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v3.20.4

Senior Debentures and Innovative Capital Instruments (Tables) | 12 Months Ended
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Dec. 31, 2020
Disclosure of detailed information about borrowings [line items] |
Schedule of Significant Terms and Conditions | The table below presents additional significant terms and conditions of the SLEECS:
Issuer | Issuance date | Distribution or interest payment dates | Annual yield | Redemption date at the issuer’s option | Conversion date at the holder’s option | Principal amount
Sun Life Capital Trust ("SLCT I")(1)(2)(3)(4) |  |  |  |  |  |  |
SLEECS B | June 25, 2002 | June 30, December 31 | 7.093 | % |  | June 30, 2007 | Any time |  | $ | 200 |
(1) Subject to regulatory approval, SLCT I may (i) redeem any outstanding SLEECS, in whole or in part, on the redemption date specified above or on any distribution date thereafter and (ii) may redeem all, but not part of any class of SLEECS upon occurrence of a Regulatory Event or a Tax Event, prior to the redemption date specified above. (2) The SLEECS B may be redeemed for cash equivalent to (i) the greater of the Early Redemption Price or the Redemption Price if the redemption occurs prior to June 30, 2032 or (ii) the Redemption Price if the redemption occurs on or after June 30, 2032. Redemption Price is equal to one thousand dollars plus the unpaid distributions, other than unpaid distributions resulting from a Missed Dividend Event, to the redemption date. Early Redemption Price for the SLEECS B is the price calculated to provide an annual yield, equal to the yield of a Government of Canada bond issued on the redemption date that has a maturity date of June 30, 2032, plus 32 basis points, plus the unpaid distributions, other than unpaid distributions resulting from a Missed Dividend Event, to the redemption date. (3) The non-cumulative perpetual preferred shares of Sun Life Assurance issued upon an Automatic Exchange Event in respect of the SLEECS B will become convertible, at the option of the holder, into a variable number of common shares of SLF Inc. on distribution dates on or after December 31, 2032. (4) Holders of SLEECS B may exchange, at any time, all or part of their SLEECS B units for non-cumulative perpetual preferred shares of Sun Life Assurance at an exchange rate for each SLEECS of 40 non-cumulative perpetual preferred shares of Sun Life Assurance. SLCT I will have the right, at any time before the exchange is completed, to arrange for a substituted purchaser to purchase SLEECS tendered for surrender to SLCT I so long as the holder of the SLEECS so tendered has not withheld consent to the purchase of its SLEECS. Any non-cumulative perpetual preferred shares issued in respect of an exchange by the holders of SLEECS B will become convertible, at the option of the holder, into a variable number of common shares of SLF Inc. on distribution dates on or after December 31, 2032.
Senior Debentures |
Disclosure of detailed information about borrowings [line items] |
Schedule of Borrowings | The following obligations are included in Senior debentures as at December 31:
| Interest rate | Earliest par call or redemption date | Maturity | 2020 | 2019
SLF Inc. senior debentures: |  |  |  |  |  |  |
Series E issued August 23, 2011(2) | 4.57 | % | n/a | 2021 |  | 300 |  |  | 300 |
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 |
Total senior debentures |  |  |  |  | $ | 500 |  |  | $ | 500 |
Fair value |  |  |  |  | $ | 590 |  |  | $ | 585 |
(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 0.53% 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.

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