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Commitments, Guarantees and Contingencies
 12 Months Ended
Dec. 31, 2024
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]  
Commitments, Guarantees and Contingencies
22. Commitments, Guarantees and Contingencies
22.A Lease Commitments
We lease offices and certain equipment. These are leases with rents charged to operations in the year to which they relate. Total future rental payments for the remainder of these leases and the payments by year are included in Note 6.C.ii.
22.B Contractual Commitments
In the normal course of business, various contractual commitments are outstanding, which are not reflected in our Consolidated Financial Statements. In addition to loan commitments for debt securities and mortgages included in Note 6.A.i, we have equity, investment property, and property and equipment commitments. The contractual commitments outstanding as at December 31 and the expected maturities of these commitments are included in Note 6.C.ii.
22.C Letters of Credit
We issue commercial letters of credit in the normal course of business. As at December 31, 2024, we had credit facilities of $1,077 available for the issuance of letters of credit (December 31, 2023 — $874), from which a total of $120 in letters of credit were outstanding (December 31, 2023 — $113).
22.D Commissions on Release
Commissions on Release ("CORe") is a program designed to facilitate the transfer of the right to service Clients between advisors in order to provide ongoing service and advice to our Clients. We facilitate and administer these transactions including payment and collection streams. Under the CORe program, when an eligible advisor releases Clients they are servicing, we are contractually obligated to pay them the associated CORe value, based on a specified formula as stipulated in the advisor contract. The value of the CORe commitment will vary for Clients which have not been released by an active advisor. The occurrence of future events that will trigger an advisor to release their right to service Clients and the value of the related CORe commitment at that future release date is difficult to predict. As a result of uncertainty in the timing of the triggering event, we cannot reliably estimate our commitment under the CORe program. Due to the nature of the program, in the normal course of business, the commitment related to the future payment to advisors on release of their right to service Clients would be expected to be matched or partially matched by a corresponding amount related to the receivable on the assignment of the right to service the Client by the new advisors, resulting in an immaterial impact to earnings and liquidity in any reporting period.
22.E Indemnities and Guarantees
In the normal course of our business, we have entered into agreements that include indemnities in favour of third parties, such as confidentiality agreements, engagement letters with advisors and consultants, outsourcing agreements, leasing contracts, trade-mark licensing agreements, underwriting and agency agreements, information technology agreements, distribution agreements, financing agreements, the sale of equity interests, and service agreements. These agreements may require us to compensate the counterparties for damages, losses or costs incurred by the counterparties as a result of breaches in representation, changes in regulations (including tax matters), or as a result of litigation claims or statutory sanctions that may be suffered by the counterparty as a consequence of the transaction. We have also agreed to indemnify our directors and certain of our officers and employees in accordance with our by-laws. These indemnification provisions will vary based upon the nature and terms of the agreements. In many cases, these indemnification provisions do not contain limits on our liability, and the occurrence of contingent events that will trigger payment under these indemnities is difficult to predict. As a result, we cannot estimate our potential liability under these indemnities. We believe that the likelihood of conditions arising that would trigger these indemnities is remote and, historically, we have not made any significant payment under such indemnification provisions. In certain cases, we have recourse against third parties with respect to the aforesaid indemnities, and we also maintain insurance policies that may provide coverage against certain of these claims.

In the normal course of our business, we have entered into purchase and sale agreements that include indemnities in favour of third parties. These agreements may require us to compensate the counterparties for damages, losses, or costs incurred by the counterparties as a result of breaches in representation. As at December 31, 2024, we are not aware of any breaches in representations that would result in any payment required under these indemnities that would have a material impact on our Consolidated Financial Statements.

Guarantees made by us that can be quantified are included in Note 6.A.i.
22.F Guarantees of Sun Life Assurance Preferred Shares and Subordinated Debentures
SLF Inc. has provided a guarantee on the $150 of 6.30% subordinated debentures due 2028 issued by Sun Life Assurance. Claims under this guarantee will rank equally with all other subordinated indebtedness of SLF Inc. SLF Inc. has also provided a subordinated guarantee of preferred shares issued from time to time by Sun Life Assurance, other than such preferred shares which are held by SLF Inc. and its affiliates. Sun Life Assurance has no outstanding preferred shares subject to the guarantee. As a result of these guarantees, Sun Life Assurance is entitled to rely on exemptive relief from most continuous disclosure and the certification requirements of Canadian securities laws.
The following tables set forth certain consolidating summary financial information for SLF Inc. and Sun Life Assurance (consolidated):
For the years endedSLF Inc.(unconsolidated)Sun Life
Assurance
(consolidated)		Other
subsidiaries of
SLF Inc.
(combined)		Consolidation
adjustments		SLF Inc.
(consolidated)
December 31, 2024
Insurance revenue$— $19,389 $4,841 $(1,593)$22,637 
Net investment income (loss) excluding result for segregated fund holders305 7,138 242 (270)7,415 
Fee income1 1,992 7,128 (540)8,581 
Other income— — 163 — 163 
Total revenue$306 $28,519 $12,374 $(2,403)$38,796 
Shareholders’ net income (loss)$3,128 $1,501 $1,675 $(3,175)$3,129 
December 31, 2023
Insurance revenue$— $17,844 $5,055 $(1,543)$21,356 
Net investment income (loss) excluding result for segregated fund holders466 11,176 903 (959)11,586 
Fee income1 1,687 6,647 (503)7,832 
Other income— 169 — — 169 
Total revenue$467 $30,876 $12,605 $(3,005)$40,943 
Shareholders’ net income (loss) $3,165 $1,908 $1,084 $(2,992)$3,165 
Assets and liabilities as atSLF Inc.(unconsolidated)Sun Life
Assurance
(consolidated)		Other
subsidiaries of
SLF Inc.
(combined)		Consolidation
adjustments		SLF Inc.
(consolidated)
December 31, 2024
Invested assets$28,494 $175,508 $12,449 $(26,634)$189,817 
Reinsurance contract held assets$— $6,353 $— $(35)$6,318 
Insurance contract assets$— $227 $1,583 $(1,455)$355 
Total other general fund assets$4,639 $13,979 $10,299 $(3,472)$25,445 
Investments for account of segregated fund holders$— $148,720 $66 $— $148,786 
Insurance contract liabilities excluding those for account of segregated fund holders$— $147,196 $108 $(35)$147,269 
Reinsurance contract held liabilities$— $3,281 $— $(1,456)$1,825 
Investment contract liabilities$— $11,677 $1 $— $11,678 
Total other general fund liabilities$7,576 $16,191 $15,589 $(4,322)$35,034 
Insurance contract liabilities for account of segregated fund holders$— $20,031 $66 $— $20,097 
Investment contract liabilities for account of segregated fund holders$— $128,689 $— $— $128,689 
December 31, 2023
Invested assets$26,239 $164,557 $13,913 $(30,381)$174,328 
Reinsurance contract held assets$— $5,858 $3 $(67)$5,794 
Insurance contract assets$— $184 $637 $(637)$184 
Total other general fund assets$4,547 $13,302 $9,805 $(3,171)$24,483 
Investments for account of segregated fund holders$— $128,396 $56 $— $128,452 
Insurance contract liabilities excluding those for account of segregated fund holders$— $135,445 $291 $(67)$135,669 
Reinsurance contract held liabilities$— $2,260 $— $(637)$1,623 
Investment contract liabilities$— $11,672 $— $— $11,672 
Total other general fund liabilities$7,300 $15,041 $14,880 $(5,596)$31,625 
Insurance contract liabilities for account of segregated fund holders$— $18,985 $56 $— $19,041 
Investment contract liabilities for account of segregated fund holders$— $109,411 $— $— $109,411 
22.G Legal and Regulatory Proceedings
We are regularly involved in legal actions, both as a defendant and as a plaintiff. Legal actions naming us as a defendant ordinarily involve our activities as a provider of insurance protection and wealth management products, as an investor and investment advisor, and as an employer. In addition, government and regulatory bodies in Canada, the U.S., the UK, and Asia, including federal, provincial, and state securities and insurance regulators, tax authorities, and other government authorities, from time to time, make inquiries and require the production of information or conduct examinations or investigations concerning our compliance with tax, insurance, securities, and other laws.

Provisions for legal proceedings related to insurance contracts, such as for disability and life insurance claims and the cost of litigation, are included in Insurance contract liabilities in our Consolidated Statements of Financial Position. Other provisions are established outside of the Insurance contract liabilities if, in the opinion of management, it is both probable that a payment will be required and a reliable estimate can be made of the amount of the obligation. Management reviews the status of all proceedings on an ongoing basis and exercises judgment in resolving them in such manner as management believes to be in our best interest.

Two class action lawsuits have been filed against Sun Life Assurance in connection with sales practices relating to, and the administration of, individual policies issued by the Metropolitan Life Insurance Company ("MLIC"). These policies were assumed by Clarica when Clarica acquired the bulk of MLIC’s Canadian operations in 1998 and subsequently assumed by Sun Life Assurance as a result of its amalgamation with Clarica. One of the lawsuits (Fehr et al v Sun Life Assurance Company of Canada) is issued in Ontario and the other (Alamwala v Sun Life Assurance Company of Canada) is in British Columbia. The Fehr action has been certified as a class action and notice has been made to class members. Sun Life Assurance has brought a motion for summary judgment seeking to dismiss all of the claims. The other action (Alamwala v Sun Life Assurance Company of Canada) has remained largely dormant since it was commenced in 2011 and has not been certified. We will continue to vigorously defend against the claims in these actions. In connection with the acquisition of the Canadian operations of MLIC, MLIC agreed to indemnify Clarica for certain losses, including those incurred relating to the sales of its policies. Should either of the Fehr or the Alamwala lawsuits result in a loss, Sun Life Assurance will seek recourse against MLIC under that indemnity through arbitration.

An Ontario class action lawsuit has been certified against Sun Life Assurance regarding the administration of disability benefits under the Government of Canada employee benefits plan (Belec v Sun Life Assurance Company of Canada). Notice of the class action has been sent to potential class members. The Company has substantive defences to the claims and is defending this lawsuit.

Management does not believe that the probable conclusion of any current legal, regulatory or tax matter, either individually or in the aggregate, will have a material adverse effect on the Consolidated Statements of Financial Position or the Consolidated Statements of Operations.