Sun Life 2010 Annual Report Download - page 81

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Consolidated Statements Of Operations
YEARS ENDED DECEMBER 31 (in millions of Canadian dollars, except for per share amounts) 2010 2009 2008
REVENUE
Premium income:
Annuities $ 2,836 $ 4,795 $ 3,592
Life insurance 6,255 6,380 5,928
Health insurance 4,407 4,335 4,067
13,498 15,510 13,587
Net investment income (loss) (Note 5):
Change in fair value of held-for-trading assets 2,761 4,878 (7,399)
Income (loss) from derivative investments (126) (943) (220)
Net gains (losses) on available-for-sale assets 119 (5) (241)
Other net investment income (loss) 5,245 5,462 6,078
Gain (loss) on sale of equity investment (Note 3) –– 1,015
7,999 9,392 (767)
Fee income 3,143 2,670 2,743
24,640 27,572 15,563
POLICY BENEFITS AND EXPENSES
Payments to policyholders, beneficiaries and depositors:
Maturities and surrenders 4,726 4,566 5,310
Annuity payments 1,334 1,367 1,380
Death and disability benefits 2,656 2,997 2,844
Health benefits 3,235 3,210 2,938
Policyholder dividends and interest on claims and deposits 1,127 1,317 1,303
13,078 13,457 13,775
Net transfers to (from) segregated funds 921 860 539
Increase (decrease) in actuarial liabilities (Note 9) 2,909 7,697 (4,429)
Commissions 1,591 1,662 1,545
Operating expenses (Note 16) 3,404 3,176 3,003
Premium taxes 218 222 227
Interest expense (Notes 11, 12 and 13) 440 403 366
22,561 27,477 15,026
INCOME (LOSS) BEFORE INCOME TAXES AND NON-CONTROLLING INTERESTS 2,079 95 537
Income taxes expense (benefit) (Note 19) 371 (542) (343)
Non-controlling interests in net income (loss) of subsidiaries (Note 14) 23 15 23
TOTAL NET INCOME (LOSS) 1,685 622 857
Less: Participating policyholders’ net income (loss) 992
SHAREHOLDERS’ NET INCOME (LOSS) 1,676 613 855
Less: Preferred shareholder dividends 93 79 70
COMMON SHAREHOLDERS’ NET INCOME (LOSS) $ 1,583 $ 534 $ 785
Average exchange rates:
U.S. dollars 1.03 1.14 1.07
U.K. pounds 1.59 1.78 1.96
Earnings per share
Basic $ 2.79 $ 0.95 $ 1.40
Diluted $ 2.76 $ 0.94 $ 1.37
Weighted average shares outstanding in millions (Note 17)
Basic 568 561 561
Diluted 570 562 562
The attached notes form part of these Consolidated Financial Statements.
Consolidated Financial Statements Sun Life Financial Inc. Annual Report 2010 77