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Investment Contract Liabilities (Tables)
 12 Months Ended
Dec. 31, 2018
Text block [abstract]  
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.