XML 69 R43.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Insurance Contract Liabilities and Investment Contract Liabilities (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Insurance Contracts [Abstract] |
Disclosure of insurance contract liabilities | Insurance contract liabilities consist of the following:
As at December 31, 2021 | Canada | U.S. |  | Asia | Corporate(1) |  | Total
Individual participating life |  | $ | 28,205 |  |  | $ | 5,150 |  |  | $ | 12,982 |  |  | $ | 860 |  |  | $ | 47,197 |
Individual non-participating life and health |  | 15,735 |  |  | 14,196 |  |  | 11,774 |  |  | 329 |  |  | 42,034 |
Group life and health |  | 11,682 |  |  | 5,580 |  |  | 34 |  |  | 17 |  |  | 17,313 |
Individual annuities |  | 9,538 |  |  | 16 |  |  | 5 |  |  | 4,729 |  |  | 14,288 |
Group annuities |  | 18,765 |  |  | 5 |  |  | 69 |  |  | — |  |  | 18,839 |
Insurance contract liabilities before other policy liabilities |  | 83,925 |  |  | 24,947 |  |  | 24,864 |  |  | 5,935 |  |  | 139,671 |
Add: Other policy liabilities(2) |  | 3,559 |  |  | 1,847 |  |  | 2,523 |  |  | 211 |  |  | 8,140 |
Total insurance contract liabilities |  | $ | 87,484 |  |  | $ | 26,794 |  |  | $ | 27,387 |  |  | $ | 6,146 |  |  | $ | 147,811 |
(1) Primarily business from the UK and run-off reinsurance operations. Includes UK business of $771 for Individual participating life, $207 for Individual non-participating life and health, $4,546 for Individual annuities, and $164 for Other policy liabilities. (2) Consists of amounts on deposit, policy benefits payable, provisions for unreported claims, provisions for policyholder dividends, and provisions for experience rating refunds.
As at December 31, 2020 | Canada | U.S. |  | Asia | Corporate(1) |  | Total
Individual participating life |  | $ | 25,839 |  |  | $ | 5,374 |  |  | $ | 11,981 |  |  | $ | 952 |  |  | $ | 44,146 |
Individual non-participating life and health |  | 15,533 |  |  | 15,010 |  |  | 12,183 |  |  | 373 |  |  | 43,099 |
Group life and health |  | 11,167 |  |  | 5,578 |  |  | 40 |  |  | 23 |  |  | 16,808 |
Individual annuities |  | 10,497 |  |  | 22 |  |  | 5 |  |  | 5,382 |  |  | 15,906 |
Group annuities |  | 17,670 |  |  | 7 |  |  | 97 |  |  | — |  |  | 17,774 |
Insurance contract liabilities before other policy liabilities |  | 80,706 |  |  | 25,991 |  |  | 24,306 |  |  | 6,730 |  |  | 137,733 |
Add: Other policy liabilities(2) |  | 3,521 |  |  | 1,807 |  |  | 2,499 |  |  | 213 |  |  | 8,040 |
Total insurance contract liabilities |  | $ | 84,227 |  |  | $ | 27,798 |  |  | $ | 26,805 |  |  | $ | 6,943 |  |  | $ | 145,773 |
(1) Primarily business from the UK and run-off reinsurance operations. Includes UK business of $851 for Individual participating life, $237 for Individual non-participating life and health, $5,162 for Individual annuities, and $163 for Other policy liabilities. (2) Consists of amounts on deposit, policy benefits payable, provisions for unreported claims, provisions for policyholder dividends, and provisions for experience rating refunds. Changes in Insurance contract liabilities and Reinsurance assets are as follows:
For the years ended December 31, | 2021 | 2020
| Insurance contract liabilities | Reinsurance assets | Net | Insurance contract liabilities | Reinsurance assets | Net
Balances before Other policy liabilities and assets as at January 1, |  | $ | 137,733 |  |  | $ | 3,126 |  |  | $ | 134,607 |  |  | $ | 123,894 |  |  | $ | 3,395 |  |  | $ | 120,499 |
Change in balances on in-force policies |  | (1,642) |  |  | (18) |  |  | (1,624) |  |  | 9,919 |  |  | (107) |  |  | 10,026 |
Balances arising from new policies |  | 3,948 |  |  | 74 |  |  | 3,874 |  |  | 5,004 |  |  | 82 |  |  | 4,922 |
Method and assumption changes |  | 131 |  |  | (142) |  |  | 273 |  |  | (63) |  |  | (179) |  |  | 116 |
Increase (decrease) in Insurance contract liabilities and Reinsurance assets |  | 2,437 |  |  | (86) |  |  | 2,523 |  |  | 14,860 |  |  | (204) |  |  | 15,064 |
Other(1) |  | — |  |  | (109) |  |  | 109 |  |  | — |  |  | — |  |  | — |
Foreign exchange rate movements |  | (499) |  |  | (26) |  |  | (473) |  |  | (1,021) |  |  | (65) |  |  | (956) |
Balances before Other policy liabilities and assets |  | 139,671 |  |  | 2,905 |  |  | 136,766 |  |  | 137,733 |  |  | 3,126 |  |  | 134,607 |
Other policy liabilities and assets |  | 8,140 |  |  | 778 |  |  | 7,362 |  |  | 8,040 |  |  | 717 |  |  | 7,323 |
Total Insurance contract liabilities and Reinsurance assets, December 31 |  | $ | 147,811 |  |  | $ | 3,683 |  |  | $ | 144,128 |  |  | $ | 145,773 |  |  | $ | 3,843 |  |  | $ | 141,930 |
(1) Recapture of reinsurance contracts. The following tables show the total assets supporting liabilities for the product lines shown (including insurance contract and investment contract liabilities) and assets supporting equity and other:
As at December 31, 2021 | Debt securities | Equity securities | Mortgages and loans | Investment properties |  | Other |  | Total
Individual participating life |  | $ | 26,715 |  |  | $ | 5,374 |  |  | $ | 9,559 |  |  | $ | 5,932 |  |  | $ | 4,801 |  |  | $ | 52,381 |
Individual non-participating life and health |  | 23,716 |  |  | 1,947 |  |  | 13,885 |  |  | 2,614 |  |  | 8,310 |  |  | 50,472 |
Group life and health |  | 7,598 |  |  | 30 |  |  | 9,556 |  |  | 92 |  |  | 3,677 |  |  | 20,953 |
Individual annuities |  | 10,314 |  |  | 40 |  |  | 6,435 |  |  | — |  |  | 907 |  |  | 17,696 |
Group annuities |  | 9,612 |  |  | 111 |  |  | 9,198 |  |  | 24 |  |  | 1,305 |  |  | 20,250 |
Equity and other |  | 10,772 |  |  | 1,611 |  |  | 3,059 |  |  | 447 |  |  | 27,733 |  |  | 43,622 |
Total assets |  | $ | 88,727 |  |  | $ | 9,113 |  |  | $ | 51,692 |  |  | $ | 9,109 |  |  | $ | 46,733 |  |  | $ | 205,374 |
As at December 31, 2020 | Debt securities | Equity securities | Mortgages and loans | Investment properties |  | Other |  | Total
Individual participating life |  | $ | 25,574 |  |  | $ | 4,601 |  |  | $ | 8,992 |  |  | $ | 4,950 |  |  | $ | 5,331 |  |  | $ | 49,448 |
Individual non-participating life and health |  | 24,810 |  |  | 1,611 |  |  | 14,208 |  |  | 2,052 |  |  | 10,132 |  |  | 52,813 |
Group life and health |  | 7,789 |  |  | 61 |  |  | 9,354 |  |  | 36 |  |  | 3,112 |  |  | 20,352 |
Individual annuities |  | 11,979 |  |  | 47 |  |  | 6,219 |  |  | — |  |  | 1,185 |  |  | 19,430 |
Group annuities |  | 9,598 |  |  | 48 |  |  | 8,142 |  |  | — |  |  | 909 |  |  | 18,697 |
Equity and other |  | 9,339 |  |  | 263 |  |  | 3,031 |  |  | 478 |  |  | 23,239 |  |  | 36,350 |
Total assets |  | $ | 89,089 |  |  | $ | 6,631 |  |  | $ | 49,946 |  |  | $ | 7,516 |  |  | $ | 43,908 |  |  | $ | 197,090 |
Changes in the balances of our insurance contract liabilities and investment contract liabilities, including the net transfers to (from) segregated funds, as well as changes in our reinsurance assets, consist of the following:
For the years ended December 31, | 2021 |  | 2020
Increase (decrease) in insurance contract liabilities | $ | 2,437 |  |  | $ | 14,860 |
Decrease (increase) in reinsurance assets | 86 |  |  | 204 |
Increase (decrease) in investment contract liabilities | (22) |  |  | 61 |
Net transfer to (from) segregated funds | (351) |  |  | (1,825) |
Total changes in insurance contract liabilities, investment contract liabilities and reinsurance assets | $ | 2,150 |  |  | $ | 13,300 |
Schedule of impacts of method and changes in assumptions on insurance contract liabilities | Impacts of method and assumption changes on Insurance contract liabilities, net of Reinsurance assets, are as follows:
For the year ended December 31, 2021 |  |  |  | Net increase (decrease) before income taxes |  | Description
Mortality / Morbidity |  |  |  |  | $ | (89) |  |  | Updates to reflect mortality/morbidity experience in all jurisdictions.
Policyholder behaviour |  |  |  |  | 219 |  |  | Updates to policyholder behaviour in all jurisdictions. The largest item was in U.S. In-force Management.
Expenses |  |  |  |  | (202) |  |  | Updates to reflect expense experience and margins in all jurisdictions. The largest item was a reduction in expense margins.
Investment returns |  |  |  |  | 416 |  |  | Updates to various investment-related assumptions across the Company. The largest items were the updates to promulgated Ultimate Reinvestment Rate, promulgated maximum net credit spreads, and a reduction to the best estimate real estate assumption in all jurisdictions.
Model enhancements and other |  |  |  |  | (71) |  |  | Various enhancements and methodology changes across all jurisdictions.
Total impact |  |  |  |  | $ | 273 |  |  |
For the year ended December 31, 2020 |  |  |  | Net increase (decrease) before income taxes |  | Description
Mortality / Morbidity |  |  |  |  | $ | 113 |  |  | Updates to reflect mortality/morbidity experience in all jurisdictions. The largest items were unfavourable mortality impacts in individual life and health in Canada and In-force Management in the U.S., partially offset by favourable group disability government pension plan offsets in Canada.
Policyholder behaviour |  |  |  |  | 207 |  |  | Updates to policyholder behaviour in all jurisdictions. The largest item was in In-force Management in the U.S.
Expenses |  |  |  |  | (28) |  |  | Updates to reflect expense experience in all jurisdictions.
Investment returns |  |  |  |  | (10) |  |  | Updates to various investment-related assumptions across the Company.
Model enhancements and other |  |  |  |  | (166) |  |  | Various enhancements and methodology changes across all jurisdictions.
Total impact |  |  |  |  | $ | 116 |  |  |
Schedule of investment contract liabilities | Investment contract liabilities consist of the following:
As at December 31, 2021 | Canada |  |  | Asia | Corporate |  | Total
Individual participating life |  | $ | — |  |  |  |  | $ | — |  |  | $ | 4 |  |  | $ | 4 |
Individual non-participating life and health |  | — |  |  |  |  | 235 |  |  | 2 |  |  | 237 |
Individual annuities |  | 2,487 |  |  |  |  | 1 |  |  | 37 |  |  | 2,525 |
Group annuities |  | — |  |  |  |  | 602 |  |  | — |  |  | 602 |
Total investment contract liabilities |  | $ | 2,487 |  |  |  |  | $ | 838 |  |  | $ | 43 |  |  | $ | 3,368 |
For the year ended December 31, 2021, Investment contract liabilities of $3,368 are comprised of investment contracts with DPF of $872, investment contracts without DPF measured at amortized cost of $2,487, and for investment contracts without DPF measured at fair value of $9.
As at December 31, 2020 | Canada |  |  | Asia | Corporate |  | Total
Individual participating life |  | $ | — |  |  |  |  | $ | — |  |  | $ | 5 |  |  | $ | 5 |
Individual non-participating life and health |  | — |  |  |  |  | 269 |  |  | 2 |  |  | 271 |
Individual annuities |  | 2,690 |  |  |  |  | — |  |  | 35 |  |  | 2,725 |
Group annuities |  | — |  |  |  |  | 188 |  |  | — |  |  | 188 |
Total investment contract liabilities |  | $ | 2,690 |  |  |  |  | $ | 457 |  |  | $ | 42 |  |  | $ | 3,189 |
For the year ended December 31, 2020, Investment contract liabilities of $3,189 are comprised of investment contracts with DPF of $497, investment contracts without DPF measured at amortized cost of $2,690, and investment contracts without DPF measured at fair value of $2.
Schedule of reconciliation of changes in investment contract liabilities | Changes in investment contract liabilities without “DPF” are as follows:
For the years ended December 31, | 2021 | 2020
| Measured at fair value | Measured at amortized cost | Measured at fair value | Measured at amortized cost
Balance as at January 1 |  | $ | 2 |  |  | $ | 2,690 |  |  | $ | 2 |  |  | $ | 2,612 |
Deposits |  | — |  |  | 303 |  |  | — |  |  | 467 |
Interest |  | — |  |  | 60 |  |  | — |  |  | 59 |
Withdrawals |  | — |  |  | (570) |  |  | — |  |  | (457) |
Fees |  | — |  |  | (7) |  |  | — |  |  | (7) |
Change in fair value |  | 7 |  |  | — |  |  | — |  |  | — |
Other |  | — |  |  | 10 |  |  | — |  |  | 16 |
Foreign exchange rate movements |  | — |  |  | 1 |  |  | — |  |  | — |
Balance as at December 31 |  | $ | 9 |  |  | $ | 2,487 |  |  | $ | 2 |  |  | $ | 2,690 |
Changes in investment contract liabilities with DPF are as follows:
For the years ended December 31, |  |  |  |  |  |  | 2021 |  | 2020
Balance as at January 1 |  |  |  |  |  |  | $ | 497 |  |  | $ | 502 |
Change in liabilities on in-force policies |  |  |  |  |  |  | (89) |  |  | 2 |
Acquisitions (Note 3) |  |  |  |  |  |  | 471 |  |  | — |
Foreign exchange rate movements |  |  |  |  |  |  | (7) |  |  | (7) |
Balance as at December 31 |  |  |  |  |  |  | $ | 872 |  |  | $ | 497 |
Disclosure of claims and benefits paid | Gross claims and benefits paid consist of the following:
For the years ended December 31, |  |  |  |  |  |  | 2021 |  | 2020
Maturities and surrenders |  |  |  |  |  |  | $ | 3,205 |  |  | $ | 2,993 |
Annuity payments |  |  |  |  |  |  | 2,017 |  |  | 1,979 |
Death and disability benefits |  |  |  |  |  |  | 4,876 |  |  | 4,594 |
Health benefits |  |  |  |  |  |  | 7,246 |  |  | 6,913 |
Policyholder dividends and interest on claims and deposits |  |  |  |  |  |  | 1,378 |  |  | 1,828 |
Total gross claims and benefits paid |  |  |  |  |  |  | $ | 18,722 |  |  | $ | 18,307 |

X
- Definition The disclosure of information that identifies and explains the amounts in the entity's financial statements arising from insurance contracts. [Refer: Types of insurance contracts [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Note Expiry date 2023-01-01 -Name IFRS -Number 4 -IssueDate 2021-01-01 -Paragraph 36 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=4&code=ifrs-tx-2021-en-b&anchor=para_36&doctype=Standard&book=b -URIDate 2021-03-24 + Details
Name: | ifrs-full_DisclosureOfAmountsArisingFromInsuranceContractsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of claims and benefits paid to policyholders. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2021-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_10_e&doctype=Standard -URIDate 2021-03-24 + Details
Name: | ifrs-full_DisclosureOfClaimsAndBenefitsPaidExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure Of Impacts Of Method And Changes In Assumptions On Insurance Contract Liabilities [Table Text Block] + References No definition available. + Details
Name: | slf_DisclosureOfImpactsOfMethodAndChangesInAssumptionsOnInsuranceContractLiabilitiesTableTextBlock
Namespace Prefix: | slf_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure Of Investment Contract Liabilities [Table Text Block] + References No definition available. + Details
Name: | slf_DisclosureOfInvestmentContractLiabilitiesTableTextBlock
Namespace Prefix: | slf_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure Of Reconciliation Of Changes In Investment Contract Liabilities [Table Text Block] + References No definition available. + Details
Name: | slf_DisclosureOfReconciliationOfChangesInInvestmentContractLiabilitiesTableTextBlock
Namespace Prefix: | slf_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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