We delivered for our shareholders in 2021, achieving strong performance against our five-year medium-term financial objectives:
Full year 2021 results (vs. 2020)1
Reported net income
Underlying net income2
Value of new business2,3
Assets under management2
5-year progress on our medium-term financial objectives4,5
(Target of 16%+ per annum)
Underlying dividend payout ratio2,6
(Target range of 40-50% per annum)
Underlying EPS growth2
(Target range of 8-10% per annum)
When Micah received a probable diagnosis of multiple sclerosis (MS), he turned to PinnacleCare, a Sun Life company in the U.S., for a second opinion.
Micah’s PinnacleCare team connected Micah with a top neurological expert who confirmed Micah had received a misdiagnosis.
Thanks to the work of his PinnacleCare team, Micah is now able to refocus his medical care journey.
Message from President & CEO,
“The Sun Life team rose to meet every challenge over the past year. We rallied together, helped each other and showed great care in serving our Clients as they faced some of their greatest challenges.”
Message from the Chair of the Board, William D. Anderson
“In 2021, Sun Life delivered strong financial performance and long-term value for our shareholders. Equally important, we were there for our Clients when they needed us most.”
As a purpose-driven company, we’re here for our Clients through life’s most important moments. Embedding sustainability as a key component of our strategy supports how we deliver meaningful outcomes. We want to help create a brighter future for our Clients, employees, advisors, investors and communities.
Visit sunlife.com/sustainability to learn more about our sustainability efforts.
Shareholders and policyholders can access theNotice of Annual Meeting and Management Information Circular and additional information under Annual Meetings.
Financial reporting responsibilities
Consolidated financial statements
Notes to the consolidated financial statements
Appointed Actuary’s Report and Report of Independent Registered Public Accounting Firm
You can help us lighten our environmental footprint and cut down printed material by downloading the full Annual Report.
All figures in Canadian dollars unless otherwise stated.
1 The full year 2021 results values have been rounded. For values to the nearest million, see section C - Financial Summary in our 2021 Annual Management’s Discussion and Analysis (“MD&A”).
2 Represents a non-IFRS financial measure. For additional information, see section L – Non-IFRS Financial Measures in our 2021 Annual MD&A.
3 Value of new business represents the present value of our best estimate of future distributable earnings, net of the cost of capital, from new business contracts written in a particular time period, except new business in our Asset management pillar. Value of new business was restated back to 2018, reflecting a change in the timing of recognition of U.S. group policies sold or renewed with an effective date of January 1, which will recognize Value of new business for these policies in the prior year rather than the first quarter, to align with the timing of U.S. renewals and reported insurance sales.
4 Although considered reasonable, we may not be able to achieve our medium-term financial objectives as our assumptions may prove to be inaccurate. Accordingly, our actual results could differ materially from our medium-term financial objectives as described on the slide. Our medium-term financial objectives do not constitute guidance. Our medium-term financial objectives are forward-looking non-IFRS financial measures and additional information is provided in section O - Forward-looking Statements - Medium-Term Financial Objectives in our 2021 Annual MD&A.
5 Underlying EPS growth is calculated using a compound annual growth rate. Underlying ROE and underlying dividend payout ratio are calculated using an average.
6 Underlying dividend payout ratio represents the ratio of common shareholders' dividends to diluted underlying EPS. See section I - Capital and Liquidity Management - 3 - Shareholder Dividends in our 2021 Annual MD&A for further information regarding dividends.
*At the end of 2021. Rounded to the nearest hundred. Represents full-time equivalent employees, temporary employees and employees in Asia joint ventures.