Impact of IFRS 17 changes
Strong underlying business fundamentals not impacted by IFRS 17
1 No impact on business strategies
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Medium-term financial objectives: increase in underlying ROE; maintain underlying EPS growth and
underlying dividend payout ratio¹
At transition, 15-20% of shareholders' equity transfers to liabilities, largely to establish the Contractual
Service Margin (CSM)
Mid-single digit reduction to underlying net income² in 2022 comparative year; expect positive underlying
net income growth from 2022 (IFRS 4) to 2023 (IFRS 17)
IFRS 17 underlying net income will be more stable
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Note: This slide contains forward-looking statements. Refer to "Forward-looking statements" on slide 3 for more information
Footnotes 1-2: Refer to slide 32
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