Sun Life 2012 Annual Report Download - page 155
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The 2013 MCCSR Guideline reduced the lapse risk capital requirement, effective first quarter of 2013. The reduced requirement will be
immediately implemented with no transition. The impact to the MCCSR ratio for Sun Life Assurance is expected to be an increase of
three percentage points.
Our capital base consists mainly of common shareholders’ equity, participating policyholders’ equity, preferred shareholders’ equity
and certain other capital securities that qualify as regulatory capital. For regulatory reporting purposes, there are further adjustments
including goodwill, non-life investments, and others as prescribed by OSFI to the total capital figure presented in the table below.
As at December 31, 2012 2011
Equity:
Participating policyholders’ equity $ 128 $ 123
Preferred shareholders’ equity 2,503 2,503
Common shareholders’ equity(2) 14,120 13,018
Total equity included in capital 16,751 15,644
Less: Unrealized gains (losses) on available-for-sale debt securities and cash flow hedges 528 275
Equity after adjustments 16,223 15,369
Other capital securities:
Subordinated debt 2,740 2,746
Innovative capital instruments(1) 696 695
Total capital $ 19,659 $ 18,810
(1) Innovative capital instruments are SLEECS issued by Sun Life Capital Trust and Sun Life Capital Trust II (Note 14). These trusts are SPEs that are consolidated by us.
(2) 2011 balances have been restated. Refer to Note 2.
The significant changes in capital are included in the notes on Innovative Capital Instruments and Subordinated Debt and Share
Capital.
24. Segregated Funds
24.A Investments for Account of Segregated Fund Holders
The carrying value of investments held for segregated fund holders are as follows:
As at December 31, 2012 2011
Segregated and mutual fund units $ 54,167 $ 72,840
Equity securities 7,256 5,830
Debt securities 2,797 8,473
Cash, cash equivalents and short term securities 558 1,425
Investment properties 276 318
Mortgages 18 27
Other assets 100 2,492
Total assets $ 65,172 $ 91,405
Less: Liabilities arising from investing activities $ 185 $ 3,222
Total investments for account of segregated fund holders $ 64,987 $ 88,183
Notes to Consolidated Financial Statements Sun Life Financial Inc. Annual Report 2012 153