Sun Life Financial Inc. has announced its intention to renew its normal course issuer bid, pending approval from the Office of the Superintendent of Financial Institutions (OSFI) and the Toronto Stock Exchange (TSX). The current program, initiated on August 29, 2024, allows for the repurchase of up to 15 million common shares, with 13,018,997 shares already repurchased as of May 7, 2025.
Upon completion of the current repurchase plan, Sun Life plans to establish a new issuer bid permitting the purchase of an additional 10 million common shares. This renewal will be subject to regulatory approvals and is set to expire one year after commencement or earlier if determined by the company. The initiative aims to provide flexibility in returning capital to shareholders as part of Sun Life's capital management strategy.
The new purchases may occur through various platforms including TSX and other Canadian exchanges, as well as U.S. markets like the New York Stock Exchange. These transactions will be at prevailing market rates or potentially at a discount under certain conditions allowed by securities regulators.
Sun Life may also engage in pre-defined plans with brokers during periods when internal trading restrictions apply. As of early May 2025, Sun Life had purchased over 13 million shares at an average price of approximately $80.79 each under its current program.
In renewing its issuer bid before expiration of the previous one, Sun Life will deduct previously repurchased shares from its new limit. Thus, it seeks approval for a total potential purchase capacity of 25 million shares under the new bid.
The company emphasizes that forward-looking statements about this renewal are based on current expectations and are not guarantees of future performance due to inherent risks and uncertainties.
Sun Life operates globally across various financial service sectors including asset management and insurance. It trades on multiple stock exchanges under the ticker symbol SLF.