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Recommendation Changes

Sun Life Financial Inc. Q1-2019 Earnings, Price Target Update

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Sun Life Financial Inc. (SLF) is an internationally diversified financial services organization providing savings, retirement, and pension products, and life and health insurance to individuals and groups through operations in Canada, the U.S., Asia, and the United Kingdom. They also operate mutual fund and investment management businesses, primarily in Canada, the U.S., and Asia. Revenues includes; premiums received on life and health insurance policies and fixed annuity products, investment income earned on assets, fee and other income received for services provided; and realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities. Revenues also include investment management fees from administrative services only. Deposits received on investment contracts such as segregated funds, mutual funds and managed funds are not included in revenue; however fee income from these products, is included in revenue. Approximately 60% of revenues are from insurance premiums, with the balance split equally between investment income on funds held as insurance reserves and fees on investment products. About 50% of adjusted net income is from Canadian operations, the balance is split about equally between the US and Asia.

Assets as of Mar-31-2019 were $271B compared $268B at Dec-31-2018 including $103B in segregated funds. This compares to assets of 269.1B as at Dec-31-2017 Excluding the segregated fund assets are mainly comprised of insurance reserves held in investment portfolios and mortgages.

Segregated funds include variable annuities, unit-linked products and universal life insurance policies, in Canada, the U.S., the U.K., and Asia. Under these contracts, the benefit amount is contractually linked to the fair value of the investments in the particular segregated fund. Policyholders can select from a variety of categories of segregated fund investments. Although the underlying assets are registered in Sun Life's name and the segregated fund contract holder has no direct access to the specific assets, the contractual arrangements are such that the segregated fund policyholder bears the risk and rewards of the funds' investment performance. Therefore, net realized gains and losses, other net investment income earned, and expenses incurred on the segregated funds are attributable to policyholders and not to Sun Life. However, certain contracts include guarantees Sun Life. Sun Life is exposed to equity market risk and interest rate risk as a result of these guarantees. They derive fee income from segregated funds. Market value movements in the investments held for segregated fundholders impact the management fees earned on these funds. Liabilities totalled $250B largely comprised of reserves for insurance policy and segregated funds liabilities.

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