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Insurance Contract Liabilities and Reinsurance Assets (Tables) | 12 Months Ended
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Dec. 31, 2018
Statement [LineItems] |
Summary of Insurance Contract Liabilities and Reinsurance Assets | The components of gross and net insurance contract liabilities are shown below.
As at December 31, |  | 2018 |  |  | 2017 |
Gross insurance contract liabilities |  | $ | 313,737 |  |  | $ | 291,767 |
Gross benefits payable and provision for unreported claims |  |  | 4,398 |  |  |  | 3,376 |
Gross policyholder amounts on deposit |  |  | 10,519 |  |  |  | 9,462 |
Gross insurance contract liabilities |  |  | 328,654 |  |  |  | 304,605 |
Reinsurance assets(1) |  |  | (42,925 | ) |  |  | (30,359 | )
Net insurance contract liabilities |  | $ | 285,729 |  |  | $ | 274,246 |
Summary of Composition of Insurance Contract Liabilities and Reinsurance Assets by Line of Business and Reporting Segment | The composition of insurance contract liabilities and reinsurance assets by the line of business and reporting segment is as follows. Gross insurance contract liabilities
|  | Individual insurance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As at December 31, 2018 |  | Participating |  |  | Non- participating |  |  | Annuities and pensions |  |  | Other insurance contract liabilities(1) |  |  | Total, net of reinsurance ceded |  |  | Total reinsurance ceded |  |  | Total, gross of reinsurance ceded |  |  |  |
Asia |  | $ | 38,470 |  |  | $ | 29,547 |  |  | $ | 5,062 |  |  | $ | 3,048 |  |  | $ | 76,127 |  |  | $ | 1,332 |  |  | $ | 77,459 |  |  |  |  |
Canada |  |  | 10,743 |  |  |  | 34,677 |  |  |  | 18,339 |  |  |  | 12,869 |  |  |  | 76,628 |  |  |  | (202 | ) |  |  | 76,426 |  |  |  |  |
U.S. |  |  | 8,673 |  |  |  | 63,412 |  |  |  | 16,125 |  |  |  | 44,932 |  |  |  | 133,142 |  |  |  | 41,695 |  |  |  | 174,837 |  |  |  |  |
Corporate and Other |  |  | – |  |  |  | (601 | ) |  |  | 46 |  |  |  | 387 |  |  |  | (168 | ) |  |  | 100 |  |  |  | (68 | ) |  |  |  |
Total, net of reinsurance ceded |  |  | 57,886 |  |  |  | 127,035 |  |  |  | 39,572 |  |  |  | 61,236 |  |  |  | 285,729 |  |  | $ | 42,925 |  |  | $ | 328,654 |  |  |  |  |
Total reinsurance ceded |  |  | 11,596 |  |  |  | 12,303 |  |  |  | 17,927 |  |  |  | 1,099 |  |  |  | 42,925 |  |  |  |  |  |  |  |  |  |  |  |  |
Total, gross of reinsurance ceded |  | $ | 69,482 |  |  | $ | 139,338 |  |  | $ | 57,499 |  |  | $ | 62,335 |  |  | $ | 328,654 |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Individual insurance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As at December 31, 2017 |  | Participating |  |  | Non- participating |  |  | Annuities and pensions |  |  | Other insurance contract liabilities(1) |  |  | Total, net of reinsurance ceded |  |  | Total reinsurance ceded |  |  | Total, gross of reinsurance ceded |  |  |  |
Asia |  | $ | 32,737 |  |  | $ | 22,705 |  |  | $ | 4,366 |  |  | $ | 2,435 |  |  | $ | 62,243 |  |  | $ | 911 |  |  | $ | 63,154 |  |  |  |  |
Canada |  |  | 11,132 |  |  |  | 34,091 |  |  |  | 19,141 |  |  |  | 11,834 |  |  |  | 76,198 |  |  |  | (676 | ) |  |  | 75,522 |  |  |  |  |
U.S. |  |  | 8,569 |  |  |  | 57,599 |  |  |  | 26,161 |  |  |  | 43,522 |  |  |  | 135,851 |  |  |  | 29,952 |  |  |  | 165,803 |  |  |  |  |
Corporate and Other |  |  | – |  |  |  | (515 | ) |  |  | 48 |  |  |  | 421 |  |  |  | (46 | ) |  |  | 172 |  |  |  | 126 |  |  |  |  |
Total, net of reinsurance ceded |  |  | 52,438 |  |  |  | 113,880 |  |  |  | 49,716 |  |  |  | 58,212 |  |  |  | 274,246 |  |  | $ | 30,359 |  |  | $ | 304,605 |  |  |  |  |
Total reinsurance ceded |  |  | 11,492 |  |  |  | 11,238 |  |  |  | 6,539 |  |  |  | 1,090 |  |  |  | 30,359 |  |  |  |  |  |  |  |  |  |  |  |  |
Total, gross of reinsurance ceded |  | $ | 63,930 |  |  | $ | 125,118 |  |  | $ | 56,255 |  |  | $ | 59,302 |  |  | $ | 304,605 |  |  |  |  |  |  |  |  |  |  |  |  |
(1) | Other insurance contract liabilities include group insurance and individual and group health including long-term care insurance.
Summary of Carrying Value of Assets Backing Net Insurance Contract Liabilities, Other Liabilities and Capital | The following table presents the carrying value of assets backing net insurance contract liabilities, other liabilities and capital.
|  | Individual insurance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As at December 31, 2018 |  | Participating |  |  | Non- participating |  |  | Annuities and pensions |  |  | Other insurance contract liabilities(1) |  |  | Other liabilities(2) |  |  | Capital(3) |  |  | Total |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  | $ | 30,934 |  |  | $ | 67,387 |  |  | $ | 20,469 |  |  | $ | 28,435 |  |  | $ | 10,061 |  |  | $ | 28,308 |  |  | $ | 185,594 |  |  |  |  |
Public equities |  |  | 8,416 |  |  |  | 5,562 |  |  |  | 172 |  |  |  | 262 |  |  |  | 589 |  |  |  | 4,178 |  |  |  | 19,179 |  |  |  |  |
Mortgages |  |  | 2,218 |  |  |  | 11,111 |  |  |  | 4,972 |  |  |  | 8,732 |  |  |  | 21,295 |  |  |  | 35 |  |  |  | 48,363 |  |  |  |  |
Private placements |  |  | 4,151 |  |  |  | 14,131 |  |  |  | 6,960 |  |  |  | 8,581 |  |  |  | 1,772 |  |  |  | 159 |  |  |  | 35,754 |  |  |  |  |
Real estate |  |  | 3,106 |  |  |  | 6,028 |  |  |  | 1,214 |  |  |  | 1,799 |  |  |  | 397 |  |  |  | 233 |  |  |  | 12,777 |  |  |  |  |
Other |  |  | 9,061 |  |  |  | 22,816 |  |  |  | 5,785 |  |  |  | 13,427 |  |  |  | 374,418 |  |  |  | 23,097 |  |  |  | 448,604 |  |  |  |  |
Total |  | $ | 57,886 |  |  | $ | 127,035 |  |  | $ | 39,572 |  |  | $ | 61,236 |  |  | $ | 408,532 |  |  | $ | 56,010 |  |  | $ | 750,271 |  |  |  |  |
|  | Individual insurance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As at December 31, 2017 |  | Participating |  |  | Non- participating |  |  | Annuities and pensions |  |  | Other insurance contract liabilities(1) |  |  | Other liabilities(2) |  |  | Capital(3) |  |  | Total |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  | $ | 27,946 |  |  | $ | 63,128 |  |  | $ | 26,621 |  |  | $ | 25,211 |  |  | $ | 6,635 |  |  | $ | 24,459 |  |  | $ | 174,000 |  |  |  |  |
Public equities |  |  | 9,264 |  |  |  | 5,855 |  |  |  | 171 |  |  |  | 332 |  |  |  | 1,029 |  |  |  | 4,894 |  |  |  | 21,545 |  |  |  |  |
Mortgages |  |  | 2,017 |  |  |  | 10,286 |  |  |  | 7,009 |  |  |  | 6,891 |  |  |  | 18,476 |  |  |  | 63 |  |  |  | 44,742 |  |  |  |  |
Private placements |  |  | 3,645 |  |  |  | 12,128 |  |  |  | 8,059 |  |  |  | 7,739 |  |  |  | 367 |  |  |  | 194 |  |  |  | 32,132 |  |  |  |  |
Real estate |  |  | 2,963 |  |  |  | 6,198 |  |  |  | 1,136 |  |  |  | 2,516 |  |  |  | 769 |  |  |  | 228 |  |  |  | 13,810 |  |  |  |  |
Other |  |  | 6,603 |  |  |  | 16,285 |  |  |  | 6,720 |  |  |  | 15,523 |  |  |  | 377,352 |  |  |  | 20,821 |  |  |  | 443,304 |  |  |  |  |
Total |  | $ | 52,438 |  |  | $ | 113,880 |  |  | $ | 49,716 |  |  | $ | 58,212 |  |  | $ | 404,628 |  |  | $ | 50,659 |  |  | $ | 729,533 |  |  |  |  |
(1) | Other insurance contract liabilities include group insurance and individual and group health including long-term care insurance.
(2) | Other liabilities are non-insurance contract liabilities which include segregated funds, bank deposits, long-term debt, deferred tax liabilities, derivatives, investment contracts, embedded derivatives and other miscellaneous liabilities.
(3) | Capital is defined in note 13.
Summary of Potential Impact on Net Income Attributed to Shareholders Arising From Changes to Non-economic Assumptions | Potential impact on net income attributed to shareholders arising from changes to non-economic assumptions(1)
As at December 31, |  | Decrease in net income attributed to shareholders |
| 2018 |  |  | 2017 |
Policy related assumptions |  |  |  |  |  |  |  |
2% adverse change in future mortality rates(2),(4) |  |  |  |  |  |  |  |
Products where an increase in rates increases insurance contract liabilities |  | $ | (500 | ) |  | $ | (400 | )
Products where a decrease in rates increases insurance contract liabilities |  |  | (500 | ) |  |  | (500 | )
5% adverse change in future morbidity rates (incidence and termination)(3),(4),(5) |  |  | (4,800 | ) |  |  | (5,100 | )
10% adverse change in future policy termination rates(4) |  |  | (2,200 | ) |  |  | (2,100 | )
5% increase in future expense levels |  |  | (600 | ) |  |  | (500 | )
(1) | The participating policy funds are largely self-supporting and generate no material impact on net income attributed to shareholders as a result of changes in non-economic assumptions. Experience gains or losses would generally result in changes to future dividends, with no direct impact to shareholders.
(2) | An increase in mortality rates will generally increase policy liabilities for life insurance contracts whereas a decrease in mortality rates will generally increase policy liabilities for policies with longevity risk such as payout annuities.
(3) | No amounts related to morbidity risk are included for policies where the policy liability provides only for claims costs expected over a short period, generally less than one year, such as Group Life and Health.
(4) | The impacts of the adverse sensitivities on LTC for morbidity, mortality and lapse do not assume any partial offsets from the Company’s ability to contractually raise premium rates in such events, subject to state regulatory approval. In practice, the Company would plan to file for rate increases equal to the amount of deterioration resulting from the sensitivity.
(5) | This includes a 5% deterioration in incidence rates and 5% deterioration in claim termination rates.
Summary of Actuarial Methods and Assumptions | The completion of the 2018 annual review of actuarial methods and assumptions resulted in a decrease in insurance contract liabilities of $174, net of reinsurance, and a decrease in net income attributed to shareholders of $51 post-tax.
|  | Change in insurance contract liabilities, net of reinsurance |  |  |  |  |  |  |
For the year ended December 31, 2018 |  | Total |  |  | Attributed to participating policyholders’ account |  |  | Attributed to shareholders’ account |  |  | Change in net income attributed to shareholders (post-tax) |  |  |  |
Mortality and morbidity updates |  |  | $ 319 |  |  |  | $ (192 | ) |  |  | $ 511 |  |  |  | $ (360 | ) |  |  |  |
Lapses and policyholder behaviour |  |  | 287 |  |  |  | – |  |  |  | 287 |  |  |  | (226 | ) |  |  |  |
Investment return assumptions |  |  | (96 | ) |  |  | 50 |  |  |  | (146 | ) |  |  | 143 |  |  |  |  |
Other updates |  |  | (684 | ) |  |  | (94 | ) |  |  | (590 | ) |  |  | 392 |  |  |  |  |
Net impact |  |  | $ (174 | ) |  |  | $ (236 | ) |  |  | $ 62 |  |  |  | $ (51 | ) |  |  |  |
|  | Change in insurance contract liabilities, net of reinsurance |  |  |  |  |  |  |
For the year ended December 31, 2017 |  | Total |  |  | Attributed to participating policyholders’ account |  |  | Attributed to shareholders’ account |  |  | Change in net income attributed to shareholders (post-tax) |  |  |  |
Mortality and morbidity updates |  | $ | (254 | ) |  |  | $ 9 |  |  |  | $ (263 | ) |  |  | $ 299 |  |  |  |  |
Lapses and policyholder behaviour |  |  | 1,019 |  |  |  | – |  |  |  | 1,019 |  |  |  | (783 | ) |  |  |  |
Other updates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ALDA and public equity investment return assumptions |  |  | 1,296 |  |  |  | 5 |  |  |  | 1,291 |  |  |  | (892 | ) |  |  |  |
Corporate spread assumptions |  |  | (515 | ) |  |  | (1 | ) |  |  | (514 | ) |  |  | 344 |  |  |  |  |
Refinements to liability and tax cash flows |  |  | (1,049 | ) |  |  | – |  |  |  | (1,049 | ) |  |  | 696 |  |  |  |  |
Other |  |  | (220 | ) |  |  | 84 |  |  |  | (304 | ) |  |  | 301 |  |  |  |  |
Net impact |  | $ | 277 |  |  |  | $ 97 |  |  |  | $ 180 |  |  |  | $ (35 | ) |  |  |  |
Summary of Insurance Contract Liabilities, Payments Due by Period | As at December 31, 2018, the Company’s contractual obligations and commitments relating to insurance contracts are as follows.
Payments due by period |  | Less than 1 year |  |  | 1 to 3 years |  |  | 3 to 5 years |  |  | Over 5 years |  |  | Total |
Insurance contract liabilities(1) |  | $ | 9,327 |  |  | $ | 10,863 |  |  | $ | 17,994 |  |  | $ | 750,238 |  |  | $ | 788,422 |
(1) | Insurance contract liability cash flows include estimates related to the timing and payment of death and disability claims, policy surrenders, policy maturities, annuity payments, minimum guarantees on segregated fund products, policyholder dividends, commissions and premium taxes offset by contractual future premiums on in-force contracts. These estimated cash flows are based on the best estimate assumptions used in the determination of insurance contract liabilities. These amounts are undiscounted and reflect recoveries from reinsurance agreements. Due to the use of assumptions, actual cash flows may differ from these estimates. Cash flows include embedded derivatives measured separately at fair value.
Summary of Gross Claims and Benefits | The following table presents a breakdown of gross claims and benefits.
For the years ended December 31, |  | 2018 |  |  | 2017 |
Death, disability and other claims |  | $ | 15,174 |  |  | $ | 14,871 |
Maturity and surrender benefits |  |  | 7,722 |  |  |  | 6,302 |
Annuity payments |  |  | 4,262 |  |  |  | 4,470 |
Policyholder dividends and experience rating refunds |  |  | 1,809 |  |  |  | 1,085 |
Net transfers from segregated funds |  |  | (1,089 | ) |  |  | (1,734 | )
Total |  | $ | 27,878 |  |  | $ | 24,994 |
Long term care [member] |
Statement [LineItems] |
Summary of Potential Impact on Net Income Attributed to Shareholders Arising From Changes to Non-economic Assumptions | Potential impact on net income attributed to shareholders arising from changes to non-economic assumptions for Long-Term Care included in the above table(1),(2)
As at December 31, 2018 |  | Decrease in net income attributed to shareholders |
Policy related assumptions |  |  |  |
2% adverse change in future mortality rates |  |  | $ (200 | )
5% adverse change in future morbidity incidence rates |  |  | (1,700 | )
5% adverse change in future morbidity claims termination rates |  |  | (2,800 | )
10% adverse change in future policy termination rates |  |  | (400 | )
5% increase in future expense levels |  |  | (100 | )
(1) | The impacts of the adverse sensitivities on LTC for morbidity, mortality and lapse do not assume any partial offsets from the Company’s ability to contractually raise premium rates in such events, subject to state regulatory approval. In practice, the Company would plan to file for rate increases equal to the amount of deterioration resulting from the sensitivities.
(2) | The impact of favourable changes to all the sensitivities is relatively symmetrical.
Life insurance contracts [Member] |
Statement [LineItems] |
Summary of Change in Insurance Contract Liabilities | The change in insurance contract liabilities was a result of the following business activities and changes in actuarial estimates.
For the year ended December 31, 2018 |  | Net actuarial liabilities |  |  | Other insurance contract liabilities(1) |  |  | Net insurance contract liabilities |  |  | Reinsurance assets |  |  | Gross insurance contract liabilities |  |  |  |
Balance, January 1 |  | $ | 263,091 |  |  | $ | 11,155 |  |  | $ | 274,246 |  |  | $ | 30,359 |  |  | $ | 304,605 |  |  |  |  |
New policies(2) |  |  | 3,269 |  |  |  | – |  |  |  | 3,269 |  |  |  | 388 |  |  |  | 3,657 |  |  |  |  |
Normal in-force movement(2) |  |  | 2,044 |  |  |  | 985 |  |  |  | 3,029 |  |  |  | (1,150 | ) |  |  | 1,879 |  |  |  |  |
Changes in methods and assumptions(2) |  |  | (173 | ) |  |  | (1 | ) |  |  | (174 | ) |  |  | (608 | ) |  |  | (782 | ) |  |  |  |
Impact of annuity coinsurance transactions |  |  | (11,156 | ) |  |  | – |  |  |  | (11,156 | ) |  |  | 11,156 |  |  |  | – |  |  |  |  |
Impact of changes in foreign exchange rates |  |  | 15,686 |  |  |  | 829 |  |  |  | 16,515 |  |  |  | 2,780 |  |  |  | 19,295 |  |  |  |  |
Balance, December 31 |  | $ | 272,761 |  |  | $ | 12,968 |  |  | $ | 285,729 |  |  | $ | 42,925 |  |  | $ | 328,654 |  |  |  |  |
For the year ended December 31, 2017 |  | Net actuarial liabilities |  |  | Other insurance contract liabilities(1) |  |  | Net insurance contract liabilities |  |  | Reinsurance assets |  |  | Gross insurance contract liabilities |  |  |  |
Balance, January 1 |  | $ | 251,738 |  |  | $ | 10,815 |  |  | $ | 262,553 |  |  | $ | 34,952 |  |  | $ | 297,505 |  |  |  |  |
New policies(3) |  |  | 3,545 |  |  |  | – |  |  |  | 3,545 |  |  |  | 441 |  |  |  | 3,986 |  |  |  |  |
Normal in-force movement(3) |  |  | 15,192 |  |  |  | 930 |  |  |  | 16,122 |  |  |  | (3,097 | ) |  |  | 13,025 |  |  |  |  |
Changes in methods and assumptions(3) |  |  | 305 |  |  |  | (28 | ) |  |  | 277 |  |  |  | 47 |  |  |  | 324 |  |  |  |  |
Impact of U.S. Tax Reform(3),(4) |  |  | 2,246 |  |  |  | – |  |  |  | 2,246 |  |  |  | – |  |  |  | 2,246 |  |  |  |  |
Increase due to decision to change the portfolio asset mix supporting legacy businesses(3),(5) |  |  | 1,340 |  |  |  | – |  |  |  | 1,340 |  |  |  | 43 |  |  |  | 1,383 |  |  |  |  |
Impact of changes in foreign exchange rates |  |  | (11,275 | ) |  |  | (562 | ) |  |  | (11,837 | ) |  |  | (2,027 | ) |  |  | (13,864 | ) |  |  |  |
Balance, December 31 |  | $ | 263,091 |  |  | $ | 11,155 |  |  | $ | 274,246 |  |  | $ | 30,359 |  |  | $ | 304,605 |  |  |  |  |
(1) | Other insurance contract liabilities are comprised of benefits payable and provision for unreported claims and policyholder amounts on deposit.
(2) | In 2018, the $2,907 increase reported as the change in insurance contract liabilities on the Consolidated Statements of Income primarily consists of changes due to normal in-force movement, new policies and changes in methods and assumptions. These three items in the gross insurance contract liabilities were netted off by an increase of $4,754, of which $3,632 is included in the Consolidated Statements of Income increase in insurance contract liabilities and $1,122 is included in gross claims and benefits. The Consolidated Statements of Income change in insurance contract liabilities also includes the change in embedded derivatives associated with insurance contracts. The Company finalized its estimate of U.S. Tax reform which resulted in a $196 pre-tax ($154 post-tax) increase in insurance contract liabilities, refer to note 5.
(3) | In 2017, the $20,023 increase reported as the change in insurance contract liabilities on the Consolidated Statements of Income primarily consists of changes due to normal in-force movement, new policies, changes in methods and assumptions, the impact of U.S. Tax Reform and the increase due to the decision to change the portfolio asset mix supporting legacy businesses. These five items in the gross insurance contract liabilities were netted off by an increase of $20,964, of which $20,212 is included in the Consolidated Statements of Income increase in insurance contract liabilities and $752 is included in gross claims and benefits. The Consolidated Statements of Income change in insurance contract liabilities also includes the change in embedded derivatives associated with insurance contracts.
(4) | In 2017, the impact of U.S. Tax Reform, which includes the lowering of the U.S. corporate tax rate from 35% to 21% and limits on the tax deductibility of reserves, resulted in a $2,246 pre-tax ($1,774 post-tax) increase in policy liabilities due to the impact of temporary tax timing and permanent tax rate differences on the cash flows available to satisfy policyholder obligations. The $472 deferred tax impact on this increase in policy liabilities, together with the impact of U.S. Tax Reform on the Company’s deferred tax assets and liabilities is included in note 5.
(5) | In 2017, the decision to reduce the allocation to ALDA in the portfolio asset mix supporting the Company’s North American legacy businesses resulted in an increase in policy liabilities due to the impact on future expected investment income on assets supporting the policies.

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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | mfc_StatementLineItems
Namespace Prefix: | mfc_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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- Details
Name: | mfc_ContractualMaturitiesAssumptionsAxis=mfc_LongTermCareMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

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- Details
Name: | ifrs-full_TypesOfInsuranceContractsAxis=ifrs-full_LifeInsuranceContractsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |