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Sun Life Financial Inc. filed its independent auditor’s report on the audited consolidated financial statements for the years ended December 31, 2025 and 2024, issuing an unqualified opinion in accordance with IFRS. The report highlights key audit matters including insurance contract liabilities under IFRS 17, goodwill impairment testing for the U.S. Dental CGU with no impairment recognized, and valuation of investment properties.
Key Takeaways
1Auditor issued unqualified opinion on consolidated financial statements as at December 31, 2025 and 2024 under IFRS
2Key audit matter: Insurance contract liabilities measured per IFRS 17 using fulfillment cash flows, risk adjustment, and CSM with significant assumptions on mortality, policyholder behaviour, and discount rates
3Key audit matter: U.S. Dental CGU goodwill impairment test showed recoverable amount exceeded carrying value, no impairment recognized
4Key audit matter: Investment properties valued at fair value using capitalization rates and discounted cash flows with assumptions on discount rates, terminal capitalization rates, and future rental rates
5Audit conducted per Canadian GAAS with involvement of actuarial and fair value specialists