Sun Life Financial : 2024 Sustainability Performance Tables

Published: 2025-05-28 09:55:13 ET SLF.TO

Published on 05/28/2025 at 09:55

Sustainability Performance Tables

Relevant standards/

indicators

Financial security

2024

2023

2022

indicators

Employee well-being

2024

2023

2022

GRI 3-3, 203-2

SDG 8.3, 8.10

Number of lives covered under affordable insurance policies (Asia)1 (millions)

2.2

2.4

1.6

Number of positive financial actions taken by Clients in Canada towards financial security2 (millions)

1.4

1.3

1.1

Number of financial roadmaps and assessments created for Clients in Canada, powered by the Sun Life One Plan digital tool (thousands)

244.7

95.9

45.8

Dollars paid in claims and benefits3 ($ billions)

$28.4

$26.0

$21.6

GRI 3-3, 403-5,

Total spent on compensation and benefits1 ($ billions)

$6.6

$6.1

$5.1

403-6

SDG 3.4, 3.8, 5.4

Percentage of qualified employees in North America voluntarily contributing to Sun Life's defined contribution plan

Canada

91%

90%

Percentage eligible for auto-enrollment who did not opt out

92%

94%

U.S.

88%

Percentage eligible for auto-enrollment who did not opt out

95%

Percentage of qualified employees in North America voluntarily contributing to

Sun Life's share purchase plan

Canada

70%

62%

61%

U.S.

20%

21%

Percentage of employees who say that their immediate supervisor/manager

91%

92%

supports their well-being2

Percentage of employees who completed Sun Life's annual safety and emergency

99%

98%

93%

preparedness training3

Absentee rate (% of total days scheduled)

5.6%

4.7%

Work-related injuries4 (Canada)

Work-related fatalities5 (Canada)

Total injury rate6 (Canada)

0.25

0.21

0.30

1 Affordable insurance products help people in the mass market (including lower-income segments) meet risk protection needs at an accessible price point. The criteria for a product to be considered affordable insurance varies by country and is based on factors such as: insurance premium amount relative to average income, coverage period, underwriting requirements and/or government regulation. Includes Asia Joint Venture (Malaysia) and ASEAN Markets (Philippines and Vietnam) only.

2 Examples of positive financial actions include adding voluntary benefits, adding a voluntary savings product, making a lump sum deposit and more.

3 Excludes SLC Management, Asia (Regional Office) and Corporate Support.

Relevant standards/

GRI 3-3, 203-2

SDG 3.4, 3.8, 3.d

Number of Clients reached with standalone solutions through our Bridges Initiative1 (millions)

29.6

30.2

Number of positive health actions taken by Clients in Canada towards health and wellness2 (millions)

2.2

1.8

Number of Clients in Canada with access to virtual health solutions for themselves and their dependents3 (millions)

3.5

U.S. stop-loss Clinical 360 savings for Sun Life and Clients ($ millions)

US$46.5

US$36.2

US$30.5

indicators Client health 2024 2023 2022

1 Bridges Initiative includes our products and services that aim to address the unique needs of underserved groups, which may fall under either the Financial Security or Healthier Lives pillars of our sustainability plan. Includes Canada (Individual Insurance and Wealth, Sun Life Health and Group Retirement Services), U.S. (Group Benefits and Dental), ASEAN Markets (Vietnam, Philippines, Indonesia) and Asia Joint Venture (Malaysia) only.

2 Positive health actions are actions a Client makes to lead a healthier life. One example of a positive health action is consulting a health-care professional via Lumino Health Virtual Care.

3 Includes Clients with access to Dialogue's virtual primary care, mental health and employee assistance programs. "Clients" refers to the primary account holder. An account holder can add their dependents.

1 Refer to Report Scope - Note 1.

2 Based on the Q3 global employee engagement survey. 79% of employees surveyed participated. Refer to Report Scope - Note 2.

3 Training completion rates are as at January 15 since annual training assigned during the reporting year may be completed after year-end.

4 Refers to a serious injury that places life in jeopardy, and involves an employee that is unconscious, experienced a significant loss of blood, a fracture or amputation of a limb, burns over major portions of the body, loss of sight in an eye or other significant losses that require immediate hospitalization.

5 Work-related fatalities are fatalities due to work-related accidents, injuries or illness.

6 Refers to the total number of work-related accidents relative to one million hours worked. Work-related accidents include: critical injuries, fatalities and non-critical injuries.

Relevant standards/

indicators

Community wellness

2024

2023

2022

indicators

Sustainable investing

2024

2023

2022

GRI 3-3, 203-1,

General account sustainable investment AUM*1 ($ billions)

$28.6

$27.6

$28.7

203-2

Total sustainable investment AUM*2 ($ billions)

$83.3

$77.9

$81.0

SDG 7.1, 7.2,

Renewable energy

$12.4

$12.3

$13.0

7.3, 13.1, 13.3

Energy efficiency

$4.2

$3.5

$2.8

Sustainable/green buildings3

$44.6

$42.94

$47.1

Clean transportation

$1.9

$1.7

$1.8

Sustainable water management

$0.8

$0.7

Access to essential services

$9.2

$8.7

$9.5

Green, social and sustainability bonds

$10.2

$8.15

$6.15

Value of new sustainable investments2,6,7 ($ billions)

$4.54

$3.3

$6.6

(Goal: $20 billion between 2021-20258)

Sustainable investment solutions AUM (SLGI)9 ($ billions)

$0.6

$0.5

Percentage of green-certified space (real estate investments in North America)10

87%

88%5

90%5

1 Corporate giving amounts reflect giving towards registered charities and non-profit organizations. Includes MFS and asset management affiliates (BGO, InfraRed and Crescent).

2 Includes Asia Joint Ventures (Malaysia and India).

3 Underserved groups are groups of people that have been historically excluded from or deprioritized in the financial industry, including underinsured or uninsured populations. Underserved groups will differ across countries but generally include low-income individuals, the emerging middle-class in developing economies, people with chronic health issues and disabilities, women, LGBTQ+ individuals, underrepresented ethnicities, religious groups, immigrants, and those living in rural communities.

4 Number of hours an employee performed a service without pay for the greater good of others, on behalf of a registered charity. Includes North America, Ireland and Malaysia joint venture. 2024 value includes Philippines, Vietnam and India, 2023 value includes India, 2022 value includes Vietnam.

* Portfolio at December 31 (general account and certain third-party Clients, where relevant). Client asset values included represent a non-IFRS financial measure. Includes MFS and asset management affiliates (BGO, InfraRed and Crescent).

GRI 3-3, 203-2

SDG 3.4, 3.8, 3.d

Total corporate giving1 ($ millions)

$24.6

$25.1

$23.8

Breakdown of Sun Life donations2 by focus area ($ millions)

Health

$11.8

$12.7

$10.5

Oral Health

$1.2

$0.6

Diabetes

$5.5

$5.7

Mental Health

$3.8

$4.4

$3.3

Culture

$0.6

$0.5

$1.3

Social Services

$5.0

$4.7

$3.3

Education

$1.4

$1.0

$1.2

Total donations to causes that support underserved groups2,3 ($ millions) (Goal: $75 million by 2030)

$11.0

$8.4

Percentage of Canadian philanthropic donations spent on Black community initiatives

11%

10%

Dollars raised by employees for charities across North America and Ireland ($ millions)

$2.1

$2.2

Number of registered charities supported by employee giving and volunteering in North America and Ireland (thousands)

4.5

4.3

3.2

Employee volunteer hours4 (thousands)

37.9

28.4

26.0

1 Reflects assets managed for the general account. More information on AUM methodology, including criteria included in the calculation, is available upon request. Asset values included represent a non-IFRS financial measure. Sustainable investments meet one or more of the criteria for investments based on ICMA Green Bond Principles, ICMA Social Bond Principles, ICMA Sustainability Bond Guidelines, GRESB Real Estate Benchmark, and/or PRI Impact Investing Market Map. Where issuers do not obtain a third-party opinion or provide an internal opinion on their issuance, our investment professionals apply judgment to assess whether the use of proceeds meets the standards set out in the ICMA principles. Assets included may not align with criteria in Sun Life's Sustainability Bond Frameworks. Does not include all holdings in companies that may be defined as sustainable under other taxonomies.

2 General account and certain third-party Clients, where relevant. More information on AUM methodology, including asset managers and criteria included in the calculation, is available upon request. Client asset values included represent a non-IFRS financial measure. Sustainable investments meet one or more of the criteria for investments based on ICMA Green Bond Principles, ICMA Social Bond Principles, ICMA Sustainability Bond Guidelines, GRESB Real Estate Benchmark, and/or PRI Impact Investing Market Map. Where issuers do not obtain a third-party opinion or provide an internal opinion on their issuance, our investment professionals apply judgment to assess whether the use of proceeds meets the standards set out in the ICMA principles. Assets included may not align with criteria in Sun Life's Sustainability Bond Frameworks. Does not include all holdings in companies that may be defined as sustainable under other taxonomies.

3 Real estate assets include investment properties, owner-occupied properties and real estate in limited partnership investments.

4 Amount is impacted by rounding.

5 Figure restated to reflect additional data provided after year-end.

6 Values are as at transaction date. Figures may be adjusted year-over-year due to rounding. Client asset values included represent a non-IFRS financial measure.

7 Examples of typical investments include solar, wind and hydro renewable energy investments, energy efficiency projects, affordable housing and long-term care facilities.

8 Includes investments from the Sun Life general account, SLC Fixed Income and two asset management affiliates: BGO and InfraRed.

9 Sustainable investment solutions refer to sustainability-focused solutions as well as investment solutions offered or utilized by SLGI that embed ESG as part of the investment objectives.

10 Certificates include BOMA BEST, LEED®, IREM Certified Sustainable Property, Fitwel and ENERGY STAR® certified 2024. LEED®, and its related logo, is licensed in Canada to the Canada Green Building Council and is used here with permission.

Relevant standards/

indicators

Inclusion1

2024

2023

2022

indicators

Inclusion1

2024

2023

2022

Average total compensation for women as a percentage of men by role5 (Canada)

Senior management

96%

95%

96%

Middle management

98%

Staff

98%

97%

98%

Average total compensation for underrepresented ethnicities2 as a percentage of non-underrepresented ethnicities5,6 (Canada)

Senior management

110%

104%

111%

Middle management

103%

101%

Staff

102%

103%

Average total compensation for women as a percentage of men by role5,7 (U.S.)

Senior management

88%

98%

97%

Middle management

96%

98%

Staff

94%

96%

97%

Average total compensation for underrepresented ethnicities2 as a percentage of non-underrepresented ethnicities5,6,7 (U.S.)

Senior management

101%

103%

Middle management

103%

102%

104%

Staff

99%

100%

101%

Average total compensation for women as a percentage of men by role5,8,9

(Countries in Asia)

Middle management

94-109%

95-102%

89-104%

Staff

93-96%

96-99%

98-101%

Percentage of total direct spend (North America) with certified diverse suppliers

2.1%

1.4%

1.0%

Percentage of employees who recommend Sun Life as an equitable and inclusive workplace10,11

92%

Diversity and Inclusion Index score10

89%

88%

87%

GRI 2-7, 3-3,

Women (Global)

59%

60%

59%

405-1, 405-2

Senior management (Vice-President and above)

37%

33%

SASB FN-AC-330a.1

Middle management (Assistant Vice-President and Director)

50%

48%

SDG 5.1, 5.2, 5.5, 8.5

Staff

61%

62%

Underrepresented ethnicities2 (North America)

38%

36%

34%

Senior management

19%

20%

19%

Middle management

32%

31%

29%

Staff

40%

38%

35%

Black/African American

Indigenous3

Asian

20%

18%

Hispanic/Latino

Other underrepresented ethnicity

Not disclosed

10%

LGBTQ+ (North America)

Persons with disabilities (North America)

Black (Canada)

Senior management

1.5%

1.9%

3.1%

Middle management

Staff

Within student workforce

Indigenous3 (Canada)

Senior management

Middle management

Staff

Black/African American (U.S.)4

13%

Senior management

Middle management

Staff

15%

11%

Age composition (Global)

<30

17%

18%

19%

30-50

59%

60%

50+

23%

22%

21%

1 Underrepresented ethnicity data is based on employee voluntary self-identification. 92% of employees surveyed have provided self-identification data.

2 Canada: those who self-identify as Visible Minorities per the Employment Equity Act; U.S.: those who self-identify as People of Color per the Equal Employment Opportunity Commission.

3 Indigenous is a collective name for the original peoples of North America and their descendants. In Canada, the term Aboriginal Peoples is also used for individuals identifying themselves as First Nations, Inuit or Métis.

4 2023 and 2022 figures have been restated to reflect a change in methodology.

5 As at April 1, following completion of annual compensation cycle. Calculated for full-time employees only, excluding those participating in specialized incentive plans; includes base salary, annual incentives and long-term incentive grants.

6 Includes primarily employees who self-identify as white, those who choose not to identify and those for whom there is no data.

7 2022 and 2023 figures exclude DentaQuest.

8 Senior management populations across comparator groups did not meet the minimum required for reporting.

9 Countries in Asia include India, Indonesia, Hong Kong and the Philippines.

10 Based on the Q4 global employee engagement survey. 80% of employees surveyed participated. Refer to Report Scope - Note 2.

11 Survey language was modified in 2024, there are no comparative figures for 2023 and 2022.

Relevant standards/

indicators

Talent management

2024

2023

2022

indicators

Risk management

2024

2023

2022

GRI 3-3

SDG 13.1

Percentage of employees who completed Sun Life's annual risk-related training modules1

99%

98%

91%

GRI 2-7, 3-3,

401-1, 401-2, 404-1,

404-2

SDG 5.4, 5.5, 8.5

Total number of employees1

66,928

58,245

52,072

Regular employees

31,768

30,941

28,932

Temporary employees

895

999

1,066

Regular employees - Asia joint ventures

33,736

25,775

21,549

Temporary employees - Asia joint ventures

529

530

525

Employee engagement score2

88%

89%

Participation rate in employee engagement survey

80%

71%

68%

Total turnover rate3

10.2%

11.6%

14.7%

Percentage of employees who left who identify as women

57.0%

57.8%

55.1%

Voluntary turnover rate

7.4%

8.7%

13.1%

Percentage of employees who voluntarily left who identify as women

58.1%

59.4%

55.9%

Average employee tenure3 (years)

8.2

8.4

Percentage of employees who received a promotion3

10%

Number of new hires3

9,616

10,321

9,765

Percentage of hires filled by internal candidates

62%

38%

44%

Percentage of women in technology4

37%

38%

Percentage of women in junior management positions4

61%

60%

Total invested in training and development5 ($ millions)

$41.7

$42.46

$34.3

Total hours of employee training7 (thousands)

700.3

626.4

515.5

Average hours of training per employee7

Mandatory risk-related training

Other training8

Senior management

Middle management

Staff

1 Training completion rates are as at January 15 since annual training assigned during the reporting year may be completed after year-end.

Relevant standards/

indicators Data security and privacy 2024 2023 2022

GRI 3-3, 418-1

Number of scenarios used in phishing simulation tests that were delivered to employees, contractors and Canadian Advisors (combined total)1

Number of substantiated privacy complaints from a regulatory body2

Percentage of employees who completed Sun Life's annual information security and privacy training3

99%

98%

91%

Privacy Impact Assessments (PIAs) reviewed4

662

584

511

1 Excludes U.S. (Dental and In-force Management) and Asia (High Net Worth). Includes Asia Joint Ventures (Malaysia and India).

2 Excludes SLC Management and Corporate Support. Includes Asia Joint Ventures.

3 Training completion rates are as at January 15 since annual training assigned during the reporting year may be completed after year-end.

4 PIAs are mandatory evaluations that teams across Sun Life must complete when developing new business initiatives. Conducting a PIA is a strong risk management practice for identifying and mitigating privacy risks.

Relevant standards/

GRI 3-3, 405-1, 415-1

SDG 5.1, 5.2, 5.5

Number of directors on the Board

Number of independent directors on the Board

Percentage of Board members who self-identify as women

46%

50%

55%

Percentage of Board committee chairs who self-identify as women

75%

Percentage of Board members belonging to an underrepresented group1

23%

25%

27%

Percentage of employees who feel it is safe to speak up at Sun Life2

80%

78%

Percentage of employees who completed Sun Life's annual Code of Conduct training3

98%

97%

96%

Percentage of employees who completed Sun Life's annual financial crime awareness training3

99%

98%

92%

indicators Governance and ethics 2024 2023 2022

1 Represents full-time equivalent employees. Refer to Report Scope - Note 1.

2 Refer to Report Scope - Note 2.

3 Refer to Report Scope - Note 3.

4 Refer to Report Scope - Note 4.

5 Refer to Report Scope - Note 1.

6 Restated due to correction of error.

7 Refer to Report Scope - Note 5.

8 Other training includes skills and career development training.

1 Individuals who have self-identified as members of the Black, Indigenous, People of Colour, disabled and/or LGBTQ+ communities.

2 Based on the Q3 global employee engagement survey. 79% of employees surveyed participated. Refer to Report Scope - Note 2.

3 Training completion rates are as at January 15 since annual training assigned during the reporting year may be completed after year-end.

Relevant standards/

indicators Enterprise greenhouse gas emissions (tCO2e) 2024 2023 2022

1 In 2024, we applied changes to our emissions accounting methodology, such as including additional categories of emissions. Emissions associated with fleet fuel consumption are included in 2024, but excluded from prior years due to unavailable data.

GRI 3-3, 305-1, 305-2,

305-3, 305-5

SDG 3.9, 8.4, 13.1, 13.3

Scope 1

45,601

44,883

50,211

Natural gas

44,908

44,871

50,160

Other stationary fuels

Fleet fuel1

663

Scope 2 location-based2

39,554

40,830

40,522

Purchased electricity

38,323

39,453

34,062

District heat and steam

1,127

1,298

6,430

Chilled water

104

Scope 2 market-based3

40,589

34,558

38,055

Impacts of contractual instruments

1,035

-6,272

-2,467

Scope 3 location-based

15,950,347

8,953,946

34,791

Scope 3 Upstream emissions

77,935

48,266

34,791

Category 3: Fuel and energy related activities4

18,310

Category 4: Upstream transportation and distribution5

151

156

254

Category 5: Waste generated in operations6

8,865

6,738

6,911

Category 6: Business travel

16,664

18,417

5,959

Air

14,499

15,918

4,727

Car7

1,465

2,024

1,219

Rail

205

Other8

495

388

Category 7: Employee commuting9

12,492

Category 8: Upstream leased assets10

21,453

22,955

21,667

Natural gas

4,118

4,899

5,071

Other stationary fuels

Purchased electricity

16,407

17,026

15,416

Chilled water

207

203

District heat and steam

638

741

1,021

Water

119

Scope 3 Downstream emissions

15,872,412

8,905,680

Category 15: Investments (Sun Life general account)11

15,872,412

8,905,680

Scope 3 market-based12

15,945,495

8,953,949

34,479

Impacts of contractual instruments

-4,852

-312

Total emissions location-based13

16,035,502

9,039,659

125,524

Total emissions market-based14

16,031,685

9,033,390

122,745

2 Location-based electricity emissions reflect the grid-average emission intensity (gCO2e/kWh) for the region in which a property is located.

3 Scope 2 market-based electricity emissions reflect contractual instruments implemented with respect to electricity purchases at Sun Life owned properties, i.e., renewable energy certificates (RECs).

4 Emissions from fuel- and energy-related activities (FERA) not already included in Scope 1 or Scope 2 at Sun Life owned properties, but excluded from prior years due to unavailable data.

5 Emissions associated with water transmission and distribution (not including wastewater treatment) at Sun Life owned properties.

6 Emissions associated with waste by disposal type (landfill, recycling, incineration, compost) at 88% of Sun Life owned properties.

7 Emissions associated with car rentals for business purposes and employee-claimed mileage.

8 Emissions associated with taxi, ride-share and bus are included in 2023 and 2024, but not reported for prior years due to unavailable data.

9 Emissions associated with the transportation of employees between their homes and Sun Life offices, and emissions from teleworking (i.e., employees working remotely). This emissions figure currently only reflects employees in business units where reliable commuting data was available from employee surveys and service records.

10 Sun Life does not have ownership or financial control over its global offices (unless they are located in Sun Life owned properties), thus, all energy and water emissions from leased offices are allocated to Scope 3, Category 8: Upstream leased assets, except for offices spaces located in Sun Life owned properties.

11 Sun Life calculates and reports financed emissions associated with listed equities and corporate bonds, sovereign debt, and non-majority owned real estate for its General Account (GA) in alignment with The Partnership for Carbon Accounting Financials (PCAF) Standard Part A: Financed Emissions. Majority-owned real estate is reported in Sun Life's Scope 1, 2 and applicable Scope 3 Categories (other than Category 15) under the financial control boundary.

12 Scope 3 market-based electricity emissions reflect contractual instruments implemented with respect to electricity purchases at global leased offices, i.e., RECs.

13 Total of all reported location-based emissions across Scope 1, 2, 3. Note that the significant year-over-year increase in total location-based emissions is largely attributable to an increase in reported financed emissions, including both expansion of reporting across asset classes and investee sectors.

14Total of all reported market-based emissions across Scope 1, 2, 3. For Scope 3, Category 8: Upstream leased assets, total market-based emissions are 16,602 tCO2e

Relevant standards/ indicators

Financed emissions:

Enterprise greenhouse gas emissions (tCO e)1 2024 2023

2024 average

data quality score2

Sun Life uses a financial control approach to account for GHG emissions from operations and investments. Refer to Sun Life's 2024 GHG Emissions Reporting Methodology for more information on footnotes and methodology related changes.

All values are reported for the calendar year (January 1 to December 31). Amounts are impacted by rounding.

Historical results have been restated to reflect changes in methodology, acquisitions and divestments, updated emission factors, and improvements in data collection processes where applicable. The significant increase in restated historical figures is partly due to the inclusion of owned properties and leased offices acquired through acquisitions, as well as the inclusion of owned properties previously not tracked due to data unavailability.

GRI 305-3

Listed equities

Scope 1

9,891

10,805

2.06

Scope 2

8,227

6,259

2.06

Scope 3

42,579

10,309

2.59

Listed corporate bonds

Scope 1

1,943,886

2,028,300

2.13

Scope 2

301,740

283,626

2.17

Scope 3

11,249,629

6,566,381

2.78

Sovereign debt3,4

Scope 1 (Including LULUCF)

2,294,072

4.00

Scope 1 (Excluding LULUCF)

2,315,819

4.00

Commercial real estate4,5

Scope 1

234

2.57

Scope 2

407

2.43

All values are reported for the calendar year (January 1 to December 31). Amounts are impacted by rounding.

1 Sun Life calculates and reports financed emissions in alignment with the Partnership for Carbon Accounting Financials (PCAF) Standard Part A: Financed Emissions. Refer to Sun Life's 2024 GHG Emissions Reporting Methodology for more information.

2 Sun Life calculates average data quality score in alignment with the data quality scoring guidance in the PCAF Standard Part A: Financed Emissions. Each underlying emissions data point is assigned a data quality score, according to the scoring criteria for the respective asset class, ranging from 1 (highest data quality) to 5 (lowest data quality). The average data quality score for each asset class and scope is calculated by weighting each score by the respective asset's outstanding amount in Canadian dollars.

3 Sovereign scope 1 emissions are reported including and excluding LULUCF (emissions attributed to land use, land-use change, and forestry activities) as outlined by data requirements for sovereign debt in the PCAF Standard Part A: Financed Emissions.

4 Commercial real estate figures in this table include non-majority owned commercial real estate invested assets in the general account (GA). Majority-owned commercial real estate invested assets are reported in Sun Life's Scope 1 and 2 emissions under the financial control boundary.

5 Emissions from both sovereign debt and commercial real estate have been introduced to the financed emissions inventory in 2024; historical emissions for these asset classes are not currently reported.

Disclaimer

Sun Life Financial Inc. published this content on May 28, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 28, 2025 at 13:54 UTC.