• Sun Life Financial average debt/equity ratio for 2023 was 0.28, a 16.67% decline from 2022.
• Sun Life Financial average debt/equity ratio for 2022 was 0.24, a 20% increase from 2021.
• Sun Life Financial average debt/equity ratio for 2021 was 0.2, a 5.26% increase from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.