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Insurance Contract Liabilities and Investment Contract Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2020
Insurance Contracts [Abstract] |
Disclosure of insurance contract liabilities | Insurance contract liabilities consist of the following:
As at December 31, 2020 | Canada | U.S. |  | Asia | Corporate(1) |  | Total
Individual participating life |  | $ | 25,839 |  |  | $ | 5,374 |  |  | $ | 11,981 |  |  | $ | 952 |  |  | $ | 44,146 |
Individual non-participating life and health | 15,533 |  |  | 15,010 |  |  | 12,183 |  |  | 373 |  |  | 43,099 |
Group life and health |  | 11,167 |  |  | 5,578 |  |  | 40 |  |  | 23 |  |  | 16,808 |
Individual annuities |  | 10,497 |  |  | 22 |  |  | 5 |  |  | 5,382 |  |  | 15,906 |
Group annuities |  | 17,670 |  |  | 7 |  |  | 97 |  |  | — |  |  | 17,774 |
Insurance contract liabilities before other policy liabilities | 80,706 |  |  | 25,991 |  |  | 24,306 |  |  | 6,730 |  |  | 137,733 |
Add: Other policy liabilities(2) |  | 3,521 |  |  | 1,807 |  |  | 2,499 |  |  | 213 |  |  | 8,040 |
Total insurance contract liabilities |  | $ | 84,227 |  |  | $ | 27,798 |  |  | $ | 26,805 |  |  | $ | 6,943 |  |  | $ | 145,773 |
(1) Primarily business from the UK and run-off reinsurance operations. Includes UK business of $851 for Individual participating life, $237 for Individual non-participating life and health, $5,162 for Individual annuities, and $163 for Other policy liabilities. (2) Consists of amounts on deposit, policy benefits payable, provisions for unreported claims, provisions for policyholder dividends, and provisions for experience rating refunds.
As at December 31, 2019 | Canada | U.S. |  | Asia | Corporate(1) |  | Total
Individual participating life |  | $ | 23,526 |  |  | $ | 5,611 |  |  | $ | 8,497 |  |  | $ | 987 |  |  | $ | 38,621 |
Individual non-participating life and health | 13,527 |  |  | 13,832 |  |  | 12,188 |  |  | 386 |  |  | 39,933 |
Group life and health |  | 10,493 |  |  | 5,541 |  |  | 39 |  |  | 14 |  |  | 16,087 |
Individual annuities |  | 9,529 |  |  | 24 |  |  | (17) |  |  | 5,335 |  |  | 14,871 |
Group annuities |  | 14,276 |  |  | 7 |  |  | 99 |  |  | — |  |  | 14,382 |
Insurance contract liabilities before other policy liabilities | 71,351 |  |  | 25,015 |  |  | 20,806 |  |  | 6,722 |  |  | 123,894 |
Add: Other policy liabilities(2) |  | 2,959 |  |  | 1,724 |  |  | 2,401 |  |  | 206 |  |  | 7,290 |
Total insurance contract liabilities |  | $ | 74,310 |  |  | $ | 26,739 |  |  | $ | 23,207 |  |  | $ | 6,928 |  |  | $ | 131,184 |
(1) Primarily business from the UK and run-off reinsurance operations. Includes UK business of $893 for Individual participating life, $238 for Individual non-participating life and health, $5,107 for Individual annuities, and $156 for Other policy liabilities. (2) Consists of amounts on deposit, policy benefits payable, provisions for unreported claims, provisions for policyholder dividends, and provisions for experience rating refunds. Changes in Insurance contract liabilities and Reinsurance assets are as follows:
For the years ended December 31, |  | 2020 |  | 2019
| Insurance contract liabilities | Reinsurance assets |  | Net | Insurance contract liabilities | Reinsurance assets |  | Net
Balances, before Other policy liabilities and assets as at January 1, | $ | 123,894 |  |  | $ | 3,395 |  |  | $ | 120,499 |  |  | $ | 114,902 |  |  | $ | 3,653 |  |  | $ | 111,249 |
Change in balances on in-force policies(1) |  | 9,919 |  |  | (107) |  |  | 10,026 |  |  | 8,559 |  |  | 268 |  |  | 8,291 |
Balances arising from new policies(1) |  | 5,004 |  |  | 82 |  |  | 4,922 |  |  | 3,171 |  |  | 136 |  |  | 3,035 |
Method and assumption changes |  | (63) |  |  | (179) |  |  | 116 |  |  | (363) |  |  | (376) |  |  | 13 |
Increase (decrease) in Insurance contract liabilities and Reinsurance assets | 14,860 |  |  | (204) |  |  | 15,064 |  |  | 11,367 |  |  | 28 |  |  | 11,339 |
Other(2) |  | — |  |  | — |  |  | — |  |  | (123) |  |  | (123) |  |  | — |
Foreign exchange rate movements |  | (1,021) |  |  | (65) |  |  | (956) |  |  | (2,252) |  |  | (163) |  |  | (2,089) |
Balances before Other policy liabilities and assets |  | 137,733 |  |  | 3,126 |  |  | 134,607 |  |  | 123,894 |  |  | 3,395 |  |  | 120,499 |
Other policy liabilities and assets |  | 8,040 |  |  | 717 |  |  | 7,323 |  |  | 7,290 |  |  | 629 |  |  | 6,661 |
Total Insurance contract liabilities and Reinsurance assets, December 31 |  | $ | 145,773 |  |  | $ | 3,843 |  |  | $ | 141,930 |  |  | $ | 131,184 |  |  | $ | 4,024 |  |  | $ | 127,160 |
(1) Comparative figures in 2019 have been amended to conform to the current year’s methodology. (2) Termination of reinsurance contracts. The following tables show the total assets supporting liabilities for the product lines shown (including insurance contract and investment contract liabilities) and assets supporting equity and other:
As at December 31, 2020 | Debt securities | Equity securities | Mortgages and loans | Investment properties |  | Other |  | Total
Individual participating life |  | $ | 25,574 |  |  | $ | 4,601 |  |  | $ | 8,992 |  |  | $ | 4,950 |  |  | $ | 5,331 |  |  | $ | 49,448 |
Individual non-participating life and health |  | 24,810 |  |  | 1,611 |  |  | 14,208 |  |  | 2,052 |  |  | 10,132 |  |  | 52,813 |
Group life and health |  | 7,789 |  |  | 61 |  |  | 9,354 |  |  | 36 |  |  | 3,112 |  |  | 20,352 |
Individual annuities |  | 11,979 |  |  | 47 |  |  | 6,219 |  |  | — |  |  | 1,185 |  |  | 19,430 |
Group annuities |  | 9,598 |  |  | 48 |  |  | 8,142 |  |  | — |  |  | 909 |  |  | 18,697 |
Equity and other |  | 9,339 |  |  | 263 |  |  | 3,031 |  |  | 478 |  |  | 23,239 |  |  | 36,350 |
Total assets |  | $ | 89,089 |  |  | $ | 6,631 |  |  | $ | 49,946 |  |  | $ | 7,516 |  |  | $ | 43,908 |  |  | $ | 197,090 |
As at December 31, 2019 | Debt securities | Equity securities | Mortgages and loans | Investment properties |  | Other |  | Total
Individual participating life |  | $ | 22,533 |  |  | $ | 2,899 |  |  | $ | 8,372 |  |  | $ | 4,941 |  |  | $ | 4,754 |  |  | $ | 43,499 |
Individual non-participating life and health |  | 21,301 |  |  | 1,418 |  |  | 14,145 |  |  | 1,790 |  |  | 9,353 |  |  | 48,007 |
Group life and health |  | 6,858 |  |  | 72 |  |  | 9,301 |  |  | — |  |  | 2,897 |  |  | 19,128 |
Individual annuities |  | 11,711 |  |  | 48 |  |  | 6,065 |  |  | — |  |  | 793 |  |  | 18,617 |
Group annuities |  | 7,323 |  |  | 37 |  |  | 7,261 |  |  | — |  |  | 697 |  |  | 15,318 |
Equity and other |  | 11,880 |  |  | 313 |  |  | 3,078 |  |  | 575 |  |  | 19,814 |  |  | 35,660 |
Total assets |  | $ | 81,606 |  |  | $ | 4,787 |  |  | $ | 48,222 |  |  | $ | 7,306 |  |  | $ | 38,308 |  |  | $ | 180,229 |
Schedule of impacts of method and changes in assumptions on insurance contract liabilities | Impacts of method and assumption changes on Insurance contract liabilities, net of Reinsurance assets, are as follows:
For the year ended December 31, 2020 | Net increase (decrease) before income taxes | Description
Mortality / Morbidity |  | $ | 113 |  |  | Updates to reflect mortality/morbidity experience in all jurisdictions. The largest items were unfavourable mortality impacts in individual life and health in Canada and In-force Management in the U.S., partially offset by favourable group disability government pension plan offsets in Canada.
Policyholder behaviour |  | 207 |  |  | Updates to policyholder behaviour in all jurisdictions. The largest item was in In-force Management in the U.S.
Expenses |  | (28) |  |  | Updates to reflect expense experience in all jurisdictions.
Investment returns |  | (10) |  |  | Updates to various investment-related assumptions across the Company.
Model enhancements and other |  | (166) |  |  | Various enhancements and methodology changes across all jurisdictions.
Total impact of method and assumption changes | $ | 116 |  |  |
For the year ended December 31, 2019 | Net increase (decrease) before income taxes | Description
Mortality / Morbidity |  | $ | (347) |  |  | Updates to reflect mortality/morbidity experience in all jurisdictions. The largest items were favourable mortality impacts in the UK in Corporate and in Group Retirement Services in Canada.
Policyholder behaviour |  | 102 |  |  | Updates to policyholder behaviour in all jurisdictions. The largest item was an unfavourable lapse update in International in Asia.
Expenses |  | 6 |  |  | Updates to reflect expense experience in all jurisdictions.
Investment returns |  | 6 |  |  | Updates to various investment-related assumptions across the Company, partially offset by updates to promulgated ultimate reinvestment rates.
Model enhancements and other |  | 246 |  |  | Various enhancements and methodology changes across all jurisdictions. The largest item was an unfavourable strengthening of reinsurance provisions in In-force Management in the U.S., partially offset by a favourable change to participating accounts in the UK in Corporate and the Philippines in Asia.
Total impact of method and assumption changes | $ | 13 |  |  |
Schedule of investment contract liabilities | Investment contract liabilities consist of the following:
As at December 31, 2020 | Canada |  |  | Asia | Corporate |  | Total
Individual participating life |  | $ | — |  |  |  |  | $ | — |  |  | $ | 5 |  |  | $ | 5 |
Individual non-participating life and health |  | — |  |  |  |  | 269 |  |  | 2 |  |  | 271 |
Individual annuities |  | 2,690 |  |  |  |  | — |  |  | 35 |  |  | 2,725 |
Group annuities |  | — |  |  |  |  | 188 |  |  | — |  |  | 188 |
Total investment contract liabilities |  | $ | 2,690 |  |  |  |  | $ | 457 |  |  | $ | 42 |  |  | $ | 3,189 |
For the year ended December 31, 2020, Investment contract liabilities of $3,189 are comprised of investment contracts with DPF of $497, investment contracts without DPF measured at amortized cost of $2,690, and for investment contracts without DPF measured at fair value of $2.
As at December 31, 2019 | Canada |  |  | Asia | Corporate |  | Total
Individual participating life |  | $ | — |  |  |  |  | $ | — |  |  | $ | 5 |  |  | $ | 5 |
Individual non-participating life and health |  | — |  |  |  |  | 258 |  |  | 2 |  |  | 260 |
Individual annuities |  | 2,612 |  |  |  |  | — |  |  | 39 |  |  | 2,651 |
Group annuities |  | — |  |  |  |  | 200 |  |  | — |  |  | 200 |
Total investment contract liabilities |  | $ | 2,612 |  |  |  |  | $ | 458 |  |  | $ | 46 |  |  | $ | 3,116 |
For the year ended December 31, 2019, Investment contract liabilities of $3,116 are comprised of investment contracts with DPF of $502, investment contracts without DPF measured at amortized cost of $2,612, and investment contracts without DPF measured at fair value of $2.
Schedule of reconciliation of changes in investment contract liabilities | Changes in investment contract liabilities without DPF are as follows:
For the years ended December 31, |  | 2020 |  | 2019
| Measured at fair value | Measured at amortized cost | Measured at fair value | Measured at amortized cost
Balance as at January 1 |  | $ | 2 |  |  | $ | 2,612 |  |  | $ | 3 |  |  | $ | 2,646 |
Deposits |  | — |  |  | 467 |  |  | — |  |  | 360 |
Interest |  | — |  |  | 59 |  |  | — |  |  | 57 |
Withdrawals |  | — |  |  | (457) |  |  | — |  |  | (464) |
Fees |  | — |  |  | (7) |  |  | — |  |  | (6) |
Other |  | — |  |  | 16 |  |  | — |  |  | 20 |
Foreign exchange rate movements |  | — |  |  | — |  |  | (1) |  |  | (1) |
Balance as at December 31 |  | $ | 2 |  |  | $ | 2,690 |  |  | $ | 2 |  |  | $ | 2,612 |
Changes in investment contract liabilities with DPF are as follows:
For the years ended December 31, | 2020 | 2019
Balance as at January 1 |  | $ | 502 |  |  | $ | 515 |
Change in liabilities on in-force |  | 2 |  |  | 2 |
Changes in assumptions or methodology |  | — |  |  | 6 |
Increase (decrease) in liabilities |  | 2 |  |  | 8 |
Foreign exchange rate movements |  | (7) |  |  | (21) |
Balance as at December 31 |  | $ | 497 |  |  | $ | 502 |
Disclosure of claims and benefits paid | Gross claims and benefits paid consist of the following:
For the years ended December 31, |  | 2020 |  | 2019
Maturities and surrenders |  | $ | 2,993 |  |  | $ | 2,956 |
Annuity payments |  | 1,979 |  |  | 1,909 |
Death and disability benefits |  | 4,594 |  |  | 4,246 |
Health benefits |  | 6,913 |  |  | 7,222 |
Policyholder dividends and interest on claims and deposits |  | 1,828 |  |  | 1,088 |
Total gross claims and benefits paid |  | $ | 18,307 |  |  | $ | 17,421 |

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