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Financial Instrument Risk Management (Tables)

12 Months Ended

Dec. 31, 2020

Financial Instruments [Abstract]

Disclosure of maximum exposure to credit risk

The positive fair value of derivative assets is used to determine the credit risk exposure if the counterparties were to default. The credit risk exposure is the cost of replacing, at current market rates, all derivative contracts with a positive fair value. Additionally, we have credit exposure to items not on the Consolidated Statements of Financial Position as follows:

As at December 31,			2020						2019
Off-balance sheet item:
Loan commitments(1)						$	1,890					$	2,175

(1)    Loan commitments include commitments to extend credit under commercial and multi-family residential mortgages and private debt securities not quoted in an active market. Commitments on debt securities contain provisions that allow for withdrawal of the commitment if there is deterioration in the credit quality of the borrower.

Disclosure of right of offset and collateral

We do not offset financial instruments in our Consolidated Statements of Financial Position, as our rights of offset are conditional. The following tables present the effect of conditional netting and similar arrangements. Similar arrangements include global master repurchase agreements, security lending agreements, and any related rights to financial collateral.

As at December 31,			2020																								2019
			Financial instruments presented in the Consolidated Statements of Financial Position(1)						Related amounts not set off in the Consolidated Statements of Financial Position																		Financial instruments presented in the Consolidated Statements of Financial Position(1)						Related amounts not set off in the Consolidated Statements of Financial Position
									Financial instruments subject to master netting or similar agreements						Financial collateral (received) pledged(2)									Net amount									Financial instruments subject to master netting or similar agreements						Financial collateral (received) pledged(2)									Net amount
Financial assets:
Derivative assets (Note 6.A.v)						$	2,160					$	(883)					$	(1,139)					$	138					$	1,548					$	(737)					$	(730)					$	81
Reverse repurchase agreements (Note 8)						4						(4)						—						—						3						(3)						—						—
Total financial assets						$	2,164					$	(887)					$	(1,139)					$	138					$	1,551					$	(740)					$	(730)					$	81
Financial liabilities:
Derivative liabilities						$	(1,744)					$	883					$	736					$	(125)					$	(2,040)					$	737					$	937					$	(366)
Repurchase agreements (Note 5.F.ii)						(2,208)						4						2,204						—						(1,850)						3						1,847						—
Cash collateral on securities lent (Note 5.F.iii)						(306)						—						301						(5)						—						—						—						—
Total financial liabilities						$	(4,258)					$	887					$	3,241					$	(130)					$	(3,890)					$	740					$	2,784					$	(366)

(1)    Net amounts of the financial instruments presented in our Consolidated Statements of Financial Position are the same as our gross recognized financial instruments, as we do not offset financial instruments in our Consolidated Statements of Financial Position.

(2)    Financial collateral excludes overcollateralization and, for exchange-traded derivatives, initial margin. Total financial collateral, including initial margin and overcollateralization, received on derivative assets was $1,275 ($939 as at December 31, 2019), received on reverse repurchase agreements was $4 ($3 as at December 31, 2019), pledged on derivative liabilities was $1,830 ($1,706 as at December 31, 2019), and pledged on repurchase agreements was $2,208 ($1,850 as at December 31, 2019).

Disclosure 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

The carrying values and fair values of our financial assets are shown in the following table:

As at						December 31, 2020												December 31, 2019
						Carrying value						Fair value						Carrying value						Fair value
Assets
Cash, cash equivalents and short-term securities						$	13,527					$	13,527					$	9,575					$	9,575
Debt securities - fair value through profit or loss						77,834						77,834						67,894						67,894
Debt securities - available-for-sale(1)						11,255						11,255						13,712						13,712
Equity securities - fair value through profit or loss						6,369						6,369						4,474						4,474
Equity securities - available-for-sale						262						262						313						313
Mortgages and loans(1)						49,946						56,231						48,222						52,028
Derivative assets						2,160						2,160						1,548						1,548
Other invested assets - fair value through profit or loss(2)						3,339						3,339						3,016						3,016
Other invested assets - available-for-sale(2)						828						828						813						813
Policy loans						3,265						3,265						3,218						3,218
Total financial assets(3)						$	168,785					$	175,070					$	152,785					$	156,591

(1)    As at December 31, 2020, the fair value of invested assets that have contractual cash flows that qualify as SPPI include $11,159 of Debt securities - AFS ($13,602 as at December 31, 2019), $51,480 of Mortgages and loans supporting insurance contract liabilities ($47,398 as at December 31, 2019), and $4,741 of Mortgages and loans not supporting insurance contract liabilities ($4,315 as at December 31, 2019).

(2)    Other invested assets (FVTPL and AFS) include our investments in segregated funds, mutual funds and limited partnerships.

(3)    Invested assets on our Consolidated Statements of Financial Position of $177,912 ($161,619 as at December 31, 2019) includes Total financial assets in this table, Investment properties of $7,516 ($7,306 as at December 31, 2019), and Other invested assets - non-financial assets of $1,611 ($1,528 as at December 31, 2019).

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						Investmentproperties						Total invested assets measured at fair value						Investments for account of segregated fund holders						Total assets measured at fair value
December 31, 2020
Beginning balance						$	248					$	50					$	188					$	35					$	2,445					$	7,306					$	10,272					$	549					$	10,821
Included in net income(1)(2)(3)						11						—						—						—						(87)						(63)						(139)						(22)						(161)
Included in OCI(2)						—						2						—						—						19						—						21						—						21
Purchases						67						15						11						46						594						620						1,353						30						1,383
Sales / Payments						(10)						—						(2)						(33)						(304)						(325)						(674)						(14)						(688)
Settlements						(9)						(2)						(15)						—						—						—						(26)						(1)						(27)
Transfers into Level 3(4)						3						2						—						—						—						—						5						1						6
Transfers (out) of Level 3(4)						(88)						(1)						—						—						—						—						(89)						(1)						(90)
Foreign currency translation(5)						3						1						(1)						(1)						(22)						(22)						(42)						8						(34)
Ending balance						$	225					$	67					$	181					$	47					$	2,645					$	7,516					$	10,681					$	550					$	11,231
Gains (losses) included in earnings relating to instruments still held at the reporting date(1)						$	2					$	—					$	—					$	—					$	(68)					$	13					$	(53)					$	(23)					$	(76)
December 31, 2019
Beginning balance						$	373					$	43					$	202					$	36					$	2,241					$	7,157					$	10,052					$	1,596					$	11,648
Acquisitions						—						—						—						—						13						—						13						—						13
Included in net income(1)(2)(3)						28						—						(2)						(23)						(80)						238						161						45						206
Included in OCI(2)						—						4						—						2						13						—						19						—						19
Purchases						85						35						5						22						521						689						1,357						152						1,509
Sales / Payments						(49)						—						(9)						—						(122)						(701)						(881)						(59)						(940)
Settlements						(40)						—						—						—						—						—						(40)						(1)						(41)
Transfers into Level 3(4)						15						—						—						—						—						—						15						—						15
Transfers (out) of Level 3(4)(6)						(159)						(31)						(4)						—						(110)						—						(304)						(1,178)						(1,482)
Foreign currency translation(5)						(5)						(1)						(4)						(2)						(31)						(77)						(120)						(6)						(126)
Ending balance						$	248					$	50					$	188					$	35					$	2,445					$	7,306					$	10,272					$	549					$	10,821
Gains (losses) included in earnings relating to instruments still held at the reporting date(1)						$	4					$	—					$	(3)					$	—					$	(78)					$	272					$	195					$	25					$	220

(1)    Included in Net investment income (loss) for Total invested assets measured at fair value in our Consolidated Statements of Operations.

(2)    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.

(3)    Investment properties included in net income is comprised of fair value changes on investment properties of $19 ($305 in 2019), net of amortization of leasing commissions and tenant inducements of $82 ($67 in 2019). As at December 31, 2020, we have used assumptions that reflect known changes in the property values including changes in expected future cash flows.

(4)    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.

(5)    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.

(6)    An update of certain specific criteria used to determine the leveling classification of the financial instruments was made in 2019 to align with industry practice. This resulted in transfers out of Level 3, including $1,178 for Investments for account of segregated fund holders as well as $110 for Other invested assets, and transferred into Level 2 based on the availability of observable inputs and other criteria.

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,			2020						2019
Cash						$	2,498					$	1,656
Cash equivalents						8,156						5,059
Short-term securities						2,873						2,860
Cash, cash equivalents and short-term securities						13,527						9,575
Less: Bank overdraft, recorded in Other liabilities						6						30
Net cash, cash equivalents and short-term securities						$	13,521					$	9,545

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,			2020																		2019
			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						$	34,005					$	4,685					$	38,690					$	28,221					$	5,031					$	33,252
United States						27,183						3,984						31,167						24,224						5,822						30,046
United Kingdom						4,592						487						5,079						4,874						528						5,402
Other						12,054						2,099						14,153						10,575						2,331						12,906
Balance						$	77,834					$	11,255					$	89,089					$	67,894					$	13,712					$	81,606

The carrying value of debt securities by issuer and industry sector is shown in the following table:

As at December 31,			2020																		2019
			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						$	4,560					$	1,929					$	6,489					$	3,890					$	2,556					$	6,446
Canadian provincial and municipal government						16,909						1,333						18,242						13,826						1,139						14,965
U.S. government and agency						1,678						797						2,475						1,748						1,363						3,111
Other foreign government						5,281						823						6,104						5,181						736						5,917
Total government issued or guaranteed debt securities						28,428						4,882						33,310						24,645						5,794						30,439
Corporate debt securities by industry sector:
Financials						10,644						1,212						11,856						9,341						1,585						10,926
Utilities						7,561						682						8,243						6,693						565						7,258
Industrials						5,659						567						6,226						4,800						629						5,429
Energy						4,452						350						4,802						3,867						365						4,232
Communication services						3,644						322						3,966						3,075						471						3,546
Real estate						2,438						329						2,767						2,595						368						2,963
Health care						1,986						186						2,172						1,886						236						2,122
Consumer staples						1,893						158						2,051						1,703						221						1,924
Consumer discretionary						1,606						165						1,771						1,268						219						1,487
Materials						1,473						152						1,625						1,331						212						1,543
Information technology						1,308						187						1,495						1,122						213						1,335
Total corporate debt securities						42,664						4,310						46,974						37,681						5,084						42,765
Asset-backed securities						6,742						2,063						8,805						5,568						2,834						8,402
Total debt securities						$	77,834					$	11,255					$	89,089					$	67,894					$	13,712					$	81,606

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, 2020			Canada						United States						United Kingdom									Other						Total
Mortgages:
Retail						$	1,963					$	1,747					$	—					$	—					$	3,710
Office						1,635						1,846						—						—						3,481
Multi-family residential						3,950						1,681						—						—						5,631
Industrial and land						996						949						—						—						1,945
Other						575						86						—						—						661
Total mortgages(1)						$	9,119					$	6,309					$	—					$	—					$	15,428
Loans						$	13,107					$	13,773					$	3,798					$	3,840					$	34,518
Total mortgages and loans						$	22,226					$	20,082					$	3,798					$	3,840					$	49,946

(1)    $4,008 of mortgages in Canada are insured by the CMHC.

As at December 31, 2019			Canada						United States						United Kingdom									Other						Total
Mortgages:
Retail						$	1,981					$	1,921					$	—					$	—					$	3,902
Office						1,854						2,068						—						—						3,922
Multi-family residential						3,900						1,791						—						—						5,691
Industrial and land						861						1,037						—						—						1,898
Other						714						98						—						—						812
Total mortgages(1)						$	9,310					$	6,915					$	—					$	—					$	16,225
Loans						$	13,249					$	11,994					$	3,297					$	3,457					$	31,997
Total mortgages and loans						$	22,559					$	18,909					$	3,297					$	3,457					$	48,222

(1)    $3,966 of mortgages in Canada are insured by the CMHC.

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,			2020																		2019
			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						$	3,048					$	721					$	3,769					$	2,094					$	2,025					$	4,119
Due in years 2-5						10,526						3,549						14,075						9,692						3,954						13,646
Due in years 6-10						10,459						3,540						13,999						9,655						3,301						12,956
Due after 10 years						53,801						3,445						57,246						46,453						4,432						50,885
Total debt securities						$	77,834					$	11,255					$	89,089					$	67,894					$	13,712					$	81,606

The carrying value of mortgages by scheduled maturity, before allowances for losses, is as follows:

As at December 31,			2020						2019
Due in 1 year or less						$	1,230					$	1,099
Due in years 2-5						5,465						5,255
Due in years 6-10						5,884						6,787
Due after 10 years						2,915						3,154
Total mortgages						$	15,494					$	16,295

The carrying value of loans by scheduled maturity, before allowances for losses, is as follows:

As at December 31,			2020						2019
Due in 1 year or less						$	2,192					$	1,834
Due in years 2-5						6,954						6,872
Due in years 6-10						6,670						5,449
Due after 10 years						18,751						17,889
Total loans						$	34,567					$	32,044

Disclosure of notional amounts of derivative instruments by type and maturity

Notional amounts of derivative financial instruments are the basis for calculating payments and are generally not the actual amounts exchanged. The following table provides the notional amounts of derivative instruments outstanding by type of derivative and term to maturity:

As at December 31,			2020																								2019
			Term to maturity																								Term to maturity
			Under 1 Year						1 to 5 Years						Over 5 Years									Total			Under 1 Year						1 to 5 Years						Over 5 Years									Total
Over-the-counter contracts:
Interest rate contracts:
Forward contracts						$	—					$	6					$	—					$	6					$	50					$	—					$	—					$	50
Swap contracts						1,010						3,363						13,302						17,675						1,906						3,052						14,649						19,607
Options purchased						757						3,246						2,285						6,288						617						3,279						2,850						6,746
Options written(1)						—						465						—						465						357						474						—						831
Foreign exchange contracts:
Forward contracts						12,205						31						—						12,236						5,289						4,137						—						9,426
Swap contracts						1,260						2,797						14,467						18,524						867						3,723						12,366						16,956
Other contracts:
Options purchased						119						8						—						127						1,164						—						—						1,164
Forward contracts						132						175						—						307						128						176						—						304
Swap contracts						170						1						—						171						178						1						—						179
Credit derivatives						175						737						—						912						343						878						6						1,227
Exchange-traded contracts:
Interest rate contracts:
Futures contracts						3,389						—						—						3,389						2,917						—						—						2,917
Equity contracts:
Futures contracts						2,553						—						—						2,553						2,507						—						—						2,507
Options purchased						127						—						—						127						200						—						—						200
Options written						12						—						—						12						17						—						—						17
Total notional amount						$	21,909					$	10,829					$	30,054					$	62,792					$	16,540					$	15,720					$	29,871					$	62,131

(1)    These are covered short derivative positions that may include interest rate options, swaptions, or floors.

The following table provides the fair value of derivative instruments outstanding by term to maturity:

As at December 31,			2020																								2019
						Term to maturity																								Term to maturity
			Under 1 Year						1 to 5 Years						Over 5 Years									Total			Under 1 Year						1 to 5 Years						Over 5 Years									Total
Derivative assets						$	329					$	223					$	1,608					$	2,160					$	180					$	231					$	1,137					$	1,548
Derivative liabilities						$	(215)					$	(245)					$	(1,284)					$	(1,744)					$	(73)					$	(377)					$	(1,590)					$	(2,040)

Disclosure of debt securities, mortgages, and loans by credit quality

The following table summarizes our debt securities by credit quality:

As at December 31,			2020																		2019
			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 by credit rating:
AAA						$	12,794					$	4,810					$	17,604					$	11,097					$	6,630					$	17,727
AA						11,870						1,586						13,456						10,503						1,670						12,173
A						30,812						2,600						33,412						27,341						3,037						30,378
BBB						21,203						2,091						23,294						18,339						2,248						20,587
BB and lower						1,155						168						1,323						614						127						741
Total debt securities						$	77,834					$	11,255					$	89,089					$	67,894					$	13,712					$	81,606

The following tables summarize our mortgages and loans by credit quality indicator:

As at December 31,			2020						2019
Mortgages by credit rating:
Insured						$	4,008					$	3,966
AAA						—						1
AA						1,435						2,087
A						4,031						5,481
BBB						4,524						3,943
BB and lower						1,404						670
Impaired						26						77
Total mortgages						$	15,428					$	16,225

As at December 31,			2020						2019
Loans by credit rating:
AAA						$	212					$	224
AA						4,906						5,044
A						13,183						12,516
BBB						13,758						12,920
BB and lower						2,427						1,207
Impaired						32						86
Total loans						$	34,518					$	31,997

The following table shows the OTC derivative financial instruments with a positive fair value split by counterparty credit rating:

As at December 31,			2020																		2019
			Gross positive replacement cost(2)						Impact of master netting agreements(3)						Net replacement cost(4)						Gross positive replacement cost(2)						Impact of master netting agreements(3)						Net replacement cost(4)
Over-the-counter contracts:
AA						$	596					$	(293)					$	303					$	439					$	(210)					$	229
A						1,430						(575)						855						1,008						(517)						491
BBB						98						(15)						83						82						(10)						72
Total over-the-counter derivatives(1)						$	2,124					$	(883)					$	1,241					$	1,529					$	(737)					$	792

(1)    Exchange-traded derivatives with a positive fair value of $36 in 2020 ($19 in 2019) are excluded from the table above, as they are subject to daily margining requirements. Our credit exposure on these derivatives is with the exchanges and clearinghouses.

(2)    Used to determine the credit risk exposure if the counterparties were to default. The credit risk exposure is the cost of replacing, at current market rates, all contracts with a positive fair value.

(3)    The credit risk associated with derivative assets subject to master netting arrangements is reduced by derivative liabilities due to the same counterparty in the event of default or early termination. Our overall exposure to credit risk reduced through master netting arrangements may change substantially following the reporting date as the exposure is affected by each transaction subject to the arrangement.

(4)    Net replacement cost is positive replacement cost less the impact of master netting agreements

The following table provides a summary of the credit default swap protection sold by credit rating of the underlying reference security:

As at December 31,			2020												2019
			Notional amount						Fair value						Notional amount						Fair value
Single name credit default swap contracts:
AA						$	38					$	1					$	45					$	1
A						325						4						574						9
BBB						530						12						608						19
BB						19						—						—						—
Total single name credit default swap contracts						$	912					$	17					$	1,227					$	29
Total credit default swap contracts sold						$	912					$	17					$	1,227					$	29

The table below presents the distribution of Reinsurance assets by credit rating:

As at December 31,			2020																		2019
			Gross exposure						Collateral						Net exposure						Gross exposure						Collateral						Net exposure
Reinsurance assets by credit rating:
AA						$	2,222					$	8					$	2,214					$	2,131					$	5					$	2,126
A						1,156						73						1,083						1,170						68						1,102
BBB						213						127						86						200						128						72
BB						1,779						1,740						39						1,707						1,663						44
CCC						168						164						4						181						168						13
Not rated						90						75						15						78						67						11
Total						$	5,628					$	2,187					$	3,441					$	5,467					$	2,099					$	3,368
Less: Negative reinsurance assets						1,785																		1,443
Total Reinsurance assets						$	3,843																	$	4,024

Disclosure of mortgages and loans past due or impaired

The distribution of mortgages and loans past due or impaired is shown in the following tables:

						Gross carrying value																					Allowance for losses
As at December 31, 2020			Mortgages									Loans									Total			Mortgages												Loans						Total
Not past due									$	15,402					$	34,486					$	49,888								$	—					$	—					$	—
Impaired									92						81						173									66						49						115
Total									$	15,494					$	34,567					$	50,061								$	66					$	49					$	115
						Gross carrying value																					Allowance for losses
As at December 31, 2019			Mortgages									Loans									Total			Mortgages												Loans						Total
Not past due									$	16,148					$	31,911					$	48,059								$	—					$	—					$	—
Impaired									147						133						280									70						47						117
Total									$	16,295					$	32,044					$	48,339								$	70					$	47					$	117

Disclosure of changes in allowance for losses

The changes in the allowances for losses are as follows:

			Mortgages									Loans						Total
Balance, January 1, 2019						$	25					$	50					$	75
Provision for (reversal of) losses						46						(1)						45
Foreign exchange rate movements						(1)						(2)						(3)
Balance, December 31, 2019						$	70					$	47					$	117
Provision for (reversal of) losses						6						17						23
Write-offs, net of recoveries, and other adjustments						(9)						(15)						(24)
Foreign exchange rate movements						(1)						—						(1)
Balance, December 31, 2020						$	66					$	49					$	115

Disclosure of equities by issue country

The carrying value of equities by issuer country is shown in the following table:

As at December 31,			2020																		2019
			Fair value through profit or loss						Available- for-sale						Total equities						Fair value through profit or loss						Available- for-sale						Total equities
Canada						$	3,064					$	15					$	3,079					$	2,813					$	22					$	2,835
United States						1,046						148						1,194						550						137						687
United Kingdom						163						6						169						132						5						137
Other						2,096						93						2,189						979						149						1,128
Total equities						$	6,369					$	262					$	6,631					$	4,474					$	313					$	4,787

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