TORONTO, Nov. 8, 2021 /CNW/ - The Board of Directors of Sun Life Financial Inc. (the "Company") (TSX: SLF) (NYSE: SLF) today announced a dividend of $0.11 per share on the common shares of the Company, payable on December 31, 2021 to shareholders of record at the close of business on November 24, 2021.
Combining this supplementary dividend and the quarterly dividend of $0.55 per share declared on November 3, 2021, Sun Life shareholders will receive a total quarterly common shareholder dividend of $0.66 per share or a 20% increase from the prior quarterly dividend payment.
This supplementary dividend follows the announcement by the Office of the Superintendent of Financial Institutions ("OSFI") on November 4, 2021 to remove its expectations that federally regulated financial institutions halt dividend increases. OSFI halted dividend increases and share buybacks on March 13, 2020, at the start of the COVID-19 pandemic.
Sun Life has demonstrated a strong track record of delivering shareholder value and progressive dividend increases. The Company remains committed to its dividend payout ratio of 40 - 50% as part of the Company's medium-term financial objectives.