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Insurance Contract Liabilities and Investment Contract Liabilities (Tables)
 12 Months Ended
Dec. 31, 2020
Insurance Contracts [Abstract]  
Disclosure of insurance contract liabilities
Insurance contract liabilities consist of the following:
As at December 31, 2020CanadaU.S.Asia
Corporate(1)
Total
Individual participating life$25,839 $5,374 $11,981 $952 $44,146 
Individual non-participating life and health15,533 15,010 12,183 373 43,099 
Group life and health11,167 5,578 40 23 16,808 
Individual annuities10,497 22 5 5,382 15,906 
Group annuities17,670 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, 2019CanadaU.S.Asia
Corporate(1)
Total
Individual participating life$23,526 $5,611 $8,497 $987 $38,621 
Individual non-participating life and health13,527 13,832 12,188 386 39,933 
Group life and health10,493 5,541 39 14 16,087 
Individual annuities9,529 24 (17)5,335 14,871 
Group annuities14,276 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 31,20202019
Insurance
contract
liabilities		Reinsurance
assets		NetInsurance
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 assets8,040 717 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, 2020Debt
securities		Equity
securities		Mortgages
and loans		Investment
properties		OtherTotal
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 health7,789 61 9,354 36 3,112 20,352 
Individual annuities11,979 47 6,219 — 1,185 19,430 
Group annuities9,598 48 8,142 — 909 18,697 
Equity and other9,339 263 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, 2019Debt
securities		Equity
securities		Mortgages
and loans		Investment
properties		OtherTotal
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 health6,858 72 9,301 — 2,897 19,128 
Individual annuities11,711 48 6,065 — 793 18,617 
Group annuities7,323 37 7,261 — 697 15,318 
Equity and other11,880 313 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, 2020Net 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
$116 
For the year ended December 31, 2019Net increase (decrease)
before income taxes		Description
Mortality / Morbidity$(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 behaviour102 Updates to policyholder behaviour in all jurisdictions. The largest item was an unfavourable lapse update in International in Asia.
Expenses6 Updates to reflect expense experience in all jurisdictions.
Investment returns6 Updates to various investment-related assumptions across the Company, partially offset by updates to promulgated ultimate reinvestment rates.
Model enhancements and other246 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
$13 
Schedule of investment contract liabilities
Investment contract liabilities consist of the following:
As at December 31, 2020CanadaAsiaCorporateTotal
Individual participating life$— $— $5 $5 
Individual non-participating life and health— 269 2 271 
Individual annuities2,690 — 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 $2.
As at December 31, 2019CanadaAsiaCorporateTotal
Individual participating life$— $— $5 $5 
Individual non-participating life and health— 258 2 260 
Individual annuities2,612 — 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 31,20202019
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 31,20202019
Balance as at January 1$502 $515 
Change in liabilities on in-force2 2 
Changes in assumptions or methodology— 6 
Increase (decrease) in liabilities2 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 31,20202019
Maturities and surrenders$2,993 $2,956 
Annuity payments1,979 1,909 
Death and disability benefits4,594 4,246 
Health benefits6,913 7,222 
Policyholder dividends and interest on claims and deposits1,828 1,088 
Total gross claims and benefits paid$18,307 $17,421