Sun Life Financial Inc.

Good morning, and welcome to the Sun Life Financial Q2 2025 conference call. My name is Rocco, and I'll be your operator today. All lines have been placed on mute to prevent any background noise, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then 1 on your telephone keypad. The host of the call today is Ms. Natalie Bray, Senior Vice President, Capital Management and Investor Relations. Please go ahead, Ms. Brady.

Thank you and good morning, everyone. Welcome to Sun Life's earning call for the fourth quarter of 2025. Our earnings release and the slides for today's call are available on the Investor Relations section of our website at sunlife.com. We will begin today's call with opening remarks from Kevin Strain, President and Chief Executive Officer. Following Kevin, Tim Deacon, Executive Vice President and Chief Financial Officer, will present the financial results for the quarter. After the prepared remarks, we will move to the question and answer portion of the call. Other members of management are also available to answer your questions this morning. Turning to slide two, I draw your attention to the cautionary language regarding the use of forward-looking statements and non-IFRS financial measures, which form part of today's remarks. As noted in the slides, forward-looking statements may be rendered inaccurate by subsequent events. And with that, I'll now turn things over to Kevin.

Thanks, Natalie, and good morning, everyone. Turning to slide four, we delivered strong fourth quarter results driven by our disciplined execution, diversified business model, and our continued focus on our clients and our purpose. Underlying net income reached $1.1 billion, contributing to underlying earnings per share growth of 17% over Q4 last year and underlying return on equity of 19.1%. Our diversified strategy continues to prove its strength with strong performances across all business groups. Notably, we saw robust protection growth in Asia, solid wealth sales in Canada, and meaningful progress at SLC management, which exceeded its investor day earnings target. We're also pleased with the earnings and sales growth in our U.S. stop-loss business. We ended the quarter with a LICAT ratio of 157%, demonstrating our strong capital position. Turning to slide five, we saw continued strength across our asset management and wealth platforms. At SLC Management, we achieved $242 million in underlying net income in 2025, which exceeds our investor-day target of $235 million. We also saw solid growth in fee-related earnings. We remain on track for the BGO and Crescent buy-ups taking place in the first half of 2026. We're also introducing a management equity plan for SLC. The management team at SLC will own up to 25% of the company, which is the best practice to motivate, retain, and attract talent in the alternative space. We're pleased with the response we've had to the management equity plan. The vast majority of eligible employers are choosing to participate in the share offerings. In Canada, we delivered strong performance in our wealth businesses. Growth sales were up 46% year-over-year, driven by strong results in group retirement services and individual mutual funds. Group retirement services sales doubled year-over-year, reflecting strong large-case defined benefit solutions and defined contribution sales. Additionally, individual wealth sales were up 10%, driven by advisor productivity improvements and industry-wide momentum. And while there were net outflows at MFS, this is consistent with industry results, and MFS continues to play a strategic role in our overall business mix, consistently delivering strong margins and cash flow to Sun Life and supporting the growth of our asset management platform. In Q4, we saw net inflows in MFS ETF products and in fixed income. And 2025 institutional growth flows were up 59% over 2024 from continued large mandate wins. Last quarter, we announced the formation of Sun Life Asset Management, which took effect on January 1st of this year. Work is currently underway to formalize our asset management capabilities under one pillar. In Asia, we maintain strong momentum driven by sustained distribution excellence. We deliver 50% year-over-year protection sales growth, including double-digit growth across all channels. Two standout markets for the year are Hong Kong and Indonesia. In Hong Kong, Sales more than doubled year-over-year with strong growth in all channels. In Indonesia, sales grew 43% year-over-year, reflecting strong execution of our expanded bank insurance partnership with CIMB Niagara that took effect at the start of 2025. We continue to capture growth and scale advantages in our core health businesses in both Canada and the U.S. In Canada, Sun Life Health showed solid sales growth, and we launched a virtual health offering that helps 10,000 low-income Canadians access the care they need. Our U.S. medical stop-loss business had a strong quarter with robust sales growth of 58%. This quarter's results reflect our underwriting discipline and scale advantages, which allowed us to capitalize on a hardening market. This quarter, dental made a profit. We see this as a step in the right direction, recognizing this as a multi-year journey. Some of the steps include continuing to work with states to reprice and align the business to the higher claims environment, building out our commercial business, investing in straight through processing, and actively managing our expenses. These steps, together with our confidence in David's team, position us well to deliver on our priorities. We continue deploying digital solutions to drive meaningful client and business outcomes globally. In Canada, we launched Sun Life Essentials, a fully digital group retirement solution that positions us to gain share in the attractive small to medium business market. This solution leverages automation to seamlessly onboard and serve clients. We are also pleased with the impact and results of our recently reimagined mobile app. We launched new engagement capabilities for wealth in the quarter, which drove 62% more traffic and 81% greater enrollments. We are also digitally transforming our claims and underwriting processes in the US and in Asia to improve client experiences and drive efficiencies, leading to broad-based improvement in processing time for underwriting, onboarding, and claims processing, notably improving client satisfaction across both business groups. Overall, our digital initiatives will help us deliver on our purpose, support growth, and reduce expenses. All of these factors will play an important role in delivering strong earnings growth aligned to our medium-term objectives. Underpinning our performance is a continued commitment to people and culture. We continue to believe our culture is a differentiator led by our desire to deliver on our purpose and have impact on our clients' lives. We achieved great place-to-work recertification in nine countries, and for the sixth consecutive year, SLC Management was named one of the best places to work in money management by pensions and investments. Turning to page six, we have a full year view. In 2025, Sunlight's balanced and diversified growth strategy, prudent risk management capabilities, and strong capital position allowed us to advance on all of our medium-term objectives, with underlying EPS growth at 12%, underlying ROE at 18.2%, and a dividend payout ratio of 47%. We closed 2025 with 9% full-year underlying earnings growth, strong sales and asset management, wealth, health, and protection, and a 17% increase in new business contractual service margins. We concluded the year with more than $1.6 trillion in overall assets under management. In addition, our asset management platform ended the year with $1.2 trillion of third-party assets under management and administration. We are living during a truly transformative time. This past year pushed us to aim higher, act with intention, highlighting the ambition and perseverance that define who we are. For a company like Sun Life, this environment calls for purpose, clarity, and conviction. And it's our purpose helping clients achieve lifetime financial security and live healthier lives that guides us through uncertainty with confidence and focus. Across our 28 markets around the world, we continue to bring a global mindset while delivering deep local understanding and impact. This approach allows us to remain agile, responsive, and attuned to the unique needs of each community we serve. As the world continues to grow more complex, we remain confident in the strength of our business mix, our disciplined execution of long-term business strategy, and our commitment to deliver on our purpose. With that, I'll turn the call over to Tim, who will walk us through the fourth quarter financial results in more detail.