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Opening Consolidated Balance Sheet Reconciliation
The following table reconciles the Canadian GAAP Consolidated Balance Sheet to the IFRS Consolidated Balance Sheet as at
January 1, 2010. The Canadian GAAP balances have been presented in a format that is consistent with the presentation under IFRS.
This includes:
• HFT and AFS bonds and stocks have been renamed as debt securities and equity securities, respectively;
• Policy loans, which were previously included in other invested assets, are presented separately;
• Property and equipment and deferred tax assets are presented as distinct line items; and
• Actuarial liabilities and other policy liabilities and amounts on deposit are presented as investment contracts and insurance
contracts
The adjustments to our opening balance sheet have been identified, analyzed and represent our estimate of the impacts to our opening
balance sheet position based on current policy choices. These estimates and current policy choices may be subject to change until the
issuance of our 2011 Annual Consolidated Financial Statements.
IFRS ADJUSTMENTS
($ millions)
As at January 1, 2010
Canadian
GAAP Reclass(1) Consolidation(2)
Asset & Contract
Remeasurement(3)
IFRS 1
Exemptions
& Other(4)
Estimated
IFRS
Assets
Cash, cash equivalents and
short-term securities 11,868 19 47 – – 11,934
Debt securities(1) 61,307 – 288 (7,680) – 53,915
Equity securities(1) 4,966 – (11) 14 – 4,969
Mortgage and loans 19,449 – 405 7,067 – 26,921
Derivative assets 1,382 – 65 8 – 1,455
Other invested assets(1) 1,077 – 19 30 – 1,126
Policy loans(1) 3,303 – (1) – – 3,302
Investment property 4,877 (402) – 71 – 4,546
Other assets(1) 3,307 34 (21) (12) (392) 2,916
Reinsurance assets – 3,334 – 9 – 3,343
Deferred tax asset(1) (2) 1,054 – (12) 127 143 1,312
Property and equipment(1) 156 523 – (180) – 499
Intangible assets 926 – – – – 926
Goodwill 6,419 – – – (1,829) 4,590
Investments for account of
segregated fund
holders(1) – 81,302 (754) – – 80,548
Total Assets 120,091 84,810 25 (546) (2,078) 202,302
Liabilities and Equity
Liabilities
Insurance contracts(1) 88,939 (1,649) (60) (374) – 86,856
Investment contracts(1) – 4,899 – 16 – 4,915
Derivative liabilities 1,257 – 26 11 – 1,294
Deferred tax liabilities(2) 58 – – (2) (44) 12
Other liabilities(1) 5,374 258 808 44 209 6,693
Senior debentures 3,811 – (1,660) – – 2,151
Innovative capital
instruments – – 1,644 – – 1,644
Subordinated debt 3,048 – – – – 3,048
Deferred net realized gains 225 – – (225) – –
Insurance contracts for
account of segregated
fund holders(1) – 75,047 (754) – – 74,293
Investment contracts for
account of segregated
fund holders(1) – 6,255 – – – 6,255
Total Liabilities 102,712 84,810 4 (530) 165 187,161
Non-controlling interests 42 (24) – – (18) –
Total Equity(2) 17,337 24 21 (16) (2,225) 15,141
Total Equity and Liabilities 120,091 84,810 25 (546) (2,078) 202,302
(1) These balances have been presented in a format consistent with the presentation under IFRS.
(2) Adjustments are shown on a gross basis with the related tax expense (recovery) recorded in the Deferred tax liabilities or Deferred tax asset lines. Changes to the Total Equity
line are on a net of tax basis.
30 Sun Life Financial Inc. Annual Report 2010 Management’s Discussion and Analysis