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Investment Contract Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2018
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Summary of Movement in Investment Contract Liabilities Measured at Fair Value | The following table presents the movement in investment contract liabilities measured at fair value during the year.
For the years ended December 31, |  | 2018 |  |  | 2017 |
Balance, January 1 |  | $ | 639 |  |  | $ | 631 |
New policies |  |  | 96 |  |  |  | 50 |
Changes in market conditions |  |  | 76 |  |  |  | 76 |
Redemptions, surrenders and maturities |  |  | (86 | ) |  |  | (72 | )
Impact of changes in foreign exchange rates |  |  | 57 |  |  |  | (46 | )
Balance, December 31 |  | $ | 782 |  |  | $ | 639 |
Summary of Investment Contract Liabilities Measured at Amortized Cost and Fair Value Associated with these Contracts | Carrying value and fair value of investment contract liabilities measured at amortized cost.
|  | 2018 |  |  |  |  |  | 2017 |
As at December 31, |  | Amortized cost, gross of reinsurance ceded(1) |  |  | Fair value |  |  |  |  |  | Amortized cost, gross of reinsurance ceded(1) |  |  | Fair value |
U.S. fixed annuity products |  | $ | 1,357 |  |  | $ | 1,449 |  |  |  |  |  |  | $ | 1,282 |  |  | $ | 1,433 |
Canadian fixed annuity products |  |  | 1,126 |  |  |  | 1,269 |  |  |  |  |  |  |  | 1,205 |  |  |  | 1,354 |
Investment contract liabilities |  | $ | 2,483 |  |  | $ | 2,718 |  |  |  |  |  |  | $ | 2,487 |  |  | $ | 2,787 |
(1) | During the year, investment contract labilities with the carrying value and fair value of $128 and $130, respectively (2017 – $nil and $nil, respectively), were reinsured by the Company. As at December 31, 2018, the net carrying value and fair value of investment contracts labilities were $2,355 and $2,588, respectively.
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, |  | 2018 |  |  | 2017 |
Balance, January 1 |  | $ | 2,487 |  |  | $ | 2,644 |
Policy deposits |  |  | 6 |  |  |  | 68 |
Interest |  |  | 82 |  |  |  | 100 |
Withdrawals |  |  | (201 | ) |  |  | (232 | )
Fees |  |  | (1 | ) |  |  | (1 | )
Other |  |  | – |  |  |  | (1 | )
Impact of changes in foreign exchange rates |  |  | 110 |  |  |  | (91 | )
Balance, December 31 |  | $ | 2,483 |  |  | $ | 2,487 |
Summary of Contractual Obligations and Commitments Relating to Investment Contracts | As at December 31, 2018, the Company’s contractual obligations and commitments relating to the 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) |  | $ | 193 |  |  | $ | 492 |  |  | $ | 476 |  |  | $ | 4,312 |  |  | $ | 5,473 |
(1) | Due to the nature of the products, the timing of net cash flows may be before contract maturity. Cash flows are undiscounted.

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