Sun Life 2010 Annual Report Download - page 83

Download and view the complete annual report

Please find page 83 of the 2010 Sun Life annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 162

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162

Consolidated Statements of Equity
Years ended December 31 (in millions of Canadian dollars)
PARTICIPATING
POLICYHOLDERS SHAREHOLDERS 2010 2009 2008
PREFERRED SHARES
Balance, beginning of year $ – $ 1,741 $ 1,741 $ 1,495 $ 1,495
Preferred shares issued (Note 15) – 280 280 250 –
Issuance costs, net of taxes (Note 15) – (6) (6) (4) –
Balance, end of year – 2,015 2,015 1,741 1,495
COMMON SHARES
Balance, beginning of year – 7,126 7,126 6,983 7,033
Stock options exercised (Note 18) –1818710
Shares issued under dividend reinvestment and
share purchase plan (Note 15) – 263 263 136 –
Common shares purchased for cancellation (Note 15) –––– (60)
Balance, end of year – 7,407 7,407 7,126 6,983
CONTRIBUTED SURPLUS
Balance, beginning of year – 133 133 118 62
Stock-based compensation (Note 18) –191916 58
Stock options exercised (Notes 15 and 18) – (3) (3) (1) (2)
Balance, end of year – 149 149 133 118
RETAINED EARNINGS
Balance, beginning of year, as previously reported 120 10,762 10,882 11,135 11,391
Accounting adjustments for error (Note 2) –––– (77)
Balance, beginning of year, after adjustments 120 10,762 10,882 11,135 11,314
Net income (loss) 9 1,676 1,685 622 857
Dividends on common shares – (811) (811) (796) (809)
Dividends on preferred shares – (93) (93) (79) (70)
Common shares purchased for cancellation (Note 15) –––– (157)
Balance, end of year 129 11,534 11,663 10,882 11,135
ACCUMULATED OTHER COMPREHENSIVE INCOME
(LOSS), net of taxes
Balance, beginning of year (13) (2,532) (2,545) (2,399) (2,764)
Total other comprehensive income (loss) (2) (328) (330) (146) 365
Balance, end of year (15) (2,860) (2,875) (2,545) (2,399)
Total retained earnings and accumulated other
comprehensive income (loss) 114 8,674 8,788 8,337 8,736
Total equity $ 114 $18,245 $18,359 $17,337 $17,332
ACCUMULATED OTHER COMPREHENSIVE INCOME
(LOSS), net of taxes
Balance, end of year, consists of:
Unrealized gains (losses) on available-for-sale assets $ – $ 324 $ 324 $ 30 $ (1,429)
Unrealized foreign currency translation gains
(losses), net of hedging activities (15) (3,229) (3,244) (2,637) (1,049)
Unrealized gains (losses) on derivatives designated
as cash flow hedges –454562 79
Balance, end of year $ (15) $ (2,860) $ (2,875) $ (2,545) $ (2,399)
Consolidated Statements of Comprehensive Income
Years ended December 31 (in millions of Canadian dollars) 2010 2009 2008
Total net income (loss) $ 1,685 $ 622 $ 857
Other comprehensive income (loss), net of taxes (Note 20):
Unrealized foreign currency translation gains (losses), excluding hedges (694) (1,908) 2,162
Unrealized foreign currency gains (losses), net investment hedges 92 314 (396)
Net adjustment for foreign exchange losses (gains) (Note 23) (5) 66
Unrealized gains (losses) on available-for-sale assets 388 1,492 (1,653)
Reclassifications to net income (loss) for available-for-sale assets (94) (33) 199
Unrealized gains (losses) on cash flow hedging instruments (13) (18) 24
Reclassifications to net income (loss) for cash flow hedges (4) 123
Total other comprehensive income (loss) (330) (146) 365
Total comprehensive income (loss) 1,355 476 1,222
Less: Participating policyholders’ net income (loss) 992
Participating policyholders’ foreign currency translation gains (losses), excluding hedges (2) (8) 9
Shareholders’ comprehensive income (loss) $ 1,348 $ 475 $ 1,211
The attached notes form part of these Consolidated Financial Statements.
Consolidated Financial Statements Sun Life Financial Inc. Annual Report 2010 79