Sun Life Financial Inc. said it will not redeem its Class A Non-Cumulative Rate Reset Preferred Shares Series 10R or Class A Non-Cumulative Floating Rate Preferred Shares Series 11QR on Sept. 30, 2026, leaving holders able to convert between the two series on a one-for-one basis by that date, subject to minimum outstanding share thresholds. If fewer than one million shares of either series would remain outstanding after conversion, all remaining shares of that series will automatically convert into the other series, and Sun Life said it would notify affected registered holders by Sept. 21, 2026. The insurer will set and disclose the new dividend rate for Series 10R for the five-year period beginning Sept. 30, 2026, and for Series 11QR for the three-month period starting the same day, on Aug. 31, 2026. Beneficial holders wishing to convert must instruct their broker or nominee by 5 p.m. Eastern Time on Sept. 16, 2026. The decision keeps both preferred series outstanding rather than returning capital to holders at par, while preserving Sun Life's future redemption options at $25.00 per share on scheduled reset dates and, for Series 11QR, at $25.50 on other dates, in each case plus declared and unpaid dividends. The preferred share announcement comes as Sun Life's common stock has posted a 30.77% year-to-date gain and a 46.67% one-year total shareholder return, according to Simply Wall St, with the shares closing at CA$112.88 versus an estimated fair value of CA$112.93. The analysis highlighted growth in Asian markets, especially Individual Protection and wealth products, with double-digit sales and contractual service margin growth year over year, while flagging persistent U.S. Dental headwinds and continued outflows at MFS Investment Management as risks. Sun Life operates across Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda, and reported $1.70 trillion in assets under management as of June 30, 2026.