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Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2018
Corporate Information And Statement Of IFRS Compliance [Abstract] |
Schedule of Significant Estimates and Judgments | Significant estimates and judgments have been made in the following areas and are discussed as noted:
Insurance contract and investment contract assumptions and measurement |  | Note 1 Insurance Contract Liabilities and Investment Contract Liabilities Note 10 Insurance Contract Liabilities and Investment Contract Liabilities
Determination of fair value |  | Note 1 Basis of Consolidation Note 1 Determination of Fair Value Note 3 Acquisitions Note 5 Total Invested Assets and Related Net Investment Income
Impairment of financial instruments |  | Note 1 Financial Assets Excluding Derivative Financial Instruments Note 6 Financial Instrument Risk Management
Income taxes |  | Note 1 Income Taxes Note 20 Income Taxes
Pension plans |  | Note 1 Pension Plans and Other Post-Retirement Benefits Note 25 Pension Plans and Other Post-Retirement Benefits
Goodwill and intangible assets on acquisition and impairment |  | Note 1 Goodwill Note 1 Intangible Assets Note 3 Acquisitions Note 9 Goodwill and Intangible Assets
Determination of control for purpose of consolidation |  | Note 1 Basis of Consolidation Note 16 Interests in Other Entities
Share-based payments |  | Note 19 Share-Based Payments
Summary of Financial Assets | The following table summarizes the financial assets included in our Consolidated Statements of Financial Position and the asset classifications applicable to these assets:
Cash, cash equivalents and short-term securities | FVTPL
Debt securities | FVTPL and AFS
Equity securities | FVTPL and AFS
Mortgages and loans | Loans and receivables
Other invested assets | FVTPL and AFS
Policy loans | Loans and receivables
Cash, cash equivalents and short-term securities presented in our Consolidated Statements of Financial Position and Net cash, cash equivalents and short-term securities presented in our Consolidated Statements of Cash Flows consist of the following:
As at December 31, | 2018 |  | 2017 |
Cash |  | $ | 2,089 |  |  | $ | 1,504 |
Cash equivalents |  | 5,209 |  |  | 4,592 |
Short-term securities |  | 2,208 |  |  | 2,794 |
Cash, cash equivalents and short-term securities |  | 9,506 |  |  | 8,890 |
Less: Bank overdraft, recorded in Other liabilities |  | 104 |  |  | 140 |
Net cash, cash equivalents and short-term securities |  | $ | 9,402 |  |  | $ | 8,750 |
The carrying values and fair values of our financial assets are shown in the following table:
As at |  | December 31, 2018 |  | December 31, 2017
|  | Carrying value |  |  | Fair value |  |  | Carrying value |  |  | Fair value |
Assets |  |  |  |  |  |  |  |
Cash, cash equivalents and short-term securities |  | $ | 9,506 |  |  | $ | 9,506 |  |  | $ | 8,890 |  |  | $ | 8,890 |
Debt securities – fair value through profit or loss |  | 61,402 |  |  | 61,402 |  |  | 59,967 |  |  | 59,967 |
Debt securities – available-for-sale |  | 13,041 |  |  | 13,041 |  |  | 12,652 |  |  | 12,652 |
Equity securities – fair value through profit or loss |  | 4,014 |  |  | 4,014 |  |  | 5,078 |  |  | 5,078 |
Equity securities – available-for-sale |  | 620 |  |  | 620 |  |  | 942 |  |  | 942 |
Mortgages and loans |  | 46,822 |  |  | 48,434 |  |  | 42,805 |  |  | 45,406 |
Derivative assets |  | 1,112 |  |  | 1,112 |  |  | 1,478 |  |  | 1,478 |
Other invested assets – fair value through profit or loss(1) |  | 2,701 |  |  | 2,701 |  |  | 2,211 |  |  | 2,211 |
Other invested assets – available-for-sale(1) |  | 621 |  |  | 621 |  |  | 562 |  |  | 562 |
Policy loans |  | 3,222 |  |  | 3,222 |  |  | 3,106 |  |  | 3,106 |
Total financial assets(2) |  | $ | 143,061 |  |  | $ | 144,673 |  |  | $ | 137,691 |  |  | $ | 140,292 |
(1) Other invested assets (FVTPL and AFS) include our investments in segregated funds, mutual funds, and limited partnerships. (2) Invested assets on our Consolidated Statements of Financial Position of $151,726 ($146,139 as at December 31, 2017) includes Total financial assets in this table, Investment properties of $7,157 ($7,067 as at December 31, 2017), and Other invested assets – non-financial assets of $1,508 ($1,381 as at December 31, 2017). The following table provides a reconciliation of the beginning and ending balances for assets that are categorized in Level 3:
For the year ended | Debt securities – fair value through profit or loss |  | Debt securities – available-for-sale |  | Equity securities – fair value through profit or loss |  | Equity securities – available-for-sale |  | Other invested assets |  | Investment properties |  | Total invested assets measured at fair value |  | Investments for account of segregated fund holders |  | Total assets measured at fair value |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 417 |  |  | $ | 136 |  |  | $ | 167 |  |  | $ | 38 |  |  | $ | 1,721 |  |  | $ | 7,067 |  |  | $ | 9,546 |  |  | $ | 1,154 |  |  | $ | 10,700 |
Included in net income(1)(3)(5) |  | (4 | ) |  | — |  |  | 9 |  |  | — |  |  | 69 |  |  | 441 |  |  | 515 |  |  | 29 |  |  | 544 |
Included in OCI(3) |  | — |  |  | (5 | ) |  | — |  |  | (8 | ) |  | (9 | ) |  | — |  |  | (22 | ) |  | — |  |  | (22 | )
Purchases |  | 164 |  |  | 140 |  |  | 19 |  |  | 4 |  |  | 644 |  |  | 621 |  |  | 1,592 |  |  | 430 |  |  | 2,022 |
Sales |  | (49 | ) |  | (6 | ) |  | — |  |  | (1 | ) |  | (227 | ) |  | (1,113 | ) |  | (1,396 | ) |  | (31 | ) |  | (1,427 | )
Settlements |  | (21 | ) |  | (4 | ) |  | — |  |  | (1 | ) |  | — |  |  | — |  |  | (26 | ) |  | (1 | ) |  | (27 | )
Transfers into Level 3(2) |  | 12 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 14 |  |  | 4 |  |  | 18 |
Transfers (out) of Level 3(2) |  | (159 | ) |  | (221 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (380 | ) |  | (5 | ) |  | (385 | )
Foreign currency translation(4) |  | 13 |  |  | 2 |  |  | 7 |  |  | 3 |  |  | 43 |  |  | 141 |  |  | 209 |  |  | 16 |  |  | 225 |
Ending balance |  | $ | 373 |  |  | $ | 43 |  |  | $ | 202 |  |  | $ | 36 |  |  | $ | 2,241 |  |  | $ | 7,157 |  |  | $ | 10,052 |  |  | $ | 1,596 |  |  | $ | 11,648 |
Gains (losses) included in earnings relating to instruments still held at the reporting date(1) |  | $ | 5 |  |  | $ | — |  |  | $ | 9 |  |  | $ | — |  |  | $ | 69 |  |  | $ | 331 |  |  | $ | 414 |  |  | $ | 27 |  |  | $ | 441 |
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 442 |  |  | $ | 191 |  |  | $ | 144 |  |  | $ | 7 |  |  | $ | 1,544 |  |  | $ | 6,592 |  |  | $ | 8,920 |  |  | $ | 865 |  |  | $ | 9,785 |
Included in net income(1)(3)(5) |  | (3 | ) |  | (1 | ) |  | 7 |  |  | — |  |  | (59 | ) |  | 158 |  |  | 102 |  |  | 60 |  |  | 162 |
Included in OCI(3) |  | — |  |  | — |  |  | — |  |  | — |  |  | 18 |  |  | — |  |  | 18 |  |  | — |  |  | 18 |
Purchases |  | 180 |  |  | 215 |  |  | 34 |  |  | 32 |  |  | 505 |  |  | 448 |  |  | 1,414 |  |  | 302 |  |  | 1,716 |
Sales |  | (41 | ) |  | (2 | ) |  | (7 | ) |  | — |  |  | (318 | ) |  | (277 | ) |  | (645 | ) |  | (77 | ) |  | (722 | )
Settlements |  | (66 | ) |  | (5 | ) |  | (7 | ) |  | — |  |  | — |  |  | — |  |  | (78 | ) |  | (1 | ) |  | (79 | )
Transfers into Level 3(2)(6) |  | 204 |  |  | — |  |  | — |  |  | — |  |  | 49 |  |  | 259 |  |  | 512 |  |  | — |  |  | 512 |
Transfers (out) of Level 3(2) |  | (284 | ) |  | (262 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (546 | ) |  | — |  |  | (546 | )
Foreign currency translation(4) | (15 | ) |  | — |  |  | (4 | ) |  | (1 | ) |  | (18 | ) |  | (113 | ) |  | (151 | ) |  | 5 |  |  | (146 | )
Ending balance |  | $ | 417 |  |  | $ | 136 |  |  | $ | 167 |  |  | $ | 38 |  |  | $ | 1,721 |  |  | $ | 7,067 |  |  | $ | 9,546 |  |  | $ | 1,154 |  |  | $ | 10,700 |
Gains (losses) included in earnings relating to instruments still held at the reporting date(1) |  | $ | — |  |  | $ | — |  |  | $ | 8 |  |  | $ | — |  |  | $ | (59 | ) |  | $ | 147 |  |  | $ | 96 |  |  | $ | 27 |  |  | $ | 123 |
(1) Included in Net investment income (loss) for Total invested assets measured at fair value in our Consolidated Statements of Operations. (2) Transfers into Level 3 occur when the inputs used to price the assets and liabilities lack observable market data, and as a result, no longer meet the Level 1 or 2 definitions at the reporting date. Transfers out of Level 3 occur when the pricing inputs become more transparent and satisfy the Level 1 or 2 criteria and are primarily the result of observable market data being available at the reporting date, thus removing the requirement to rely on inputs that lack observability. (3) Total gains and losses in net income (loss) and OCI are calculated assuming transfers into or out of Level 3 occur at the beginning of the period. For an asset or liability that transfers into Level 3 during the reporting period, the entire change in fair value for the period is included in the table above. For transfers out of Level 3 during the reporting period, the change in fair value for the period is excluded from the table above. (4) Foreign currency translation relates to the foreign exchange impact of translating Level 3 assets and liabilities of foreign subsidiaries from their functional currencies to Canadian dollars. (5) Investment properties included in net income is comprised of fair value changes on investment properties of $529 ($211 in 2017) net of amortization of leasing commissions and tenant inducements of $88 ($53 in 2017). (6) Transfers into Level 3 in Investment properties includes the reclassification of our former head office location in 2017, previously classified as owner-occupied with a fair value of $259 at the time of transfer from Other assets to Investment properties. The reclassification recognized a revaluation surplus of $172, which was recorded as an increase of $139 of accumulated other comprehensive income, net of taxes of $33. The carrying value of debt securities by geographic location is shown in the following table. The geographic location is based on the country of the creditor's parent.
As at December 31, | 2018 | 2017
| Fair value through profit or loss |  | Available-for- sale |  | Total debt securities |  | Fair value through profit or loss |  | Available-for- sale |  | Total debt securities |
Canada |  | $ | 25,091 |  |  | $ | 4,217 |  |  | $ | 29,308 |  |  | $ | 24,132 |  |  | $ | 4,114 |  |  | $ | 28,246 |
United States |  | 21,329 |  |  | 5,917 |  |  | 27,246 |  |  | 20,758 |  |  | 5,719 |  |  | 26,477 |
United Kingdom |  | 5,092 |  |  | 565 |  |  | 5,657 |  |  | 5,319 |  |  | 590 |  |  | 5,909 |
Other |  | 9,890 |  |  | 2,342 |  |  | 12,232 |  |  | 9,758 |  |  | 2,229 |  |  | 11,987 |
Balance |  | $ | 61,402 |  |  | $ | 13,041 |  |  | $ | 74,443 |  |  | $ | 59,967 |  |  | $ | 12,652 |  |  | $ | 72,619 |
The carrying value of debt securities by issuer and industry sector is shown in the following table:
As at December 31, | 2018 | 2017
| Fair value through profit or loss |  | Available-for-sale |  | Total debt securities |  | Fair value through profit or loss |  | Available-for-sale |  | Total debt securities |
Debt securities issued or guaranteed by: |  |  |  |  |  |  |  |  |  |  |  |
Canadian federal government |  | $ | 3,830 |  |  | $ | 1,746 |  |  | $ | 5,576 |  |  | $ | 3,366 |  |  | $ | 1,832 |  |  | $ | 5,198 |
Canadian provincial and municipal government |  | 11,866 |  |  | 1,199 |  |  | 13,065 |  |  | 12,158 |  |  | 1,138 |  |  | 13,296 |
U.S. government and agency |  | 1,380 |  |  | 1,527 |  |  | 2,907 |  |  | 1,231 |  |  | 818 |  |  | 2,049 |
Other foreign government |  | 4,929 |  |  | 717 |  |  | 5,646 |  |  | 5,361 |  |  | 752 |  |  | 6,113 |
Total government issued or guaranteed debt securities |  | 22,005 |  |  | 5,189 |  |  | 27,194 |  |  | 22,116 |  |  | 4,540 |  |  | 26,656 |
Corporate debt securities by industry sector(1): |  |  |  |  |  |  |  |  |  |  |  |
Financials |  | 8,390 |  |  | 1,470 |  |  | 9,860 |  |  | 7,856 |  |  | 1,705 |  |  | 9,561 |
Utilities |  | 6,353 |  |  | 528 |  |  | 6,881 |  |  | 6,756 |  |  | 550 |  |  | 7,306 |
Industrials |  | 4,053 |  |  | 590 |  |  | 4,643 |  |  | 4,090 |  |  | 707 |  |  | 4,797 |
Energy |  | 3,628 |  |  | 340 |  |  | 3,968 |  |  | 3,657 |  |  | 455 |  |  | 4,112 |
Communication services(2) |  | 2,826 |  |  | 481 |  |  | 3,307 |  |  | 2,826 |  |  | 545 |  |  | 3,371 |
Real estate |  | 2,640 |  |  | 376 |  |  | 3,016 |  |  | 2,213 |  |  | 366 |  |  | 2,579 |
Health care |  | 1,734 |  |  | 299 |  |  | 2,033 |  |  | 1,256 |  |  | 323 |  |  | 1,579 |
Consumer staples |  | 1,625 |  |  | 257 |  |  | 1,882 |  |  | 1,920 |  |  | 351 |  |  | 2,271 |
Consumer discretionary(2) |  | 1,372 |  |  | 209 |  |  | 1,581 |  |  | 1,329 |  |  | 363 |  |  | 1,692 |
Materials |  | 1,225 |  |  | 256 |  |  | 1,481 |  |  | 1,211 |  |  | 262 |  |  | 1,473 |
Information technology(2) |  | 1,024 |  |  | 207 |  |  | 1,231 |  |  | 1,056 |  |  | 267 |  |  | 1,323 |
Total corporate debt securities |  | 34,870 |  |  | 5,013 |  |  | 39,883 |  |  | 34,170 |  |  | 5,894 |  |  | 40,064 |
Asset-backed securities |  | 4,527 |  |  | 2,839 |  |  | 7,366 |  |  | 3,681 |  |  | 2,218 |  |  | 5,899 |
Total debt securities |  | $ | 61,402 |  |  | $ | 13,041 |  |  | $ | 74,443 |  |  | $ | 59,967 |  |  | $ | 12,652 |  |  | $ | 72,619 |
(1) Balances in 2017 have been changed to conform with current year presentation. (2) Our grouping of debt securities by sector is based on the Global Industry Classification Standard and S&P Dow Jones Indices. During 2018, certain Consumer discretionary and Information technology debt securities were moved to the Communication services sector. The contractual maturities of debt securities are shown in the following table. Actual maturities could differ from contractual maturities because of the borrower's right to call or extend or right to prepay obligations, with or without prepayment penalties.
As at December 31, | 2018 | 2017
| Fair value through profit or loss |  | Available-for- sale |  | Total debt securities |  | Fair value through profit or loss |  | Available-for- sale |  | Total debt securities |
Due in 1 year or less |  | $ | 2,189 |  |  | $ | 1,175 |  |  | $ | 3,364 |  |  | $ | 1,432 |  |  | $ | 1,053 |  |  | $ | 2,485 |
Due in years 2-5 |  | 9,307 |  |  | 4,865 |  |  | 14,172 |  |  | 7,903 |  |  | 3,465 |  |  | 11,368 |
Due in years 6-10 |  | 10,080 |  |  | 2,580 |  |  | 12,660 |  |  | 10,148 |  |  | 3,177 |  |  | 13,325 |
Due after 10 years |  | 39,826 |  |  | 4,421 |  |  | 44,247 |  |  | 40,484 |  |  | 4,957 |  |  | 45,441 |
Total debt securities |  | $ | 61,402 |  |  | $ | 13,041 |  |  | $ | 74,443 |  |  | $ | 59,967 |  |  | $ | 12,652 |  |  | $ | 72,619 |
The carrying value of mortgages by scheduled maturity, before allowances for losses, is as follows:
As at December 31, | 2018 |  | 2017 |
Due in 1 year or less |  | $ | 968 |  |  | $ | 931 |
Due in years 2-5 |  | 5,118 |  |  | 4,829 |
Due in years 6-10 |  | 7,351 |  |  | 6,963 |
Due after 10 years |  | 3,021 |  |  | 2,792 |
Total mortgages |  | $ | 16,458 |  |  | $ | 15,515 |
The carrying value of loans by scheduled maturity, before allowances for losses, is as follows:
As at December 31, | 2018 |  | 2017 |
Due in 1 year or less |  | $ | 1,425 |  |  | $ | 1,806 |
Due in years 2-5 |  | 6,968 |  |  | 6,350 |
Due in years 6-10 |  | 5,183 |  |  | 4,968 |
Due after 10 years |  | 16,863 |  |  | 14,216 |
Total loans |  | $ | 30,439 |  |  | $ | 27,340 |
The carrying value of mortgages and loans by geographic location and type is shown in the following tables. The geographic location for mortgages is based on location of property, while for corporate loans it is based on the country of the creditor's parent.
As at December 31, 2018 | Canada |  | United States |  |  | United Kingdom |  |  | Other |  |  | Total |
Mortgages |  |  |  |  |  |  |  |  |  |
Retail |  | $ | 1,921 |  |  | $ | 2,281 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,202 |
Office |  | 1,811 |  |  | 2,417 |  |  | — |  |  | — |  |  | 4,228 |
Multi-family residential |  | 3,455 |  |  | 1,920 |  |  | — |  |  | — |  |  | 5,375 |
Industrial and land |  | 752 |  |  | 1,154 |  |  | — |  |  | — |  |  | 1,906 |
Other |  | 618 |  |  | 104 |  |  | — |  |  | — |  |  | 722 |
Total mortgages(1) |  | $ | 8,557 |  |  | $ | 7,876 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,433 |
Loans |  | $ | 13,238 |  |  | $ | 11,458 |  |  | $ | 2,547 |  |  | $ | 3,146 |  |  | $ | 30,389 |
Total mortgages and loans | $ | 21,795 |  |  | $ | 19,334 |  |  | $ | 2,547 |  |  | $ | 3,146 |  |  | $ | 46,822 |
(1) $3,537 of mortgages in Canada are insured by the CMHC.
As at December 31, 2017 | Canada |  | United States |  |  | United Kingdom |  |  | Other |  |  | Total |
Mortgages |  |  |  |  |  |  |  |  |  |
Retail |  | $ | 2,027 |  |  | $ | 2,264 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,291 |
Office |  | 1,898 |  |  | 2,363 |  |  | — |  |  | — |  |  | 4,261 |
Multi-family residential |  | 3,214 |  |  | 1,368 |  |  | — |  |  | — |  |  | 4,582 |
Industrial and land |  | 670 |  |  | 990 |  |  | — |  |  | — |  |  | 1,660 |
Other |  | 581 |  |  | 118 |  |  | — |  |  | — |  |  | 699 |
Total mortgages(1) |  | $ | 8,390 |  |  | $ | 7,103 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,493 |
Loans |  | $ | 13,265 |  |  | $ | 9,542 |  |  | $ | 1,678 |  |  | $ | 2,827 |  |  | $ | 27,312 |
Total mortgages and loans | $ | 21,655 |  |  | $ | 16,645 |  |  | $ | 1,678 |  |  | $ | 2,827 |  |  | $ | 42,805 |
(1) $3,171 of mortgages in Canada are insured by the CMHC.

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