Sun Life 2015 Annual Report Download - page 33

Quarterly Information
The following table provides a summary of our results for the eight most recently completed quarters. A more complete discussion of
our historical quarterly results can be found in our interim and annual MD&As for the relevant periods.
Quarterly results
($ millions, unless otherwise noted) Q4’15 Q3’15 Q2’15 Q1’15 Q4’14 Q3’14 Q2’14 Q1’14
Total revenue 5,567 4,693 1,682 7,332 7,375 5,614 6,315 6,460
Common shareholders’ net income (loss)
Operating(1) 598 478 731 446 511 467 488 454
Reported 536 482 726 441 502 435 425 400
Underlying(1) 646 528 615 516 360 517 499 440
Diluted EPS ($)
Operating(1) 0.98 0.78 1.19 0.73 0.83 0.76 0.80 0.74
Reported 0.87 0.79 1.18 0.72 0.81 0.71 0.69 0.65
Underlying(1) 1.05 0.86 1.00 0.84 0.59 0.84 0.81 0.72
Basic reported EPS ($)
Reported 0.88 0.79 1.19 0.72 0.82 0.71 0.70 0.66
Operating net income (loss) by segment(1)
SLF Canada(1) 200 137 331 135 123 239 197 238
SLF U.S.(1) 163 64 134 35 168 (4) 100 77
SLF Asset Management(1) 183 176 173 168 156 168 145 147
SLF Asia(1) 73 77 93 68 62 51 37 32
Corporate(1) (21) 24 – 40 2 13 9 (40)
Total operating net income (loss)(1) 598 478 731 446 511 467 488 454
Reported net income (loss) by segment
SLF Canada 210 127 337 150 117 241 189 243
SLF U.S. 100 64 134 35 168 (4) 100 77
SLF Asset Management 177 204 162 148 157 137 101 96
SLF Asia 73 77 93 68 62 51 37 32
Corporate (24) 10 – 40 (2) 10 (2) (48)
Total reported net income (loss) 536 482 726 441 502 435 425 400
(1) Represents a non-IFRS financial measure. See Non-IFRS Financial Measures.
Third Quarter 2015
Reported net income was $482 million in the third quarter of 2015. Operating net income of $478 million in the third quarter of 2015
reflected favourable impact from interest rates, investment activity on insurance contract liabilities, positive credit experience and
policyholder behaviour. These items were partially offset by unfavourable equity market impact, morbidity and mortality experience,
expense experience, and other experience items.
Second Quarter 2015
Reported net income was $726 million in the second quarter of 2015. Operating net income of $731 million in the second quarter of
2015 reflected positive interest rate impact, investment activity on insurance contract liabilities, mortality, positive credit, morbidity
experience, and business growth. These items were partially offset by unfavourable expense experience including investment in
growing our businesses.
First Quarter 2015
Reported net income was $441 million in the first quarter of 2015. Operating net income of $446 million in the first quarter of 2015
reflected gains from investment activity on insurance contract liabilities and positive mortality experience, offset by unfavourable
impacts from assumption changes and management actions, net interest rate changes, lapse and other policyholder behaviour, and
expense experience.
Fourth Quarter 2014
Reported net income was $502 million in the fourth quarter of 2014. Operating net income of $511 million in the fourth quarter of 2014
reflected favourable impact from assumption changes and management actions and gains from investing activity on insurance contract
liabilities. These items were partially offset by unfavourable impacts from interest rate changes, mortality and morbidity, lapse and other
policyholder behaviour, and expense experience, which mainly consists of compensation-related and other seasonal costs.
Third Quarter 2014
Reported net income was $435 million in the third quarter of 2014. Operating net income of $467 million in the third quarter of 2014
reflected favourable impact from gains from investing activity on insurance contract liabilities, positive credit experience, tax benefits
and business growth. These items were partially offset by unfavourable impacts from interest rate changes, mortality and morbidity and
expense experience.
Management’s Discussion and Analysis Sun Life Financial Inc. Annual Report 2015 31