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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
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 31,20242023
Deferred tax assets(1)
$3,910 $3,878 
Deferred tax liabilities(1)
286 281 
Net deferred tax asset$3,624 $3,597 

(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
Balance, January 1, 2023
$516 $1,716 $84 $986 $242 $(546)$2,998 
Acquisitions (disposals) through business combinations13 (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)
Balance, December 31, 2023
$(102)$2,479 $76 $976 $327 $(159)$3,597 
Acquisitions (disposals) through business combinations— — — (7)— 8 1 
Charged to statement of operations(101)193 7 (296)11 123 (63)
Charged to other comprehensive income2 — — (31)(7)(5)(41)
Charged to equity, other than other comprehensive income84 — — 10 — — 94 
Foreign exchange rate movements and Other(6)5 6 (1)24 8 36 
Balance, December 31, 2024
$(123)$2,677 $89 $651 $355 $(25)$3,624 

(1)    Consists of Insurance contract assets and liabilities, Reinsurance contract held assets and liabilities, and Investment contract liabilities.
(2)    Includes unused tax credits.
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 31,20242023
Current income tax expense (benefit):
Current year$1,186 $1,187 
Adjustments in respect of prior years, including resolution of tax disputes(209)159 
Total current income tax expense (benefit)977 1,346 
Deferred income tax expense (benefit):
Origination and reversal of temporary differences(163)(637)
Adjustments in respect of prior years, including resolution of tax disputes203 (172)
Tax expense (benefit) arising from unrecognized tax losses23 (25)
Tax rate and other legislative changes— (51)
Total deferred income tax expense (benefit)63 (885)
Total income tax expense (benefit)$1,040 $461 
Summary of income tax relating to equity
Income tax benefit (expense) recognized directly in equity for the years ended December 31:
For the years ended December 31,20242023
Recognized in other comprehensive income:
Current income tax benefit (expense)$(2)$— 
Deferred income tax benefit (expense)(41)(101)
Total recognized in other comprehensive income(43)(101)
Recognized in equity, other than other comprehensive income:
Current income tax benefit (expense)(16)— 
Deferred income tax benefit (expense)94 (24)
Total recognized in equity, other than other comprehensive income78 (24)
Total income tax benefit (expense) recorded in equity, including tax benefit (expense) recorded in Other comprehensive income$35 $(125)
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 31,20242023
%%
Total net income (loss)$3,299 $3,469 
Add: Income tax expense (benefit)1,040 461 
Total net income (loss) before income taxes$4,339 $3,930 
Taxes at the combined Canadian federal and provincial statutory income tax rate$1,204 27.8 $1,091 27.8 
Increase (decrease) in rate resulting from:
Higher (lower) effective rates on income subject to taxation in foreign jurisdictions(248)(5.7)(222)(5.7)
Tax-exempt or low-taxed investment (income) loss16 0.4 (304)(7.7)
Adjustments in respect of prior years, including resolution of tax disputes(6)(0.1)(13)(0.3)
Tax (benefit) cost of unrecognized tax losses and tax credits 23 0.5 (25)(0.7)
Tax rate and other legislative changes— — (51)(1.3)
Other51 1.1 (15)(0.4)
Total tax expense (benefit) and effective income tax rate$1,040 24.0 $461 11.7