We delivered for our shareholders in 2022, achieving strong performance against our five-year medium-term financial objectives:
Full year 2022 results (vs. 2021)1
Underlying EPS growth
16%+ (increases to 18%+)4
Underlying dividend payout ratio
Meet Mason and his family and hear their heartwarming story about the care and help they received during a life-changing moment.
Message from President & CEO,
“As I reflect on 2022, I’m proud of our results and how we achieved them – our dedicated people, their resilience, our inclusive and caring culture, and our focus on Clients to deliver on our Purpose."
Message from the Chair of the Board, Scott Powers
“It’s my honour to represent our company and our shareholders, Clients and other stakeholders. It is clear to me that through Sun Life, our Purpose, our leadership, and our people are making a difference in the lives of our Clients.”
Gross claims & benefits paid in 2022
*As of December 31, 2022. Rounded to the nearest hundred. Represents full-time equivalent employees, temporary employees and employees in Asia joint ventures.
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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1The full year 2022 results values have been rounded and are in Canadian dollars. For values to the nearest million, see section C - Financial Summary in our 2022 Annual Management’s Discussion and Analysis (“2022 Annual MD&A”).
2Represents a non-IFRS financial measure. See section L - Non-IFRS Financial Measures in our 2022 Annual MD&A for further information.
3Underlying EPS, underlying ROE and underlying dividend payout ratio are non-IFRS financial measures. See section L - Non-IFRS Financial Measures in our 2022 Annual MD&A for further information. 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 our 2022 Annual MD&A for further information regarding dividends.
4Our medium-term financial objectives following the adoption of IFRS 17 and IFRS 9 remain consistent for underlying earnings per share and underlying dividend payout ratio. Our underlying ROE medium-term financial objective will change to 18%+ following the adoption of both standards, an increase from 16%+ prior to transition. We continue to assess the impact that the adoption of IFRS 17 and IFRS 9 will have on our Consolidated Financial Statements and estimates of the financial impacts are subject to change. For more information, see Section J - Risk Management - 9 - Risk Categories - vii - Other Risks in our 2022 Annual MD&A.
5Although 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 above. 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 our 2022 Annual MD&A in section O - Forward-looking Statements - Medium-Term Financial Objectives.
6Underlying EPS growth is calculated using a compound annual growth rate. Underlying ROE and dividend payout ratio are calculated using an average.