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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

Dec. 31, 2018

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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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