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Segmented Information | 12 Months Ended
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Dec. 31, 2019
Operating Segments [Abstract] |
Segmented Information |
4. Segmented Information |
We have five reportable business segments: Canada, U.S., Asset Management, Asia, and Corporate. Prior to 2019, these business segments were referred to as SLF Canada, SLF U.S., SLF Asset Management, SLF Asia, and Corporate. These business segments operate in the financial services industry and reflect our management structure and internal financial reporting. Corporate includes the results of our UK business unit 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. Revenues from our business 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 at 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 U.S. to Corporate. Intersegment fee income is primarily asset management fees paid by Canada and Corporate to Asset Management, and product distribution fees paid by Asset Management to 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:
| Canada |  |  | U.S. |  | Asset Management |  |  | Asia |  | Corporate |  | Consolidation adjustments |  |  | Total |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross premiums: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Annuities |  | $ | 3,276 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 23 |  |  | $ | — |  |  | $ | 3,302 |
Life insurance |  | 5,178 |  |  | 1,605 |  |  | — |  |  | 2,597 |  |  | 90 |  |  | — |  |  | 9,470 |
Health insurance |  | 5,629 |  |  | 4,232 |  |  | — |  |  | 31 |  |  | 16 |  |  | — |  |  | 9,908 |
Total gross premiums |  | 14,083 |  |  | 5,838 |  |  | — |  |  | 2,630 |  |  | 129 |  |  | — |  |  | 22,680 |
Less: Ceded premiums |  | 1,488 |  |  | 662 |  |  | — |  |  | 222 |  |  | 20 |  |  | — |  |  | 2,392 |
Net investment income (loss) |  | 6,474 |  |  | 2,802 |  |  | 83 |  |  | 2,865 |  |  | 936 |  |  | (20 | ) |  | 13,140 |
Fee income |  | 1,320 |  |  | 86 |  |  | 4,309 |  |  | 531 |  |  | 149 |  |  | (144 | ) |  | 6,251 |
Total revenue |  | 20,389 |  |  | 8,064 |  |  | 4,392 |  |  | 5,804 |  |  | 1,194 |  |  | (164 | ) |  | 39,679 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total benefits and expenses |  | 19,317 |  |  | 7,878 |  |  | 3,229 |  |  | 5,172 |  |  | 1,014 |  |  | (164 | ) |  | 36,446 |
Income tax expense (benefit) |  | 15 |  |  | 28 |  |  | 262 |  |  | 51 |  |  | (70 | ) |  | — |  |  | 286 |
Total net income (loss) |  | $ | 1,057 |  |  | $ | 158 |  |  | $ | 901 |  |  | $ | 581 |  |  | $ | 250 |  |  | $ | — |  |  | $ | 2,947 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to participating policyholders | 174 |  |  | (5 | ) |  | — |  |  | 61 |  |  | — |  |  | — |  |  | 230 |
Net income (loss) attributable to non-controlling interests | — |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 4 |
Shareholders’ net income (loss) |  | $ | 883 |  |  | $ | 163 |  |  | $ | 897 |  |  | $ | 520 |  |  | $ | 250 |  |  | $ | — |  |  | $ | 2,713 |
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 |
Assets and liabilities by segment are as follows:
| Canada |  |  | U.S. |  | Asset Management |  |  | Asia |  | Corporate |  | Consolidation adjustments |  |  | Total |
As at December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total general fund assets |  | $ | 94,909 |  |  | $ | 34,711 |  |  | $ | 5,666 |  |  | $ | 31,285 |  |  | $ | 13,930 |  |  | $ | (272 | ) |  | $ | 180,229 |
Investments for account of segregated fund holders |  | $ | 98,758 |  |  | $ | 514 |  |  | $ | — |  |  | $ | 6,675 |  |  | $ | 11,026 |  |  | $ | — |  |  | $ | 116,973 |
Total general fund liabilities |  | $ | 86,847 |  |  | $ | 31,044 |  |  | $ | 4,250 |  |  | $ | 25,750 |  |  | $ | 8,102 |  |  | $ | (272 | ) |  | $ | 155,721 |
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 |
The revenue and assets of our business segments differ from geographic segments primarily due to the geographic segmenting of our Asset Management and Corporate segments. The following table shows revenue by country for Asset Management and Corporate:
| Asset Management |  | Corporate
For the years ended December 31, | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Revenue: |  |  |  |  |  |  |
United States | $ | 4,139 |  |  | $ | 3,945 |  |  | $ | 191 |  |  | $ | 58 |
United Kingdom | 32 |  |  | — |  |  | 903 |  |  | 142 |
Canada(1) | 210 |  |  | 179 |  |  | 93 |  |  | 38 |
Other countries | 11 |  |  | — |  |  | 7 |  |  | 1 |
Total revenue | $ | 4,392 |  |  | $ | 4,124 |  |  | $ | 1,194 |  |  | $ | 239 |
(1) Consists of the Canadian operations of Bentall Kennedy and Sun Life Institutional Investments (Canada) Inc. for Asset Management. The following table shows total assets by country for Asset Management and Corporate:
| Asset Management |  | Corporate
As at December 31, | 2019 |  |  | 2018 |  | 2019 |  | 2018 |
Total general fund assets: |  |  |  |  |  |  |
United States | $ | 4,770 |  |  | $ | 4,147 |  |  | $ | 2,329 |  |  | $ | 2,550 |
United Kingdom | 145 |  |  | — |  |  | 8,210 |  |  | 8,274 |
Canada(1) | 534 |  |  | 321 |  |  | 3,202 |  |  | 3,384 |
Other countries | 217 |  |  | — |  |  | 189 |  |  | 170 |
Total general fund assets | $ | 5,666 |  |  | $ | 4,468 |  |  | $ | 13,930 |  |  | $ | 14,378 |
Investment for account of segregated fund holders: |  |  |  |  |  |  |
United Kingdom | $ | — |  |  | $ | — |  |  | $ | 11,026 |  |  | $ | 10,513 |
Total investment for account of segregated fund holders | $ | — |  |  | $ | — |  |  | $ | 11,026 |  |  | $ | 10,513 |
(1) Consists of the Canadian operations of Bentall Kennedy and Sun Life Institutional Investments (Canada) Inc. for Asset Management.

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