SunLife Reaches $213.5M Settlement in Long-Running Class Action Tied to MetLife Life Insurance Policies

Sun Life Financial Inc. says it has reached a settlement in principle to resolve a long-running class action tied to individual life insurance policies sold by Metropolitan Life Insurance Company (MetLife) in the 1980s and 1990s.

Announced late Thursday, the proposed deal would see Sun Life provide up to $213.5 million in settlement value to eligible policyholders, subject to court approval. The company expects to record an estimated after-tax charge of approximately $145 million to its Q1 2026 reported net income if the settlement is approved.

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