Financial highlights

Continuing Operations
C$ millions 1, 2
(unless otherwise noted)
Q4 2014
Q3 2014
Q4 2013
Full Year 2013
Full Year 2014
Operating net income 3 511 467 642 1,943 1,920
Reported net income 502 435 571 1,696 1,762
Underlying net income 3 360 517 375 1,581 1,816
Diluted Operating EPS ($) 0.83 0.76 1.05 3.21 3.13
Diluted Underlying EPS ($) 0.59 0.84 0.61 2.61 2.96
Number of common shares outstanding (in millions) 613.1 612.7 609.4 609.4 613.1
Operating ROE 3, 4 12.6% 11.9% 17.7% 14.8% 12.2%
Underlying ROE 3 8.8% 13.1% n/a n/a 11.6%
Premiums and deposits 5 31,770 29,124 30,749 129,077 122,480
MCCSR 6 217% 218% 219% 219% 217%
Dividend per share 0.36 0.36 0.36 1.44 1.44

1 All numbers are unaudited. All numbers are in Canadian dollars 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.