67 results
40-F
2023 FY
SLF
Sun Life Financial, Inc.
8 Feb 24
Annual report (Canada)
12:00am
At and For the Year Ended December 31, 2023 | |||||||||||
($ millions) | Reported net income impacts (Post-tax)(1)(2)(3) | Deferred in CSM (Pre-tax)(2)(3)(4) | Comments | ||||||||
Mortality/morbidity | (98) | 179 | Updates to reflect mortality/morbidity experience in all jurisdictions. The largest items were favourable mortality impacts in the UK Annuities in the U.S and GRS in Canada. These were offset partially by adverse mortality in In-force Management in the U.S. Mortality updates impacting CSM favourably are funded at locked-in rates that are lower than current rates resulting in a negative net income impact. Additionally, favourable morbidity impacts in Group Benefits in the U.S. were largely offset by unfavourable morbidity updates in Sun Life Health in Canada. | ||||||||
Policyholder behaviour | (91) | (274) | Updates to reflect lapse and policyholder behaviour in all jurisdictions. The largest items were an adverse lapse impact in Individual Term and Universal Life in Canada, and in International, Hong Kong and Vietnam in Asia. | ||||||||
Expense | 7 | (171) | Updates to reflect higher costs related to IFRS 17 infrastructure and higher costs in Canada. | ||||||||
Financial | 116 | 202 | Updates to various financial related assumptions including the ultimate risk-free rate. | ||||||||
Modelling enhancement and other | 102 | 428 | Various enhancements and methodology changes. The largest items were favourable impacts from refinements to the modelling of guarantees for the Individual Par in Canada and International Universal Life in Asia, as well as modelling enhancements in Vietnam in Asia offset partially by a refinement in Sun Life Health in Canada and to reinsurance and other provisions in Hong Kong in Asia. | ||||||||
Total impact of change in assumptions | 36 | 364 |
40-F
2023 FY
SLF
Sun Life Financial, Inc.
8 Feb 24
Annual report (Canada)
12:00am
Financial and Business Results
($ millions) | 2023 | 2022(1) | |||||||||||||||
Individual - Protection(2)(3) | 29 | 87 | |||||||||||||||
Corporate expenses & other(2) | (406) | (256) | |||||||||||||||
Underlying net income (loss)(2) | (377) | (169) | |||||||||||||||
Add: Market-related impacts(1) | 33 | 38 | |||||||||||||||
ACMA | 3 | 6 | |||||||||||||||
Acquisition, integration and restructuring | 21 | (170) | |||||||||||||||
Other | — | 35 | |||||||||||||||
Reported net income (loss) - Common shareholders(1) | (320) | (260) |
40-F
2023 FY
SLF
Sun Life Financial, Inc.
8 Feb 24
Annual report (Canada)
12:00am
Debt Securities by Issuer and Industry Sector
December 31, 2023 | December 31, 2022 | |||||||||||||
($ millions) | Total | % of Total | Total | % of Total | ||||||||||
Debt securities issued or guaranteed by: | ||||||||||||||
Canadian federal government | 6,010 | 8 | % | 5,611 | 8 | % | ||||||||
Canadian provincial and municipal government | 14,251 | 20 | % | 13,665 | 18 | % | ||||||||
U.S. government and agency | 1,370 | 2 | % | 1,537 | 2 | % | ||||||||
Other foreign government | 3,802 | 5 | % | 4,624 | 6 | % | ||||||||
Total government issued or guaranteed debt securities | 25,433 | 35 | % | 25,437 | 34 | % | ||||||||
Corporate debt securities by industry sector:(1) | ||||||||||||||
Financials | 11,060 | 16 | % | 11,355 | 15 | % | ||||||||
Utilities | 7,059 | 9 | % | 6,676 | 9 | % | ||||||||
Industrials | 5,489 | 7 | % | 5,575 | 7 | % | ||||||||
Energy | 3,272 | 4 | % | 3,342 | 4 | % | ||||||||
Communication services | 3,149 | 4 | % | 3,329 | 4 | % | ||||||||
Real estate | 2,525 | 3 | % | 2,506 | 3 | % | ||||||||
Health care | 2,038 | 3 | % | 2,034 | 3 | % | ||||||||
Consumer staples | 1,805 | 2 | % | 1,978 | 3 | % | ||||||||
Consumer discretionary | 1,726 | 2 | % | 1,836 | 2 | % | ||||||||
Information technology | 904 | 1 | % | 1,384 | 2 | % | ||||||||
Materials | 1,102 | 1 | % | 1,295 | 2 | % | ||||||||
Total corporate debt securities | 40,129 | 52 | % | 41,310 | 54 | % | ||||||||
Asset-backed securities | 9,931 | 13 | % | 9,155 | 12 | % | ||||||||
Total debt securities | 75,493 | 100 | % | 75,902 | 100 | % |
40-F
2023 FY
SLF
Sun Life Financial, Inc.
8 Feb 24
Annual report (Canada)
12:00am
Equities by Issuer Geography
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
($ millions) | FVTPL equities | FVOCI equities | Total | % of Total | FVTPL equities | FVOCI equities | Total | % of Total | ||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
Canada | 3,081 | — | 3,081 | 43 | % | 3,038 | — | 3,038 | 42 | % | ||||||||||||||||
United States | 2,185 | 68 | 2,253 | 32 | % | 1,924 | — | 1,924 | 27 | % | ||||||||||||||||
Europe | 153 | — | 153 | 2 | % | 365 | — | 365 | 5 | % | ||||||||||||||||
Asia | 1,645 | — | 1,645 | 23 | % | 1,788 | — | 1,788 | 25 | % | ||||||||||||||||
Other | 6 | — | 6 | — | % | 33 | — | 33 | 1 | % | ||||||||||||||||
Total equity securities | 7,070 | 68 | 7,138 | 100 | % | 7,148 | — | 7,148 | 100 | % |
40-F
2023 FY
SLF
Sun Life Financial, Inc.
8 Feb 24
Annual report (Canada)
12:00am
As at December 31, 2023, we held $14.1 billion of mortgages (December 31, 2022 - $14.4 billion). Our mortgage portfolio consists entirely of commercial mortgages, as presented in the following table.
December 31, 2023 | December 31, 2022 | |||||||||||||||||||
($ millions) | Insured | Uninsured | Total | Insured | Uninsured | Total | ||||||||||||||
Mortgages: | ||||||||||||||||||||
Retail | — | 2,558 | 2,558 | — | 2,819 | 2,819 | ||||||||||||||
Office | — | 2,754 | 2,754 | — | 3,014 | 3,014 | ||||||||||||||
Multi-family residential | 3,583 | 1,256 | 4,839 | 3,592 | 1,422 | 5,014 | ||||||||||||||
Industrial | — | 2,954 | 2,954 | — | 2,665 | 2,665 | ||||||||||||||
Other | 440 | 600 | 1,040 | 443 | 466 | 909 | ||||||||||||||
Total mortgages | 4,023 | 10,122 | 14,145 | 4,035 | 10,386 | 14,421 | ||||||||||||||
% of Total mortgages | 28% | 72% | 100% | 28% | 72% | 100% |
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