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 31,20222021
Accounts payable$2,639 $1,866 
Bank overdrafts and cash pooling6 133 
Repurchase agreements (Note 5)
2,725 2,324 
Accrued expenses and taxes4,213 4,265 
Credit facilities2,339 441 
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 liabilities952 850 
Other financial liabilities (Note 5)(2)
1,996 1,810 
Obligations for securities borrowing73 51 
Collateralized loan obligation (Note 5)
2,816 1,726 
Deferred payments liability299 330 
Other1,761 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		Maturity20222021
Encumbrances on real estateCdn. dollarsCurrent - 2032$326 $323 
Encumbrances on real estateU.S. dollars2023 - 202777 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		Maturity20222021
Sun Life Assurance senior debentures:(2)
Issued to Sun Life Capital Trust ("SLCT I")
Series B issued June 25, 20027.09 %
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)
Maturity20222021
Sun Life Assurance:
Issued May 15, 1998(2)
6.30 %n/a2028$150 $150 
Sun Life Financial Inc.:
Issued May 29, 2007(3)
5.40 %May 29, 2037
(4)
2042398 398 
Issued September 19, 2016(5)
3.05 %September 19, 20232028999 998 
Issued November 23, 2017(6)
2.75 %November 23, 20222027— 400 
Issued August 13, 2019(7)
2.38 %August 13, 20242029749 748 
Issued May 8, 2020(8)
2.58 %May 10, 20272032996 995 
Issued October 1, 2020(9)
2.06 %October 1, 20302035746 746 
Issued November 18, 2021(10)
2.46 %November 18, 20262031498 497 
Issued November 18, 2021(11),(13)
2.80 %November 21, 20282033996 995 
Issued November 18, 2021(12),(13)
3.15 %November 18, 20312036498 498 
Issued August 10, 2022(14)
4.78 %August 10, 20292034646 — 
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").