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Insurance (Tables) | 12 Months Ended
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Oct. 31, 2025
Insurance [Abstract] |
Summary of Insurance Service Result | The following table shows components of the insurance service result included in the Consolidated Statement of Income for the Bank which includes the results of property and casualty insurance, life and health insurance, as well as reinsurance issued and held in Canada and internationally. Insurance Service Result (millions of Canadian dollars) For the year ended October 31, 2025 October 31, 2024 Insurance revenue $ 7,737 $ 6,952 Insurance service expenses 6,089 6,647 Insurance service result before reinsurance contracts held 1,648 305 Net income (expense) from reinsurance contracts held (172) 524 Insurance service result $ 1,476 $ 829
Summary of Movements in Property and Casualty Insurance Liabilities | The following table presents movements in the property and casualty insurance liabilities. Property and casualty insurance contract liabilities by LRC and LIC (millions of Canadian dollars) For the year ended October 31, 2025 Liabilities for remaining coverage Liabilities for incurred claims Total Excluding Estimates of the loss Loss present value of Risk component component future cash flows adjustment Insurance contract liabilities at beginning of year $ 714 $ 101 $ 5,989 $ 221 $ 7,025 Insurance revenue (6,230) (6,230) Insurance service expenses: Incurred claims and other insurance service expenses – (148) 4,420 70 4,342 Amortization of insurance acquisition cash flows 864 – – – 864 Losses (reversal of losses) on onerous contracts – 163 – – 163 Changes to liabilities for incurred claims – – (34) (116) (150) Insurance service result (5,366) 15 4,386 (46) (1,011) Insurance finance expenses 2 – 332 11 345 Total changes in the Consolidated Statement of Income (5,364) 15 4,718 (35) (666) Cash flows: Premiums received 6,268 – – – 6,268 Claims and other insurance service expenses paid – – (4,576) – (4,576) Acquisition cash flows paid (912) – – – (912) Total cash flows 5,356 – (4,576) – 780 Insurance contract liabilities at end of year $ 706 $ 116 $ 6,131 $ 186 $ 7,139 Property and casualty insurance contract liabilities by LRC and LIC (millions of Canadian dollars) For the year ended October 31, 2024 Liabilities for remaining coverage Liabilities for incurred claims Total Excluding Estimates of the loss Loss present value of Risk component component future cash flows adjustment Insurance contract liabilities at beginning of year $ 630 $ 129 $ 4,740 $ 220 $ 5,719 Insurance revenue (5,506) – – – (5,506) Insurance service expenses: Incurred claims and other insurance service expenses – (145) 5,099 96 5,050 Amortization of insurance acquisition cash flows 803 – – – 803 Losses (reversal of losses) on onerous contracts – 117 – – 117 Changes to liabilities for incurred claims – – (65) (114) (179) Insurance service result (4,703) (28) 5,034 (18) 285 Insurance finance expenses 7 – 479 19 505 Total changes in the Consolidated Statement of Income (4,696) (28) 5,513 1 790 Cash flows: Premiums received 5,576 – – – 5,576 Claims and other insurance service expenses paid – – (4,264) – (4,264) Acquisition cash flows paid (796) – – – (796) Total cash flows 4,780 – (4,264) – 516 Insurance contract liabilities at end of year $ 714 $ 101 $ 5,989 $ 221 $ 7,025
Incurred Claims by Accident Year | The following table shows the estimates of the insurance liabilities for incurred claims net of reinsurance assets for incurred claims (net LIC) with subsequent developments during the periods and cumulative payments to date. The original estimates are evaluated monthly for redundancy or deficiency. The evaluation is based on actual payments in full or partial settlement of claims and current estimates of the net LIC related to claims still open or claims still unreported. Incurred Claims by Accident Year (millions of Canadian dollars) Accident Year 2016 and prior 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total Net ultimate claims cost at end of accident year $ 6,645 $ 2,425 $ 2,631 $ 2,727 $ 2,646 $ 2,529 $ 3,242 $ 3,830 $ 4,478 $ 4,397 Revised estimates One year later 6,327 2,307 2,615 2,684 2,499 2,367 3,182 4,039 4,515 Two years later 5,990 2,258 2,573 2,654 2,412 2,278 3,167 3,994 Three years later 5,647 2,201 2,522 2,575 2,278 2,225 3,165 Four years later 5,440 2,151 2,465 2,489 2,230 2,211 Five years later 5,377 2,108 2,408 2,474 2,224 Six years later 5,315 2,086 2,396 2,471 Seven years later 5,281 2,078 2,399 Eight years later 5,267 2,078 Nine years later 5,266 Current estimates of cumulative net claims 5,266 2,078 2,399 2,471 2,224 2,211 3,165 3,994 4,515 4,397 Cumulative net claims paid to date (5,115) (2,033) (2,309) (2,335) (2,059) (1,961) (2,662) (3,057) (3,010) (2,178) Net undiscounted provision for unpaid claims 151 45 90 136 165 250 503 937 1,505 2,219 $ 6,001 Effect of discounting (517) Effect of risk adjustment for non-financial risk 167 Net liabilities for incurred claims $ 5,651 Insurance liabilities for incurred claims 6,317 Reinsurance assets for incurred claims (666)
Summary of Sensitivity Analysis for Actuarial Assumptions | The following table outlines the sensitivity of the Bank’s property and casualty LIC to reasonably possible movements in the discount rate, risk adjustment, and the frequency and severity of claims, with all other assumptions held constant. Movements in the assumptions may be non-linear. Sensitivity of Critical Assumptions – Property and Casualty Insurance (millions of Canadian dollars) As at October 31, 2025 October 31, 2024 Impact on net Impact on net income (loss) income (loss) before Impact on before Impact on income taxes equity income taxes equity Impact of a 1% change Discount rate Increase in assumption $ 135 $ 100 $ 121 $ 90 Decrease in assumption (143) (107) (129) (95) Impact of a 5% change Frequency of claims Increase in assumption $ (202) $ (150) $ (182) $ (135) Decrease in assumption 202 150 182 135 Severity of claims Increase in assumption (289) (215) (288) (213) Decrease in assumption 289 215 288 213 Risk adjustment Increase in assumption (39) (29) (52) (38) Decrease in assumption 34 25 40 29

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