MANULIFE FINANCIAL CORPORATION vs SUN LIFE FINANCIAL INC, two Insurance stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Two Canadian life insurers, both earning the spread on long-duration float. Sun Life carries the higher return on equity, 14.84% against Manulife's 11.55%, while Manulife shows the far fatter net margin, 20.98% versus Sun Life's 9.03%, a gap that reflects different product weightings more than any operating edge. Their earnings multiples nearly match, 17.79 times for Manulife and 17.18 for Sun Life. On book value Sun Life trades richer, 2.34 times against 1.78. Manulife is the larger house at $68.6B against Sun Life's $43.9B. Neither yield appears in these numbers, so the comparison rests on returns and book pricing.
Comparison updated 2026-07-11.
| Metric | MFC | SLF |
|---|---|---|
| Price | $41.31 | $79.94 |
| Market cap | $70.4B | $45.0B |
| Sector | Financial Services | Financial Services |
| Stage | Mature | Growth |
| P/E | 18.2 | 17.6 |
| P/B | 1.82 | 2.40 |
| P/S | 3.31 | 1.46 |
| Revenue growth | -9.8% | +18.1% |
| Net margin | 21.0% | 9.0% |
| Return on equity | 11.6% | 14.8% |
| Return on assets | 0.6% | 0.9% |
| Debt / equity | 0.00 | 0.00 |
| Piotroski F (quality) | 8 / 9 | 8 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.