statements is incorporated by reference herein.
The Company’s 2025 Annual Financial Statements are attached hereto as Exhibit 99.2.
Changes in Internal Control Over Financial Reporting
The information under the heading “Accounting and Control Matters – Disclosure Controls and Procedures – Changes in Internal Control over Financial Reporting” in the Company’s 2025 Annual MD&A is incorporated by reference herein.
A copy of the Company’s 2025 Annual MD&A is attached hereto as Exhibit 99.1.
Identification of Audit Committee
The information under the heading “Directors and Executive Officers – Audit Committee” in the Company’s annual information form dated February 11, 2026 (the “2025 AIF”) is incorporated by reference herein.
A copy of the Company’s 2025 AIF is attached hereto as Exhibit 99.3.



Audit Committee Financial Expert
The Company's Board of Directors (the “Board”) has determined that Deepak Chopra, Laurie G. Hylton and Helen M. Mallovy Hicks are Audit Committee Financial Experts as defined by the SEC. The SEC has indicated that the designation of a person as an Audit Committee Financial Expert does not make that person an "expert" for any purpose, or impose any duties, obligations or liabilities on that person that are greater than those imposed on members of the Audit Committee and the Board who do not carry this designation or affect the duties, obligations or liabilities of any other member of the Audit Committee or the Board. Each of Mr. Chopra, Ms. Hylton and Ms. Mallovy Hicks is "independent" within the meaning of the listing standards of the New York Stock Exchange and Rule 10A-3 of the U.S. Securities Exchange Act of 1934, as amended.

Code of Ethics
The information under the heading “Code of Conduct” in the Company’s 2025 AIF is incorporated by reference herein.
A copy of the Company’s 2025 AIF is attached hereto as Exhibit 99.3.

A copy of the current Sun Life Financial Code of Conduct is available on our website at www.sunlife.com under “About Us”.
Principal Accountant Fees and Services
The information about aggregate fees billed to us by our principal accountant, Deloitte LLP, under the headings “Principal Accountant Fees and Services” in the Company’s 2025 AIF is incorporated by reference herein.
A copy of the Company’s 2025 AIF is attached hereto as Exhibit 99.3.
Comparison with New York Stock Exchange Governance Rules
The Company’s governance processes and practices are consistent with the New York Stock Exchange corporate governance rules for U.S. publicly-listed companies.
UNDERTAKING
Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.
CONSENT TO SERVICE OF PROCESS
The Company has previously filed a Form F-X in connection with the class of securities in relation to which the obligation to file this annual report on Form 40-F arises. Any change to the name or address of the Company’s agent for service of process shall be communicated promptly to the Securities and Exchange Commission by an amendment to the Form F-X referencing the file number of the relevant registration statement of the Company.





SIGNATURES
Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.
 
Sun Life Financial Inc.
By:/s/ Melissa J. Kennedy
 Melissa J. Kennedy
 Executive Vice-President, Chief Legal
 & Public Policy Officer
Dated: February 11, 2026
 



EXHIBITS:


97.1
Clawback Policy
99.1
  
Annual Management’s Discussion and Analysis for the year ended December 31, 2025
99.2
  
Consolidated Annual Financial Statements for the year ended December 31, 2025
99.3
  
Annual Information Form dated February 11, 2026 for the year ended December 31, 2025
99.4
  Certifications required by Rule 13a-14(a) or Rule 15d-14(a), pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
99.5
  Certifications required by Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of United States Code, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
99.6
  
Consent of Independent Registered Public Accounting Firm (PCAOB ID No. 01208)
99.7
  Consent of Appointed Actuary
101  Interactive Data File
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
 





FAQ

What period does Sun Life Financial Inc. (SLF) cover in its latest Form 40-F?

The Form 40-F covers Sun Life Financial Inc.’s fiscal year ended December 31, 2025. The filing bundles the company’s 2025 Annual Management’s Discussion and Analysis, consolidated annual financial statements, and the annual information form dated February 11, 2026 as key exhibits.

How many Sun Life Financial Inc. (SLF) common shares were outstanding at year-end 2025?

Sun Life Financial Inc. reports 553,799,595 common shares outstanding as of December 31, 2025. The filing also lists several series of Class A preferred shares outstanding, providing a clear picture of the company’s capital structure at the close of the reporting period.

On which exchange are Sun Life Financial Inc. (SLF) common shares listed?

Sun Life Financial Inc.’s common shares trade on the New York Stock Exchange under the symbol SLF. The Form 40-F confirms this listing within the table of securities registered under Section 12(b), alongside other disclosure about the company’s registered securities.

What key documents are attached to Sun Life Financial Inc.’s 2025 Form 40-F?

The filing attaches the 2025 Annual Management’s Discussion and Analysis, consolidated annual financial statements, and the annual information form as Exhibits 99.1, 99.2, and 99.3. It also includes certifications, a clawback policy, consents from the auditor and appointed actuary, and interactive data files.

Who is the principal accounting firm for Sun Life Financial Inc. (SLF) in the 2025 Form 40-F?

Deloitte LLP is identified as Sun Life Financial Inc.’s principal accountant in the 2025 Form 40-F. The filing incorporates details on aggregate fees billed by Deloitte in the annual information form and includes the auditor’s consent and internal control attestation with the financial statement exhibits.

Does Sun Life Financial Inc. (SLF) identify Audit Committee Financial Experts in its 2025 filing?

Yes. The Board has determined that Deepak Chopra, Laurie G. Hylton and Helen M. Mallovy Hicks are Audit Committee Financial Experts. The filing notes they are independent under New York Stock Exchange listing standards and SEC Rule 10A-3, and clarifies this designation does not expand their legal duties.

What governance and ethics information does Sun Life Financial Inc. (SLF) include in its Form 40-F?

The company incorporates its Code of Conduct and governance discussion from the 2025 annual information form. The exhibit list also includes a clawback policy and required Sarbanes-Oxley certifications, highlighting internal controls, ethics standards, and executive compensation recovery provisions referenced in the annual disclosure package.
Sun Life Finl

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