Impact of IFRS 17 changes

1 Overview of key IFRS 17 changes New business gains¹ Discount rates Pricing gains are deferred and recognized over time through CSM amortization, whereas losses (new business strain) are recognized in net income at origination Removal of direct link between the asset and liability discount rates and the new valuation of certain minimum guarantees expected to increase reported net income volatility Timing of investment profits Value of investing activity gains ¹/changes to investment strategies will be recognized as earned ACMA 1,2 SUN LIFE I FR S 1 7 • MAY 2022 Insurance risk changes will be reflected in CSM and amortized over life of insurance contracts Financial risk changes (e.g., changes to discount rates) continue to be recorded through income for most products (exception is Variable Fee Approach products, such as segregated funds, which are recorded in CSM) Note: This slide contains forward-looking statements. Refer to "Forward-looking statements" on slide 3 for more information Footnotes 1-2: Refer to slide 32 11

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