FINANCIAL INSTITUTIONS

ISSUER PROFILE12 April 2018

TABLE OF CONTENTSCompany overview 1Financial highlights 2Business Description 2Distribution Channels 4Ownership Structure 5Company Management 6Company History 7Subsidiaries Rated by Moody’s 8Peer Group 8Related Websites and InformationSources 8Moody’s Related Research 9

Contacts

David Beattie +1.416.214.3867Senior Vice Presidentdavid.beattie@moodys.com

Ryan Wallace, CFA +1.416.214.3061Associate Analystryan.wallace@moodys.com

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EMEA 44-20-7772-5454

Sun Life Financial, Inc.Key Facts and Statistics - FYE Dec 2017

Company overviewHeadquartered in Toronto, Canada, Sun Life Financial Inc. (SLF) is a global financial servicesholding company that provides life insurance and wealth accumulation products toindividuals and corporate customers in Canada, the US and Asia.

The company manages its operations under five business segments: Sun Life FinancialCanada (SLF Canada, 45.2% of revenue in the financial year ended 31 December 2017), SunLife Financial United States (SLF US, 29.4%), Sun Life Financial Asset Management (SLF AssetManagement, which includes MFS and SLIM, 13.9%), Sun Life Financial Asia (SLF Asia, 9.4%),and a Corporate segment (2.0%), which includes SLF UK’s business operations and CorporateSupport operations.

On 2 August 2013, SLF announced that it had completed the sale of its US annuity businessto Delaware Life Holdings, LLC, a company owned by the shareholders of GuggenheimPartners. The agreement included the sale of the US annuity segment as well as certainlife insurance products. Sun Life Assurance Company of Canada, SLF’s primary operatingcompany in the US, Canada and Asia, continues to provide protection solutions toemployers, voluntary benefits products to employees, as well as insurance and investmentproducts to international high-net-worth individuals in the US. In this report, SLF US's resultsexclude the business sold to Delaware Life Holdings, LLC.

SLF Canada is the largest provider of pensions and benefits plans in Canada, and the second-largest writer of individual life and health insurance in the country. SLF Canada’s benefitsbusiness provides group life and health insurance products to employers, as well as voluntarybenefits solutions directly to individual plan members. In Asia, the company operates inseven countries: Hong Kong, the Philippines, Indonesia, India, China, Vietnam and Malaysia.

As of 31 December 2017, The Sun Life Financial group of companies had total assets undermanagement (AUM) of CAD974.8 billion ($776.5 billion) and total assets of CAD269.1 billion($214.4 billion). The company employs 34,000 employees across its operations. SLF tradeson the Toronto (TSX), New York (NYSE) and Philippines (PSE) stock exchanges under theticker symbol SLF.

Note: Currency converted using exchange rate of CAD–$0.79659 as of 31 Dec 2017

Sources: Company report (form 40F Dec 2017), Moody’s research, www.oanda.com

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Financial highlightsOverview

Note: The financials presented below are those reported by the entity and are not adjusted for Moody’s analytic purposes. For Moody'sgenerated ratios on Sun Life Financial Inc., please see <Sun Life Financial Inc. page on moodys.com>.

Exhibit 1

Latest full-year resultsSun Life Financial Inc.

(in CAD Million) 31-Dec-17 31-Dec-16 31-Dec-15 31-Dec-14 31-Dec-13

CAD/$, Period end 0.79659 0.74241 0.72120 0.85993 0.93485

Net Premium Revenue 15,281 15,048 10,395 9,996 9,639

Net Investment Income 8,211 7,945 3,555 11,315 519

Total Revenue 29,334 28,573 19,274 25,764 13,874

Reported Net Income 2,149 2,485 2,185 1,762 1,696

Total Assets 269,112 258,238 246,853 223,357 199,531

Total Debt 4,736 5,135 4,740 5,017 5,252

Total Liabilities 246,141 235,870 225,435 204,485 182,177

Surplus or Shareholders' Equity 22,971 22,368 21,418 18,872 17,354

Notes: 1) Based on consolidated financial data2) “Total Debt” includes “Senior Debentures”, “Subordinated Debt” and “Senior Debentures - Innovative Capital Instruments”Sources: Company reports (form 40F Dec 2017, Dec 2016 and Dec 2015), www.oanda.com

Business DescriptionSLF Canada

In Canada, SLA competes in all major life insurance markets, including individual life and living benefits insurance, fixed annuities,segregated funds, as well as group benefits and group retirement services. SLA benefits from a sizable market presence in Canada,ranking first, second or third in market share positions in nearly all major product areas. The company has three business units:Individual Insurance & Wealth; Group Benefits; and Group Retirement Services. In 2017, Individual Insurance & Wealth represented43.1% of SLF Canada’s net income, with the remainder coming from Group Benefits (34.5%) and Group Retirement Services (22.4%).In 2017, SLF Canada accounted for 45.2% of the company’s total revenue.

SLF US

SLF US has two business units: Group Benefits and In-force Management. Group Benefits provides insurance solutions to employersand employees, including group life, disability, medical stop-loss, dental and vision insurance products, as well as a suite of voluntarybenefits products. In-force Management includes certain closed individual life insurance products, primarily universal life andparticipating whole life insurance. In 2017, Group Benefits reported net income of USD140 million, International reported net incomeof USD347 milion and In-force Management recognized a USD247 million loss. In 2017, SLF US accounted for 29.4% of the company’stotal revenue.

SLF Asset Management

SLF Asset Management comprises the asset management segment of MFS and SLIM. MFS is an active manager of assets for retail andinstitutional investors, offering a comprehensive selection of financial products and services. MFS also manages assets for institutionalclients and discretionary managers, including corporate and public pension plans, defined contribution plans, multi-employer plans,

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page onwww.moodys.com for the most updated credit rating action information and rating history.

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investment authorities, and endowments and foundations. As of 31 December 2017, MFS reported AUM of $491.6 billion ($425.6billion as of 31 December 2016).

SLIM is an institutional investment management business and has operations based in the US and Canada. SLIM offers customisedfixed income solutions, including liability-driven investing, and a range of alternative, yield-oriented asset classes, including privatefixed income, real estate, and commercial mortgages. As of 31 December 2017, SLIM reported AUM of CAD59.3 billion (CAD53.2 billionas of 31 December 2016).

In 2017, SLF Asset Management accounted for 13.9% of the company’s total revenue.

SLF Asia

SLF has been active in Asia since 1892 and today operates in seven countries – through subsidiaries, joint ventures and strategicpartnerships – in the Philippines, Hong Kong, Indonesia, India, China, Vietnam and Malaysia. In these markets, SLF Asia sells individuallife and health insurance, as well as group life insurance and savings products. In addition, SLF Asia offers pension and retirementproducts in Hong Kong and India, as well as mutual funds in India and the Philippines. In 2017, SLF Asia’s revenue accounted for 9.4% ofSLF’s total revenue. In April 2018 SLF announced that it would move the International unit from its US segment to its Asia segment tobetter align the business groups. International serves high-net-worth clients in international markets, offering individual life insuranceproducts and manages a closed block of wealth products.

Corporate

The Corporate segment includes SLF UK, which is now closed for new business and in run-off with almost 633,000 in-force life andpension policies with nearly £12.2 billion in AUM. It also includes SLF’s Corporate Support operations. In 2017, the Corporate segmentaccounted for 2.0% of the company’s total revenue.

Exhibit 2

Business segment(% of Revenue, consolidated, for 2017)

Exhibit 3

Business segment(% of Revenue, consolidated, for 2016)

SLF Canada45.2%

SLF US29.4%

SLF Asset Management13.9%

SLF Asia9.4%

Corporate2.0%

Note: Excluding consolidation adjustmentsSource: Company report (form 40F Dec 2017, Pg:108)

SLF Canada42.6%

SLF US28.1%

SLF Asset Management13.8%

SLF Asia10.3%

Corporate5.2%

Note: Excluding consolidation adjustmentsSource: Company report (form 40F Dec 2017, Pg:108)

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Exhibit 4

Sun Life Financial Inc. – segment details(in CAD Million, unless otherwise stated)

2017 2016 2015

SLF Canada

Total Revenue 13,267 12,166 8,546

Reported Net Income 963 936 824

Net Premiums 8,002 7,389 5,021

SLF US

Total Revenue (in $ Million) 6,648 6,071 4,116

Reported Net Income (in $ Million) 240 385 251

Net Premiums (in $ Million) 4,600 4,302 3,307

SLF Asset Management

Total Revenue 4,082 3,929 3,731

Reported Net Income 653 729 691

Funds Under Management (in CAD Billion) 678 625 630

SLF Asia

Total Revenue 2,754 2,956 1,529

Reported Net Income 326 309 311

Net Premiums 1,216 1,854 1,171

Source: Company report (financial and operating results Dec 2017)

Distribution ChannelsCanada

In Canada, SLA distributes its products through a multi-channel distribution model consisting of a captive Sun Life Financial CareerSales Force and third-party distribution channels. Some products, including accidental death insurance and personal health insurance,are marketed directly to retail clients. Its Group Benefits business distributes its products across Canada through experienced salesrepresentatives in collaboration with independent advisors, benefits consultants and the Sun Life Financial Career Sales Force.

US

In the US, SLA distributes its group and voluntary products through brokers, and its voluntary products directly to members of groupplans. SLA is also increasing its wholesaler presence in targeted locations. As of 31 December 2017, its US team consisted 235 salesprofessionals.

SLF Asset Management

MFS sells its retail financial services products primarily to financial intermediaries. Retail products are distributed primarily throughfinancial advisors, regional brokerage firms, independent broker dealers, banks, registered investment advisors and wealth managementfirms. Institutional products are sold by a captive sales force.

SLIM offers products through: (i) Bentall Kennedy group of companies – a real estate investment manager in Canada and the US; (ii)Prime Advisors, Inc. – a US-based investment management firm focussing on customised fixed income portfolios primarily for USinsurance companies; (iii) Ryan Labs Asset Management Inc., – a New York-based asset manager specialising in fixed income andliability-driven investing; and (iv) Sun Life Institutional Investments (Canada) Inc. (previously called Sun Life Investment ManagementInc.), – SLF’s Canadian institutional asset manager, which has investment expertise in alternative asset classes and liability-driveninvesting, and caters to pension funds and other institutional investors. SLIM's products are also sold through an internal sales team ofindividual companies.

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Asia

SLA distributes protection and wealth products to individuals, groups and affinity clients through multi-distribution channels such asagency distribution (which represents the largest distribution channel), as well as bancassurance, brokerage and digital IT platforms.

In May 2017, the company entered into a 10-year arrangement with CIMB Principal Asset Management (CPAM), thus helping Sun LifeMalaysia to fast track the launch of its agency channel through CPAM’s 8,000 agents and over 300,000 Clients.

In October 2017, SLF completed the first stage of its acquisition of the pension business of FWD Life Insurance Company Limited (FWD)for approximately $105 million. The first stage included the acquisition of the Mandatory Provident Fund business and the beginningof an exclusive 15-year distribution agreement with FWD that allows Sun Life Hong Kong Limited to distribute its pension productsthrough FWD’s agency force in Hong Kong.

Sources: Company reports (form 40F Dec 2017 and Dec 2016), Moody’s research

Ownership Structure

Exhibit 5

Sun Life Financial, Inc.Major Shareholder Number of Shares % HeldRoyal Bank Of Canada 45,066,072 7.36TD Asset Management Inc 22,202,293 3.64Vanguard Group Inc 14,546,922 2.37BMO Asset Management Inc 11,230,190 1.83Beutel, Goodman & Company Ltd. 10,383,707 1.70

As of 31 Dec 2017Source: Morningstar

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Exhibit 6

Organizational Structure, as of 31 December 2017

Source: Company report (form 40F Dec 2017)

Company Management

Exhibit 7

Sun Life Financial Inc.Company Management Current TitleDean A. Connor President & Chief Executive Officer and DirectorJacques Jr. Goulet President, SLF CanadaStephen C. Peacher President, Sun Life Investment ManagementColm J. Freyne Executive Vice-President & Chief Risk OfficerDaniel R. Fishbein President, SLF USMark S. Saunders Executive Vice-President & Chief Information OfficerCarolyn D. Blair Executive Vice-President, Chief Human Resources & Communications OfficerKevin D. Strain Executive Vice-President & Chief Financial OfficerClaude A. Accum President, SLF Asia

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Melissa J. Kennedy Executive Vice-President, Chief Legal Officer & Public Affairs

As of 31 Dec 2017

Exhibit 8

Sun Life Financial Inc.Board of Directors Current Title CommitteeWilliam D. Anderson Chairman N/ADean A. Connor President & Chief Executive Officer and Director N/AStephanie L. Coyles Corporate Director Audit, Risk & Conduct Review CommitteeMartin J. G. Glynn Corporate Director Management Resources Risk & Conduct Review CommitteeM. Marianne Harris Corporate Director Management Resources Risk & Conduct Review CommitteeSara Grootwassink Lewis Corporate Director Audit, Governance, Nomination & Investment CommitteeChristopher J. McCormick Corporate Director Governance, Nomination & Investment Committee,

Management Resources CommitteeScott F. Powers Corporate Director Governance, Nomination & Investment Committee,

Management Resources CommitteeRéal Raymond Director;

Métro Inc.: ChairmanAudit, Governance, Nomination & Investment Committee

Hugh D. Segal Director;University of Toronto: Master of Massey College

Audit, Governance, Nomination & Investment Committee

Barbara G. Stymiest Corporate Director Audit, Risk & Conduct Review Committee

As of 31 Dec 2017Source: Company report (form 40F Dec 2017)

Company HistoryIn 1865, Mathew Hamilton Gault founded Sun Life Financial in Montreal as The Sun Insurance Company of Montreal. Later, in 1882,the company changed its name to the Sun Life Assurance Company of Canada.

In the 1880s, Sun Life started its operations in Asia and, with the turn of the century, it extended its operations throughout the WestIndies and to Bermuda, South America and several additional markets in Asia, including China, Hong Kong, India and Japan.

In January 1998, Sun Life announced its intention to demutualise. In 1999, Sun Life returned to India after a 40-year absence after theIndian insurance market was re-opened to foreign companies. The company formed the joint venture Birla Sun Life with Aditya V. BirlaGroup. In China, Sun Life joined with local partner China Everbright Group Limited to form the joint venture life insurance company,Sun Life Everbright.

In March 2000, the company became public. It is listed on the TSX, NYSE and PSE under the ticker symbol SLF.

In 2012, Sun Life entered into an agreement with PVI Holdings to form PVI Sun Life Insurance Company Limited, a joint venture lifeinsurance company in Vietnam. PVI Holdings is one of the major Vietnamese investment-insurance groups, with subsidiaries in variousbusiness lines, including general insurance, reinsurance, life insurance and other financial services.

In 2013, Sun Life acquired 49% of each of CIMB Aviva Assurance Berhad, a Malaysian life insurance company, and CIMB Aviva TakafulBerhad, a Malaysian takaful company, as a result of entering into a strategic partnership with Khazanah Nasional Berhad, the strategicinvestment fund of the Government of Malaysia.

In 2013, SLF announced that it had completed the sale of its domestic US annuity business and certain life insurance businesses toDelaware Life Holdings, LLC, a company owned by the shareholders of Guggenheim Partners.

In the first quarter of 2014, SLF launched its new third-party asset management company, Sun Life Investment Management. Thisentity specialises in providing private asset class pooled funds and liability-driven investment strategies for defined benefits pensionplans and other institutional investors.

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In 2015, the company (SLF Asset Management division) made three notable acquisitions: Bentall Kennedy group of companies inSeptember, which had approximately CAD28 billion in AUM at the time of acquisition; Ryan Labs Asset Management, Inc., in April, with$5.1 billion in AUM, and Prime Advisors, Inc., in July, with approximately $13 billion in AUM.

In January 2016, SLF (SLF Asia) increased its ownership interest in PVI Sun Life Insurance Company Limited to 75% from 49% and inNovember acquired the remaining 25%. As a result, PVI Sun Life Insurance Company Limited was renamed Sun Life Vietnam InsuranceCompany limited. In July 2016, it increased its ownership interest in PT CIMB Sun Life in Indonesia from 49% to 100%. In April 2016,SLF increased its ownership in its Indian insurance joint venture Birla Sun Life Insurance Company Limited to 49%.

In March 2016, SLF (SLF US) acquired Assurant, Inc.’s US Employee Benefits business, which added to the company’s group benefitsbusiness, including a dental business and provider network.

In January 2017 SLF acquired a 25% stake in Crescent Asia Limited (Crescent) and in March 2017 entered into a three year partnershipagreement with Crescent's digital banking subsidiary Global Online Financial Solutions Limited to offer life and health insuranceproducts via the bank's mobile app.

In June 2017 SLF's US business group closed its acquisition of The Premier Dental Group, Inc., a Minnesota-based dental network withnetwork offerings in Florida, Wisconsin, Missouri and several other Midwestern states. Sun Life's proprietary dental network includesapproximately 125,000 unique providers.

In January 2018, SLF expanded its product suite into emerging market funds with the acquisition of Excel Funds Management Inc. andExcel Investment Counsel Inc. (collectively, Excel Funds), a Canadian firm specializing in the emerging markets asset class.

Sources: Company reports (form 40F Dec 2017 and Dec 2016), company data, Moody’s research

Subsidiaries Rated by Moody’s

» Sun Life Assurance Company of Canada

» Clarica Life Insurance Company

» Sun Life Capital Trust

Peer Group

» Manulife Financial Corporation

» Great – West Lifeco

» MetLife Inc.

» Prudential Financial Inc.

Related Websites and Information SourcesFor additional information, please see:

The company’s website

» Sun Life Financial Inc.

MOODY’S has provided links or references to third party World Wide Websites or URLs (“Links or References”) solely for your convenience in locating related information and services. Thewebsites reached through these Links or References have not necessarily been reviewed by MOODY’S, and are maintained by a third party over which MOODY’S exercises no control. Accordingly,MOODY’S expressly disclaims any responsibility or liability for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on any third party website accessed via a Link or Reference. Moreover, a Link or Reference does not imply an endorsement of any third party, any website, or the products or services provided by any third party.

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Moody’s Related ResearchIssuer Page on Moodys.com

» Sun Life Financial Inc.

Credit Opinion

» Sun Life Financial Inc.

Industry Outlook

» Insurance – Canada: 2018 outlook stable on continued economic growth, rising interest rate environment and underwritingprofitability, December 2017

» Life Insurance – Global: 2018 outlook stable as adaptation to low interest rates, favorable economy help stabilize operatingenvironment, December 2017

Issuer In-Depth

» Great-West Lifeco Inc., Sun Life Financial, Manulife Financial Corporation: Q4 2017 Earnings – US tax reform and other chargesdampen companies' earnings, February 2018

Rating Methodology

» Global Life Insurers

To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of this report and that more recent reports may be available on theissuer’s page . All research may not be available to all clients.

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CLIENT SERVICES

Americas 1-212-553-1653

Asia Pacific 852-3551-3077

Japan 81-3-5408-4100

EMEA 44-20-7772-5454

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