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
5-year progress on our medium-term financial objectives4,5
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.”
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
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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.