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Quarterly results
Review financial results for the most recently ended quarter and past quarters.
Financial highlights1,2
| Q2 2023 | Q1 2023 | Q2 2022 | Full Year 2022 | |
|---|---|---|---|---|
| Underlying net income ($ millions)3 | 920 | 895 | 808 | 3,369 |
| Reported net income ($ millions)4 | 660 | 806 | 930 | 2,871 |
| Diluted underlying EPS ($)3 | 1.57 | 1.52 | 1.38 | 5.75 |
| Diluted reported EPS ($) | 1.12 | 1.37 | 1.58 | 4.89 |
| Underlying ROE3 | 17.7% | 17.3% | 16.7% | 17.0% |
| Reported ROE3 | 12.7% | 15.6% | 19.2% | 14.5% |
| SLF Inc. LICAT ratio5 | 148% | 148% | 128% | 142%6 |
| Assets under management ($ billions)3 | 1,367 | 1,364 | 1,257 | 1,319 |
| Number of common shares outstanding (in millions) |
586.9 | 586.7 | 586.1 | 586.4 |
| Dividend per common share ($) | 0.75 | 0.72 | 0.69 | 2.76 |
| Book value per common share ($) | 34.86 | 35.34 | 32.89 | 34.60 |
1 All numbers are: unaudited, impacted by rounding, and in Canadian dollars, unless otherwise noted.
2 2022 restated results may not be fully representative of our future earnings profile, as we were not managing our asset and liability portfolios under the new standards, IFRS 17 and IFRS 9. For more details, see the heading "Note to Readers: 2022 Restated Results on Adoption of IFRS 17 and IFRS 9" in section A - How We Report Our Results in our Management’s Discussion & Analysis (MD&A) for the period ended June 30, 2023 (Q2’23 MD&A), available at sedar.com.
3 Represents a non-IFRS financial measure. Refer to section N – Non-IFRS Financial Measures in our Q2’23 MD&A for further information.
4 Reported net income (loss) refers to Common shareholders' net income (loss) determined in accordance with IFRS.
5 Life Insurance Capital Adequacy Test (“LICAT”) ratio of SLF Inc. Our LICAT ratios are calculated in accordance with the OSFI-mandated guideline. OSFI's 2023 LICAT Guideline, effective January 1, 2023, specifies that available capital for LICAT purposes includes Contractual Service Margin ("CSM"). Prior period restatement and resubmissions are not mandated. Pro-forma January 1, 2023 LICAT ratios are disclosed to illustrate transition impact. These pro-forma calculations will not be formally submitted to OSFI. Additionally, effective January 1, 2023, total capital was updated to include the CSM balance.
6 As at January 1, 2023, upon transition to IFRS 17.