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2013 ANNUAL REPORT
2013 ANNUAL REPORT
2013 ANNUAL REPORT

Table of contents

  • Page 1
    2013 ANNUAL REPORT

  • Page 2
    ..., the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. For more information...

  • Page 3
    ... SINGAPORE Sun Life Financial Around the World MFS Investment Management SÃO PAULO BUENOS AIRES INDONESIA SYDNEY EMPLOYEES WORLDWIDE1,2 India Canada United States China Philippines Hong Kong Indonesia Malaysia Ireland Vietnam United Kingdom Europe Bermuda Japan Australia Singapore South America...

  • Page 4
    ... as described in Note 2B in our 2013 Consolidated Financial Statements. 2 A Non-IFRS financial measure. For additional information see Non-IFRS Financial Information in the Company's 2013 annual Management's Discussion and Analysis. 2 Sun Life Financial Inc. Annual Report 2013 620 853 14.8%

  • Page 5
    ...% $1.44 2011 2012 2013 SUN LIFE FINANCIAL INC. CLOSING SHARE PRICE 2003 2013 DIVIDEND HISTORY ADJUSTED REVENUE BY BUSINESS SEGMENT* *Based on 2013; revenue excludes change in Fair Value Through Profit and Loss; based on Continuing Operations. U.K. Asia 30% $18.90 $0.68 MFS 4 7 % % 14...

  • Page 6
    ...life insurer in Canada Enhance our LEADERSHIP position in U.S. group insurance and become TOP 5 in voluntary benefits Grow our asset management business GLOBALLY GROW Asia to become a more significant part of Sun Life's results REDUCING VOLATILITY DISCONTINUED U.S. life insurance and annuity sales...

  • Page 7
    ... Sun Life Financial as one of the BEST 50 CORPORATE CITIZENS IN CANADA . Selected for the seventh consecutive year as a member of the DOW JONES SUSTAINABILITY INDEX North America. In 2013, we retained the top spot in the GLOBE AND MAIL'S ANNUAL RANKING of best-governed companies. Sun Life Financial...

  • Page 8
    ... than embarking on any new course. We have encouraged the management team to focus on customer care at all times and to remember that long-term, sustainable success is built on a strong value set with full commitment from the top of the organization. 6 Sun Life Financial Inc. Annual Report 2013

  • Page 9
    ... take our products to market; they have a service ethic that ensures customers feel good about us; and the investment capability to provide them with great returns. We look forward to a year of growth in 2014. JAMES H. SUTCLIFFE CHAIRMAN OF THE BOARD Sun Life Financial Inc. Annual Report 2013 7

  • Page 10
    ... EXECUTIVE OFFICER'S MESSAGE DEAR FELLOW SHAREHOLDERS 2013 was another year of progress and momentum at Sun Life. We improved our risk profile, expanded our footprint in Asia, grew our distribution networks and made important strides in improving customer service. MFS Investment Management (MFS...

  • Page 11
    ... ever. In 2013, we distributed $8 billion in annuity payments, death claims, disability income and health benefits to Sun Life customers around the world. Many more customers benefited from strong investment returns in their Sun Life or MFS accounts, along with advice from a trusted advisor. We are...

  • Page 12
    ...Life Career Sales Force, the largest dedicated group of financial advisors among life insurers; and through third-party advisors who select Sun Life products because they are the best fit for their customers. Our Individual Insurance and Investments business had a strong year. Sales of participating...

  • Page 13
    ... plan members to check coverage and submit claims. Group Retirement Services (GRS) leads the pension market in Canada, helping over one million Canadians save for retirement on a platform that delivers first-rate website, mobile and call centre support, and access to world-class investment managers...

  • Page 14
    ... employee benefits group worked closely with a corporate customer and their valued employee to get the person back to work. We also delivered strong growth last year in our Bermuda-based international high-networth business. Sun Life is seen as a trusted provider of protection and savings solutions...

  • Page 15
    ... growth: in the Philippines, our wholly-owned asset manager reported asset growth of 48%, and in Hong Kong, net wealth sales, including our Mandatory Provident Fund business, grew by 45%. In early 2014, we announced the creation of a new asset management business, Sun Life Investment Management...

  • Page 16
    ... OUR U.K. CLIENTS While we no longer sell insurance and wealth products in the U.K., we work hard to serve the 800,000 customers who have placed their trust and their assets with Sun Life over the years. In 2013, we made a number of enhancements to offer better service and more choice at the time of...

  • Page 17
    ...the claim. After a rigorous review, we changed the process to ask for certain data earlier in the process, and we invested in technology and training so our front line call centre staff could enter the claims system and adjust the claim. The result? The time to adjust a claim went from seven days to...

  • Page 18
    ... in the world, and made the Best 50 Corporate Citizens in Canada list for the eighth time in twelve years. Sun Life ranked first in the Globe and Mail Report on Business' 12th annual Board Games report, a testament to the company's governance practices. In 2012, we announced a major commitment...

  • Page 19
    ...Quarter 2013 Performance Quarterly Information BUSINESS SEGMENT RESULTS SLF Canada SLF U.S. MFS Investment Management SLF Asia Corporate Discontinued Operations INVESTMENTS Investment Profile Debt Securities Mortgages and Loans Equities Investment Properties Derivative Financial Instruments and Risk...

  • Page 20
    ...-sale Annual Information Form Administrative Services Only Assets Under Management Business In-force Company Action Level Chief Executive Officer Chief Financial Officer Cash Generating Unit Dynamic Capital Adequacy Testing Employee Benefits Group Earnings Per Share Fair Value Through Profit or Loss...

  • Page 21
    ... under the headings Sale of U.S. Annuity Business, Restructuring of Internal Reinsurance Arrangement, Actuarial Standards Update, Impact of the Low Interest Rate Environment, Risk Management, Capital Management and Critical Accounting Policies and Estimates and in Sun Life Financial Inc.'s 2013 AIF...

  • Page 22
    ... stop-loss cancer insurance offering that provides an enhanced benefit to self-insured employers. Growing our asset management businesses globally • Sun Life Financial's AUM ended 2013 at a new high of $640 billion. • MFS had record gross sales in 2013 of US$96.0 billion, US$24.0 billion of net...

  • Page 23
    ... Consulting Group. In India, Birla Sun Life Asset Management Company's MNC Fund-Growth and Birla Sun Life 95-Dividend were awarded the 2012 Lipper Fund Awards for Best Equity Fund (5 years) and the Best Mixed Asset INR Balanced Fund (10 years), respectively. In 2013, PVI Sun Life Insurance Company...

  • Page 24
    ... new opportunities for group and voluntary benefits. All of these trends support demand for the pension, savings and health care solutions provided by life insurance companies. Improved equity markets have resulted in a rise in the demand for sophisticated investment and risk management solutions...

  • Page 25
    ... Reported ROE from Combined Operations Dividends per common share Dividend payout ratio(3) Dividend yield MCCSR ratio (Sun Life Assurance) Premiums and deposits from Continuing Operations Net premium revenue Segregated fund deposits Mutual fund sales(1) Managed fund sales(1) ASO premium and deposit...

  • Page 26
    ... Annuity Business Restructuring and other related costs Goodwill and intangible asset impairment charges Total adjusting items Operating net income (loss) from Continuing Operations Net equity market impact Net interest rate impact Net gains from changes in the fair value of real estate Actuarial...

  • Page 27
    ... U.S. Annuity Business Restructuring and other related costs Goodwill and intangible asset impairment charges Total adjusting items Operating net income (loss) from Combined Operations Net equity market impact Net interest rate impact Net gains from changes in the fair value of real estate Actuarial...

  • Page 28
    ... income Net loss on the sale of our U.S. Annuity Business (see Note 3 in our Consolidated Financial Statements) Assumption changes and management actions related to the sale of our U.S. Annuity Business(2) Total loss recognized in Discontinued Operations related to the sale of our U.S. Annuity...

  • Page 29
    ...reported net income and common shareholders' equity. ($ millions, after-tax) 2013 (903) (27) (22) (49) (952) (64) (1,016) Total loss recognized in Discontinued Operations related to the sale of the U.S. Annuity Business Impacts recognized in Continuing Operations: Assumption changes and management...

  • Page 30
    ... 30 33 1,718 Reported net income Certain hedges that do not qualify for hedge accounting in SLF Canada Fair value adjustments on share-based payment awards at MFS Loss on the sale of our U.S. Annuity Business Assumption changes and management actions related to the sale of our U.S. Annuity Business...

  • Page 31
    ... billion related to the sale of MFS Canada's private wealth business. Revenue Revenues include (i) premiums received on life and health insurance policies and fixed annuity products, net of premiums ceded to reinsurers; (ii) net investment income comprised of income earned on general fund assets...

  • Page 32
    ..., currency, reinsurance for the insured business in SLF Canada's GB operations and net premiums from Life and Investment Products in SLF U.S. that were closed to new sales effective December 30, 2011. For additional information, see Use of Non-IFRS Financial Measures. Revenue of $13.9 billion in...

  • Page 33
    ... Represents a non-IFRS financial measure. See Use of Non-IFRS Financial Measures. (2) Excludes the impact of foreign exchange, reinsurance for the insured business in SLF Canada's GB operations and net premiums and deposits from Life and Investment Products in SLF U.S. that were closed to new sales...

  • Page 34
    ... insurance. SLF Asia life and health sales were $785 million in 2013, compared to $716 million in 2012, mainly due to higher sales in the Philippines, Hong Kong, Indonesia and inclusion of Vietnam and Malaysia sales, largely offset by lower sales in India and China. Total Company wealth sales...

  • Page 35
    .... Our benefit payment obligations, net of future expected revenues, are estimated over the life of our annuity and insurance products based on internal valuation models and are recorded in our financial statements, primarily in the form of insurance contract liabilities. We review our actuarial...

  • Page 36
    ... Impact of Foreign Exchange Rates We have operations in many markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda, and generate revenues and incur expenses...

  • Page 37
    ... for hedge accounting Fair value adjustments on share-based payment awards Assumption changes and management actions related to the sale of our U.S. Annuity Business Restructuring and other related costs Goodwill and intangible asset impairment charges Reported net income (loss) from Continuing...

  • Page 38
    ... accounting in SLF Canada Fair value adjustments on share-based payment awards at MFS Assumption changes and management actions related to the sale of our U.S. Annuity Business(1) Restructuring and other related costs(2) Operating net income Equity market impact Net impact from equity market changes...

  • Page 39
    ... requirements for our closed universal life insurance business in the U.S. Additional information relating to this transaction can be found under the heading Restructuring of Internal Reinsurance Arrangement in this MD&A. In addition, higher interest rates and net realized gains on the sale of AFS...

  • Page 40
    ... of lower managed fund sales in MFS, partially offset by higher MFS mutual fund sales, increased premium revenue from SLF Canada's GRS and Individual Insurance & Investments, SLF U.S.'s EBG and international life businesses, the insurance business in Hong Kong, and higher segregated fund deposits in...

  • Page 41
    ...net income from Continuing Operations of $333 million in the fourth quarter of 2012 reflected favourable impacts from equity markets and increases in the fair value of real estate classified as investment properties, offset by declines in the fixed income reinvestment rates in our insurance contract...

  • Page 42
    ... provide an excellent platform for growth. SLF Canada's three business units - Individual Insurance & Investments, Group Benefits and Group Retirement Services - offer a full range of protection, wealth accumulation and income products and services to individuals and corporate clients. Strategy...

  • Page 43
    ... income reinvestment rates in insurance contract liabilities in Individual Insurance, widening of swap spreads in Individual Insurance & Investments and updates to actuarial assumptions and management actions. Net income in 2012 reflected gains from increases in the value of real estate properties...

  • Page 44
    ... of group life and health insurance products in Canada, with a market share of 22%(1). We provide life, dental, drug, extended health care, disability and critical illness benefits programs to employers of all sizes. In addition, voluntary benefits solutions are offered directly to individual plan...

  • Page 45
    ... to employers and employees including group life, disability, medical stop-loss and dental insurance products, as well as a suite of voluntary benefits products. The Life and Investment Products business includes our international business, which provides high net worth clients with life insurance...

  • Page 46
    ... reserve requirements for our closed universal life insurance business in the U.S. Additional information relating to this transaction can be found under the heading Restructuring of Internal Reinsurance Arrangement in the Financial Performance section of this MD&A. Net income also reflected the...

  • Page 47
    ... in premiums was primarily due to higher international life insurance sales. Results by Business Unit Net income by business unit (US$ millions) 2013 53 561 614 (30) (7) 577 (142) 2012 26 298 324 - - 324 496 Employee Benefits Group(1) Life and Investment Products(1) Operating net income (loss...

  • Page 48
    ...in-force domestic life insurance block with particular emphasis on effective risk and capital management while continuing to serve our in-force customers. MFS Investment Management Business Profile MFS, a global asset management firm with investment offices in Boston, Hong Kong, London, Mexico City...

  • Page 49
    ... to pursue four primary objectives Deliver superior investment performance; Enhance MFS' value proposition to include distinctive client service; Grow in its markets; and Engage, empower and develop its people. Management's Discussion and Analysis Sun Life Financial Inc. Annual Report 2013 47

  • Page 50
    ...SLF's worldwide resources to bring industryleading products, services and best practices to Asia. 2013 Business Highlights Sun Life of Canada (Philippines) Inc. was ranked the number one life insurance provider in the Philippines for the second consecutive year based on total premium income in 2012...

  • Page 51
    ...a 49% ownership stake. In addition, we offer mutual funds through our whollyowned subsidiary, Sun Life Asset Management Company. Sun Life of Canada (Philippines) Inc. was ranked the number one life insurance provider in the Philippines for the second consecutive year based on total premium income in...

  • Page 52
    ... sales force and insurance advisors. Sales of individual insurance products by PVI Sun Life Insurance Company Limited began in 2013 and represented 2% of total SLF Asia sales in 2013. Malaysia Our operations in Malaysia offer individual life and health insurance through Sun Life Malaysia Assurance...

  • Page 53
    ... care, group long-term disability and personal accident and medical coverage, as well as guaranteed minimum income and death benefit coverage. Discontinued Operations in Corporate relate to Corporate Support only. Financial and Business Results Summary statements of operations ($ millions) 2013...

  • Page 54
    ... of Directors monitors the Company's Investment Plan and investment performance, oversees practices, procedures and controls related to the management of the general fund investment portfolio and reviews corporate governance guidelines and processes. 52 Sun Life Financial Inc. Annual Report 2013...

  • Page 55
    ..., cash equivalents and short-term securities Debt securities - FVTPL Debt securities - AFS Equity securities - FVTPL Equity securities - AFS Mortgages and loans Derivative assets Other invested assets Policy loans Investment properties Total invested assets (1) The invested asset values and ratios...

  • Page 56
    ...value of financial sector debt securities holdings is primarily due to regular trading activity, as well as foreign exchange gains due to the depreciation of the Canadian dollar, partially offset by market losses as a result of increasing interest rates. 54 Sun Life Financial Inc. Annual Report 2013...

  • Page 57
    ...prices throughout 2013. While foreclosure and delinquency levels have decreased significantly, a negative shift in the overall economy could have an adverse impact on our mortgage-backed and assetbacked securities portfolios. Management's Discussion and Analysis Sun Life Financial Inc. Annual Report...

  • Page 58
    ... loan-to-value ratio of 75% at issuance, we may invest in mortgages with a higher loan-to-value ratio in Canada if the mortgage is insured. The estimated weighted average debt service coverage is 1.65 times, up from 1.61 times in the prior year. The Canada Mortgage and Housing Corporation insures...

  • Page 59
    ... United Kingdom Office Industrial Retail Other Total investment properties Management's Discussion and Analysis 2012 Carrying value 1,740 909 1,021 784 673 268 345 64 39 22 71 6 5,942 % of total carrying value 29.3% 15.3% 17.2% 13.2% 11.3% 4.5% 5.8% 1.1% 0.6% 0.4% 1.2% 0.1% 100% Annual Report 2013...

  • Page 60
    ... for accounting purposes are designed to minimize balance sheet and income statement mismatches. These hedging relationships are documented at inception and hedge effectiveness is assessed on a quarterly basis. We use derivative instruments to manage risks related to interest rate, equity market and...

  • Page 61
    ...value through effective risk management by providing a framework to optimize risk-return and enhance stakeholder value creation. Effective risk-taking and risk management are critical to the overall profitability, competitive market positioning and long-term financial viability of the Company. Risks...

  • Page 62
    ... return. Key enterprise monitoring and control processes include oversight by the Board of Directors, which is exercised through four Board committees - Risk Review Committee, Governance, Nomination & Investment Committee, Audit and Conduct Review Committee and Management Resources Committee. Senior...

  • Page 63
    ... policies and controls are in place. The Corporate Asset Liability Management Committee is responsible for providing executive oversight and direction for the effective measurement, control and management of the market and liquidity risks arising from the Company's investing, financing and insurance...

  • Page 64
    ... appropriate rate of return on the capital employed. The Board of Directors, the Risk Review Committee and the Governance, Nomination & Investment Committee are responsible for providing appropriate oversight of credit risk. The investment function is responsible for day-to-day portfolio credit risk...

  • Page 65
    ... of practice. Target capital levels exceed internal and regulatory minimums. Active market risk governance including independent monitoring and review and reporting to senior management and the Board of Directors. Management's Discussion and Analysis Sun Life Financial Inc. Annual Report 2013 63

  • Page 66
    ... on our net income and capital. We derive a portion of our revenue from fee income generated by our asset management businesses and from certain insurance and annuity contracts where fee income is levied on account balances that generally move in line with equity market levels. Accordingly, adverse...

  • Page 67
    ... (pre-tax) in net gains on the sale of AFS assets. At December 31, 2013, the net unrealized gains or OCI position on AFS fixed income and equity assets was $169 million and $160 million, respectively, after-tax. Management's Discussion and Analysis Sun Life Financial Inc. Annual Report 2013 65

  • Page 68
    ...or sensitivity of our net income, OCI and Sun Life Assurance's MCCSR ratio to certain instantaneous changes in interest rates and equity market prices as at December 31, 2013 and December 31, 2012. Interest Rate and Equity Market Sensitivities As at December 31, 2013(1) ($ millions, unless otherwise...

  • Page 69
    ...programs may themselves expose us to other risks. Our market risk management strategies are developed based on policies and operating guidelines at the enterprise level, business group level and product level. Liabilities having a similar risk profile are grouped together and a customized investment...

  • Page 70
    ...-term cash flows are backed with equities and real estate. For participating insurance products and other insurance products with adjustability features the investment strategy objective is to provide a total rate of return given a constant risk profile over the long term. Fixed annuity products...

  • Page 71
    ...% changes in equity markets). Our hedging strategy is applied both at the line of business/product level and enterprise level using a combination of longer-dated put options and dynamic hedging techniques (i.e. frequent re-balancing of short-dated interest rate and equity derivative contracts). We...

  • Page 72
    ...market risk sensitivities are forward-looking information. They are measures of our estimated net income and OCI for changes in interest rate and equity market price levels described above, based on interest rates, equity market prices and business mix in place as at the respective calculation dates...

  • Page 73
    ... business segment. Product design and pricing policy requires detailed risk assessment and provision for material risks. Insurance contract liabilities are established in accordance with Canadian actuarial standards of practice. Target capital levels exceed internal and regulatory minimums. Board...

  • Page 74
    ... We align compensation programs with business strategy, longterm shareholder value and good governance practices, and we benchmark them against peer companies. We perform ongoing monitoring and reporting of all significant operational risks, including regular briefings to senior management and Board...

  • Page 75
    ...benefits, expenses, asset purchases, investment commitments, interest on debt and dividends on capital stock. Sources of available cash flow include general fund premiums and deposits, investment related inflows (such as maturities, principal repayments, investment income and proceeds of asset sales...

  • Page 76
    ... of Financial Position. These cash flows include estimates related to the timing and payment of death and disability claims, policy surrenders, policy maturities, annuity payments, minimum guarantees on segregated fund products, policyholder dividends, amounts on deposit, commissions and premium...

  • Page 77
    ... strategies and bond repurchase agreements. In addition to providing for near-term funding commitments, cash, cash equivalents and short-term securities include amounts that support short-term payment obligations. Management's Discussion and Analysis Sun Life Financial Inc. Annual Report 2013...

  • Page 78
    ... activities Net cash provided by (used in) investing activities Changes due to fluctuations in exchange rates Increase (decrease) in cash and cash equivalents Net cash and cash equivalents, beginning of year Net cash and cash equivalents, end of year Short-term securities, end of year Net cash, cash...

  • Page 79
    ... with their individual risk profiles. Sun Life Financial, including all of its business groups, engages in a capital planning process annually in which capital deployment options, capital raising and dividend recommendations are presented to the Board of Directors. Capital reviews are regularly...

  • Page 80
    ... Plan Balance, end of year Number of Stock Options Outstanding (in millions) 2013 13.2 0.5 (4.5) 9.2 Management's Discussion and Analysis 2012 13.2 2.2 (2.2) 13.2 Balance, beginning of year Options issued Options exercised or cancelled Balance, end of year 78 Sun Life Financial Inc. Annual Report...

  • Page 81
    ... Board of Directors reviews the level of dividends on a quarterly basis. A regular and appropriate level of dividend payout and growth provides a stable source of return to common shareholders. We target a dividend payout ratio of between 40% and 50% based on operating net income excluding the net...

  • Page 82
    ... debt Other Less: Goodwill Non-life investments and other Total capital available Required capital Asset default and market risks Insurance risks Interest rate risks Total capital required MCCSR ratio Sun Life Assurance's MCCSR ratio was 219% as at December 31, 2013, compared to 209% as at...

  • Page 83
    ...for insurance contracts represent the estimated amounts which, together with estimated future premiums and net investment income, will provide for outstanding claims, estimated future benefits, policyholders' dividends, taxes (other than income taxes) and expenses on in-force insurance contracts. In...

  • Page 84
    ...the Company's financial condition and results of operations are described below. Non-fixed Income Market Movements We are exposed to equity markets through our segregated fund products (including variable annuities) that provide guarantees linked to underlying fund performance and through insurance...

  • Page 85
    .... Most of our disability insurance is marketed on a group basis. We offer critical illness policies on an individual basis in Canada and Asia, long-term care on an individual basis in Canada and medical stop-loss insurance is offered on a group basis in the United States. In Canada, group morbidity...

  • Page 86
    ... futures and options is determined using quoted market prices in active markets, while the fair value of OTC derivatives is determined using pricing models, such as discounted cash flow analysis or other market standard valuation 84 Sun Life Financial Inc. Annual Report 2013 Management's Discussion...

  • Page 87
    ... is determined using quoted prices in active markets or independent valuation information provided by investment management. The fair value of direct investments within investments for accounts of segregated fund holders, such as short-term securities and government and corporate debt securities, is...

  • Page 88
    ... of tax losses and tax deductions will not be realized, a deferred income tax asset is not recognized. The assessment requires significant estimates and judgment about future events based on the information available at the reporting date. 86 Sun Life Financial Inc. Annual Report 2013 Management...

  • Page 89
    ... benefits. In addition, in some countries we provide certain post-retirement medical, dental and life insurance benefits to eligible qualifying employees and their dependents upon meeting certain requirements. The Company has implemented a plan to de-risk our defined benefit pension plans enterprise...

  • Page 90
    ... consolidation for investment entities is not available for the Company as it is not an investment entity. As a result, we do not expect the adoption of this standard to have an impact on our Consolidated Financial Statements. 88 Sun Life Financial Inc. Annual Report 2013 Management's Discussion and...

  • Page 91
    ... assurance that all relevant information is gathered and reported to senior management, including the Company's CEO, Executive Vice-President and CFO and Executive Vice-President, Corporate Development and General Counsel, on a timely basis so that appropriate decisions can be made regarding public...

  • Page 92
    ... laws. Management does not believe that the conclusion of any current legal or regulatory matters, either individually or in the aggregate, will have a material adverse effect on the Company's financial condition or results of operations. 90 Sun Life Financial Inc. Annual Report 2013 Management...

  • Page 93
    ... Policies Note 1 Changes in Accounting Policies and Adjustments Note 2 Acquisition and Held for Sale Classification and Discontinued Operation Note 3 Segmented Information Note 4 Total Invested Assets and Related Net Investment Income Note 5 Financial Instrument Risk Management Note 6 Insurance Risk...

  • Page 94
    ...Company's existing internal control procedures and planned revisions to those procedures, and advising the Board on auditing matters and financial reporting issues. Management is also responsible for maintaining systems of internal control that provide reasonable assurance that financial information...

  • Page 95
    CONSOLIDATED STATEMENTS OF OPERATIONS For the years ended December 31, (in millions of Canadian dollars except for per share amounts) Revenue Premiums Gross Less: Ceded Net Net investment income (loss): Interest and other investment income (Note 5) Change in fair value through profit or loss assets ...

  • Page 96
    ... income Total income tax benefit (expense) included in other comprehensive income (loss) The attached notes form part of these Consolidated Financial Statements. 2013 2012 $ (2) (11) (11) 37 (21) 9 1 (69) (69) $ 3 - (93) 34 (17) 4 (69) - - $ (68) $ (69) 94 Sun Life Financial Inc. Annual...

  • Page 97
    ... form part of these Consolidated Financial Statements. 1.06 1.76 0.99 1.61 Approved on behalf of the Board of Directors on February 12, 2014. Dean A. Connor President and Chief Executive Officer William D. Anderson Director Consolidated Financial Statements Sun Life Financial Inc. Annual Report...

  • Page 98
    ..., net of hedging activities Unrealized gains (losses) on transfers to investment properties Unrealized gains (losses) on derivatives designated as cash flow hedges Cumulative changes in liabilities for defined benefit plans (Note 2) Balance, beginning of year Total other comprehensive income (loss...

  • Page 99
    ... of stock options Dividends paid on common and preferred shares Interest expense paid Net cash provided by (used in) financing activities Changes due to fluctuations in exchange rates Increase (decrease) in cash and cash equivalents Net cash and cash equivalents, beginning of year Net cash and cash...

  • Page 100
    ... per share amounts and where otherwise stated. All amounts stated in US dollars are in millions.) 1. Significant Accounting Policies Description of Business Sun Life Financial Inc. ("SLF Inc.") is a publicly traded company domiciled in Canada and is the holding company of Sun Life Assurance Company...

  • Page 101
    ... the asset classifications applicable to these assets: Consolidated Statements of Financial Position line Cash, cash equivalents and short-term securities Debt securities Equity securities Mortgages and loans Other invested assets Policy loans Asset classification FVTPL FVTPL and AFS FVTPL and AFS...

  • Page 102
    ...-for-sale assets in our Consolidated Statements of Operations. Following impairment loss recognition, a debt security continues to be carried at fair value with changes in fair value recorded in OCI, and it is assessed quarterly for further 100 Sun Life Financial Inc. Annual Report 2013 Notes...

  • Page 103
    ... price, foreign exchange rate, underlying index or other variable. We are required to separate embedded derivatives from the host contract, if an embedded derivative has economic and risk characteristics that Notes to Consolidated Financial Statements Sun Life Financial Inc. Annual Report 2013...

  • Page 104
    ... derivatives in insurance contracts, see the Insurance Contract Liabilities accounting policy in this Note. Investment Properties Investment properties are real estate held to earn rental income or for capital appreciation. Properties held to earn rental income or for capital appreciation that...

  • Page 105
    ... the risks associated with the underlying investments are classified as Insurance contracts for account of segregated fund holders in our Consolidated Statements of Financial Position. Insurance contract liabilities, including policy benefits payable and provisions for policyholder dividends, are...

  • Page 106
    ... contracts for account of segregated fund holders are recorded separately from the Total general fund liabilities in our Consolidated Statements of Financial Position. Insurance contracts under which the segregated fund holders bear the risks associated 104 Sun Life Financial Inc. Annual Report 2013...

  • Page 107
    ... as the recognition is dependent on various actuarial assumptions such as discount rates, health care cost trend rates and projected compensation increases. These key assumptions are discussed in Note 26. Notes to Consolidated Financial Statements Sun Life Financial Inc. Annual Report 2013 105

  • Page 108
    ... number of common shares outstanding. 2. Changes in Accounting Policies and Adjustments 2.A New and Amended International Financial Reporting Standards Adopted in 2013 We have adopted the following new and amended standards in the current year. In May 2011, IFRS 10 Consolidated Financial Statements...

  • Page 109
    ...reported on the Consolidated Statements of Financial Position as a single line as Investments for account of segregated fund holders since we have legal ownership of these assets. Since the policyholder bears the risks and rewards of the fund's performance, we continue to present only the fee income...

  • Page 110
    ... of adoption of these changes in accounting policies in our Consolidated Statements of Financial Position: As at January 1, 2012 Assets Cash, cash equivalents and short-term securities Other invested assets Other assets Deferred tax assets Liabilities and equity Liabilities Deferred tax liabilities...

  • Page 111
    ... insurance businesses to Delaware Life Holdings, LLC. The transaction consisted primarily of the sale of 100% of the shares of Sun Life Assurance Company of Canada (U.S.) ("Sun Life (U.S.)"), which included U.S. domestic variable annuity, fixed annuity and fixed indexed annuity products, corporate...

  • Page 112
    ...of the sale. The results of operations relating to our U.S. Annuities business and certain life insurance businesses (the "U.S. Annuity Business") in Sun Life Financial United States ("SLF U.S.") are reflected as a discontinued operation in our Consolidated Statements of Operations for all the years...

  • Page 113
    ...Policy loans Investment properties Invested assets Other assets Reinsurance assets Deferred tax assets Total general fund assets Investments for account of segregated fund holders Total assets of disposal group classified as held for sale Notes to Consolidated Financial Statements Sun Life Financial...

  • Page 114
    ... the U.S. Annuity Business Level 1 Level 2 389 391 - 166 946 Level 3 $ 1 44 26 24 95 $ Total 390 435 26 190 1,041 $ $ $ $ 4. Segmented Information We have five reportable segments: Sun Life Financial Canada ("SLF Canada"), SLF U.S., MFS Investment Management ("MFS"), Sun Life Financial Asia...

  • Page 115
    ... client as none are individually significant to our operations. Results by segment for the years ended December 31, are as follows: SLF Canada 2013 Gross premiums: Annuities Life insurance Health insurance Total gross premiums Less: ceded premiums Net investment income (loss) Fee income Total...

  • Page 116
    ... United Kingdom Canada Other countries Total net income (loss) from continuing operations $ 2013 (11) 482 (8) 5 468 (7) 147 (189) (17) (66) $ 2012 83 1,079 - 20 1,182 (29) 213 (131) (6) 47 $ $ $ $ $ $ 114 Sun Life Financial Inc. Annual Report 2013 Notes to Consolidated Financial Statements

  • Page 117
    ... and Related Net Investment Income 5.A Fair Value of Financial Assets The carrying values and fair values of our financial assets, are shown in the following tables: As at December 31, 2013 Assets Cash, cash equivalents and short-term securities Debt securities - fair value through profit or loss...

  • Page 118
    ... or internally by professionally accredited real estate appraisers. The fair value of investments for accounts of segregated fund holders is determined using quoted prices in active markets or independent valuation information provided by investment managers. The fair value of direct investments...

  • Page 119
    ... the U.S. Annuity Business. As at December 31, 2013 Assets Cash, cash equivalents and short-term securities Debt securities - fair value through profit or loss Debt securities - available-for-sale Equity securities - fair value through profit or loss Equity securities - available-for-sale Derivative...

  • Page 120
    ... 2013, we did not have any significant transfers between Level 1 and Level 2. As at December 31, 2012 Assets Cash, cash equivalents and short-term securities Debt securities - fair value through profit or loss Debt securities - available-for-sale Equity securities - fair value through profit or loss...

  • Page 121
    ... and corporate bonds. (3) Total gains and losses in net income (loss) and OCI are calculated assuming transfers into or out of Level 3 occur at the beginning of the period. For an asset or liability that transfers into Level 3 during the reporting period, the entire change in fair value for...

  • Page 122
    ... that lack observability. (3) Total gains and losses in net income (loss) and OCI are calculated assuming transfers into or out of Level 3 occur at the beginning of the period. For a financial instrument that transfers into Level 3 during the reporting period, the entire change in fair value for the...

  • Page 123
    ...: For the years ended December 31, Interest income: Cash, cash equivalents and short-term securities Debt securities - fair value through profit or loss Debt securities - available-for-sale Mortgages and loans Derivative investments Policy loans Interest income Equity securities - dividends on fair...

  • Page 124
    ...value through profit or loss assets and liabilities recorded to net income for the years ended December 31 consist of the following: 2013 Cash, cash equivalents and short-term securities Debt securities Equity securities Derivative investments Other invested assets Investment properties Total change...

  • Page 125
    ... instruments designated as net investment hedges with a fair value of $167. These non-derivative instruments are presented as Subordinated debt on the Consolidated Statements of Financial Position. Notes to Consolidated Financial Statements Sun Life Financial Inc. Annual Report 2013 123

  • Page 126
    ... or downgrades of the securities in our investment portfolio would cause the Company to record realized or unrealized losses and increase our provisions for asset default, adversely impacting earnings. 124 Sun Life Financial Inc. Annual Report 2013 Notes to Consolidated Financial Statements

  • Page 127
    .... Insurance contract liabilities are established in accordance with Canadian actuarial standards of practice. Target capital levels exceed internal and regulatory minimums. Active credit risk governance including independent monitoring and review and reporting to senior management and the Board of...

  • Page 128
    ... higher recoveries in the event of default. The following tables provide details of the debt securities, mortgages and loans held by issuer country, geographic location and industry sector where applicable. 126 Sun Life Financial Inc. Annual Report 2013 Notes to Consolidated Financial Statements

  • Page 129
    ...399 4,732 2,274 2,017 25,276 1,464 $ 43,773 Availablefor-sale $ 1,306 168 508 390 2,372 2,602 1,335 525 1,635 692 944 7,733 484 $ 10,589 Total debt securities $ 3,116 9,786 1,569 4,934 19,405 9,264 9,527 1,924 6,367 2,966 2,961 33,009 1,948 $ 54,362 127 Sun Life Financial Inc. Annual Report 2013

  • Page 130
    ... value of loans by scheduled maturity, before allowances for losses, is comprised as follows: As at December 31, Due in 1 year or less Due in years 2-5 Due in years 6-10 Due after 10 years Total loans 128 Sun Life Financial Inc. Annual Report 2013 Notes to Consolidated Financial Statements 2013...

  • Page 131
    ... contracts Equity contracts: Futures contracts Options purchased Options written Total notional amount (1) These are covered short derivative positions that may include interest rate options, swaptions or floors. Notes to Consolidated Financial Statements Sun Life Financial Inc. Annual Report 2013...

  • Page 132
    ... the use of credit scoring models, to a particular mortgage or corporate loan. The internal credit ratings reflect the credit quality of the borrower as well as the value of any collateral held as security. 130 Sun Life Financial Inc. Annual Report 2013 Notes to Consolidated Financial Statements

  • Page 133
    ... change substantially following the reporting date as the exposure is affected by each transaction subject to the arrangement. (4) Net replacement cost is positive replacement cost less the impact of master netting agreements. Notes to Consolidated Financial Statements Sun Life Financial Inc. Annual...

  • Page 134
    ... presentation adopted in 2013. 6.A.vi Impairment of Assets Management assesses debt and equity securities, mortgages and loans and other invested assets for objective evidence of impairment at each reporting date. We employ a portfolio monitoring process to identify assets or groups of assets that...

  • Page 135
    ... portfolios are based on loss models using assumptions about key systematic risks, such as unemployment rates and housing prices, and loan-specific information such as delinquency rates and loan-to-value ratios. Equity Securities and Other Invested Assets Objective evidence of impairment for equity...

  • Page 136
    ...benefits, expenses, asset purchases, investment commitments, interest on debt and dividends on capital stock. Sources of available cash flow include general fund premiums and deposits, investment related inflows (such as maturities, principal repayments, investment income and proceeds of asset sales...

  • Page 137
    .... Insurance contract liabilities are established in accordance with Canadian actuarial standards of practice. Target capital levels exceed internal and regulatory minimums. Active market risk governance including independent monitoring and review and reporting to senior management and the Board of...

  • Page 138
    ... annuity and long-term disability contracts contain embedded derivatives as benefits are linked to the Consumer Price Index; however most of this exposure is hedged through the Company's ongoing asset-liability management program. 7. Insurance Risk Management 7.A Insurance Risk Risk Description...

  • Page 139
    ... to disability coverages. This introduces the potential for adverse financial volatility in disability results. For life insurance products for which higher mortality would be financially adverse to the Company, a 2% increase in the best estimate assumption would decrease net income and equity by...

  • Page 140
    ... a corporate underwriting and claim management function. Individual and group insurance policies are underwritten prior to initial issue and renewals, based on risk selection, plan design and rating techniques. Underwriting and claims risk policies approved by the Risk Review Committee of the Board...

  • Page 141
    ... December 31, Accounts receivable Investment income due and accrued Deferred acquisition costs(1) Prepaid expenses Premium receivable Accrued benefit assets (Note 26) Other Total other assets (1) Amortization of deferred acquisition cost charged to income during the year amounted to $43 in 2013 ($35...

  • Page 142
    ... allocated to our CGUs are as follows: As at December 31, SLF Canada Individual insurance Individual wealth Group retirement services Group benefits SLF U.S. Employee benefits group SLF Asia Hong Kong Corporate MFS Holdings U.K. Total $ 2013 906 160 453 1,054 356 467 417 189 $ 4,002 $ $ 2012 906 160...

  • Page 143
    ... These contracts include all forms of life, health and critical illness insurance sold to individuals and groups, life contingent annuities, accumulation annuities, and segregated fund products with guarantees. Notes to Consolidated Financial Statements Sun Life Financial Inc. Annual Report 2013 141

  • Page 144
    ...for insurance contracts represent the estimated amounts which, together with estimated future premiums and net investment income, will provide for outstanding claims, estimated future benefits, policyholders' dividends, taxes (other than income taxes) and expenses on in-force insurance contracts. In...

  • Page 145
    .... Most of our disability insurance is marketed on a group basis. We offer critical illness policies on an individual basis in Canada and Asia, long-term care on an individual basis in Canada and medical stop-loss insurance is offered on a group basis in the United States. In Canada, group morbidity...

  • Page 146
    ... of $3,718 for Insurance contract liabilities and $134 for Reinsurance assets for the year ended December 31, 2012. (2) Reinsurance assumed as part of the sale of our U.S. Annuity business. (3) See Note 3. 144 Sun Life Financial Inc. Annual Report 2013 Notes to Consolidated Financial Statements

  • Page 147
    ...are the types of Investment contracts in force Term certain payout annuities in Canada and the U.S. Guaranteed Investment Contracts in Canada Unit-linked products issued in the U.K. and Hong Kong; and Non-unit-linked pensions contracts issued in the U.K. and Hong Kong 11.B.ii Method and Assumption...

  • Page 148
    ...at January 1 Change in liabilities on in-force Liabilities arising from new policies Increase (decrease) in liabilities Foreign exchange rate movements Balance as at December 31 $ $ 2013 496 (38) 88 50 38 584 $ $ 2012 487 (7) 26 19 (10) 496 146 Sun Life Financial Inc. Annual Report 2013 Notes to...

  • Page 149
    ...Mortgages and loans Investment properties Other Total Individual participating life Individual non-participating life Group life Individual annuities Group annuities Health insurance Equity and other(1) Total assets from Continuing operations Assets of disposal group held for sale (Note 3) Total...

  • Page 150
    ... on deposit, policy benefits payable, provisions for unreported claims, provisions for policyholder dividends, and provisions for experience rating refunds. As at December 31, 2012 Individual participating life Individual non-participating life Group life Individual annuities Health insurance...

  • Page 151
    ... fair value is determined by discounting the expected future cash flows using a current market interest rate adjusted by SLF Inc.'s credit spread and is categorized in Level 3 of the fair value hierarchy. Notes to Consolidated Financial Statements Sun Life Financial Inc. Annual Report 2013 149

  • Page 152
    ... 1% over the 90-day Bankers' Acceptance Rate. The relevant debenture may be redeemed, at the option of SLF Inc. at any time, at a redemption price equal to the greater of par and a price based on the yield of a corresponding Government of Canada bond. The Sun Life Assurance debentures were issued to...

  • Page 153
    ... 31, 2013, for regulatory capital purposes of Sun Life Assurance, $696 (2012 - $696) represents Tier 1 capital. The table below presents additional significant terms and conditions of the SLEECS: Issuer Sun Life Capital Trust(1)(2)(3)(4) SLEECS B Sun Life Capital Trust II(1)(2) SLEECS 2009-1 Total...

  • Page 154
    ... capital and adequate and appropriate forms of liquidity; (ii) any regulations under the Insurance Companies Act (Canada) in relation to capital and liquidity; and (iii) any order by which OSFI directs it to increase its capital or provide additional liquidity. SLF Inc. and Sun Life Assurance...

  • Page 155
    ...shares for cash. For dividend reinvestments, SLF Inc. may, at its option, issue common shares from treasury at a discount of up to 5% to the volume weighted average trading price or direct that common shares be purchased for participants through the Toronto Stock Exchange ("TSX") at the market price...

  • Page 156
    ... Philippines. These insurance operations are operated directly by Sun Life Assurance Company of Canada or through other subsidiaries. Sun Life Global Investments Inc. includes our asset management businesses, including Sun Life Global Investments (Canada) Inc., and Massachusetts Financial Services...

  • Page 157
    ... fluctuations in financial markets. The fee income earned is included in Fund management and other asset based fees in Note 18. 18. Fee Income Fee income for the years ended December 31 consists of the following: 2013 Income associated with administration and contract guarantees Fund management and...

  • Page 158
    ... behaviour and employee termination experience. The risk-free rate for periods within the expected term of the option is based on the Canadian government bond yield curve in effect at the time of grant. 156 Sun Life Financial Inc. Annual Report 2013 Notes to Consolidated Financial Statements

  • Page 159
    ... in the form of additional units at the same rate as the dividends on common shares. Units may vest or become payable if we meet specified threshold performance targets. The plan provides for an enhanced payout if we achieve superior levels of performance to motivate participants to achieve...

  • Page 160
    ... 25 $ (50) Deferred acquisition costs $ 220 (8) - - 17 (12) $ 217 Other 69 54 13 - 34 26 196 $ $ Total 1,093 64 (70) - 59 35 1,181 (1) Consists of Insurance contract liabilities and Investment contract liabilities net of Reinsurance assets. 158 Sun Life Financial Inc. Annual Report 2013 Notes to...

  • Page 161
    ... (expense) Total income tax benefit (expense) recorded in equity, including tax benefit (expense) recorded in other comprehensive income Notes to Consolidated Financial Statements 2012 $ $ (4) (65) (69) 29 (28) $ (68) 159 $ $ 2 (70) (68) - - $ (68) Sun Life Financial Inc. Annual Report 2013

  • Page 162
    ... their individual risk profiles. The Board of Directors of SLF Inc. is responsible for the annual review and approval of the Company's capital plan and SLF Inc.'s capital risk policy. Management oversight of our capital programs and position is provided by the Company's Executive Risk Committee, the...

  • Page 163
    ... the Risk Management section of the MD&A. We derive fee income from segregated funds. Market value movements in the investments held for segregated fund holders impact the management fees earned on these funds. Notes to Consolidated Financial Statements Sun Life Financial Inc. Annual Report 2013 161

  • Page 164
    ... funds: Payments to policyholders and their beneficiaries Management fees Taxes and other expenses Foreign exchange rate movements Total deductions Net additions (deductions) Less: Held for sale (Note 3) Balance as at December 31 162 Sun Life Financial Inc. Annual Report 2013 Investment contracts...

  • Page 165
    ... laws. The following tables set forth certain consolidating summary financial information for SLF Inc. and Sun Life Assurance (Consolidated): Other subsidiaries of SLF Inc. (combined) $ $ $ 6,414 474 (713) Results for the years ended December 31, 2013 Revenue Shareholders' net income (loss...

  • Page 166
    ... executive team and directors are as follows: For the years ended December 31, 2013 Executive team Number of individuals Base salary and annual incentive compensation Additional short-term benefits and other Share-based long-term incentive compensation Value of pension and post-retirement benefits...

  • Page 167
    ...to benefit payments. In Canada, post-retirement health care and life insurance benefits are provided for eligible employees who retired before December 31, 2012; eligible employees who retire between January 1, 2012 and December 31, 2015 will receive an annual health care spending account allocation...

  • Page 168
    ...of net benefit expense recognized: Current service cost Administrative expense Net interest (income) Curtailment losses (gain) Plan amendments Termination benefits Other long-term employee benefit losses (gain) Net benefit expense Remeasurement of net defined benefit liability: Return on plan assets...

  • Page 169
    ... change in the discount rate assumption. (2) Represents a one-time shock to all equity values. 26.E Fair Value of Plan Assets Composition of fair value of plan assets, December 31: 2013 Equity investments Fixed income investments Real estate investments Other Total composition of fair value of plan...

  • Page 170
    ... and related cash flows, asset mix decisions are based on longterm market outlooks within the specified policy ranges. The long-term investment objectives of the defined benefit pension plans are to exceed the real rate of investment return assumed in the actuarial valuation of plan liabilities...

  • Page 171
    ... redeemable at SLF Inc.'s option on March 31, 2014 (the "Redemption Date") at a redemption price per Debenture equal to the principal amount together with accrued and unpaid interest to the Redemption Date. Notes to Consolidated Financial Statements Sun Life Financial Inc. Annual Report 2013 169

  • Page 172
    ...'s Report THE SHAREHOLDERS AND DIRECTORS OF SUN LIFE FINANCIAL INC. I have valued the policy liabilities and reinsurance recoverables of Sun Life Financial Inc. and its subsidiaries for its Consolidated Statements of Financial Position at December 31, 2013 and December 31, 2012 and their change in...

  • Page 173
    ... statements of comprehensive income (loss), consolidated statements of changes in equity, and consolidated statements of cash flows for each of the years in the two-year period ended December 31, 2013, and a summary of significant accounting policies and other explanatory information. Management...

  • Page 174
    ... internal control over financial reporting is a process designed by, or under the supervision of, the company's principal executive and principal financial officers, or persons performing similar functions, and effected by the company's board of directors, management, and other personnel to provide...

  • Page 175
    ... the best-estimate assumptions at the start of the reporting period. Management actions and changes in assumptions Impact on pre-tax net income resulting from changes in actuarial methods and assumptions or other management actions. Sources of Earnings Sun Life Financial Inc. Annual Report 2013...

  • Page 176
    ...value adjustments on share based payment awards in MFS Hedges in Canada that do not qualify for hedge accounting Other (including sale of US annuity block and restructuring)) Common Shareholders' Net Income (Loss) - Reported Basis For the Year Ended December 31, 2012 (in millions of Canadian dollars...

  • Page 177
    ... in 2013, $20 million higher than a year ago. The increase is due primarily to lower interest payments on external debt, higher investment income on surplus assets, partially offset by lower gains on available-for-sale surplus assets. Sources of Earnings Sun Life Financial Inc. Annual Report 2013...

  • Page 178
    ... Senior Advisor, Century Capital Management, LLC John H. Clappison, FCPA, FCA(1)(4) Corporate Director Dean A. Connor President & Chief Executive Officer, Sun Life Financial Inc. (1) (2) (3) (4) Member of Audit & Conduct Review Committee Member of Governance, Nomination & Investment Committee Member...

  • Page 179
    ... (Philippines), Inc. Sun Life Asset Management Company, Inc. Sun Life Financial Plans, Inc. Sun Life Prosperity Dynamic Fund, Inc. Sun Life Financial Trust Inc. Jurisdiction of Formation Canada Canada Canada Manitoba, Canada Hong Kong British Columbia, Canada Indonesia Indonesia Indonesia Vietnam...

  • Page 180
    ...(Hong Kong) Limited MFS International (U.K.) Limited MFS Investment Management Company (LUX) S.Ã .r.l. MFS Investment Management K.K. MFS Service Center, Inc. Sun Life of Canada (U.S.) Holdings, Inc. Dental Holdings, Inc. California Benefits Dental Plan Independence Life and Annuity Company Sun Life...

  • Page 181
    ...dollars, based on the equity method) of the aggregate of the shares of all direct and indirect subsidiaries of Sun Life Financial Inc., that are principal operating companies, are shown above. Subsidiary and Affiliate Companies of Sun Life Financial Inc. Sun Life Financial Inc. Annual Report 2013...

  • Page 182
    ... Everbright Life Insurance Company Limited 37/F Tianjin International Building 75 Nanjing Road Tianjin, China 300050 Tel: (8622) 2339-1188 Fax: (8622) 2339-9929 Website: sunlife-everbright.com 180 Sun Life Financial Inc. Annual Report 2013 Sun Life Assurance Company of Canada Beijing Representative...

  • Page 183
    ... SLF.PR.I Series 5 - SLF.PR.E Sun Life Financial Inc. common shares are listed on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges. Ticker Symbol: SLF SHAREHOLDER SERVICES For shareholder account inquiries, please contact the Transfer Agent in the country where you reside, or...

  • Page 184
    ..., Ontario Canada M5H 1J9 The greenhouse gas emissions associated with the production, distribution and paper lifecycle of this report have been calculated and offset by Carbonzero. sunlife.com As a provider of products and services that help customers achieve lifetime financial security, Sun Life...