Sun Life Financial Inc. ("SLF Inc."), its subsidiaries and, where applicable, its joint ventures and associates are collectively referred to as "the Company", "Sun Life", "we", "our", and "us". We manage our operations and report our financial results in five business segments: Canada, United States ("U.S."), Asset Management, Asia, and Corporate. The information in this document is based on the unaudited interim financial results of SLF Inc. for the period ended June 30, 2024 and should be read in conjunction with the interim management's discussion and analysis ("MD&A") and our unaudited interim consolidated financial statements and accompanying notes ("Interim Consolidated Financial Statements") for the period ended June 30, 2024, prepared in accordance with International Financial Reporting Standards ("IFRS"). We report certain financial information using non-IFRS financial measures. For more details, refer to the Non-IFRS Financial Measures section in this document. Additional information relating to SLF Inc. is available on www.sunlife.com under Investors – Financial results and reports, on the SEDAR+ website at www.sedarplus.ca, and on the U.S. Securities and Exchange Commission's website at www.sec.gov. Reported net income (loss) refers to Common shareholders' net income (loss) determined in accordance with IFRS. Unless otherwise noted, all amounts are in Canadian dollars. Amounts in this document may be impacted by rounding. Certain 2023 results in the Drivers of Earnings and Contractual Service Margin ("CSM") Movement Analysis were refined to more accurately reflect how the business is managed. TORONTO, Aug. 12, 2024 /PRNewswire/ - Sun Life Financial Inc. (TSX:SLF) (NYSE:SLF) announced its results for the second quarter ended June 30, 2024. Underlying net income(1) of $1,000 million increased $80 million or 9% from Q2'23; underlying return on equity ("ROE")(1) was 18.1%. Wealth & asset management underlying net income(1): $455 million, up $36 million or 9%. Group - Health & Protection underlying net income(1): $305 million, down $55 million or 15%. Individual - Protection underlying net income(1): $347 million, up $82 million or 31%. Corporate expenses & other(1): $(107) million net loss, improved $17 million or 14%. Reported net income of $646 million decreased $14 million or 2% from Q2'23; reported ROE(1) was 11.7%. Assets under management ("AUM")(1) of $1,465 billion increased $98 billion or 7% from Q2'23. "Sun Life had a strong quarter with a record $1 billion in underlying net income," said Kevin Strain, President and CEO of Sun Life. "These results reflect continued solid growth in Canada and Asia. The U.S. also saw favourable experience in Group Benefits, partially offset by residual headwinds in Dental. Our wealth and asset management businesses delivered good momentum with higher earnings on increased assets under management, and we expect to actively continue share buybacks in the third quarter. These outcomes underscore the strength of our diversified businesses, our Client Impact Strategy and our commitment to drive long-term value." Financial and Operational Highlights Quarterly results Year-to-date Profitability Q2'24 Q2'23 2024 2023 Underlying net income ($ millions)(1) 1,000 920 1,875 1,815 Reported net income - Common shareholders ($ millions) 646 660 1,464 1,466 Underlying EPS ($)(1)(2) 1.72 1.57 3.22 3.09 Reported EPS ($)(2) 1.11 1.12 2.51 2.49 Underlying ROE(1) 18.1 % 17.7 % 17.1 % 17.5 % Reported ROE(1) 11.7 % 12.7 % 13.4 % 14.2 % Growth Q2'24 Q2'23 2024 2023 Wealth sales & asset management gross flows ($ millions)(1) 46,262 42,397 93,160 88,746 Group - Health & Protection sales ($ millions)(1)(3) 494 600 1,022 1,109 Individual - Protection sales ($ millions)(1) 753 604 1,510 1,115 Assets under management ("AUM") ($ billions)(1) 1,465 1,367 1,465 1,367 New business Contractual Service Margin ("CSM") ($ millions)(1) 437 270 784 502 Financial Strength Q2'24 Q2'23 LICAT ratios (at period end)(4) Sun Life Financial Inc. 150 % 148 % Sun Life Assurance(5) 142 % 139 % Financial leverage ratio (at period end)(1)(6) 22.6 % 23.3 %   _________ (1) Represents a non-IFRS financial measure. For more details, see the Non-IFRS Financial Measures section in this document and in the Q2'24 MD&A. (2)  All earnings per share ("EPS") measures refer to fully diluted EPS, unless otherwise stated. (3) Prior period amounts related to U.S. Dental sales have been restated to reflect new information.  (4) Life Insurance Capital Adequacy Test ("LICAT") ratio. Our LICAT ratios are calculated in accordance with the OSFI-mandated guideline, Life Insurance Capital Adequacy Test. (5) Sun Life Assurance Company of Canada ("Sun Life Assurance") is SLF Inc.'s principal operating life insurance subsidiary. (6)  The calculation for the financial leverage ratio includes the CSM balance (net of taxes) in the denominator. The CSM (net of taxes) was $9.6 billion as at June 30, 2024 (June 30, 2023 - $9.1 billion). Financial and Operational Highlights - Quarterly Comparison (Q2'24 vs. Q2'23) ($ millions) Q2'24 Underlying net income by business type(1)(2): Sun Life   Asset  Management   Canada   U.S.   Asia   Corporate Wealth & asset management 455 307 130 — 18 — Group - Health & Protection 305 — 152 153 — — Individual - Protection 347 — 120 51 176 — Corporate expenses & other (107) — — — (15) (92) Underlying net income(1) 1,000 307 402 204 179 (92) Reported net income - Common shareholders 646 274 292 127 151 (198) Change in underlying net income (% year-over-year) 9 % 4 % 8 % (5) % 19 % nm(3) Change in reported net income (% year-over-year) (2) % 10 % 39 % (27) % 24 % nm(3) Wealth sales & asset management gross flows(1) 46,262 38,882 5,372 — 2,008 — Group - Health & Protection sales(1) 494 — 143 332 19 — Individual - Protection sales(1) 753 — 167 — 586 — Change in wealth sales & asset management gross flows (% year-over-year) 9 % 3 % 72 % — 24 % — Change in group sales (% year-over-year) (18) % — (7) % (22) % nm(3) — Change in individual sales (% year-over-year) 25 % — 8 % — 30 % — (1)   Represents a non-IFRS financial measure. For more details, see the Non-IFRS Financial Measures section in this document and in the Q2'24 MD&A. (2)   For more information about the business types in Sun Life's business groups, see section A - How We Report Our Results in the Q2'24 MD&A. (3)   Not meaningful. Underlying net income(1) of $1,000 million increased $80 million or 9% from prior year, driven by: Wealth & asset management(1) up $36 million: Higher fee income in Asset Management, Canada, and Asia, partially offset by higher expenses in Asset Management. Group - Health & Protection(1)(2) down $55 million: Lower results in U.S. Dental primarily reflecting the impact of Medicaid redeterminations and related claims following the end of the Public Health Emergency, less favourable morbidity experience in Canada, and unfavourable morbidity experience in U.S. medical stop-loss, partially offset by strong business growth in U.S. Group Benefits and Canada. Individual - Protection(1)(2) up $82 million: Business growth in Asia and Canada, and favourable mortality experience in Canada and the U.S. Corporate expenses & other(1) $17 million decrease in net loss driven by lower operating expenses and financing costs. Reported net income of $646 million decreased $14 million or 2% from prior year, reflecting: Financial discipline remains core to our Client Impact Strategy and business. In Q2'24, we recorded a restructuring charge of $138 million (post-tax $108 million) reflecting actions taken to improve productivity and drive earnings growth at the higher-end of our Medium-Term Financial Objectives. We expect these actions to result in annual savings of approximately $200 million (pre-tax) by 2026. The restructuring charge is offset by; The increase in underlying net income; and Market-related impacts primarily reflecting interest rates and real estate investments(3). Underlying ROE was 18.1% and reported ROE was 11.7% (Q2'23 - 17.7% and 12.7%, respectively). SLF Inc. ended the quarter with a LICAT ratio of 150%. __________ (1) Refer to section C - Profitability in the Q2'24 MD&A for more information on notable items attributable to reported and underlying net income items and the Non-IFRS Financial Measures in this document for a reconciliation between reported net income and underlying net income. For more information about the business types in Sun Life's operating segments/business groups, see section A - ...