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The following table sets out our debt securities of governments and financial institutions by geography.
2012(1) 2011(1)
($ millions)
Government
issued or
guaranteed Financials
Government
issued or
guaranteed Financials
Canada 12,902 1,718 13,051 1,607
United States 1,569 4,485 3,092 6,298
United Kingdom 1,912 1,391 2,533 1,245
Eurozone
France 16 76 25 101
Germany 179 20 180 28
Greece ––––
Ireland ––––
Italy –5–21
Netherlands 2342 4 311
Portugal ––––
Spain –37 3 55
Residual Eurozone – 197 2 170
Other 2,825 993 2,605 1,547
Total 19,405 9,264 21,495 11,383
(1) Amounts as at December 31, 2012 do not include assets of the Discontinued Operations which are separately disclosed in Assets of disposal group classified as held for
sale. Comparative 2011 amounts have not been restated to reflect this presentation.
Our gross unrealized losses as at December 31, 2012 for FVTPL and AFS debt securities were $0.17 billion and $0.03 billion,
respectively, compared with $1.0 billion and $0.1 billion, respectively, as at December 31, 2011. Gross unrealized losses as at
December 31, 2012 included $0.01 billion related to Eurozone sovereign and financial debt securities.
The carrying value of debt securities by issuer and industry sector as at December 31 is set out in the following table.
2012(1) 2011(1)
FVTPL debt
securities
AFS debt
securities Total
FVTPL debt
securities
AFS debt
securities Total
Debt securities issued or guaranteed by:
Canadian federal government 1,810 1,306 3,116 2,324 1,194 3,518
Canadian provincial and municipal
government 9,618 168 9,786 9,319 214 9,533
U.S. government and agency 1,061 508 1,569 2,129 963 3,092
Other foreign government 4,544 390 4,934 4,895 457 5,352
Total government issued or guaranteed debt
securities 17,033 2,372 19,405 18,667 2,828 21,495
Corporate debt securities by industry sector:
Financials 6,662 2,602 9,264 8,597 2,786 11,383
Utilities 5,075 521 5,596 5,334 614 5,948
Consumer discretionary 2,688 991 3,679 3,423 900 4,323
Industrials 2,274 692 2,966 2,364 609 2,973
Consumer staples 2,044 644 2,688 2,411 682 3,093
Telecommunication services 1,399 525 1,924 1,715 568 2,283
Energy 3,117 814 3,931 3,226 688 3,914
Materials 875 411 1,286 1,266 487 1,753
Other 1,142 533 1,675 1,466 565 2,031
Total corporate debt securities 25,276 7,733 33,009 29,802 7,899 37,701
Asset-backed securities 1,464 484 1,948 3,158 576 3,734
Total debt securities 43,773 10,589 54,362 51,627 11,303 62,930
(1) Amounts as at December 31, 2012 do not include assets of the Discontinued Operations which are separately disclosed in Assets of disposal group classified as held for
sale. Comparative 2011 amounts have not been restated to reflect this presentation.
Management’s Discussion and Analysis Sun Life Financial Inc. Annual Report 2012 51