Exhibit 99.1

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

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

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

     First quarter 2010 financial highlights

     -   Net income of $409 million, compared to a loss of $213 million in the
         first quarter of 2009
     -   Earnings per share (diluted) of $0.72, up from a loss per share of
         $0.38
     -   Return on equity of 10.5%, up from negative 5.5% in the same period
         one year ago
     -   Quarterly dividend of $0.36 per share
     -   Assets under management grew 16% to $435 billion from a year ago
     >>

     TORONTO, May 5 /CNW/ - Sun Life Financial Inc.(1) (TSX/NYSE: SLF)
reported net income of $409 million for the first quarter of 2010, compared
with a net loss of $213 million in the same period last year. Diluted earnings
per share were $0.72 compared to a loss per share of $0.38 in the first
quarter of 2009.
     Results across most business groups were higher, reflecting an economic
environment that was stronger than one year ago. Net income in the first
quarter of 2010 benefited from positive equity market performance, favourable
movements in interest rates and the positive impact of asset-liability
re-balancing. The Company's recent acquisition in the U.K. contributed to the
improved performance in the Company's U.K. operations. Higher costs associated
with writing increased volumes of new business offset some of the gains from
improved economic conditions.
     Credit experience was more favourable in the first quarter of 2010
relative to the same period a year ago; however, the strengthening of the
Canadian dollar reduced the net income of some of the Company's operations in
foreign jurisdictions.
     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.
     "In addition to improved equity and credit market conditions compared to
the same period a year ago, Sun Life's results this quarter benefited from
gains in various business units spanning several markets," said Donald A.
Stewart, Chief Executive Officer.
     "SLF Canada recorded solid gains from the sale of fixed interest products
and significant increases in sales of life and health insurance. In the U.S.,
a strong focus on improving distribution contributed to a 45% increase in
domestic variable annuity sales.
     "Assets under management grew 16% to $435 billion, spurred by significant
gains in net sales of mutual, managed and segregated funds and the acquisition
of Lincoln's U.K. business," Mr. Stewart said. "In particular, MFS, the
Company's U.S.-based asset manager, experienced strong net sales and asset
appreciation and is close to its pre-financial crisis asset levels.
     "While there are still headwinds in credit markets, our focus on risk
management and a strategy of diversifying across product lines and geographies
has allowed Sun Life to achieve a solid start in 2010."

     Earnings and profitability

     The Company prepares its financial statements in accordance with Canadian
generally accepted accounting principles (GAAP). Additional information
relating to the Company can be found in its consolidated annual and interim
financial statements and accompanying notes (Consolidated Financial
Statements), annual and interim management's discussion and analysis (MD&A)
and annual information form (AIF), copies of which have been filed with
securities regulators in Canada, which may be accessed at www.sedar.com, and
with the United States Securities and Exchange Commission (SEC), which may be
accessed at www.sec.gov. The financial results presented in this document are
unaudited.
     This document contains forward-looking information and non-GAAP financial
measures. Additional information on forward-looking information and non-GAAP
measures can be found below in the Forward-Looking Information and Use of
Non-GAAP Financial Measures sections.

     <<
     FINANCIAL SUMMARY

                                                   Quarterly results
     -------------------------------------------------------------------------
                                        Q1'10   Q4'09   Q3'09   Q2'09   Q1'09
     -------------------------------------------------------------------------
     Common shareholders' net income
      (loss) ($ millions)                 409     296    (140)    591    (213)
     Operating earnings (loss)(2)
      ($ millions)                        409     296    (140)    591    (186)

     Basic earnings (loss) per common
      share (EPS)($)                     0.72    0.53   (0.25)   1.06   (0.38)
     Diluted EPS ($)                     0.72    0.52   (0.25)   1.05   (0.38)
     Diluted operating EPS(2)($)         0.72    0.52   (0.25)   1.05   (0.33)

     Return on common equity (ROE)(%)    10.5     7.6    (3.5)   14.9    (5.5)
     Operating ROE(2)                    10.5     7.6    (3.5)   14.9    (4.7)

     Average diluted common shares
      outstanding (millions)            566.4   564.0   560.8   560.6   559.7
     Closing common shares outstanding
      (millions)                        566.8   564.4   562.4   560.7   559.7
     -------------------------------------------------------------------------
     >>

     Sun Life Financial reported net income attributable to common
shareholders of $409 million for the quarter ended March 31, 2010, compared to
a loss of $213 million in the first quarter of 2009. The Company reported
operating earnings of $409 million for the first quarter of 2010, compared
with an operating loss of $186 million in the first quarter of 2009. The
operating loss for the first quarter of 2009 does not include 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.
     Net income of $409 million in the first quarter of 2010 reflected the
impact of favourable interest rate movements and positive equity market
performance in the Company's North American businesses, the favourable impact
of asset-liability re-balancing in SLF Canada and the addition of the Lincoln
U.K. business in SLF U.K. in the fourth quarter of 2009. These improvements
were partially offset by higher levels of new business strain in SLF U.S. and
SLF Asia.
     Credit experience was more favourable in the first quarter of 2010
relative to the same period a year ago and the fourth quarter of 2009. While
downgrades continue to be at elevated levels relative to historical
experience, the financial impact of the downgrades was significantly lower
than in the respective comparative periods due to a number of factors,
including a reduction in the severity of downgrades. The net impact of
downgrades and credit impairments after the release of actuarial reserves
during the first quarter of 2010 was $6 million compared to $201 million
during the same period a year ago. Partially offsetting the impact of credit
improvements was the strengthening of the Canadian dollar, which reduced the
Company's overall reported net income by $36 million relative to exchange
rates in the first quarter of 2009.
     The loss of $213 million in the first quarter of 2009 was driven
primarily by reserve strengthening, net of hedging, related to equity market
declines, reserve increases for downgrades on the Company's investment
portfolio, and equity and net credit impairments. First quarter 2009 results
were also unfavourably impacted by increases in actuarial reserves related to
the very low interest rate environment.
     Return on equity (ROE) for the first quarter of 2010 was 10.5%, compared
with negative 5.5% for the first quarter of 2009. The increase in ROE was
primarily the result of higher earnings, which increased to $0.72 per share in
the first quarter of 2010 from a loss of $0.38 per share in the first quarter
of 2009.
     In its interim MD&A for the third quarter of 2009, the Company provided a
range for its "estimated 2010 adjusted earnings from operations" (3). Based on
the assumptions and methodology used to determine the Company's 2010 estimated
adjusted earnings from operations, the Company's adjusted earnings from
operations for the first quarter of 2010 were $359 million. Additional
information can be found in this news release under the heading "Estimated
2010 Adjusted Earnings from Operations."

     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 4 to the Company's interim Consolidated Financial Statements for the
quarter ended March 31, 2010. 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.

     <<
     SLF Canada

                                                   Quarterly results
     -------------------------------------------------------------------------
                                        Q1'10   Q4'09   Q3'09   Q2'09   Q1'09
     -------------------------------------------------------------------------
     Common shareholders' net income
     ($ millions)
       Individual Insurance
        & Investments                     138     138     134     131      77
       Group Benefits                      50      72      44      52      65
       Group Wealth                        50      33      41      27      52
     -------------------------------------------------------------------------
     Total                                238     243     219     210     194
     -------------------------------------------------------------------------
     >>

     SLF Canada had net income of $238 million in the first quarter of 2010
compared to net income of $243 million in the fourth quarter of 2009 and net
income of $194 million in the first quarter of 2009. Earnings in the first
quarter of 2010 benefited from improved equity markets, the favourable impact
of asset-liability re-balancing, favourable interest rate movements and
improved credit experience. These favourable impacts were partially offset by
unfavourable morbidity experience.
     Results in the first quarter of 2009 included reserve strengthening
attributable to declining equity markets and lower asset reinvestment gains
from changes in credit spreads. This was offset by favourable morbidity
experience and the benefit from the enactment of tax rules related to
accounting changes with respect to financial instruments.
     In the first quarter of 2010, sales of Individual fixed interest
products, including accumulation annuities, GICs and payout annuities,
increased 6% from the same period a year ago to $323 million. Sales of
Individual life and health insurance increased 30% due to improved market
conditions, product changes and sales initiatives. In Group Wealth, Group
Retirement Services sales increased by 8%. Pension rollovers increased by 43%
to $228 million, with a four-quarter average retention rate of 48%. Group
Benefits sales at $125 million decreased 13% from the first quarter of 2009,
which was an exceptionally strong quarter.

     <<
     SLF U.S.

                                                   Quarterly results
     -------------------------------------------------------------------------
                                        Q1'10   Q4'09   Q3'09   Q2'09   Q1'09
     -------------------------------------------------------------------------
     Common shareholders' net income
      (loss) (US$ millions)
       Annuities                           53     (80)   (186)    187    (324)
       Individual Insurance                 5      50    (222)     70     (57)
       Employee Benefits Group             28      22      22      30      48
     -------------------------------------------------------------------------
     Total (US$ millions)                  86      (8)   (386)    287    (333)
     Total (C$ millions)                   88      (9)   (413)    364    (407)
     -------------------------------------------------------------------------
     >>

     SLF U.S. reported net income of C$88 million in the first quarter of
2010, compared to a loss of C$9 million in the fourth quarter of 2009 and a
loss of C$407 million in the first quarter of 2009. The strengthening of the
Canadian dollar against the U.S. dollar decreased the reported net income in
SLF U.S. by C$17 million in the first quarter of 2010 compared to the first
quarter of 2009.
     In U.S. dollars, first quarter 2010 net income was US$86 million,
compared to a loss of US$333 million in the first quarter of 2009. Results in
the first quarter of 2010 were affected by the favourable impact of equity
market and interest rate movements, partially offset by higher new business
strain from increased sales of universal life insurance and unfavourable
mortality experience.
     Results in the first quarter of 2009 were driven primarily by reserve
strengthening of US$220 million, net of hedging, due to equity market
declines, reserve strengthening of US$160 million relating to credit market
conditions and increases in actuarial reserves related to the very low
interest rate environment.
     Domestic variable annuity sales in the first quarter of 2010 were US$840
million, an increase of 45% from the same period a year ago, reflecting
improved wholesaler productivity, the new simplified variable annuity product
launched in the quarter, and renewed consumer interest in variable annuities
in light of improving equity market conditions. As anticipated, fixed annuity
sales decreased in the first quarter of 2010 consistent with the Company's
decision to only offer the product on an opportunistic basis. Employee
Benefits Group sales in the first quarter were US$38 million, a decrease of
US$25 million or 40% compared to the prior year. First quarter Individual
Insurance domestic sales were US$63 million, representing a 112% increase over
the prior year due to higher volume of core sales.

     <<
     MFS Investment Management

                                                   Quarterly results
     -------------------------------------------------------------------------
                                        Q1'10   Q4'09   Q3'09   Q2'09   Q1'09
     -------------------------------------------------------------------------
     Common shareholders' net income
      (US$ millions)                       47      47      39      27      23
     Common shareholders' net income
      (C$ millions)                        49      49      43      32      28

     Pre-tax operating profit margin
      ratio(4)                            30%     29%     28%     23%     21%
     Average net assets (US$ billions)    189     181     162     140     125
     Assets under management
      (US$ billions)(4)                   195     187     175     147     124
     Net sales (US$ billions)             3.1     6.1     7.7     4.9     0.2
     Asset appreciation (depreciation)
      (US$ billions)                      4.8     6.9    20.0    17.9   (10.7)

     S&P 500 Index (daily average)      1,121   1,088     994     893     811
     -------------------------------------------------------------------------
     >>

     MFS reported net income of C$49 million in the first quarter of 2010
compared to earnings of C$49 million in the fourth quarter of 2009 and
earnings of C$28 million in the first quarter of 2009. The strengthening of
the Canadian dollar against the U.S. dollar decreased earnings for MFS by C$9
million in the first quarter of 2010 compared to the first quarter of 2009.
     In U.S. dollars, first quarter earnings were US$47 million compared to
earnings of US$23 million in the first quarter of 2009. The increase in
earnings from the first quarter of 2009 was primarily due to higher average
net assets, which increased to US$189 billion in the first quarter of 2010
from US$125 billion in the first quarter of 2009 as a result of strong net
sales and asset appreciation.
     Total assets under management at March 31, 2010 increased to US$195
billion compared to US$187 billion at December 31, 2009. This increase was
driven by asset appreciation of US$4.8 billion and net inflows of US$3.1
billion.
     March 31, 2010 marked 12 consecutive months of net inflows at MFS. Strong
net inflows were driven largely by retail mutual funds where net inflows
reached US$2.7 billion for the quarter. On April 14, 2010, MFS announced
management changes in support of its leadership succession planning process.
Effective July 1, 2010, Robert J. Manning will become chairman of MFS
Investment Management. Mr. Manning, who will also continue in his role as
chief executive officer, will succeed Robert C. Pozen, who will become
chairman emeritus. Michael W. Roberge, who was named president of MFS in
January 2010, will assume the roles of chief investment officer and global
director of research.

     <<
     SLF Asia

                                                   Quarterly results
     -------------------------------------------------------------------------
                                        Q1'10   Q4'09   Q3'09   Q2'09   Q1'09
     -------------------------------------------------------------------------
     Common shareholders' net income
      ($ millions)                          4      27      13      19      17
     -------------------------------------------------------------------------
     >>

     First quarter earnings for SLF Asia were $4 million compared to earnings
of $27 million in the fourth quarter of 2009 and earnings of $17 million in
the first quarter of 2009. The decrease in earnings compared with the first
quarter of 2009 was primarily due to lower earnings in Hong Kong as a result
of unfavourable morbidity experience and higher levels of new business strain.
     First quarter 2010 individual life sales were down 19% over the same
period last year, mainly due to lower sales in India, which were impacted by
changes to the Company's unit-linked product portfolio, reflecting new
industry-wide regulatory changes. Excluding India, individual life sales were
up 114%, driven by strong sales growth in all other markets. In particular,
individual life sales in China were up 325%, driven by the bancassurance
channel and sales in Hong Kong were up 48%, mainly from increased sales in
both the agency and bancassurance channels.

     Corporate

     Corporate includes the results of the Company's U.K. operations (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
     -------------------------------------------------------------------------
                                        Q1'10   Q4'09   Q3'09   Q2'09   Q1'09
     -------------------------------------------------------------------------
     Common shareholders' net income
      (loss) ($ millions)
       SLF U.K.                            50       9      10     (50)      -
       Corporate Support                  (20)    (23)    (12)     16     (45)
     -------------------------------------------------------------------------
     Total                                 30     (14)     (2)    (34)    (45)
     -------------------------------------------------------------------------
     >>

     The Corporate segment reported net income of $30 million in the first
quarter of 2010, compared to a loss of $14 million in the fourth quarter of
2009 and a loss of $45 million in the first quarter of 2009.
     SLF U.K. net income increased by $50 million primarily as a result of
improvements in market conditions relative to the first quarter of 2009 and
the favourable impact of the Lincoln U.K. acquisition in the fourth quarter of
2009. In Corporate Support, the loss in the first quarter of 2010 was $20
million, compared to a loss of $45 million one year earlier. Higher losses in
the first quarter of 2009 were primarily attributable to restructuring costs
taken as part of the Company's efforts to reduce expense levels and improve
operational efficiency.

     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. Under Canadian GAAP,
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 Company conducts actuarial assessments of the amount of assets
required to support the actuarial liabilities. Additional detail on the
Company's accounting policies can be found in its 2009 annual MD&A.

     <<
                                                   Quarterly results
     -------------------------------------------------------------------------
     ($ millions)                       Q1'10   Q4'09   Q3'09   Q2'09   Q1'09
     -------------------------------------------------------------------------
     Revenues
       SLF Canada                       2,697   2,291   3,388   3,479   2,249
       SLF U.S.                         2,134   1,818   3,643   3,893   2,360
       MFS                                346     342     322     299     288
       SLF Asia                           398     353     588     634     238
       Corporate (net of consolidation
        adjustments)                      480     189     890     415    (107)
     -------------------------------------------------------------------------
     Total as reported                  6,055   4,993   8,831   8,720   5,028
     -------------------------------------------------------------------------
       Impact of currency and changes
       in the fair value of held-
       for-trading assets and
       derivative instruments              58    (983)  2,574   2,306    (955)
     -------------------------------------------------------------------------
     Total adjusted revenue             5,997   5,976   6,257   6,414   5,983
     -------------------------------------------------------------------------
     >>

     Revenues for the first quarter of 2010 were $6.1 billion, up $1.0 billion
from the comparable period a year ago. An improvement of $1.5 billion from the
increase in fair value of held-for-trading assets and increased fee income of
$139 million was partly offset by a reduction of $608 million from fixed
annuity premiums. Excluding the impact of currency and fair value changes in
held-for-trading assets, first quarter 2010 revenue of $6.0 billion was $14
million higher than the same period a year ago, with lower premium income of
$291 million more than offset by an increase in fee income of $243 million and
higher other investment income.
     Premium revenue was down by $604 million in the first quarter of 2010
compared to the same period one year ago, with a reduction of $313 million
arising from the strengthening of the Canadian dollar against the U.S. dollar.
The decrease of $291 million, excluding the effect of currency, was primarily
attributable to lower fixed annuity premiums in SLF U.S., which decreased by
$496 million and were only partly offset by higher individual life premiums.
     Net investment income of $1.9 billion was $1.5 billion higher in the
first quarter of 2010 compared to the same period a year ago, primarily due to
the improvement in the changes in fair value of held-for-trading assets.
     Fee income of $741 million in the first quarter of 2010 was up by $139
million compared to the same period in the previous year. Increased fee income
in all of the Company's operations was partially offset by a decrease of $104
million from the strengthening of the Canadian dollar against foreign
currencies.

     ASSETS UNDER MANAGEMENT (AUM)

     AUM(5) were $434.6 billion as at March 31, 2010, compared to $432.6
billion as at December 31, 2009, and $375.0 billion as at March 31, 2009. The
increase of $2.0 billion between December 31, 2009 and March 31, 2010 resulted
primarily from:

     <<
     (i)   positive market movements of $7.8 billion;
     (ii)  net sales of mutual, managed and segregated funds of $3.9 billion;
     (iii) business growth of $1.2 billion, mostly in the wealth businesses;
           and
     (iv)  an increase of $632 million from the change in value of held-for-
           trading assets; partially offset by
     (v)   a decrease of $11.5 billion from a strengthening Canadian dollar
           against foreign currencies compared to the prior period exchange
           rates.

     AUM increased $59.6 billion between March 31, 2009 and March 31, 2010. The
increase in AUM related primarily to:

     (i)   net sales of mutual, managed and segregated funds of $26.8 billion;

     (ii)  positive market movements of $72.0 billion;

     (iii) an increase of $6.4 billion from the change in value of held-for-
           trading assets;

     (iv)  an increase of $6.6 billion in segregated funds and $1.3 billion in
           general funds arising from the acquisition of the Lincoln U.K.
           business; and

     (v)   business growth of $4.2 billion, mostly in the wealth businesses;
           partially offset by

     (vi)  a decrease of $57.8 billion from the strengthening of the Canadian
           dollar against foreign currencies.
     >>

     CHANGES IN THE BALANCE SHEET AND SHAREHOLDERS' EQUITY

     Total general fund assets were $119.3 billion as at March 31, 2010,
compared to $121.3 billion a year earlier and $120.1 billion at December 31,
2009. The decrease in general fund assets from December 31, 2009, was
primarily the result of the strengthening of the Canadian dollar against
foreign currencies, which reduced general fund assets by $2.6 billion,
partially offset by an increase of $632 million from the change in value of
held-for-trading assets.
     Actuarial and other policy liabilities of $83.6 billion as at March 31,
2010 decreased by $1.1 billion compared to December 31, 2009. The
strengthening of the Canadian dollar against foreign currencies reduced
actuarial and other policy liabilities by $1.9 billion. This was partially
offset by an increase in the fair value of the actuarial liabilities.
     Shareholders' equity, including Sun Life Financial's preferred share
capital, was $17.2 billion as at March 31, 2010 compared to $17.3 billion as
at December 31, 2009. The movement in the first quarter of 2010 was mainly
from:

     <<
     (i)   shareholders' net income of $430 million, before preferred share
           dividends of $21 million;
     (ii)  change in unrealized gains (losses) on available-for-sale assets in
           other comprehensive income (OCI) of $173 million; and
     (iii) an increase of $67 million from common share issues, primarily from
           the Canadian Dividend Reinvestment Plan, and $7 million from stock-
           based compensation; partially offset by
     (iv)  a decrease of $520 million from the strengthening of the Canadian
           dollar; and
     (v)   common share dividend payments of $203 million.
     >>

     As at May 3, 2010, Sun Life Financial Inc. had 566.8 million common
shares and 71.0 million preferred shares outstanding.

     <<
     CASH FLOWS

                                                            Quarterly results
     -------------------------------------------------------------------------
     ($ millions)                                               Q1'10   Q1'09
     -------------------------------------------------------------------------
     Cash and cash equivalents, beginning of period             5,865   5,518
     Cash flows provided by (used in):
       Operating activities                                       689     698
       Financing activities                                      (166)    552
       Investing activities                                    (1,766)     94
     Changes due to fluctuations in exchange rates               (105)    160
     -------------------------------------------------------------------------
     Increase (decrease) in cash and cash equivalents          (1,348)  1,504
     -------------------------------------------------------------------------
     Cash and cash equivalents, end of period                   4,517   7,022
     Short-term securities, end of period                       6,039   3,405
     -------------------------------------------------------------------------
     Total cash, cash equivalents and short-term securities    10,556  10,427
     -------------------------------------------------------------------------
     >>

     Net cash, cash equivalents and short-term securities of $10.6 billion as
at the end of the first quarter of 2010 were higher by $129 million, compared
to the first quarter of 2009.
     Cash generated by operations was $689 million in the first quarter of
2010, relatively unchanged from the same period one year ago. Cash used in
financing activities was $166 million in the first quarter of 2010, compared
to cash provided by financing activities of $552 million in the first quarter
of 2009. The decrease of $718 million in cash flow from financing activities
from a year ago was driven primarily by the issue of $496 million of
subordinated debentures in the first quarter of 2009. The Company did not
issue any debt in the first quarter of 2010. Cash used in investing activities
in the first quarter of 2010 was $1.8 billion, compared to cash generation of
$94 million from investing activities in the first quarter of 2009. The
reduction of $1.9 billion was mainly due to higher levels of purchases of
long-term assets in the first quarter of 2010. The fluctuation of the Canadian
dollar compared to foreign currencies decreased cash balances by $105 million
in the first quarter of 2010, compared to an increase of $160 million in the
comparable 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.

     <<
     -------------------------------------------------------------------------
                       Q1'10  Q4'09  Q3'09  Q2'09  Q1'09  Q4'08  Q3'08  Q2'08
     -------------------------------------------------------------------------
     Common
      shareholders'
      net income (loss)
      ($ millions)       409    296   (140)   591   (213)   129   (396)   519
     Operating earnings
      (loss)
      ($ millions)       409    296   (140)   591   (186)  (696)  (396)   519
     Basic EPS ($)      0.72   0.53  (0.25)  1.06  (0.38)  0.23  (0.71)  0.92
     Diluted EPS ($)    0.72   0.52  (0.25)  1.05  (0.38)  0.23  (0.71)  0.91
     Diluted operating
      EPS ($)           0.72   0.52  (0.25)  1.05  (0.33) (1.25) (0.71)  0.91
     Total revenue
      ($ millions)     6,055  4,993  8,831  8,720  5,028  4,706  2,560  4,411
     Total AUM
      ($ billions)       435    433    412    397    375    381    389    413
     -------------------------------------------------------------------------
     >>

     Fourth quarter 2009

     Net income of $296 million for the fourth quarter of 2009 reflected a
return to more favourable market conditions, including the positive impact of
asset-liability re-balancing, improvements in equity markets and increased
interest rates, and benefited from an overall tax recovery. These impacts were
partially offset by net impairments, downgrades on the Company's investment
portfolio and lower asset reinvestment gains from changes in credit spreads.

     Third quarter 2009

     The loss of $140 million for the third quarter of 2009 was largely as a
result of 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, partially offset by reserve
releases of $161 million as a result of favourable equity markets.

     Second quarter 2009

     Net income of $591 million in the second quarter of 2009 was 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

     The loss of $213 million in the first quarter of 2009 was due to 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. Excluding 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, the Company reported an operating
loss of $186 million.

     Fourth quarter 2008

     Net income of $129 million in the fourth quarter of 2008 was
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. Excluding the after-tax
gain of $825 million related to the sale of the Company's 37% interest in CI
Financial, the Company reported an operating loss of $696 million.

     Third quarter 2008

     The loss of $396 million in the third quarter of 2008 was largely driven
by 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

     Net income of $519 million in the second quarter of 2008 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.

     REVIEW OF ACTUARIAL METHODS AND ASSUMPTIONS

     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 determination of these obligations is
fundamental to the Company's financial results and requires management to make
assumptions about equity market performance, interest rates, asset default,
mortality and morbidity rates, policy terminations, expenses and inflation,
and other factors over the life of its products.
     During the first quarter of 2010 there were no material method and
assumption changes. Changes to the Company's best estimate assumptions related
to experience updates are made annually, generally in the third quarter.
However, the Company may update other assumptions throughout the year to
reflect model refinements, changes in regulatory policies and actuarial
standards and practices as well as significant changes to product features.
These non-experience-related method and assumption changes are typically
implemented in the quarter in which the item occurs.

     INVESTMENTS

     The Company had total general fund invested assets of $107 billion as at
March 31, 2010. 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's portfolio composition is conservative, with 86% of the general funds
in cash and fixed income investments. Stocks and real estate comprised 4% and
5% of the portfolio, respectively. The remaining 5% of the portfolio is
comprised of policy loans, derivative assets and other invested assets.

     Bonds

     As at March 31, 2010, the Company held $62.4 billion of bonds, which
constituted 58% of the Company's overall investment portfolio. Bonds with an
investment grade of "A" or higher represented 67%, and bonds rated "BBB" or
higher represented 96% of the total bond portfolio as at March 31, 2010,
unchanged from 96% at December 31, 2009.
     Included in the $62.4 billion of bonds, the Company held $13.5 billion of
non-public bonds, which constituted 22% of the Company's overall bond
portfolio, compared with $13.2 billion, or 22%, as at December 31, 2009.
Corporate bonds that are not issued or guaranteed by sovereign, regional and
municipal governments represented 72% of the total bond portfolio as at March
31, 2010, compared to 73% as at December 31, 2009. Total government issued or
guaranteed bonds as at March 31, 2010 were $17.4 billion. The Company has no
direct exposure to Greece and an immaterial amount of direct exposure to Euro
denominated sovereign credits.
     The Company's gross unrealized losses as at March 31, 2010, for
available-for-sale bonds and held-for-trading bonds were $0.2 billion and $1.9
billion, respectively, compared with $0.4 billion and $2.4 billion,
respectively as at December 31, 2009. The decrease in gross unrealized losses
was largely due to the narrowing of credit spreads in the financial and
securitization sectors and the strengthening Canadian dollar.
     The Company's bond portfolio as at March 31, 2010, included $13.7 billion
in the financial sector, representing approximately 22% of the Company's bond
portfolio, or 13% of the Company's total invested assets. This compares to
$14.5 billion, or 24% of the Company's bond portfolio as at December 31, 2009.
The $0.8 billion decrease in the value of financial sector bond holdings was
the combined result of the strengthening Canadian dollar, sales and
maturities, partially offset by narrowing credit spreads.

     Asset-backed securities

     The Company's bond portfolio as at March 31, 2010, included $4.1 billion
of asset-backed securities reported at fair value, representing approximately
7% of the Company's bond portfolio, or 4% of the Company's total invested
assets. This compares to $4.2 billion as at December 31, 2009. The $0.1
billion decrease in the value of asset-backed securities was primarily due to
the strengthening Canadian dollar, sales and maturities, partially offset by
narrowing credit spreads.

     <<
                                 March 31, 2010         December 31, 2009
     -------------------------------------------------------------------------
                         Amortized   Fair  BBB and  Amortized   Fair  BBB and
     ($ millions)           Cost    value   higher     Cost    value   higher
     -------------------------------------------------------------------------
     Commercial mortgage-
      backed securities    2,073    1,725    92.0%    2,219    1,772    92.9%
     Residential mortgage-
      backed securities
       Agency                769      804   100.0%      735      768   100.0%
       Non-agency          1,232      834    75.1%    1,318      886    80.2%
     Collateralized debt
      obligations            199      138    16.8%      243      169    34.9%
     Other(1)                711      571    80.7%      729      571    80.6%
     -------------------------------------------------------------------------
     Total                 4,984    4,072    86.0%    5,244    4,166    87.5%
     -------------------------------------------------------------------------
     (1) Other includes sub-prime, a portion of the Company's exposure to Alt-
         A and other asset-backed securities.
     >>

     The Company determines impairments on asset-backed securities by using
discounted cash flow models that consider losses under current and expected
economic conditions, and a set of assumed default rates and loss-given-default
expectations for the underlying collateral pool. Assumptions used include
macroeconomic factors, such as commercial and residential property values and
unemployment rates. Assumed default rates and loss given default expectations
for the underlying collateral pool are assessed on a security-by-security
basis based on factors such as the seasoning and geography of the underlying
assets, whether the underlying assets are fixed or adjustable rate loans and
the likelihood of refinancing at reset dates. If the cash flow modelling
projects an economic loss and the Company believes the loss is probable of
occurring, an impairment is recorded.
     Due to the complexity of these securities, different sets of assumptions
regarding economic conditions and the performance of the underlying collateral
pools can fall into a reasonable range but lead to significantly different
loss estimates. The Company's asset-backed portfolio is highly sensitive to
fluctuations in macroeconomic factors, assumed default rates for the
underlying collateral pool and loss-given-default expectations. In addition,
the Company's asset-backed portfolio has exposure to lower-rated securities
that are highly leveraged, with relatively small amounts of subordination
available below the Company's securities to absorb losses in the underlying
collateral pool. For these securities, if a relatively small percentage of the
underlying collateral pool defaults, the Company may lose all of its principal
investment in the security.
     Further write-downs on previously impaired securities may result from
continued deterioration in economic factors, such as property values and
unemployment rates, or changes in the assumed default rate of the collateral
pool or loss-given-default expectations.
     As at March 31, 2010, the Company had indirect exposure to residential
sub-prime and Alternative-A (Alt-A) loans of $136 million and $104 million,
respectively, together representing approximately 0.2% of the Company's total
invested assets. Of these investments, 89% either were issued before 2006 or
have an "AAA" rating.
     Alt-A loans generally are residential loans made to borrowers with credit
profiles that are stronger than sub-prime but weaker than prime.

     Mortgages and corporate loans

     As at March 31, 2010, the Company had a total of $19.1 billion in
mortgages and corporate loans. The Company's mortgage portfolio of $13.3
billion consists almost entirely of first mortgages. Included in the Company's
residential mortgage portfolio are multi-family rental properties that are
classified as commercial mortgages.

     <<
     -------------------------------------------------------------------------
     ($ millions)            March 31, 2010              December 31, 2009
     -------------------------------------------------------------------------
                                  Non-                            Non-
              Residential Residential   Total Residential Residential   Total
     -------------------------------------------------------------------------
     Canada         2,300       5,072   7,372       2,341       5,193   7,534
     United States    259       5,653   5,912         280       5,905   6,185
     United Kingdom     -          52      52           -          57      57
     -------------------------------------------------------------------------
     Total
      mortgages     2,559      10,777  13,336       2,621      11,155  13,776
     -------------------------------------------------------------------------
     Corporate loans                    5,778                           5,673
     -------------------------------------------------------------------------
     Total mortgages
      and corporate
      loans                            19,114                          19,449
     -------------------------------------------------------------------------
     >>

     A recovery of the commercial real estate market would more than likely
lag behind the overall economic recovery and largely be dependent on
macroeconomic factors such as job growth and consumer confidence. The majority
of the credit concerns the Company has experienced have been in the retail
sector in states such as Arizona, Colorado and Florida. The Company has also
experienced some difficulties with owner-occupied industrial properties in
Ohio, Michigan and Indiana. With anticipated decreases in occupancy rates and
leasing terms, borrowers will continue to experience reduced cash flows.
     The distribution of mortgages and corporate loans by credit quality as at
March 31, 2010, and December 31, 2009, is shown in the following tables. As at
March 31, 2010, the Company's mortgage portfolio consisted mainly of
commercial mortgages with a carrying value of $13 billion, spread across
approximately 4,000 loans, an amount consistent with December 31, 2009 levels.
The Company's commercial portfolio has a weighted average loan to value of
approximately 60%. The estimated weighted average debt service coverage is 1.6
times, consistent with year-end levels. Impaired mortgages increased by $22
million to $169 million, mainly due to deteriorating conditions in commercial
real estate. Approximately 72% of the impaired loans are in the United States.

     <<
                                      March 31, 2010
     -------------------------------------------------------------------------
                      Gross Carrying Value            Allowance for losses
                     ----------------------          ----------------------
                Mortgages   Corporate   Total   Mortgages   Corporate   Total
     ($ millions)               loans                           loans
     -------------------------------------------------------------------------
     Not past
      due         $13,115      $5,758 $18,873         $ -         $ -     $ -
     Past due:
       Past due
        less than
        90 days        52           -      52           -           -       -
       Past due
        90 to
        179 days        -           -       -           -           -       -
       Past due
        180 days
        or more         -           -       -           -           -       -
     Impaired         271          31     302         102          11     113
     -------------------------------------------------------------------------
     Balance,
      March 31,
      2010        $13,438      $5,789 $19,227        $102         $11    $113
     -------------------------------------------------------------------------



                                    December 31, 2009
     -------------------------------------------------------------------------
                      Gross Carrying Value            Allowance for losses
                     ----------------------          ----------------------
                Mortgages   Corporate   Total   Mortgages   Corporate   Total
     ($ millions)               loans                           loans
     -------------------------------------------------------------------------
     Not past
      due         $13,600      $5,649 $19,249         $ -         $ -     $ -
       Past due:
       Past due
        less than
        90 days        30           -      30           -           -       -
       Past due
        90 to
        179 days        -           -       -           -           -       -
       Past due
        180 days
        or more         -           1       1           -           -       -
     Impaired         252          33     285         106          10     116
     -------------------------------------------------------------------------
     Balance,
      December 31,
      2009        $13,882      $5,683 $19,565        $106         $10    $116
     -------------------------------------------------------------------------
     >>

     Net impaired assets for mortgages and corporate loans, net of allowances,
amounted to $189 million as at March 31, 2010, $20 million higher than the
December 31, 2009, level for these assets.
     In addition to allowances reflected in the carrying value of mortgages
and corporate loans, the Company has provided $3.0 billion for possible future
asset defaults for financial assets included in its actuarial liabilities as
at March 31, 2010, compared with $2.9 billion as at December 31, 2009. To the
extent that an asset is written off, or disposed of, any corresponding amounts
set aside for possible future asset defaults in actuarial liabilities in
respect of that asset will be released into income. The $3.0 billion for
possible future asset defaults excludes the portion of the provision that can
be passed through to participating policyholders and provisions for possible
reductions in the value of equity and real estate assets supporting actuarial
liabilities.

     Derivative financial instruments

     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)                           March 31, 2010  December 31, 2009
     -------------------------------------------------------------------------
     Net fair value                                    473                125
     Total notional amount                          45,176             47,260
     Credit equivalent amount                        1,132              1,010
     Risk-weighted credit equivalent amount              8                  7
     -------------------------------------------------------------------------
     >>

     The total notional amount decreased to $45.2 billion as at March 31,
2010, from $47.3 billion as at December 31, 2009, primarily due to a decrease
in equity contracts and the strengthening Canadian dollar. The net fair value
increased to $0.5 billion in the first quarter of 2010 from the 2009 year-end
amount of $0.1 billion. The change was primarily due to stronger equity
markets and the strengthening Canadian dollar.
     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.

     OUTLOOK

     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.
     Financial markets have recovered strongly from their lows of March 2009,
from which the S&P 500 has increased by 73% and the S&P/TSX Composite Index
climbed by 59% to the end of the first quarter of 2010. Interest rates
continue to remain at historical lows. In the U.S., the Federal Open Market
Committee met twice in the first quarter of 2010 and the Federal Reserve kept
interest rates unchanged, in a range of 0.0% to 0.25%. In Canada, the Bank of
Canada maintained its target overnight rate at 0.25% at its most recent rate
setting meeting in April 2010. In its statement, the Bank of Canada did not
reaffirm its commitment to "stay the course until mid-year", suggesting that
interest rate increases may soon materialize.
     Key risks related to economic recovery include high unemployment rates,
increasing government debt burdens, weak housing and mortgage conditions in
the United States, and inflation, as central banks globally contemplate the
timing and mechanism for removing economic stimulus measures.
     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, the Office of
the Superintendent of Financial Institutions Canada (OSFI) is considering a
number of changes to the insurance company capital rules, including new
guidelines that would establish stand-alone capital adequacy requirements for
operating life insurance companies, such as Sun Life Assurance Company of
Canada (Sun Life Assurance), and that would update OSFI's regulatory guidance
for non-operating insurance companies acting as holding companies, such as Sun
Life Financial Inc. OSFI is also reviewing the use of internally modelled
capital requirements for segregated fund guarantees. In addition, it is
expected that OSFI will change the definition of available regulatory capital
for determining regulatory capital to align insurance definitions with any
changed definitions that emerge for banks under the proposed new Basel Capital
Accord. The outcome of these initiatives is uncertain and could have a
material adverse impact on the Company or on its position relative to that of
other Canadian and international financial institutions with which it competes
for business and capital.

     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 their individual risk profiles.
     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 Minimum Continuing Capital Surplus Requirement
(MCCSR) capital rules of OSFI. 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. With an MCCSR ratio of 210% as at March 31, 2010, Sun Life Assurance
exceeded minimum regulatory levels. The decline in the MCCSR from 221% as at
December 31, 2009, was driven primarily by a capital repatriation of $300
million to SLF Inc. to partially fund a US$400 million capital injection into
Sun Life Assurance Company of Canada (U.S.) (Sun Life (U.S.)), the impact of
2010 MCCSR guideline changes and business growth.
     The Company's principal operating life insurance subsidiary in the United
States, Sun Life (U.S.), is subject to the risk-based capital (RBC) rules
issued by the National Association of Insurance Commissioners. For the
reporting period ended December 31, 2009, the RBC ratio for Sun Life (U.S.)
was 362%, well above the level where regulatory action would be required.
     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
group level under the principles appropriate to the jurisdiction in which it
operates. Sun Life Financial was well above its minimum regulatory levels as
at March 31, 2010. As illustrated in the Market Risk Sensitivity section of
this document, Sun Life Assurance would remain well above its minimum
regulatory levels after a 10% drop in equity markets from March 31, 2010
levels.
     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 internally 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.

     FINANCIAL STRENGTH RATINGS

     Independent credit rating agencies are engaged to provide their
respective opinions on the financial strength of the Company's core insurance
subsidiaries. The financial strength ratings represent the credit rating
agencies' view regarding the ability of an insurer to meet its financial
obligation to policyholders and contract holders. In the latter half of 2008,
Moody's Investor Service (Moody's), A.M. Best, and Standard & Poor's changed
their respective outlooks on the life insurance sector to negative from
stable, a view which remained unchanged through the first quarter of 2010. On
April 13, 2010, Standard & Poor's downgraded the financial strength ratings of
Sun Life Financial's core insurance subsidiaries, Sun Life Assurance, Sun Life
(U.S.) and Sun Life Insurance and Annuity Company of New York, from AA
(negative outlook) to AA- (stable outlook). The most recent ratings for Sun
Life Assurance are summarized in the following table.

     <<
     -------------------------------------------------------------------------
     Rating Agency                      April 30, 2010      December 31, 2009
     -------------------------------------------------------------------------
     Standard & Poor's             AA- (stable outlook)  AA (negative outlook)
     Moody's                       Aa3 (stable outlook)   Aa3 (stable outlook)
     A.M. Best                      A+ (stable outlook)    A+ (stable outlook)
     -------------------------------------------------------------------------
     >>

     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 the Company's 2009 annual MD&A and AIF.

     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. Differences between the Company's
actual experience and its best estimate assumptions are reflected in its
financial statements. The following table sets out the estimated immediate
impact or sensitivity of the Company's net income and MCCSR ratio to certain
instantaneous changes in interest rates and equity market prices as at March
31, 2010.

     <<
                                             March 31, 2010
     -------------------------------------------------------------------------
     Changes in              Net income
      interest rates(1)     ($ millions)                 MCCSR(3)
     -------------------------------------------------------------------------
       1% increase            75 - 175      Up to 8 percentage points increase
       1% decrease         (200) - (300)   Up to 15 percentage points decrease
     -------------------------------------------------------------------------
     Changes in equity
      markets(2)
     -------------------------------------------------------------------------
       10% increase           75 - 125     Up to 5 percentage points increase
       10% decrease        (150) - (200)   Up to 5 percentage points decrease
     -------------------------------------------------------------------------
     -------------------------------------------------------------------------
       25% increase          125 - 225     Up to 5 percentage points increase
       25% decrease        (475) - (575)  Up to 15 percentage points decrease
     -------------------------------------------------------------------------
     (1) Represents a 100 basis point parallel shift in assumed interest rates
         across the entire yield curve as at March 31, 2010.
     (2) Represents the change across all equity markets as at March 31, 2010.
         Assumes that actual equity exposures consistently and precisely track
         the broader equity markets. Since in actual practice 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.
     (3) The MCCSR sensitivities illustrate the impact on the MCCSR ratio for
         Sun Life Assurance as at March 31, 2010.
     >>

     The equity market risk sensitivities include the impact of providing for
the guarantees associated with the segregated fund and variable annuity
contracts and are net of the expected mitigation impact of the Company's
hedging programs in effect as at March 31, 2010. Sales, de-risking initiatives
such as product simplification and pricing changes, as well as the Company's
hedging program, up to March 31, 2010, are reflected in the Company's market
sensitivity disclosure.
     Approximately 75% to 85% of the Company's sensitivity to equity market
risk is derived from segregated fund products in SLF Canada, variable
annuities in SLF U.S. and run-off reinsurance in the Company's Corporate
business segment, which provide benefit guarantees linked to underlying fund
performance. These benefit guarantees may be triggered upon death, maturity,
withdrawal or annuitization, depending on the market performance of the
underlying funds.
     The following table provides select information with respect to the
guarantees provided in the Company's variable annuity and segregated fund
businesses.

     <<
                                          March 31, 2010
     -------------------------------------------------------------------------
                                           Amount      Value of     Actuarial
     ($ millions)           Fund Value     at Risk    guarantees   Liabilities
     -------------------------------------------------------------------------
     SLF Canada               11,228         458        10,662         191
     SLF U.S.                 21,423       2,594        23,842         559
     Run-off reinsurance       3,041         746         2,807         415
     -------------------------------------------------------------------------
     Total                    35,692       3,798        37,311       1,165
     -------------------------------------------------------------------------


                                          December 31, 2009
     -------------------------------------------------------------------------
                                           Amount      Value of     Actuarial
     ($ millions)           Fund Value     at Risk    guarantees   Liabilities
     -------------------------------------------------------------------------
     SLF Canada               10,796         539        10,380         215
     SLF U.S.                 21,069       3,006        23,944         675
     Run-off reinsurance       3,049         811         2,930         452
     -------------------------------------------------------------------------
     Total                    34,915        4,356       37,254        1,342
     -------------------------------------------------------------------------
     >>

     For guaranteed lifetime withdrawal benefits, the "value of guarantees",
shown above, is calculated as the present value of the maximum future
withdrawals assuming market conditions remain unchanged from current levels.
For all other benefits, the value of guarantees is determined assuming 100% of
the claims are made at the valuation date. The "amount at risk" shown above
represents the excess of the value of the guarantees over fund values on all
policies where the value of the guarantees exceeds the fund value. The amount
at risk is not currently payable as the guarantees are only payable upon
death, maturity, withdrawal or annuitization if fund values remain below
guaranteed values. The "actuarial liabilities" represent management's
provision for future costs associated with these guarantees in accordance with
accounting guidelines and include a provision for adverse deviation in
accordance with valuation standards.
     The amount at risk and actuarial liabilities at March 31, 2010, decreased
from December 31, 2009, primarily due to favourable movement in capital
markets. Fund values and the value of guarantees were relatively flat over the
quarter due to the offsetting impacts from new business, capital market
movements, and changes in foreign exchange rates.
     The ultimate cost of providing for the guarantees in respect of the
Company's segregated fund and variable annuity products is uncertain and will
depend upon a number of factors including general capital market conditions,
policyholder behaviour and mortality experience, as described in the Risk
Factors section in the Company's 2009 AIF, which may result in negative
impacts on net income and capital. The Company has implemented hedging
programs, involving the use of derivative instruments, to mitigate a portion
of the equity market-related volatility in the cost of providing for these
guarantees, thereby reducing its exposure to this particular class of equity
market risk.
     As at March 31, 2010, approximately 90% of the Company's total segregated
fund and variable annuity contracts, as measured by associated fund values,
were included in an equity hedging program and the Company's equity market
exposure to segregated fund and variable annuity products was reduced by
approximately 60% to 70% as a result of this hedging program. While a large
percentage of contracts are included in the equity hedging program, not all of
the equity exposure related to these contracts is hedged. For those segregated
fund and variable annuity contracts in the equity hedging program, the Company
generally hedges the fair value of expected future net claims costs and a
portion of the policy fees. The following table illustrates the impact of the
Company's hedging program related to its sensitivity to a 10% and 25% decrease
in equity markets for variable annuity and segregated fund products only.

     <<
                                                         March 31, 2010
     -------------------------------------------------------------------------
     ($ millions)                            10% decrease(1)   25% decrease(1)
     -------------------------------------------------------------------------
     Before hedge                             (350) - (400)  (1,000) - (1,100)
     Hedge impact                               225 - 275        600 - 700
     -------------------------------------------------------------------------
     Net of hedging                           (100) - (150)    (375) - (475)
     -------------------------------------------------------------------------
     (1) Represents the respective change across all equity markets as at
         March 31, 2010. Assumes that actual equity exposures consistently and
         precisely track the broader equity markets. Since in actual practice
         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.
     -------------------------------------------------------------------------
     >>

     Since the fair value of benefits being hedged will generally differ from
the financial statement value (due to different valuation methods and the
inclusion of valuation margins in respect of financial statement values), this
approach will result in residual volatility to equity market shocks in
reported income and capital. The general availability and cost of these
hedging instruments may be adversely impacted by a number of factors,
including volatile and declining equity and interest rate market conditions.

     Market risk sensitivity - Additional cautionary language and key
assumptions

     The Company's market risk sensitivities are forward-looking non-GAAP
estimates. 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 interest rates, equity market prices and business
mix in place as of March 31, 2010. These sensitivities are calculated
independently for each risk factor generally assuming that all other risk
variables remain constant. Actual results can differ materially from these
estimates for a variety of reasons including differences in the pattern or
distribution of the market shocks illustrated above, the interaction between
these factors, model error, or changes in other assumptions such as business
mix, effective tax rates and the valuation allowance required for future tax
assets, policyholder behaviour, currency exchange rates, and other market
variables relative to those underlying the March 31, 2010, 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 March 31, 2010. 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 March 31, 2010 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 re-balancing 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), model risk and other operational risk in the
ongoing management of the hedge programs or the potential failure of hedge
counterparties to perform in accordance with expectations.
     The sensitivities are based on financial reporting methods and
assumptions in effect as of March 31, 2010. Changes in accounting or actuarial
valuation methods, models or assumptions after this date 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
other than proportionate impacts.
     For the reasons outlined above, these sensitivities should only be viewed
as directional estimates of the underlying sensitivities of each factor under
these specialized assumptions, and should not be viewed as predictors of the
Company's future net income and capital sensitivities. Given the nature of
these calculations, the Company cannot provide assurance that actual earnings
and capital impacts will be within the indicated ranges.
     Additional relevant information is provided in the Outlook, Critical
Accounting Policies and Estimates and Risk Management sections in the
Company's 2009 annual MD&A and in the Risk Factors section in the Company's
2009 AIF.

     ESTIMATED 2010 ADJUSTED EARNINGS FROM OPERATIONS

     In its interim MD&A for the third quarter of 2009, the Company provided
"estimated 2010 adjusted earnings from operations"(6), to illustrate the
impact that the changes in market conditions that occurred in the fourth
quarter of 2008, and continued into 2009, were expected to have on the
Company's financial results in 2010. Based on the assumptions and factors
described below, in the third quarter of 2009, the Company estimated that its
adjusted earnings from operations for the year ending December 31, 2010 would
be in the range of $1.4 billion to $1.7 billion. The Company cautioned that
its earnings in 2010 would reflect the lower asset levels and account values
that were expected in 2010, 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.
     Updates to the Company's best estimate assumptions as well as changes in
key internal and external indicators during the first quarter of 2010 did not
impact the range of its estimated 2010 adjusted earnings from operations that
was previously disclosed.
     Based on the assumptions and methodology used to determine the Company's
2010 estimated adjusted earnings from operations, which remain unchanged from
the third quarter of 2009, the Company's adjusted earnings from operations for
the first quarter of 2010 were $359 million. The following table reconciles
the Company's adjusted earnings from operations for the first quarter of 2010
to its common shareholders' net income for the same quarter.

     <<
     -------------------------------------------------------------------------
     ($ millions)                                                       Q1'10
     -------------------------------------------------------------------------
     Adjusted earnings from operations(1) (after-tax)                     359
       Adjusting items:
         Net equity market impact                                          23
         Assumption changes and other                                      27
     -------------------------------------------------------------------------
     Common shareholders' net income                                      409
     -------------------------------------------------------------------------
     (1) Adjusted earnings from operations excludes: (i)impairments on the
         Company's invested assets, net of the release of related provisions
         in the actuarial liabilities during the period; (ii) the impact of
         changes in actuarial liabilities resulting from changes in the credit
         ratings on the Company's invested assets during the period; (iii) the
         impact of equity market changes during the period that differ from
         the Company's best estimate assumption of approximately 8% growth in
         equity markets per annum, primarily in the S&P 500, S&P/TSX Composite
         Index and TSX 60 indices; (iv) the impact of tax-related items that
         result in the Company's effective tax rate falling outside of a range
         of 18% to 22% during the period; and (v) certain other items during
         the period including: changes in credit spreads on corporate bonds
         that impact the actuarial valuation of in-force policies by changing
         the future returns assumed on investment of net future cash flows,
         the impact of asset-liability re-balancing actions taken in response
         to market conditions, such as equity market, interest rate or credit
         spread conditions, in order to adjust the Company's asset-liability
         duration management position in accordance with the Company's
         policies and practices, including its risk tolerance policies and
         practices; changes in interest rates that impact the investment
         returns assumed for new business, as well as the impact of changes in
         interest rates on the value of derivative instruments employed as
         part of the Company's hedging program; gains or losses on the sale of
         the Company's surplus assets; mortality and morbidity experience that
         differ from the Company's best estimate assumptions; policyholder
         behaviour, including lapses and surrenders, that differs from the
         Company's best estimate assumptions; and changes in actuarial methods
         and assumptions and other management actions, the net effect of which
         the Company cannot reliably estimate.
     >>

     Estimated 2010 adjusted earnings from operations is a financial outlook
and non-GAAP financial measure 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 adjusted earnings from operations is based on economic and
other assumptions that include:

     (i)    growth in equity markets (primarily the S&P 500, S&P/TSX Composite
            Index and TSX 60) of approximately 8% per annum,
     (ii)   a business mix, foreign currency exchange rates (e.g., U.S.
            dollar, U.K. pound), credit spreads (e.g., corporate bond spreads,
            swap spreads) and interest rates (e.g., Government of Canada and
            U.S. Treasury rates) consistent with levels as at September 30,
            2009, 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 adjusted earnings from operations does 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.

     Cautions regarding estimated adjusted earnings from operations

     Estimated 2010 adjusted earnings from operations is forward-looking
non-GAAP financial information that is based on the assumptions about future
economic and other conditions, qualifications and courses of action described
above. The Company cannot provide assurance that its reported earnings in 2010
will be within the indicated range and reported financial results in 2010 may
differ materially from estimated 2010 adjusted earnings from operations for a
variety of reasons, including changes to the economic and other assumptions
used to estimate 2010 adjusted earnings from operations, and actual economic
and other experience before and during 2010 that is different than the
Company's estimates. Estimated 2010 adjusted earnings from operations excludes
items that are included in the Company's reported financial results. The
Company is subject to a number of sources of volatility that are described
above and in the Company's 2009 annual MD&A, which may cause adjusted earnings
from operations to be outside of the range of the estimate.
     Information related to estimated 2010 adjusted earnings from operations
should be read in conjunction with the Forward-Looking Information and Use of
Non-GAAP Measures sections below, the Critical Accounting Policies and
Estimates, Risk Management, Market Risk Sensitivity and Outlook sections in
the Company's 2009 annual MD&A, and Risk Factors section in its 2009 AIF.

     LEGAL AND REGULATORY MATTERS

     Information concerning legal and regulatory matters is provided in the
Company's 2009 Consolidated Financial Statements, annual MD&A and AIF.

     INTERNATIONAL FINANCIAL REPORTING STANDARDS

     In accordance with the requirements of the Canadian Accounting Standards
Board, Sun Life Financial will adopt International Financial Reporting
Standards (IFRS) as of January 1, 2011, with comparatives for the prior year.
The transition to IFRS is on track and progressing according to plan. The main
focus in 2010 will be to prepare comparative IFRS numbers for 2010 including
the opening balance sheet as of January 1, 2010, and the quarterly balance
sheets and earnings on an IFRS basis. The Company's comprehensive transition
plan that has been established for the production of 2010 comparatives extends
existing reporting solutions, processes and controls to meet the needs of IFRS
conversion, thus reducing the overall project risk.
     Additional information on the Company's transition to IFRS, including
significant areas of impact such as opening balance sheet adjustments, which
may be material, can be found in the Company's 2009 annual MD&A and its
interim Consolidated Financial Statements for the quarter ended March 31,
2010.

     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 January 1, 2010, and ended on March
31, 2010, that have materially affected, or are reasonably likely to
materially affect, the Company's internal control over financial reporting.

     USE OF NON-GAAP FINANCIAL MEASURES

     Management evaluates the Company's performance on the basis of financial
measures prepared in accordance with GAAP and certain non-GAAP financial
measures. 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 the Company's annual and interim MD&A and the
Supplementary Financial Information packages that are available on
www.sunlife.com under Investors - Financial Results and Reports - Year-end
Reports.
     Management measures the Company's performance based on 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. Other non-GAAP measures that management uses include (i)
financial performance measures that are prepared on a constant currency basis,
which exclude the impact of currency fluctuations; (ii) adjusted revenue,
which excludes the impact of currency and fair value changes in
held-for-trading assets and derivative instruments from total revenue; (iii)
pre-tax operating profit margin ratios for MFS, the denominator of which
excludes certain investment income and includes certain commission expenses,
as a means of measuring the underlying profitability of MFS; (iv) assets under
management, mutual funds, managed funds and other AUM; and (v) the value of
new business, which is used to measure overall profitability and is based on
actuarial amounts for which there are no comparable amounts under GAAP.
     Estimated 2010 adjusted earnings from operations and market sensitivities
are forward-looking non-GAAP financial measures, for which there are no
directly comparable measures under GAAP and for which a reconciliation is not
possible as they are forward-looking information. Reconciliations of those
amounts to the most directly comparable GAAP measures are not accessible on a
forward-looking basis because the Company believes it is only possible to
provide ranges of the assumptions used in determining those non-GAAP measures,
as actual results can fluctuate significantly inside or outside those ranges
and from period to period and may have a significant impact on reported net
income in 2010.
     The following table sets out the items that have been excluded from the
Company's operating earnings and provides a reconciliation to the Company's
earnings based on GAAP.

     <<
     ($ millions)                          Quarterly results
     -------------------------------------------------------------------------
                       Q1'10  Q4'09  Q3'09  Q2'09  Q1'09  Q4'08  Q3'08  Q2'08
     -------------------------------------------------------------------------
     Reported earnings
      (GAAP)             409    296   (140)   591   (213)   129   (396)   519
     After-tax gain
      (loss) on special
      items
       Gain on sale of
        interest in
        CI Financial       -      -      -      -      -    825      -      -
       Restructuring
        costs to
        reduce expense
        levels             -      -      -      -    (27)     -      -      -
     -------------------------------------------------------------------------
     Total special items   -      -      -      -    (27)   825      -      -
     -------------------------------------------------------------------------
     Operating earnings  409    296   (140)   591   (186)  (696)  (396)   519
     -------------------------------------------------------------------------
     >>

     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 depends upon or refers to future events or conditions, including
information set out in this document under the headings of Estimated Adjusted
Earnings from Operations, Outlook and Market Risk Sensitivity, or that
includes 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 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 Consolidated Financial Statements.
     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 creditworthiness of guarantors and
counterparties to derivatives; the performance of equity markets; the cost,
effectiveness and availability of risk mitigating hedging programs; interest
rate fluctuations; other market risks including movement in credit spreads;
possible sustained economic downturn; 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
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 performance of the Company's
investments and investment portfolios managed for clients such as segregated
and mutual funds; the impact of mergers and acquisitions; insurance risks
including mortality, morbidity, including the occurrence of natural or
man-made disasters, pandemic diseases and acts of terrorism; risks relating to
product design and pricing; risks relating to policyholder behaviour; the
inability to maintain strong distribution channels and risks relating to
market conduct by intermediaries and agents; risks relating to operations in
Asia including risks relating to joint ventures; the impact of competition;
currency exchange rate fluctuations; 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; uncertainty in the rate of mortality
improvement; the impact of adverse results in the closed block of business;
the potential for financial loss related to changes in the environment; the
availability, cost and effectiveness of reinsurance; the ineffectiveness of
risk management policies and procedures; and the potential for losses from
multiple risks occurring simultaneously or in rapid progression. The Company
does not undertake any obligation to update or revise its forward-looking
information to reflect events or circumstances after the date of this report
or to reflect the occurrence of unanticipated events, except as required by
law.

     Earnings Conference Call

     The Company's first quarter 2010 financial results will be reviewed at a
conference call Thursday, May 6, 2010, at 10 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 Q1 results
from the "Investors" section on 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 1-877-974-0445 (Canada/U.S.).

     About 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
March 31, 2010, the Sun Life Financial group of companies had total assets
under management of $435 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.

     <<
     Consolidated Statements of Operations

                                                   For the three months ended
     -------------------------------------------------------------------------
     (unaudited, in millions of Canadian                  March 31,  March 31,
      dollars except for per share amounts)                   2010       2009
     -------------------------------------------------------------------------
     Revenue
       Premium Income:
         Annuities                                       $     745  $   1,353
         Life insurance                                      1,574      1,549
         Health insurance                                    1,096      1,117
     -------------------------------------------------------------------------
                                                             3,415      4,019
     -------------------------------------------------------------------------
       Net investment income (loss):
         Changes in fair value of held-for-trading
          assets                                               632       (905)
         Income (loss) from derivative instruments             (63)       (81)
         Net gains (losses) on available-for-sale assets        43        (50)
         Other net investment income                         1,287      1,443
     -------------------------------------------------------------------------
                                                             1,899        407
     -------------------------------------------------------------------------
       Fee income                                              741        602
     -------------------------------------------------------------------------
                                                             6,055      5,028
     -------------------------------------------------------------------------
     Policy benefits and expenses
       Payments to policyholders,
        beneficiaries and depositors:
         Maturities and surrenders                             931      1,380
         Annuity payments                                      334        343
         Death and disability benefits                         684        848
         Health benefits                                       802        800
         Policyholder dividends and interest on claims
          and deposits                                         292        332
     -------------------------------------------------------------------------
                                                             3,043      3,703
       Net transfers to (from) segregated funds                245        108
       Increase (decrease) in actuarial liabilities            857        528
       Commissions                                             410        397
       Operating expenses                                      825        777
       Premium taxes                                            53         55
       Interest expense                                        110         97
     -------------------------------------------------------------------------
                                                             5,543      5,665
     -------------------------------------------------------------------------
     Income (loss) before income taxes and
      non-controlling interests                                512       (637)
       Income tax expense (benefit)                             81       (445)
       Non-controlling interests in net income
        of subsidiaries                                          5          3
     -------------------------------------------------------------------------
     Total net income (loss)                                   426       (195)
       Less: Participating policyholders' net income            (4)         -
     -------------------------------------------------------------------------
     Shareholders' net income (loss)                           430       (195)
       Less: Preferred shareholder dividends                    21         18
     -------------------------------------------------------------------------
     Common shareholders' net income (loss)                    409       (213)
     -------------------------------------------------------------------------

     Earnings (loss) per share
       Basic                                             $    0.72  $   (0.38)
       Diluted                                           $    0.72  $   (0.38)



     Consolidated Balance Sheets

     As at
     -------------------------------------------------------------------------
     (unaudited, in millions             March 31,  December 31,     March 31,
      of Canadian dollars)                   2010          2009          2009
     -------------------------------------------------------------------------
     Assets
       Bonds - held-for-trading         $  52,464     $  51,634     $  48,963
       Bonds - available-for-sale           9,959         9,673        10,205
       Mortgages and corporate loans       19,114        19,449        22,311
       Stocks - held-for-trading            3,950         4,331         3,256
       Stocks - available-for-sale            647           635           913
       Real estate                          4,797         4,877         5,027
       Cash, cash equivalents and
        short-term securities              10,556        11,868        10,427
       Derivative assets                    1,444         1,382         2,077
       Policy loans and other invested
        assets                              3,454         3,503         3,686
       Other invested assets -
        held-for-trading                      479           425           400
       Other invested assets -
        available-for-sale                    425           452           538
     -------------------------------------------------------------------------
       Invested assets                    107,289       108,229       107,803
       Goodwill                             6,320         6,419         6,724
       Intangible assets                      937           926         1,001
       Other assets                         4,719         4,508         5,809
     -------------------------------------------------------------------------
       Total general fund assets        $ 119,265     $ 120,082     $ 121,337
     -------------------------------------------------------------------------
       Segregated funds net assets      $  81,914     $  81,305     $  65,448
     -------------------------------------------------------------------------


     Liabilities and equity
       Actuarial liabilities and other
        policy liabilities               $ 83,569     $  84,638     $  83,376
       Amounts on deposit                   4,213         4,181         4,111
       Deferred net realized gains            220           225           248
       Senior debentures                    3,811         3,811         3,013
       Derivative liabilities                 971         1,257         3,253
       Other liabilities                    6,057         5,466         7,178
     -------------------------------------------------------------------------
     -------------------------------------------------------------------------
       Total general fund liabilities      98,841        99,578       101,179
       Subordinated debt                    3,043         3,048         3,079
       Non-controlling interests
        in subsidiaries                        39            42            27
       Total equity                        17,342        17,414        17,052
     -------------------------------------------------------------------------
     -------------------------------------------------------------------------
       Total general fund liabilities
        and equity                      $ 119,265     $ 120,082     $ 121,337
     -------------------------------------------------------------------------
     -------------------------------------------------------------------------
       Segregated funds contract
        liabilities                     $  81,914     $  81,305     $  65,448
     -------------------------------------------------------------------------
     -------------------------------------------------------------------------
     (1)    Together with its subsidiaries and joint ventures, "the Company"
            or "Sun Life Financial".
     (2)    Operating earnings (loss) and financial measures based on
            operating earnings, such as operating earnings (loss) per share
            and operating return on equity, are non-GAAP financial measures.
            See "Use of Non-GAAP Financial Measures". All EPS measures refer
            to diluted EPS, unless otherwise stated.
     (3)    Originally referred to as "estimated 2010 normalized earnings from
            operations". Additional information is available in the Company's
            interim MD&A for the third quarter of 2009, under the heading
            "Estimated 2010 normalized earnings from operations".
     (4)    Pre-tax operating profit margin ratio and assets under management
            are non-GAAP measures. See Use of Non-GAAP Financial Measures.
     (5)    AUM is a non-GAAP financial measure. See Use of Non-GAAP Financial
            Measures.
     (6)    Originally referred to as "estimated 2010 normalized earnings from
            operations". Additional information is available in the Company's
            interim MD&A for the third quarter of 2009, under the heading
            "Estimated 2010 normalized earnings from operations."
     >>

     %CIK: 0001097362

     /For further information: Media Relations Contact: Frank Switzer,
Vice-President, Corporate Communications, Tel: (416) 979-4086,
frank.switzer(at)sunlife.com; Investor Relations Contact: Phil Malek,
Vice-President, Investor Relations, Tel: (416) 204-8163,
investor.relations(at)sunlife.com/
     (SLF. SLF)

CO:  Sun Life Financial Inc.

CNW 17:10e 05-MAY-10