6-K
Sun Life Financial Inc (SLF)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report ofForeign Private Issuer
Pursuant to Rule 13a-16 or15d-16
under the Securities Exchange Act of 1934
For the month of February, 2020
Commission File Number: 001-15014
SUN LIFE FINANCIAL INC.
(Translation of registrant’s name into English)
1 YorkStreet, 31^st^ Floor, Toronto, Ontario M5J 0B6
(Address of principal executiveoffices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F****☒
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
| Exhibits: | |
|---|---|
| 99.1 | Certificates of the Chief Executive Officer and Chief Financial Officer pursuant to Canadian National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual andInterim Filings |
| 99.2 | Earnings Coverage Ratio pursuant to Canadian National Instrument 44-102 – Shelf Distributions |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Sun Life Financial Inc. | ||
|---|---|---|
| (Registrant) | ||
| Date: February 13, 2020 | By | /s/ Tracie Allan |
| Tracie Allan | ||
| Assistant Vice-President & Managing Counsel |
EX-99.1
Exhibit 99.1
CERTIFICATION OF ANNUAL FILINGS
FULL CERTIFICATE
I, Dean A. Connor, President and Chief Executive Officer of Sun Life Financial Inc. certify the following:
| 1. | Review: I have reviewed the AIF, if any, annual financial statements and annual MD&A,<br>including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the “annual filings”) of Sun Life Financial Inc. (the “issuer”) for the financial year ended<br>December 31, 2019. |
|---|---|
| 2. | No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the annual<br>filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period<br>covered by the annual filings. |
| --- | --- |
| 3. | Fair presentation: Based on my knowledge, having exercised reasonable diligence, the annual<br>financial statements together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the<br>period presented in the annual filings. |
| --- | --- |
| 4. | Responsibility: The issuer’s other certifying officer(s) and I are responsible for<br>establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification ofDisclosure in Issuers’ Annual and Interim Filings, for the issuer. |
| --- | --- |
| 5. | Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the<br>issuer’s other certifying officer(s) and I have, as at the financial year end |
| --- | --- |
| (a) | designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:<br> |
| --- | --- |
| (i) | material information relating to the issuer is made known to us by others, particularly during the period in<br>which the annual filings are being prepared; and |
| --- | --- |
| (ii) | information required to be disclosed by the issuer in its annual filings, interim filings or other reports<br>filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and |
| --- | --- |
| (b) | designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the<br>reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP. |
| --- | --- |
| 5.1 | Control framework*:* The control framework the issuer’s other certifying officer(s) and<br>I used to design the issuer’s ICFR is the Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. |
| --- | --- |
| 5.2 | ICFR – material weakness relating to design*:* N/A. |
| --- | --- |
| 5.3 | Limitation on scope of design: N/A. |
| --- | --- |
| 6. | Evaluation: The issuer’s other certifying officer(s) and I have |
| --- | --- |
| (a) | evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer’s DC&P at<br>the financial year end and the issuer has disclosed in its annual MD&A our conclusions about the effectiveness of DC&P at the financial year end based on that evaluation; and |
| --- | --- |
| (b) | evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer’s ICFR at the<br>financial year end and the issuer has disclosed in its annual MD&A |
| --- | --- |
| (i) | our conclusions about the effectiveness of ICFR at the financial year end based on that evaluation; and<br> |
| --- | --- |
| (ii) | N/A. |
| --- | --- |
| 7. | Reporting changes in ICFR*:* The issuer has disclosed in its annual MD&A any change in<br>the issuer’s ICFR that occurred during the period beginning on January 1, 2019 and ended on December 31, 2019 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR. |
| --- | --- |
| 8. | Reporting to the issuer’s auditors and board of directors or audit committee: The<br>issuer’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer’s auditors, and the board of directors or the audit committee of the board of directors any fraud that involves<br>management or other employees who have a significant role in the issuer’s ICFR. |
| --- | --- |
Date: February 13, 2020
| /s/ Dean A. Connor |
|---|
| Dean A. Connor |
| President and Chief Executive Officer |
2
CERTIFICATION OF ANNUAL FILINGS
FULL CERTIFICATE
I, Kevin D. Strain, Executive Vice-President and Chief Financial Officer of Sun Life Financial Inc. certify the following:
| 1. | Review: I have reviewed the AIF, if any, annual financial statements and annual MD&A,<br>including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the “annual filings”) of Sun Life Financial Inc. (the “issuer”) for the financial year ended<br>December 31, 2019. |
|---|---|
| 2. | No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the annual<br>filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period<br>covered by the annual filings. |
| --- | --- |
| 3. | Fair presentation: Based on my knowledge, having exercised reasonable diligence, the annual<br>financial statements together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the<br>period presented in the annual filings. |
| --- | --- |
| 4. | Responsibility: The issuer’s other certifying officer(s) and I are responsible for<br>establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification ofDisclosure in Issuers’ Annual and Interim Filings, for the issuer. |
| --- | --- |
| 5. | Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the<br>issuer’s other certifying officer(s) and I have, as at the financial year end |
| --- | --- |
| (a) | designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:<br> |
| --- | --- |
| (i) | material information relating to the issuer is made known to us by others, particularly during the period in<br>which the annual filings are being prepared; and |
| --- | --- |
| (ii) | information required to be disclosed by the issuer in its annual filings, interim filings or other reports<br>filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and |
| --- | --- |
| (b) | designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the<br>reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP. |
| --- | --- |
| 5.1 | Control framework*:* The control framework the issuer’s other certifying officer(s) and<br>I used to design the issuer’s ICFR is the Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. |
| --- | --- |
| 5.2 | ICFR – material weakness relating to design*:* N/A. |
| --- | --- |
| 5.3 | Limitation on scope of design: N/A. |
| --- | --- |
| 6. | Evaluation: The issuer’s other certifying officer(s) and I have |
| --- | --- |
| (a) | evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer’s DC&P at<br>the financial year end and the issuer has disclosed in its annual MD&A our conclusions about the effectiveness of DC&P at the financial year end based on that evaluation; and |
| --- | --- |
| (b) | evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer’s ICFR at the<br>financial year end and the issuer has disclosed in its annual MD&A |
| --- | --- |
| (i) | our conclusions about the effectiveness of ICFR at the financial year end based on that evaluation; and<br> |
| --- | --- |
| (ii) | N/A. |
| --- | --- |
| 7. | Reporting changes in ICFR*:* The issuer has disclosed in its annual MD&A any change in<br>the issuer’s ICFR that occurred during the period beginning on January 1, 2019 and ended on December 31, 2019 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR. |
| --- | --- |
| 8. | Reporting to the issuer’s auditors and board of directors or audit committee: The<br>issuer’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer’s auditors, and the board of directors or the audit committee of the board of directors any fraud that involves<br>management or other employees who have a significant role in the issuer’s ICFR. |
| --- | --- |
Date: February 13, 2020
| /s/ Kevin D. Strain |
|---|
| Kevin D. Strain |
| Executive Vice-President and Chief Financial Officer |
2
EX-99.2
Exhibit 99.2
Sun Life Financial Inc.
Earnings Coverage Ratio
For the 12 months ended December 31, 2019
This updated calculation of the earnings coverage ratio of Sun Life Financial Inc. (the “Company”) is filed pursuant to Section 8.4 of National Instrument No. 44-102 as an exhibit to the Company’s annual consolidated financial statements for the year ended December 31, 2019, in connection with the medium-term note program established by the Company under its prospectus supplement dated March 28, 2019 to a short form base shelf prospectus dated March 28, 2019.
For the 12 months ended December 31, 2019, the borrowing cost of the Company’s outstanding subordinated debt, senior debentures, senior financing and certain other borrowings, after adjustment for new debt issuances, repayment and redemptions, was $256,000,000 and the Company’s shareholders’ net income before borrowing cost and income tax for such period was $3,284,000,000, which is 12.8 times the Company’s pro-forma borrowing cost for the same period.