Sun Life 2015 Annual Report Download - page 141

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11.A.iii Insurance Contract Liabilities
Insurance contract liabilities consist of the following:
As at December 31, 2015 SLF Canada SLF U.S. SLF Asia Corporate(1) Total
Individual participating life $ 19,465 $ 6,370 $ 6,338 $ 1,727 $ 33,900
Individual non-participating life 8,042 21,197 442 101 29,782
Group life 1,074 1,768 16 – 2,858
Individual annuities 9,086 (100) – 7,269 16,255
Group annuities 9,871 250 – – 10,121
Health insurance 8,539 2,133 2 140 10,814
Insurance contract liabilities before other policy liabilities 56,077 31,618 6,798 9,237 103,730
Add: Other policy liabilities(2) 3,047 1,080 2,000 370 6,497
Total insurance contract liabilities $ 59,124 $ 32,698 $ 8,798 $ 9,607 $ 110,227
(1) Primarily business from the U.K. and run-off reinsurance operations. Includes U.K. business of $1,638 for Individual participating life, $101 for Individual non-participating life,
$6,522 for Individual annuities, and $174 for Other policy liabilities.
(2) Consists of amounts on deposit, policy benefits payable, provisions for unreported claims, provisions for policyholder dividends, and provisions for experience rating refunds.
As at December 31, 2014 SLF Canada SLF U.S. SLF Asia Corporate(1) Total
Individual participating life $ 19,370 $ 5,522 $ 5,699 $ 1,823 $ 32,414
Individual non-participating life 7,221 17,349 273 (7)(3) 24,836(3)
Group life 1,125 1,392 14 – 2,531
Individual annuities 9,168 (52) – 6,934(3) 16,050(3)
Group annuities 9,069 68 – – 9,137
Health insurance 8,335 1,815 1 124 10,275
Insurance contract liabilities before other policy liabilities 54,288 26,094 5,987 8,874 95,243
Add: Other policy liabilities(2) 3,040 969 1,622 354 5,985
Total insurance contract liabilities $ 57,328 $ 27,063 $ 7,609 $ 9,228 $ 101,228
(1) Primarily business from the U.K. and run-off reinsurance operations. Includes U.K. business of $1,737 for Individual participating life, $(9) for Individual non-participating life,
$6,248 for Individual annuities, and $156 for Other policy liabilities.
(2) Consists of amounts on deposit, policy benefits payable, provisions for unreported claims, provisions for policyholder dividends, and provisions for experience rating refunds.
(3) Balances have been changed to conform with current year presentation.
11.A.iv Changes in Insurance Contract Liabilities and Reinsurance Assets
Changes in Insurance contract liabilities and Reinsurance assets are as follows:
For the years ended December 31, 2015 2014
Insurance
contract
liabilities
Reinsurance
assets Net
Insurance
contract
liabilities
Reinsurance
assets Net
Balances, before Other policy liabilities and
assets as at January 1, $ 95,243 $ 3,671 $ 91,572 $ 83,426 $ 3,414 $ 80,012
Change in balances on in-force policies (2,142) 244 (2,386) 6,909 (305) 7,214
Balances arising from new policies 3,106 275 2,831 2,085 87 1,998
Method and assumption changes 297 (14) 311 (74) 205 (279)
Increase (decrease) in Insurance contract
liabilities and Reinsurance assets 1,261 505 756 8,920 (13) 8,933
Foreign exchange rate movements 7,226 636 6,590 2,897 270 2,627
Balances before Other policy liabilities and
assets 103,730 4,812 98,918 95,243 3,671 91,572
Other policy liabilities and assets 6,497 574 5,923 5,985 371 5,614
Total Insurance contract liabilities and
Reinsurance assets, December 31 $ 110,227 $ 5,386 $ 104,841 $ 101,228 $ 4,042 $ 97,186
Notes to Consolidated Financial Statements Sun Life Financial Inc. Annual Report 2015 139