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Investment Contract Liabilities (Tables)
 12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Movement in Investment Contract Liabilities Measured at Fair Value

The following table presents movement in investment contract liabilities measured at fair value during the year.

 

For the years ended December 31,   2017     2016  

Balance, January 1

   $ 631     $ 785  

New policies

     50       53  

Changes in market conditions

     76       (103 ) 

Redemptions, surrenders and maturities

     (72 )      (83 ) 

Impact of changes in foreign exchange rates

     (46 )      (21 ) 

Balance, December 31

   $   639     $     631  
Summary of Investment Contract Liabilities Measured at Amortized Cost and Fair Value Associated with these Contracts

Investment contract liabilities measured at amortized cost are shown below. The fair value associated with these contracts is also shown for comparative purposes.

 

    2017           2016  
As at December 31,  

Amortized

cost

     Fair value          

Amortized

cost

     Fair value  

U.S. fixed annuity products

   $   1,282     $   1,433       $   1,412     $   1,516  

Canadian fixed annuity products

     1,205       1,354         1,232       1,389  

Investment contract liabilities

   $ 2,487     $ 2,787       $ 2,644     $ 2,905  
Summary of Changes in Investment Contract Liabilities Measured at Amortized Cost

The changes in investment contract liabilities measured at amortized cost was a result of the following business activities.

 

For the years ended December 31,    2017      2016  

Balance, January 1

    $   2,644      $   2,712  

Policy deposits

      68        112  

Interest

      100        100  

Withdrawals

      (232 )       (235 ) 

Fees

      (1 )       (1 ) 

Other

      (1 )       1  

Impact of changes in foreign exchange rates

      (91 )       (45 ) 

Balance, December 31

    $ 2,487      $ 2,644  
Summary of Contractual Obligations and Commitments Relating to Investment Contracts

Investment contracts give rise to obligations fixed by agreement. As at December 31, 2017, the Company’s contractual obligations and commitments relating to investment contracts are as follows.

 

Payments due by period    Less than
1 year		     

1 to 3

years

     

3 to 5

years

      Over 5
years		      Total  

Investment contract liabilities(1)

    $   283      $   536      $   481      $   3,944      $   5,244  

 

(1) Due to the nature of the products, the timing of net cash flows may be before contract maturity. Cash flows are undiscounted.