XML 78 R48.htm IDEA: XBRL DOCUMENT
v3.10.0.1

(Tables) | 12 Months Ended
--- | ---
Dec. 31, 2018
Financial Instruments [Abstract] |
Schedule of Borrowings | Borrowed funds include the following:
As at December 31, | Currency of borrowing |  | Maturity | 2018 |  | 2017 |
Encumbrances on real estate | Cdn. dollars | Current – 2033 |  | $ | 177 |  |  | $ | 206 |
Encumbrances on real estate | U.S. dollars | Current – 2020 |  | 11 |  |  | 21 |
Total borrowed funds |  |  |  |  | $ | 188 |  |  | $ | 227 |
The following obligations are included in Senior debentures as at December 31:
| Interest rate |  | Earliest par call or redemption date | Maturity | 2018 |  | 2017 |
SLF Inc. senior debentures |  |  |  |  |  |  |
Series D issued June 30, 2009(2) | 5.70 | % | n/a | 2019 |  | $ | 300 |  |  | $ | 300 |
Series E issued August 23, 2011(2) | 4.57 | % | n/a | 2021 |  | 299 |  |  | 299 |
Sun Life Assurance senior debentures(3) |  |  |  |  |  |  |
Issued to Sun Life Capital Trust ("SLCT I") |  |  |  |  |  |  |
Series B issued June 25, 2002 | 7.09 | % | June 30, 2032(4) | 2052 |  | 200 |  |  | 200 |
Issued to Sun Life Capital Trust II ("SLCT II") |  |  |  |  |  |  |
Series C issued November 20, 2009(5) | 6.06 | % | December 31, 2019(6) | 2108 |  | 500 |  |  | 500 |
Total senior debentures |  |  |  |  | $ | 1,299 |  |  | $ | 1,299 |
Fair value |  |  |  |  | $ | 1,390 |  |  | $ | 1,439 |
(1) | All senior debentures are unsecured.
(2) | Redeemable in whole or in part at any time prior to maturity at a price equal to the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.575% for the Series D debentures and 0.53% for the Series E debentures.
(3) | Redemption is subject to regulatory approval.
(4) | Redeemable in whole or in part on any interest payment date or in whole upon the occurrence of a Regulatory Event or Tax Event, as described in the debenture. Prior to June 30, 2032, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.32%; from June 30, 2032, the redemption price is par.
(5) | On December 31, 2019, and every fifth anniversary thereafter (“Interest Reset Date”), the interest rate will reset to an annual rate equal to the five-year Government of Canada bond yield plus 3.60%.
(6) | Redeemable in whole or in part. If redemption occurs on an Interest Reset Date, the redemption price is par; otherwise, it is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus (i) 0.65% if redemption occurs prior to December 31, 2019, or (ii) 1.30% if redemption occurs after December 31, 2019. Also redeemable in whole at par at any time upon the occurrence of a Regulatory Event or Tax Event, as described in the debenture.
The following obligations are included in Subordinated debt as at December 31, and qualify as capital for Canadian regulatory purposes:
| Interest rate |  | Earliest par call or redemption date(1) |  | Maturity | 2018 |  | 2017 |
Sun Life Assurance: |  |  |  |  |  |  |  |
Issued May 15, 1998(2) | 6.30 | % | n/a |  | 2028 |  | $ | 150 |  |  | $ | 150 |
Sun Life Financial Inc.: |  |  |  |  |  |  |  |
Issued May 29, 2007(3) | 5.40 | % | May 29, 2037 | (4) | 2042 |  | 398 |  |  | 398 |
Issued January 30, 2008(5) | 5.59 | % | January 30, 2018 | (5) | 2023 |  | — |  |  | 400 |
Issued March 2, 2012(6) | 4.38 | % | March 2, 2017 | (6) | 2022 |  | — |  |  | — |
Issued May 13, 2014(7) | 2.77 | % | May 13, 2019 |  | 2024 |  | 250 |  |  | 249 |
Issued September 25, 2015(8) | 2.60 | % | September 25, 2020 |  | 2025 |  | 499 |  |  | 498 |
Issued February 19, 2016(9) | 3.10 | % | February 19, 2021 |  | 2026 |  | 349 |  |  | 349 |
Issued September 19, 2016(10) | 3.05 | % | September 19, 2023 | (4) | 2028 |  | 995 |  |  | 995 |
Issued November 23, 2017(11) | 2.75 | % | November 23, 2022 |  | 2027 |  | 398 |  |  | 398 |
Total subordinated debt |  |  |  |  |  | $ | 3,039 |  |  | $ | 3,437 |
Fair value |  |  |  |  |  | $ | 3,129 |  |  | $ | 3,583 |
(1) | The debentures issued by SLF Inc. in 2007 are redeemable at any time and the debentures issued by SLF Inc. in 2014, 2015, 2016, and 2017 are redeemable on or after the date specified. From the date noted, the redemption price is par and redemption may only occur on a scheduled interest payment date. Redemption of all subordinated debentures is subject to regulatory approval.
(2) 6.30% Debentures, Series 2, due 2028, issued by The Mutual Life Assurance Company of Canada, which subsequently changed its name to Clarica Life Insurance Company (“Clarica”) and was amalgamated with Sun Life Assurance. These debentures are redeemable at any time. Prior to May 15, 2028, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.16%.
(3) | Series 2007-1 Subordinated Unsecured 5.40% Fixed/Floating Debentures due 2042. From May 29, 2037, interest is payable at 1.00% over Canadian dollar offered rate for three-month bankers' acceptances ("CDOR").
(4) | For redemption of the 2007 debentures prior to the date noted, and for redemptions of the September 19, 2016 debentures between September 19, 2021 and September 19, 2023, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.25% for the 2007 debentures and 0.52% for the September 19, 2016 debentures.
(5) | Series 2008-1 Subordinated Unsecured 5.59% Fixed/Floating Debentures due 2023. On January 30, 2018, SLF Inc. redeemed all of the outstanding $400 principal amount of these debentures at a redemption price equal to the principal amount together with accrued and unpaid interest.
(6) Series 2012-1 Subordinated Unsecured 4.38% Fixed/Floating Debentures due 2022. On March 2, 2017, SLF Inc. redeemed all of the outstanding $800 principal amount of these debentures at a redemption price equal to the principal amount together with accrued and unpaid interest.
(7) | Series 2014-1 Subordinated Unsecured 2.77% Fixed/Floating Debentures due 2024. From May 13, 2019, interest is payable at 0.75% over CDOR.
(8) | Series 2015-1 Subordinated Unsecured 2.60% Fixed/Floating Debentures due 2025. From September 25, 2020, interest is payable at 1.43% over CDOR.
(9) | Series 2016-1 Subordinated Unsecured 3.10% Fixed/Floating Debentures due 2026. From February 19, 2021, interest is payable at 2.20% over CDOR.
(10) Series 2016-2 Subordinated Unsecured 3.05% Fixed/Floating Debentures due 2028. From September 19, 2023, interest is payable at 1.85% over CDOR. (11) Series 2017-1 Subordinated Unsecured 2.75% Fixed/Floating Debentures due 2027. From November 23, 2022, interest is payable at 0.74% over CDOR.

X
- Definition The disclosure of detailed information about borrowings. [Refer: Borrowings] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IFRS -Number 7 -IssueDate 2017-01-01 -Paragraph 7 -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=7&date=2017-03-01&anchor=para_7&doctype=Standard -URIDate 2017-03-09 + Details
Name: | ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Financial Instruments [Abstract] + References No definition available. + Details
Name: | slf_FinancialInstrumentsAbstract
Namespace Prefix: | slf_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration