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Segmented Information | 12 Months Ended
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Dec. 31, 2018
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Segmented Information | Note 19 Segmented Information Effective January 1, 2018, as a result of the organizational changes made to drive better alignment with the Company’s strategic priorities as well as to increase focus and leverage scale in its wealth and asset management businesses, the Company’s wealth and asset management businesses are now a primary reporting segment. The Company’s reporting segments are Asia, Canada, U.S., Global WAM and Corporate and Other. Each reporting segment is responsible for managing its operating results, developing products, defining strategies for services and distribution based on the profile and needs of its business and market. The Company’s significant product and service offerings are shown below. Wealth and asset management businesses (Global WAM) – include mutual funds and exchange-traded funds, group retirement and savings products, and institutional asset management services across all major asset classes. These products and services are distributed through multiple distribution channels, including agents and brokers affiliated with the Company, independent securities brokerage firms and financial advisors, pension plan consultants and banks. Insurance and annuity products (Asia, Canada and U.S.) – includes a variety of individual life insurance, individual and group long-term care insurance and guaranteed and partially guaranteed annuity products. Products are distributed through multiple distribution channels, including insurance agents, brokers, banks, financial planners and direct marketing. Manulife Bank of Canada offers a variety of deposit and credit products to Canadian customers. Corporate and Other Segment – comprised of investment performance on assets backing capital, net of amounts allocated to operating segments; costs incurred by the corporate office related to shareholder activities (not allocated to the operating segments); financing costs; Property and Casualty Reinsurance Business; and run-off reinsurance operations including variable annuities and accident and health. In addition to changing the segments, the Company changed the segment reporting for the changes to actuarial methods and assumptions. These changes were previously reported in the Corporate and Other segment and are now reported in the respective reporting segments. Prior period amounts have been restated to reflect these changes. By segment
As at and for the year ended December 31, 2018 |  | Asia |  |  | Canada |  |  | U.S. |  |  | Global WAM |  |  | Corporate and Other |  |  | Total |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life and health insurance |  | $ | 14,938 |  |  | $ | 8,975 |  |  | $ | 6,341 |  |  | $ | – |  |  | $ | 98 |  |  | $ | 30,352 |
Annuities and pensions(1) |  |  | 3,175 |  |  |  | 452 |  |  |  | (9,967 | ) |  |  | – |  |  |  | – |  |  |  | (6,340 | )
Net premium income |  |  | 18,113 |  |  |  | 9,427 |  |  |  | (3,626 | ) |  |  | – |  |  |  | 98 |  |  |  | 24,012 |
Net investment income (loss) |  |  | 278 |  |  |  | 2,764 |  |  |  | 1,723 |  |  |  | (8 | ) |  |  | (225 | ) |  |  | 4,532 |
Other revenue |  |  | 1,296 |  |  |  | 1,446 |  |  |  | 2,542 |  |  |  | 5,472 |  |  |  | (328 | ) |  |  | 10,428 |
Total revenue |  |  | 19,687 |  |  |  | 13,637 |  |  |  | 639 |  |  |  | 5,464 |  |  |  | (455 | ) |  |  | 38,972 |
Contract benefits and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life and health insurance |  |  | 10,875 |  |  |  | 8,044 |  |  |  | 4,255 |  |  |  | – |  |  |  | (37 | ) |  |  | 23,137 |
Annuities and pensions |  |  | 1,986 |  |  |  | 518 |  |  |  | (9,784 | ) |  |  | 77 |  |  |  | – |  |  |  | (7,203 | )
Net benefits and claims |  |  | 12,861 |  |  |  | 8,562 |  |  |  | (5,529 | ) |  |  | 77 |  |  |  | (37 | ) |  |  | 15,934 |
Interest expense |  |  | 187 |  |  |  | 447 |  |  |  | 56 |  |  |  | 2 |  |  |  | 583 |  |  |  | 1,275 |
Other expenses |  |  | 4,749 |  |  |  | 3,063 |  |  |  | 3,428 |  |  |  | 4,322 |  |  |  | 682 |  |  |  | 16,244 |
Total contract benefits and expenses |  |  | 17,797 |  |  |  | 12,072 |  |  |  | (2,045 | ) |  |  | 4,401 |  |  |  | 1,228 |  |  |  | 33,453 |
Income (loss) before income taxes |  |  | 1,890 |  |  |  | 1,565 |  |  |  | 2,684 |  |  |  | 1,063 |  |  |  | (1,683 | ) |  |  | 5,519 |
Income tax recovery (expense) |  |  | (355 | ) |  |  | (321 | ) |  |  | (352 | ) |  |  | (108 | ) |  |  | 504 |  |  |  | (632 | )
Net income (loss) |  |  | 1,535 |  |  |  | 1,244 |  |  |  | 2,332 |  |  |  | 955 |  |  |  | (1,179 | ) |  |  | 4,887 |
Less net income (loss) attributed to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-controlling interests |  |  | 208 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 6 |  |  |  | 214 |
Participating policyholders |  |  | (360 | ) |  |  | 233 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (127 | )
Net income (loss) attributed to shareholders |  | $ | 1,687 |  |  | $ | 1,011 |  |  | $ | 2,332 |  |  | $ | 955 |  |  | $ | (1,185 | ) |  | $ | 4,800 |
Total assets |  | $ | 112,327 |  |  | $ | 214,101 |  |  | $ | 272,228 |  |  | $ | 130,379 |  |  | $ | 21,236 |  |  | $ | 750,271 |
As at and for the year ended December 31, 2017 |  | Asia |  |  | Canada |  |  | U.S. |  |  | Global WAM |  |  | Corporate and Other |  |  | Total |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life and health insurance |  | $ | 13,145 |  |  | $ | 4,322 |  |  | $ | 6,778 |  |  | $ | – |  |  | $ | 110 |  |  | $ | 24,355 |
Annuities and pensions |  |  | 2,568 |  |  |  | 443 |  |  |  | 844 |  |  |  | – |  |  |  | – |  |  |  | 3,855 |
Net premium income |  |  | 15,713 |  |  |  | 4,765 |  |  |  | 7,622 |  |  |  | – |  |  |  | 110 |  |  |  | 28,210 |
Net investment income (loss) |  |  | 4,044 |  |  |  | 4,560 |  |  |  | 10,657 |  |  |  | 42 |  |  |  | 64 |  |  |  | 19,367 |
Other revenue |  |  | 933 |  |  |  | 1,862 |  |  |  | 3,039 |  |  |  | 5,158 |  |  |  | (246 | ) |  |  | 10,746 |
Total revenue |  |  | 20,690 |  |  |  | 11,187 |  |  |  | 21,318 |  |  |  | 5,200 |  |  |  | (72 | ) |  |  | 58,323 |
Contract benefits and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life and health insurance |  |  | 11,881 |  |  |  | 5,018 |  |  |  | 16,193 |  |  |  | – |  |  |  | 268 |  |  |  | 33,360 |
Annuities and pensions |  |  | 1,889 |  |  |  | 2,404 |  |  |  | 1,574 |  |  |  | 74 |  |  |  | – |  |  |  | 5,941 |
Net benefits and claims |  |  | 13,770 |  |  |  | 7,422 |  |  |  | 17,767 |  |  |  | 74 |  |  |  | 268 |  |  |  | 39,301 |
Interest expense |  |  | 164 |  |  |  | 307 |  |  |  | 36 |  |  |  | 1 |  |  |  | 631 |  |  |  | 1,139 |
Other expenses |  |  | 4,360 |  |  |  | 3,069 |  |  |  | 3,374 |  |  |  | 4,193 |  |  |  | 386 |  |  |  | 15,382 |
Total contract benefits and expenses |  |  | 18,294 |  |  |  | 10,798 |  |  |  | 21,177 |  |  |  | 4,268 |  |  |  | 1,285 |  |  |  | 55,822 |
Income (loss) before income taxes |  |  | 2,396 |  |  |  | 389 |  |  |  | 141 |  |  |  | 932 |  |  |  | (1,357 | ) |  |  | 2,501 |
Income tax recovery (expense) |  |  | (405 | ) |  |  | 159 |  |  |  | (1,342 | ) |  |  | 146 |  |  |  | 1,203 |  |  |  | (239 | )
Net income (loss) |  |  | 1,991 |  |  |  | 548 |  |  |  | (1,201 | ) |  |  | 1,078 |  |  |  | (154 | ) |  |  | 2,262 |
Less net income (loss) attributed to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-controlling interests |  |  | 187 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 7 |  |  |  | 194 |
Participating policyholders |  |  | (30 | ) |  |  | (6 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (36 | )
Net income (loss) attributed to shareholders |  | $ | 1,834 |  |  | $ | 554 |  |  | $ | (1,201 | ) |  | $ | 1,078 |  |  | $ | (161 | ) |  | $ | 2,104 |
Total assets |  | $ | 96,354 |  |  | $ | 217,813 |  |  | $ | 263,523 |  |  | $ | 131,779 |  |  | $ | 20,064 |  |  | $ | 729,533 |
(1) | During the year, the Company ceded premiums to reinsure a block of legacy U.S. individual pay-out annuities business, refer to note 7(k) for details.
The results of the Company’s reporting segments differ from its geographic segments primarily due to the allocation of the Company’s Global WAM and Corporate and Other segments into the geographic segments to which its businesses relate. By geographic location
As at and for the year ended December 31, 2018 |  | Asia |  |  | Canada |  |  | U.S. |  |  | Other |  |  | Total |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life and health insurance |  | $ | 15,010 |  |  | $ | 8,561 |  |  | $ | 6,342 |  |  | $ | 439 |  |  | $ | 30,352 |
Annuities and pensions |  |  | 3,175 |  |  |  | 452 |  |  |  | (9,967 | ) |  |  | – |  |  |  | (6,340 | )
Net premium income |  |  | 18,185 |  |  |  | 9,013 |  |  |  | (3,625 | ) |  |  | 439 |  |  |  | 24,012 |
Net investment income (loss) |  |  | 371 |  |  |  | 2,933 |  |  |  | 1,032 |  |  |  | 196 |  |  |  | 4,532 |
Other revenue |  |  | 2,115 |  |  |  | 2,904 |  |  |  | 5,395 |  |  |  | 14 |  |  |  | 10,428 |
Total revenue |  | $ | 20,671 |  |  | $ | 14,850 |  |  | $ | 2,802 |  |  | $ | 649 |  |  | $ | 38,972 |
As at and for the year ended December 31, 2017 |  | Asia |  |  | Canada |  |  | U.S. |  |  | Other |  |  | Total |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life and health insurance |  | $ | 13,215 |  |  | $ | 3,894 |  |  | $ | 6,780 |  |  | $ | 466 |  |  | $ | 24,355 |
Annuities and pensions |  |  | 2,568 |  |  |  | 443 |  |  |  | 844 |  |  |  | – |  |  |  | 3,855 |
Net premium income |  |  | 15,783 |  |  |  | 4,337 |  |  |  | 7,624 |  |  |  | 466 |  |  |  | 28,210 |
Net investment income (loss) |  |  | 4,258 |  |  |  | 4,642 |  |  |  | 10,407 |  |  |  | 60 |  |  |  | 19,367 |
Other revenue |  |  | 1,632 |  |  |  | 3,187 |  |  |  | 5,911 |  |  |  | 16 |  |  |  | 10,746 |
Total revenue |  | $ | 21,673 |  |  | $ | 12,166 |  |  | $ | 23,942 |  |  | $ | 542 |  |  | $ | 58,323 |

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