Impact of IFRS 17 changes

2 1 Will continue to provide a view of underlying net income ¹ through the Drivers of Earnings² Drivers of Earnings: Non-IFRS Earnings Measure Analysis Risk Adjustment release CSM amortization Earnings on other short term insurance businesses Impact of new insurance business (onerous contracts) Insurance experience gains/losses Non-IFRS: Net Insurance Service Result Expected investment earnings Earnings on surplus Non-IFRS: Net Investment Result Asset management Other fee income Non-directly attributable and other expenses Tax, income attributed to non-controlling interest and participating policyholders Underlying Net Income Items reported outside of Underlying Net Income Market experience gains/losses Assumption changes that flow directly through income Other items³ Our philosophy for underlying net income is not changing • • • Items not representative of long-term economics or future earnings power will be excluded from underlying net income We will continue to adjust for: o Period to period market-related impacts o Changes in insurance and economic assumptions, which accounting requires to be reflected immediately in income We expect this type of volatility in earnings to offset over the long-term • Other items include adjustments currently excluded from underlying net income SUN LIFE IFRS 1 7 . MAY Note: This slide contains forward-looking statements. Refer to "Forward-looking statements" on slide 3 for more information 2022 Footnotes 1-3: Refer to slide 33 26

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