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Financial Instrument Risk Management (Tables)

12 Months Ended

Dec. 31, 2023

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,			2023						2022
Off-balance sheet item:
Loan commitments(1)						$	2,061					$	2,217

(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

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,			2023																								2022
			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)						$	2,183					$	(738)					$	(1,316)					$	129					$	2,095					$	(1,088)					$	(923)					$	84
Reverse repurchase agreements (Note 8)						28						(28)						—						—						14						(14)						—						—
Total financial assets						$	2,211					$	(766)					$	(1,316)					$	129					$	2,109					$	(1,102)					$	(923)					$	84
Financial liabilities:
Derivative liabilities						$	(1,311)					$	738					$	489					$	(84)					$	(2,351)					$	1,088					$	1,136					$	(127)
Repurchase agreements (Note 5.F.ii)						(2,705)						28						2,677						—						(2,725)						14						2,711						—
Cash collateral on securities lent (Note 5.F.iii)						(187)						—						176						(11)						(215)						—						203						(12)
Obligations for securities borrowing						(223)						—						223						—						(73)						—						73						—
Total financial liabilities						$	(4,426)					$	766					$	3,565					$	(95)					$	(5,364)					$	1,102					$	4,123					$	(139)

(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 presented in the table above excludes overcollateralization and, for exchange-traded derivatives, initial margin. Total financial collateral at fair value, including initial margin and overcollateralization, received on derivative assets was $1,443 (December 31, 2022 — $1,061), received on reverse repurchase agreements was $28 (December 31, 2022 — $14), pledged on derivative liabilities was $1,472 (December 31, 2022 — $2,068), and pledged on repurchase agreements was $2,705 (December 31, 2022 — $2,725).

Disclosure of financial assets

			IFRS 9
Cash, cash equivalents and short-term securities			FVTPL
Debt securities			FVTPL, FVOCI
Equity securities			FVTPL, FVOCI
Mortgages and loans			FVTPL, FVOCI, Amortized cost
Other financial invested assets			FVTPL

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

As at			December 31, 2023												December 31, 2022
															(restated, see Note 2)
			Carrying value									Fair value			Carrying value									Fair value
Financial assets
Cash, cash equivalents and short-term securities – FVTPL						$	13,173					$	13,173					$	11,219					$	11,219
Debt securities – FVTPL(1)						61,180						61,180						59,357						59,357
Debt securities – FVOCI						14,313						14,313						16,545						16,545
Equity securities – FVTPL						7,070						7,070						7,148						7,148
Equity securities – FVOCI						68						68
Mortgages and loans – FVTPL(2)						50,552						50,552						47,208						47,208
Mortgages and loans – FVOCI						1,948						1,948						1,804						1,804
Mortgages and loans – Amortized cost(3)						2,100						2,006						2,241						2,106
Derivative assets – FVTPL						2,183						2,183						2,095						2,095
Other financial invested assets (excluding CLOs) – FVTPL(4)						6,883						6,883						6,538						6,538
Other financial invested assets (CLOs) – FVTPL(7)						3,478						3,478						2,880						2,880
Total(5)						$	162,948					$	162,854					$	157,035					$	156,900
Financial liabilities
Investment contract liabilities – Amortized cost						$	11,672					$	11,672					$	10,728					$	10,728
Obligations for securities borrowing – FVTPL						223						223						73						73
Derivative liabilities – FVTPL						1,311						1,311						2,351						2,351
Other financial liabilities – Amortized cost(6)						2,449						2,348						1,996						1,852
Other financial liabilities (CLOs) – FVTPL(7)						3,247						3,247						2,816						2,688
Total(8)						$	18,902					$	18,801					$	17,964					$	17,692

(1)    Includes primarily debt securities that are designated at FVTPL.

(2)    Includes primarily mortgages and loans that are designated at FVTPL.

(3)    Certain mortgages and loans are carried at amortized cost. The fair value of these mortgages and loans, for disclosure purposes, is determined based on the methodology and assumptions described in Note 5.A.iii. As at December 31, 2023, $1,994 and $12 are categorized in Level 2 and Level 3, respectively, of the fair value hierarchy described in this Note (December 31, 2022 — $2,105 and $1, respectively).

(4)    Other financial invested assets include our investments in segregated funds, mutual funds, and limited partnerships.

(5)    Invested assets on our Consolidated Statements of Financial Position of $174,328 (December 31, 2022 — $168,789) includes Total financial assets in this table, Investment properties of $9,723 (December 31, 2022 — $10,102), and Other non-financial invested assets of $1,657 (December 31, 2022 — $1,652). Other non-financial invested assets consists of investment in associates, subsidiaries and joint ventures which are not consolidated.

(6)    Amount reflects the obligations to purchase outstanding shares of certain SLC Management subsidiaries.

(7)    See below for details on CLOs.

(8)    Total financial liabilities excluding Senior debentures (Note 12) and Subordinated debt (Note 13).

The following table provides a reconciliation of the beginning and ending balances for assets that are categorized in Level 3:

For the years ended			Debt securities at FVTPL						Debt securities at FVOCI						Equity securities at FVTPL						Equity Securities at FVOCI						Mortgages & loans at FVTPL						Mortgages & loans at FVOCI						Other financial invested assets at FVTPL						Investment properties at FVTPL						Total invested assets measured at fair value						Investments for account of segregated fund holders						Total assets measured at fair value
December 31, 2023
Beginning balance						$	394					$	52					$	101					$	70					$	2,054					$	16					$	5,555					$	10,102					$	18,344					$	631					$	18,975
Included in net income(1)(2)(3)						9						—						13						—						119						(8)						(169)						(520)						(556)						(15)						(571)
Included in OCI(2)						—						3						—						—						—						1						—						—						4						—						4
Purchases / Issuances						211						153						18						—						293						8						984						391						2,058						173						2,231
Sales / Payments						(8)						(6)						(19)						(1)						(75)						(17)						(261)						(220)						(607)						(444)						(1,051)
Settlements						(6)						(6)						—						—						(7)						—						—						—						(19)						(1)						(20)
Transfers into Level 3(4)						8						—						—						—						382						—						—						—						390						—						390
Transfers (out) of Level 3(4)						(200)						(8)						—						—						(710)						—						—						—						(918)						—						(918)
Foreign currency translation(5)						(6)						(1)						—						(1)						—						—						(35)						(30)						(73)						(3)						(76)
Ending balance						$	402					$	187					$	113					$	68					$	2,056					$	—					$	6,074					$	9,723					$	18,623					$	341					$	18,964
Unrealized gains (losses) included in earnings relating to instruments still held(1)						$	5					$	—					$	9					$	—					$	112					$	(8)					$	(170)					$	(522)					$	(574)					$	(18)					$	(592)
December 31, 2022
(restated, see Note 2)
Beginning balance						$	152					$	53					$	170											$	12,251					$	17					$	3,650					$	9,109					$	25,402					$	611					$	26,013
Included in net income(1)(2)(3)						(23)						1						5												(3,086)						(15)						334						625						(2,159)						(32)						(2,191)
Included in OCI(2)						—						(12)						—												—						—						—						—						(12)						—						(12)
Purchases / Issuances						310						86						7												1,782						—						1,843						664						4,692						78						4,770
Sales / Payments						—						(2)						(16)												(506)						—						(313)						(430)						(1,267)						(6)						(1,273)
Settlements						(1)						—						—												—						—						(47)						—						(48)						(1)						(49)
Transfers into Level 3(4)						—						—						—												25						14						—						—						39						—						39
Transfers (out) of Level 3(4)(6)						(49)						(74)						—												(8,572)						—						—						—						(8,695)						—						(8,695)
Foreign currency translation(5)						5						—						5												160						—						88						134						392						(19)						373
Ending balance						$	394					$	52					$	171											$	2,054					$	16					$	5,555					$	10,102		$	—		$	18,344					$	631					$	18,975
Unrealized gains (losses) included in earnings relating to instruments still held(1)						$	(23)					$	—					$	—											$	(3,089)					$	(15)					$	295					$	612					$	(2,220)					$	(20)					$	(2,240)

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

(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 $(486) for the year ended December 31, 2023, (December 31, 2022 — $667), net of amortization of leasing commissions and tenant inducements of $34 for the year ended December 31, 2023, (December 31, 2022 — $42). As at December 31, 2023, 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)    Mortgages and loans were classified as amortized cost under IAS 39 for the year ended December 31, 2021. On application of the classification overlay on January 1, 2022, mortgages and loans are measured at FVTPL or FVOCI. During the fourth quarter of 2022, we had a change to our fair value methodology for mortgages and loans that constitutes a change in estimate as at December 31, 2022. Levelling changed from Level 3 to Level 2 as a result of applying fair value enhancements in valuing mortgages and loans supporting insurance liabilities. See Mortgages and loans section above for further details.

Fair value and foreign currency changes on assets and liabilities presented in our Consolidated Statements of Operations consist of the following:

For the year ended December 31, 2022
						(restated, see Note 2)
Fair value change:
Cash, cash equivalents and short-term securities												$	4
Debt securities												(15,846)
Equity securities												(1,167)
Mortgages and loans												(8,909)
Derivative investments												(2,148)
Other financial invested assets												129
Other liabilities – obligations for securities borrowing												15
Total change in fair value of assets and liabilities recognized in income												(27,922)
Fair value changes on investment properties												667
Foreign exchange gains (losses)(1)												573
Realized gains (losses) on property and equipment(2)												100
Fair value and foreign currency changes on assets and liabilities(3)												$	(26,582)

(1)    Primarily arises from the translation of foreign currency denominated FVOCI monetary assets and mortgage and loans. Any offsetting amounts arising from foreign currency derivatives are included in the fair value change on derivative investments.

(2)    In June 2022, we sold and leased back our Wellesley office in the U.S. The transaction qualified as a sale and operating lease and as a result, we recognized a pre-tax gain of $100 for the year ended December 31, 2022.

(3)    Net investment income (loss) on our Consolidated Statements of Operations of $(20,580) for the year ended December 31, 2022 includes Fair value and foreign currency changes on assets and liabilities in this table of $(26,582) and Total interest and other investment income of $6,002.

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,						2023						2022
Cash						$	2,001					$	3,068
Cash equivalents						9,169						6,310
Short-term securities						2,003						1,841
Cash, cash equivalents and short-term securities						13,173						11,219
Less: Bank overdraft, recorded in Other liabilities						—						6
Net cash, cash equivalents and short-term securities						$	13,173					$	11,213

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,			2023																		2022
																					(restated, see Note 2)
			FVTPL						FVOCI						Total debt securities						FVTPL						FVOCI						Total debt securities
Canada						$	30,180					$	4,339					$	34,519					$	26,613					$	6,064					$	32,677
United States						20,111						6,266						26,377						20,274						6,196						26,470
United Kingdom						1,224						517						1,741						2,760						737						3,497
Other						9,665						3,191						12,856						9,710						3,548						13,258
Total debt securities						$	61,180					$	14,313					$	75,493					$	59,357					$	16,545					$	75,902

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

As at December 31,			2023																		2022
																					(restated, see Note 2)
			FVTPL						FVOCI						Total debt securities						FVTPL						FVOCI						Total debt securities
Debt securities issued or guaranteed by:
Canadian federal government						$	5,161					$	849					$	6,010					$	3,696					$	1,915					$	5,611
Canadian provincial and municipal government						13,694						557						14,251						12,612						1,053						13,665
U.S. government and agency						712						658						1,370						759						778						1,537
Other foreign government						3,329						473						3,802						3,755						869						4,624
Total government issued or guaranteed debt securities						22,896						2,537						25,433						20,822						4,615						25,437
Corporate debt securities by industry sector:
Financials						8,171						2,889						11,060						8,232						3,123						11,355
Utilities						6,244						815						7,059						5,884						792						6,676
Industrials						4,510						979						5,489						4,533						1,042						5,575
Energy						2,793						479						3,272						2,978						364						3,342
Communication services						2,727						422						3,149						2,861						468						3,329
Real estate						1,987						538						2,525						1,865						641						2,506
Health care						1,625						413						2,038						1,618						416						2,034
Consumer staples						1,490						315						1,805						1,634						344						1,978
Consumer discretionary						950						776						1,726						1,085						751						1,836
Information technology						730						174						904						1,095						289						1,384
Materials						922						180						1,102						1,077						218						1,295
Total corporate debt securities						32,149						7,980						40,129						32,862						8,448						41,310
Asset-backed securities						6,135						3,796						9,931						5,673						3,482						9,155
Total debt securities						$	61,180					$	14,313					$	75,493					$	59,357					$	16,545					$	75,902

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, 2023			Canada						United States						United Kingdom									Other						Total
Mortgages:
Retail						$	1,376					$	1,182					$	—					$	—					$	2,558
Office						1,500						1,254						—						—						2,754
Multi-family residential						3,838						1,001						—						—						4,839
Industrial						1,839						1,115						—						—						2,954
Other						824						57						159						—						1,040
Total mortgages(1)						$	9,377					$	4,609					$	159					$	—					$	14,145
Loans						$	12,924					$	17,086					$	4,089					$	6,356					$	40,455
Total mortgages and loans						$	22,301					$	21,695					$	4,248					$	6,356					$	54,600

(1)    $4,023 of mortgages in Canada are insured by the CMHC.

As at December 31, 2022 (restated, see Note 2)			Canada						United States						United Kingdom									Other						Total
Mortgages:
Retail						$	1,455					$	1,364					$	—					$	—					$	2,819
Office						1,603						1,411						—						—						3,014
Multi-family residential						3,869						1,145						—						—						5,014
Industrial						1,669						996						—						—						2,665
Other						767						113						29						—						909
Total mortgages(1)						$	9,363					$	5,029					$	29					$	—					$	14,421
Loans						$	12,433					$	15,468					$	3,979					$	4,952					$	36,832
Total mortgages and loans						$	21,796					$	20,497					$	4,008					$	4,952					$	51,253

(1)    $4,035 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,			2023																		2022
																					(restated, see Note 2)
			FVTPL						FVOCI						Total debt securities						FVTPL						FVOCI						Total debt securities
Due in 1 year or less						$	1,697					$	3,079					$	4,776					$	1,629					$	2,131					$	3,760
Due in years 2-5						8,763						6,272						15,035						8,983						7,908						16,891
Due in years 6-10						9,513						2,199						11,712						9,488						3,370						12,858
Due after 10 years						41,207						2,763						43,970						39,257						3,136						42,393
Total debt securities						$	61,180					$	14,313					$	75,493					$	59,357					$	16,545					$	75,902

The carrying value of mortgages by scheduled maturity, before the allowance for ECL, is as follows:

As at December 31,			2023																								2022
			FVTPL						FVOCI						Amortized cost						Total						FVTPL						FVOCI						Amortized cost									Total
Due in 1 year or less						$	852					$	58					$	171					$	1,081					$	1,009					$	251					$	78					$	1,338
Due in years 2-5						5,605						222						1,129						6,956						4,631						266						1,152						6,049
Due in years 6-10						3,510						8						495						4,013						4,068						11						711						4,790
Due after 10 years						2,093						3						—						2,096						2,244						—						—						2,244
Total mortgages						$	12,060					$	291					$	1,795					$	14,146					$	11,952					$	528					$	1,941					$	14,421

The carrying value of loans by scheduled maturity, before the allowance for ECL, is as follows:

As at December 31,			2023																								2022
			FVTPL						FVOCI						Amortized cost						Total						FVTPL						FVOCI						Amortized cost									Total
Due in 1 year or less						$	2,285					$	257					$	126					$	2,668					$	2,464					$	178					$	156					$	2,798
Due in years 2-5						6,768						966						163						7,897						6,028						789						125						6,942
Due in years 6-10						9,177						401						27						9,605						7,797						288						19						8,104
Due after 10 years						20,262						33						—						20,295						18,967						21						—						18,988
Total loans						$	38,492					$	1,657					$	316					$	40,465					$	35,256					$	1,276					$	300					$	36,832

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:

						Terms to maturity
As at						Notional Amount
			Under 1 Year						1 to 5 Years						Over 5 Years									Total
December 31, 2023
Derivative designated as hedging instrument:
Interest rate contract / Interest rate risk(1)						$	—					$	—					$	—					$	—
Foreign exchange contracts / Currency risk(2)						828						40						—						868
Equity price risk(3)						54						114						—						168
Total designated as hedging instrument						882						154						—						1,036
Derivative investments(4)						27,534						11,125						30,726						69,385
Total derivatives						$	28,416					$	11,279					$	30,726					$	70,421
December 31, 2022
Derivative designated as hedging instrument:
Interest rate contract / Interest rate risk(1)						$	—					$	—					$	—					$	—
Foreign exchange contracts / Currency risk(2)						1,199						—						—						1,199
Equity price risk(3)						52						100						—						152
Total designated as hedging instrument						1,251						100						—						1,351
Derivative investments(4)						26,598						10,195						31,624						68,417
Total derivatives						$	27,849					$	10,295					$	31,624					$	69,768

(1)    The average fixed rate is 4% (December 31, 2022 — 0%).

(2)    The average CAD-USD exchange rate is $1.56 (December 31, 2022 — $1.34).

(3)    The average price is $66 (December 31, 2022 — $65).

(4)    Derivatives investments are derivatives that have not been designated as hedges for accounting purposes.

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

As at December 31,			2023																								2022
						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						$	337					$	266					$	1,580					$	2,183					$	167					$	351					$	1,577					$	2,095
Derivative liabilities						$	(115)					$	(137)					$	(1,059)					$	(1,311)					$	(379)					$	(196)					$	(1,776)					$	(2,351)

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

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

As at December 31,			2023																		2022
			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						$	472					$	(136)					$	336					$	482					$	(254)					$	228
A						1,686						(603)						1,083						1,560						(834)						726
BBB						—						—						—						15						—						15
Total over-the-counter derivatives(1)						$	2,158					$	(739)					$	1,419					$	2,057					$	(1,088)					$	969

(1)    Exchange-traded derivatives with a positive fair value of $25 in 2023 (2022 — $38) 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,			2023												2022
			Notional amount						Fair value						Notional amount						Fair value
Single name credit default swap contracts:
AA						$	—					$	—					$	20					$	—
A						491						5						587						4
BB						540						15						706						5
BBB						—						—						47						7
Total single name credit default swap contracts						$	1,031					$	20					$	1,360					$	16
Total credit default swap contracts sold						$	1,031					$	20					$	1,360					$	16

The table below presents the distribution of reinsurance contract held assets by credit rating:

As at December 31,			2023																								2022
																											(restated, see Note 2)
			Gross exposure						Collateral						Net exposure												Gross exposure						Collateral						Net exposure
																								%																								%
AA or A						$	3,550					$	7					$	3,543					97						$	3,600					$	31					$	3,569					98
Below 'A'						2,217						2,135						82						2						2,423						2,346						77						2
Not rated						27						5						22						1						92						89						3						—
Total reinsurance contract held assets						$	5,794					$	2,147					$	3,647					100						$	6,115					$	2,466					$	3,649					100

The following table summarizes our debt securities by credit quality:

As at December 31, 2022 (restated, see Note 2)			FVTPL						FVOCI						Total debt securities
Debt securities by credit rating:
AAA						$	9,440					$	5,822					$	15,262
AA						9,267						2,043						11,310
A						23,050						4,646						27,696
BBB						17,007						3,661						20,668
BB and lower						593						373						966
Total debt securities						$	59,357					$	16,545					$	75,902

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

As at December 31, 2022 (restated, see Note 2)						Insured						AAA						AA						A						BBB			BB and lower									Impaired						Total
Mortgages by credit rating						$	4,035					$	—					$	1,665					$	5,483					$	2,686					$	538					$	14					$	14,421
Loans by credit rating						n/a						$	285					$	5,101					$	15,257					$	14,284					$	1,872					$	33					$	36,832

Schedule of macroeconomic variables

The table below includes the key macroeconomic variables, primarily but not limited to what is provided below, and the ranges of scenarios incorporated in the model within the US and Canada.

As at December 31, 2023			Current quarter						12 months(2)																		Remaining forecast period(2)
									Base case			Upside case						Downside case									Base case			Upside case						Downside case
U.S.
Gross Domestic Product(1)			$	22,538					1.3		%				3.5		%				(2.4)		%				2.2		%				2.4		%				2.5		%
Unemployment Rate			3.8		%				4.0		%				3.1		%				6.7		%				4.0		%				3.3		%				6.7		%
BBB Bonds Spreads			1.9		%				2.2		%				1.9		%				3.1		%				2.1		%				2.1		%				2.1		%
Canada
Gross Domestic Product(1)			$	2,201					1.6		%				3.6		%				(2.1)		%				1.9		%				2.3		%				1.6		%
Unemployment Rate			5.8		%				6.0		%				5.2		%				8.2		%				5.9		%				4.8		%				8.6		%
Oil Price			$	85.60					$	82.10					$	84.70					$	65.60					$	71.40					$	71.80					$	61.00

(1)    Current quarter result is in billions.

(2)    Values represent averages for the year ended December 31, 2023.

Disclosure of changes in allowance for losses

The following table shows reconciliations from the opening balance to the closing balance of the allowance for ECL by class of financial instrument.

						Performing									Impaired									Total
For the year ended December 31, 2023						Stage 1						Stage 2						Stage 3
Debt securities:
Balance, beginning of year						$	30					$	2					$	—					$	32
Provision for credit losses:
Transfer to stage 1						—						—						—						—
Transfer to stage 2						—						—						—						—
Transfer to stage 3						—						—						—						—
New originations or purchases						9						—						—						9
Derecognition or maturities						(6)						—						—						(6)
Net remeasurement(1)						(3)						—						—						(3)
Write-offs, net of recoveries, and other adjustments						—						—						—						—
Balance, end of year						$	30					$	2					$	—					$	32
Mortgages and loans:
Balance, beginning of year						$	4					$	—					$	39					$	43
Provision for credit losses:
Transfer to stage 1						—						—						—						—
Transfer to stage 2						—						—						—						—
Transfer to stage 3						—						—						—						—
New originations or purchases						5						—						—						5
Derecognition or maturities						—						—						—						—
Net remeasurement(1)						(1)						—						10						9
Write-offs, net of recoveries, and other adjustments						—						—						—						—
Balance, end of year						$	8					$	—					$	49					$	57

(1)    Includes changes in the measurement resulting from the significant changes in credit risk and from changes in credit risk that did not result in a transfer between stages, changes in model inputs and assumptions and changes in forward looking macroeconomic conditions.

The changes in the allowances for losses are as follows:

			Mortgages									Loans						Total
Balance, January 1, 2022						$	80					$	52					$	132
Provision for (reversal of) losses						(2)						57						55
Foreign exchange rate movements						2						3						5
Balance, December 31, 2022						$	80					$	112					$	192

Disclosure of credit risk exposure by internal rating

The following table presents the gross carrying amount of mortgages and loans at amortized cost and the fair value of mortgages and loans and debt securities at FVOCI. Risk ratings are based on internal ratings used in the measurement of ECL, as at the reporting date.

			Performing												Impaired						Total
As at December 31, 2023			Stage 1						Stage 2						Stage 3
Mortgages and loans at amortized cost:
Investment grade			$	2,046					$	25					$	—					$	2,071
Non-investment grade			—						25						—						25
Impaired			—						—						15						15
Total mortgages and loans at amortized cost			2,046						50						15						2,111
Less: Total allowance for ECL			1						—						10						11
Total mortgages and loans at amortized cost, net of total allowance for ECL			$	2,045					$	50					$	5					$	2,100
Mortgages and loans at FVOCI:
Investment grade			$	1,806					$	12					$	—					$	1,818
Non-investment grade			83						45						—						128
Impaired			—						—						2						2
Total mortgages and loans at FVOCI			$	1,889					$	57					$	2					$	1,948
Debt securities at FVOCI:
Investment grade			$	13,834					$	54					$	—					$	13,888
Non-investment grade			389						36						—						425
Impaired			—						—						—						—
Total debt securities at FVOCI			$	14,223					$	90					$	—					$	14,313

Disclosure of mortgages and loans past due or impaired

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

As at December 31, 2022			Gross carrying value																		Allowance for losses
			Mortgages						Loans									Total			Mortgages									Loans						Total
Not past due						$	15,360					$	40,868					$	56,228					$	—					$	—					$	—
Impaired						80						145						225						80						112						192
Total						$	15,440					$	41,013					$	56,453					$	80					$	112					$	192

Disclosure of equities by issue country

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

As at December 31,			2023																		2022
																					(restated, see Note 2)
			FVTPL						FVOCI						Total equities						FVTPL						FVOCI						Total equities
Canada						$	3,081					$	—					$	3,081					$	3,038					$	—					$	3,038
United States						2,185						68						2,253						1,924						—						1,924
United Kingdom						105						—						105						154						—						154
Other						1,699						—						1,699						2,032						—						2,032
Total equities						$	7,070					$	68					$	7,138					$	7,148					$	—					$	7,148

Disclosure of risk sensitivity

The following table sets out the estimated immediate impact on, or sensitivity of, our net income and OCI to certain instantaneous changes in equity market prices as at December 31, 2023 and December 31, 2022.

As at			December 31, 2023																								December 31, 2022(4)
																											(restated, see Note 2)
Change in Equity Markets(1)(2)(3)			25% decrease						10% decrease						10% increase						25% increase						25% decrease						10% decrease						10% increase						25% increase
Potential impact on net income (after-tax)						$	(400)					$	(175)					$	175					$	425					$	(300)					$	(125)					$	125					$	325

(1)Represents the respective change across all equity markets as at December 31, 2023 and December 31, 2022. Assumes that actual equity exposures consistently and precisely track the broader equity markets. Since in actual practice equity-related exposures differ from broad market indices (due to the impact of active management, basis risk, investments in private equity and other factors), realized sensitivities may differ significantly from those illustrated above. Sensitivities include the impact of re-balancing equity hedges for hedging programs at 2% intervals (for 10% changes in equity markets) and at 5% intervals (for 25% changes in equity markets).

(2)The market risk sensitivities include the estimated impact of our hedging programs in effect as at December 31, 2023 and December 31, 2022, and include new business added and product changes implemented prior to such dates.

(3)Net income and OCI sensitivities have been rounded in increments of $25. The sensitivities exclude the market impacts on the income from our joint ventures and associates, which we account for on an equity basis.

(4)Effective January 1, 2023, we adopted IFRS 17 and IFRS 9, and certain financial assets were reclassified between measurement categories as permitted. December 31, 2022 amounts provided in the sensitivities tables have been adjusted to reflect these January 1, 2023 reclassifications. See Note 2 for further details on the reclassifications.

The following table sets out the estimated immediate impact on, or sensitivity of, our net income and OCI to certain instantaneous changes in interest rates as at December 31, 2023 and December 31, 2022.

As at			December 31, 2023												December 31, 2022(4)
																		(restated, see Note 2)
Change in Interest Rates(1)(2)(3)			50 basis point decrease						50 basis point increase						50 basis point decrease						50 basis point  increase
Potential impact on net income (after-tax)						$	(25)					$	50					$	(100)					$	75
Potential impact on OCI						$	200					$	(200)					$	225					$	(225)

(1)Interest rate sensitivities assume a parallel shift in assumed interest rates across the entire yield curve as at December 31, 2023 and December 31, 2022 with no change to the ultimate risk-free rate. Variations in realized yields based on factors such as different terms to maturity and geographies may result in realized sensitivities being significantly different from those illustrated above. Sensitivities include the impact of re-balancing interest rate hedges for hedging programs at 10 basis point intervals (for 50 basis point changes in interest rates).

(2)The market risk sensitivities include the estimated impact of our hedging programs in effect as at December 31, 2023 and December 31, 2022, and include new business added and product changes implemented prior to such dates.

(3)Net income and OCI sensitivities have been rounded in increments of $25. The sensitivities exclude the market impacts on the income from our joint ventures and associates, which we account for on an equity basis.

(4)Effective January 1, 2023, we adopted IFRS 17 and IFRS 9, and certain financial assets were reclassified between measurement categories as permitted. December 31, 2022 amounts provided in the sensitivities tables have been adjusted to reflect these January 1, 2023 reclassifications. See Note 2 for further details on the reclassifications.

The following tables set out the estimated immediate impact on, or sensitivity of, our net income and OCI to certain instantaneous changes in credit spreads and our net income and OCI to certain changes in swap spreads as at December 31, 2023 and December 31, 2022.

As at			December 31, 2023												December 31, 2022(3)
																		(restated, see Note 2)
Change in Credit Spreads(1)(2)			50 basis point decrease						50 basis point increase						50 basis point decrease						50 basis point  increase
Potential impact on net income (after-tax)						$	50					$	(50)					$	50					$	(50)
Potential impact on OCI						$	200					$	(175)					$	200					$	(200)

(1)The credit spread sensitivities assume a parallel shift in the indicated spreads across the entire term structure with no change to the ultimate liquidity premium. The sensitivities reflect a floor of zero on credit spreads where the spreads are not currently negative. Variations in realized spread changes based on different terms to maturity, geographies, asset classes and derivative types, underlying interest rate movements, and ratings may result in realized sensitivities being significantly different from those provided above.

(2)Net income and OCI sensitivities have been rounded in increments of $25.

(3)Effective January 1, 2023, we adopted IFRS 17 and IFRS 9, and certain financial assets were reclassified between measurement categories as permitted. December 31, 2022 amounts provided in the sensitivities tables have been adjusted to reflect these January 1, 2023 reclassifications. See Note 2 for further details on the reclassifications.

As at			December 31, 2023												December 31, 2022(3)
																		(restated, see Note 2)
Change in Swap Spreads(1)(2)			20 basis point decrease						20 basis point increase						20 basis point decrease						20 basis point increase
Potential impact on net income (after-tax)						$	(25)					$	25					$	(25)					$	25

(1)The swap spread sensitivities assume a parallel shift in the indicated spreads across the entire term structure. Variations in realized spread changes based on different terms to maturity, geographies, asset classes and derivative types, underlying interest rate movements, and ratings may result in realized sensitivities being significantly different from those provided above.

(2)Net income and OCI sensitivities have been rounded in increments of $25.

(3)Effective January 1, 2023, we adopted IFRS 17 and IFRS 9, and certain financial assets were reclassified between measurement categories as permitted. December 31, 2022 amounts provided in the sensitivities tables have been adjusted to reflect these January 1, 2023 reclassifications. See Note 2 for further details on the reclassifications.

The following tables set out the estimated immediate impact on, or sensitivity of, our net income and OCI to certain instantaneous changes in the value of our real estate investments as at December 31, 2023 and December 31, 2022.

			As at						December 31, 2023												December 31, 2022(2)
																					(restated, see Note 2)
			Change in Real Estate Values(1)			10% decrease						10% increase						10% decrease						10% increase
			Potential impact on net income (after-tax)						$	(475)					$	475					$	(500)					$	500

(1)Net income and OCI sensitivities have been rounded in increments of $25.

(2)Effective January 1, 2023, we adopted IFRS 17 and IFRS 9, and certain financial assets were reclassified between measurement categories as permitted. December 31, 2022 amounts provided in the sensitivities tables have been adjusted to reflect these January 1, 2023 reclassifications. See Note 2 for further details on the reclassifications.

Disclosure of maturity analysis for insurance contracts

Amounts in this table include the LIC for contracts measured using the PAA, but exclude the LRC for contracts measured using the PAA.

As at December 31,																											2023						2022
Insurance contract liabilities:
1 year or less(1)																																				$	11,428					$	11,980
1-2 years																																				3,670						4,111
2-3 years																																				3,887						4,018
3-4 years																																				4,128						4,278
4-5 years																																				4,451						4,511
Over 5 years																																				556,052						469,366
Total																																				$	583,616					$	498,264
Insurance contract assets:
1 year or less(1)																																				$	(463)					$	(324)
1-2 years																																				(323)						(341)
2-3 years																																				(276)						(287)
3-4 years																																				(248)						(254)
4-5 years																																				(225)						(234)
Over 5 years																																				(3,305)						(3,753)
Total																																				$	(4,840)					$	(5,193)
Reinsurance contract held liabilities:
1 year or less(1)																																				$	140					$	132
1-2 years																																				83						80
2-3 years																																				88						86
3-4 years																																				91						89
4-5 years																																				95						94
Over 5 years																																				5,036						5,085
Total																																				$	5,533					$	5,566
Reinsurance contract held assets:
1 year or less(1)																																				$	(520)					$	(684)
1-2 years																																				(54)						(20)
2-3 years																																				(69)						(31)
3-4 years																																				(105)						(66)
4-5 years																																				(130)						(104)
Over 5 years																																				(11,330)						(12,102)
Total																																				$	(12,208)					$	(13,007)

(1)    Includes amounts payable on demand of $4,800 (2022 — $4,779), $nil (2022 — $nil), $nil (2022 — $nil), and $(33) (2022 — $(88)) for Insurance contract liabilities, Insurance contract assets, Reinsurance contract held liabilities, and Reinsurance contract held assets, respectively.

Disclosure of maturity analysis of other financial liabilities

The following table summarizes the contractual maturities of our significant financial liabilities and contractual commitments other than insurance contracts as at December 31, 2023 and 2022:

As at December 31,			2023																														2022
																																	(restated, see Note 2)
			Within 1 Year						1 Year to 3 Years						3 Years to 5 Years						Over 5 Years						Total						Within 1 Year						1 Year to 3 Years						3 Years to 5 Years						Over 5 Years						Total
Investment contract liabilities(1)						$	5,728					$	2,518					$	1,442					$	1,727					$	11,415					$	5,581					$	2,037					$	1,421					$	1,609					$	10,648
Senior debentures and unsecured financing(2)						2,347						28						28						533						2,936						2,353						28						28						548						2,957
Subordinated debt(2)						204						410						554						7,192						8,360						208						416						416						7,856						8,896
Bond repurchase agreements						2,705						—						—						—						2,705						2,725						—						—						—						2,725
Accounts payable and accrued expenses						8,665						—						—						—						8,665						8,080						—						—						—						8,080
Lease liabilities(3)						188						319						228						534						1,269						168						297						211						324						1,000
Secured borrowings from mortgage securitization						306						885						560						535						2,286						87						767						757						762						2,373
Borrowed funds(2)						86						103						14						162						365						210						26						38						170						444
Credit facilities(4)						2,330						—						—						—						2,330						2,339						—						—						—						2,339
Total liabilities						$	22,559					$	4,263					$	2,826					$	10,683					$	40,331					$	21,751					$	3,571					$	2,871					$	11,269					$	39,462
Contractual commitments:(5)
Contractual loans, equities and mortgages						$	39					$	1,199					$	915					$	2,756					$	4,909					$	1,134					$	1,202					$	375					$	2,359					$	5,070
Total contractual commitments						$	39					$	1,199					$	915					$	2,756					$	4,909					$	1,134					$	1,202					$	375					$	2,359					$	5,070

(1)    These amounts represent the undiscounted estimated cash flows of investment contract liabilities on our Consolidated Statements of Financial Position.

(2)    Payments due based on maturity dates and include expected interest payments. Actual redemption of certain securities may occur sooner as some include an option for the issuer to call the security at par at an earlier date.

(3)    Lease liabilities are included on the Consolidated Statements of Financial Position due to the implementation of IFRS 16.

(4)    Reflects a change in presentation effective December 31, 2022.

(5)    Contractual commitments and operating lease commitments are not reported on our Consolidated Statements of Financial Position. Additional information on these commitments is included in Note 22.

X

- Definition

The disclosure of an analysis of credit exposures using an internal credit grading system. [Refer: Credit exposure; Internal credit grades [member]]

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The disclosure of credit risk. [Refer: Credit risk [member]]

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
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-IssueDate 2023-01-01
-Paragraph 10
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+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Note Expired 2023-01-01
-Name IFRS
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