Sun Life 2012 Annual Report Download - page 89
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CONSOLIDATED STATEMENTS OF OPERATIONS
For the years ended December 31, (in millions of Canadian dollars except for per share amounts) 2012 2011(1)
Revenue
Premiums
Gross $ 13,415 $ 13,221
Less: Ceded 5,168 4,983
Net 8,247 8,238
Net investment income (loss):
Interest and other investment income (Note 5) 4,430 4,388
Change in fair value through profit or loss assets and liabilities (Note 5) 1,728 4,257
Net gains (losses) on available-for-sale assets 126 151
Net investment income (loss) 6,284 8,796
Fee income (Note 18) 3,028 2,796
Total revenue 17,559 19,830
Benefits and expenses
Gross claims and benefits paid (Note 11) 11,347 11,152
Increase (decrease) in insurance contract liabilities (Note 11) 3,718 7,391
Decrease (increase) in reinsurance assets (Note 11) 134 384
Increase (decrease) in investment contract liabilities (Note 11) 51 (34)
Reinsurance expenses (recoveries) (Note 12) (4,832) (4,540)
Commissions 1,399 1,307
Net transfer to (from) segregated funds (Note 24) (79) (149)
Operating expenses (Note 19) 3,507 3,262
Impairment of goodwill and intangible assets (Note 10) –204
Premium taxes 236 233
Interest expense 367 430
Total benefits and expenses 15,848 19,640
Income (loss) before income taxes 1,711 190
Less: Income tax expense (benefit) (Note 22) 210 (151)
Total net income (loss) from continuing operations 1,501 341
Less: Net income (loss) attributable to participating policyholders 77
Less: Net income (loss) attributable to non-controlling interests –9
Shareholders’ net income (loss) from continuing operations 1,494 325
Less: Preferred shareholders’ dividends 120 100
Common shareholders’ net income (loss) from continuing operations $ 1,374 $ 225
Common shareholders’ net income (loss) from discontinued operation (Note 3) $ 180 $ (595)
Common shareholders’ net income (loss) $ 1,554 $ (370)
(1) Balances have been restated. Refer to Notes 2 and 3.
Average exchange rates during the reporting periods:
U.S. dollars 1.00 0.99
U.K. pounds 1.58 1.59
Earnings (loss) per share (Note 28)
Basic earnings (loss) per share from continuing operations $ 2.32 $ 0.39
Basic earnings (loss) per share from discontinued operation $ 0.30 $ (1.03)
Basic earnings (loss) per share $ 2.62 $ (0.64)
Diluted earnings (loss) per share from continuing operations $ 2.29 $ 0.39
Diluted earnings (loss) per share from discontinued operation $ 0.30 $ (1.03)
Diluted earnings (loss) per share $ 2.59 $ (0.64)
Dividends per common share $ 1.44 $ 1.44
The attached notes form part of these Consolidated Financial Statements.
Consolidated Financial Statements Sun Life Financial Inc. Annual Report 2012 87