Sun Life 2012 Annual Report Download - page 167

Download and view the complete annual report

Please find page 167 of the 2012 Sun Life annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 176

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176

For the Year Ended December 31, 2012
(in millions of Canadian dollars) SLF Canada SLF U.S. MFS SLF Asia Corporate Total
Expected Profit on In-Force Business 738 550 531 168 (94) 1,893
Impact of New Business (4) (137) – (73) 29 (185)
Experience Gains and Losses (116) 133 – (22) (67) (72)
Management Actions and Changes in
Assumptions 93 (37) – 29 55 140
Earnings on Operations (pre-tax) 711 509 531 102 (77) 1,776
Earnings on Surplus 138 166 – 63 6 373
Earnings before Income Taxes 849 675 531 165 (71) 2,149
Income Taxes (50) (157) (205) (36) 129 (319)
Earnings before Non-controlling Interests, Par
Income and Preferred Share Dividends 799 518 326 129 58 1,830
Less:
Non-controlling Interests – – 24 – – 24
Par Policyholders’ Income (Loss) 43–––7
Preferred Share Dividends – – – – 120 120
Common Shareholders’ Net Income (Loss) –
Operating Basis 795 515 302 129 (62) 1,679
Plus:
Fair value adjustments on share-based payment
awards in MFS – – (94) – – (94)
Hedges in Canada that do not qualify for hedge
accounting (7)––––(7)
Goodwill and intangibles impairment charges,
restructuring, corporate transactions and other
costs – (20) – – (4) (24)
Common Shareholders’ Net Income (Loss) –
Reported Basis 788 495 208 129 (66) 1,554
For the Year Ended December 31, 2011
(in millions of Canadian dollars) SLF Canada SLF U.S. MFS SLF Asia Corporate Total
Expected Profit on In-Force Business 604 619 475 178 (115) 1,761
Impact of New Business (16) (161) – (76) 29 (224)
Experience Gains and Losses 3 (749) – (11) (153) (910)
Management Actions and Changes in
Assumptions (207) (1,035) – 16 (27) (1,253)
Earnings on Operations (pre-tax) 384 (1,326) 475 107 (266) (626)
Earnings on Surplus 216 141 (1) 70 (21) 405
Earnings before Income Taxes 600 (1,185) 474 177 (287) (221)
Income Taxes 22 360 (176) (33) 217 390
Earnings before Non-controlling Interests, Par
Income and Preferred Share Dividends 622 (825) 298 144 (70) 169
Less:
Non-controlling Interests – – 28 – – 28
Par Policyholders’ Income (Loss) 3 4–––7
Preferred Share Dividends – – – – 100 100
Common Shareholders’ Net Income (Loss) –
Operating Basis 619 (829) 270 144 (170) 34
Plus:
Fair value adjustments on share-based payment
awards in MFS – – (80) – – (80)
Hedges in Canada that do not qualify for hedge
accounting (3) ––––(3)
Goodwill and intangibles impairment charges,
restructuring, corporate transactions and other
costs (194) (104) (4) (6) (13) (321)
Common Shareholders’ Net Income (Loss) –
Reported Basis 422 (933) 186 138 (183) (370)
Sources of Earnings Sun Life Financial Inc. Annual Report 2012 165