Sun Life 2015 Annual Report Download - page 48

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Financial and Business Results
Summary statements of operations
($ millions) 2015 2014 2013(1)
Net premiums (28) 124 303
Net investment income 160 1,398 (36)
Fee income 83 88 92
Revenue 215 1,610 359
Client disbursements and change in insurance contract liabilities (132) 1,312 220
Commissions and other expenses 361 324 351
Income tax expense (benefit) (140) (95) (146)
Dividends paid to preferred shareholders 100 111 118
Reported net income (loss) 26 (42) (184)
Less: Assumption changes and management actions related to the sale of our U.S. Annuity
Business
SLF U.K. –– (2)
Corporate Support –– (3)
Less: Acquisition, integration and restructuring costs:
SLF U.K. –––
Corporate Support (17) (26) (22)
Operating net income (loss)(2) 43 (16) (157)
Less: Market related impacts 14 616
Less: Assumption changes and management actions 11 41 (60)
Underlying net income (loss)(2) 18 (63) (113)
(1) The 2013 results are from the Continuing Operations of the Company. For additional information, see the section in this MD&A under the heading Financial Performance –
Discontinued Operations.
(2) Represents a non-IFRS financial measure. See Non-IFRS Financial Measures.
The reported net income was $26 million in the Corporate segment in 2015, compared to a reported net loss of $42 million in 2014.
Operating net income was $43 million in 2015, compared to an operating net loss of $16 million in 2014. Operating net income (loss)
excludes acquisition, integration and restructuring costs in 2015 and 2014, which are set out in the table above. The favourable impact
of the weakening Canadian dollar in 2015 relative to average exchange rates in 2014 increased operating net income by $16 million.
Underlying net income was $18 million in 2015, compared to an underlying net loss of $63 million in 2014. Underlying net income (loss)
excludes from operating net income (loss) market related impacts and assumption changes and management actions, which are set
out in the table above. The favourable effect of market related impacts in 2015 was primarily driven by interest rates partially offset by
equity markets, compared to a favourable effect in 2014, primarily driven by interest rates and partially offset by equity markets.
Net income by business unit
($ millions) 2015 2014 2013(1)
SLF U.K.(2) 200 174 136
Corporate Support(2) (157) (190) (293)
Operating net income (loss)(2) 43 (16) (157)
Less: Assumption changes and management actions related to the sale of our U.S. Annuity
Business
SLF U.K. –– (2)
Corporate Support –– (3)
Acquisition, integration and restructuring costs:
SLF U.K. –––
Corporate Support (17) (26) (22)
Reported net income (loss) 26 (42) (184)
(1) The 2013 results are from the Continuing Operations of the Company. For additional information, see the section in this MD&A under the heading Financial Performance –
Discontinued Operations.
(2) Represents a non-IFRS financial measure. See Non-IFRS Financial Measures.
46 Sun Life Financial Inc. Annual Report 2015 Management’s Discussion and Analysis