Impact of IFRS 17 changes

3 Expect underlying net income¹ growth - 2022 (IFRS 4) to 2023 (IFRS 17) Mid-single digit reduction to underlying net income in 2022 comparative year Growth in other businesses not impacted by IFRS 17 and growth in insurance businesses Overall underlying net income growth in 2023 Key sources of IFRS 17 underlying net income reduction in 2022 comparative year: 1. Deferral of pricing gains: New business gains ¹ will be amortized over life of contracts and onerous contracts will continue to be recognized as strain at issue, partially offset by amortization of the transition CSM 2. VUL in Asia: Fee income (high in early years) is replaced with CSM amortization. Product economics continue to be attractive NOTE: New expected future investment profits, mainly from non-fixed income expected spread above IFRS 17 discount rates, are expected to be roughly the same size as investing activity gains 1 after transition - no significant impact to underlying net income SUN LIFE • I FR S 1 7 • MAY 2022 1 Note: This slide contains forward-looking statements. Refer to "Forward-looking statements" on slide 3 for more information Represents a non-IFRS financial measure. Refer to "Non-IFRS financial measures" on slide 3 for more information 16

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