Sun Life’s underlying EPS came in at C$2.05, slightly above the C$2.01 estimate. But reported profit fell sharply from a year earlier.
Sun Life Financial Inc. (TSX: SLF) reported third-quarter 2026 results after markets closed on November 4. Its C$2.05 underlying EPS beat the estimate by 2%. Underlying EPS rose 10% year over year, while reported EPS fell 29%. For Canadian investors, the results were mixed: growth in several insurance and wealth businesses lifted underlying earnings, while market impacts and acquisition and restructuring costs weighed on reported results.
Recent earnings trend
Sun Life Financial Inc.
SLF.TO
SLF.TO
Sun Life Financial Inc.
WealthAwesomeMarket cap
$57.18B
P/E
17.4x
52W high
$117.96
52W low
$77.50
1W change
+1.18%
Beta
0.76
Analyst Price Targets
Based on analyst covering SLF · as of Oct 29, 2026
Wall Street analysts forecast SLF stock price to rise 11.5% over the next 12 months.
Consensus
Moderately BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$114.69
+11.5% Upside
Previously C$114.38 on Oct 26, 2026
Current Price
C$102.83
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on SLF's historical volatility
30-Day Vol
34.8%
Annualized
90-Day Vol
24.3%
Annualized
Trend (90d)
-33.3%
Annualized drift
90d Mean
C$91.29
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$98.83 | C$87.63 – C$111.45 |
| 60 trading days | C$94.98 | C$80.13 – C$112.59 |
| 90 trading days | C$91.29 | C$74.13 – C$112.42 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 10 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 3 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-11-04 | 2.0500 | 2.0100 | +2.0% |
| 2026-06-30 | 2026-08-06 | 2.0200 | 1.9400 | +4.1% |
| 2026-03-31 | 2026-05-06 | 1.8900 | 1.8900 | +0.0% |
| 2025-12-31 | 2026-02-11 | 1.9600 | 1.8700 | +4.8% |
| 2025-09-30 | 2025-11-05 | 1.8600 | 1.8300 | +1.6% |
| 2025-06-30 | 2025-08-07 | 1.7900 | 1.7700 | +1.1% |
Investor takeaway: Sun Life has beaten estimates in three of its last four comparable quarters, and underlying EPS grew 10% year over year. Still, reported net income fell 29%, asset-management and wealth net flows were negative, and the LICAT ratio dropped to 142% from 154% a year earlier. Investors will need to weigh that pressure against operating growth and a higher dividend. See the SLF.TO stock page for more coverage.
C$2.05 underlying EPS, up 10% year over year
Calendar data shows EPS of C$2.05 against an estimate of C$2.01, a 1.99% beat. Sun Life reported underlying EPS of C$2.05 and reported EPS of C$1.40. Reported net income fell 29% year over year.
Analysts expect next-quarter EPS of C$2.02, up 8.8% from C$1.86 a year earlier. The estimate, based on 10 analysts, edged up from C$2.01 over the past 30 days. Revenue consensus is unavailable.
Bull case
Underlying net income rose 9% to C$1.146 billion, with growth in Canada, the U.S., Asia and GreenOak. Underlying ROE was 19%, and the board raised the quarterly common-share dividend by C$0.04 to C$1.00. Canada wealth sales increased 21%, while individual insurance sales rose 6% overall. The results show broad growth in underlying earnings, despite pressure on reported profit.
Bear case
Reported net income fell to C$785 million from C$1.106 billion a year earlier. Unfavourable interest-rate impacts and acquisition, integration and restructuring costs weighed on results. Asset-management and wealth net flows were negative C$32.665 billion for the quarter. MFS also saw substantial outflows, mainly from U.S. retail equity mutual funds. Sun Life reported elevated U.S. long-term disability claims, and its LICAT ratio fell to 142% from 154% a year earlier.
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