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Sun Life (SLF) skips 2026 pref redemption—what holders can do

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(Neutral)
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Form Type
6-K

Rhea-AI Filing Summary

Sun Life Financial Inc. reports that it will not redeem its Class A Non-Cumulative Rate Reset Preferred Shares Series 10R or its Class A Non-Cumulative Floating Rate Preferred Shares Series 11QR on September 30, 2026. Holders of each series may, subject to conditions, convert on a one-for-one basis into the other series on that date, or retain their existing shares.

If, after conversions, either series would have fewer than one million shares outstanding, all remaining shares of that series will be automatically converted into the other series on September 30, 2026, with notice to registered holders by September 21, 2026. The new dividend rates for Series 10R (five-year period) and Series 11QR (initial three-month period) starting September 30, 2026 will be set and announced on August 31, 2026. Beneficial owners must instruct their intermediaries by 5:00 p.m. (ET) on September 16, 2026 to exercise conversion rights.

Subject to regulatory approval, Sun Life may redeem Series 10R for $25.00 per share plus declared and unpaid dividends on September 30, 2031 and every fifth September 30 thereafter. Series 11QR may be redeemed for $25.00 on those same scheduled dates or $25.50 on other dates, in each case plus declared and unpaid dividends. As of June 30, 2026, Sun Life reported $1.70 trillion of assets under management.

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Filing Explained

The release also states that the Series 10R and Series 11QR preferred shares are not registered under the U.S. Securities Act and generally cannot be offered, sold, or delivered in the United States for U.S. persons, subject to exceptions.

Conversion date September 30, 2026 Date on which Series 10R and Series 11QR holders may convert shares on a one-for-one basis
Minimum outstanding shares threshold one million shares Level below which all remaining shares of a series are automatically converted into the other series
Conversion instruction deadline 5:00 p.m. (ET) on September 16, 2026 Deadline for beneficial owners to instruct brokers or nominees to exercise conversion rights
Series 10R redemption price $25.00 per share Cash amount per Series 10R share on September 30, 2031 and every fifth year thereafter, plus declared and unpaid dividends
Series 11QR scheduled redemption price $25.00 per share Price on September 30, 2031 and every fifth year thereafter, plus declared and unpaid dividends
Series 11QR other-date redemption price $25.50 per share Price on any redemption date other than the scheduled five-year dates, plus declared and unpaid dividends
Assets under management $1.70 trillion Total assets under management as of June 30, 2026, in Canadian dollars
Non-Cumulative financial
"Class A Non-Cumulative Rate Reset Preferred Shares Series 10R"
Non-cumulative describes a type of dividend or payment right where any missed distributions are not tracked or owed later; if a company skips a payment, investors do not receive that skipped amount in the future. Think of it like a one-time coupon that expires if not used: it can boost potential income when paid, but offers no catch-up protection, so investors face greater income uncertainty and should price in higher risk or lower yield expectations.
Rate Reset Preferred Shares financial
"Class A Non-Cumulative Rate Reset Preferred Shares Series 10R"
Floating Rate Preferred Shares financial
"Class A Non-Cumulative Floating Rate Preferred Shares Series 11QR"
assets under management financial
"As of June 30, 2026, Sun Life had total assets under management of $1.70 trillion"
Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.

FAQ

What did Sun Life Financial (SLF) announce about its Series 10R and 11QR preferred shares?
Sun Life announced it will not redeem its Series 10R or Series 11QR preferred shares on September 30, 2026. Instead, holders may convert between the two series on a one-for-one basis, subject to minimum outstanding share conditions.

What are the key conversion dates for Sun Life (SLF) Series 10R and 11QR shares?
The conversion date is September 30, 2026, with a holder instruction deadline of 5:00 p.m. (ET) on September 16, 2026. Any automatic conversions based on minimum outstanding shares will be notified by September 21, 2026.

How will dividend rates change for Sun Life (SLF) Series 10R and 11QR preferred shares?
Dividend rates for Series 10R (next five-year period) and Series 11QR (initial three-month period) beginning September 30, 2026 will be determined and announced on August 31, 2026. These new rates govern payments for the specified reset periods.

What are the future redemption terms for Sun Life (SLF) Series 10R preferred shares?
Subject to regulatory approval, Sun Life may redeem Series 10R shares at $25.00 per share plus declared and unpaid dividends on September 30, 2031 and on September 30 every fifth year thereafter. Redemption is at Sun Life’s option.

What are the redemption terms for Sun Life (SLF) Series 11QR preferred shares?
Subject to regulatory approval, Series 11QR shares may be redeemed at $25.00 plus declared and unpaid dividends on September 30, 2031 and every fifth September 30, or at $25.50 plus declared and unpaid dividends on any other redemption date.

How large is Sun Life’s asset base as referenced in this 6-K filing?
Sun Life reported $1.70 trillion in assets under management as of June 30, 2026. This figure reflects assets managed across its global operations in wealth, asset management, insurance, and health solutions.

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Form 6-K: How Foreign Companies Report to the SEC →

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 6-K

 

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934

 

For the month of August 2026 Commission File Number: 001-15014

 

SUN LIFE FINANCIAL INC.

(Translation of registrant's name into English)

 

1 York Street, 31st Floor, Toronto, Ontario, M5J 0B6

 

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☐   Form 40-F ☒

 

 

 

 

 
 

 

 

     
Exhibits   Description
     
99.1   News Release dated August 14, 2026

 

 

 

 

 

 
 

 

SIGNATURE

 

Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 

 

         
    Sun Life Financial Inc.
(Registrant)
 
 
 
Date: August 14, 2026   By:   /s/ “Kevin Armitage”
        Kevin Armitage
       

AVP & Managing Counsel, Corporate Legal

 

 

Exhibit 99.1

 

 

Sun Life Announces Conversion Privilege of Class A Non-Cumulative Rate Reset Preferred Shares Series 10R and Class A Non-Cumulative Floating Rate Preferred Shares Series 11QR

TORONTO, Aug. 14, 2026 /CNW/ - Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF)  ("Sun Life") today announced that it does not intend to exercise its right to redeem its currently outstanding Class A Non-Cumulative Rate Reset Preferred Shares Series 10R (the "Series 10R Shares") nor its currently outstanding Class A Non-Cumulative Floating Rate Preferred Shares Series 11QR (the "Series 11QR Shares") on September 30, 2026. As a result, subject to certain conditions, the holders of Series 10R Shares have the right to convert all or part of their Series 10R Shares on a one-for-one basis into Series 11QR Shares, and the holders of Series 11QR Shares have the right to convert all or a part of their Series 11QR Shares on a one-for-one basis into Series 10R Shares, in each case on September 30, 2026. Holders of Series 10R Shares who do not exercise their right to convert their Series 10R Shares into Series 11QR Shares on such date will retain their Series 10R Shares, and holders of Series 11QR Shares who do not exercise their right to convert their Series 11QR Shares into Series 10R Shares on such date will retain their Series 11QR Shares.

The foregoing conversions are subject to the conditions that: (i) if Sun Life determines that there would be less than one million Series 10R Shares outstanding after September 30, 2026, then all remaining Series 10R Shares will automatically be converted into Series 11QR Shares on a one-for-one basis on September 30, 2026, and (ii) alternatively, if Sun Life determines that there would be less than one million Series 11QR Shares outstanding after September 30, 2026, then all remaining Series 11QR Shares will automatically be converted into Series 10R Shares on a one-for-one basis on September 30, 2026. In either case, Sun Life will give a written notice to that effect to any registered holder affected by the preceding minimums on or before Monday, September 21, 2026.

The dividend rate applicable to the Series 10R Shares for the five-year period commencing on September 30, 2026 and ending on September 29, 2031, and the dividend rate applicable to the Series 11QR Shares for the three-month period commencing on September 30, 2026 and ending on December 30, 2026, will be determined on Monday, August 31, 2026 and will be announced in a news release on Monday, August 31, 2026.

Beneficial owners of Series 10R Shares and Series 11QR 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 ensure that they meet the deadline to exercise such right, which is 5:00 p.m. (ET) on Wednesday, September 16, 2026.

Subject to regulatory approval, Sun Life may redeem all or any part of the outstanding Series 10R Shares, at Sun Life's option, by the payment of an amount in cash for each share so redeemed of $25.00, together with all declared and unpaid dividends to the date fixed for redemption, on September 30, 2031 and on September 30 in every fifth year thereafter. Subject to regulatory approval, Sun Life may redeem all or any part of the then outstanding Series 11QR Shares, at Sun Life's option, by the payment of an amount in cash for each share so redeemed of (i) $25.00, together with all declared and unpaid dividends to the date fixed for redemption in the case of redemptions on September 30, 2031 and on September 30 every five years thereafter, or (ii) $25.50, together with all declared and unpaid dividends to the date fixed for redemption in the case of redemptions on any other date.

The Series 10R Shares and the Series 11QR 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 June 30, 2026, Sun Life had total assets under management of $1.70 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 

View original content to download multimedia:https://www.prnewswire.com/news-releases/sun-life-announces-conversion-privilege-of-class-a-non-cumulative-rate-reset-preferred-shares-series-10r-and-class-a-non-cumulative-floating-rate-preferred-shares-series-11qr-302852110.html

SOURCE Sun Life Financial Inc. - Financial News

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2026/14/c3362.html

%CIK: 0001097362

CO: Sun Life Financial Inc. - Financial News

CNW 17:01e 14-AUG-26

Source: View Original Filing on SEC EDGAR

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