Canada Life Financial Corporation. Management s Discussion and Analysis. For the year 2011

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1 Canada Life Financial Corporation Management s Discussion and Analysis For the year

2 MANAGEMENT S DISCUSSION AND ANALYSIS FOR THE PERIOD ENDING DECEMBER 31, DATED: FEBRUARY 9, 2012 This Management s Discussion and Analysis (MD&A) presents management s view of the financial condition, results of operations and cash flows of Canada Life Financial Corporation (CLFC or the Company) for the three months and twelve months ended December 31, compared with the same periods in 2010, and with the three months ended September 30,. The MD&A provides an overall discussion, followed by analysis of the performance of the Company s business units. BUSINESS OF CLFC CLFC is a diversified international financial services company offering protection and wealth management products to individuals and groups, principally in Canada, the United Kingdom, Isle of Man, the United States, Ireland and Germany. The Company also provides life reinsurance operating principally in the United States. BASIS OF PRESENTATION AND SUMMARY OF ACCOUNTING POLICIES The consolidated financial statements of CLFC, which are the basis for data presented in this report, have been prepared in accordance with International Financial Reporting Standards (IFRS) unless otherwise noted and are presented in millions of Canadian dollars unless otherwise indicated. This MD&A should be read in conjunction with the Company s consolidated financial statements for the year ended December 31,. CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This MD&A contains some forward-looking statements about the Company, including its business operations, strategy and expected financial performance and condition. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as expects, anticipates, intends, plans, believes, estimates and similar expressions or negative versions thereof. In addition, any statement that may be made concerning future financial performance (including revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future action by the Company, including statements made by the Company with respect to the expected benefits of acquisitions or divestitures, are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Company, economic factors and the financial services industry generally, including the insurance and mutual fund industries. They are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements made by the Company due to, but not limited to, important factors such as sales levels, premium income, fee income, expense levels, mortality experience, morbidity experience, policy lapse rates, taxes, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, changes in accounting policies and the effect of applying future accounting policy changes including future policy changes required under IFRS, unexpected judicial or regulatory proceedings, catastrophic events, and the Company's ability to complete strategic transactions and integrate acquisitions. The reader is cautioned that the foregoing list of important factors is not exhaustive, and there may be other factors, including factors set out under Risk Management and Control Practices and "Summary of Critical Accounting Estimates" and any listed in other filings with securities regulators, which are available for review at The reader is also cautioned to consider these and other factors carefully and to not place undue reliance on forward-looking statements. Other than as specifically required by applicable law, the Company does not intend to update any forward-looking statements whether as a result of new information, future events or otherwise. CAUTIONARY NOTE REGARDING NON-IFRS FINANCIAL MEASURES This MD&A contains some non-ifrs financial measures. Terms by which non-ifrs financial measures are identified include, but are not limited to, operating earnings, constant currency basis, premiums and deposits, sales, and other similar expressions. Non-IFRS financial measures are used to provide management and investors with additional measures of performance. However, non-ifrs financial measures do not have standard meanings prescribed by IFRS and are not directly comparable to similar measures used by other companies. Please refer to the appropriate reconciliations of these non-ifrs financial measures to measures prescribed by IFRS. 1

3 CONSOLIDATED OPERATING RESULTS Selected consolidated financial information (in Canadian $ millions, except for per share amounts) As at or for the three months ended For the twelve months ended Sept Total premiums and deposits $ 2,045 $ 2,331 $ 2,581 $ 8,757 $ 9,103 Fee and other income Paid or credited to policyholders 2,355 2, ,121 8,005 Summary of net earnings (loss) attributable to: Participating account 4 3 (3) 11 6 Preferred shareholders Common shareholder Per common share Basic earnings $ 1.42 $ 0.66 $ 0.78 $ 5.01 $ 4.78 Dividends paid Book value Total assets under management $ 101,595 $ 101,613 $ 97,125 Other assets under administration ,411 Total assets under administration $ 101,697 $ 101,715 $ 98,536 Participating account surplus $ 55 $ 49 $ 41 Non-controlling interests Shareholder's equity 8,154 8,047 7,292 Total equity $ 8,268 $ 8,149 $ 7,376 HIGHLIGHTS Despite challenging market conditions, the Company delivered strong operating results compared to peer companies in its industry. During, the credit ratings for the Company's operating subsidiary, Canada Life Assurance Company, were maintained by Fitch Ratings, A.M. Best Company, DBRS Limited, Moody's Investors Service and Standard & Poor's Rating Services. The Company continues to enjoy strong ratings relative to its North American peer group due to its conservative risk profile and stable earnings track record. The Company remained well capitalized despite the volatility in equity markets and continued decline in interest rates. The Company reported a Minimum Continuing Capital and Surplus Requirements (MCCSR) ratio of 202% at December 31,. Total assets under administration grew to nearly $102 billion at December 31, from $99 billion a year ago. 2

4 NET EARNINGS For the three months ended December 31,, net earnings were $307 million compared to $194 million for the same period in For the twelve months ended December 31,, net earnings increased by $32 million to $1,094 million compared to the same period in Net earnings increased $129 million compared to the previous quarter. Net earnings by segment For the three months ended Sept For the twelve months ended 2010 Attributable to participating account Net earnings before policyholder dividends $ 62 $ 63 $ 54 $ 254 $ 241 Policyholder dividends Total $ 4 $ 3 $ (3) $ 11 $ 6 Attributable to shareholders Preferred shareholder dividend $ 66 $ 65 $ 72 $ 259 $ 289 Common shareholder Individual Insurance $ (20) $ (11) $ 22 $ 43 $ 139 Wealth Management 26 (32) Group Insurance Europe/Reinsurance United States 6 11 (5) Corporate (45) (15) (36) (97) (113) Total common shareholder $ 237 $ 110 $ 125 $ 824 $ 767 Total net earnings $ 307 $ 178 $ 194 $ 1,094 $ 1,062 The information in the table is a summary of results for net earnings of the Company. Additional commentary regarding net earnings can be found in Segmented Operating Results. Net earnings attributable to the participating account For the three months ended December 31,, net earnings attributable to the participating account increased by $7 million compared to the same period in 2010 and increased by $1 million to the third quarter of. For the twelve months ended December 31,, net earnings attributable to the participating account increased by $5 million compared to the same period in Net earnings attributable to the common shareholder For the three months ended December 31,, net earnings attributable to the common shareholder increased by $112 million compared to the same period in 2010 and increased by $127 million compared to the third quarter of. For the twelve months ended December 31,, net earnings attributable to the common shareholder increased by $57 million compared to the same period in Net earnings in were impacted by a number of factors. Interest Rates Environment During the second half of, interest rates in countries where the Company operates declined sharply. The declines in interest rates varied by country, but were generally 100 basis points or more for terms five years and longer, and 50 basis points or less at the short end of the yield curve. In Canada, where the Company is more exposed to declining interest rates due to the long duration of certain insurance liabilities, this caused a decrease in net earnings of approximately $26 million in the fourth quarter of, in addition to the $42 million decrease reported in the third quarter. In Europe, where the Company s assets and liabilities are very closely matched, there was a modest gain reported in the third quarter and a largely offsetting decrease in the fourth quarter, with net minimal impact. 3

5 Equity Markets Momentum from the fourth quarter of 2010 rally slowed in the second quarter of and reversed sharply in the third quarter. Equity market levels recovered somewhat in the fourth quarter, but major equity indices still finished the year down 11% in Canada, down 5.6% in the United Kingdom (U.K.) and flat in the United States (U.S.) Notwithstanding the decline in the second half of the year, average equity market levels for the twelve months ended December 31, were higher than in As equity markets weakened in, the Company experienced downward pressure on asset-based fee income and increased costs of guarantees of death, maturity, and income benefits on certain wealth management products offered by the Company. The fair value of common stocks backing products with long-tail liabilities were generally consistent with the Company s expectations. Credit Market Impact While witnessed credit ratings of many European countries being downgraded and the Standard & Poor's downgrading of U.S. government debt for the first time, the Company's credit experience remained stable with minimal impairments. Credit markets impact on common shareholder's net earnings (after-tax) For the three months ended December 31, Impairment (charges) / recoveries Charges for future credit losses in insurance contracts liabilities Total For the twelve months ended December 31, Charges for future credit losses in insurance contracts liabilities Impairment (charges) / recoveries Canada $ - $ (1) $ (1) $ 1 $ (3) $ (2) United States (1) (1) Europe 3 (24) (21) 13 (45) (32) Total $ 3 $ (25) $ (22) $ 14 $ (49) $ (35) Total In the fourth quarter of, net market value increases on previously impaired securities, both realized and unrealized, positively impacted common shareholder's net earnings by $2 million. New impairments in the quarter had a very little impact on common shareholder's net earnings as the release of provisions for future credit loss on new impaired assets exceeded the actual impairment loss by $1 million. For the twelve months ended December 31, net recoveries positively impacted common shareholder's net earnings by $14 million due to net recoveries on previously impaired investments and the release of the provision for future credit loss exceeding the loss on new impaired assets. In the fourth quarter of, net downgrades in the Company's bond holdings resulted in provisions for future credit losses in insurance contract liabilities which negatively impacted on net earnings attributable to the common shareholder by $25 million ($49 million for the twelve months ended December 31, ). Foreign Currency The Canadian dollar remained relatively level compared to the British pound and the euro, as compared to. For the three and twelve months ended December 31,, the impact of foreign currency was not material. 4

6 Actuarial Assumption Changes The Company adopted the revised Actuarial Standards of Practice for subsection 2350 relating to future mortality improvement in actuarial liabilities for life insurance and annuities in its Canadian operations in the third quarter of. This had a positive impact on life insurance contract liabilities and a negative impact on annuity liabilities, for an overall net earnings benefit of $37 million as reported in the third quarter of. The Company revised the corresponding assumptions in its Europe and U.S. operations in the fourth quarter of for an overall positive net earnings impact of $158 million and $4 million respectively. The Company also updated a number of actuarial experience studies in-quarter which increased net earnings by $31 million after-tax. PREMIUMS AND DEPOSITS AND SALES Premiums and deposits include premiums on risk-based insurance and annuity products and deposits on individual and group segregated fund products. Sales include 100% of single premium and annualized recurring premium on risk-based and annuity products and deposits on individual and group segregated fund products. Premiums and Deposits For the three months ended For the twelve months ended Business/Product Sept Individual Insurance $ 285 $ 259 $ 258 $ 1,054 $ 928 Wealth Management ,255 1,327 Group Insurance Europe/Reinsurance 1,246 1,649 1,719 5,680 6,081 United States Total premiums and deposits $ 2,045 $ 2,331 $ 2,581 $ 8,757 $ 9,103 Summary by Type Risk-based products $ 884 $ 891 $ 1,125 $ 3,936 $ 4,392 Segregated funds deposits Individual products 1,129 1,413 1,406 4,689 4,554 Group products Total premiums and deposits $ 2,045 $ 2,331 $ 2,581 $ 8,757 $ 9,103 Sales For the three months ended For the twelve months ended Business/Product Sept Individual Insurance $ 46 $ 47 $ 47 $ 195 $ 180 Wealth Management ,412 1,764 Group Insurance Europe - Insurance & Annuities 881 1,279 1,308 4,144 4,487 Total Sales $ 1,279 $ 1,655 $ 1,871 $ 5,809 $ 6,489 The information in the table is a summary of results for premiums and deposits and sales of the Company. Additional commentary regarding premiums and deposits and sales can be found in Segmented Operating Results. 5

7 NET INVESTMENT INCOME Net investment income For the three months ended Sept For the twelve months ended 2010 Investment income earned (net of investment properties expenses) $ 773 $ 724 $ 816 $ 3,039 $ 3,154 (Provision)/recovery of credit losses on loans and receivables (1) (3) 1 (5) 1 Net realized gains Regular investment income ,129 3,220 Investment expenses (8) (8) (11) (32) (37) Regular net investment income ,097 3,183 Changes in fair value through profit or loss 1,179 1,566 (1,270) 2,923 2,215 Net investment income (loss) $ 1,960 $ 2,307 $ (431) $ 6,020 $ 5,398 Net investment income in the fourth quarter of increased by $2,391 million compared to the same period last year. The increase in net investment income is mostly the result of an increase in fair values of $1,179 million in the fourth quarter of compared to a decrease in fair values of $1,270 million in the same quarter in In the fourth quarter of, the fair value of the Company s bond investments increased primarily as a result of decreasing long-term government bond rates. Regular investment income decreased primarily as a result of a charge related to the settlement of litigation relating to the Company s investment in a USA based private equity firm. For the twelve months ended December 31, net investment income increased by $622 million compared to the same period last year. The increase in net investment income from 2010 is primarily a result of an increase in fair values of $2,923 million in compared to an increase in fair values of $2,215 million in 2010 primarily due to increases in fair values of the Company s bond investments resulting from decreasing government bond rates. Regular investment income decreased primarily as a result of currency movement due to a stronger Canadian dollar throughout compared to 2010 and due to provisions related to the settlement of litigation relating to the Company's investment in a USA based private equity firm. Net investment income was lower in the fourth quarter of compared to the third quarter of primarily due to the change in fair values, which was an increase of $1,179 million in the fourth quarter of compared to an increase of $1,566 million in the third quarter of. The fair value of the Company s bond investments increased less in the fourth quarter of compared to the third quarter of due to smaller declines in government bond rates. With the adoption of IFRS, investment properties are carried at fair value with changes in fair value recorded in net investment income. Because of the long-term nature of investment properties, these assets are often acquired to support products with long-tail liabilities. Generally, the value of the insurance contract liabilities will fluctuate in line with the changes in fair value of the investment properties held in support of those liabilities as both are based on the long-term expected cash flows for these investments. For investment properties that are held to support shareholder's surplus, any change in fair value directly impacts common shareholder's net earnings. 6

8 Investment properties fair values for the three month period ended December 31, increased by $8 million compared to $1 million for the same period last year. For the twelve months ended December 31,, investment properties fair values increased by $62 million compared to $154 million in the same period last year. In the Company s Canadian portfolio, stronger real estate fundamentals and lower investment yield parameters resulted in an increase of $4 million in fair value for the quarter and $21 million for the twelve months ended December 31,. The Company s Europe portfolio experienced an increase of $4 million in fair value in the quarter across a number of properties and $41 million for the twelve months ended December 31,. The Company has no significant holdings of investment properties in its United States segment. The after-tax impact on shareholder's net earnings of the increase in fair value of investment properties held in the surplus account, was $1 million in the fourth quarter and $13 million for the twelve months ended December 31, compared to nil in the fourth quarter of 2010 and $2 million for the twelve months ended December 31, FEE AND OTHER INCOME In addition to providing traditional risk-based insurance products, the Company also provides certain products on a fee-for-service basis. The most significant of these products are segregated funds, for which the Company earns investment management and other premium-based fees. Fee and other income For the three months ended For the twelve months ended Sept Wealth Management $ 22 $ 23 $ 42 $ 114 $ 177 Group Insurance Insurance & Annuities Reinsurance Other Total fee and other income $ 180 $ 152 $ 170 $ 652 $ 692 The information in the table is a summary of results of gross fee and other income of the Company. Additional commentary regarding fee and other income can be found in Segmented Operating Results. PAID OR CREDITED TO POLICYHOLDERS Amounts paid or credited to policyholders include changes in insurance and investment contract liabilities, claims, surrenders, annuity and maturity payments, segregated funds guarantee payments and dividend and experience refund payments for risk-based products. The change in insurance contract liabilities includes adjustments to insurance contract liabilities for changes in fair value of certain invested assets backing those insurance contract liabilities and changes in the provision for future credit losses in insurance contract liabilities. For the three months ended December 31,, consolidated amounts paid or credited to policyholders were $2.4 billion, an increase of $2.1 billion from the fourth quarter of For the twelve months ended December 31,, consolidated amounts paid or credited to policyholders were $8.1 billion, an increase of $0.1 billion from the same period in These movements were due to higher increases in the fair values of the invested assets backing insurance contract liabilities. Compared to the third quarter of, amounts paid or credited to policyholders decreased by $0.5 billion which is attributed to smaller fair value increases in the assets backing these insurance contract liabilities in the fourth quarter of compared to

9 OTHER BENEFITS AND EXPENSES Other benefits and expenses For the three months ended For the twelve months ended Sept Commissions $ 106 $ 118 $ 126 $ 505 $ 516 Operating and administrative expenses Premium taxes Financing charges Impairment of finite life intangible assets Amortization of finite life intangible assets Total $ 285 $ 274 $ 300 $ 1,158 $ 1,143 Other benefits and expenses decreased by $15 million in the fourth quarter of compared to the same period in The decrease is due to lower commissions and operating expenses. Other benefits and expenses increased by $15 million for the twelve months ended December 31, compared to the full year in The increase was primarily due to a $3.5 million impairment charge of a finite life intangible asset and an increase in operating expenses in Europe/Reinsurance. Compared to the third quarter, other benefits and expenses increased by $11 million due to the $3.5 million impairment charge on a finite life intangible asset recorded in the fourth quarter as well as increases in premium taxes and operating expenses primarily due to the normal seasonality of operating expenses, offset by a decrease in commissions. INCOME TAXES The Company has a statutory income tax rate of 28% and an effective income tax rate of 18.5% for the fourth quarter of. The effective income tax rate is primarily a result of benefits related to the non-taxable investment income and lower tax in foreign jurisdictions. Also reducing the effective income tax rate are the impacts of reductions to statutory income tax rates in the Company s Europe/Reinsurance business unit. The Company has an effective income tax rate of 16.4% for the twelve months of. The effective income tax rate is primarily reduced for the same reasons as the in-quarter rate and the impact of changes to statutory tax rates on the adjustment within the insurance contract liabilities for deferred taxes. Income taxes for the three and twelve months ended December 31, were $71 million and $219 million, respectively, compared to $65 million and $259 million for the same periods in Earnings before income taxes were $384 million and $1,329 million for the three and twelve month periods ended December 31,, compared to $258 million and $1,334 million for the same period in

10 CONSOLIDATED FINANCIAL POSITION ASSETS Assets under administration 2010 Assets Invested assets $ 55,513 $ 51,252 Goodwill and intangible assets Other general fund assets 16,313 16,816 Segregated funds net assets 29,452 28,739 Total general fund assets 101,595 97,125 Other assets under administration 102 1,411 Total assets under administration $ 101,697 $ 98,536 Total assets under administration at December 31, increased by $3.2 billion from December 31, 2010 primarily as a result of an increase in bond fair values due to the decline in interest rates during. Other assets under administration decreased by $1.3 billion from December 31, 2010 primarily due to a decrease in assets under administration in the Wealth Management business, primarily as a result of the sale of Laketon Investment Management (Laketon). INVESTED ASSETS The Company manages its general fund assets to support the cash flow, liquidity and profitability requirements of the Company's insurance and investment products. The Company follows prudent and conservative investment policies, so that assets are not unduly exposed to concentration, credit or market risks. The Company implements strategies within the overall framework of the Company s policies, reviewing and adjusting them on an ongoing basis in light of liability cash flows and capital market conditions. The majority of investments of the general fund are in medium-term and long-term fixed income investments, primarily bonds and mortgages, reflecting the characteristics of the Company s liabilities. Invested asset distribution December 31, December 31, 2010 Bonds Government & related $ 16, % $ 15, % Corporate & other 27, , Sub-total bonds 43, , Mortgages 5, , Stocks 1, ,611 3 Investment properties 2, ,231 4 Sub-total portfolio investments 53, , Cash and cash equivalents 1, ,167 3 Loans to policyholders Total invested assets $ 55, % $ 51, % At December 31, total invested assets were $55.5 billion, an increase of $4.2 billion from December 31, 2010 primarily due to currency movement and an increase in fair value as a result of lower government bond rates. The distribution of assets has not changed materially and remains heavily weighted to bonds and mortgages. 9

11 Bond portfolio quality December 31, December 31, 2010 AAA $ 14, % $ 13, % AA 11, , A 12, , BBB 5, , BB or lower Total $ 43, % $ 40, % Bond portfolio The total bond portfolio, including short-term investments, increased $3.5 billion to $43.5 billion or 79% of invested assets at December 31,, from $40.0 billion or 78% of invested assets at December 31, Federal, provincial and other government securities represented 38% of the bond portfolio in and 39% in The overall quality of the bond portfolio remained high, with 99% of the portfolio rated investment grade and 87% rated A or higher. Non-investment grade bonds were $424 million or 1.0% of the bond portfolio at December 31, compared with $515 million or 1.3% of the portfolio at December 31, The net decrease in non-investment grade bonds resulted from repayments and dispositions partly offset by net rating downgrades. Holdings of Debt Securities of Governments Carrying Value by Rating - December 31, AAA AA A BBB BB & Lower Total Amortized Cost Canada $ 2,196 $ 1,500 $ 1,055 $ - $ - $ 4,751 $ 4,066 U.K. 9, ,914 9,506 U.S. 1, ,724 1,511 13,588 2,097 1, ,389 15,083 Portugal Ireland Italy Greece Spain Germany France Netherlands Austria Australia Supranationals All other (9 countries) , ,434 2,274 Total* $ 15,947 $ 2,155 $ 1,281 $ 693 $ 11 $ 20,087 $ 17,674 * Includes certain funds held by ceding insurers. At December 31,, the Company held government and government related debt securities (including certain assets reported as funds held by ceding insurers) with an aggregate carrying value of $20.1 billion compared to $20.3 billion at September 30,. Included in this portfolio are debt securities issued by Portugal, Ireland, Italy and Spain, with an aggregate carrying value of $264 million. Carrying values decreased mostly as a result of net dispositions. The Company does not hold any debt securities of the government of Greece. 10

12 Holdings of Debt Securities of Banks and Other Financial Institutions Carrying Value by Rating - December 31, AAA AA A BBB BB & Lower Total Amortized Cost Canada * $ - $ 4,568 $ 116 $ - $ - $ 4,684 $ 4,676 U.K , ,714 2,994 U.S ,780 1, ,718 2, ,178 9,443 Portugal Ireland Italy Greece Spain Germany France Netherlands Australia All other (11 institutions) ,525 1,644 Total $ 289 $ 6,162 $ 3,170 $ 1,018 $ 422 $ 11,061 $ 11,554 * Includes $4,245 of fixed term notes receivable from The Great-West Life Assurance Company Carrying Value by Seniority - December 31, Covered Senior Debt Subordinated Debt Upper Tier Two Capital Securities Total Amortized Cost Canada $ - $ 4,609 $ 38 $ 1 $ 36 $ 4,684 $ 4,676 U.K. 66 1, ,714 2,994 U.S. 53 1, ,780 1, ,067 1, ,178 9,443 Portugal Ireland Italy Greece Spain Germany France Netherlands Australia All other (11 institutions) ,525 1,644 Total $ 296 $ 7,785 $ 1,899 $ 543 $ 538 $ 11,061 $ 11,554 At December 31,, the Company held debt securities issued by banks and other financial institutions (including certain assets reported as funds held by ceding insurers) with an aggregate carrying value of $11.1 billion compared to $10.9 billion at September 30,. Carrying values decreased mostly as a result of net dispositions. Included in this portfolio is $358 million of debt securities issued by banks and other financial institutions domiciled in Ireland, Italy and Spain. Of the Spain holdings of $239 million, $163 million are Sterling denominated bonds issued by UK domiciled Financial Services Authority (FSA) regulated subsidiaries of Spanish financial institutions. The Company does not have any holdings of banks and other financial institutions domiciled in Greece or Portugal. The Company has been reducing its holdings of Ireland domiciled banks in. The Company no longer has any 11

13 holdings of Allied Irish Bank. At December 31,, the Company held Bank of Ireland impaired securities with an amortized cost of $12 million, against which the impairment provisions are $10 million. At December 31,, approximately 96% of the $11.1 billion carrying value of debt securities invested in banks and other financial institutions was rated investment grade. Of the Company s invested assets including certain funds withheld, 4.6% are in bonds of government and financial institutions of Eurozone countries as at December 31,. Mortgage portfolio December 31, December 31, 2010 Mortgage loans by type Insured Non-insured Total Total Single family residential $ 176 $ 135 $ % $ % Multi-family residential , Commercial 165 4,165 4, , Total $ 921 $ 4,791 $ 5, % $ 5, % Commercial mortgages December 31, December 31, 2010 Canada U.S. Europe Total Canada U.S. Europe Total Retail & shopping centres $ 807 $ 54 $ 1,100 $ 1,961 $ 825 $ 57 $ 1,080 $ 1,962 Office buildings Industrial Other Total $ 1,764 $ 157 $ 2,409 $ 4,330 $ 1,751 $ 175 $ 2,258 $ 4,184 Mortgage portfolio It is the Company s practice to acquire only high quality commercial loans meeting strict underwriting standards and diversification criteria. The Company has a well defined risk rating system, which it uses in its underwriting and credit monitoring processes for commercial mortgages. Residential loans are originated by the Company s mortgage specialists in accordance with well established underwriting standards and are well diversified across each geographic region. The total mortgage portfolio was $5.7 billion or 10% of invested assets at December 31, compared to $5.4 billion or 10% of invested assets at December 31, Total insured loans were $0.9 billion or 16% of the mortgage portfolio. Equity portfolio December 31, December 31, 2010 Equity portfolio by type Publicly traded stocks $ 1, % $ 1, % Privately held equities (at cost) Sub-total 1, % 1, % Investment properties 2, , Total $ 4, % $ 3, % 12

14 Investment properties December 31, December 31, 2010 Canada U.S. Europe Total Canada U.S. Europe Total Office buildings $ 169 $ - $ 454 $ 623 $ 156 $ - $ 362 $ 518 Industrial Retail Other Total $ 307 $ 3 $ 2,126 $ 2,436 $ 275 $ 6 $ 1,950 $ 2,231 Equity portfolio The total equity portfolio was $4.0 billion or 7% of invested assets at December 31, compared to $3.8 billion or 7% of invested assets at December 31, The equity portfolio consists of public stocks, private equity and investment properties. Publicly traded stocks were $1.5 billion, consistent with December 31, 2010, while privately held equities carried at cost declined as a result of dispositions. Increases in investment properties include market value gains of $62 million in and $154 million in Impaired investments Impaired investments include bonds in default, bonds with deferred non-cumulative coupons, mortgages in default or in the process of foreclosure, investment properties acquired by foreclosure, and other assets where management no longer has reasonable assurance that all contractual cash flows will be received. Impaired investments Gross amount December 31, December 31, 2010 Impaired Carrying Gross Impaired amount amount amount amount Carrying amount Impaired investments by type (1) Fair value through profit or loss $ 103 $ (49) $ 54 $ 228 $ (131) $ 97 Available for sale 8 (2) 6 20 (10) 10 Loans and receivables 65 (19) (20) 54 Total $ 176 $ (70) $ 106 $ 322 $ (161) $ 161 (1) Includes impaired amounts on certain funds held by ceding insurers. The gross amount of impaired investments totaled $176 million or 0.3% of portfolio investments (including certain assets reported as funds held by ceding insurers) at December 31, compared with $322 million or 0.6% at December 31, 2010, a net decrease of $146 million. The main contributor to the decrease was disposals of previously impaired investments with only minimal new in-year impairments. Impairment provisions at December 31, were $70 million compared to $161 million at December 31, 2010, a decrease of $91 million. The main contributor to the decrease was the disposal of previously impaired amounts. 13

15 Unrealized mark-to-market losses At December 31,, gross unrealized bond losses totaled $993 million ($941 million at December 31, 2010), of which $961 million are fair value through profit or loss bonds, held primarily in support of insurance and investment contract liabilities. The changes in the fair value of these fair value through profit or loss bonds, excluding investment impairment charges, have been offset by a corresponding change in the value of the insurance and investment contract liabilities on the basis of management s assessment that the Company will ultimately receive all contractual cash flows on these bonds. December 31, December 31, 2010 Classification Fair value through profit or loss $ % $ % Available for sale Total $ % $ % (1) Includes unrealized bond losses on certain funds held by ceding insurers. Provision for future credit losses The provision for future credit losses is determined following Canadian Institute of Actuaries (CIA) standards and so includes provisions for adverse deviation. At December 31,, the total provision for future credit losses in insurance contract liabilities was $1,389 million compared to $1,279 million at December 31, 2010; an increase of $110 million which primarily reflects a combination of lower interest rates, currency movement, credit rating activity and normal business activity. Changes to the provision resulting from basis changes and releases in connection with the sale of certain noninvestment grade assets were not material. The aggregate of impairment provisions of $70 million ($161 million at December 31, 2010) and $1,389 million ($1,279 million at December 31, 2010) provision for future credit losses in insurance contract liabilities represents 2.5% of bond and mortgage assets at December 31, (2.6% at December 31, 2010). Derivative Financial Instruments During the twelve month period ended December 31,, the outstanding notional amount of derivative contracts increased by $640 million. Their exposure to credit risk, which reflects the current fair value of those instruments in a gain position, decreased to $494 million at December 31, from $544 million at December 31, For an overview of the use of derivative financial instruments, refer to note 29 to the Company's annual consolidated financial statements. Goodwill and intangible assets Goodwill and intangible assets December Goodwill $ 259 $ 256 Finite life intangible assets Total $ 317 $ 318 The Company tests goodwill and intangible assets annually for impairment. Impairment charges in the fourth quarter of were relatively immaterial at $3.5 million relating to the impairment of computer software in the Company's Europe/Reinsurance operations. There were no impairment charges in 2010 related to goodwill and intangible assets. 14

16 Goodwill and intangible assets have decreased by $1 million, due to amortization and the above noted impairment charge on the finite life intangible asset partly offset by foreign exchange rates and additions of computer software. Refer to note 11 to the Company's annual consolidated financial statements for further detail. Also refer to the Summary of Critical Accounting Estimates section of this document for details on impairment testing of these assets. Other general fund assets Other general fund assets December Funds held by ceding insurers $ 9,576 $ 9,537 Reinsurance assets 4,116 4,571 Other assets 1,928 1,986 Derivative financial instruments Owner occupied properties Deferred tax assets Fixed assets Total $ 16,313 $ 16,816 Total other general fund assets at December 31, were $16.3 billion, a decrease of $503 million from December 31, The decrease is primarily due to a $455 million decrease in reinsurance assets. The decrease in reinsurance assets is mainly a result of management actions and changes in assumptions as well as the impact of new business. Refer to note 15 to the Company s annual consolidated financial statements for detail of the changes in reinsurance assets. Other assets comprise of several items including premiums in the course of collection, prepaid amounts and accounts receivable. Refer to note 13 to the Company's annual consolidated financial statements for a breakdown of other assets. Segregated funds for the risk of unitholders Segregated funds December Stocks $ 22,473 $ 21,970 $ 20,742 Bonds 3,323 2,636 2,628 Investment properties Cash and other 2,822 3,251 3,235 Total $ 29,452 $ 28,739 $ 27,522 Year-over-year growth 2 % 4 % Segregated funds assets under management, which are measured at market values, increased by $0.7 billion to $29.4 billion at December 31,. The change resulted from net deposits of $1.7 billion and positive currency movement of $0.3 billion, partially offset by a decline in equity markets of $1.3 billion. 15

17 LIABILITIES Total liabilities 2010 Insurance and investment contract liabilities $ 59,526 $ 56,616 Other general fund liabilities 4,349 4,394 Investment and insurance contracts on account of unit holders 29,452 28,739 Total $ 93,327 $ 89,749 Total liabilities increased by $3.6 billion at December 31,. The increase was driven by higher insurance and investment contract liabilities primarily as a result of the decline in interest rates. Insurance and investment contract liabilities represent the amounts which, together with estimated future premiums and investment income, will be sufficient to pay estimated future benefits, dividends, and expenses on policies inforce. Insurance and investment contract liabilities are determined using generally accepted actuarial practices, according to standards established by the Canadian Institute of Actuaries. Also refer to the "Summary of Accounting Estimates" section of this document for further details. Insurance and investment contract liabilities increased by approximately $0.9 billion in Canada, $0.1 billion in the U.S. and $1.9 billion in Europe, primarily due to the impact of new business and the decline in interest rates. The decline in interest rates caused similar changes in the invested assets backing insurance and investment contract liabilities. The increase in investment and insurance contracts on account of unit holders was due to net deposits of $1.7 billion and currency movement of $0.3 billion, partially offset by a decline in equity markets of $1.3 billion. 16

18 Assets supporting insurance and investment contract liabilities Individual Insurance Wealth Management Group Insurance Europe / Reinsurance United States Total Participating December 31, Bonds $ 5,226 $ 2,609 $ 5,486 $ 1,057 $ 19,800 $ 876 $ 35,054 Mortgage loans 1, , , ,584 Stocks ,546 Investment properties ,093-2,201 Other 937 1,075 1, ,940 1,495 15,141 Total assets $ 8,056 $ 4,542 $ 8,364 $ 1,607 $ 34,448 $ 2,509 $ 59,526 Total insurance and investment contract liabilities $ 8,056 $ 4,542 $ 8,364 $ 1,607 $ 34,448 $ 2,509 $ 59,526 December 31, 2010 Bonds $ 4,865 $ 2,087 $ 5,155 $ 1,102 $ 18,454 $ 851 $ 32,514 Mortgage loans , , ,233 Stocks ,509 Investment properties ,914-2,015 Other 1,094 1,378 1, ,920 1,505 15,345 Total assets $ 7,654 $ 4,182 $ 8,122 $ 1,586 $ 32,576 $ 2,496 $ 56,616 Total insurance and investment contract liabilities $ 7,654 $ 4,182 $ 8,122 $ 1,586 $ 32,576 $ 2,496 $ 56,616 Other assets include: premiums in the course of collection, interest due and accrued, other investment receivable, current income taxes, prepaid expenses, accounts receivable, trading accounts assets and deferred acquisition costs. Asset and liability cash flows are carefully matched within reasonable limits to minimize the financial effects of a shift in interest rates. This practice has been in effect for several years and has shielded the Company s financial position from interest rate volatility. Other general fund liabilities Other general fund liabilities December Other liabilities $ 2,130 $ 2,007 Funds held under reinsurance contracts Debentures Capital trust securities Deferred tax liabilities Derivative financial instruments Repurchase agreements Preferred shares Total $ 4,349 $ 4,394 Total other general fund liabilities at December 31, were $4.3 billion, comparable to the general fund liabilities at December 31, The Company redeemed all of its preferred shares in the fourth quarter of. Refer to note 22 in the Company's annual consolidated financial statements for more details on the share redemption. 17

19 Other liabilities of $2.1 billion include current income tax liabilities, accounts payable, pension and other postemployment benefits, deferred income reserve and other liability balances. Refer to note 18 to the Company's annual consolidated financial statements for a breakdown of other liabilities and note 17 for details of the Company's debentures. Investment Guarantees Associated with Wealth Management Products The Company offers retail segregated fund products, unitized with profits (UWP) products and variable annuity products that provide for certain guarantees that are tied to the market values of the investment funds. The Company utilizes internal reinsurance treaties to aggregate the business as a risk mitigating tool. Aggregation enables the Company to benefit from diversification of segregated fund risks within one legal entity, a more efficient and cost effective hedging process, and better management of the liquidity risk associated with hedging. It also results in the Company holding lower required capital and insurance and investment contract liabilities, as aggregation of different risk profiles allows the Company to reflect offsets at a consolidated level. In Canada, the Company offers retail segregated fund products that provide guaranteed minimum death benefits (GMDB) and guaranteed minimum accumulation on maturity benefits (GMAB). These products are required to have minimum guarantees of 75% on death and 75% on maturity. The policyholder can choose to increase the level of guarantee up to 100%. The increased guarantee requires the policyholder to pay an additional premium for the enhanced guarantee ( rider ). On October 5, 2009, the Company launched new retail segregated fund products which offer three levels of death and maturity guarantees, guarantee reset riders and lifetime guaranteed minimum withdrawal benefits (GMWB). In Europe, the Company offers UWP products, which are similar to segregated fund products, but with pooling of policyholders funds and minimum credited interest rates. A GMWB product was introduced in Germany in the first quarter of 2009 and in Ireland in the fourth quarter of. The majority of the guarantees in connection with the Canadian retail segregated fund businesses of the Company have been reinsured to London Reinsurance Group Inc. (LRG), not including the new products launched on October 5, 2009, which have been reinsured to London Life Insurance Company (London Life). For policies with these guarantees, the Company generally determines policy liabilities at a CTE75 (conditional tail expectation of 75) level. The CTE75 level determines the amount of policy liabilities as the amount required in excess of the policyholder funds in the average of the 25% worst scenarios tested, using scenario generating processes consistent with the Canadian Institute of Actuaries Standards of Practice. Generally, if this amount is less than zero, then no policy liability is held for the guarantees. For purposes of determining the required capital for these guarantees a Total Gross Calculated Requirement (TGCR) is determined and the required capital is equal to the TGCR less the policy liabilities held. The TGCR was $50 million at December 31, ($51 million at December 31, 2010). The Office of the Superintendent of Financial Institutions (OSFI) rules for the TGCR provide for a CTE98 level for cash flows within one year, CTE95 level for cash flows between one and five years, and between CTE90 level and CTE95 level for cash flows greater than five years. The TGCR is determined separately for business written on or after January 1,, as this business is subject to more stringent rules and cannot be offset by business written prior to. All business is valued using OSFI-approved internal models. The GMWB products offered by the Company in Canada, Ireland and Germany provide the policyholder with a guaranteed minimum level of annual income for life. The minimum level of income may increase depending upon the level of growth in the market value of the policyholder s funds. Where the market value of the policyholder s funds is ultimately insufficient to meet the level of guarantee purchased by the policyholder, the Company is obligated to make up the shortfall. 18

20 These products involve cash flows of which the magnitude and timing are uncertain and are dependent on the level of equity and fixed income market returns, interest rates, market volatility, policyholder behaviour and policyholder longevity. The Company has a hedging program in place to mitigate certain risks associated with options embedded in its GMWB products. The program methodology quantifies both the embedded option value and its sensitivity to movements in equity markets and interest rates. Equity derivative instruments are used to mitigate changes in the embedded option value attributable to equity market movements. In addition, interest rate derivative instruments are used to mitigate changes in the embedded option value attributable to interest rate movements. The hedging program, by its nature, requires continuous monitoring and rebalancing to avoid over or under hedged positions. Periods of heightened market volatility will increase the frequency of hedge rebalancing. By their nature, certain risks associated with the GMWB product either cannot be hedged, or cannot be hedged on a cost effective basis. These risks include policyholder behaviour, policyholder longevity, basis risk and market volatility. Consequently, the hedging program will not mitigate all risks to the Company associated with the GMWB products, and may expose the Company to additional risks including the operational risk associated with the reliance upon sophisticated models, and counterparty credit risk associated with the use of derivative instruments. Other risk management processes are in place aimed at appropriately limiting the Company s exposure to the risks it is not hedging or are otherwise inherent in this GMWB hedging program. In particular, the GMWB product has been designed with specific regard to limiting policyholder anti selection, and the array of investment funds available to policyholders has been determined with a view to minimizing underlying basis risk. The GMWB products offered by the Company offer levels of death and maturity guarantees. At December 31,, the amount of GMWB product in-force in Canada, Ireland and Germany was $451 million ($255 million at December 31, 2010). The GMWB product in Canada has been reinsured to an affiliated company. Segregated funds guarantee exposure Investment deficiency by benefit type Market value Income Maturity Death Total* Canada - gross $ 3,955 $ - $ 11 $ 121 $ ceded 3, net Europe 2, Total $ 2,298 $ 1 $ 122 $ 137 $ 137 * A policy can only receive a payout from one of the three trigger events (income election, maturity or death). Total deficiency measures the point-in-time exposure assuming the most costly trigger event for each policy occurred on December 31,. The investment deficiency measures the point-in-time exposure to a trigger event (i.e. income election, maturity, or death) assuming it occurred on December 31,. For example, at December 31,, investment guarantees resulted in a deficiency of $137 million with respect to death benefits. This should be interpreted to mean that if all of the policyholders with in the money GMDB had died on December 31,, the Company would have been obligated to pay $137 million more in death benefits than it would have if there had been no investment guarantees. The actual cost to the Company will depend on the trigger event having occurred and the market values at that time. For example, if markets were to remain at December 31, levels, the GMDB related payments due to investment guarantees over the next twelve months are estimated to be $3 million. 19

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