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Insurance (Tables)
 12 Months Ended
Oct. 31, 2025
Insurance service result [abstract]  
Summary of Sensitivities of Earning to Increase or Decreases in Policy-related Assumptions
The table below presents the sensitivity of earnings to increases or decreases in policy-related assumptions.
 
(Canadian $ in millions)  
2025
            2024  
   
Contractual service margin
          
Profit or loss
           Contractual service margin           Profit or loss  
    
Gross
    
Net
           
Gross
    
Net
            Gross     Net            Gross     Net  
Policy-related Assumptions
                      
Mortality rates (1% increase)
(1)
  
$
  (8
) 
  
$
 15
 
    
$
1
 
  
$
2
 
     $ (17 )    $ 10       $ 1     $ 1  
Lapse rates (10% increase)
(2)
  
 
  (45
) 
  
 
38
 
    
 
  (82
) 
  
 
  (74
) 
        (151 )        (52 )          (10 )        (4 ) 
Expenses (5% increase)
(3)
  
 
(14
) 
  
 
  (14
) 
          
 
(1
) 
  
 
(1
) 
             (15 )      (15 )              –       –  
 
  (1)
Mortality relates to the occurrence of death and is a key assumption for our life insurance business.
  (2)
Policies are terminated through lapses and surrenders, where lapses represent the termination of policies due to
non-payment
of premiums and surrenders represent the voluntary termination of policies by policyholders.
  (3)
Directly attributable operating expense assumptions reflect the projected cost of maintaining and servicing
in-force
policies, including associated directly attributable overhead expenses.
Summary of Insurance Service Results
Insurance service results in our Consolidated Statement of Income are as follows:
 
(Canadian $ in millions)   
2025
      2024  
Insurance revenue
   
$
     1,922
 
    $    1,767  
Insurance service expenses
   
 
(1,464
)
      (1,330 ) 
Net expenses from reinsurance contracts
   
 
(37
)
      (97 ) 
Insurance service results
   
$
421
 
    $ 340  
Summary of Insurance Investment Results
Insurance investment results in our Consolidated Statement of Income are as follows:
 
(Canadian $ in millions)   
2025
      2024  
Investment return
   
$
     1,122
 
    $    2,320  
Insurance finance (expense) from insurance and reinsurance contracts held
   
 
(955
)
      (2,098 ) 
Movement in investment contract liabilities
   
 
(43
)
      (117 ) 
Insurance investment results
   
$
124
 
    $ 105  
Summary of the Insurance Liability by Remaining Coverage and Incurred Claims
Insurance contract liabilities by remaining coverage and incurred claims comprise the following:

 
(Canadian $ in millions)
 
  
 
 
  
 
 
2025
 
 
  
 
 
  
 
 
2024
 
  
 
Liabilities for
remaining coverage
 
 
Liabilities for
incurred claims
 
 
Total
 
 
Liabilities for
remaining coverage
 
 
Liabilities for
incurred claims
 
 
Total
 
Insurance contract liabilities, beginning of year
  
$
17,047
 
  
$
201
 
  
$
17,248
 
   $ 13,114     $ 235     $ 13,349  
Insurance service results
  
 
(2,406
) 
  
 
      2,048
 
  
 
(358
) 
     (1,448 )            1,101       (347 ) 
Net finance expenses from insurance contracts
  
 
        1,048
 
  
 
–
 
  
 
       1,048
 
             2,206       –              2,206  
Total cash flows
  
 
3,763
 
  
 
(2,039
) 
  
 
1,724
 
     3,176       (1,136 )      2,040  
Other changes in the net carrying amount of the insurance contract
(1)
  
 
(785
)
  
 
(11
)
  
 
(796
)
     (1 )      1       –  
Insurance contract liabilities, end of year
(2)
  
$
18,667
 
  
$
199
 
  
$
18,866
 
   $ 17,047     $ 201     $ 17,248  
 
  (1)
Includes $798 million relating to the sale of a
non-strategic
portfolio of insurance contracts for the year ended October 31, 2025.
  (2)
The liabilities for incurred claims relating to insurance contracts in our creditor and reinsurance business were $102 million as at October 31, 2025
(
$115 million as at October 31, 2024
)
.
Summary of Yield Curve Used to Discount Cash Flows that do not Vary Based on Underlying Items
We use the following rates to discount fulfilment cash flows of our insurance contracts, which are based on a risk-free yield adjusted for an illiquidity premium that reflects the liquidity characteristics of the liabilities:

 
Portfolio duration:
  
2025
 
  
2024
 
1 year
   
 
      3.24%
 
            4.16%  
3 years
   
 
3.54%
 
      4.17%  
5 years
   
 
3.89%
 
      4.35%  
10 years
   
 
4.67%
 
      4.82%  
20 years
   
 
5.25%
 
      5.15%  
30 years
   
 
4.99%
 
      4.98%  
Ultimate
   
 
5.00%
 
      5.00%  
Summary of Fair Value Changes in Investment Securities
The following table presents the fair value and changes in fair value in our investment contract liabilities measured at FVTPL:
 
(Canadian $ in millions)
  
Fair value
 
  
Notional amount due at
contractual maturity
 
  
Difference
between fair value
and amount due at
contractual maturity
 
 
Change in fair value –
gains (losses) recorded
in the Consolidated
Statement of Income
 
 
Change in fair value –
gains (losses) due to
own credit risk recorded
in OCI (before tax)
 
 
Cumulative change in fair
value – gains (losses) due
to own credit risk recognized
in AOCI (before tax)
 
As at October 31, 2025
  
$
   745
 
  
$
  1,278
 
  
$
   (533
) 
 
$
    (35
) 
 
 
$    28
 
 
$
     2
 
As at October 31, 2024
  
 
796
 
  
 
1,336
 
  
 
(540
) 
 
 
(86
) 
 
 
(34
) 
 
 
(26
) 
Summary of Sensitivity Analysis to Changes in Risk Exposures that Arise from Contracts Within Scope of IFRS 17
The table below reflects the estimated immediate impact on, or sensitivity of, income before taxes to certain changes in interest rates, and includes the estimated impact of the above hedging arrangements and our exposure to equity price risk arising from our investment in equity securities.
 
(Canadian $ in millions)   
2025
     2024  
Interest Rate Sensitivity
(1) (2)
     
50 basis point increase
   
 
$   2
 
     $   6  
50 basis point decrease
   
 
(6
) 
     (9 ) 
Equity Market Sensitivity
(3)
     
10% increase
   
 
$   6
 
     $  28  
10% decrease
   
 
(7
) 
     (26 ) 
 
 
(1)
Estimated impact on, or sensitivity of, income before taxes to a 50 basis point increase or decrease in interest rates.
 
(2)
Interest rate sensitivities assume a parallel shift in assumed interest rates across the entire yield curve as at the end of the period with no change in the ultimate risk-free rate.
 
(3)
Estimated impact on, or sensitivity of, income before taxes to a 10% increase or decrease in our exposure to equity price risk arising from our investment in equity securities at the reporting date, assuming all other variables remain constant.