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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Taxes [Abstract]  
Summary of deferred tax assets and liabilities
The following represents the deferred tax assets and liabilities in the Consolidated Statements of Financial Position:
As at December 31,20232022
(restated, see Note 2)
Deferred tax assets(1)
$3,878 $3,466 
Deferred tax liabilities(1)
281 468 
Net deferred tax asset$3,597 $2,998 

(1)    Our deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes relate to the same taxable entity and the same taxation authority.

The movement in net deferred tax assets for the years ended December 31, are as follows:
Investments
Policy
liabilities(1)
Deferred
acquisition
costs		Losses
available
for carry
forward		Pension
and other
employee
benefits
Other(2)
Total
As at December 31, 2022$516 $1,716 $84 $986 $242 $(546)$2,998 
Acquisitions (disposals) through business combinations(3)
13 (9)— (42)8 (117)(147)
Charged to statement of operations(564)849 (5)67 49 489 885 
Charged to other comprehensive income(68)(18)— (30)38 (23)(101)
Charged to equity, other than other comprehensive income2 (56)— 6 — 24 (24)
Foreign exchange rate movements and Other(1)(3)(3)(11)(10)14 (14)
As at December 31, 2023$(102)$2,479 $76 $976 $327 $(159)$3,597 
(1)    Consists of Insurance contract assets and liabilities, Reinsurance contract held assets and liabilities, and Investment contract liabilities.
(2)    Includes unused tax credits.
(3)    Refer to Note 3.
(restated, see Note 2)Investments
Policy
liabilities(1)
Deferred
acquisition
costs		Losses
available
for carry
forward		Pension
and other
employee
benefits
Other(2)
Total
As at December 31, 2021
$(1,178)$1,727 $74 $853 $301 $(251)$1,526 
IFRS 17 and 9 transition adjustments(857)2,037 — — — — 1,180 
As at January 1, 2022(2,035)3,764 74 853 301 (251)2,706 
Acquisitions (disposals) through business combinations(3)
1 10 — 32 8 (277)(226)
Charged to statement of operations2,340 (2,153)4 (10)(6)(7)168 
Charged to other comprehensive income202 85 — 92 (75)— 304 
Charged to equity, other than other comprehensive income— — — 15 — — 15 
Foreign exchange rate movements and Other8 10 6 4 14 (11)31 
As at December 31, 2022$516 $1,716 $84 $986 $242 $(546)$2,998 

(1)    Consists of Insurance contract assets and liabilities, Reinsurance contract held assets and liabilities, and Investment contract liabilities.
(2)    Includes unused tax credits.
(3)    Refer to Note 3.
Components of income tax expense (benefit)
In our Consolidated Statements of Operations, Income tax expense (benefit) for the years ended December 31 has the following components:
For the years ended December 31,20232022
(restated, see note 2)
Current income tax expense (benefit):
Current year$1,187 $781 
Adjustments in respect of prior years, including resolution of tax disputes159 (67)
Total current income tax expense (benefit)1,346 714 
Deferred income tax expense (benefit):
Origination and reversal of temporary differences(637)(82)
Adjustments in respect of prior years, including resolution of tax disputes(172)48 
Tax expense (benefit) arising from unrecognized tax losses(25)18 
Tax rate and other legislative changes(51)(152)
Total deferred income tax expense (benefit)(885)(168)
Total income tax expense (benefit)$461 $546 
Summary of income tax relating to equity
Income tax benefit (expense) recognized directly in equity for the years ended December 31:
For the years ended December 31,20232022
(restated, see note 2)
Recognized in other comprehensive income:
Current income tax benefit (expense)$— $2 
Deferred income tax benefit (expense)(101)304 
Total recognized in other comprehensive income(101)306 
Recognized in equity, other than other comprehensive income:
Deferred income tax benefit (expense)(24)15 
Total income tax benefit (expense) recorded in equity, including tax benefit (expense) recorded in Other comprehensive income$(125)$321 
Summary of effective income tax rate differences
Our effective income tax rate differs from the combined Canadian federal and provincial statutory income tax rate as follows:
For the years ended December 31,20232022
(restated, see note 2)
%%
Total net income (loss)$3,469 $3,080 
Add: Income tax expense (benefit)461 546 
Total net income (loss) before income taxes$3,930 $3,626 
Taxes at the combined Canadian federal and provincial statutory income tax rate$1,091 27.8 $1,006 27.8 
Increase (decrease) in rate resulting from:
Higher (lower) effective rates on income subject to taxation in foreign jurisdictions(222)(5.7)(218)(6.0)
Tax-exempt investment (income) loss(304)(7.7)(128)(3.5)
Adjustments in respect of prior years, including resolution of tax disputes(13)(0.3)(19)(0.5)
Tax (benefit) cost of unrecognized tax losses and tax credits (25)(0.7)18 0.5 
Tax rate and other legislative changes(51)(1.3)(152)(4.2)
Other(15)(0.4)39 0.9 
Total tax expense (benefit) and effective income tax rate$461 11.7 $546 15.0