Sun Life Financial Inc. has announced the early renewal of its normal course issuer bid (NCIB), which has received approval from both the Office of the Superintendent of Financial Institutions and the Toronto Stock Exchange (TSX). The renewed NCIB will allow Sun Life to purchase up to 10,570,915 common shares, starting on June 9, 2025, and continuing until May 21, 2026.
The company has already repurchased 14,429,085 out of the authorized 15 million shares under its previous NCIB that began on August 29, 2024. The average price paid per share was approximately $81.49. The new authorization includes these previously repurchased shares and permits an additional purchase of up to 10 million shares.
Purchases can be made through various platforms including the TSX, other Canadian exchanges, and the New York Stock Exchange (NYSE). "In accordance with the TSX rules," Sun Life may acquire up to 542,709 shares daily on the TSX.
This renewal provides Sun Life with flexibility in capital management strategies. The company is permitted to make purchases through private agreements or share repurchase programs under exemption orders from securities regulatory authorities. Any shares bought will either be canceled or used for equity incentive arrangements.
Sun Life has also established an automatic repurchase plan with a designated broker to facilitate share purchases during periods when it cannot actively trade due to internal blackout periods or insider trading rules.
Forward-looking statements in this announcement include expectations about future share purchases under the NCIB. These statements are subject to risks and uncertainties as outlined in Sun Life's financial documents available at www.sedarplus.ca and www.sec.gov.
Sun Life is a global financial services organization operating in several markets worldwide with total assets under management amounting to $1.55 trillion as of March 31, 2025.