Financial highlights

Continuing Operations
C$ millions (1) (2)
(unless otherwise noted)
Q4 2015
Q3 2015
Q4 2014
Full Year 2014
Full Year 2015
Operating net income 3 598 478 511 1,920 2,253
Reported net income 536 482 502 1,762 2,185
Underlying net income 3 646 528 360 1,816 2,305
Diluted Operating EPS ($) 0.98 0.78 0.83 3.13 3.68
Diluted Underlying EPS ($) 1.05 0.86 0.59 2.96 3.76
Number of common shares outstanding (in millions) 612.3 611.2 613.1 613.1 612.3
Operating ROE 3, 4 12.7% 10.5% 12.6% 12.2% 12.6%
Underlying ROE 3 13.8% 11.6% 8.8% 11.6% 12.8%
Premiums and deposits 5 33,769 30,907 31,770 122,480 137,150
MCCSR 6 240% 229% 217% 217% 240%
Dividend per share 0.39 0.38 0.36 1.44 1.51

1 All numbers are unaudited. All numbers are in Canadian dollar millions, unless otherwise noted.
2 Effective August 1, 2013 we completed the sale of our U.S. annuities business and certain of our U.S. life insurance businesses. As a result of this transaction, we have defined this business as “Discontinued Operations”, the remaining operations as “Continuing Operations”, and the total Discontinued Operations and Continuing Operations as “Combined Operations.”
3 Operating net income (loss) and financial information based on operating net income (loss), such as operating earnings (loss) per share ("EPS"), operating return on equity ("ROE"), underlying net income (loss), underlying earnings (loss) per share and underlying ROE are not based on International Financial Reporting Standards. All EPS measures refer to diluted EPS, unless otherwise stated. Beginning this quarter we are disclosing underlying net income (loss), which replaces operating net income (loss) excluding the net impact of market factors that was reported in prior quarters.
4 Measures derived from equity are presented on a Combined Operations basis.
5 Premiums and deposits represents a non-IFRS financial measure.
6 Minimum Continuing Capital and Surplus Requirements (MCCSR) ratio of Sun Life Assurance Company of Canada.