XML 37 R11.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Segmented Information | 12 Months Ended
--- | ---
Dec. 31, 2021
Operating Segments [Abstract] |
Segmented Information |
4. Segmented Information |
We have five reportable business segments: Canada, U.S., Asset Management, Asia and Corporate. These business segments operate in the financial services industry and reflect our management structure and internal financial reporting. Asset Management includes the results of our MFS and SLC Management business units. 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 primarily 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 our business segments to Asset Management. SLC Management collects fee income and incurs the operational expenses associated with the management of the general fund assets. Intersegment transactions are eliminated 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, 2021 and December 31, 2020 are as follows:
|  | Canada |  | U.S. | Asset Management |  | Asia | Corporate | Consolidation adjustments |  | Total
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross premiums: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Annuities |  | $ | 3,874 |  |  | $ | — |  |  | $ | — |  |  | $ | 29 |  |  | $ | 14 |  |  | $ | — |  |  | $ | 3,917 |
Life insurance |  | 5,848 |  |  | 1,452 |  |  | — |  |  | 3,542 |  |  | 83 |  |  | — |  |  | 10,925 |
Health insurance |  | 5,989 |  |  | 4,624 |  |  | — |  |  | 24 |  |  | 27 |  |  | — |  |  | 10,664 |
Total gross premiums |  | 15,711 |  |  | 6,076 |  |  | — |  |  | 3,595 |  |  | 124 |  |  | — |  |  | 25,506 |
Less: Ceded premiums |  | 1,533 |  |  | 705 |  |  | — |  |  | 201 |  |  | 14 |  |  | — |  |  | 2,453 |
Net investment income (loss) |  | 3,069 |  |  | 546 |  |  | 20 |  |  | 1,060 |  |  | 37 |  |  | (99) |  |  | 4,633 |
Fee income |  | 1,611 |  |  | 81 |  |  | 5,835 |  |  | 642 |  |  | 111 |  |  | (278) |  |  | 8,002 |
Total revenue |  | 18,858 |  |  | 5,998 |  |  | 5,855 |  |  | 5,096 |  |  | 258 |  |  | (377) |  |  | 35,688 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total benefits and expenses |  | 16,651 |  |  | 5,375 |  |  | 4,591 |  |  | 3,838 |  |  | 513 |  |  | (377) |  |  | 30,591 |
Income tax expense (benefit) |  | 384 |  |  | 124 |  |  | 372 |  |  | 113 |  |  | (266) |  |  | — |  |  | 727 |
Total net income (loss) |  | $ | 1,823 |  |  | $ | 499 |  |  | $ | 892 |  |  | $ | 1,145 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 4,370 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to participating policyholders |  | 265 |  |  | — |  |  | — |  |  | 70 |  |  | — |  |  | — |  |  | 335 |
Shareholders’ net income (loss) |  | $ | 1,558 |  |  | $ | 499 |  |  | $ | 892 |  |  | $ | 1,075 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 4,035 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross premiums: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Annuities |  | $ | 3,594 |  |  | $ | — |  |  | $ | — |  |  | $ | 108 |  |  | $ | 27 |  |  | $ | — |  |  | $ | 3,729 |
Life insurance |  | 5,358 |  |  | 1,548 |  |  | — |  |  | 4,821 |  |  | 85 |  |  | — |  |  | 11,812 |
Health insurance |  | 6,011 |  |  | 4,583 |  |  | — |  |  | 33 |  |  | 22 |  |  | — |  |  | 10,649 |
Total gross premiums |  | 14,963 |  |  | 6,131 |  |  | — |  |  | 4,962 |  |  | 134 |  |  | — |  |  | 26,190 |
Less: Ceded premiums |  | 1,530 |  |  | 695 |  |  | — |  |  | 212 |  |  | 15 |  |  | — |  |  | 2,452 |
Net investment income (loss) |  | 6,823 |  |  | 2,610 |  |  | 23 |  |  | 2,550 |  |  | 758 |  |  | (46) |  |  | 12,718 |
Fee income |  | 1,376 |  |  | 92 |  |  | 5,014 |  |  | 572 |  |  | 103 |  |  | (276) |  |  | 6,881 |
Total revenue |  | 21,632 |  |  | 8,138 |  |  | 5,037 |  |  | 7,872 |  |  | 980 |  |  | (322) |  |  | 43,337 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total benefits and expenses |  | 20,669 |  |  | 7,825 |  |  | 3,712 |  |  | 7,137 |  |  | 1,029 |  |  | (322) |  |  | 40,050 |
Income tax expense (benefit) |  | 50 |  |  | 56 |  |  | 334 |  |  | 54 |  |  | 1 |  |  | — |  |  | 495 |
Total net income (loss) |  | $ | 913 |  |  | $ | 257 |  |  | $ | 991 |  |  | $ | 681 |  |  | $ | (50) |  |  | $ | — |  |  | $ | 2,792 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to participating policyholders |  | 196 |  |  | — |  |  | — |  |  | 87 |  |  | — |  |  | — |  |  | 283 |
Net income (loss) attributable to non-controlling interests |  | — |  |  | — |  |  | 11 |  |  | — |  |  | — |  |  | — |  |  | 11 |
Shareholders’ net income (loss) |  | $ | 717 |  |  | $ | 257 |  |  | $ | 980 |  |  | $ | 594 |  |  | $ | (50) |  |  | $ | — |  |  | $ | 2,498 |
Assets and liabilities by segment are as follows:
| Canada |  | U.S. | Asset Management |  | Asia | Corporate | Consolidation adjustments |  | Total
As at December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total general fund assets |  | $ | 110,499 |  |  | $ | 33,391 |  |  | $ | 10,024 |  |  | $ | 37,661 |  |  | $ | 14,187 |  |  | $ | (388) |  |  | $ | 205,374 |
Investments for account of segregated fund holders |  | $ | 121,146 |  |  | $ | 519 |  |  | $ | — |  |  | $ | 7,609 |  |  | $ | 10,722 |  |  | $ | — |  |  | $ | 139,996 |
Total general fund liabilities |  | $ | 100,838 |  |  | $ | 29,553 |  |  | $ | 8,010 |  |  | $ | 30,884 |  |  | $ | 8,404 |  |  | $ | (388) |  |  | $ | 177,301 |
As at December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total general fund assets |  | $ | 106,318 |  |  | $ | 33,790 |  |  | $ | 6,957 |  |  | $ | 36,414 |  |  | $ | 13,897 |  |  | $ | (286) |  |  | $ | 197,090 |
Investments for account of segregated fund holders |  | $ | 107,494 |  |  | $ | 541 |  |  | $ | — |  |  | $ | 7,211 |  |  | $ | 10,675 |  |  | $ | — |  |  | $ | 125,921 |
Total general fund liabilities |  | $ | 97,728 |  |  | $ | 30,354 |  |  | $ | 4,898 |  |  | $ | 30,004 |  |  | $ | 8,530 |  |  | $ | (286) |  |  | $ | 171,228 |
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, | 2021 |  | 2020 |  | 2021 |  | 2020
Revenue: |  |  |  |  |  |  |
United States | $ | 5,299 |  |  | $ | 4,505 |  |  | $ | 112 |  |  | $ | 169 |
United Kingdom | 289 |  |  | 174 |  |  | 74 |  |  | 725 |
Canada | 233 |  |  | 311 |  |  | 75 |  |  | 79 |
Other countries | 34 |  |  | 47 |  |  | (3) |  |  | 7 |
Total revenue | $ | 5,855 |  |  | $ | 5,037 |  |  | $ | 258 |  |  | $ | 980 |
The following table shows total assets by country for Asset Management and Corporate:
| Asset Management |  | Corporate
As at December 31, | 2021 |  | 2020 |  | 2021 |  | 2020
Total general fund assets: |  |  |  |  |  |  |
United States | $ | 8,203 |  |  | $ | 5,124 |  |  | $ | 2,570 |  |  | $ | 2,227 |
United Kingdom | 1,064 |  |  | 1,037 |  |  | 6,892 |  |  | 7,766 |
Canada | 582 |  |  | 580 |  |  | 4,533 |  |  | 3,716 |
Other countries | 175 |  |  | 216 |  |  | 192 |  |  | 188 |
Total general fund assets | $ | 10,024 |  |  | $ | 6,957 |  |  | $ | 14,187 |  |  | $ | 13,897 |
Investment for account of segregated fund holders: |  |  |  |  |  |  |
United Kingdom | $ | — |  |  | $ | — |  |  | $ | 10,722 |  |  | $ | 10,675 |
Total investment for account of segregated fund holders | $ | — |  |  | $ | — |  |  | $ | 10,722 |  |  | $ | 10,675 |

X
- Definition The entire disclosure for operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 8 -IssueDate 2021-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IFRS08_g20-24_TI -URIDate 2021-03-24 + Details
Name: | ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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