Sun Life 2010 Annual Report Download - page 146
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Non-Consolidated VIEs
The following table presents the carrying value of assets and liabilities, and the maximum exposure to loss relating to significant VIEs
for which we are not the primary beneficiary. We have no implied or unfunded commitments to these VIEs.
As at December 31, 2010 Assets Liabilities Maximum Exposure to Loss(1)
CDOs $ 2,114 $ 2,114 $ –
CLO 28 28 1
Total $ 2,142 $ 2,142 $ 1
(1) The maximum exposure to loss represents our investment in securities issued by CDOs and the CLO at cost.
In addition, through normal investment activities, we make passive investments in structured securities issued by VIEs for which we are
not the manager. These investments are included in Bonds – held-for-trading and Bonds – available-for-sale in our Consolidated
Balance Sheets. We have not provided financial or other support with respect to these investments other than our original investment.
For these investments, we have determined we are not the primary beneficiary due to the relative size of our investment in comparison
to the principal amount of the structured securities issued by the VIEs, the level of credit subordination, which reduces our obligation to
absorb losses or right to receive benefits, and our inability to direct the activities that most significantly impact the economic
performance of the VIEs. Our maximum exposure to loss on these investments is limited to the amount of our investment.
142 Sun Life Financial Inc. Annual Report 2010 Notes to the Consolidated Financial Statements