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Segmented Information | 12 Months Ended
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Dec. 31, 2018
Operating Segments [Abstract] |
Segmented Information | We have five reportable segments: SLF Canada, SLF U.S., SLF Asset Management, SLF Asia, and Corporate. These reportable segments operate in the financial services industry and reflect our management structure and internal financial reporting. Corporate includes the results of our U.K. business unit ("SLF U.K.") and our Corporate Support operations, which include run-off reinsurance operations as well as investment income, expenses, capital, and other items not allocated to our other business groups. Effective the first quarter of 2018, a change in the organizational and reporting structure resulted in the International business unit being transferred from the SLF U.S. reportable segment to the SLF Asia reportable segment. Consequently, approximately $10,000 of insurance contract liabilities pertaining to individual non-participating life and health policies transferred from SLF U.S. to SLF Asia, along with the associated assets. The information reported to the Chief Operating Decision Maker now includes the results of the International business unit in the SLF Asia reporting package and the segmental information presented in these Consolidated Financial Statements now includes the results of the International business unit in the SLF Asia reportable segment. In accordance with IFRS 8 Operating Segments, the segmental information for prior reporting periods has been restated to conform with current period presentation. Revenues from our reportable segments are derived principally from life and health insurance, investment management and annuities, and mutual funds. Revenues not attributed to the strategic business units are derived primarily from Corporate investments and earnings on capital. Transactions between segments are executed and priced on an arm's-length basis in a manner similar to transactions with third parties. The expenses in each business segment may include costs or services directly incurred or provided on their behalf at the enterprise level. For other costs not directly attributable to one of our business segments, we use a management reporting framework that uses assumptions, judgments, and methodologies for allocating overhead costs, and indirect expenses to our business segments. Intersegment transactions consist primarily of internal financing agreements which are measured at fair values prevailing when the arrangements are negotiated. Intersegment investment income consists primarily of interest paid by SLF U.S. to Corporate. Intersegment fee income is primarily asset management fees paid by SLF Canada and Corporate to SLF Asset Management, and product distribution fees paid by SLF Asset Management to SLF Asia Intersegment transactions are presented in the Consolidation adjustments column in the following tables. Management considers its external clients to be individuals and corporations. We are not reliant on any individual client as none is individually significant to our operations. Results by segment for the years ended December 31, are as follows:
| SLF Canada |  |  | SLF U.S.(1) |  | SLF Asset Management |  |  | SLF Asia(1) |  | Corporate |  | Consolidation adjustments |  |  | Total |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross premiums: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Annuities |  | $ | 3,261 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | (79 | ) |  | $ | — |  |  | $ | 3,183 |
Life insurance |  | 4,796 |  |  | 1,633 |  |  | — |  |  | 2,154 |  |  | 94 |  |  | — |  |  | 8,677 |
Health insurance |  | 5,316 |  |  | 3,767 |  |  | — |  |  | 24 |  |  | 14 |  |  | — |  |  | 9,121 |
Total gross premiums |  | 13,373 |  |  | 5,400 |  |  | — |  |  | 2,179 |  |  | 29 |  |  | — |  |  | 20,981 |
Less: ceded premiums |  | 1,487 |  |  | 597 |  |  | — |  |  | 232 |  |  | 23 |  |  | — |  |  | 2,339 |
Net investment income (loss) |  | 1,942 |  |  | 305 |  |  | 13 |  |  | 76 |  |  | 79 |  |  | (26 | ) |  | 2,389 |
Fee income |  | 1,240 |  |  | 73 |  |  | 4,111 |  |  | 514 |  |  | 154 |  |  | (126 | ) |  | 5,966 |
Total revenue |  | 15,068 |  |  | 5,181 |  |  | 4,124 |  |  | 2,537 |  |  | 239 |  |  | (152 | ) |  | 26,997 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total benefits and expenses |  | 13,497 |  |  | 5,183 |  |  | 2,930 |  |  | 1,919 |  |  | 109 |  |  | (152 | ) |  | 23,486 |
Income tax expense (benefit) |  | 308 |  |  | (19 | ) |  | 284 |  |  | 51 |  |  | (27 | ) |  | — |  |  | 597 |
Total net income (loss) |  | $ | 1,263 |  |  | $ | 17 |  |  | $ | 910 |  |  | $ | 567 |  |  | $ | 157 |  |  | $ | — |  |  | $ | 2,914 |
Less: Net income (loss) attributable to participating policyholders |  | 321 |  |  | (35 | ) |  | — |  |  | 12 |  |  | — |  |  | — |  |  | 298 |
Shareholders' net income (loss) |  | $ | 942 |  |  | $ | 52 |  |  | $ | 910 |  |  | $ | 555 |  |  | $ | 157 |  |  | $ | — |  |  | $ | 2,616 |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross premiums: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Annuities |  | $ | 2,464 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 24 |  |  | $ | — |  |  | $ | 2,488 |
Life insurance |  | 4,493 |  |  | 1,736 |  |  | — |  |  | 2,508 |  |  | 94 |  |  | — |  |  | 8,831 |
Health insurance |  | 4,916 |  |  | 3,570 |  |  | — |  |  | 19 |  |  | 14 |  |  | — |  |  | 8,519 |
Total gross premiums |  | 11,873 |  |  | 5,306 |  |  | — |  |  | 2,527 |  |  | 132 |  |  | — |  |  | 19,838 |
Less: ceded premiums |  | 3,871 |  |  | 436 |  |  | — |  |  | 226 |  |  | 24 |  |  | — |  |  | 4,557 |
Net investment income (loss) |  | 4,133 |  |  | 1,864 |  |  | 45 |  |  | 1,722 |  |  | 526 |  |  | (79 | ) |  | 8,211 |
Fee income |  | 1,132 |  |  | 103 |  |  | 4,037 |  |  | 524 |  |  | 118 |  |  | (72 | ) |  | 5,842 |
Total revenue |  | 13,267 |  |  | 6,837 |  |  | 4,082 |  |  | 4,547 |  |  | 752 |  |  | (151 | ) |  | 29,334 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total benefits and expenses |  | 11,894 |  |  | 7,369 |  |  | 2,976 |  |  | 3,679 |  |  | 778 |  |  | (151 | ) |  | 26,545 |
Income tax expense (benefit) |  | 197 |  |  | (392 | ) |  | 453 |  |  | 62 |  |  | (18 | ) |  | — |  |  | 302 |
Total net income (loss) |  | $ | 1,176 |  |  | $ | (140 | ) |  | $ | 653 |  |  | $ | 806 |  |  | $ | (8 | ) |  | $ | — |  |  | $ | 2,487 |
Less: Net income (loss) attributable to participating policyholders |  | 213 |  |  | 4 |  |  | — |  |  | 28 |  |  | — |  |  | — |  |  | 245 |
Shareholders' net income (loss) |  | $ | 963 |  |  | $ | (144 | ) |  | $ | 653 |  |  | $ | 778 |  |  | $ | (8 | ) |  | $ | — |  |  | $ | 2,242 |
(1) Balances in 2017 have been changed to conform with current year presentation as a result of the resegmentation described in this Note. Assets and liabilities by segment are as follows:
| SLF Canada |  |  | SLF U.S.(1) |  | SLF Asset Management |  |  | SLF Asia(1) |  | Corporate |  | Consolidation adjustments |  |  | Total |
As at December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total general fund assets |  | $ | 86,697 |  |  | $ | 34,584 |  |  | $ | 4,468 |  |  | $ | 28,855 |  |  | $ | 14,378 |  |  | $ | (217 | ) |  | $ | 168,765 |
Investments for account of segregated fund holders |  | $ | 85,885 |  |  | $ | 491 |  |  | $ | — |  |  | $ | 6,173 |  |  | $ | 10,513 |  |  | $ | — |  |  | $ | 103,062 |
Total general fund liabilities |  | $ | 78,946 |  |  | $ | 30,671 |  |  | $ | 2,396 |  |  | $ | 23,692 |  |  | $ | 8,707 |  |  | $ | (217 | ) |  | $ | 144,195 |
As at December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total general fund assets |  | $ | 84,698 |  |  | $ | 32,259 |  |  | $ | 4,115 |  |  | $ | 27,234 |  |  | $ | 14,605 |  |  | $ | (191 | ) |  | $ | 162,720 |
Investments for account of segregated fund holders |  | $ | 87,817 |  |  | $ | 488 |  |  | $ | — |  |  | $ | 6,101 |  |  | $ | 11,986 |  |  | $ | — |  |  | $ | 106,392 |
Total general fund liabilities |  | $ | 76,683 |  |  | $ | 28,791 |  |  | $ | 2,346 |  |  | $ | 21,748 |  |  | $ | 10,372 |  |  | $ | (191 | ) |  | $ | 139,749 |
(1) Balances in 2017 have been changed to conform with current year presentation as a result of the resegmentation described in this Note. The revenue and assets of our reportable segments differ from geographic segments primarily due to the geographic segmenting of our SLF Asset Management and Corporate segments. The following table shows revenue by country for SLF Asset Management and Corporate:
| SLF Asset Management |  | Corporate
For the years ended December 31, | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Revenue: |  |  |  |  |  |  |
United States | $ | 3,945 |  |  | $ | 3,961 |  |  | $ | 58 |  |  | $ | 147 |
United Kingdom | — |  |  | — |  |  | 142 |  |  | 577 |
Canada(1) | 179 |  |  | 121 |  |  | 38 |  |  | 20 |
Other countries | — |  |  | — |  |  | 1 |  |  | 8 |
Total revenue | $ | 4,124 |  |  | $ | 4,082 |  |  | $ | 239 |  |  | $ | 752 |
(1) Consists of the Canadian operations of the Bentall Kennedy group of companies ("Bentall Kennedy") and Sun Life Institutional Investments (Canada) Inc. for SLF Asset Management. The following table shows total assets by country for SLF Asset Management and Corporate:
| SLF Asset Management |  | Corporate
As at December 31, | 2018 |  |  | 2017 |  | 2018 |  | 2017 |
Total general fund assets: |  |  |  |  |  |  |
United States | $ | 4,147 |  |  | $ | 3,750 |  |  | $ | 2,550 |  |  | $ | 1,984 |
United Kingdom | — |  |  | — |  |  | 8,274 |  |  | 8,744 |
Canada(1) | 321 |  |  | 365 |  |  | 3,384 |  |  | 3,723 |
Other countries | — |  |  | — |  |  | 170 |  |  | 154 |
Total general fund assets | $ | 4,468 |  |  | $ | 4,115 |  |  | $ | 14,378 |  |  | $ | 14,605 |
Investment for account of segregated fund holders: |  |  |  |  |  |  |
United Kingdom | $ | — |  |  | $ | — |  |  | $ | 10,513 |  |  | $ | 11,986 |
Total investment for account of segregated fund holders | $ | — |  |  | $ | — |  |  | $ | 10,513 |  |  | $ | 11,986 |
(1) Consists of the Canadian operations of Bentall Kennedy and Sun Life Institutional Investments (Canada) Inc. for SLF Asset Management.

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