Canada Life Financial Corporation. Management s Discussion and Analysis. For the year 2014

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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 ENDED DECEMBER 31, DATED: FEBRUARY 12, 2015 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, and includes a comparison to the corresponding periods in 2013, to the three months ended September 30,, and to the Company's financial condition as at December 31, This 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, which operates primarily in the United States, Barbados and Ireland. 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 period 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 actions by the Company, including statements made with respect to the expected benefits of acquisitions and divestitures, are also forwardlooking statements. Forward-looking statements are based on expectations and projections about future events that were current at the time of the statements 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. Material factors and assumptions that were applied in formulating the forward-looking information contained herein include the assumption that the business and economic conditions affecting the Company s operations will continue substantially in their current state, including, without limitation, with respect to market prices for products provided, sales levels, premium income, fee income, expense levels, mortality experience, morbidity experience, policy lapse rates, taxes, inflation, information systems, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, continuity and availability of personnel and third party service providers, the Company's ability to complete strategic transactions and integrate acquisitions and that there will be no unplanned material changes to the Company s facilities, customer and employee relations or credit arrangements. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance that they will prove to be correct. Other important factors and assumptions that could cause actual results to differ materially from those contained in forward-looking statements include technological change, investment values, payments required under investment products, reinsurance, changes in local and international laws and regulations, changes in accounting policies and the effect of applying future accounting policy changes, unexpected judicial or regulatory proceedings and catastrophic events. The reader is cautioned that the foregoing list of assumptions and factors is not exhaustive, and there may be other factors listed in other filings with securities regulators, including factors set out in this MD&A under "Risk Management and Control Practices" and "Summary of Critical Accounting Estimates", which, along with other filings, is available for review at The reader is also cautioned to consider these and other factors carefully and not to 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. 1

3 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 to help assess results where no comparable IFRS measure exists. 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. 2

4 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 Premiums and deposits: Amounts per financial statements Net premium income (Life insurance, guaranteed annuities and insured health products) $ 1,307 $ 1,218 $ 1,551 $ 6,646 $ 5,483 Policyholder deposits (segregated funds): Individual products 2,391 2,139 2,077 8,702 5,605 Group products Premiums and deposits per financial statements 3,747 3,383 3,678 15,467 11,214 Proprietary mutual funds & institutional deposits (1) 1,364 1,036 2,643 4,700 4,119 Total premiums and deposits (1) 5,111 4,419 6,321 20,167 15,333 Fee and other income , Paid or credited to policyholders (2) 3,459 2,491 1,349 12,586 4,243 Earnings Participating account (4) Preferred shareholders Common shareholder , Per common share Basic earnings $ 1.71 $ 2.23 $ 1.55 $ 7.58 $ 5.06 Dividends paid Book value Total assets per financial statements $ 176,809 $ 172,578 $ 161,732 Proprietary mutual funds and institutional net assets (3) 20,736 19,646 16,614 Total assets under management (3) 197, , ,346 Other assets under administration (4) 41,806 40,508 40,042 Total assets under administration $ 239,351 $ 232,732 $ 218,388 Participating account surplus $ 167 $ 171 $ 132 Non-controlling interests Shareholders' equity 8,771 8,573 7,887 Total equity $ 9,018 $ 8,820 $ 8,086 (1) (2) (3) (4) In addition to premiums and deposits per the financial statements, the Company includes deposits on proprietary mutual funds and institutional accounts to calculate total premiums and deposits (a non-ifrs financial measure). This measure provides useful information as it is an indicator of top line growth. Paid or credited to policyholders includes the impact of changes in fair values of assets supporting insurance and investment contract liabilities. Total assets under management (a non-ifrs financial measure) provides an indicator of the size and volume of the overall business of the Company. Services provided in respect of assets under management include the selection of investments, the provision of investment advice and discretionary portfolio management on behalf of clients. This includes internally and externally managed funds where the Company has oversight over the investment policies. Other assets under administration (a non-ifrs financial measure) include assets where the Company only provides administration services for which the Company earns fee and other income. These assets are beneficially owned by clients and the Company does not direct the investing activities. Services provided relating to assets under administration include recordkeeping, safekeeping, collecting investment income, settling of transactions or other administrative services. Administrative services are an important aspect of the overall business of the Company and should be considered when comparing volumes, size and trends. 3

5 NET EARNINGS Consolidated net earnings of CLFC include the net earnings of The Canada Life Assurance Company (Canada Life). Irish Life Group Limited (Irish Life) results are included for the period subsequent to the acquisition date of July 18, For the three months ended December 31,, CLFC net earnings were $317 million compared to $354 million a year ago and $435 million in the previous quarter. Restructuring costs related to the integration of Irish Life were $6 million in-quarter. Fourth quarter 2013 net earnings include Irish Life acquisition and restructuring related costs of $10 million, offset by currency adjustments related to the financing of the transaction of $17 million. For the twelve months ended December 31,, CLFC net earnings were $1,466 million compared to $1,211 million a year ago. On a year-to-date basis, net earnings in include $25 million of restructuring costs related to the integration of Irish Life. For the twelve months ended December 31, 2013, net earnings include Irish Life acquisition and restructuring related costs, including currency adjustments of $67 million. The year-to-date results include twelve months of Irish Life results while 2013 year-to-date results include Irish Life results from the date of acquisition (approximately six months). Net earnings by segment For the three months ended Sept For the twelve months ended 2013 Attributable to participating account Net earnings before policyholder dividends $ 64 $ 82 $ 96 $ 314 $ 320 Policyholder dividends Total $ (4) $ 15 $ 32 $ 37 $ 59 Attributable to shareholders Preferred shareholder dividend $ 3 $ 4 $ 33 $ 14 $ 227 Common shareholder Individual Insurance $ 55 $ 74 $ 32 $ 249 $ 164 Wealth Management (12) (4) Group Insurance Europe/Reinsurance , United States Corporate 1 5 (6) 2 (42) Total common shareholder $ 318 $ 416 $ 289 $ 1,415 $ 925 Total net earnings $ 317 $ 435 $ 354 $ 1,466 $ 1,211 The information in the table above is a summary of results for net earnings of the Company. Additional commentary regarding net earnings is included in the "Segmented Operating Results". Net earnings attributable to the participating account For the three months ended December 31,, the net loss attributable to the participating account was $4 million compared to net earnings of $32 million a year ago and $15 million in the previous quarter. 4

6 For the twelve months ended December 31,, net earnings attributable to the participating account were $37 million compared to $59 million for the same period in Net earnings attributable to the common shareholder For the three months ended December 31,, CLFC net earnings attributable to the common shareholder were $318 million compared to $289 million a year ago and $416 million in the previous quarter. For the twelve months ended December 31,, CLFC net earnings attributable to the common shareholder were $1,415 million compared to $925 million for the same period in MARKET IMPACTS Interest Rate Environment Interest rates in countries where the Company operates declined during, but did not impact the range of interest rate scenarios tested through the valuation process. The change in interest rates during resulted in movements in the required capital, which reduced the Company's Minimum Continuing Capital and Surplus Requirement (MCCSR) ratio by 13 percentage points. The net change in interest rates had no material impact on net earnings relative to the Company's expectations. In order to mitigate the Company's exposure to interest rate fluctuations, the Company follows disciplined processes for managing the matching of assets and liabilities. As a result, the impact of changes in fair values of bonds backing insurance and investment contract liabilities recorded through profit or loss are mostly offset by a corresponding change in the insurance and investment contract liabilities. The Company's sensitivity to interest rate fluctuations is detailed in the "Accounting Policies - Summary of Critical Accounting Estimates" section. Equity Markets Equity markets were mixed in the fourth quarter of ; however, they remained positive on a year-to-date basis in most geographies where the Company operates. This positively impacted asset-based fee income and continued to have a favourable impact on costs related to guarantees of death, maturity or income benefits within certain wealth management products offered by the Company. The major equity indices finished the fourth quarter down 2% in Canada (as measured by S&P TSX), down 3% in broader Europe (as measured by Eurostoxx 50), and down 1% in the U.K. (as measured by FTSE 100), but up 4% in the U.S. (as measured by S&P 500) compared to September 30,. Comparing the fourth quarter of to the fourth quarter of 2013, the average equity market levels were up by 10% in Canada, by 14% in the U.S. and by 2% in broader Europe, but down by 1% in the U.K. Foreign Currency Throughout this document, a number of terms are used to highlight the impact of foreign exchange on results, such as: constant currency basis, impact of currency movement and effect of currency translation fluctuations. These measures have been calculated using the average or period end rates, as appropriate, in effect at the date of the comparative period. This non-ifrs measure provides useful information as it facilitates the comparability of results between periods. During the fourth quarter of, the average currency translation rate of the U.S. dollar and British pound increased, while the average currency translation rates of the euro declined as compared to the fourth quarter of The overall impact of currency movement on the Company s net earnings for the three month period ended December 31, was an increase of $9 million ($100 million year-to-date) compared to translation rates a year ago. 5

7 From September 30, to December 31,, the market rates at the end of the reporting period used to translate U.S. dollar assets and liabilities to the Canadian dollar increased, while the end of period market rates for British pound and euro assets and liabilities decreased. The movements in end of period market rates resulted in unrealized foreign exchange losses from the translation of foreign operations, net of related hedging activities, of $35 million in-quarter ($47 million net unrealized gains year-to-date) recorded in other comprehensive income. Translation rates for the reporting period and comparative periods are detailed in the "Translation of Foreign Currency" section. Credit Markets Credit markets impact on common shareholders' net earnings (after-tax) For the three months ended December 31, For the twelve months ended December 31, Impairment (charges) / recoveries Changes in future credit losses in insurance contracts liabilities Total Impairment (charges) / recoveries Changes in future credit losses in insurance contracts liabilities Canada $ $ $ $ $ 2 $ 2 United States Europe (19) (19) 11 (37) (26) Total $ 2 $ (19) $ (17) $ 14 $ (35) $ (21) Total In the fourth quarter of, the Company experienced net recoveries on impaired investments, including dispositions, which positively impacted common shareholders net earnings by $2 million ($4 million net recovery in the fourth quarter of 2013). Changes in credit ratings in the Company's bond portfolio resulted in a net increase in provisions for future credit losses in insurance contract liabilities, which negatively impacted common shareholders' net earnings by $19 million in the quarter ($10 million net recovery in the fourth quarter of 2013). The increase in provisions for future credit losses in the fourth quarter of included $22 million related to the impact of downgrades to bonds of a large U.K. retailer. For the twelve months ended December 31,, the Company experienced net recoveries on impaired investments, including dispositions, which positively impacted common shareholders net earnings by $14 million ($2 million net recovery year-to-date in 2013). Changes in credit ratings in the Company's bond portfolio resulted in a net increase in provisions for future credit losses in insurance contract liabilities, which negatively impacted common shareholders' net earnings by $35 million year-to-date ($5 million net recovery year-to-date in 2013). ACTUARIAL STANDARDS UPDATE On May 15,, the Canadian Actuarial Standards Board published the Standards of Practice effective October 15,, reflecting revisions to economic reinvestment assumptions used in the valuation of insurance contract liabilities. The Company adopted the revised Standards of Practice in the fourth quarter of, which resulted in a positive net earnings impact of $114 million in the fourth quarter of. As the new standards have a more stable long-term reinvestment range, the Company no longer has a sensitivity to situations where an immediate shift down in the yield curve causes a shift down in the ultimate long-term reinvestment range. The new Standards had an immaterial impact on net earnings sensitivity to other changes in interest rates, changes in the equity return assumptions and the impact of an equity market shock. Additional commentary regarding net earnings sensitivity to actuarial assumption changes is included in the "Summary of Critical Accounting Estimates" section and disclosed in note 7 to the Company s December 31, annual consolidated financial statements. 6

8 ACTUARIAL ASSUMPTION CHANGES In addition to adopting the revised Standards of Practice, the Company also updated a number of assumptions resulting in a negative net earnings impact of $6 million in the fourth quarter of, compared to a positive net earnings impact of $7 million in the fourth quarter of In, provisions were strengthened for life mortality in the Individual Insurance and Europe/Reinsurance business units, economic assumption updates in Individual Insurance and Wealth Management, policyholder behaviour assumptions and modeling refinements in the Europe/Reinsurance business unit, and expense assumption updates in Individual Insurance and Europe/Reinsurance business units. These items were mostly offset by refinements to annuitant mortality assumptions in the Europe/Reinsurance business unit, modeling enhancements in Individual Insurance and economic assumption updates in the Europe/Reinsurance business units. For the twelve months ended December 31,, assumption changes resulted in a positive net earnings impact of $225 million as compared to $3 million for the same period in PREMIUMS AND DEPOSITS AND SALES Total premiums and deposits (a non-ifrs financial measure) include premiums on risk-based insurance and annuity products (as defined under IFRS), deposits on individual and group segregated fund products and deposits on proprietary mutual funds and institutional accounts. This measure provides an indicator of top line growth. Sales (a non-ifrs financial measure) for risk-based insurance and annuity products include 100% of single premium and annualized premiums expected in the first twelve months of the plan. Group insurance sales reflect annualized premiums and premium equivalents for new policies and new benefits covered or expansion of coverage on existing policies. For individual wealth management products, sales include deposits on segregated fund products, proprietary mutual funds and institutional accounts and deposits on non-proprietary mutual funds. For group wealth management products, sales include assets transferred from a previous plan provider and the expected annual contributions from the new plan. This measure provides an indicator of new business growth. 7

9 Premiums and deposits For the three months ended For the twelve months ended Business/Product Sept Individual Insurance $ 421 $ 380 $ 368 $ 1,538 $ 1,352 Wealth Management ,614 1,258 Group Insurance Europe/Reinsurance 4,049 3,612 5,401 16,441 12,181 United States (5) (24) (10) (43) (88) Total premiums and deposits $ 5,111 $ 4,419 $ 6,321 $ 20,167 $ 15,333 Summary by Type Risk-based products $ 1,307 $ 1,218 $ 1,551 $ 6,646 $ 5,483 Segregated funds deposits Individual products 2,391 2,139 2,077 8,702 5,605 Group products Proprietary mutual funds and institutional deposits 1,364 1,036 2,643 4,700 4,119 Total premiums and deposits $ 5,111 $ 4,419 $ 6,321 $ 20,167 $ 15,333 Sales For the three months ended For the twelve months ended Business/Product Sept Individual Insurance $ 58 $ 66 $ 69 $ 256 $ 236 Wealth Management ,797 1,443 Group Insurance Insurance & Annuities 3,155 2,913 4,773 12,388 9,922 Total sales $ 3,798 $ 3,326 $ 5,314 $ 14,504 $ 11,775 The information in the table above is a summary of results for the Company's total premiums and deposits and sales. Additional commentary regarding premiums and deposits and sales is included in the "Segmented Operating Results". NET INVESTMENT INCOME Net investment income For the three months ended Sept For the twelve months ended 2013 Investment income earned (net of investment properties expenses) $ 752 $ 749 $ 779 $ 3,021 $ 2,958 Allowances for credit losses on loans and receivables (7) (9) 2 (16) (3) Net realized gains Regular investment income ,044 3,036 Investment expenses (18) (12) (4) (54) (37) Regular net investment income ,990 2,999 Changes in fair value through profit or loss 1,976 1,182 (337) 5,374 (2,018) Net investment income $ 2,725 $ 1,923 $ 454 $ 8,364 $ 981 8

10 Net investment income in the fourth quarter of, which includes changes in fair value through profit or loss, increased by $2,271 million compared to the same quarter last year. The change in fair values in the fourth quarter of was an increase of $1,976 million compared to a decrease of $337 million for the fourth quarter of Bond values increased during the fourth quarter of, primarily due to declining U.K. and Canadian government bond yields. In the fourth quarter of 2013, declines in bond values due to rising government bond yields were partially offset by rising equity markets. Regular net investment income in the fourth quarter of, which excludes changes in fair value through profit or loss, decreased by $42 million compared to the fourth quarter of 2013, primarily due to lower interest from fixed-income investments. Net realized gains include gains on available-for-sale securities of $13 million in the fourth quarter of compared to $2 million for the same period last year. For the twelve months ended December 31,, net investment income increased by $7,383 million compared to the same period last year. The change in fair values for the twelve month period in was an increase of $5,374 million compared to a decrease in fair values of $2,018 million during the same period in 2013, primarily as a result of government and corporate bond yields decreasing in but increasing in Regular net investment income for the twelve months ended December 31, decreased by $9 million compared to the same period last year. Net realized gains include gains on available-for-sale securities of $27 million for the twelve months ended December 31,, compared to $40 million for the same period last year. Net investment income in the fourth quarter of was $802 million higher than the third quarter of. The increase was primarily due to net increases in fair values of $1,976 million in the fourth quarter of compared to net increases of $1,182 million in the previous quarter, primarily as a result of a larger decline in government bond yields in the fourth quarter of, as compared to the third quarter. 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 $ 36 $ 40 $ 35 $ 150 $ 133 Insurance & Annuities , Reinsurance Other Total fee and other income $ 320 $ 319 $ 301 $ 1,305 $ 951 The information in the table above is a summary of results of gross fee and other income for the Company. Additional commentary regarding fee and other income is included in the "Segmented Operating Results". 9

11 PAID OR CREDITED TO POLICYHOLDERS Amounts paid or credited to policyholders include life and health claims, policy surrenders, annuity and maturity payments, segregated funds guarantee payments, policyholder dividend and experience refund payments and changes in insurance and investment contract liabilities. The change in contract liabilities includes the impact of changes in fair value of certain invested assets supporting those liabilities as well as changes in the provision for future credit losses. The amounts do not include benefit payments for segregated funds and mutual funds. For the three months ended December 31,, consolidated amounts paid or credited to policyholders were $3.5 billion, including $1.7 billion of policyholder benefit payments and a $1.8 billion increase in contract liabilities. The increase of $2.1 billion from the same period in 2013 consisted of a $2.0 billion increase in the change in contract liabilities, largely driven by fair value adjustments to insurance contract liabilities as a result of changes in interest rates in Canada, the U.S. and Europe. The increase also consisted of a $137 million increase in benefit payments primarily due to currency movement and normal business growth. For the twelve months ended December 31,, consolidated amounts paid or credited to policyholders were $12.6 billion, including $6.8 billion of policyholder benefit payments and a $5.8 billion increase in contract liabilities. The increase of $8.3 billion from the same period in 2013 consisted of a $7.6 billion increase in the change in contract liabilities, primarily due to fair value adjustments to insurance contract liabilities as a result of changes in interest rates in Canada, the U.S. and Europe as well as the impact of a new annuity reinsurance agreement entered into during the second quarter of. The increase also consisted of a $785 million increase in benefit payments, primarily due to the contribution of Irish Life, currency movement and normal business growth. Compared to the previous quarter, consolidated amounts paid or credited to policyholders increased by $968 million. The increase consisted of a $968 million increase in the change in contract liabilities, due to higher fair value adjustments to insurance contract liabilities as a result of changes in interest rates in Canada, the U.S. and Europe. OTHER BENEFITS AND EXPENSES Other benefits and expenses For the three months ended For the twelve months ended Sept Commissions $ 205 $ 184 $ 218 $ 808 $ 730 Operating and administrative expenses , Premium taxes Financing charges Amortization of finite life intangible assets Restructuring and acquisition expenses 7 7 (8) Total $ 523 $ 474 $ 523 $ 2,007 $ 1,689 Other benefits and expenses for the fourth quarter of of $523 million were comparable to the fourth quarter of For the twelve months ended December 31,, other benefits and expenses increased by $318 million to $2,007 million compared to the same period last year, primarily due to the inclusion of Irish Life for an additional two quarters in. Other benefits and expenses for the fourth quarter of increased by $49 million compared to the previous quarter, primarily due increased commissions resulting from seasonally strong fourth quarter sales in Ireland and Germany and a release of a provision in Ireland. 10

12 INCOME TAXES The Company's effective income tax rate is generally lower than the statutory income tax rate of 26.5% due to benefits related to non-taxable investment income and lower income tax in foreign jurisdictions. The Company had an effective income tax rate of 13% for the fourth quarter of compared to 18% in the fourth quarter of The fourth quarter of 2013, included an increase in reserves for uncertain tax positions which negatively impacted earnings by $47 million, partially offset by the positive impact of a $32 million settlement of prior year tax items with the Canada Revenue Agency and a non-taxable foreign exchange gain. Excluding these items the effective income tax rate in the fourth quarter of was relatively consistent with the fourth quarter of The Company had an effective income tax rate of 14% for the twelve months ended December 31, compared to 18% for the same period in The Company s effective income tax rate for decreased primarily due to a higher percentage of its income consisting of non-taxable investment income and income subject to lower rates of income tax in foreign jurisdictions. Additionally, the year-to-date 2013 effective income tax rate was impacted by the same items that increased the 2013 fourth quarter effective tax rate discussed above. The fourth quarter effective income tax rate of 13% was higher than the prior quarter's rate of 12%, primarily due to a lower percentage of the Company s fourth quarter income consisting of non-taxable investment income and income subject to lower rates of income tax in foreign jurisdictions. CONSOLIDATED FINANCIAL POSITION ASSETS Assets under administration 2013 Assets Invested assets $ 70,197 $ 62,870 Goodwill and intangible assets 964 1,003 Other assets 23,565 21,533 Segregated funds net assets 82,083 76,326 Total assets 176, ,732 Proprietary mutual funds and institutional net assets 20,736 16,614 Total assets under management 197, ,346 Other assets under administration 41,806 40,042 Total assets under administration $ 239,351 $ 218,388 Total assets under administration at December 31, increased by $21.0 billion to $239.4 billion compared to December 31, 2013, primarily as a result of market value gains, positive currency movement and new business growth. 11

13 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, 2013 Bonds Government & related $ 24,170 35% $ 21,300 34% Corporate & other 31, , Sub-total bonds 55, , Mortgages 6, , Stocks 2, ,565 4 Investment properties 3, ,985 5 Sub-total portfolio investments 67, , Cash and cash equivalents 1, ,793 3 Loans to policyholders Total invested assets $ 70, % $ 62, % At December 31, total invested assets were $70.2 billion, an increase of $7.3 billion from December 31, The increase was primarily due to positive currency movement and an increase in bond fair values as a result of lower government and corporate bond yields. The distribution of assets has not changed significantly and remains heavily weighted to bonds and mortgages. Bond portfolio It is the Company's policy to acquire only investment grade bonds subject to prudent and well-defined investment policies. The total bond portfolio, including short-term investments, was $55.2 billion or 79% of invested assets at December 31, and $48.5 billion or 77% at December 31, The overall quality of the bond portfolio remained high, with 99% of the portfolio rated investment grade and 86% rated A or higher. The Company's bond exposure to the Oil & Gas industry, including funds held by ceding insurers, was less than 3% of invested assets at December 31,. In the fourth quarter of, the Company participated in a debt restructuring by a U.K. domiciled company. The Company tendered approximately $55 million of below investment grade debt securities in exchange for new debt securities and cash. In addition, the maturity dates on a further $68 million of securities of this issuer were shortened. The impact of this exchange on earnings in the quarter was not significant. Bond portfolio quality December 31, December 31, 2013 AAA $ 16,754 31% $ 15,427 31% AA 12, , A 17, , BBB 7, , BB or lower Total $ 55, % $ 48, % 12

14 At December 31, non-investment grade bonds were $686 million or 1.2% of the bond portfolio, compared to $435 million or 0.9% of the portfolio at December 31, Holdings of Debt Securities of Governments Carrying Value by Rating - December 31, BB & AAA AA A BBB Lower Total* Amortized Cost* Canada $ 2,547 $ 1,656 $ 2,032 $ 53 $ 17 $ 6,305 $ 5,732 U.K. 9,147 1, ,353 9,955 U.S. 1, ,069 1,887 Ireland ,352 3,328 3, ,338 18,093 Portugal Italy Greece Spain Germany 2, ,279 2,185 France Netherlands Austria Australia Supranationals All other (11 countries) ,273 1,153 3,644 2, ,519 5,884 Total $ 16,996 $ 6,010 $ 3,171 $ 769 $ 29 $ 26,975 $ 24,086 * Includes certain funds held by ceding insurers with a carrying value of $2,805 million and an amortized cost of $2,534 million. 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 $27.0 billion, up from $24.3 billion at December 31, Government bond holdings increased by $2.7 billion, mainly due to an increase in market values driven by decreasing government bond yields as well as a strengthening of the British pound and U.S. dollar against the Canadian dollar. Government and government-related debt securities include investments in Public-Private Partnerships. At December 31,, $17 million of these securities were rated below investment grade. Included in this portfolio are debt securities issued by Portugal, Italy and Spain, with an aggregate carrying value of $118 million, up from $104 million at December 31, 2013 mainly as a result of an increase in Spanish sovereign debt holdings. The additional Spanish sovereign debt was acquired through a reinsurance agreement entered into during the second quarter of. The Company does not hold any debt securities of the government of Greece or Argentina. 13

15 Holdings of Debt Securities of Banks and Other Financial Institutions Carrying Value by Rating - December 31, BB & Lower Amortized Cost* AAA AA A BBB Total* Canada ** $ 8 $ 1,400 $ 135 $ 38 $ $ 1,581 $ 1,562 U.K , ,845 3,429 U.S , ,936 1,686 Ireland ,475 2,966 1, ,405 6,715 Portugal Italy Greece Spain Germany France Netherlands Australia All other (18 institutions) , ,649 2,442 Total $ 914 $ 3,091 $ 4,198 $ 1,830 $ 406 $ 10,439 $ 9,513 Covered / Senior Debt Carrying Value by Seniority - December 31, Subordinated Debt Upper Tier Two Capital Securities Contingent Capital Total* Amortized Cost* Canada ** $ 1,471 $ 36 $ 1 $ 73 $ $ 1,581 $ 1,562 U.K. 2, ,845 3,429 U.S. 1, ,936 1,686 Ireland ,871 1, ,405 6,715 Portugal Italy Greece Spain Germany France Netherlands Australia All other (18 institutions) , ,649 2,442 Total $ 6,824 $ 2,203 $ 598 $ 711 $ 103 $ 10,439 $ 9,513 * Includes certain funds held by ceding insurers with a carrying value of $3,031 million and an amortized cost of $2,599 million. ** Includes $1,245 million of fixed-term notes receivable from Great-West Life. 14

16 At December 31,, the Company held debt securities, including short-term 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 $10.4 billion, up from $10.2 billion at December 31, The increase was mainly due to an increase in market values driven by decreasing corporate bond yields as well as a strengthening of the British pound and U.S. dollar against the Canadian dollar, mostly offset by net dispositions. Included in this portfolio are $385 million of debt securities issued by banks and other financial institutions domiciled in Italy and Spain, compared to $339 million at December 31, The increase was primarily due to higher Spanish debt holdings acquired through a reinsurance agreement entered into during the second quarter and an increase in market values of the Spanish and Italian debt. Of the Spanish holdings of $275 million, $223 million are Sterling denominated bonds issued by U.K. domiciled Prudential Regulation Authority (PRA) regulated subsidiaries of Spanish financial institutions. The Company does not have any holdings of banks and other financial institutions domiciled in Greece or Portugal. At December 31,, 96% of the $10.4 billion carrying value of debt securities invested in banks and other financial institutions was rated investment grade. Mortgage portfolio It is the Company s practice to acquire only high quality commercial mortgages 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 loans. 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, including specific diversification requirements for non-insured mortgages. Mortgage portfolio December 31, December 31, 2013 Mortgage loans by type Insured Non-insured Total Total Single family residential $ 128 $ 132 $ 260 4% $ 253 4% Multi-family residential , , Commercial 124 5,071 5, , Total $ 885 $ 5,937 $ 6, % $ 6, % The total mortgage portfolio was $6.8 billion or 10% of invested assets at December 31,, compared to $6.1 billion or 10% of invested assets at December 31, Total insured loans were $0.9 billion or 13% of the mortgage portfolio. Single family residential mortgages Region December 31, December 31, 2013 Ontario $ % $ % Quebec Newfoundland Alberta British Columbia Manitoba Saskatchewan Nova Scotia New Brunswick Total $ % $ % 15

17 During the twelve months ended December 31,, single family mortgage originations, including renewals, were $71 million, of which 38% were insured. Insured mortgages include mortgages where insurance is provided by a third party and protects the Company in the event that the borrower is unable to fulfill its obligations related to the mortgage. Loans that are insured are subject to the requirements of the mortgage default insurance provider. For new originations of non-insured residential mortgages, the Company s investment policies limit the amortization period to a maximum 25 years and the loan-to-value to a maximum of 80% of the purchase price or current appraised value of the property. The weighted average remaining amortization period for the single family residential mortgage portfolio is 22 years as at December 31,. Commercial mortgages December 31, December 31, 2013 Canada U.S. Europe Total Canada U.S. Europe Total Retail & shopping centres $ 775 $ 56 $ 1,580 $ 2,411 $ 655 $ 60 $ 1,293 $ 2,008 Office buildings , Industrial , ,145 Other Total $ 1,619 $ 176 $ 3,400 $ 5,195 $ 1,416 $ 136 $ 3,042 $ 4,594 Equity portfolio December 31, December 31, 2013 Equity portfolio by type Publicly traded stocks $ 2,090 36% $ 2,214 40% Privately held equities (at cost) Sub-total 2, , Investment properties 3, , Total $ 5, % $ 5, % Investment properties December 31, December 31, 2013 Canada U.S. Europe Total Canada U.S. Europe Total Office buildings $ 50 $ $ 774 $ 824 $ 49 $ $ 816 $ 865 Industrial Retail 15 1,191 1, ,075 1,091 Other Total $ 233 $ $ 3,053 $ 3,286 $ 213 $ $ 2,772 $ 2,985 Equity portfolio The total equity portfolio was $5.7 billion or 8% of invested assets at December 31, compared to $5.6 billion or 9% of invested assets at December 31, The equity portfolio consists of publicly traded stocks, privately held equities and investment properties. Publicly traded stocks decreased by $0.1 billion in, primarily due to net dispositions. The increase in investment properties of $0.3 billion was mainly a result of net market value increases. 16

18 Impaired investments Impaired investments include bonds in default, 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, 2013 Impairment Impairment Carrying Gross Impairment Impairment recovery provision amount amount recovery provision Carrying amount Fair value through profit or loss $ 38 $ 8 $ $ 46 $ 49 $ 4 $ (3) $ 50 Available-for-sale Loans and receivables 31 (15) (22) 22 Total $ 72 $ 8 $ (15) $ 65 $ 98 $ 4 $ (25) $ 77 The gross amount of impaired investments totaled $72 million or 0.1% of portfolio investments (including certain assets reported as funds held by ceding insurers) at December 31, compared with $98 million or 0.1% at December 31, 2013, a net decrease of $26 million. Impaired investments decreased primarily due to dispositions and repayments which were partly offset by in-year impairments. The impairment recovery at December 31, was $8 million, and reflects the improvement in market values of certain impaired investments from the date at which they became impaired. These investments are still considered to be impaired to the extent that the Company does not expect to fully recover the original yield on the investment. The impairment provision at December 31, was $15 million compared to $25 million at December 31, The primary reasons for the change was due to net dispositions and an increase in the fair values of the remaining impaired investments. While the fair values have improved on certain impaired assets, these assets remain impaired based on other impairment factors as described in the "Summary of Critical Accounting Estimates" section of this document and in note 2 to the Company's December 31, annual consolidated financial statements. Provision for future credit losses As a component of insurance contract liabilities, the total actuarial provision for future credit losses is determined consistent with Canadian Actuarial Standards of Practice and includes provisions for adverse deviation. At December 31,, the total actuarial provision for future credit losses in insurance contract liabilities was $1,760 million compared to $1,551 million at December 31, 2013, an increase of $209 million primarily due to normal business activity and the impact of currency movement, partially offset by basis changes. The aggregate of impairment provisions of $15 million ($25 million at December 31, 2013) and actuarial provisions for future credit losses in insurance contract liabilities of $1,760 million ($1,551 million at December 31, 2013) represents 2.4% of bond and mortgage assets including funds held by ceding insurers at December 31, (2.4% at December 31, 2013). DERIVATIVE FINANCIAL INSTRUMENTS There were no major changes to the Company's policies and procedures with respect to the use of derivative financial instruments in. The Company s derivative transactions are generally governed by International Swaps and Derivatives Association, Inc. (ISDA) Master Agreements which provide for legally enforceable set-off and close-out netting of exposure to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, the Company is permitted to set off receivables from a counterparty against payables to the same counterparty, in the same legal entity, arising out of all included transactions. The Company s ISDA Master Agreements may include Credit Support Annex provisions, which require both the pledging and accepting of collateral in connection with its derivative transactions. 17

19 Total financial collateral, including initial margin and overcollateralization, received on derivative assets was $50 million ($14 million at December 31, 2013) and pledged on derivative liabilities was $112 million ($54 million at December 31, 2013). During the twelve month period ended December 31, the outstanding notional amount of derivative contracts increased by $0.2 billion to $7.5 billion, primarily as a result of regular hedging activities. The Company s exposure to derivative counterparty credit risk, which reflects the current fair value of those instruments in a gain position, decreased slightly to $326 million at December 31, from $342 million at December 31, Goodwill and intangible assets Goodwill and intangible assets December Goodwill $ 675 $ 691 Indefinite life intangible assets Finite life intangible assets Total $ 964 $ 1,003 Goodwill and intangible assets decreased by $39 million to $964 million due to currency movements and amortization of finite intangible assets, partially offset by the addition of computer software. IFRS principles require the Company to assess at the end of each reporting period whether there is any indication that an asset may be impaired and to perform an impairment test on goodwill and intangibles at least annually or more frequently if events indicate that impairment may have occurred. Intangible assets that were previously impaired are reviewed at each reporting date for evidence of reversal. In the fourth quarter of, the Company conducted its annual impairment testing of goodwill and intangible assets. There were no impairments identified during testing. Refer to note 11 in the Company's December 31, annual consolidated financial statements for further detail of the Company's goodwill and intangible assets. Also refer to the Summary of Critical Accounting Estimates section of this document for details on impairment testing of these assets. 18

20 Other general fund assets Other general fund assets December Funds held by ceding insurers $ 11,823 $ 10,566 Reinsurance assets 8,408 7,805 Premiums in course of collection, accounts and interest receivable 1,354 1,382 Other assets 1,144 1,109 Derivative financial instruments Deferred tax assets Owner occupied properties Fixed assets Current income taxes Total $ 23,565 $ 21,533 Total other general fund assets at December 31, were $23.6 billion, an increase of $2.0 billion from December 31, The increase was primarily due to a $1.2 billion increase in funds held by ceding insurers and a $0.6 billion increase in reinsurance assets. The increase in funds held by ceding reinsurers was primarily due to increases in fair values of the underlying assets and currency movement. Refer to note 13 in the Company's December 31, annual consolidated financial statements for a breakdown of other assets. Investments on account of segregated fund policyholders Segregated funds December 31 December 31 December (1) Stocks and units in unit trusts (1) $ 51,309 $ 46,810 $ 21,526 Bonds 15,419 14,442 4,540 Cash and other 7,877 8,970 2,431 Mutual funds (1) 3,495 3,284 2,886 Investment properties 3,312 2, Sub-total 81,412 75,863 32,029 Non-controlling interest mutual fund interest (1) Total $ 82,083 $ 76,326 $ 32,216 Year-over-year growth 8% 137% (1) Certain 2012 comparative figures have been restated for the retrospective impact of IFRS 10, Consolidated Financial Statements. Investments on account of segregated fund policyholders which are measured at fair value, increased by $5.8 billion to $82.1 billion at December 31,, primarily due to the combined impact of market value gains and investment income of $8.0 billion, partially offset by the impact of currency movement of $1.8 billion and net withdrawals of $0.6 billion. 19

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