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Financial Instrument Risk Management (Tables)

12 Months Ended

Dec. 31, 2024

Financial Instruments [Abstract]

Disclosure of maximum exposure to credit risk

Additionally, we have credit exposure to items not on the Consolidated Statements of Financial Position as follows:

As at December 31,			2024						2023
Off-balance sheet item:
Loan commitments(1)						$	2,500					$	2,061

(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,			2024																								2023
			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)						$	1,971					$	(1,043)					$	(787)					$	141					$	2,183					$	(738)					$	(1,316)					$	129
Reverse repurchase agreements (Note 8)						33						(33)						—						—						28						(28)						—						—
Total financial assets						$	2,004					$	(1,076)					$	(787)					$	141					$	2,211					$	(766)					$	(1,316)					$	129
Financial liabilities:
Derivative liabilities (Note 6.A.v)						$	(2,077)					$	1,043					$	936					$	(98)					$	(1,311)					$	738					$	489					$	(84)
Repurchase agreements (Note 5.F.ii)						(2,840)						33						2,807						—						(2,705)						28						2,677						—
Cash collateral on securities lent (Note 5.F.iii)						(194)						—						184						(10)						(187)						—						176						(11)
Obligations for securities borrowing						(239)						—						239						—						(223)						—						223						—
Total financial liabilities						$	(5,350)					$	1,076					$	4,166					$	(108)					$	(4,426)					$	766					$	3,565					$	(95)

(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 $895 (December 31, 2023 — $1,443), received on reverse repurchase agreements was $33 (December 31, 2023 — $28), pledged on derivative liabilities was $2,126 (December 31, 2023 — $1,472), and pledged on repurchase agreements was $2,840 (December 31, 2023 — $2,705).

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, 2024												December 31, 2023
			Carrying value									Fair value			Carrying value									Fair value
Financial assets
Cash, cash equivalents and short-term securities – FVTPL						$	13,873					$	13,873					$	13,173					$	13,173
Debt securities – FVTPL(1)						68,106						68,106						61,180						61,180
Debt securities – FVOCI						13,849						13,849						14,313						14,313
Equity securities – FVTPL						9,900						9,900						7,070						7,070
Equity securities – FVOCI						74						74						68						68
Mortgages and loans – FVTPL(2)						53,233						53,233						50,552						50,552
Mortgages and loans – FVOCI						2,525						2,525						1,948						1,948
Mortgages and loans – Amortized cost(3)						1,861						1,814						2,100						2,006
Derivative assets – FVTPL						1,971						1,971						2,183						2,183
Other financial invested assets (excluding CLOs) – FVTPL(4)						7,950						7,950						6,883						6,883
Other financial invested assets (CLOs) – FVTPL(7)						5,356						5,356						3,478						3,478
Total(5)						$	178,698					$	178,651					$	162,948					$	162,854
Financial liabilities
Investment contract liabilities – Amortized cost						$	11,678					$	11,678					$	11,672					$	11,672
Obligations for securities borrowing – FVTPL						239						239						223						223
Derivative liabilities – FVTPL						2,077						2,077						1,311						1,311
Other financial liabilities – Amortized cost(6)						2,265						2,214						2,449						2,348
Other financial liabilities (CLOs) – FVTPL(7)						5,028						5,028						3,247						3,247
Total(8)						$	21,287					$	21,236					$	18,902					$	18,801

(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, 2024, $1,787 and $27 are categorized in Level 2 and Level 3, respectively, of the fair value hierarchy described in this Note (December 31, 2023 — $1,994 and $12, 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 $189,817 (December 31, 2023 — $174,328) includes Total financial assets in this table, Investment properties of $9,290 (December 31, 2023 — $9,723), and Other non-financial invested assets of $1,829 (December 31, 2023 — $1,657). Other non-financial invested assets consist 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 and loans at FVTPL						Mortgages and 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, 2024
Beginning balance						$	402					$	187					$	113					$	68					$	2,056					$	—					$	6,074					$	9,723					$	18,623					$	341					$	18,964
Included in net income(1)(2)(3)						2						—						20						—						33						—						251						(455)						(149)						(8)						(157)
Included in OCI(2)						—						5						—						—						—						—						—						—						5						—						5
Purchases / Issuances						436						335						77						—						240						22						825						146						2,081						173						2,254
Sales / Payments						(48)						(47)						(1)						—						(133)						—						(389)						(255)						(873)						(62)						(935)
Settlements						(37)						(50)						—						—						(21)						—						—						—						(108)						(1)						(109)
Transfers into Level 3(4)						117						62						—						—						439						6						—						—						624						—						624
Transfers (out) of Level 3(4)						(367)						(341)						—						—						(320)						(15)						(15)						—						(1,058)						—						(1,058)
Foreign currency translation(5)						12						—						2						6						6						—						134						131						291						16						307
Ending balance						$	517					$	151					$	211					$	74					$	2,300					$	13					$	6,880					$	9,290					$	19,436					$	459					$	19,895
Unrealized gains (losses) included in earnings relating to instruments still held(1)						$	(6)					$	—					$	19					$	—					$	30					$	—					$	247					$	(369)					$	(79)					$	—					$	(79)
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)

(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 $(383) (2023 — $(486)), net of amortization of leasing commissions and tenant inducements of $72 (2023 — $34). As at December 31, 2024, 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.

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,						2024						2023
Cash						$	2,294					$	2,001
Cash equivalents						7,835						9,169
Short-term securities						3,744						2,003
Cash, cash equivalents and short-term securities						13,873						13,173
Less: Bank overdraft, recorded in Other liabilities						175						—
Net cash, cash equivalents and short-term securities						$	13,698					$	13,173

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,			2024																		2023
			FVTPL						FVOCI						Total debt securities						FVTPL						FVOCI						Total debt securities
Canada						$	34,472					$	3,614					$	38,086					$	30,180					$	4,339					$	34,519
United States						20,986						6,486						27,472						20,111						6,266						26,377
United Kingdom						1,320						561						1,881						1,224						517						1,741
Other						11,328						3,188						14,516						9,665						3,191						12,856
Total debt securities						$	68,106					$	13,849					$	81,955					$	61,180					$	14,313					$	75,493

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

As at December 31,			2024																		2023
			FVTPL						FVOCI						Total debt securities						FVTPL						FVOCI						Total debt securities
Debt securities issued or guaranteed by:
Canadian federal government						$	6,803					$	734					$	7,537					$	5,161					$	849					$	6,010
Canadian provincial and municipal government						15,302						353						15,655						13,694						557						14,251
U.S. government and agency						626						509						1,135						712						658						1,370
Other foreign government						3,796						413						4,209						3,329						473						3,802
Total government issued or guaranteed debt securities						26,527						2,009						28,536						22,896						2,537						25,433
Corporate debt securities by industry sector:
Financials						8,659						2,893						11,552						8,171						2,889						11,060
Utilities						6,859						763						7,622						6,244						815						7,059
Industrials						4,424						951						5,375						4,510						979						5,489
Energy						3,258						446						3,704						2,793						479						3,272
Communication services						2,647						373						3,020						2,727						422						3,149
Real estate						1,882						423						2,305						1,987						538						2,525
Health care						1,644						363						2,007						1,625						413						2,038
Consumer staples						1,301						256						1,557						1,490						315						1,805
Consumer discretionary						1,011						747						1,758						950						776						1,726
Information technology						890						202						1,092						730						174						904
Materials						819						202						1,021						922						180						1,102
Total corporate debt securities						33,394						7,619						41,013						32,149						7,980						40,129
Asset-backed securities						8,185						4,221						12,406						6,135						3,796						9,931
Total debt securities						$	68,106					$	13,849					$	81,955					$	61,180					$	14,313					$	75,493

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, 2024			Canada						United States						United Kingdom									Other						Total
Mortgages:
Retail						$	1,398					$	1,169					$	—					$	—					$	2,567
Office						1,385						1,248						—						—						2,633
Multi-family residential						3,451						1,048						—						—						4,499
Industrial						2,369						1,314						—						—						3,683
Other						799						49						208						—						1,056
Total mortgages(1)						$	9,402					$	4,828					$	208					$	—					$	14,438
Loans						$	12,560					$	18,856					$	4,478					$	7,287					$	43,181
Total mortgages and loans						$	21,962					$	23,684					$	4,686					$	7,287					$	57,619

(1)    $3,630 of mortgages in Canada are insured by the CMHC.

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.

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,			2024																		2023
			FVTPL						FVOCI						Total debt securities						FVTPL						FVOCI						Total debt securities
Due in 1 year or less						$	1,932					$	2,385					$	4,317					$	1,697					$	3,079					$	4,776
Due in years 2-5						9,733						6,496						16,229						8,763						6,272						15,035
Due in years 6-10						10,662						1,922						12,584						9,513						2,199						11,712
Due after 10 years						45,779						3,046						48,825						41,207						2,763						43,970
Total debt securities						$	68,106					$	13,849					$	81,955					$	61,180					$	14,313					$	75,493

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

As at December 31,			2024																								2023
			FVTPL						FVOCI						Amortized cost						Total						FVTPL						FVOCI						Amortized cost									Total
Due in 1 year or less						$	1,344					$	66					$	283					$	1,693					$	852					$	58					$	171					$	1,081
Due in years 2-5						5,745						340						929						7,014						5,605						222						1,129						6,956
Due in years 6-10						3,814						8						343						4,165						3,510						8						495						4,013
Due after 10 years						1,563						3						—						1,566						2,093						3						—						2,096
Total mortgages						$	12,466					$	417					$	1,555					$	14,438					$	12,060					$	291					$	1,795					$	14,146

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

As at December 31,			2024																								2023
			FVTPL						FVOCI						Amortized cost						Total						FVTPL						FVOCI						Amortized cost									Total
Due in 1 year or less						$	2,262					$	324					$	100					$	2,686					$	2,285					$	257					$	126					$	2,668
Due in years 2-5						7,863						1,240						199						9,302						6,768						966						163						7,897
Due in years 6-10						10,354						494						21						10,869						9,177						401						27						9,605
Due after 10 years						20,288						50						—						20,338						20,262						33						—						20,295
Total loans						$	40,767					$	2,108					$	320					$	43,195					$	38,492					$	1,657					$	316					$	40,465

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, 2024
Derivative designated as hedging instrument:
Foreign exchange contracts / Currency risk(1)						$	888					$	—					$	14					$	902
Equity price risk(2)						60						128						—						188
Total designated as hedging instrument						948						128						14						1,090
Derivative investments(3)						28,359						13,251						32,254						73,864
Total derivatives						$	29,307					$	13,379					$	32,268					$	74,954
December 31, 2023
Derivative designated as hedging instrument:
Foreign exchange contracts / Currency risk(1)						$	828					$	40					$	—					$	868
Equity price risk(2)						54						114						—						168
Total designated as hedging instrument						882						154						—						1,036
Derivative investments(3)						27,534						11,125						30,726						69,385
Total derivatives						$	28,416					$	11,279					$	30,726					$	70,421

(1)    The average fixed rate is 4% (December 31, 2023 — 4%). The average CAD-USD exchange rate is $1.42 (December 31, 2023 — $1.56).

(2)    The average price is $69 (December 31, 2023 — $66).

(3)    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,			2024																								2023
						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						$	227					$	271					$	1,473					$	1,971					$	337					$	266					$	1,580					$	2,183
Derivative liabilities						$	(536)					$	(278)					$	(1,263)					$	(2,077)					$	(115)					$	(137)					$	(1,059)					$	(1,311)

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,			2024																		2023
			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						$	494					$	(203)					$	291					$	472					$	(136)					$	336
A						1,438						(840)						598						1,686						(603)						1,083
BBB						8						—						8						—						—						—
Total over-the-counter derivatives(1)						$	1,940					$	(1,043)					$	897					$	2,158					$	(739)					$	1,419

(1)    Exchange-traded derivatives with a positive fair value of $31 in 2024 (2023 — $25) 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,			2024												2023
			Notional amount						Fair value						Notional amount						Fair value
Single name credit default swap contracts:
A						$	552					$	7					$	491					$	5
BBB						499						13						540						15
Total single name credit default swap contracts						1,051						20						1,031						20
Credit default swap index contracts						432						(10)						—						—
Total credit default swap contracts sold						$	1,483					$	10					$	1,031					$	20

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

As at December 31,			2024																								2023
			Gross exposure						Collateral						Net exposure												Gross exposure						Collateral						Net exposure
																								%																								%
AA or A						$	3,670					$	4					$	3,666					95						$	3,550					$	7					$	3,543					97
Below 'A'						2,531						2,416						115						3						2,217						2,135						82						2
Not rated						117						51						66						2						27						5						22						1
Total reinsurance contract held assets						$	6,318					$	2,471					$	3,847					100						$	5,794					$	2,147					$	3,647					100

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 U.S. and Canada:

			For the three months ended December 31, 2024									Average value over the next 12 months																		Average value over the remaining forecast period
												Base case			Upside case						Downside case									Base case			Upside case						Downside case
U.S.
Gross Domestic Product						$	29,633		(1)			4.2		%				5.8		%				(0.4)		%				4.3		%				4.6		%				3.8		%
Unemployment Rate						4.2		%				4.1		%				3.3		%				7.3		%				4.0		%				3.3		%				7.2		%
BBB Bonds Spreads						1.2		%				1.9		%				1.6		%				2.6		%				2.0		%				2.0		%				2.1		%
Canada
Gross Domestic Product						$	2,396		(1)			1.9		%				3.3		%				(1.9)		%				2.0		%				2.6		%				1.9		%
Unemployment Rate						6.7		%				6.8		%				6.5		%				8.1		%				6.5		%				6.0		%				9.3		%
Oil Price						$	76.10					$	74.60					$	79.20					$	58.90					$	72.10					$	74.60					$	62.60
			For the three months ended December 31, 2023									Average value over the next 12 months																		Average value over the remaining forecast period
												Base case			Upside case						Downside case									Base case			Upside case						Downside case
U.S.
Gross Domestic Product						$	22,538		(1)			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						$	2,201		(1)			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)    Presented in billions.

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:

For the years ended			December 31, 2024																								December 31, 2023
						Performing									Impaired									Total						Performing									Impaired									Total
						Stage 1						Stage 2						Stage 3												Stage 1						Stage 2						Stage 3
Debt securities:
Balance, beginning of year						$	30					$	2					$	—					$	32					$	30					$	2					$	—					$	32
Provision for credit losses:
New originations or purchases						9						—						—						9						9						—						—						9
Derecognition or maturities						(10)						(1)						—						(11)						(6)						—						—						(6)
Net remeasurement(1)						(4)						—						—						(4)						(3)						—						—						(3)
Balance, end of year						$	25					$	1					$	—					$	26					$	30					$	2					$	—					$	32
Mortgages and loans:
Balance, beginning of year						$	8					$	—					$	49					$	57					$	4					$	—					$	39					$	43
Provision for credit losses:
New originations or purchases						4						1						—						5						5						—						—						5
Derecognition or maturities						(1)						—						—						(1)						—						—						—						—
Net remeasurement(1)						(5)						—						11						6						(1)						—						10						9
Write-offs, net of recoveries, and other adjustments						—						—						(5)						(5)						—						—						—						—
Balance, end of year						$	6					$	1					$	55					$	62					$	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.

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.

As at December 31,			2024																								2023
						Performing									Impaired									Total						Performing									Impaired									Total
						Stage 1						Stage 2						Stage 3												Stage 1						Stage 2						Stage 3
Mortgages and loans at amortized cost:
Investment grade						$	1,791					$	41					$	—					$	1,832					$	2,046					$	25					$	—					$	2,071
Non-investment grade						—						8						—						8						—						25						—						25
Impaired						—						—						35						35						—						—						15						15
Total mortgages and loans at amortized cost						1,791						49						35						1,875						2,046						50						15						2,111
Less: Total allowance for ECL						1						—						13						14						1						—						10						11
Total mortgages and loans at amortized cost, net of total allowance for ECL						$	1,790					$	49					$	22					$	1,861					$	2,045					$	50					$	5					$	2,100
Mortgages and loans at FVOCI:
Investment grade						$	2,433					$	14					$	—					$	2,447					$	1,806					$	12					$	—					$	1,818
Non-investment grade						57						13						—						70						83						45						—						128
Impaired						—						—						8						8						—						—						2						2
Total mortgages and loans at FVOCI						$	2,490					$	27					$	8					$	2,525					$	1,889					$	57					$	2					$	1,948
Debt securities at FVOCI:
Investment grade						$	13,649					$	18					$	—					$	13,667					$	13,834					$	54					$	—					$	13,888
Non-investment grade						180						2						—						182						389						36						—						425
Total debt securities at FVOCI						$	13,829					$	20					$	—					$	13,849					$	14,223					$	90					$	—					$	14,313

Disclosure of equities by issue country

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

As at December 31,			2024																		2023
			FVTPL						FVOCI						Total equities						FVTPL						FVOCI						Total equities
Canada						$	3,821					$	—					$	3,821					$	3,081					$	—					$	3,081
United States						2,600						74						2,674						2,185						68						2,253
United Kingdom						71						—						71						105						—						105
Other						3,408						—						3,408						1,699						—						1,699
Total equities						$	9,900					$	74					$	9,974					$	7,070					$	68					$	7,138

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, 2024 and December 31, 2023.

As at December 31,			2024																								2023
			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)						$	(550)					$	(225)					$	225					$	575					$	(400)					$	(175)					$	175					$	425

(1)Represents the respective change across all equity markets as at December 31, 2024 and December 31, 2023. 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, 2024 and December 31, 2023, 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 in China and India.

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, 2024 and December 31, 2023.

As at December 31,			2024												2023
			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)						$	(50)					$	25					$	(25)					$	50
Potential impact on OCI(4)						$	200					$	(200)					$	200					$	(200)

(1)Interest rate sensitivities assume a parallel shift in assumed interest rates across the entire yield curve as at December 31, 2024 and December 31, 2023 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, 2024 and December 31, 2023, 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 in China and India.

(4)The market risk OCI sensitivities exclude the impact of changes in the defined benefit obligations and plan assets.

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, 2024 and December 31, 2023.

As at December 31,			2024												2023
			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)						$	75					$	(50)					$	50					$	(50)
Potential impact on OCI(3)						$	200					$	(200)					$	200					$	(175)

(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. The sensitivities exclude the market impacts on the income from our joint ventures in China and India.

(3)The market risk OCI sensitivities exclude the impact of changes in the defined benefit obligations and plan assets.

As at December 31,			2024												2023
			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. The sensitivities exclude the market impacts on the income from our joint ventures in China and India.

The following table sets 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, 2024 and December 31, 2023.

			As at December 31,			2024												2023
						Change in Real Estate Values(1)			10% decrease						10% increase						10% decrease						10% increase
			Potential impact on net income (after-tax)						$	(450)					$	450					$	(475)					$	475

(1)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 in China and India.

Disclosure of maturity analysis for insurance contracts

As at			Within 1 Year						1 Year to 2 Years			2 Years to 3 Years			3 Years to 4 Years			4 Years to 5 Years			Over 5 Years			Total
December 31, 2024
Insurance contracts:
Insurance contract assets			$	(633)					$	(332)		$	(272)		$	(263)		$	(241)		$	(3,935)		$	(5,676)
Insurance contract liabilities			11,269			(1)			3,254			3,363			4,059			5,211			729,030			756,186
Net insurance contract liabilities			$	10,636					$	2,922		$	3,091		$	3,796		$	4,970		$	725,095		$	750,510
Reinsurance contract held:
Reinsurance contract held assets			$	(847)		(1)			$	(652)		$	(685)		$	(707)		$	(728)		$	(9,405)		$	(13,024)
Reinsurance contract held liabilities			110						99			101			104			107			4,769			5,290
Net reinsurance contract held assets			$	(737)					$	(553)		$	(584)		$	(603)		$	(621)		$	(4,636)		$	(7,734)
December 31, 2023
Insurance contracts:
Insurance contract assets			$	(463)					$	(323)		$	(276)		$	(248)		$	(225)		$	(3,305)		$	(4,840)
Insurance contract liabilities			11,428			(1)			3,670			3,887			4,128			4,451			556,052			583,616
Net insurance contract liabilities			$	10,965					$	3,347		$	3,611		$	3,880		$	4,226		$	552,747		$	578,776
Reinsurance contract held:
Reinsurance contract held assets			$	(520)		(1)			$	(54)		$	(69)		$	(105)		$	(130)		$	(11,330)		$	(12,208)
Reinsurance contract held liabilities			140						83			88			91			95			5,036			5,533
Net reinsurance contract held assets			$	(380)					$	29		$	19		$	(14)		$	(35)		$	(6,294)		$	(6,675)

(1)    Includes amounts payable on demand of $5,177 (2023 — $4,800) and $(29) (2023 — $(33)) for Insurance contract 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, 2024 and December 31, 2023:

As at December 31,			2024																														2023
			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)						$	6,157					$	2,351					$	1,413					$	1,692					$	11,613					$	5,728					$	2,518					$	1,442					$	1,727					$	11,415
Senior debentures and unsecured financing(2)						2,133						28						28						519						2,708						2,347						28						28						533						2,936
Subordinated debt(2)						225						451						585						7,248						8,509						204						410						554						7,192						8,360
Bond repurchase agreements						2,840						—						—						—						2,840						2,705						—						—						—						2,705
Accounts payable and accrued expenses						10,085						—						—						—						10,085						8,665						—						—						—						8,665
Lease commitments (3)						166						262						207						421						1,056						188						319						228						534						1,269
Secured borrowings from mortgage securitization						461						758						382						380						1,981						306						885						560						535						2,286
Borrowed funds(2)						23						107						244						31						405						86						103						14						162						365
Credit facilities						2,126						—						—						—						2,126						2,330						—						—						—						2,330
Total liabilities						$	24,216					$	3,957					$	2,859					$	10,291					$	41,323					$	22,559					$	4,263					$	2,826					$	10,683					$	40,331
Contractual commitments:(4)
Contractual loans, equities and mortgages						$	1,242					$	985					$	576					$	2,054					$	4,857					$	39					$	1,199					$	915					$	2,756					$	4,909
Total contractual commitments						$	1,242					$	985					$	576					$	2,054					$	4,857					$	39					$	1,199					$	915					$	2,756					$	4,909

(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)    Liabilities associated with the lease commitments are included on the Consolidated Statements of Financial Position.

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

X

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

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-Paragraph 7
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-Paragraph 132
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+ References

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-Name IFRS
-Number 7
-IssueDate 2024-01-01
-Paragraph 39
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_39_b&doctype=Standard
-URIDate 2024-03-27

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The disclosure of a maturity analysis for non-derivative financial liabilities (including issued financial guarantee contracts) that shows the remaining contractual maturities. [Refer: Derivative financial liabilities]

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 7
-IssueDate 2024-01-01
-Paragraph 39
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_39_a&doctype=Standard
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Financial Instruments [Abstract]

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