Sun Life Financial Cash Flow Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	3,551	3,129	3,165	2,941	4,035
Depreciation & Amortization	513	521	480	415	359
Other Amortization	178	218	113	113	79
Gain (Loss) on Sale of Investments	-765	129	-4,657	26,582	1,639
Reinsurance Recoverable	25	-136	10	593	86
Change in Insurance Reserves / Liabilities	3,219	2,133	6,769	-25,041	2,415
Change in Other Net Operating Assets	323	393	331	152	-
Other Operating Activities	-3,822	-3,590	-560	-1,595	-10,565
Operating Cash Flow	2,799	2,532	5,612	4,311	-1,857
Operating Cash Flow Growth	10.54%	-54.88%	30.18%	-	-
Capital Expenditures	-145	-143	-172	-	-81
Sale of Property, Plant & Equipment	-	-	-	71	-
Cash Acquisitions	25	-	-439	-2,633	-412
Investment in Securities	-44	-17	-75	-69	-29
Other Investing Activities	-156	-177	-170	-232	-281
Investing Cash Flow	-320	-337	-559	-2,863	-803
Long-Term Debt Issued	2,019	769	638	2,432	2,131
Total Debt Repaid	-488	-1,265	-1,248	-570	-793
Net Debt Issued (Repaid)	1,531	-496	-610	1,862	1,338
Issuance of Common Stock	37	43	49	6	36
Repurchases of Common Stock	-1,707	-855	-186	-	-
Issuance of Preferred Stock	-	-	-	-	987
Repurchases of Preferred Stock	-	-	-	-	-1,025
Common & Preferred Dividends Paid	-2,064	-1,962	-1,882	-1,671	-1,428
Total Dividends Paid	-2,064	-1,962	-1,882	-1,671	-1,428
Other Financing Activities	-433	-612	-457	-268	-168
Financing Cash Flow	-2,636	-3,882	-3,086	-71	-260
Foreign Exchange Rate Adjustments	-198	471	-169	302	-35
Net Cash Flow	-355	-1,216	1,798	1,679	-2,955
Free Cash Flow	2,654	2,389	5,440	4,311	-1,938
Free Cash Flow Growth	11.09%	-56.08%	26.19%	-	-
Free Cash Flow Margin	7.61%	7.22%	17.63%	15.53%	-5.43%
Free Cash Flow Per Share	4.69	4.11	9.24	7.32	-3.29
Cash Interest Paid	355	389	405	270	187
Cash Income Tax Paid	978	1,138	1,240	795	1,028
Levered Free Cash Flow	-4,226	-7,932	2,018	25,201	2,809
Unlevered Free Cash Flow	-3,897	-7,517	2,363	25,479	3,013
Change in Working Capital	3,567	2,390	7,110	-24,296	2,501

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.