EXHIBIT 2
Sun Life Financial Inc.
Management’s Discussion and Analysis
For the Year Ended December 31, 2003
February 17, 2004
< Table of Contents >
FINANCIAL HIGHLIGHTS
1
ENTERPRISE MISSION, VISION, STRATEGIES AND IMPERATIVES
2
BUSINESS DEVELOPMENTS
4
OVERVIEW OF BUSINESS
6
FINANCIAL PERFORMANCE OVERVIEW
8
CONSOLIDATED RESULTS OF OPERATIONS
10
SUN LIFE FINANCIAL CANADA
14
SUN LIFE FINANCIAL UNITED STATES
21
MFS INVESTMENT MANAGEMENT
28
SUN LIFE FINANCIAL ASIA
31
SUN LIFE FINANCIAL UNITED KINGDOM
34
CORPORATE CAPITAL
35
RISK MANAGEMENT
36
CRITICAL ACCOUNTING ESTIMATES
40
ACCOUNTING POLICIES
43
EXHIBIT 2
Sun Life Financial Inc.
Management’s Discussion and Analysis
For the Year Ended December 31, 2003
February 17, 2004
< Table of Contents >
FINANCIAL HIGHLIGHTS
1
ENTERPRISE MISSION, VISION, STRATEGIES AND IMPERATIVES
2
BUSINESS DEVELOPMENTS
4
OVERVIEW OF BUSINESS
6
FINANCIAL PERFORMANCE OVERVIEW
8
CONSOLIDATED RESULTS OF OPERATIONS
10
SUN LIFE FINANCIAL CANADA
14
SUN LIFE FINANCIAL UNITED STATES
21
MFS INVESTMENT MANAGEMENT
28
SUN LIFE FINANCIAL ASIA
31
SUN LIFE FINANCIAL UNITED KINGDOM
34
CORPORATE CAPITAL
35
RISK MANAGEMENT
36
CRITICAL ACCOUNTING ESTIMATES
40
ACCOUNTING POLICIES
43
INVESTMENTS
45
FINANCIAL POSITION AND LIQUIDITY
49
ADDITIONAL INFORMATION
54
< Table of Contents >
Unless otherwise indicated, all information in this Management’s Discussion and Analysis (MD&A) is presented as at and for
the year ended December 31, 2003 and amounts are expressed in Canadian dollars . Where information at and for the year
ended December 31, 2003 is n