Sun Life Financial Inc. (SLF) Balance Sheet
SLF balance sheet, 2025
December 31, 2025 · Canadian dollarsC$398.45B assets = C$372.96B liabilities + C$25.49B equity
Both columns are drawn to the same scale: what SLF owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SLF financial health
Descriptive bands, not a rating. Fiscal 2025.
SLF balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | C$258.24B2016 | C$398.45B2025 | +4.9%/yr | |
| Total liabilities | C$235.87B2016 | C$372.96B2025 | +5.2%/yr | |
| Shareholders’ equity | C$22.37B2016 | C$25.23B2025 | +1.3%/yr | |
| Cash & short-term investments | C$8.64B2016 | C$29.46B2025 | +14.6%/yr | |
| Total debt | C$8.77B2016 | C$18.79B2025 | +8.8%/yr | |
| Net cash (debt) | −C$131.0M2016 | C$10.67B2025 | +C$10.8B | |
| Working capital | C$168.03B2016 | C$26.62B2025 | −C$141.4B | |
| Debt / equity | 0.392016 | 0.742025 | +0.35 | |
| Shares outstanding | 619.0M2016 | 572.6M2025 | −0.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SLF assets
SLF liabilities and equity
SLF debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SLF balance sheet in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | C$29.46B | C$27.80B | C$27.55B | C$11.22B | C$12.28B | C$13.53B | C$9.57B | C$9.51B | C$8.89B | C$8.64B |
| Cash & equivalents | C$9.69B | C$10.13B | C$11.17B | C$11.22B | C$12.28B | C$13.53B | C$9.57B | C$7.30B | C$8.89B | C$6.70B |
| Short-term investments | C$19.78B | C$17.67B | C$16.38B | C$1.84B | C$4.45B | C$2.87B | C$2.86B | C$2.21B | C$2.79B | C$1.94B |
| Receivables | C$11.18B | C$2.75B | C$2.41B | C$3.67B | C$2.27B | C$1.81B | C$1.96B | C$2.02B | C$2.10B | C$2.80B |
| Inventory | C$0 | C$0 | −C$19.72B | −C$16.94B | −C$19.61B | −C$20.43B | −C$16.96B | −C$12.84B | −C$12.15B | −C$12.59B |
| Other current assets | C$931.0M | — | C$19.65B | C$16.94B | C$19.61B | C$20.43B | C$16.96B | C$184.04B | C$181.37B | C$172.10B |
| Total current assets | C$41.57B | — | C$29.90B | C$14.89B | C$14.55B | C$15.34B | C$11.53B | C$182.73B | C$180.21B | C$170.95B |
| Property, plant & equipment (net) | C$1.44B | C$1.40B | C$1.45B | C$1.36B | C$1.31B | C$1.39B | C$1.40B | C$621.0M | C$624.0M | C$659.0M |
| Goodwill & intangible assets | C$14.83B | C$14.51B | C$14.14B | C$13.43B | C$9.89B | C$8.55B | C$7.92B | C$7.19B | C$6.85B | C$7.02B |
| Long-term investments | C$119.09B | C$108.98B | C$95.00B | C$84.89B | C$102.29B | C$98.59B | C$89.25B | C$81.28B | C$81.43B | C$79.61B |
| Other non-current assets | C$221.52B | C$245.83B | C$192.75B | C$216.33B | C$217.34B | C$199.14B | C$187.10B | C$0 | C$0 | C$0 |
| Total assets | C$398.45B | C$370.72B | C$333.24B | C$330.91B | C$345.37B | C$323.01B | C$297.20B | C$271.83B | C$269.11B | C$258.24B |
| Liabilities | ||||||||||
| Accounts payable | C$2.14B | C$2.56B | C$2.49B | C$2.64B | C$1.87B | C$2.44B | C$1.90B | C$2.04B | C$1.97B | C$2.74B |
| Short-term debt | C$1.83B | C$2.30B | C$2.33B | C$2.35B | C$574.0M | C$344.0M | C$30.0M | C$104.0M | C$140.0M | C$189.0M |
| Total current liabilities | C$14.95B | — | C$9.26B | C$4.98B | C$2.44B | C$2.78B | C$1.93B | C$2.15B | C$2.11B | C$2.93B |
| Long-term debt | C$16.96B | C$14.57B | C$12.81B | C$12.88B | C$11.32B | C$8.69B | C$8.94B | C$8.04B | C$8.22B | C$8.58B |
| Lease obligations | C$924.0M | C$946.0M | C$989.0M | C$952.0M | C$850.0M | C$864.0M | C$902.0M | C$0 | C$0 | C$0 |
| Other long-term liabilities | C$341.05B | C$330.02B | C$296.23B | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Total liabilities | C$372.96B | C$344.59B | C$309.04B | C$301.53B | C$317.30B | C$297.15B | C$272.69B | C$247.26B | C$246.14B | C$235.87B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | C$7.90B | C$8.19B | C$8.33B | C$10.64B | C$10.62B | C$10.59B | C$10.62B | C$8.42B | C$10.91B | C$8.61B |
| Retained earnings (deficit) | C$12.93B | C$12.60B | C$12.16B | C$16.81B | C$15.70B | C$13.88B | C$12.78B | C$11.27B | C$11.41B | C$9.36B |
| Treasury stock | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$0 |
| Accumulated other comprehensive income | C$1.39B | C$2.43B | C$765.0M | C$651.0M | C$986.0M | C$1.59B | C$1.46B | C$1.69B | C$1.10B | C$1.65B |
| Minority interest | C$264.0M | C$76.0M | C$161.0M | C$90.0M | — | — | C$0 | C$0 | C$0 | C$0 |
| Total shareholders' equity | C$25.23B | C$26.05B | C$24.04B | C$29.38B | C$28.07B | C$25.86B | C$24.51B | C$24.57B | C$22.97B | C$22.37B |
| Key figures | ||||||||||
| Total debt | C$18.79B | C$16.87B | C$15.40B | C$15.22B | C$11.89B | C$9.03B | C$8.97B | C$8.15B | C$8.36B | C$8.77B |
| Net cash (debt) | C$10.67B | C$10.93B | C$12.16B | −C$4.00B | C$387.0M | C$4.50B | C$603.0M | C$1.36B | C$527.0M | −C$131.0M |
| Working capital | C$26.62B | — | C$20.64B | C$9.91B | C$12.11B | C$12.56B | C$9.60B | C$180.58B | C$178.09B | C$168.03B |
| Tangible book value | C$10.40B | C$11.54B | C$9.90B | C$15.95B | C$18.19B | C$17.31B | C$16.59B | C$17.38B | C$16.12B | C$15.35B |
| Shares outstanding | 572.6M | 581.0M | 589.0M | 589.0M | 590.0M | 589.0M | 597.0M | 611.0M | 615.8M | 619.0M |
| Current ratio | 2.78 | — | 3.23 | 2.99 | 5.96 | 5.51 | 5.97 | 85.03 | 85.32 | 58.39 |
| Quick ratio | 2.72 | — | 3.24 | 2.99 | 5.96 | 5.51 | 5.97 | 5.36 | 5.20 | 3.91 |
| Debt / equity | 0.74 | 0.65 | 0.64 | 0.52 | 0.42 | 0.35 | 0.37 | 0.33 | 0.36 | 0.39 |
| Equity / assets | 6.3% | 7.0% | 7.2% | 8.9% | 8.1% | 8.0% | 8.2% | 9.0% | 8.5% | 8.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | C$29.66B | C$27.67B | C$29.46B | C$28.07B | C$27.45B | C$28.05B | C$27.80B | C$26.03B | C$25.89B | C$25.62B | C$27.55B | C$24.99B |
| Cash & equivalents | C$8.89B | C$8.79B | C$9.69B | C$8.75B | C$7.60B | C$7.90B | C$10.13B | C$10.39B | C$8.73B | C$8.05B | C$11.17B | C$8.94B |
| Short-term investments | C$20.77B | C$18.88B | C$19.78B | C$19.32B | C$19.85B | C$20.15B | C$17.67B | C$15.64B | C$17.16B | C$17.57B | C$16.38B | C$16.05B |
| Receivables | C$45.95B | C$44.96B | C$11.18B | C$45.74B | C$43.77B | C$44.14B | C$2.75B | C$0 | C$0 | C$0 | C$2.41B | C$208.0M |
| Inventory | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | −C$19.72B | C$0 |
| Other current assets | C$0 | C$0 | C$931.0M | C$0 | C$0 | C$0 | — | C$2.51B | C$0 | C$0 | C$19.65B | C$0 |
| Total current assets | C$75.61B | C$72.63B | C$41.57B | C$73.81B | C$71.22B | C$72.19B | — | C$28.54B | C$14.64B | C$8.23B | C$29.90B | C$24.92B |
| Property, plant & equipment (net) | C$0 | C$0 | C$1.44B | C$0 | C$0 | C$0 | C$1.40B | C$242.08B | C$308.15B | C$304.33B | C$1.45B | C$98.93B |
| Goodwill & intangible assets | C$14.88B | C$14.79B | C$14.83B | C$14.90B | C$14.30B | C$14.97B | C$14.51B | C$14.18B | C$14.27B | C$14.23B | C$14.14B | C$14.10B |
| Long-term investments | C$130.81B | C$120.99B | C$119.09B | C$117.89B | C$112.50B | C$113.22B | C$108.98B | C$104.17B | C$99.25B | C$94.58B | C$95.00B | C$88.25B |
| Other non-current assets | C$204.03B | C$189.90B | C$221.52B | C$188.33B | C$178.27B | C$172.57B | C$245.83B | C$0 | C$0 | C$0 | C$192.75B | C$87.65B |
| Total assets | C$425.33B | C$398.31B | C$398.45B | C$394.93B | C$376.29B | C$372.96B | C$370.72B | C$361.25B | C$344.52B | C$340.53B | C$333.24B | C$313.85B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | C$2.14B | — | — | — | C$2.56B | — | — | C$136.44B | C$2.49B | C$126.42B |
| Short-term debt | — | — | C$1.83B | C$0 | C$0 | C$0 | C$2.30B | C$182.0M | — | — | C$2.33B | C$0 |
| Total current liabilities | C$2.76B | C$2.53B | C$14.95B | C$2.32B | C$2.14B | C$2.17B | — | C$182.0M | — | C$130.70B | C$4.82B | C$120.65B |
| Long-term debt | C$9.12B | C$8.37B | C$8.37B | C$7.38B | C$6.38B | C$6.38B | C$6.38B | C$6.38B | C$7.13B | C$6.38B | C$9.96B | C$6.38B |
| Lease obligations | — | — | C$924.0M | — | — | — | C$946.0M | — | — | — | C$989.0M | — |
| Other long-term liabilities | C$386.69B | C$361.46B | C$349.64B | C$359.25B | C$342.58B | C$338.37B | C$338.21B | C$328.76B | C$312.69B | C$173.06B | C$1.27B | C$3.37B |
| Total liabilities | C$398.57B | C$372.36B | C$372.96B | C$368.94B | C$351.10B | C$346.92B | C$344.59B | C$335.32B | C$319.81B | C$315.88B | C$309.04B | C$290.08B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | C$7.94B | C$7.92B | C$7.90B | C$7.97B | C$8.04B | C$8.09B | C$8.19B | C$8.21B | C$8.24B | C$8.30B | C$8.33B | C$8.31B |
| Retained earnings (deficit) | C$13.09B | C$12.78B | C$12.93B | C$13.00B | C$12.75B | C$12.71B | C$12.60B | C$13.11B | C$12.27B | C$12.27B | C$12.16B | C$11.87B |
| Accumulated other comprehensive income | C$1.95B | C$1.54B | C$1.39B | C$1.76B | C$1.41B | C$2.28B | C$2.43B | C$1.57B | C$1.20B | C$1.12B | C$765.0M | C$715.0M |
| Minority interest | C$199.0M | C$195.0M | C$264.0M | C$289.0M | C$61.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | C$26.56B | C$25.75B | C$25.23B | C$25.70B | C$25.12B | C$25.96B | C$26.05B | C$25.85B | C$24.61B | C$24.54B | C$24.04B | C$23.62B |
| Key figures | ||||||||||||
| Total debt | C$9.12B | C$8.37B | C$18.79B | C$7.38B | C$6.38B | C$6.38B | C$16.87B | C$6.38B | C$7.13B | C$6.38B | C$15.40B | C$6.38B |
| Net cash (debt) | C$20.54B | C$19.30B | C$10.67B | C$20.70B | C$21.07B | C$21.67B | C$10.93B | C$19.65B | C$18.76B | C$19.25B | C$12.16B | C$18.61B |
| Working capital | C$72.85B | C$70.09B | C$26.62B | C$71.50B | C$69.08B | C$70.02B | — | C$28.36B | — | −C$122.47B | C$25.08B | −C$95.73B |
| Tangible book value | C$11.68B | C$10.96B | C$10.40B | C$10.80B | C$10.83B | C$10.99B | C$11.54B | C$11.67B | C$10.34B | C$10.31B | C$9.90B | C$9.52B |
| Shares outstanding | 559.0M | 572.6M | 572.6M | 564.0M | 569.0M | 575.0M | 581.0M | 581.0M | 584.0M | 587.0M | 584.3M | 589.0M |
| Current ratio | 27.38 | 28.66 | 2.78 | 31.84 | 33.28 | 33.22 | — | 156.83 | — | 0.06 | 6.20 | 0.21 |
| Quick ratio | 27.38 | 28.66 | 2.72 | 31.84 | 33.28 | 33.22 | — | 143.03 | — | 0.20 | 6.21 | 0.21 |
| Debt / equity | 0.34 | 0.33 | 0.74 | 0.29 | 0.25 | 0.25 | 0.65 | 0.25 | 0.29 | 0.26 | 0.64 | 0.27 |
| Equity / assets | 6.2% | 6.5% | 6.3% | 6.5% | 6.7% | 7.0% | 7.0% | 7.2% | 7.1% | 7.2% | 7.2% | 7.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported (latest annual report filed February 12, 2026); data from EODHD.
SLF financial position
At the end of fiscal 2025 (December 31, 2025), Sun Life Financial had total assets of C$398.5 billion (up 7.5% from a year earlier), total liabilities of C$373.0 billion and shareholders' equity of C$25.2 billion. It held C$29.5 billion in cash and short-term investments against C$18.8 billion of debt, a net cash position of C$10.7 billion. Its current ratio was 2.78. In the latest quarter (ended June 30, 2026) total assets were C$425.3 billion and equity C$26.6 billion.
Related: SLF income statement, SLF cash flow statement, SLF key metrics. See the SLF stock overview for the latest quote and news.
SLF balance sheet FAQ
What are Sun Life Financial's total assets?
Sun Life Financial reported total assets of C$398.5 billion at the end of fiscal 2025 (December 31, 2025), compared with C$370.7 billion a year earlier.
How much debt does Sun Life Financial have?
Sun Life Financial had C$18.8 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.74.
How much cash does Sun Life Financial have?
Sun Life Financial held C$29.5 billion in cash and short-term investments at the end of fiscal 2025; with C$18.8 billion of debt that is net cash of C$10.7 billion.
What is Sun Life Financial's book value?
Sun Life Financial's shareholders' equity (book value) was C$25.2 billion at the end of fiscal 2025.
What is Sun Life Financial's current ratio?
Sun Life Financial had current assets of C$41.6 billion and current liabilities of C$15.0 billion, a current ratio of 2.78 (it can cover its short-term obligations).
How much goodwill does Sun Life Financial have?
Sun Life Financial carried C$14.8 billion of goodwill and intangible assets, 3.7% of total assets, at the end of fiscal 2025.