highlights - sun life financial · 2018. 1. 22. · & poor’s aa-aa- aa- aa-sun life assurance...
TRANSCRIPT
2014�AT�A�GLANCE
Life’s brighter under the sun
highlights
highlights
�1 ���All�results�are�C$�Millions�unless�otherwise�noted�and�are�based�on�Continuing�Operations�unless�otherwise�noted,�as�defined�in�our�2014�annual�Management’s�Discussion�and�Analysis.�All�measures�except�for�reported�net�income�from�Continuing�Operations�represent�non-IFRS�financial�measures.��For�additional�information�see�Non-IFRS�Financial�Measures�in�our�2014�annual�Management’s��Discussion�and�Analysis.
Strong resultsS T R O N G E A R N I N G S V A L U E C R E A T I O N
2012 2013 2014
1,479
1,943
1,920
2012 2013 2014
112,361
129,07
7122,480
2013 2014
1,696 1,762
2012
1,374
2012 2013 2014
1,562 1,880 2,06
8
2012 2013 2014100,038
114,481
111,486
2012 2013 2014
853 1,111
1,069
2013 2014
14.8%
12.2%
2012
12.5%
2012 2013 2014
1,271
1,5811,816
O P E R A T I N G N E T I N C O M E F R O M C O N T I N U I N G
O P E R A T I O N S
O P E R A T I N G R E T U R N O N E Q U I T Y F R O M
C O M B I N E D O P E R A T I O N S
R E P O R T E D N E T I N C O M E F R O M C O N T I N U I N G
O P E R A T I O N S
P R E M I U M S A N D D E P O S I T S
L I F E A N D H E A LT H S A L E S W E A LT H S A L E S
V A L U E O F N E W B U S I N E S S
U N D E R L Y I N G N E T I N C O M E F R O M
C O N T I N U I N G O P E R A T I O N S
2012 2013 2014
533 64
0 734
A S S E T S U N D E R M A N A G E M E N T ( C $ B I L L I O N S )
1
s
1 ���Represents�a�non-IFRS�financial�measure�that�adjusts�revenue�for�the�impact�of��fair�value�and�foreign�currency�changes�on�assets�and�liabilities.�For�additional�information�see�Non-IFRS�Financial�Measures�in�the�Company’s�2014�annual�Management’s�Discussion�and�Analysis.
H I G H L I G H T S
F I N A N C I A L S T R E N G T H
2012 2013 2014
209% 219%
217%
M I N I M U M C O N T I N U I N G C A P I T A L A N D S U R P L U S R E Q U I R E M E N T S R A T I O -
S U N L I F E A S S U R A N C E C O M P A N Y O F C A N A D A
D E L I V E R I N G V A L U E T O S H A R E H O L D E R S
2012 2013 2014
$26.37 $3
7.52
$41.92
S U N L I F E F I N A N C I A L I N C . C L O S I N G S H A R E P R I C E
2012 2013 2014
$1.44
$1.44
$1.44
D I V I D E N D H I S T O R Y
2 0 1 4 * 2 0 1 3 2 0 1 2 2 0 1 1
A . M . B E S T A + A + A + A +
D B R S I C - 1 I C - 1 I C - 1 I C - 1
M O O D Y ’ S A a 3 A a 3 A a 3 A a 3
S T A N D A R D & P O O R ’ S A A - A A - A A - A A -
S U N L I F E A S S U R A N C E C O M P A N Y O F C A N A D A
$ 1 . 8 b i l l i o n c a s h l e v e l a t S u n L i f e F i n a n c i a l I n c . a s o f D e c e m b e r 3 1 , 2 0 1 4 .
FIN
AN
CIA
L
ST
RE
NG
TH
RA
TIN
GS
D I V E R S I F I E D R E V E N U E B A S E 1
R E V E N U E B Y B U S I N E S S S E G M E N T
30%U . S .
15%M F S
8%3%A S I AU . K .
44%C A N A D A
* as of February 1 1 , 2015
1
CELEBRATING
making�life�brighter
Y E A R S
1865
2015
2015�is�a�special�year�for�Sun�Life��–�our�Sesquicentennial.�To�mark��this�milestone,�we’re�celebrating��our�rich�history�while�we�work�towards�building�a�strong�future��for�our�customers,�shareholders,�employees�and�communities.�
From�our�founding�in�Montreal��in�1865,�Sun�Life�has�grown�across�Canada�and�expanded�around�the�world;�currently�we�provide�protection�and�wealth�products��and�services�to�over�37�million�people�in�26�countries.�In�addition�to�our�Canadian�home�base,�we’ve�been�in�each�of�the�three�other�main�regions�where�we�operate�today�–�the�U.S.,�Asia�and�the�U.K.�–�for�at�least�115�years,�a�testament�to�our�commitment�to�serving�our��customers�for�the�long-term.���
As�noted�in�the�pages�that�follow,��Sun�Life�has�a�strong�track�record��of�focusing�on�our�customers��
and�delivering�innovative�products�and�services.�Over�the�generations,��we’ve�been�there�for�our�customers�–�through�world�wars,�economic�crises�and�natural�disasters,�always�making�good�on�our�commitments��to�our�customers�around�the�globe.�Today,�the�demand�for�our�products�and�services�is�greater�than�ever,�fuelled�by�the�aging�of�the�baby�boom�generation,�a�growing�middle-class�in�Asia�and�the�downloading��of�responsibilities�from�governments�and�corporations�to�individuals.���Our�ability�to�provide�a�full�suite��of�services�for�customers�–�wealth�accumulation,�financial�protection�and�retirement�products�–�has�positioned�Sun�Life�to�continue��to�meet�those�commitments�in��the�decades�to�come.
We’re�proud�of�our�history�and�excited�about�the�opportunities��that�lie�ahead.�
W e w e l c o m e y o u t o e x p l o r e s o m e o f t h e m a n y m e m o r a b l e m o m e n t s f r o m o u r h i s t o r y o n l i n e a t s u n l i f e . c o m / 1 5 0 .
V A N C O U V E RM O N T R E A L
P H O E N I X
M E X I C O C I T Y
S Ã O P A U L O
P A R I S
M A D R I D
F R A N K F U R TR O T T E R D A M
M I L A N
Z U R I C H
L O N D O N
T O K Y O
S Y D N E YB U E N O S A I R E S
T O R O N T OB O S T O N
M E L B O U R N E
S A N T I A G O
D U B A I
S I N G A P O R E
H O N G K O N G
U N I T E D S T A T E S
C A N A D A
B E R M U D A
U N I T E D K I N G D O M
I N D I A
M A L A Y S I A
I N D O N E S I A
P H I L I P P I N E SV I E T N A M
C H I N A
I R E L A N D
P A N A M A
M F S I N V E S T M E N T M A N A G E M E N T
S U N L I F E F I N A N C I A L A R O U N D T H E W O R L D
S U N L I F E F I N A N C I A L A N D M F S O F F I C E S
N U M B E R O F E M P L O Y E E S
C A N A D A 8,635
U N I T E D S T A T E S * 3,795
B E R M U D A 55
N U M B E R O F E M P L O Y E E S
I R E L A N D 310
U N I T E D K I N G D O M 230
E U R O P E - O T H E R 20
N U M B E R O F A D V I S O R S
C A N A D A 3,930
theworld
N U M B E R O F A D V I S O R S I N J O I N T V E N T U R E S
I N D I A 85,725
V I E T N A M 1,845
C H I N A 1,000
P H I L I P P I N E S 625
N U M B E R O F E M P L O Y E E S I N J O I N T V E N T U R E S
I N D I A 8,525
C H I N A 1,789
M A L AY S I A 451
P H I L I P P I N E S 433
V I E T N A M 244
I N D O N E S I A 82
V A N C O U V E RM O N T R E A L
P H O E N I X
M E X I C O C I T Y
S Ã O P A U L O
P A R I S
M A D R I D
F R A N K F U R TR O T T E R D A M
M I L A N
Z U R I C H
L O N D O N
T O K Y O
S Y D N E YB U E N O S A I R E S
T O R O N T OB O S T O N
M E L B O U R N E
S A N T I A G O
D U B A I
S I N G A P O R E
H O N G K O N G
U N I T E D S T A T E S
C A N A D A
B E R M U D A
U N I T E D K I N G D O M
I N D I A
M A L A Y S I A
I N D O N E S I A
P H I L I P P I N E SV I E T N A M
C H I N A
I R E L A N D
P A N A M A
M F S I N V E S T M E N T M A N A G E M E N T
S U N L I F E F I N A N C I A L A R O U N D T H E W O R L D
S U N L I F E F I N A N C I A L A N D M F S O F F I C E S
N U M B E R O F E M P L O Y E E S
S O U T H A M E R I C A 15
*��Includes�1,557�employees�at�MFS�Investment�Management.
V A N C O U V E RM O N T R E A L
P H O E N I X
M E X I C O C I T Y
S Ã O P A U L O
P A R I S
M A D R I D
F R A N K F U R TR O T T E R D A M
M I L A N
Z U R I C H
L O N D O N
T O K Y O
S Y D N E YB U E N O S A I R E S
T O R O N T OB O S T O N
M E L B O U R N E
S A N T I A G O
D U B A I
S I N G A P O R E
H O N G K O N G
U N I T E D S T A T E S
C A N A D A
B E R M U D A
U N I T E D K I N G D O M
I N D I A
M A L A Y S I A
I N D O N E S I A
P H I L I P P I N E SV I E T N A M
C H I N A
I R E L A N D
P A N A M A
M F S I N V E S T M E N T M A N A G E M E N T
S U N L I F E F I N A N C I A L A R O U N D T H E W O R L D
S U N L I F E F I N A N C I A L A N D M F S O F F I C E S
O U R M I S S I O NTo�help�customers�achieve�lifetime�financial�security.
O U R V I S I O NTo�be�an�international�leader�in�protection�and�wealth�management.
O U R C O R E VA L U E S
I N T E G R I T Y
We�are�committed�to�the�highest�standards�of�business�ethics�and��good�governance.
E N G A G E M E N T
We�value�our�diverse,�talented�workforce�and�encourage,�support�and�reward�them�for�contributing�to�the�full�extent�of�their�potential.
C U S T O M E R F O C U S
We�provide�sound�financial�solutions�for�our�customers�and�always�work�with�their�interests�in�mind.
E XC E L L E N C E
We�pursue�operational�excellence�through�our�dedicated�people,�our��quality�products�and�services,�and��our�value-based�risk�management.
VA L U E
We�deliver�value�to�the�customers��and�shareholders�we�serve�and��to�the�communities�in�which��we�operate.
I N N O VAT I O N
We�listen�to�our�customers��to�provide�them�with�a�better��experience�through�innovative�products�and�exceptional�service.
>37 millionpeopleworldwide
N U M B E R O F E M P L O Y E E S
P H I L I P P I N E S 1,135
I N D I A 920
H O N G K O N G 700
I N D O N E S I A 375
J A P A N 30
S I N G A P O R E 25
C H I N A 5
M A L A Y S I A 5
V I E T N A M 5
N U M B E R O F A D V I S O R S
I N D O N E S I A 8,320
P H I L I P P I N E S 6,665
H O N G K O N G 1,655
Sun Lifeof1� As�of�December�31,�2014.2� Includes�11,525�employed�by�our�Asia�joint�ventures.3� Includes�89,195�advisors�from�our�joint�ventures�in�India,��� the�Philippines,�Vietnam�and�China.
1,2
N U M B E R O F E M P L O Y E E S
A U S T R A L I A 20
27,800employees
worldwide
1,3110,000advisors
worldwide
We�provide�protection�and��wealth�products�and�services�to
2014KEY ACHIEVEMENTSIn�2014�we�continued�to�deliver�against�our�four�pillar�strategy�and�advanced�our�growth�and�capital�generation�story�–�a�growth�strategy�focused�on�high�ROE�and�strong�capital�generation�through�leading�positions�in�attractive�markets�globally.
1� Source:�December�2014�Benefits�Canada�report.2� Source:�2014�Fraser�Group�Universe�Report.3� Source:�LIMRA,�Q3�2014.4� Source:�LIMRA,�based�on�wealth�premiums�and�deposits,�Q3�2014.5� Sun�Life�Global�Investments�(Canada)�Inc.
6� Source:�Insurance�Commissioner,�Philippines.7� Gadbury�Group�Mandatory�Provident�Fund�(“MPF”)�Report,�as�of�December�2014.8� �Lipper�Fund�Awards�for�fund�performance�in�the�Hong�Kong�Equity�and�Mixed�
Asset�HKD�Aggressive�asset�classes.
L E A D E R I N F I N A N C I A L P R O T E C T I O N A N D W E A LT H S O L U T I O N S I N O U R C A N A D I A N H O M E M A R K E T
•� We�achieved�strong�sales�growth�in�all�three�business�units�–�Individual�Insurance�and�Wealth,�Group�Retirement�Service�(“GRS”)�and�Group�Benefits�(“GB”)�and�retained�leadership�positions�in�each:•� #1�market�share�in�GRS 1
•� #1�in�GB�revenue2
•� #2�in�combined�individual�life�and�health�insurance�sales�in�Canada3
•� #1�in�Canadian�fixed�annuities�market 4
•� Defined�Benefit�Solutions,�part�of�our�GRS�business,�hit�the�$1�billion�mark�in�annuity�sales.
•� Sun�Life�Global�Investments5�completed�its�fourth�full�year�of�operations�with�strong�sales�momentum.�Sales�grew�51%�to�$2.6�billion.
P R E M I E R G L O B A L A S S E T M A N A G E R , A N C H O R E D BY M F S
•� MFS�had�strong�performance�in�2014�and��continued�to�post�strong�investment�returns��for�clients.�Assets�under�Management�(AUM)��grew�to�US$431�billion.
•� We�broadened�this�pillar�by�creating�Sun�Life�Investment�Management�Inc.�(“SLIM”)�in�Canada,�which�is�already�winning�mandates.�In�early�2015��we�announced�the�acquisition�of�the�New�York-�based�firm�Ryan�Labs�Asset�Management,�which��will�be�an�excellent�complement�to�SLIM.�
•� In�India,�Birla�Sun�Life�Asset�Management�passed��the�one�trillion�Indian�Rupees�mark�during�2014��and�ended�the�year�with�AUM�of�C$21.5�billion,��of�which�C$10.5�billion�is�included�in�our�AUM.
L E A D E R I N U . S . G R O U P B E N E F I T S A N D I N T E R N AT I O N A L H I G H N E T W O RT H S O L U T I O N S
•� Our�stop-loss�business�grew�to�US$1�billion�of�business�in-force,�solidifying�our�leadership�position.�
•� In�the�Group�Benefits�life�and�disability�business,�we�adjusted�pricing,�invested�in�claims�and�service�operations�and�took�expense�actions�to�improve��the�profitability�of�the�life�and�disability�business.
•� We’ve�continued�to�build�distribution�scale�in�our�International�high�net�worth�business,�while�optimizing�operations�in�existing�geographies�to�focus�on�the�most�productive�and�profitable�distribution�relationships.
G R O W I N G A S I A T H R O U G H D I S T R I B U T I O N E XC E L L E N C E I N H I G H E R G R O W T H M A R K E T S
•� In�the�Philippines,�where�we�are�celebrating��our�120th�anniversary�this�year,�we�were�ranked�the��#1�life�insurance�provider�for�the�third�consecutive�year�based�on�total�premium�income�in�2013.6
•� Sun�Life�Hong�Kong�ranked�first�in�third-party�administration 7;�won�five�MPF�awards�and�four��Lipper�fund�awards.8�
•� Sun�Life’s�agency�sales�from�Indonesia�grew�31%��year-over-year�on�a�local�currency�basis,�and��growth�continued�in�our�newest�markets�–��Vietnam�and�Malaysia.
The�following�is�contact�information�for��Sun�Life�Financial’s�major�offices�and�affiliates�around�the�world.�For�inquiries�and�customer�service,�please�contact�the�appropriate�office��in�your�area.�
Sun Life Financial Inc.
Corporate Headquarters 150�King�Street�West�Toronto,�Ontario�Canada�M5H�1J9�Tel:�416-979-9966�Website:�sunlife.com�
Sun Life Financial Canada
Canadian Headquarters 227�King�Street�South�Waterloo,�Ontario�Canada�N2J�4C5�Tel:�519-888-2290�Call�centre:�1-877-SUN-LIFE�/�1-877-786-5433�Website:�sunlife.ca�
Montreal Office 1155�Metcalfe�Street�Montreal,�Quebec�Canada�H3B�2V9�Tel:�514-866-6411�Website:�sunlife.ca�
Sun Life Financial U.S.
One�Sun�Life�Executive�Park�Wellesley�Hills,�Massachusetts�USA�02481�Call�Centre:�1-800-SUN-LIFE�/�1-800-786-5433�Website:�sunlife.com/us�
Sun Life Financial International
Victoria�Hall�11�Victoria�Street�P.O.�Box�HM�3070�Hamilton�HM�NX,�Bermuda�Tel:�1-800-368-9428�/�441-294-6050�Website:�sunlife.com/international�
Sun Life Financial U.K.
Matrix�House�Basing�View,�Basingstoke�Hampshire�United�Kingdom�RG21�4DZ�Call�Centre:�0845-0720-223�Website:�sloc.co.uk�
Sun Life Financial Asia
Sun Life Financial Asia Regional Office Level�14,�Citiplaza�3�14�Taikoo�Wan�Road�Taikoo�Shing,�Hong�Kong�Tel:�(852)�2918-3888�Fax:�(852)�2918-3800�
China Sun�Life�Everbright�Life�Insurance��Company�Limited�37/F�Tianjin�International�Building�75�Nanjing�Road�Tianjin,�China�300050�Tel:�(8622)�2339-1188�Fax:�(8622)�2339-9929�Website:�sunlife-everbright.com�
Sun�Life�Assurance�Company�of�Canada�Beijing�Representative�Office�Suite�A01,�10th�Floor,�AB�Tower,�Office�Park,�No.�10�Jintong�West�Road�Chaoyang�District�Beijing,�China�100020�Tel:�(8610)�8590-6500�Fax:�(8610)�8590-6501�
Hong Kong Sun�Life�Hong�Kong�Limited�10/F,�Sun�Life�Tower�The�Gateway�15�Canton�Road�Kowloon,�Hong�Kong�Tel:�(852)�2103-8888�Call�Centre:�(852)�2103-8928�Website:�sunlife.com.hk�
India Birla�Sun�Life�Insurance�Company�Limited�One�India�Bulls�Centre,�Tower�1,�16th�Floor�Jupiter�Mill�Compound�841,�Senapati�Bapat�Marg,�Elphinstone�Road�Mumbai,�India�400�013�Tel:�1-800-270-7000�/�91-22-6723-9100�Website:�birlasunlife.com�
Sun�Life�Assurance�Company�of�Canada�India�Representative�Office�One�India�Bulls�Centre,�Tower�1,14th�Floor,�Jupiter�Mill�Compound�841,�Senapati�Bapat�Marg,�Elphinstone�Road�Mumbai,�India�400�013�Tel:�91-22-4356-9121�Website:�sunlife.com�
Indonesia PT�Sun�Life�Financial�Indonesia�Merara�Prima�Tower�2�Jl.�Dr.�Ide�Anak�Agung�Gde�Agung�Blok�6.2�Kawasan�Mega�Kuningan�Jakarta,�Selatan�12950�Indonesia�Tel:�(6221)�5289-0000�Customer�Service�Centre�(Indonesia�only):�(6221)�1500-786�Fax:�(6221)�5289-0019�Website:�sunlife.co.id�
PT�CIMB�Sun�Life�World�Trade�Centre�5,�3rd�Floor�JIn.�Jenderal�Sudirman�Kav.�29�Jakarta,�Indonesia�12920�Tel:�(6221)�2994-2888�Customer�Service�Centre�(Indonesia�only):�(6221)�500-089�Fax:�(6221)�2994-2800�Website:�cimbsunlife.co.id�
Malaysia Sun�Life�Malaysia�Assurance�Berhad�Level�11,�338�Jalan�Tuanku�Abdul�Rahman,�50100�Kuala�Lumpur,�Malaysia�Tel:�(603)�2612-3600�Fax:�(603)�2612-3738�Website:�sunlifemalaysia.com�
�
Sun�Life�Malaysia�Takaful�Berhad�Level�11,�338�Jalan�Tuanku�Abdul�Rahman,�50100�Kuala�Lumpur,�Malaysia�Tel:�(603)�2612-3600�Fax:�(603)�2612-3738�Website:�sunlifemalaysia.com�
Philippines Sun�Life�Financial�Philippines�Sun�Life�Centre�5th�Avenue�cor.�Rizal�Drive�Bonifacio�Global�City�Taguig,�Metro�Manila�Philippines�Call�Centre:�(632)�555-8888�Website:�sunlife.com.ph�
Sun�Life�Grepa�Financial,�Inc.�6/F�Grepalife�Building�#221�Sen.�Gil�J.�Puyat�Avenue�Makati�City�-�1200�Philippines�Tel:�(632)�816-1760�Website:�sunlifegrepa.com�
Vietnam PVI�Sun�Life�Insurance�Co.�Ltd.�20-22�Pham�Ngoc�Thach�Street�Ward�6,�District�3�Ho�Chi�Minh�City,�Vietnam�Tel:�(848)�6298-5888�Website:�pvisunlife.com.vn�
MFS Investment Management
Head Office 111�Huntington�Avenue�Boston,�Massachusetts�USA�02199�Tel:�617-954-5000�Toll-Free:�(Canada�and�U.S.�only)�1-800-343-2829�Website:�mfs.com�
Sun Life Global Investments (Canada) Inc.
Corporate Office 225�King�Street�West�Toronto,�Ontario�Canada�M5V�3C5�Tel:�1-877-344-1434�Website:�sunlifeglobalinvestments.com�
Sun Life Investment Management
150�King�Street�West�Toronto,�Ontario�Canada�M5H�1J9�Tel:�416-204-3831/1-855-807-7546�Website:�sunlifeinvestmentmanagement.com�
Sun Life Asset Management Company Inc.
Head Office 8/F�Sun�Life�Centre�5th�Avenue�cor.�Rizal�Drive�Bonifacio�Global�City�Taguig,�Metro�Manila�Philippines�Call�Centre:�(632)�555-8888�Website:�sunlife.com.ph�
Birla Sun Life Asset Management Company Limited
Head Office One�India�Bulls�Centre,�Tower�1,�17th�Floor�Jupiter�Mill�Compound�841,�Senapati�Bapat�Marg,�Elphinstone�Road�Mumbai,�India�400�013�Tel:�91-22-4356-8000�Website:�birlasunlife.com
M A J O R O F F I C E S