Sun Life 2010 Annual Report Download - page 93

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Intersegment transactions consist primarily of internal financing agreements. They are measured at fair values prevailing when the
arrangements are negotiated. Intersegment revenue for 2010 consists mainly of interest of $130 ($144 in 2009 and $144 in 2008) and
fee income of $59 in 2010 ($48 in 2009 and $52 in 2008).
The results for Corporate for 2008 include the net of tax gain on the sale of CI Financial of $825. Results of the investment in
CI Financial were included in SLF Canada in 2008.
Results by segment for the years ended December 31
SLF
Canada
SLF
U.S. MFS
SLF
Asia(1) Corporate
Consolidation
Adjustments Total
2010
Revenue $ 11,449 $ 8,104 $ 1,449 $ 1,709 $ 2,118 $ (189) $ 24,640
Change in actuarial liabilities $ 2,284 $ (280) $ – $ 690 $ 215 $ – $ 2,909
Interest expense $ 167 $ 273 $ – $ – $ 129 $ (129) $ 440
Income taxes expense (benefit) $ 94 $ 111 $ 137 $ 34 $ (5) $ – $ 371
Total net income (loss) $ 836 $ 302 $ 208 $ 92 $ 247 $ – $ 1,685
2009
Revenue $ 11,407 $ 11,714 $ 1,251 $ 1,813 $ 1,579 $ (192) $ 27,572
Change in actuarial liabilities $ 2,672 $ 4,269 $ – $ 800 $ (43) $ (1) $ 7,697
Interest expense $ 152 $ 246 $ – $ – $ 148 $ (143) $ 403
Income taxes expense (benefit) $ (54) $ (502) $ 101 $ 21 $ (108) $ – $ (542)
Total net income (loss) $ 871 $ (461) $ 152 $ 76 $ (16) $ – $ 622
2008
Revenue $ 7,927 $ 3,817 $ 1,381 $ 498 $ 2,144 $ (204) $ 15,563
Change in actuarial liabilities $ (854) $ (2,920) $ – $ (444) $ (200) $ (11) $ (4,429)
Interest expense $ 181 $ 263 $ 2 $ – $ 64 $ (144) $ 366
Income taxes expense (benefit) $ 435 $ (648) $ 133 $ 22 $ (285) $ – $ (343)
Total net income (loss) $ 647 $ (1,016) $ 194 $ 33 $ 999 $ – $ 857
(1) During the third quarter of 2010, our joint venture in China was restructured with the introduction of additional strategic investors. Under the restructuring, which resulted in a
net gain of $19, our interest in Sun Life Everbright Life Insurance Company Limited was reduced from 50% to 24.99%.
Assets by segment as at December 31
SLF
Canada
SLF
U.S. MFS
SLF
Asia Corporate
Consolidation
Adjustments Total
2010
General fund assets $ 59,532 $ 41,047 $ 990 $ 7,167 $ 12,357 $ (234) $ 120,859
Segregated funds net assets $ 47,171 $ 28,830 $ – $ 2,148 $ 10,762 $ – $ 88,911
2009
General fund assets $ 55,631 $ 42,615 $ 859 $ 6,437 $ 15,854 $ (1,305) $ 120,091
Segregated funds net assets $ 41,426 $ 26,848 $ – $ 1,788 $ 11,243 $ – $ 81,305
The following table shows revenue, net income (loss) and assets by country for the Corporate segment:
2010 2009 2008
Revenue for the years ended December 31:
United States $ 527 $ 555 $ 580
United Kingdom 1,332 870 313
Canada 241 138 1,235
Other countries 18 16 16
Total revenue $ 2,118 $ 1,579 $ 2,144
Total net income (loss) for the years ended December 31:
United States $82$ 149 $ (70)
United Kingdom 252 5 208
Canada (101) (170) 860
Other countries 14 –1
Total net income (loss) $ 247 $ (16) $ 999
Assets as at December 31:
General funds:
United States $ 2,919 $ 4,592
United Kingdom 8,066 8,630
Canada 1,257 2,516
Other countries 115 116
Total general fund assets $ 12,357 $ 15,854
Segregated funds:
United Kingdom $ 10,762 $ 11,243
Total segregated funds net assets $ 10,762 $ 11,243
Notes to the Consolidated Financial Statements Sun Life Financial Inc. Annual Report 2010 89