XML 72 R47.htm IDEA: XBRL DOCUMENT
v3.22.4

Other Liabilities (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract] |
Schedule of other liabilities |
As at December 31, | 2022 | 2021
Accounts payable |  | $ | 2,639 |  |  | $ | 1,866 |
Bank overdrafts and cash pooling |  | 6 |  |  | 133 |
Repurchase agreements (Note 5) |  | 2,725 |  |  | 2,324 |
Accrued expenses and taxes |  | 4,213 |  |  | 4,265 |
Credit facilities |  | 2,339 |  |  | 441 |
Borrowed funds(1) |  | 403 |  |  | 432 |
Accrued post-retirement benefit liability (Note 25) |  | 268 |  |  | 528 |
Secured borrowings from mortgage securitization (Note 5) |  | 2,158 |  |  | 2,007 |
Lease liabilities |  | 952 |  |  | 850 |
Other financial liabilities (Note 5)(2) |  | 1,996 |  |  | 1,810 |
Obligations for securities borrowing |  | 73 |  |  | 51 |
Collateralized loan obligation (Note 5) |  | 2,816 |  |  | 1,726 |
Deferred payments liability |  | 299 |  |  | 330 |
Other |  | 1,761 |  |  | 1,020 |
Total other liabilities |  | $ | 22,648 |  |  | $ | 17,783 |
(1) The change in Borrowed funds relates to net cash flow changes of $(34) in 2022 (2021 — $31) and foreign exchange rate movements of $8 in 2022 (2021 — $nil). (2) Comprises financial liabilities related to acquisitions, including put option liabilities and financial liabilities due to NCI. Interest expense related to financial liabilities are $68 in 2022 (2021 — $64).
Schedule of borrowings | Borrowed funds include the following:
As at December 31, | Currency of borrowing | Maturity | 2022 | 2021
Encumbrances on real estate | Cdn. dollars | Current - 2032 |  | $ | 326 |  |  | $ | 323 |
Encumbrances on real estate | U.S. dollars | 2023 - 2027 |  | 77 |  |  | 109 |
Total borrowed funds |  |  |  |  | $ | 403 |  |  | $ | 432 |
The following obligations are included in Senior debentures as at December 31:
| Interest rate | Earliest par call or redemption date | Maturity | 2022 | 2021
Sun Life Assurance senior debentures:(2) |  |  |  |  |  |  |
Issued to Sun Life Capital Trust ("SLCT I") |  |  |  |  |  |  |
Series B issued June 25, 2002 | 7.09 | % | June 30, 2032(3) | 2052 |  | $ | 200 |  |  | $ | 200 |
Fair value |  |  |  |  | $ | 215 |  |  | $ | 271 |
(1) All senior debentures are unsecured. (2) Redemption is subject to regulatory approval. (3) 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. 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 date(1) |  | Maturity | 2022 | 2021
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 September 19, 2016(5) | 3.05 | % | September 19, 2023 |  | 2028 |  | 999 |  |  | 998 |
Issued November 23, 2017(6) | 2.75 | % | November 23, 2022 |  | 2027 |  | — |  |  | 400 |
Issued August 13, 2019(7) | 2.38 | % | August 13, 2024 |  | 2029 |  | 749 |  |  | 748 |
Issued May 8, 2020(8) | 2.58 | % | May 10, 2027 |  | 2032 |  | 996 |  |  | 995 |
Issued October 1, 2020(9) | 2.06 | % | October 1, 2030 |  | 2035 |  | 746 |  |  | 746 |
Issued November 18, 2021(10) | 2.46 | % | November 18, 2026 |  | 2031 |  | 498 |  |  | 497 |
Issued November 18, 2021(11),(13) | 2.80 | % | November 21, 2028 |  | 2033 |  | 996 |  |  | 995 |
Issued November 18, 2021(12),(13) | 3.15 | % | November 18, 2031 |  | 2036 |  | 498 |  |  | 498 |
Issued August 10, 2022(14) | 4.78 | % | August 10, 2029 |  | 2034 |  | 646 |  |  | — |
Total subordinated debt |  |  |  |  |  | $ | 6,676 |  |  | $ | 6,425 |
Fair value |  |  |  |  |  | $ | 6,106 |  |  | $ | 6,675 |
(1) Subject to regulatory approval all obligations are redeemable 5-years after issuance date. From the date noted, the redemption price is par and redemption may only occur on a scheduled interest payment date. (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 CDOR. (4) For redemption of the 2007 debentures prior to the date noted, 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%. (5) Series 2016-2 Subordinated Unsecured 3.05% Fixed/Floating Debentures due 2028. From September 19, 2023, interest is payable at 1.85% over CDOR. 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 0.52%. (6) Series 2017-1 Subordinated Unsecured 2.75% Fixed/Floating Debentures due 2027. From November 23, 2022, interest is payable at 0.74% over CDOR. On November 23, 2022, SLF Inc. redeemed all of the outstanding $400 principal amount of these debentures in accordance with the redemption terms attached to such debentures. (7) Series 2019-1 Subordinated Unsecured 2.38% Fixed/Floating Debentures due 2029. From August 13, 2024, interest is payable at 0.85% over CDOR. (8) Series 2020-1 Subordinated Unsecured 2.58% Fixed/Floating Debentures due 2032. From May 10, 2027, interest is payable at 1.66% over CDOR. Between May 10, 2025 and May 10, 2027, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.52%. (9) Series 2020-2 Subordinated Unsecured 2.06% Fixed/Floating Debentures due 2035. From October 1, 2030, interest is payable at 1.03% over CDOR. Between October 1, 2025 and October 1, 2030, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.38%. (10) Series 2021-1 Subordinated Unsecured 2.46% Fixed/Floating Debentures due 2031. From November 18, 2026, interest is payable at 0.44% over CDOR. (11) Series 2021-2 Subordinated Unsecured 2.80% Fixed/Floating Debentures due 2033. From November 21, 2028, interest is payable at 0.69% over CDOR. Between November 21, 2026 and November 21, 2028, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.285%. (12) Series 2021-3 Subordinated Unsecured 3.15% Fixed/Floating Debentures due 2036. From November 18, 2031, interest is payable at 0.91% over CDOR. Between November 18, 2026 and November 18, 2031, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.335%. (13) Subject to contractual terms requiring us to redeem the underlying securities, in full, if the closing of the DentaQuest acquisition does not occur. (14) Series 2022-1 Subordinated Unsecured 4.78% Fixed/Floating Debentures due 2034. From August 10, 2029, interest is payable at 1.96% over the Canadian Overnight Repo Rate Average ("CORRA").

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 2022-03-24 -Paragraph 7 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2022-en-r&anchor=para_7&doctype=Standard -URIDate 2022-03-24 + Details
Name: | ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ifrs-full_SubclassificationsOfAssetsLiabilitiesAndEquitiesAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure Of Detailed Information On Other Liabilities Explanatory [Table Text Block] + References No definition available. + Details
Name: | slf_DisclosureOfDetailedInformationOnOtherLiabilitiesExplanatoryTableTextBlock
Namespace Prefix: | slf_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration