TORONTO, ON – (February 1, 2023) – Sun Life Assurance Company of Canada (“SLA”), a wholly owned subsidiary of Sun Life Financial Inc. (“Sun Life” or “SLF”) (TSX: SLF) (NYSE: SLF) today announced the completion of the sale of itssponsored markets business (association, affinity, and group creditor)to Canadian Premier Life Insurance Company (“Canadian Premier”).

This transaction will see Sun Life’s association, affinity and group creditor business move to Canadian
Premier, includingplan members and customers.

Sun Life is the leader in the Canadian group benefits market, providing coverage to over fivemillion
employees and their dependents. Each year Sun Life supports the health care needs of Canadians with
more than 80 million claims paid.