Exhibit 99.1

News release via Canada NewsWire, Toronto 416-863-9350

	    Attention Business/Financial Editors:
	    Sun Life Financial reports third quarter results

	    <<
	    Note to Editors: All figures shown in Canadian dollars unless otherwise
	    noted.
	    >>

	    TORONTO, Nov. 5 /CNW/ - Sun Life Financial Inc. (TSX/NYSE: SLF) reported
a net loss of $140 million for the third quarter of 2009, compared with a net
loss of $396 million in the same period last year. The diluted loss per share
was $0.25 compared to a diluted loss per share of $0.71 in the third quarter
of 2008. Return on equity was negative 3.5% for the third quarter of 2009.
	    The net loss in the third quarter of 2009 was primarily driven by the
implementation of certain equity- and interest rate-related actuarial
assumption updates previously announced on August 6, 2009. While favourable
equity markets provided some earnings momentum, third quarter results were
adversely affected by reserve increases for downgrades on the Company's
investment portfolio.
	    The Board of Directors of Sun Life Financial today declared a quarterly
shareholder dividend of $0.36 per common share, maintaining its current
quarterly dividend.
	    "There is underlying strength in our business but we continue to face
challenging economic headwinds," said Donald A. Stewart, Chief Executive
Officer, Sun Life Financial. "Earnings in the third quarter were negatively
impacted by previously announced actuarial assumption updates as well as
credit markets." He added, "There are encouraging signs of progress including
strong net flows and asset levels which reached a 12-month high at MFS. Our
Canadian business reflects a strong brand and distribution, our U.S. business
continues to benefit from enhanced distribution and strong annuity sales, and
we are well positioned in our international markets."


	    <<
	    MANAGEMENT'S DISCUSSION & ANALYSIS
	    For the period ended September 30, 2009
	    Dated November 5, 2009

	    Earnings and Profitability

	    The financial results presented in this document are unaudited.

	    FINANCIAL SUMMARY

	                                 Quarterly Results              Year to date
	    -------------------------------------------------------------------------
	                       Q3'09   Q2'09   Q1'09   Q4'08   Q3'08    2009    2008
	    -------------------------------------------------------------------------
	    Common shareholders'
	     net income (loss)
	     ($ millions)       (140)    591    (213)    129    (396)    238     656
	    Operating earnings
	     (loss)(1)
	     ($ millions)       (140)    591    (186)   (696)   (396)    265     656

	    Basic earnings
	     (loss) per common
	      share (EPS) ($)  (0.25)   1.06   (0.38)   0.23   (0.71)   0.42    1.17
	    Diluted EPS ($)    (0.25)   1.05   (0.38)   0.23   (0.71)   0.42    1.14
	    Diluted operating
	     EPS(1) ($)        (0.25)   1.05   (0.33)  (1.25)  (0.71)   0.47    1.14

	    Return on common
	     equity (ROE) (%)   (3.5)   14.9    (5.5)    3.3   (10.2)    2.0     5.6
	    Operating ROE(1)    (3.5)   14.9    (4.7)  (17.9)  (10.2)    2.2     5.6

	    Average common
	     shares
	     outstanding
	     (millions)        560.8   559.8   559.7   559.7   559.7   560.1   561.7
	    Closing common
	     shares
	     outstanding
	     (millions)        562.4   560.7   559.7   559.7   559.7   562.4   559.7
	    -------------------------------------------------------------------------
	    >>

	    Sun Life Financial Inc.(2) reported a net loss attributable to common
shareholders of $140 million for the quarter ended September 30, 2009,
compared with a net loss of $396 million in the third quarter of 2008. Net
losses in the third quarter of 2009 were impacted by the implementation of
equity- and interest rate-related actuarial assumption updates of $513 million
and reserve increases of $194 million for downgrades on the Company's
investment portfolio. These decreases were partially offset by reserve
releases of $161 million as a result of favourable equity markets. Results in
the third quarter of 2008 were impacted primarily by asset impairments and
credit-related losses and a steep decline in equity markets. Results last year
also included earnings of $31 million or $0.06 per share from the Company's
37% ownership interest in CI Financial, which the Company sold in the fourth
quarter of 2008.
	    Return on equity (ROE) for the third quarter of 2009 was negative 3.5%
compared with negative 10.2% for the third quarter of 2008. The change in ROE
resulted from a loss per share of $0.25 in the third quarter of 2009, versus a
loss per share of $0.71 reported in the same period one year ago.
	    Common shareholders' net income for the first nine months of 2009 was
$238 million, compared to $656 million in the same period in 2008. Net income
in the first nine months of 2009 was impacted primarily from the negative
impact of the implementation of equity- and interest rate-related actuarial
assumption updates of $513 million in the third quarter of 2009, reserve
increases for downgrades on the Company's investment portfolio and net credit
impairments. These decreases were partially offset by net reserve releases
from equity market and interest rate movements. Results for the first nine
months of 2008 included asset impairments and credit-related losses, as well
as earnings of $100 million from the Company's 37% ownership interest in CI
Financial.
	    Operating earnings for the first nine months of 2009 were $265 million,
compared to $656 million in the first nine months of 2008. Operating earnings
for the first nine months of 2009 excluded after-tax charges of $27 million
for restructuring costs taken as part of the Company's efforts to reduce
expense levels and improve operational efficiency.

	    Impact of Certain Actuarial Assumption Updates

	    Management makes judgments involving assumptions and estimates relating
to the Company's obligations to policyholders, some of which relate to matters
that are inherently uncertain. The Company's benefit payment obligations are
estimated over the life of its annuity and insurance products, based on
internal valuation models, and are recorded in its financial statements,
primarily in the form of actuarial liabilities. The determination of these
obligations is fundamental to the financial results and requires management to
make assumptions about a number of factors over the life of its products. The
Company reviews these assumptions each year, generally in the third and fourth
quarters, and revises these assumptions, if appropriate.
	    Following the second quarter of 2009, the Company announced that it would
review and update the equity and interest rate assumptions used to value its
variable annuity, segregated fund and certain fixed annuity and individual
life liabilities in the third quarter (equity and interest rate assumption
updates). Equity related assumption updates, which are part of an annual
process to update the Company's economic assumptions with recent data, were
driven by the pronounced equity market volatility experienced over the past
year. The Company's interest rate-related assumption updates in the third
quarter of 2009 were driven primarily by new criteria provided by a committee
of the Canadian Institute of Actuaries.
	    The net result of these updates in the third quarter of 2009 was an
unfavourable impact to net income of $513 million, which was within the range
of estimates provided in the management's discussion and analysis (MD&A) for
the second quarter of 2009. The majority of these non-cash updates consist of
actuarial provisions for adverse deviations which will emerge as income over
time to the extent that experience in the future is consistent with the
Company's current best estimates.
	    The impact of the implementation of the equity and interest rate
assumptions updates on the Minimum Continuing Capital Surplus Requirements
(MCCSR) ratio for Sun Life Assurance Company of Canada (Sun Life Assurance)
and the Company's equity and interest rate sensitivities can be found in the
"Capital Management and Liquidity" and "Market Risk Sensitivity" sections in
this MD&A.

	    Estimated 2010 Normalized Earnings

	    The information in this section is forward-looking information and
estimated normalized earnings is a non-GAAP measure. Additional information on
forward-looking information and non-GAAP measures can be found below in the
sections "Forward-Looking Statements" and "Use of Non-GAAP Financial
Measures".
	    Recent market conditions have resulted in substantial volatility in the
Company's reported financial results over the past year. The Company expects
that macroeconomic challenges and market volatility will continue for some
time. The Company previously generated average annual operating earnings of
$2.1 billion from 2005 to 2007. Earnings at this level reflect the
corresponding asset and account values in existence at that time and an
environment characterized by relatively stable interest rates, rising equity
markets and favourable credit conditions. Going forward, earnings are expected
to reflect today's lower asset levels and account values as well as higher
risk management costs, potential volatility and uncertainty in capital
markets, the expected higher levels of capital required by regulators, lower
leverage, currency fluctuations and the potential for higher tax costs as
governments around the world look to address higher deficits. To reflect these
environmental factors and updated expectations, the Company is providing an
estimate of 2010 normalized earnings at this time.
	    Estimated 2010 normalized earnings constitute a financial outlook that
estimates full-year 2010 after-tax financial results for the Company based on
(i) the estimated emergence during the period of expected profit from the
Company's insurance business in-force, based on the achievement of current
best-estimate actuarial assumptions, plus estimated expected profit from the
Company's asset management businesses, (ii) the estimated impact of writing
new business during the period, (iii) estimated investment income earned on
the Company's surplus assets, less debt servicing costs, during the period,
and (iv) an effective tax rate for the Company during the period of between
18% and 22%. Estimated 2010 normalized earnings are based on economic and
other assumptions that include (i) approximately 8% growth in equity markets
per annum, (ii) a business mix (including the Company's recent acquisition in
the U.K.), foreign currency exchange rates, credit spreads and interest rates
consistent with levels as at September 30, 2009(3), and (iii) investment
returns, tax rates, capital requirements, mortality/morbidity experience and
policyholder behaviour consistent with the Company's current best-estimate
actuarial assumptions. Estimated 2010 normalized earnings do not include
management actions and changes in assumptions for the valuation of actuarial
liabilities, gains and losses and other items outside the range of current
best-estimate assumptions, such as the market impact on segregated fund
guarantees, credit impairments, changes in credit ratings on the Company's
fixed income portfolio, and investment-related gains and losses, the net
effect of which the Company cannot reliably estimate.
	    Estimated 2010 normalized earnings are based on the assumptions about
future economic and other conditions, qualifications and courses of action
described in this section and elsewhere in this MD&A. Reported financial
results in 2010 may differ materially from estimated 2010 normalized earnings
for a variety of reasons, including changes to the economic and other
assumptions used to estimate 2010 normalized earnings, and actual economic and
other experience before and during 2010 that is different than the Company's
estimates. The Company is subject to a number of sources of volatility that
are described elsewhere in this MD&A, which may cause normalized earnings to
be outside of the range of the estimate. Information related to estimated 2010
normalized earnings should be read in conjunction with the information
contained in the "Market Risk Sensitivity" and "Outlook" sections of this
MD&A, "Risk Factors" in the Company's annual information form (AIF) for the
year ended December 31, 2008, and "Critical Accounting Estimates" and "Risk
Management" in the Company's annual MD&A.
	    Subject to the foregoing, the Company estimates normalized earnings for
the year ended December 31, 2010 to be in the range of $1.4 billion to $1.7
billion. The Company cannot provide assurance that the Company's reported
earnings in 2010 will be within the indicated range.

	    Impact of Currency

	    The Company has operations in key markets worldwide, including the United
States, the United Kingdom, Ireland, Hong Kong, the Philippines, Indonesia,
India, China and Bermuda, and generates earnings in local currencies in these
jurisdictions, which are translated into Canadian dollars. The bulk of the
Company's exposure to movements in foreign exchange is to the U.S. dollar.
	    Items impacting the Company's consolidated statement of operations are
translated back to Canadian dollars using average exchange rates for the
respective period. For items impacting the consolidated balance sheet, period
end rates are used for currency translation purposes.
	    In general, the Company's net income benefits from a weakening Canadian
dollar and is adversely affected by a strengthening Canadian dollar as net
income from the Company's international operations is translated back to
Canadian dollars. In a period of net losses, the weakening of the Canadian
dollar can exacerbate losses. The relative impact of currency in any given
quarter is driven by the movement in currency rates as well as the proportion
of earnings generated in the Company's foreign operations. The Company
generally expresses the impact of currency on net income on a year-over-year
basis. During the third quarter of 2009 the Canadian dollar appreciated
relative to the U.S. dollar compared with the second quarter of 2009; however,
the value of the Canadian dollar weakened in the third quarter of 2009
compared with the third quarter of 2008. In the third quarter of 2009, the
Company's overall reported net loss increased by $23 million as a result of
the weakening of the Canadian dollar relative to the third quarter of 2008.

	    Performance by Business Group

	    The Company manages its operations and reports its results in five
business segments: Sun Life Financial Canada (SLF Canada), Sun Life Financial
U.S. (SLF U.S.), MFS Investment Management (MFS), Sun Life Financial Asia (SLF
Asia) and Corporate. Additional detail concerning the segments is outlined in
Note 5 to Sun Life Financial Inc.'s interim consolidated financial statements
for the quarter ended September 30, 2009, which are prepared in accordance
with Canadian generally accepted accounting principles (GAAP). Financial
information concerning SLF U.S. and MFS is presented below in Canadian and
U.S. dollars to facilitate the analysis of underlying business trends.
	    In the second quarter of 2009 the Company reported credit impairments in
the Corporate segment which had not yet been allocated to the Company's
business groups. Certain results from the second quarter of 2009 have been
adjusted to reflect the allocation of these credit impairments from the
Corporate segment to the Company's business groups. By business group, the
adjustment impacts second quarter 2009 income as follows: SLF Canada $(7)
million, SLF U.S. $(58) million, SLF Asia $(1) million, SLF U.K. $(2) million
and Corporate Support $68 million. The restatement has no impact on the
Company's total reported income for the second quarter of 2009.


	    SLF Canada

	    <<
	                                 Quarterly Results              Year to date
	    -------------------------------------------------------------------------
	                       Q3'09   Q2'09   Q1'09   Q4'08   Q3'08    2009    2008
	    -------------------------------------------------------------------------
	    Common shareholders'
	     net income (loss)
	     ($ millions)
	      Individual
	       Insurance &
	       Investments       134     131      77    (130)     28     342     354
	      Group Benefits      44      52      65      74      81     161     210
	      Group Wealth        41      27      52       1      48     120     136
	    -------------------------------------------------------------------------
	    Total                219     210     194     (55)    157     623     700
	    -------------------------------------------------------------------------
	    >>

	    SLF Canada had net income of $219 million in the third quarter of 2009
compared to net income of $210 million in the second quarter of 2009 and
earnings of $157 million in the third quarter of 2008. Earnings in the third
quarter of 2009 were impacted primarily by the implementation of equity- and
interest rate-related assumption updates in Individual Insurance &
Investments, which reduced earnings by $137 million, and unfavourable
morbidity experience in Group Benefits. Strong equity market performance and
product changes resulted in favourable gains in Individual Insurance &
Investments of $152 million, along with gains from interest rate changes and
asset placements in the third quarter of 2009.
	    Results in the third quarter of 2008 included charges of $126 million
from the impact of declining equity markets and asset impairments and
credit-related losses of $59 million, which predominantly affected Individual
Insurance & Investments. These decreases were partially offset by increased
interest rates and asset reinvestment gains from wider credit spreads, as well
as favourable morbidity experience. Earnings in the third quarter of 2008
included $31 million from the Company's 37% ownership interest in CI
Financial, which the Company sold in the fourth quarter of 2008.
	    Earnings for the first nine months of 2009 were $623 million compared to
$700 million for the same period last year. Net income decreased primarily
from the implementation of equity- and interest rate-related assumption
updates in the third quarter of 2009, lower asset reinvestment gains from
changes in credit spreads, less favourable morbidity experience and lower
earnings due to the sale of the Company's holdings in CI Financial, partly
offset by improvement in the equity markets and asset impairment experience.
	    In the third quarter of 2009, sales of Individual fixed interest
products, including accumulation annuities, GICs and payout annuities,
increased 38% from the same period a year ago to $195 million. Individual
segregated fund sales declined 26% reflecting lower overall market demand and
product changes announced in May of this year. Sales of Individual life and
health insurance products matched prior year sales at $38 million, with an
improved product mix. Group Benefits continued its positive sales momentum,
with sales up 27% to $70 million in the third quarter of 2009. Group Benefits
sales in the small and mid-size corporate account market have increased 32%
year to date in 2009. In Group Wealth, Group Retirement Services (GRS) sales
increased by 16%. Pension rollover sales increased by 40% to $243 million,
representing a record 57% retention rate for the quarter. GRS continued to
build on its leadership position in the defined contribution (DC) industry in
the first half of 2009, capturing 38% of the total DC market activity, as
recently reported by LIMRA.


	    SLF U.S.

	    <<
	                                 Quarterly Results              Year to date
	    -------------------------------------------------------------------------
	                       Q3'09   Q2'09   Q1'09   Q4'08   Q3'08    2009    2008
	    -------------------------------------------------------------------------
	    Common shareholders'
	     net income (loss)
	     (US$ millions)
	      Annuities         (186)    187    (324)   (672)   (456)   (323)   (359)
	      Individual
	       Insurance        (222)     70     (57)     95     (76)   (209)    (22)
	      Employee Benefits
	       Group              22      30      48       1      30     100      74
	    -------------------------------------------------------------------------
	    Total (US$
	     millions)          (386)    287    (333)   (576)   (502)   (432)   (307)
	    Total (C$ millions) (413)    364    (407)   (679)   (533)   (456)   (337)
	    -------------------------------------------------------------------------
	    >>

	    SLF U.S. had a net loss of C$413 million in the third quarter of 2009, as
compared to net income of C$364 million in the second quarter of 2009 and a
net loss of C$533 million in the third quarter of 2008. The weakening of the
Canadian dollar against the U.S. dollar increased the reported loss in SLF
U.S. by C$22 million in the third quarter of 2009 compared to the third
quarter of 2008.
	    In U.S. dollars, the loss of US$386 million in the third quarter of 2009
compared to the loss of US$502 million in the third quarter of 2008. Results
in the third quarter of 2009 were driven primarily by losses in Annuities and
Individual Insurance. The losses in the third quarter of 2009 were largely a
result of the implementation of equity- and interest rate-related assumption
updates of US$295 million and reserve increases of US$167 million for
downgrades on the investment portfolio. Further reserve strengthening in
Individual Insurance for updates to policyholder behaviour assumptions lowered
earnings by US$150 million. The losses in the third quarter of 2009 were
partially offset by reserve releases of US$89 million related to favourable
equity markets.
	    Results in the third quarter of 2008 were driven by credit-related
losses, including impairments of US$460 million and reserve increases of
US$170 million required by changes in capital markets.
	    The net loss for the first nine months of 2009 was US$432 million,
compared to a net loss of US$307 million for the same period last year.
Earnings were lower primarily due to the impact of credit-related allowances
and credit-related losses in Annuities, the unfavourable impact of the
implementation of an internal reinsurance transaction in Individual Insurance
for capital efficiency, and the implementation of equity- and interest
rate-related assumption updates in the third quarter of 2009. These decreases
were partially offset by reserve releases related to favourable equity markets
in the second and third quarters of 2009.
	    Growth initiatives and enhanced distribution have resulted in improved
sales performance in SLF U.S. Domestic variable annuity sales in the third
quarter were US$1.1 billion, an increase of 128% from the same period one year
ago. Changes to the variable annuity product suite were launched in the
quarter to de-risk the product and improve profitability, while remaining
competitive in the marketplace. Sales of core products in Individual Insurance
were up 23% compared to the same period a year ago. While total sales in
Individual Insurance were down 36% compared to the same period a year ago, the
decrease was due to lower sales of non-core products, primarily bank-owned
life insurance. EBG sales of US$90 million in the third quarter of 2009 were
higher by 3% as compared to the third quarter of 2008.


	    MFS Investment Management

	    <<
	                                 Quarterly Results              Year to date
	    -------------------------------------------------------------------------
	                       Q3'09   Q2'09   Q1'09   Q4'08   Q3'08    2009    2008
	    -------------------------------------------------------------------------
	    Common shareholders'
	     net income
	     (US$ millions)       39      27      23      25      47      89     161
	    Common shareholders'
	     net income
	     (C$ millions)        43      32      28      30      49     103     164

	    Pre-tax operating
	     profit margin
	     ratio(4)            28%     23%     21%     21%     29%     24%     33%
	    Average net assets
	     (US$ billions)      162     140     125     133     176     143     185
	    Assets under
	     management
	     (US$ billions)      175     147     124     134     162     175     162
	    Net sales
	     (redemptions)
	     (US$ billions)      7.7     4.9     0.2    (2.1)   (2.0)   12.8    (3.7)
	    Asset appreciation
	     /(depreciation)
	      (US$ billions)    20.0    17.9   (10.7)  (25.5)  (19.4)   27.2   (33.9)

	    S&P 500 Index
	     (daily average)     994     893     811     910   1,255     900   1,325
	    -------------------------------------------------------------------------
	    >>

	    MFS had net income of C$43 million in the third quarter of 2009 compared
to earnings of C$32 million in the second quarter of 2009 and earnings of C$49
million in the third quarter of 2008. The weakening of the Canadian dollar
against the U.S. dollar increased earnings for MFS by C$2 million in the third
quarter of 2009 compared to the third quarter of 2008.
	    In U.S. dollars, third quarter earnings were US$39 million compared to
US$47 million in the third quarter of 2008. The decrease in earnings from the
third quarter of 2008 was primarily due to lower average net assets.
	    Nine-month earnings in 2009 were US$89 million compared to US$161 million
in the same period last year. The decrease was primarily due to lower average
net assets.
	    Total assets under management at September 30, 2009 increased to a
12-month high of US$175 billion compared to US$134 billion at December 31,
2008. This increase was driven by asset appreciation of US$27.2 billion and
net inflows of US$12.8 billion.
	    Fund performance at MFS remains strong with 91%, 95% and 92% of fund
assets ranked in the top half of their Lipper Category Average over 3, 5 and
10 years, respectively, as of September 30, 2009.


	    SLF Asia

	    <<
	                                 Quarterly Results              Year to date
	    -------------------------------------------------------------------------
	                       Q3'09   Q2'09   Q1'09   Q4'08   Q3'08    2009    2008
	    -------------------------------------------------------------------------
	    Common shareholders'
	     net income (loss)
	     ($ millions)         13      19      17      16      (8)     49      17
	    -------------------------------------------------------------------------
	    >>

	    Third quarter earnings for SLF Asia were $13 million compared to earnings
of $19 million in the second quarter of 2009 and a net loss of $8 million in
the third quarter of 2008. The increase in earnings from the third quarter of
2008 was primarily due to improved market conditions, as third quarter 2008
results were impacted by credit-related losses.
	    Earnings for the first nine months of 2009 were $49 million compared to
$17 million for the same period last year. Earnings were higher primarily due
to improved market conditions in 2009 and losses from wider credit spreads in
2008.
	    Sales in SLF Asia for the first nine months were flat to the first nine
months of 2008 with continued growth in India offset by a slowdown in sales in
other markets. Customers are still cautious about investment-linked products
due to market volatility; nevertheless, the slower sales in these products
were compensated by the growing demand for traditional insurance products.
	    Sun Life announced a repositioning of Sun Life Everbright Insurance
Company Limited (SLEB) on July 29, 2009. The restructuring of SLEB into a
domestic insurer will help drive expansion in China's financial services
market and enable SLEB to fully leverage China Everbright Bank's broad
distribution. Sun Life, which will have a 20% interest in the restructured and
repositioned company, will continue to provide actuarial, risk management and
governance expertise and standards to SLEB.
	    On July 28, 2009, the new joint venture between Sun Life Financial and
Commerce International Merchant Bankers Group commenced its operations. The
new joint venture enables Sun Life Financial's life, accident and health
insurance products to be distributed through the 600-plus branches of PT Bank
CIMB Niaga in Indonesia.

	    Corporate

	    Corporate includes the results of Sun Life Financial U.K. (SLF U.K.) and
Corporate Support, which includes the Company's reinsurance businesses as well
as investment income, expenses, capital and other items not allocated to Sun
Life Financial's other business segments.


	    <<
	                                 Quarterly Results              Year to date
	    -------------------------------------------------------------------------
	                       Q3'09   Q2'09   Q1'09   Q4'08   Q3'08    2009    2008
	    -------------------------------------------------------------------------
	    Common shareholders'
	     net income (loss)
	     ($ millions)
	      SLF U.K.            10     (50)      -      40      69     (40)    169
	      Corporate Support  (12)     16     (45)    777    (130)    (41)    (57)
	    -------------------------------------------------------------------------
	    Total                 (2)    (34)    (45)    817     (61)    (81)    112
	    -------------------------------------------------------------------------
	    >>

	    The Corporate segment had a loss of $2 million in the third quarter of
2009 compared to a loss $34 million in second quarter of 2009 and a net loss
of $61 million in the third quarter of 2008.
	    SLF U.K. had a net income of $10 million in the third quarter of 2009
compared to net income of $69 million in the third quarter of 2008. The
decrease in SLF U.K. earnings was primarily as a result of the implementation
of equity- and interest rate-related actuarial assumption updates and reserve
increases for downgrades on the investment portfolio. Results in SLF U.K. for
the third quarter of 2008 included the favourable impact of an internal
reinsurance transaction. In Corporate Support, net losses in the third quarter
of 2009 were $12 million compared to a net loss of $130 million one year
earlier. The reduced losses were primarily as a result of improved performance
in the Company's life retrocession reinsurance business relative to the third
quarter of 2008 and investment-related gains.
	    Losses for the first nine months of 2009 in the Corporate segment were
$81 million compared to earnings of $112 million for the same period last
year. Earnings in SLF U.K. were lower as a result of reserve increases for
downgrades on the investment portfolio and an internal reinsurance
transaction, which had a favourable impact on SLF U.K. results in the first
nine months of 2008. In Corporate Support, losses were lower from improved
performance in the Company's life retrocession reinsurance business and
investment-related gains, partially offset by the positive impact of income
tax liabilities, which favourably impacted results in the first nine months of
2008.
	    On October 1, 2009, the Company completed the acquisition of the U.K.
operations of Lincoln National Corporation. The combined operations will
double SLF U.K.'s policies in-force and will carry the Sun Life Financial of
Canada name, a brand that has been active in the U.K. for more than a century.

	    Additional Financial Disclosure

	    REVENUE

	    Under Canadian GAAP, revenues include (i) regular premiums received on
life and health insurance policies and fixed annuity products, (ii) net
investment income comprised of income earned on general fund assets and
changes in the value of held-for-trading assets and derivative instruments,
and (iii) fee income received for services provided. Segregated fund deposits,
mutual fund deposits and managed fund deposits are not included in revenues.
	    Net investment income can experience volatility arising from quarterly
fluctuation in the value of held-for-trading assets. The bonds and stocks
which support actuarial liabilities are designated as held-for-trading and,
consequently, changes in fair values of these assets are recorded in net
investment income in the consolidated statement of operations. Changes in the
fair values of these assets are largely offset by changes in the fair value of
the actuarial liabilities, where there is an effective matching of assets and
liabilities. The Company performs cash flow testing whereby asset and
liability cash flows are projected under various scenarios. When assets
backing liabilities are written down in value to reflect impairment or
default, the actuarial assumptions about the cash flows required to support
the liabilities will change, resulting in an increase in actuarial liabilities
charged through the consolidated statement of operations. Additional detail on
the Company's accounting policies can be found in Sun Life Financial Inc.'s
annual MD&A, which is available on the Company's website at www.sunlife.com.


	    <<
	                                 Quarterly Results              Year to date
	    -------------------------------------------------------------------------
	    ($ millions)       Q3'09   Q2'09   Q1'09   Q4'08   Q3'08    2009    2008
	    -------------------------------------------------------------------------
	    Revenues
	      SLF Canada       3,388   3,479   2,249   2,052   1,279   9,116   5,875
	      SLF U.S.         3,643   3,893   2,360     587     546   9,896   3,230
	      MFS                322     299     288     310     342     909   1,071
	      SLF Asia           588     634     238     128     180   1,460     370
	      Corporate
	       (net of
	       consolidation
	       adjustments)      890     415    (107)  1,629     213   1,198     311
	    -------------------------------------------------------------------------
	    Total as reported  8,831   8,720   5,028   4,706   2,560  22,579  10,857
	    -------------------------------------------------------------------------
	    Impact of
	     currency and
	     changes in the
	     fair value of
	     held-for
	     trading assets
	     and derivative
	     instruments       3,117   2,859    (443) (1,424) (2,976)  5,533  (5,725)
	    -------------------------------------------------------------------------
	    Total adjusted
	     revenue           5,714   5,861   5,471   6,130   5,536  17,046  16,582
	    -------------------------------------------------------------------------
	    >>

	    Revenues for the third quarter of 2009 were $8.8 billion, up $6.3 billion
from the comparable period a year ago mainly due to improvements in the change
in fair market values of held-for-trading assets and the impact of the
weakening of the Canadian dollar against foreign currencies. Excluding the
impact of currency and fair value changes in held-for-trading assets, third
quarter 2009 revenue of $5.7 billion was $178 million higher than the same
period a year ago mainly due to higher health and annuity premiums in SLF
Canada.
	    Premium revenue was higher by $208 million in the third quarter of 2009
compared to the same period one year ago, with $99 million arising from the
weakening of the Canadian dollar against the U.S. currency. The increase of
$109 million, excluding the effect of currency, mostly arose from higher
health and annuity premiums in SLF Canada.
	    Net investment income of $4.3 billion was $6.1 billion higher in the
third quarter of 2009 compared to the same period a year ago. The changes in
fair market value of held-for-trading assets and derivatives improved net
investment income by $3.0 billion in the third quarter of 2009 compared to a
decrease of $3.0 billion in the third quarter of 2008. There was also a $63
million increase as a result of the weakening of the Canadian dollar against
foreign currencies.
	    Fee income of $669 million in the third quarter of 2009 was down by $24
million compared to the same period in the previous year as a decrease of $48
million from lower fees on reduced asset values in the wealth businesses,
excluding the impact of currency, was partially offset by an increase of $24
million from the weakening of the Canadian dollar relative to the U.S. dollar.
	    Revenues of $22.6 billion for the nine months ended September 30, 2009
were up $11.7 billion from the comparable period a year earlier driven
primarily by:

	    <<
	    (i)    an increase of $9.5 billion in net investment income, excluding
	           currency changes, primarily from changes in fair value of held-
	           for-trading assets;
	    (ii)   an increase of $1.1 billion in premium revenue from higher annuity
	           premiums in SLF Canada and SLF U.S., excluding currency changes;
	           and
	    (iii)  an increase of $1.5 billion from the weakening of the Canadian
	           dollar; partially offset by
	    (iv)   a decrease of $0.4 billion in fee income, excluding currency
	           changes primarily from lower fees on reduced asset values.
	    >>

	    INCOME TAXES

	    An increase in the market value of debt securities combined with tax
planning strategies implemented during the third quarter of 2009 allowed the
Company to record previously unrecognized tax benefits of $101 million
relating to impairments on invested assets previously reported by SLF U.S.
This, along with the impact of a lower level of earnings in the Company as a
whole, including losses in higher taxed jurisdictions, most notably the United
States, led to a tax recovery of $238 million on a pre-tax loss of $347
million during the third quarter of 2009.
	    Tax recoveries of $455 million for the first nine months of 2009 resulted
from the third quarter items described above as well as the enactment of tax
rules related to CICA Handbook Section 3855 during the first quarter of 2009.
The enactment of these tax rules increased the tax benefit recorded in income
taxes expense (benefit) in the interim consolidated statements of operations
by approximately $174 million in the first quarter of 2009. This tax benefit
was partially offset by an increase in actuarial liabilities of $135 million,
resulting in a net increase in total net income of $39 million in the first
quarter of 2009.

	    ASSETS UNDER MANAGEMENT (AUM)

	    AUM were $411.9 billion as at September 30, 2009 compared to $381.1
billion as at December 31, 2008, and $388.7 billion as at September 30, 2008.
The increase of $30.8 billion between December 31, 2008 and September 30, 2009
resulted primarily from:

	    <<
	    (i)    positive market movements of $37.8 billion;
	    (ii)   net sales of mutual, managed and segregated funds of $18.5
	           billion;
	    (iii)  an increase of $5.0 billion from the change in value of held-for-
	           trading assets; partially offset by
	    (iv)   a decrease of $33.0 billion from a strengthening Canadian dollar
	           compared to the prior period exchange rates.
	    >>

	    AUM increased $23.2 billion between September 30, 2008 and September 30,
2009. The increase in AUM related primarily to:

	    <<
	    (i)    net sales of mutual, managed and segregated funds of $16.1
	           billion;
	    (ii)   an increase of $2.8 billion from the change in value of held-for-
	           trading assets;
	    (iii)  an increase of $2.4 billion from the weakening of the Canadian
	           dollar against foreign currencies; and
	    (iv)   business growth, primarily in fixed annuities in SLF U.S.;
	           partially offset by
	    (v)    negative market movements of $2.1 billion.
	    >>

	    CHANGES IN THE BALANCE SHEET AND SHAREHOLDERS' EQUITY

	    Total general fund assets were $119.5 billion as at September 30, 2009,
compared to $113.2 billion a year earlier and $119.8 billion at December 31,
2008. The $6.3 billion increase in total general fund assets from September
30, 2008 resulted primarily from $4.0 billion of business growth, mainly from
increases in the Company's wealth businesses, and an increase of $2.8 billion
from the change in value of held-for-trading assets partially offset by a net
decrease of $0.5 billion from the overall strengthening of the Canadian dollar
against certain foreign currencies.
	    Total general fund assets decreased by $326 million from the December 31,
2008 level of $119.8 billion, primarily due to a reduction of $7.8 billion
from the strengthening of the Canadian dollar against foreign currencies,
mostly offset by an increase in assets from the change in value of
held-for-trading assets of $5 billion and business growth during the period.
	    Actuarial and other policy liabilities of $84.1 billion as at September
30, 2009 increased by $2.7 billion compared to December, 31, 2008, primarily
from an increase of $5.0 billion related to corresponding changes in fair
value of held-for-trading assets and business growth of $3.0 billion, mostly
from annuity sales in SLF U.S. and SLF Canada. This was partially offset by a
reduction of $5.3 billion from the strengthening of the Canadian dollar
against foreign currencies.
	    Actuarial and other policy liabilities were up by $6.5 billion from the
September 30, 2008 amount of $77.6 billion. Business growth of $4.0 billion
and an increase of $2.8 billion from the impact related to corresponding
changes in fair value of held-for-trading assets were partially offset by a
reduction of $0.4 billion resulting from the strengthening of the Canadian
dollar against foreign currencies.
	    Shareholders' equity, including Sun Life Financial's preferred share
capital, was $17.2 billion as at September 30, 2009 compared to $17.3 billion
as at December 31, 2008 and $16.5 billion as at September 30, 2008. The
decrease of $72 million between December 31, 2008 and September 30, 2009
resulted primarily from:

	    <<
	    (i)    shareholders' net income of $296 million, before preferred share
	           dividends of $58 million;
	    (ii)   unrealized gains on available-for-sale assets in other
	           comprehensive income (OCI) of $1.4 billion;
	           and
	    (iii)  net proceeds of $246 million from the issue of 6% preferred
	           shares; partially offset by
	    (iv)   common share dividend payments of $594 million; and
	    (v)    a decrease of $1.4 billion from the strengthening of the Canadian
	           dollar.
	    >>

	    As at November 2, 2009, Sun Life Financial Inc. had 562.5 million common
shares and 71.0 million preferred shares outstanding.

	    CASH FLOWS


	    <<
	                                                 Quarterly
	                                                  Results       Year to date
	    -------------------------------------------------------------------------
	    ($ millions)                               Q3'09   Q3'08    2009    2008
	    -------------------------------------------------------------------------
	    Cash and cash equivalents, beginning
	     of period                                 9,165   3,114   7,263   3,603
	    Cash flows provided by (used in):
	      Operating activities                       934   1,126   2,745   1,918
	      Financing activities                      (165)   (188)    612     (10)
	      Investing activities                      (362)    949    (727)   (534)
	    Changes due to fluctuations in
	     exchange rates                             (433)    117    (754)    141
	    -------------------------------------------------------------------------
	    -------------------------------------------------------------------------
	    Increase (decrease) in cash and cash
	     equivalents                                 (26)  2,004   1,876   1,515
	    -------------------------------------------------------------------------
	    -------------------------------------------------------------------------
	    Cash and cash equivalents, end of period   9,139   5,118   9,139   5,118
	    Short-term securities, end of period       2,692   1,496   2,692   1,496
	    -------------------------------------------------------------------------
	    -------------------------------------------------------------------------
	    Total cash, cash equivalents and
	     short-term securities                    11,831   6,614  11,831   6,614
	    -------------------------------------------------------------------------
	    -------------------------------------------------------------------------
	    >>

	    Net cash, cash equivalents and short-term securities of $11.8 billion as
at the end of the third quarter of 2009 were higher by $5.2 billion compared
to the third quarter of 2008.
	    Cash generated by operations was $192 million lower in the third quarter
of 2009 than 2008. The decrease was mainly due to slightly lower cash
investment income. Cash used in financing activities in the third quarter of
2009 was $23 million lower than in the same period a year ago mostly due to a
lower level of senior debt financing in 2009 than 2008. Cash used in investing
activities was $362 million in the third quarter of 2009 compared to cash
provided by investing activities of $949 million in the third quarter of 2008.
The decrease of $1.3 billion in cash flow from investing activities in 2009
was mainly due to an increased level of net purchases of short-term
securities. The fluctuation of the Canadian dollar compared to foreign
currencies decreased cash balances by $433 million in the third quarter of
2009 compared to an increase of $117 million in the comparable period a year
ago.
	    Cash provided by operating activities for the nine months ended September
30, 2009 was $827 million higher than the comparable period a year ago. The
increase of $1.9 billion in premiums was only partly offset by higher
policyholder payments and increased expenses. Financing activities in the
first nine months of 2009 provided $622 million more in cash than the
comparable period of 2008 from a combination of increased preferred share and
debenture issuances and a reduced level of share repurchases, partly offset by
an increased amount of cash dividends paid to common shareholders caused by a
one-time change to the date of payment as a result of the implementation of
the Company's enhanced dividend reinvestment plan in the second quarter of
2009. Cash used by investing activities was $193 million higher in the first
nine months of 2009 than 2008, mostly from an increased level of investing.
The fluctuation of the Canadian dollar compared to foreign currencies reduced
cash balances by $754 million in the first nine months of 2009 compared to an
increase of $141 million in the same period a year ago.

	    QUARTERLY FINANCIAL RESULTS

	    The following table provides a summary of Sun Life Financial's results
for the eight most recently completed quarters. A more complete discussion of
the Company's historical quarterly results can be found in the Company's
interim and annual MD&As, which are available at www.sunlife.com.


	    <<
	    -------------------------------------------------------------------------
	                      Q3'09  Q2'09  Q1'09  Q4'08  Q3'08  Q2'08  Q1'08  Q4'07
	    -------------------------------------------------------------------------
	    Common share-
	     holders' net
	     income (loss)
	     ($millions)       (140)   591   (213)   129   (396)   519    533    555
	    Operating
	     earnings (loss)
	     ($millions)       (140)   591   (186)  (696)  (396)   519    533    560
	    Basic EPS ($)     (0.25)  1.06  (0.38)  0.23  (0.71)  0.92   0.95   0.98
	    Diluted EPS ($)   (0.25)  1.05  (0.38)  0.23  (0.71)  0.91   0.93   0.97
	    Diluted operating
	     EPS ($)          (0.25)  1.05  (0.33) (1.25) (0.71)  0.91   0.93   0.98
	    Total revenue
	     ($millions)      8,831  8,720  5,028  4,706  2,560  4,411  3,886  5,405
	    Total AUM
	     ($billions)        412    397    375    381    389    413    415    425
	    -------------------------------------------------------------------------
	    >>

	    Second Quarter 2009

	    Sun Life Financial reported net income of $591 million in the second
quarter of 2009. Results in the quarter were favourably impacted by reserve
releases as a result of higher equity markets, increased interest rates and
the positive impact of narrowing credit spreads. Strong results from
improvements in capital markets in the quarter were partially offset by
increased reserves for downgrades on the Company's investment portfolio,
changes in asset default assumptions in anticipation of future credit-related
losses, and credit impairments.

	    First Quarter 2009

	    A net operating loss of $186 million was reported for the first quarter
of 2009. This operating loss did not include after-tax charges of $27 million
for restructuring costs taken as part of the Company's actions to reduce
expense levels and improve operational efficiency. Including these
restructuring costs, the Company reported a net loss of $213 million. Results
in the quarter were impacted by reserve strengthening, net of hedging, related
to equity market declines, reserve increases for downgrades on the Company's
investment portfolio, and credit and equity impairments.

	    Fourth Quarter 2008

	    Sun Life Financial had net income of $129 million in the fourth quarter
of 2008. Excluding the after-tax gain of $825 million related to the sale of
the Company's 37% interest in CI Financial, the Company reported a net
operating loss of $696 million. Results for the quarter were most
significantly impacted by the continued deterioration in global capital
markets and included $682 million in charges related to equity markets, $365
million from asset impairments, credit-related write-downs and spread
widening, as well as $164 million from changes to asset default assumptions in
anticipation of higher future credit-related losses.

	    Third Quarter 2008

	    A net loss of $396 million was reported in the third quarter of 2008. The
Company's results were significantly impacted by a deterioration in global
capital markets and included asset impairments and credit-related losses of
$636 million, and $326 million of charges related to equity market impacts.

	    Second Quarter 2008

	    The Company reported common shareholders' net income of $519 million in
the second quarter of 2008. Net income in the quarter was affected by a
decline in equity markets in the Company's U.S.-based businesses, the
unfavourable impact of interest rate movements and associated hedges, wider
credit spreads and credit-related allowances on actuarial reserving
requirements, and credit-related losses on asset sales in SLF U.S., as well as
the impact of higher interest rates and increased investment in growth in SLF
Asia. These decreases were partially offset by favourable morbidity experience
as well as the favourable impact of equity markets and higher interest rates
in SLF Canada and changes in income tax liabilities in Corporate Support.

	    First Quarter 2008

	    Sun Life Financial reported common shareholders' net income of $533
million for the first quarter of 2008. Net income in the quarter was adversely
affected by the decline in equity markets in the Company's North American
businesses, the unfavourable impact of wider credit spreads in SLF U.S. and
SLF Asia as well as credit-related allowances in SLF U.S. These decreases were
partially offset by gains in SLF U.S., including positive interest rate and
hedge experience in Annuities, reduced new business strain in Individual
Insurance, and business growth in the Company's U.S. Employee Benefits Group
and the positive effect of income tax-related items in Corporate Support and
SLF U.K.

	    Fourth Quarter 2007

	    In the fourth quarter of 2007, the Company reported common shareholders'
net income of $555 million primarily as a result of increased earnings in SLF
U.S.'s Individual Life business on reduced new business strain and the
recovery of previously recorded new business strain due to the implementation
of a financing structure to support statutory reserves for certain universal
life policies in the U.S. This was partially offset by lower earnings from
run-off reinsurance in Corporate Support related to updates in interest rate
and equity market assumptions.

	    INVESTMENTS

	    The Company had total invested assets of $107 billion as at September 30,
2009. The majority of the Company's general funds are invested in medium- to
long-term fixed income instruments such as bonds and mortgages. The Company
holds 86% of its invested assets in cash and fixed income investments. Stocks
and real estate comprised 4% and 5% of the portfolio, respectively, as at
September 30, 2009. The remaining 5% of the portfolio is comprised of policy
loans, derivatives and other invested assets.
	    As at September 30, 2009, the Company held $60.1 billion of bonds, which
constituted 56% of the Company's overall investment portfolio. Bonds with an
investment grade of "A" or higher represented 66%, and bonds rated "BBB" or
higher represented 95% of the total bond portfolio as at September 30, 2009,
down from 97% at December 31, 2008. The decrease is mainly due to downgrades
in the bond portfolio, primarily the financial sector, as a result of the
weaker credit environment.
	    Included in $60.1 billion of bonds, the Company held $12.7 billion of
privately held bonds, which constituted 21% of the Company's overall bond
portfolio. Bonds that are not issued or guaranteed by sovereign, regional and
municipal governments represented 74% of the total bond portfolio as at
September 30, 2009, compared to 75% as at December 31, 2008.
	    The Company's gross unrealized losses as at September 30, 2009 for
available-for-sale bonds and held-for-trading bonds were $0.5 billion and $2.7
billion, respectively, compared with $1.9 billion and $7.1 billion,
respectively, at December 31, 2008. The change is primarily due to tightening
of credit spreads partially offset by increases in interest rates. Gross
unrealized losses reflect the difference between the fair value and amortized
cost.
	    The Company's bond portfolio as at September 30, 2009 included $14.8
billion in the financial sector, representing approximately 25% of the
Company's bond portfolio, or 14% of the Company's total invested assets. This
compares to $15.5 billion as at December 31, 2008. The $0.7 billion decrease
in the value of financial sector bond holdings is primarily the result of
strengthening in the Canadian dollar, turnover in the portfolio and increase
in interest rates offset by credit spread narrowing.
	    The Company's bond portfolio as at September 30, 2009 included $4.4
billion of asset-backed securities, representing approximately 7% of the
Company's bond portfolio, or 4% of the Company's total invested assets. This
compares to $5.1 billion as at December 31, 2008. Total investment-grade,
asset-backed securities fell to 90.4% mainly as a result of downgrades in all
asset-backed securities with the exception of agency residential
mortgage-backed securities. Maturities, turnover, the strengthening Canadian
dollar and increases in interest rates offset by tightening of credit spreads,
were the main causes for the decline in market value.


	    <<
	                                                September 30,    December 31,
	                                                        2009            2008
	    -------------------------------------------------------------------------
	                                                     Invest-         Invest-
	                                               Fair    ment    Fair    ment
	    ($ millions)                              value  grade %  value  grade %
	    -------------------------------------------------------------------------
	    Commercial mortgage-backed securities     1,869    95.5%  1,889    99.7%
	    Residential mortgage-backed securities
	      Agency                                    833   100.0%  1,138   100.0%
	      Non-agency                                931    83.1%  1,092    98.4%
	    Collateralized debt obligations             162    42.2%    215    80.8%
	    Other(x)                                    587    85.3%    754    97.3%
	    -------------------------------------------------------------------------
	    Total                                     4,382    90.4%  5,088    98.3%
	    -------------------------------------------------------------------------
	    (x) Other includes sub-prime, a portion of the Company's exposure to Alt-
	        A and other asset-backed securities.
	    >>

	    The fair value of the Company's asset-backed securities reported as bonds
is further broken down in the tables below to reflect ratings and vintages of
the assets within this portfolio. The Company determines impairments on
securitized assets by using discounted cash flow models that consider losses
under current and expected economic conditions. Assumptions used include
macroeconomic factors such as commercial and residential property values and
unemployment rates. If the cash flow modelling results in an economic loss and
the Company believes the loss is probable of occurring, an impairment is
recorded. The asset-backed portfolio is highly sensitive to fluctuations in
macroeconomic factors. Further write-downs on previously impaired securities
may result from continued deterioration in economic factors such as property
values and unemployment rates.


	    <<
	    As at September 30,           RMBS -       RMBS -
	     2009               CMBS      Agency   Non-agency       CDOs       Other
	    -------------------------------------------------------------------------
	    Rating
	    AAA                72.7%      100.0%        32.3%       7.9%       54.1%
	    AA                  7.3%        0.0%        32.8%      22.5%        6.7%
	    A                   7.8%        0.0%        10.6%       0.4%       11.0%
	    BBB                 7.7%        0.0%         7.3%      11.4%       13.6%
	    BB & Below          4.5%        0.0%        17.0%      57.8%       14.6%
	    -------------------------------------------------------------------------
	    Total             100.0%      100.0%       100.0%     100.0%      100.0%
	    -------------------------------------------------------------------------

	    Vintage
	    2005 & Prior       81.8%       58.0%        89.4%      70.2%       55.6%
	    2006               13.8%        8.7%         8.9%       9.5%       17.2%
	    2007                4.2%       13.1%         1.5%      20.3%        1.7%
	    2008                0.1%       15.7%         0.0%       0.0%       25.4%
	    2009                0.1%        4.5%         0.2%       0.0%        0.1%
	    -------------------------------------------------------------------------
	    Total             100.0%      100.0%       100.0%     100.0%      100.0%
	    -------------------------------------------------------------------------
	    CMBS (equals) Commercial Mortgage-Backed Securities;
	    RMBS (equals) Residential Mortgage-Backed Securities,
	    CDOs (equals) Collateralized Debt Obligations



	    As at December 31,            RMBS -       RMBS -
	     2008               CMBS      Agency   Non-agency       CDOs       Other
	    -------------------------------------------------------------------------
	    Rating
	    AAA                74.5%      100.0%        33.2%      19.1%       51.3%
	    AA                  7.7%        0.0%        48.0%      46.5%       13.9%
	    A                   8.3%        0.0%        11.6%      10.5%       20.4%
	    BBB                 9.2%        0.0%         5.6%       4.7%       11.7%
	    BB & Below          0.3%        0.0%         1.6%      19.2%        2.7%
	    -------------------------------------------------------------------------
	    Total             100.0%      100.0%       100.0%     100.0%      100.0%
	    -------------------------------------------------------------------------

	    Vintage
	    2005 & Prior       85.6%       59.2%        90.2%      75.0%       59.3%
	    2006               10.8%       11.1%         8.2%       9.5%       18.5%
	    2007                3.5%       13.1%         1.6%      15.5%        2.5%
	    2008                0.1%       16.6%         0.0%       0.0%       19.7%
	    -------------------------------------------------------------------------
	    Total             100.0%      100.0%       100.0%     100.0%      100.0%
	    -------------------------------------------------------------------------
	    CMBS (equals) Commercial Mortgage-Backed Securities;
	    RMBS (equals) Residential Mortgage-Backed Securities,
	    CDOs (equals) Collateralized Debt Obligations
	    >>

	    As at September 30, 2009, the Company had indirect exposure to
residential sub-prime and Alternative-A (Alt-A) loans of $139 million and $117
million, respectively, together representing approximately 0.2% of the
Company's total invested assets, compared with $202 million and $145 million,
respectively, as at December 31, 2008. Alt-A loans generally are residential
loans made to borrowers with credit profiles that are stronger than sub-prime
but weaker than prime. 90% of these investments either were issued before 2006
or have an "AAA" rating.
	    The Company's mortgage portfolio consists almost entirely of first
mortgages. While the Company generally requires a maximum loan to value ratio
of 75%, it may invest in mortgages with a higher loan to value ratio in Canada
if the mortgage is insured. As at September 30, 2009, the mix of the Company's
mortgage portfolio was 80.7% non-residential and 19.3% residential and
approximately 32.4% of mortgage loans will mature by December 31, 2013. As at
September 30, 2009, the Company's mortgage portfolio mainly consisted of
commercial mortgages with a carrying value of $13.9 billion spread across
approximately 4,000 loans.


	    <<
	    -------------------------------------------------------------------------
	    ($ millions)      September 30, 2009               December 31, 2008
	    -------------------------------------------------------------------------
	                                Non-                            Non-
	             Residential Residential   Total Residential Residential   Total
	    -------------------------------------------------------------------------
	    Canada         2,474       5,305   7,779       2,620       5,896   8,516
	    United
	     States          293       6,164   6,457         342       7,338   7,680
	    United
	     Kingdom           -          67      67           -          71      71
	    -------------------------------------------------------------------------
	    Total
	     mortgages     2,767      11,536  14,303       2,962      13,305  16,267
	    -------------------------------------------------------------------------
	    Corporate
	     loans             -           -   5,756           -           -   6,035
	    -------------------------------------------------------------------------
	    Total mortgages
	     and corporate
	     loans                            20,059                          22,302
	    -------------------------------------------------------------------------
	    >>

	    The distribution of mortgages and corporate loans by credit quality as at
September 30, 2009 and December 31, 2008 is shown in the tables below.
Impaired mortgages increased by $135 million to $226 million mainly due to
deteriorating conditions in commercial real estate. Approximately 70% of the
impaired loans are in the United States.


	    <<
	                                   September 30, 2009
	    -------------------------------------------------------------------------
	    ($ millions)     Gross Carrying Value            Allowance for losses
	                    ----------------------          ----------------------
	               Mortgages   Corporate   Total   Mortgages   Corporate   Total
	                               loans                           loans
	    -------------------------------------------------------------------------
	    Not past
	     due         $14,086      $5,722 $19,808         $ -         $ -     $ -
	    Past due:
	      Past due
	       less than
	       90 days        31          10      41           -           -       -
	      Past due
	       90 to
	       179 days        -           -       -           -           -       -
	      Past due
	       180 days
	       or more         -           -       -           -           -       -
	    Impaired         226          55     281          40          31      71
	    -------------------------------------------------------------------------
	    Balance,
	     September
	     30, 2009    $14,343      $5,787 $20,130         $40         $31     $71
	    -------------------------------------------------------------------------



	                                   December 31, 2008
	    -------------------------------------------------------------------------
	    ($ millions)     Gross Carrying Value            Allowance for losses
	                    ----------------------          ----------------------
	               Mortgages   Corporate   Total   Mortgages   Corporate   Total
	                               loans                           loans
	    -------------------------------------------------------------------------
	    Not past
	     due         $16,171      $5,946 $22,117         $ -         $ -     $ -
	    Past due:
	      Past due
	       less than
	       90 days        17          17      34           -           -       -
	      Past due
	       90 to
	       179 days        -          14      14           -           -       -
	      Past due
	       180 days
	       or more         1           9      10           -           -       -
	    Impaired          91          59     150          13          10      23
	    -------------------------------------------------------------------------
	    Balance,
	     December 31,
	     2008        $16,280      $6,045 $22,325         $13         $10     $23
	    -------------------------------------------------------------------------
	    >>

	    Net impaired assets for mortgages and corporate loans, net of allowances,
amounted to $210 million as at September 30, 2009, $83 million more than the
December 31, 2008 level for these assets.
	    In addition to allowances reflected in the carrying value of mortgages
and corporate loans, the Company had $2.8 billion of reserves for possible
future asset defaults for financial assets included in its actuarial
liabilities as at September 30, 2009, compared with $2.3 billion as at
December 31, 2008.
	    The values of the Company's derivative instruments are summarized in the
following table. The use of derivatives is measured in terms of notional
amounts, which serve as the basis for calculating payments and are generally
not actual amounts that are exchanged.


	    <<
	    -------------------------------------------------------------------------
	    ($ millions)                       September 30, 2009  December 31, 2008
	    -------------------------------------------------------------------------
	    Net fair value                                    103               (550)
	    Total notional amount                          45,248             50,796
	    Credit equivalent amount                        1,140              1,260
	    Risk-weighted credit equivalent amount              8                 28
	    -------------------------------------------------------------------------
	    >>

	    The total notional amount decreased to $45.2 billion as at September 30,
2009, from $50.8 billion as at December 31, 2008, and the net fair value was
$103 million as at September 30, 2009 compared with the December 31, 2008
amount of $(550) million. Net fair value increased by $653 million driven by
the strengthening Canadian dollar partially offset by a decrease in
equity-related derivatives as a result of stronger equity markets. The total
notional amount decreased by $5.6 billion mainly due to the strengthening
Canadian dollar and unwinding certain interest rate derivatives. The credit
equivalent amount, a measure used to approximate the potential credit
exposure, is determined as the replacement cost of the derivative contracts
having a positive fair value plus an amount representing the potential future
credit exposure. The risk-weighted credit equivalent amount is a measure used
to determine the amount of capital necessary to support derivative
transactions for certain Canadian regulatory purposes. It is determined by
weighting the credit equivalent amount according to the nature of the
derivative and the creditworthiness of the counterparties.
	    The invested asset values and ratios presented in this section are based
on the carrying value of the respective asset categories. Carrying values for
available-for-sale and held-for-trading invested assets are equal to fair
value. In the event of default, if the amounts recovered are insufficient to
satisfy the related actuarial liability cash flows that the assets are
intended to support, credit exposure may be greater than the carrying value of
the asset.

	    CAPITAL MANAGEMENT AND LIQUIDITY

	    Sun Life Financial has a policy designed to maintain a strong capital
position and provide the flexibility necessary to take advantage of growth
opportunities, to support the risk associated with its businesses and to
optimize shareholder return. The Company's capital base is structured to
exceed regulatory and internal capital targets and maintain strong credit
ratings while maintaining a capital-efficient structure and desired capital
ratios. Capital is managed both on a consolidated basis under principles that
consider all the risks associated with the business as well as at the business
unit level under the principles appropriate to the jurisdiction in which it
operates. Sun Life Financial manages capital for all of its subsidiaries in a
manner commensurate with its risk profile.
	    Sun Life Financial, including all of its business groups, conducts a
rigorous capital plan annually where capital options, fundraising alternatives
and dividend policies are presented to the Board. Capital reviews are
regularly conducted which consider the potential impacts under various
business, interest rate and equity market scenarios. Relevant components of
the capital reviews are presented to the Board on a quarterly basis.
	    Sun Life Assurance, the Company's principal operating subsidiary in
Canada, is subject to the MCCSR capital rules of the Office of the
Superintendent of Financial Institutions, Canada (OSFI). OSFI's capital target
for life insurance companies is an MCCSR ratio of 150% or greater. With an
MCCSR ratio of 219%, Sun Life Assurance was well above the supervisory target
as at September 30, 2009, compared to 232% as at December 31, 2008. The
decline in the MCCSR was driven primarily by the implementation of equity- and
interest rate-related actuarial assumption updates.
	    The financial strength ratings assigned by independent credit rating
agencies for Sun Life Financial's principal operating subsidiaries remained
unchanged during the third quarter of 2009.
	    The Company's risk management framework includes a number of liquidity
risk management procedures, including prescribed liquidity stress testing,
active monitoring and contingency planning. The Company maintains an overall
asset liquidity profile that exceeds requirements to fund potential demand
liabilities under prescribed adverse liability demand scenarios. The Company
also actively manages and monitors the matching of its asset positions against
its commitments, together with the diversification and credit quality of its
investments against established targets.
	    The Company's primary source of funds is cash provided by operating
activities, including premiums, investment management fees and net investment
income. These funds are used primarily to pay policy benefits, dividends to
policyholders, claims, commissions, operating expenses, interest expenses and
shareholder dividends. Cash flows generated from operating activities are
generally invested to support future payment requirements, including the
payment of dividends to shareholders.

	    OUTLOOK

	    During the third quarter of 2009, the North American economy showed some
signs of improvement. In the U.S., the S&P 500 increased by 15% for the
quarter. The Federal Reserve held two meetings during the third quarter of
2009, and kept interest rates in a range of 0% - 0.25%, the same level since
December 2008. The Federal Reserve noted that although economic activity had
started to pick up, growth remains constrained by ongoing job losses, sluggish
income growth, lower housing wealth, and tight credit. U.S. inflation was not
seen as a concern, and as a result the Federal Reserve indicated that economic
conditions warrant exceptionally low levels of federal funds for an extended
period of time. The timing, duration and shape of the economic recovery
continues to remain uncertain.
	    In Canada, the S&P/TSX Composite Index rose 10% during the third quarter
of 2009. During the third quarter the Bank of Canada maintained its target
overnight rate steady at 0.25% and the target overnight rate can be expected
to remain at its current level until the end of the second quarter of 2010 in
order to achieve the inflation target. The Bank of Canada suggested that the
global recovery will be protracted and that over the long term the economic
environment will be challenging.
	    The Company is affected by a number of factors which are fundamentally
linked to the economic environment. Equity market performance, interest rate
levels, credit experience, surrender and lapse experience, currency exchange
rates, and spreads between interest credited to policyholders and investment
returns can have a substantial impact on the profitability of the Company's
operations. Furthermore, the regulatory environment is expected to evolve as
governments and regulators work to develop the appropriate level of financial
regulation required to ensure that capital, liquidity and risk management
practices are sufficient to withstand severe economic downturns. In Canada,
OSFI has proposed a method for evaluating stand-alone capital adequacy and is
considering updating its current regulatory guidance for insurance holding
companies. While the impacts on the life insurance sector are not known, it
remains probable that increased regulation (including at the holding company
level) will lead to higher levels of required capital and liquidity and limits
on levels of financial leverage, which could result in lower returns on
capital for shareholders.

	    MARKET RISK SENSITIVITY

	    The Company's earnings are dependent on the determination of its
policyholder obligations under its annuity and insurance contracts. These
amounts are determined using internal valuation models and are recorded in the
Company's financial statements, primarily as actuarial liabilities. The
determination of these obligations requires management to make assumptions
about the future level of equity market performance, interest rates and other
factors over the life of its products.
	    The estimated impact on the Company's net income from an immediate 10%
increase across all equity markets as at September 30, 2009, would be an
increase in net income in the range of $75 million to $125 million.
Conversely, the impact of an immediate 10% drop across all equity markets
would be an estimated decrease in net income in the range of $125 million to
$175 million. These sensitivities assume that the Company's actual equity
exposures consistently and precisely track the broader equity markets. Since
in practice actual equity-related exposures generally differ from broad market
indices (due to the impact of active management, basis risk, and other
factors), realized sensitivities may differ significantly from those
illustrated above.
	    The estimated impact of an immediate parallel increase of 1% in interest
rates as at September 30, 2009, across the yield curve in all markets, would
be an increase in net income in the range of $150 million to $200 million.
Conversely, an immediate 1% parallel decrease in interest rates would result
in an estimated decrease in net income in the range of $325 million to $400
million. The increase in sensitivity to a downward movement in interest rates
from the second quarter of 2009 is primarily due to the implementation of
equity- and interest rate-related assumption updates.
	    The Company provides guarantees through its segregated fund business in
Canada and variable annuity business in the United States which are linked to
underlying fund performance.


	    <<
	    -------------------------------------------------------------------------
	                        September 30, 2009             December 31, 2008
	    -------------------------------------------------------------------------
	                              Amount Actuarial              Amount Actuarial
	                      Fund        at      Lia-      Fund        at      Lia-
	    ($ millions)     Value    Risk(5) bilities     Value    Risk(5) bilities
	    -------------------------------------------------------------------------
	    Total           33,797     4,864     1,617    29,730     9,063     3,036
	    -------------------------------------------------------------------------
	    >>

	    Guaranteed benefits are contingent and only payable upon death, maturity,
withdrawal or annuitization if fund values remain below guaranteed values. If
markets do not recover, liabilities on current in-force business would be due
primarily in the period from 2013 to 2031. The amount at risk and actuarial
liabilities at September 30, 2009 decreased from December 31, 2008 primarily
as a result of improved market conditions and movement in foreign exchange
rates. The increase in the fund value is the result of improved market
conditions and growth attributable to new business, offset by movement in
foreign exchange rates.
	    The Company's principal operating subsidiary, Sun Life Assurance, is
subject to the MCCSR capital rules for a life insurance company in Canada. The
MCCSR ratio calculation involves using qualifying models or applying
quantitative factors to specific assets and liabilities based on a number of
risk components to arrive at required capital and comparing this requirement
to available capital to assess capital adequacy. Certain of these risk
components, along with available capital, are sensitive to changes in equity
markets. The estimated impact on the MCCSR ratio of Sun Life Assurance from an
immediate 10% increase across all equity markets as at September 30, 2009
would result in an increase in the MCCSR ratio of up to 5 percentage points.
Conversely, the estimated impact on the MCCSR ratio of Sun Life Assurance from
an immediate 10% drop across all equity markets would result in a decrease in
the MCCSR ratio of up to 5 percentage points.
	    Capital is managed both on a consolidated basis under principles that
consider all the risk associated with the business as well as at the business
unit level under the principles appropriate to the jurisdiction in which it
operates. Sun Life Financial was well above its minimum internal capital
targets as at September 30, 2009. Sun Life Financial would also remain well
above its minimum targets after a 10% drop in equity markets from September
30, 2009 levels.
	    The Company's market risk sensitivities are forward-looking information
and are non-GAAP measures. These are measures of the Company's estimated net
income and capital sensitivity to the changes in interest rate and equity
market levels described above, based on a starting point and business mix in
place as of September 30, 2009. These sensitivities are determined separately
and generally assume that all other variables stay constant. Actual results
may differ materially from these estimates for a variety of reasons including
differences in the pattern or distribution of the shocks illustrated above,
the interaction between these factors, model risk, or changes in other
assumptions such as business mix, effective tax rates, policyholder behaviour,
currency exchange rates, and other market variables relative to those
underlying the September 30, 2009 calculation date for these sensitivities.
These sensitivities also assume that a change to the current valuation
allowance on future tax assets is not required.
	    These sensitivities reflect the composition of the Company's assets and
liabilities as of September 30, 2009. Changes in these positions due to new
sales or maturities, asset purchases/sales or other management actions could
result in material changes to these reported sensitivities. In particular,
these sensitivities reflect the expected impact of hedging activities based on
the hedging programs and portfolios in place as of the September 30, 2009
calculation date. The actual impact of these hedging activities can differ
materially from that assumed in the determination of these indicative
sensitivities due to ongoing hedge rebalancing activities, changes in the
scale or scope of hedging activities, changes in the cost or general
availability of hedging instruments, basis risk (the risk that hedges do not
exactly replicate the underlying portfolio experience), operational risk in
the ongoing management of the hedge programs or the potential failure of hedge
counterparties to perform in accordance with expectations.
	    Similarly, the net income sensitivities are based on financial reporting
methods and assumptions in effect as of September 30, 2009. Changes in
accounting or actuarial valuation methods, models or assumptions, including
the prospective equity and interest rate actuarial assumption changes
described earlier in this document, could result in material changes to these
reported sensitivities. Changes in interest rates and equity market prices in
excess of the ranges illustrated may result in greater than proportional
impacts.
	    For the reasons outlined above, these sensitivities should only be viewed
as directional estimates of the underlying income sensitivity of each factor
under these specialized assumptions, and should not be viewed as predictors of
the Company's future earnings. Given the nature of these calculations, the
Company cannot provide assurance that those actual earnings impacts will be
within the indicated ranges.
	    Information related to market risk sensitivities should be read in
conjunction with the information contained in the "Outlook" section of this
MD&A, "Risk Factors" in the Company's AIF for the year ended December 31,
2008, and "Critical Accounting Estimates" and "Risk Management" in the
Company's annual MD&A, copies of which are available on its website at
www.sunlife.com and at www.sedar.com and www.sec.gov.

	    ENTERPRISE RISK MANAGEMENT

	    Sun Life Financial uses an enterprise risk management framework to assist
in categorizing, monitoring and managing the risks to which it is exposed. The
major categories of risk are credit risk, market risk, insurance risk,
operational risk and strategic risk. Operational risk is a broad category that
includes legal and regulatory risks, people risks, and systems and processing
risks.
	    Through its ongoing enterprise risk management procedures, Sun Life
Financial reviews the various risk factors identified in the framework and
reports to senior management and to the Risk Review Committee of the Board at
least quarterly. Sun Life Financial's enterprise risk management procedures
and risk factors are described in Sun Life Financial Inc.'s annual MD&A and
AIF for the year ended December 31, 2008, which are available on the Company's
website at www.sunlife.com.

	    LEGAL AND REGULATORY MATTERS

	    Information concerning legal and regulatory matters is provided in Sun
Life Financial Inc.'s annual consolidated financial statements, annual MD&A
and AIF for the year ended December 31, 2008, copies of which are available on
the Company's website at www.sunlife.com and at www.sedar.com and www.sec.gov.

	    INTERNAL CONTROL OVER FINANCIAL REPORTING

	    Management is responsible for establishing and maintaining adequate
internal control over financial reporting to provide reasonable assurance
regarding the reliability of the Company's financial reporting and the
preparation of its financial statements in accordance with GAAP.
	    There were no changes in the Company's internal control over financial
reporting during the period beginning on July 1, 2009 and ended on September
30, 2009 that have materially affected, or are reasonably likely to materially
affect, the Company's internal control over financial reporting.

	    TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

	    The Canadian Accounting Standards Board has confirmed January 1, 2011 as
the date IFRS will replace current Canadian standards and interpretations as
GAAP for publicly accountable enterprises. In order to prepare for the
conversion to IFRS, Sun Life Financial has developed an IFRS changeover plan.
This plan addresses key elements of the Company's conversion to IFRS
including:

	    <<
	    -   Education and training requirements
	    -   Accounting policy changes
	    -   Information technology and data systems impacts
	    -   Impacts on business activities
	    -   Financial reporting requirements
	    -   Internal control over financial reporting
	    >>

	    The IFRS changeover plan is well underway, with key IFRS standards
analyzed and compared against Sun Life Financial's current Canadian GAAP
policies. The key accounting policy alternatives have been identified,
including contract classification, first-time adoption options and other
mandatory changes under IFRS. Developments relating to existing standards and
new standards are being monitored to assess the impact on the changeover plan.
	    The core IFRS team has partnered with all of the relevant functional
areas of the Company to assess the specific and overall impact of IFRS,
including, for example, information technology, data systems, Treasury and
Taxation. As the implementation process moves forward, the Company will
continue to monitor its changeover plan; accordingly, changes to the existing
plan may be required.
	    The Company is currently in the detailed implementation phase of its
changeover plan, which includes formal training and finalizing business and
systems requirements, processes for new data requirements, financial statement
and notes development, and the changes to the control environment under IFRS.
The Company is assessing the impact the adoption of IFRS will have on its
financial statements.

	    USE OF NON-GAAP FINANCIAL MEASURES

	    Management evaluates the Company's performance on the basis of financial
measures prepared in accordance with GAAP, including earnings, diluted EPS and
ROE. Management also measures the Company's performance based on certain
non-GAAP measures, including operating earnings, and financial measures based
on operating earnings, including operating EPS and operating ROE, that exclude
certain items that are not operational or ongoing in nature. Management uses
financial performance measures that are prepared on a constant currency basis,
which exclude the impact of currency fluctuations. The Company also reviews
adjusted revenue, which excludes the impact of currency and fair value changes
in held-for-trading assets and derivative instruments from total revenue.
Management monitors MFS's pre-tax operating profit margin ratio, the
denominator of which excludes certain investment income and includes certain
commission expenses, as a means of measuring the underlying profitability of
MFS. Value of new business is used to measure overall profitability. Value of
new business is based on actuarial amounts for which there are no comparable
amounts under GAAP. Management has provided information concerning the
Company's estimated 2010 normalized earnings and market sensitivities, for
which there are no directly comparable measures under GAAP and for which a
reconciliation is not possible as it is forward-looking information.
Management believes that these non-GAAP financial measures provide information
useful to investors in understanding the Company's performance and facilitate
the comparison of the quarterly and full-year results of the Company's ongoing
operations. These non-GAAP financial measures do not have any standardized
meaning and may not be comparable with similar measures used by other
companies. They should not be viewed as an alternative to measures of
financial performance determined in accordance with GAAP. Additional
information concerning these non-GAAP financial measures and reconciliations
to GAAP measures are included in Sun Life Financial Inc.'s annual and interim
MD&A and the Supplementary Financial Information packages that are available
on www.sunlife.com under Investors - Financial Results & Reports - Year-end
Reports.

	    RECONCILIATION OF OPERATING EARNINGS

	    The following table sets out the items that have been excluded from the
Company's operating earnings in the eight most recently completed quarters and
provides a reconciliation to the Company's earnings based on GAAP.


	    <<
	    ($ millions)                         Quarterly results
	    -------------------------------------------------------------------------
	                      Q3'09  Q2'09  Q1'09  Q4'08  Q3'08  Q2'08  Q1'08  Q4'07
	    -------------------------------------------------------------------------
	    Reported Earnings
	     (GAAP)            (140)   591   (213)   129   (396)   519    533    555
	    After-tax gain
	     (loss) on special
	     items
	      Re-branding
	       expenses in
	       Canada             -      -      -      -      -      -      -     (3)
	      EBG integration
	       costs              -      -      -      -      -      -      -     (2)
	      Gain on sale of
	       interest in CI
	       Financial          -      -      -    825      -      -      -      -
	      Restructuring
	       costs to reduce
	       expense levels     -      -    (27)     -      -      -      -      -
	    -------------------------------------------------------------------------
	    Total special
	     items                -      -    (27)   825      -      -      -     (5)
	    -------------------------------------------------------------------------
	    Operating earnings (140)   591   (186)  (696)  (396)   519    533    560
	    -------------------------------------------------------------------------
	    >>

	    FORWARD-LOOKING INFORMATION

	    Certain information in this document, including information relating to
the Company's strategies and other statements that are predictive in nature,
that depend upon or refer to future events or conditions, including
information set out in this MD&A under the headings of Estimated 2010
Normalized Earnings, Outlook and Market Risk Sensitivity, or that include
words such as "expects", "anticipates", "intends", "plans", "believes",
"estimates" or similar expressions, are forward-looking statements within the
meaning of securities laws. Forward-looking information includes the
information concerning possible or assumed future results of operations of the
Company. These statements represent the Company's expectations, estimates and
projections regarding future events and are not historical facts.
Forward-looking information is not a guarantee of future performance and
involves risks and uncertainties that are difficult to predict. Future results
and shareholder value of SLF Inc. may differ materially from those expressed
in this forward-looking information due to, among other factors, the matters
set out under "Risk Factors" in the Company's AIF and the factors detailed in
its other filings with Canadian and U.S. securities regulators, including its
annual and interim MD&A, and annual and interim financial statements, which
are available for review at www.sedar.com and www.sec.gov.
	    Factors that could cause actual results to differ materially from
expectations include, but are not limited to, investment losses and defaults
and changes to investment valuations; the performance of equity markets;
interest rate fluctuations; other market risks including movement in credit
spreads; possible sustained economic downturn; risks related to market
liquidity; market conditions that adversely affect the Company's capital
position or its ability to raise capital; downgrades in financial strength or
credit ratings; the impact of mergers and acquisitions; the performance of the
Company's investments and investment portfolios managed for clients such as
segregated and mutual funds; insurance risks including mortality, morbidity,
longevity and policyholder behaviour including the occurrence of natural or
man-made disasters, pandemic diseases and acts of terrorism; changes in
significant accounting principles; changes in legislation and regulations
including tax laws; regulatory investigations and proceedings and private
legal proceedings and class actions relating to practices in the mutual fund,
insurance, annuity and financial product distribution industries; risks
relating to product design and pricing; the availability, cost and
effectiveness of reinsurance; the inability to maintain strong distribution
channels and risks relating to market conduct by intermediaries and agents;
currency exchange rate fluctuations; the cost, effectiveness and availability
of risk-mitigating hedging programs; the creditworthiness of guarantors and
counterparties to derivatives; risks relating to operations in Asia including
risks relating to joint ventures; the impact of competition; risks relating to
financial modelling errors; business continuity risks; failure of information
systems and Internet-enabled technology; breaches of computer security and
privacy; dependence on third-party relationships including outsourcing
arrangements; the ability to attract and retain employees; the impact of
adverse results in the closed block of business; the ineffectiveness of risk
management policies and procedures and the potential for financial loss
related to changes in the environment. The Company does not undertake any
obligation to update or revise these forward-looking statements to reflect
events or circumstances after the date of this report or to reflect the
occurrence of unanticipated events, except as required by law.
	    The financial results presented in this document are unaudited.

	    Earnings Conference Call

	    The Company's third quarter 2009 financial results will be reviewed at a
conference call today at 9 a.m. ET. To listen to the call via live audio
webcast and to view the presentation slides, as well as related information,
please visit www.sunlife.com and click on the link to Q3 results from the
"Investors" section of the home page 10 minutes prior to the start of the
presentation. The webcast and presentation will be archived and made available
on the Company's website, www.sunlife.com, following the call.
	    The conference call can also be accessed by phone by dialing 416-644-3416
(Toronto), or 1-800-732-9307 (Canada/U.S.).

	    Sun Life Financial

	    Sun Life Financial is a leading international financial services
organization providing a diverse range of protection and wealth accumulation
products and services to individuals and corporate customers. Chartered in
1865, Sun Life Financial and its partners today have operations in key markets
worldwide, including Canada, the United States, the United Kingdom, Ireland,
Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of
September 30, 2009, the Sun Life Financial group of companies had total assets
under management of $412 billion. For more information please visit
www.sunlife.com.
	    Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under the ticker symbol SLF.


	    SUMMARY CONSOLIDATED FINANCIAL STATEMENTS

	    <<
	    Consolidated Statements of Operations
	    -------------------------------------------------------------------------
	                                         For the three          For the nine
	                                          months ended          months ended
	    -------------------------------------------------------------------------
	    (unaudited, in millions of
	     Canadian dollars except for  September  September  September  September
	     per share amounts)             30 2009    30 2008    30 2009    30 2008
	    -------------------------------------------------------------------------
	    Revenue
	      Premium Income:
	        Annuities                 $   1,134  $   1,145  $   4,018  $   2,844
	        Life insurance                1,603      1,449      4,741      4,267
	        Health insurance              1,082      1,017      3,271      2,991
	    -------------------------------------------------------------------------
	                                      3,819      3,611     12,030     10,102
	    -------------------------------------------------------------------------
	      Net investment income (loss):
	        Changes in fair value of
	         held-for-trading assets      3,072     (2,862)     5,025     (5,210)
	        Income (loss) from
	         derivative instruments        (116)      (145)      (563)      (560)
	        Net gains (losses) on
	         available-for-sale assets       53       (227)       (12)      (175)
	        Other net investment
	         income                       1,334      1,490      4,200      4,587
	    -------------------------------------------------------------------------
	                                      4,343     (1,744)     8,650     (1,358)
	    -------------------------------------------------------------------------
	      Fee income                        669        693      1,899      2,113
	    -------------------------------------------------------------------------
	                                      8,831      2,560     22,579     10,857
	    -------------------------------------------------------------------------
	    Policy benefits and expenses
	      Payments to policyholders,
	       beneficiaries and
	       depositors:
	        Maturities and surrenders     1,006      1,081      3,564      3,686
	        Annuity payments                344        343      1,030      1,027
	        Death and disability
	         benefits                       703        679      2,335      2,047
	        Health benefits                 788        713      2,390      2,167
	        Policyholder dividends
	         and interest on claims
	         and deposits                   293        357        992        940
	    -------------------------------------------------------------------------
	                                      3,134      3,173     10,311      9,867
	      Net transfers to
	       segregated funds                 304        165        654        473
	      Increase (decrease) in
	       actuarial liabilities          4,395     (1,504)     7,729     (4,044)
	      Commissions                       423        397      1,244      1,149
	      Operating expenses                763        704      2,307      2,168
	      Premium taxes                      56         56        166        171
	      Interest expense                  103         80        309        279
	    -------------------------------------------------------------------------
	                                      9,178      3,071     22,720     10,063
	    -------------------------------------------------------------------------
	    Income (loss) before income
	     taxes and non-controlling
	     interests                         (347)      (511)      (141)       794
	      Income tax expense (benefit)     (238)      (138)      (455)        63
	      Non-controlling interests
	      in net income of
	      subsidiaries                        4          6         10         20
	    -------------------------------------------------------------------------
	    Total net income                   (113)      (379)       304        711
	      Less: Participating
	       policyholders' net
	       income (loss)                      4         (1)         8          2
	    -------------------------------------------------------------------------
	    Shareholders' net income (loss)    (117)      (378)       296        709
	      Less: Preferred shareholder
	       dividends                         23         18         58         53
	    -------------------------------------------------------------------------
	    Common shareholders' net income
	     (loss)                           $(140)     $(396)      $238       $656
	    -------------------------------------------------------------------------

	    Earnings (loss) per share
	      Basic                          $(0.25)    $(0.71)     $0.42     $(1.17)
	      Diluted                        $(0.25)    $(0.71)     $0.42     $(1.14)



	    Consolidated Balance Sheets
	                                                          As at
	    -------------------------------------------------------------------------
	    (unaudited, in millions of               September   December  September
	     Canadian dollars)                         30 2009    31 2008    30 2008
	    -------------------------------------------------------------------------
	    Assets
	      Bonds - held-for-trading               $  49,965  $  48,458  $  47,116
	      Bonds - available-for-sale                10,164     10,616      9,523
	      Mortgages and corporate loans             20,059     22,302     21,366
	      Stocks - held-for-trading                  4,062      3,440      3,876
	      Stocks - available-for-sale                  648      1,018        629
	      Real estate                                4,826      4,908      4,638
	      Cash, cash equivalents and short-term
	       securities                               11,831      8,879      6,614
	      Derivative assets                          1,535      2,669      1,468
	      Policy loans and other invested assets     3,486      3,585      4,505
	      Other invested assets - held-for-
	       trading                                     365        380        351
	      Other invested assets - available-for-
	       sale                                        493        623        660
	    -------------------------------------------------------------------------
	      Invested assets                          107,434    106,878    100,746
	      Goodwill                                   6,281      6,598      6,235
	      Intangible assets                            937        878        827
	      Other assets                               4,855      5,479      5,403
	    -------------------------------------------------------------------------
	      Total general fund assets               $119,507   $119,833   $113,211
	    -------------------------------------------------------------------------
	      Segregated funds net assets              $72,984    $65,762    $69,042
	    -------------------------------------------------------------------------

	    Liabilities and equity
	      Actuarial liabilities and other policy
	       liabilities                             $84,139    $81,411    $77,556
	      Amounts on deposit                         4,125      4,079      3,758
	      Deferred net realized gains                  232        251        258
	      Senior debentures                          3,312      3,013      3,013
	      Derivative liabilities                     1,432      3,219        964
	      Other liabilities                          5,843      7,831      8,448
	    -------------------------------------------------------------------------
	      Total general fund liabilities            99,083     99,804     93,997
	      Subordinated debt                          3,050      2,576      2,553
	      Non-controlling interests in
	       subsidiaries                                 36         44         42
	      Total equity                              17,338     17,409     16,619
	    -------------------------------------------------------------------------
	      Total general fund liabilities and
	       equity                                 $119,507   $119,833   $113,211
	    -------------------------------------------------------------------------
	      Segregated funds contract liabilities    $72,984    $65,762    $69,042
	    -------------------------------------------------------------------------



	    ----------------------------------------
	    (1) Operating earnings (loss) and other financial information based on
	        operating earnings such as operating earnings (loss) per share and
	        operating return on equity are non-GAAP financial measures. For
	        additional information see "Use of Non-GAAP Financial Measures". All
	        EPS measures refer to diluted EPS, unless otherwise stated.
	    (2) Together with its subsidiaries and joint ventures, "the Company" or
	        "Sun Life Financial".
	    (3) Key indicators with respect to normalized earnings assumptions
	        include, but are not limited to: equity markets (S&P 500, S&P/TSX
	        Composite Index, TSX 60); interest rates (Government of Canada and
	        U.S. Treasury rates); foreign currency (U.S. dollar, U.K. pound); and
	        credit spreads (corporate bond spreads, swap spreads).
	    (4) Pre-tax operating profit margin ratio is a non-GAAP measure. See "Use
	        of Non-GAAP Financial Measures".
	    (5) Amount at risk is the excess of guaranteed values over fund values on
	        all policies where the guaranteed value exceeds the fund value. Fund
	        value and amount at risk are net of amounts reinsured. The amount at
	        risk is not currently payable.
	    >>

	    %CIK: 0001097362

	    /For further information: Media Relations Contact: Steve Kee, Assistant
Vice-President, Communications, Tel: (416) 979-6237, steve.kee(at)sunlife.com;
Investor Relations Contact: Paul Petrelli, Vice-President, Investor Relations,
Tel: (416) 204-8163, investor.relations(at)sunlife.com/
	    (SLF. SLF)

CO:  Sun Life Financial Inc.

CNW 08:26e 05-NOV-09