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Information Provided in Connection with Investments in Deferred Annuity Contracts and SignatureNotes Issued or Assumed by John Hancock Life Insurance Company (U.S.A.) (Tables) | 12 Months Ended
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Dec. 31, 2018
Text block [abstract] |
Condensed Consolidated Statement of Financial Position | Condensed Consolidated Statement of Financial Position
As at December 31, 2018 |  | MFC (Guarantor) |  |  | JHUSA (Issuer) |  |  | Other subsidiaries |  |  | Consolidation adjustments |  |  | Consolidated MFC |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Invested assets |  | $ | 21 |  |  | $ | 105,043 |  |  | $ | 248,962 |  |  | $ | (362 | ) |  | $ | 353,664 |
Investments in unconsolidated subsidiaries |  |  | 54,015 |  |  |  | 7,356 |  |  |  | 17,738 |  |  |  | (79,109 | ) |  |  | – |
Reinsurance assets |  |  | – |  |  |  | 63,435 |  |  |  | 9,136 |  |  |  | (29,518 | ) |  |  | 43,053 |
Other assets |  |  | 331 |  |  |  | 17,025 |  |  |  | 43,213 |  |  |  | (20,224 | ) |  |  | 40,345 |
Segregated funds net assets |  |  | – |  |  |  | 168,476 |  |  |  | 146,671 |  |  |  | (1,938 | ) |  |  | 313,209 |
Total assets |  | $ | 54,367 |  |  | $ | 361,335 |  |  | $ | 465,720 |  |  | $ | (131,151 | ) |  | $ | 750,271 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance contract liabilities |  | $ | – |  |  | $ | 155,162 |  |  | $ | 203,682 |  |  | $ | (30,190 | ) |  | $ | 328,654 |
Investment contract liabilities |  |  | – |  |  |  | 1,191 |  |  |  | 2,076 |  |  |  | (2 | ) |  |  | 3,265 |
Other liabilities |  |  | 275 |  |  |  | 18,136 |  |  |  | 46,072 |  |  |  | (19,992 | ) |  |  | 44,491 |
Long-term debt |  |  | 4,769 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 4,769 |
Capital instruments |  |  | 3,359 |  |  |  | 632 |  |  |  | 4,741 |  |  |  | – |  |  |  | 8,732 |
Segregated funds net liabilities |  |  | – |  |  |  | 168,476 |  |  |  | 146,671 |  |  |  | (1,938 | ) |  |  | 313,209 |
Shareholders’ equity |  |  | 45,964 |  |  |  | 17,738 |  |  |  | 61,291 |  |  |  | (79,029 | ) |  |  | 45,964 |
Participating policyholders’ equity |  |  | – |  |  |  | – |  |  |  | 94 |  |  |  | – |  |  |  | 94 |
Non-controlling interests |  |  | – |  |  |  | – |  |  |  | 1,093 |  |  |  | – |  |  |  | 1,093 |
Total liabilities and equity |  | $ | 54,367 |  |  | $ | 361,335 |  |  | $ | 465,720 |  |  | $ | (131,151 | ) |  | $ | 750,271 |
Condensed Consolidated Statement of Financial Position
As at December 31, 2017 |  | MFC (Guarantor) |  |  | JHUSA (Issuer) |  |  | Other subsidiaries |  |  | Consolidation adjustments |  |  | Consolidated MFC |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Invested assets |  | $ | 21 |  |  | $ | 108,144 |  |  | $ | 226,421 |  |  | $ | (364 | ) |  | $ | 334,222 |
Investments in unconsolidated subsidiaries |  |  | 48,374 |  |  |  | 6,509 |  |  |  | 14,999 |  |  |  | (69,882 | ) |  |  | – |
Reinsurance assets |  |  | – |  |  |  | 49,927 |  |  |  | 8,281 |  |  |  | (27,849 | ) |  |  | 30,359 |
Other assets |  |  | 314 |  |  |  | 18,678 |  |  |  | 40,715 |  |  |  | (19,062 | ) |  |  | 40,645 |
Segregated funds net assets |  |  | – |  |  |  | 176,139 |  |  |  | 149,812 |  |  |  | (1,644 | ) |  |  | 324,307 |
Total assets |  | $ | 48,709 |  |  | $ | 359,397 |  |  | $ | 440,228 |  |  | $ | (118,801 | ) |  | $ | 729,533 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance contract liabilities |  | $ | – |  |  | $ | 147,155 |  |  | $ | 185,884 |  |  | $ | (28,434 | ) |  | $ | 304,605 |
Investment contract liabilities |  |  | – |  |  |  | 1,130 |  |  |  | 1,998 |  |  |  | (2 | ) |  |  | 3,126 |
Other liabilities |  |  | 297 |  |  |  | 19,399 |  |  |  | 41,395 |  |  |  | (18,930 | ) |  |  | 42,161 |
Long-term debt |  |  | 4,784 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 4,784 |
Capital instruments |  |  | 2,615 |  |  |  | 584 |  |  |  | 5,188 |  |  |  | – |  |  |  | 8,387 |
Segregated funds net liabilities |  |  | – |  |  |  | 176,139 |  |  |  | 149,812 |  |  |  | (1,644 | ) |  |  | 324,307 |
Shareholders’ equity |  |  | 41,013 |  |  |  | 14,990 |  |  |  | 54,801 |  |  |  | (69,791 | ) |  |  | 41,013 |
Participating policyholders’ equity |  |  | – |  |  |  | – |  |  |  | 221 |  |  |  | – |  |  |  | 221 |
Non-controlling interests |  |  | – |  |  |  | – |  |  |  | 929 |  |  |  | – |  |  |  | 929 |
Total liabilities and equity |  | $ | 48,709 |  |  | $ | 359,397 |  |  | $ | 440,228 |  |  | $ | (118,801 | ) |  | $ | 729,533 |
Condensed Consolidated Statement of Income | Condensed Consolidated Statement of Income
For the year ended December 31, 2018 |  | MFC (Guarantor) |  |  | JHUSA (Issuer) |  |  | Other subsidiaries |  |  | Consolidation adjustments |  |  | Consolidated MFC |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross premiums |  | $ | – |  |  | $ | 8,452 |  |  | $ | 31,814 |  |  | $ | (1,116 | ) |  | $ | 39,150 |
Premiums ceded to reinsurers |  |  | – |  |  |  | (14,149 | ) |  |  | (2,105 | ) |  |  | 1,116 |  |  |  | (15,138 | )
Net premium income |  |  | – |  |  |  | (5,697 | ) |  |  | 29,709 |  |  |  | – |  |  |  | 24,012 |
Net investment income (loss) |  |  | 445 |  |  |  | 907 |  |  |  | 4,126 |  |  |  | (946 | ) |  |  | 4,532 |
Net other revenue |  |  | (2 | ) |  |  | 1,799 |  |  |  | 9,820 |  |  |  | (1,189 | ) |  |  | 10,428 |
Total revenue |  |  | 443 |  |  |  | (2,991 | ) |  |  | 43,655 |  |  |  | (2,135 | ) |  |  | 38,972 |
Contract benefits and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net benefits and claims |  |  | – |  |  |  | (7,403 | ) |  |  | 22,862 |  |  |  | 475 |  |  |  | 15,934 |
Commissions, investment and general expenses |  |  | 19 |  |  |  | 3,427 |  |  |  | 14,052 |  |  |  | (1,660 | ) |  |  | 15,838 |
Other expenses |  |  | 380 |  |  |  | 233 |  |  |  | 2,018 |  |  |  | (950 | ) |  |  | 1,681 |
Total contract benefits and expenses |  |  | 399 |  |  |  | (3,743 | ) |  |  | 38,932 |  |  |  | (2,135 | ) |  |  | 33,453 |
Income (loss) before income taxes |  |  | 44 |  |  |  | 752 |  |  |  | 4,723 |  |  |  | – |  |  |  | 5,519 |
Income tax (expense) recovery |  |  | (11 | ) |  |  | 223 |  |  |  | (844 | ) |  |  | – |  |  |  | (632 | )
Income (loss) after income taxes |  |  | 33 |  |  |  | 975 |  |  |  | 3,879 |  |  |  | – |  |  |  | 4,887 |
Equity in net income (loss) of unconsolidated subsidiaries |  |  | 4,767 |  |  |  | 1,206 |  |  |  | 2,181 |  |  |  | (8,154 | ) |  |  | – |
Net income (loss) |  | $ | 4,800 |  |  | $ | 2,181 |  |  | $ | 6,060 |  |  | $ | (8,154 | ) |  | $ | 4,887 |
Net income (loss) attributed to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-controlling interests |  | $ | – |  |  | $ | – |  |  | $ | 214 |  |  | $ | – |  |  | $ | 214 |
Participating policyholders |  |  | – |  |  |  | (10 | ) |  |  | (127 | ) |  |  | 10 |  |  |  | (127 | )
Shareholders |  |  | 4,800 |  |  |  | 2,191 |  |  |  | 5,973 |  |  |  | (8,164 | ) |  |  | 4,800 |
|  | $ | 4,800 |  |  | $ | 2,181 |  |  | $ | 6,060 |  |  | $ | (8,154 | ) |  | $ | 4,887 |
Condensed Consolidated Statement of Income
For the year ended December 31, 2017 |  | MFC (Guarantor) |  |  | JHUSA (Issuer) |  |  | Other subsidiaries |  |  | Consolidation adjustments |  |  | Consolidated MFC |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross premiums |  | $ | – |  |  | $ | 8,561 |  |  | $ | 22,895 |  |  | $ | 4,905 |  |  | $ | 36,361 |
Premiums ceded to reinsurers |  |  | – |  |  |  | 2,523 |  |  |  | (5,765 | ) |  |  | (4,909 | ) |  |  | (8,151 | )
Net premium income |  |  | – |  |  |  | 11,084 |  |  |  | 17,130 |  |  |  | (4 | ) |  |  | 28,210 |
Net investment income (loss) |  |  | 178 |  |  |  | 7,986 |  |  |  | 11,947 |  |  |  | (744 | ) |  |  | 19,367 |
Net other revenue |  |  | 4 |  |  |  | 2,874 |  |  |  | 10,864 |  |  |  | (2,996 | ) |  |  | 10,746 |
Total revenue |  |  | 182 |  |  |  | 21,944 |  |  |  | 39,941 |  |  |  | (3,744 | ) |  |  | 58,323 |
Contract benefits and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net benefits and claims |  |  | – |  |  |  | 20,803 |  |  |  | 19,179 |  |  |  | (681 | ) |  |  | 39,301 |
Commissions, investment and general expenses |  |  | 11 |  |  |  | 3,208 |  |  |  | 13,852 |  |  |  | (2,049 | ) |  |  | 15,022 |
Other expenses |  |  | 404 |  |  |  | 194 |  |  |  | 1,915 |  |  |  | (1,014 | ) |  |  | 1,499 |
Total contract benefits and expenses |  |  | 415 |  |  |  | 24,205 |  |  |  | 34,946 |  |  |  | (3,744 | ) |  |  | 55,822 |
Income (loss) before income taxes |  |  | (233 | ) |  |  | (2,261 | ) |  |  | 4,995 |  |  |  | – |  |  |  | 2,501 |
Income tax (expense) recovery |  |  | 62 |  |  |  | 1,134 |  |  |  | (1,435 | ) |  |  | – |  |  |  | (239 | )
Income (loss) after income taxes |  |  | (171 | ) |  |  | (1,127 | ) |  |  | 3,560 |  |  |  | – |  |  |  | 2,262 |
Equity in net income (loss) of unconsolidated subsidiaries |  |  | 2,275 |  |  |  | 628 |  |  |  | (486 | ) |  |  | (2,417 | ) |  |  | – |
Net income (loss) |  | $ | 2,104 |  |  | $ | (499 | ) |  | $ | 3,074 |  |  | $ | (2,417 | ) |  | $ | 2,262 |
Net income (loss) attributed to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-controlling interests |  | $ | – |  |  | $ | – |  |  | $ | 194 |  |  | $ | – |  |  | $ | 194 |
Participating policyholders |  |  | – |  |  |  | (10 | ) |  |  | (36 | ) |  |  | 10 |  |  |  | (36 | )
Shareholders |  |  | 2,104 |  |  |  | (489 | ) |  |  | 2,916 |  |  |  | (2,427 | ) |  |  | 2,104 |
|  | $ | 2,104 |  |  | $ | (499 | ) |  | $ | 3,074 |  |  | $ | (2,417 | ) |  | $ | 2,262 |
Consolidated Statement of Cash Flows | Consolidated Statement of Cash Flows
For the year ended December 31, 2018 |  | MFC (Guarantor) |  |  | JHUSA (Issuer) |  |  | Other subsidiaries |  |  | Consolidation adjustments |  |  | Consolidated MFC |
Operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 4,800 |  |  | $ | 2,181 |  |  | $ | 6,060 |  |  | $ | (8,154 | ) |  | $ | 4,887 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in net income of unconsolidated subsidiaries |  |  | (4,767 | ) |  |  | (1,206 | ) |  |  | (2,181 | ) |  |  | 8,154 |  |  |  | – |
Increase (decrease) in insurance contract liabilities |  |  | – |  |  |  | (5,273 | ) |  |  | 8,180 |  |  |  | – |  |  |  | 2,907 |
Increase (decrease) in investment contract liabilities |  |  | – |  |  |  | (86 | ) |  |  | 121 |  |  |  | – |  |  |  | 35 |
(Increase) decrease in reinsurance assets excluding coinsurance transactions |  |  | – |  |  |  | 1,609 |  |  |  | (716 | ) |  |  | – |  |  |  | 893 |
Amortization of (premium) discount on invested assets |  |  | – |  |  |  | 58 |  |  |  | 154 |  |  |  | – |  |  |  | 212 |
Other amortization |  |  | 4 |  |  |  | 225 |  |  |  | 518 |  |  |  | – |  |  |  | 747 |
Net realized and unrealized (gains) losses and impairment on assets |  |  | (11 | ) |  |  | 4,158 |  |  |  | 4,580 |  |  |  | – |  |  |  | 8,727 |
Deferred income tax expense (recovery) |  |  | 11 |  |  |  | 679 |  |  |  | 240 |  |  |  | – |  |  |  | 930 |
Restructuring charge |  |  | – |  |  |  | 43 |  |  |  | 113 |  |  |  | – |  |  |  | 156 |
Stock option expense |  |  | – |  |  |  | – |  |  |  | 10 |  |  |  | – |  |  |  | 10 |
Cash provided by (used in) operating activities before undernoted items |  |  | 37 |  |  |  | 2,388 |  |  |  | 17,079 |  |  |  | – |  |  |  | 19,504 |
Dividends from unconsolidated subsidiary |  |  | 2,700 |  |  |  | 405 |  |  |  | 777 |  |  |  | (3,882 | ) |  |  | – |
Changes in policy related and operating receivables and payables |  |  | 251 |  |  |  | (536 | ) |  |  | (31 | ) |  |  | – |  |  |  | (316 | )
Cash provided by (used in) operating activities |  |  | 2,988 |  |  |  | 2,257 |  |  |  | 17,825 |  |  |  | (3,882 | ) |  |  | 19,188 |
Investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases and mortgage advances |  |  | – |  |  |  | (38,799 | ) |  |  | (62,373 | ) |  |  | – |  |  |  | (101,172 | )
Disposals and repayments |  |  | – |  |  |  | 35,817 |  |  |  | 46,294 |  |  |  | – |  |  |  | 82,111 |
Changes in investment broker net receivables and payables |  |  | – |  |  |  | (169 | ) |  |  | 41 |  |  |  | – |  |  |  | (128 | )
Investment in common shares of subsidiaries |  |  | (1,284 | ) |  |  | – |  |  |  | – |  |  |  | 1,284 |  |  |  | – |
Net cash decrease from purchase of subsidiaries and businesses |  |  | – |  |  |  | – |  |  |  | 187 |  |  |  | – |  |  |  | 187 |
Capital contribution to unconsolidated subsidiaries |  |  | – |  |  |  | (14 | ) |  |  | – |  |  |  | 14 |  |  |  | – |
Return of capital from unconsolidated subsidiaries |  |  | – |  |  |  | 72 |  |  |  | – |  |  |  | (72 | ) |  |  | – |
Notes receivable from parent |  |  | – |  |  |  | – |  |  |  | (83 | ) |  |  | 83 |  |  |  | – |
Notes receivable from subsidiaries |  |  | (23 | ) |  |  | (61 | ) |  |  | – |  |  |  | 84 |  |  |  | – |
Cash provided by (used in) investing activities |  |  | (1,307 | ) |  |  | (3,154 | ) |  |  | (15,934 | ) |  |  | 1,393 |  |  |  | (19,002 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Decrease) increase in repurchase agreements and securities sold but not yet purchased |  |  | – |  |  |  | – |  |  |  | (189 | ) |  |  | – |  |  |  | (189 | )
Redemption of long-term debt |  |  | (400 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (400 | )
Issue of capital instruments, net |  |  | 597 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 597 |
Redemption of capital instruments |  |  | – |  |  |  | – |  |  |  | (450 | ) |  |  | – |  |  |  | (450 | )
Secured borrowings from securitization transactions |  |  | – |  |  |  | – |  |  |  | 250 |  |  |  | – |  |  |  | 250 |
Changes in deposits from Bank clients, net |  |  | – |  |  |  | – |  |  |  | 1,490 |  |  |  | – |  |  |  | 1,490 |
Shareholders’ dividends paid in cash |  |  | (1,788 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1,788 | )
Dividends paid to parent |  |  | – |  |  |  | (777 | ) |  |  | (3,105 | ) |  |  | 3,882 |  |  |  | – |
Contributions from (distributions to) non-controlling interests, net |  |  | – |  |  |  | – |  |  |  | (60 | ) |  |  | – |  |  |  | (60 | )
Common shares repurchased |  |  | (478 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (478 | )
Common shares issued, net |  |  | 59 |  |  |  | – |  |  |  | 1,284 |  |  |  | (1,284 | ) |  |  | 59 |
Preferred shares issued, net |  |  | 245 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 245 |
Capital contributions by parent |  |  | – |  |  |  | – |  |  |  | 14 |  |  |  | (14 | ) |  |  | – |
Return of capital to parent |  |  | – |  |  |  | – |  |  |  | (72 | ) |  |  | 72 |  |  |  | – |
Notes payable to parent |  |  | – |  |  |  | – |  |  |  | 84 |  |  |  | (84 | ) |  |  | – |
Notes payable to subsidiaries |  |  | 83 |  |  |  | – |  |  |  | – |  |  |  | (83 | ) |  |  | – |
Cash provided by (used in) financing activities |  |  | (1,682 | ) |  |  | (777 | ) |  |  | (754 | ) |  |  | 2,489 |  |  |  | (724 | )
Cash and short-term securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase (decrease) during the year |  |  | (1 | ) |  |  | (1,674 | ) |  |  | 1,137 |  |  |  | – |  |  |  | (538 | )
Effect of foreign exchange rate changes on cash and short-term securities |  |  | 1 |  |  |  | 353 |  |  |  | 468 |  |  |  | – |  |  |  | 822 |
Balance, beginning of year |  |  | 21 |  |  |  | 3,638 |  |  |  | 11,439 |  |  |  | – |  |  |  | 15,098 |
Balance, end of year |  |  | 21 |  |  |  | 2,317 |  |  |  | 13,044 |  |  |  | – |  |  |  | 15,382 |
Cash and short-term securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross cash and short-term securities |  |  | 21 |  |  |  | 4,133 |  |  |  | 11,811 |  |  |  | – |  |  |  | 15,965 |
Net payments in transit, included in other liabilities |  |  | – |  |  |  | (495 | ) |  |  | (372 | ) |  |  | – |  |  |  | (867 | )
Net cash and short-term securities, beginning of year |  |  | 21 |  |  |  | 3,638 |  |  |  | 11,439 |  |  |  | – |  |  |  | 15,098 |
End of year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross cash and short-term securities |  |  | 21 |  |  |  | 2,783 |  |  |  | 13,411 |  |  |  | – |  |  |  | 16,215 |
Net payments in transit, included in other liabilities |  |  | – |  |  |  | (466 | ) |  |  | (367 | ) |  |  | – |  |  |  | (833 | )
Net cash and short-term securities, end of year |  | $ | 21 |  |  | $ | 2,317 |  |  | $ | 13,044 |  |  | $ | – |  |  | $ | 15,382 |
Supplemental disclosures on cash flow information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest received |  | $ | 427 |  |  | $ | 4,381 |  |  | $ | 7,074 |  |  | $ | (930 | ) |  | $ | 10,952 |
Interest paid |  |  | 373 |  |  |  | 92 |  |  |  | 1,677 |  |  |  | (930 | ) |  |  | 1,212 |
Income taxes paid |  |  | (59 | ) |  |  | 286 |  |  |  | 234 |  |  |  | – |  |  |  | 461 |
Consolidated Statement of Cash Flows
For the year ended December 31, 2017 |  | MFC (Guarantor) |  |  | JHUSA (Issuer) |  |  | Other subsidiaries |  |  | Consolidation adjustments |  |  | Consolidated MFC |
Operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 2,104 |  |  | $ | (499 | ) |  | $ | 3,074 |  |  | $ | (2,417 | ) |  | $ | 2,262 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in net income of unconsolidated subsidiaries |  |  | (2,275 | ) |  |  | (628 | ) |  |  | 486 |  |  |  | 2,417 |  |  |  | – |
Increase (decrease) in insurance contract liabilities |  |  | – |  |  |  | 16,877 |  |  |  | 3,146 |  |  |  | – |  |  |  | 20,023 |
Increase (decrease) in investment contract liabilities |  |  | – |  |  |  | 55 |  |  |  | 118 |  |  |  | – |  |  |  | 173 |
(Increase) decrease in reinsurance assets |  |  | – |  |  |  | (1,890 | ) |  |  | 4,159 |  |  |  | – |  |  |  | 2,269 |
Amortization of (premium) discount on invested assets |  |  | – |  |  |  | 24 |  |  |  | 206 |  |  |  | – |  |  |  | 230 |
Other amortization |  |  | 4 |  |  |  | 123 |  |  |  | 433 |  |  |  | – |  |  |  | 560 |
Net realized and unrealized (gains) losses and impairment on assets |  |  | (7 | ) |  |  | (2,609 | ) |  |  | (4,572 | ) |  |  | – |  |  |  | (7,188 | )
Deferred income tax expense (recovery) |  |  | (59 | ) |  |  | (2,239 | ) |  |  | 1,967 |  |  |  | – |  |  |  | (331 | )
Stock option expense |  |  | – |  |  |  | (4 | ) |  |  | 19 |  |  |  | – |  |  |  | 15 |
Cash provided by (used in) operating activities before undernoted items |  |  | (233 | ) |  |  | 9,210 |  |  |  | 9,036 |  |  |  | – |  |  |  | 18,013 |
Dividends from unconsolidated subsidiary |  |  | 2,700 |  |  |  | 125 |  |  |  | 1,175 |  |  |  | (4,000 | ) |  |  | – |
Changes in policy related and operating receivables and payables |  |  | (45 | ) |  |  | (4,627 | ) |  |  | 4,450 |  |  |  | – |  |  |  | (222 | )
Cash provided by (used in) operating activities |  |  | 2,422 |  |  |  | 4,708 |  |  |  | 14,661 |  |  |  | (4,000 | ) |  |  | 17,791 |
Investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases and mortgage advances |  |  | – |  |  |  | (30,645 | ) |  |  | (56,579 | ) |  |  | – |  |  |  | (87,224 | )
Disposals and repayments |  |  | – |  |  |  | 26,952 |  |  |  | 43,768 |  |  |  | – |  |  |  | 70,720 |
Changes in investment broker net receivables and payables |  |  | – |  |  |  | 182 |  |  |  | 45 |  |  |  | – |  |  |  | 227 |
Investment in common shares of subsidiaries |  |  | (2,473 | ) |  |  | – |  |  |  | – |  |  |  | 2,473 |  |  |  | – |
Net cash decrease from purchase of subsidiaries and businesses |  |  | – |  |  |  | – |  |  |  | (10 | ) |  |  | – |  |  |  | (10 | )
Capital contribution to unconsolidated subsidiaries |  |  | – |  |  |  | (63 | ) |  |  | – |  |  |  | 63 |  |  |  | – |
Return of capital from unconsolidated subsidiaries |  |  | – |  |  |  | 11 |  |  |  | – |  |  |  | (11 | ) |  |  | – |
Notes receivables from affiliates |  |  | – |  |  |  | – |  |  |  | 201 |  |  |  | (201 | ) |  |  | – |
Notes receivable from parent |  |  | – |  |  |  | 368 |  |  |  | 24 |  |  |  | (392 | ) |  |  | – |
Notes receivable from subsidiaries |  |  | (16 | ) |  |  | (10 | ) |  |  | – |  |  |  | 26 |  |  |  | – |
Cash provided by (used in) investing activities |  |  | (2,489 | ) |  |  | (3,205 | ) |  |  | (12,551 | ) |  |  | 1,958 |  |  |  | (16,287 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Decrease) increase in repurchase agreements and securities sold but not yet purchased |  |  | – |  |  |  | – |  |  |  | (29 | ) |  |  | – |  |  |  | (29 | )
Redemption of long-term debt |  |  | (600 | ) |  |  | – |  |  |  | (7 | ) |  |  | – |  |  |  | (607 | )
Issue of capital instruments, net |  |  | 2,209 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2,209 |
Redemption of capital instruments |  |  | – |  |  |  | – |  |  |  | (899 | ) |  |  | – |  |  |  | (899 | )
Secured borrowings from securitization transactions |  |  | – |  |  |  | – |  |  |  | 741 |  |  |  | – |  |  |  | 741 |
Changes in deposits from Bank clients, net |  |  | – |  |  |  | – |  |  |  | 261 |  |  |  | – |  |  |  | 261 |
Shareholders’ dividends paid in cash |  |  | (1,780 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1,780 | )
Contributions from (distributions to) non-controlling interests, net |  |  | – |  |  |  | – |  |  |  | (6 | ) |  |  | – |  |  |  | (6 | )
Common shares issued, net |  |  | 124 |  |  |  | – |  |  |  | 2,473 |  |  |  | (2,473 | ) |  |  | 124 |
Dividends paid to parent |  |  | – |  |  |  | (1,175 | ) |  |  | (2,825 | ) |  |  | 4,000 |  |  |  | – |
Capital contributions by parent |  |  | – |  |  |  | – |  |  |  | 63 |  |  |  | (63 | ) |  |  | – |
Return of capital to parent |  |  | – |  |  |  | – |  |  |  | (11 | ) |  |  | 11 |  |  |  | – |
Notes payable to affiliates |  |  | – |  |  |  | (201 | ) |  |  | – |  |  |  | 201 |  |  |  | – |
Notes payable to parent |  |  | – |  |  |  | – |  |  |  | 26 |  |  |  | (26 | ) |  |  | – |
Notes payable to subsidiaries |  |  | (24 | ) |  |  | – |  |  |  | (368 | ) |  |  | 392 |  |  |  | – |
Cash provided by (used in) financing activities |  |  | (71 | ) |  |  | (1,376 | ) |  |  | (581 | ) |  |  | 2,042 |  |  |  | 14 |
Cash and short-term securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase (decrease) during the year |  |  | (138 | ) |  |  | 127 |  |  |  | 1,529 |  |  |  | – |  |  |  | 1,518 |
Effect of foreign exchange rate changes on cash and short-term securities |  |  | (2 | ) |  |  | (276 | ) |  |  | (380 | ) |  |  | – |  |  |  | (658 | )
Balance, beginning of year |  |  | 161 |  |  |  | 3,787 |  |  |  | 10,290 |  |  |  | – |  |  |  | 14,238 |
Balance, end of year |  |  | 21 |  |  |  | 3,638 |  |  |  | 11,439 |  |  |  | – |  |  |  | 15,098 |
Cash and short-term securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross cash and short-term securities |  |  | 161 |  |  |  | 4,317 |  |  |  | 10,673 |  |  |  | – |  |  |  | 15,151 |
Net payments in transit, included in other liabilities |  |  | – |  |  |  | (530 | ) |  |  | (383 | ) |  |  | – |  |  |  | (913 | )
Net cash and short-term securities, beginning of year |  |  | 161 |  |  |  | 3,787 |  |  |  | 10,290 |  |  |  | – |  |  |  | 14,238 |
End of year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross cash and short-term securities |  |  | 21 |  |  |  | 4,133 |  |  |  | 11,811 |  |  |  | – |  |  |  | 15,965 |
Net payments in transit, included in other liabilities |  |  | – |  |  |  | (495 | ) |  |  | (372 | ) |  |  | – |  |  |  | (867 | )
Net cash and short-term securities, end of year |  | $ | 21 |  |  | $ | 3,638 |  |  | $ | 11,439 |  |  | $ | – |  |  | $ | 15,098 |
Supplemental disclosures on cash flow information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest received |  | $ | 273 |  |  | $ | 4,391 |  |  | $ | 6,504 |  |  | $ | (572 | ) |  | $ | 10,596 |
Interest paid |  |  | 392 |  |  |  | 96 |  |  |  | 1,202 |  |  |  | (572 | ) |  |  | 1,118 |
Income taxes paid |  |  | 99 |  |  |  | 1,084 |  |  |  | 177 |  |  |  | – |  |  |  | 1,360 |

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