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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
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Dec. 31, 2020
Text block [abstract] |
Condensed Consolidated Statement of Financial Position | Condensed Consolidated Statement of Financial Position
As at December 31, 2020 |  | MFC (Guarantor) |  |  | JHUSA (Issuer) |  |  | Other subsidiaries |  |  | Consolidation adjustments |  |  | Consolidated MFC |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Invested assets |  | $ | 47 |  |  | $ | 112,735 |  |  | $ | 298,524 |  |  | $ | (329 | ) |  | $ | 410,977 |
Investments in unconsolidated subsidiaries |  |  | 64,209 |  |  |  | 8,078 |  |  |  | 17,194 |  |  |  | (89,481 | ) |  |  | – |
Reinsurance assets |  |  | – |  |  |  | 65,731 |  |  |  | 11,172 |  |  |  | (31,067 | ) |  |  | 45,836 |
Other assets |  |  | 210 |  |  |  | 25,489 |  |  |  | 52,648 |  |  |  | (22,247 | ) |  |  | 56,100 |
Segregated funds net assets |  |  | – |  |  |  | 191,955 |  |  |  | 178,224 |  |  |  | (2,743 | ) |  |  | 367,436 |
Total assets |  | $ | 64,466 |  |  | $ | 403,988 |  |  | $ | 557,762 |  |  | $ | (145,867 | ) |  | $ | 880,349 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance contract liabilities |  | $ | – |  |  | $ | 167,453 |  |  | $ | 249,909 |  |  | $ | (31,808 | ) |  | $ | 385,554 |
Investment contract liabilities |  |  | – |  |  |  | 1,208 |  |  |  | 2,081 |  |  |  | (1 | ) |  |  | 3,288 |
Other liabilities |  |  | 718 |  |  |  | 25,594 |  |  |  | 52,761 |  |  |  | (22,001 | ) |  |  | 57,072 |
Long-term debt |  |  | 6,164 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 6,164 |
Capital instruments |  |  | 5,249 |  |  |  | 584 |  |  |  | 1,996 |  |  |  | – |  |  |  | 7,829 |
Segregated funds net liabilities |  |  | – |  |  |  | 191,955 |  |  |  | 178,224 |  |  |  | (2,743 | ) |  |  | 367,436 |
Shareholders’ equity |  |  | 52,335 |  |  |  | 17,194 |  |  |  | 72,120 |  |  |  | (89,314 | ) |  |  | 52,335 |
Participating policyholders’ equity |  |  | – |  |  |  | – |  |  |  | (784 | ) |  |  | – |  |  |  | (784 | )
Non-controlling interests |  |  | – |  |  |  | – |  |  |  | 1,455 |  |  |  | – |  |  |  | 1,455 |
Total liabilities and equity |  | $ | 64,466 |  |  | $ | 403,988 |  |  | $ | 557,762 |  |  | $ | (145,867 | ) |  | $ | 880,349 |
Condensed Consolidated Statement of Financial Position
As at December 31, 2019 |  | MFC (Guarantor) |  |  | JHUSA (Issuer) |  |  | Other subsidiaries |  |  | Consolidation adjustments |  |  | Consolidated MFC |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Invested assets |  | $ | 21 |  |  | $ | 107,746 |  |  | $ | 271,100 |  |  | $ | (340 | ) |  | $ | 378,527 |
Investments in unconsolidated subsidiaries |  |  | 57,068 |  |  |  | 7,467 |  |  |  | 16,983 |  |  |  | (81,518 | ) |  |  | – |
Reinsurance assets |  |  | – |  |  |  | 61,310 |  |  |  | 10,080 |  |  |  | (29,944 | ) |  |  | 41,446 |
Other assets |  |  | 406 |  |  |  | 20,859 |  |  |  | 45,111 |  |  |  | (20,327 | ) |  |  | 46,049 |
Segregated funds net assets |  |  | – |  |  |  | 181,982 |  |  |  | 162,845 |  |  |  | (1,719 | ) |  |  | 343,108 |
Total assets |  | $ | 57,495 |  |  | $ | 379,364 |  |  | $ | 506,119 |  |  | $ | (133,848 | ) |  | $ | 809,130 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance contract liabilities |  | $ | – |  |  | $ | 157,398 |  |  | $ | 224,378 |  |  | $ | (30,615 | ) |  | $ | 351,161 |
Investment contract liabilities |  |  | – |  |  |  | 1,091 |  |  |  | 2,014 |  |  |  | (1 | ) |  |  | 3,104 |
Other liabilities |  |  | 537 |  |  |  | 21,311 |  |  |  | 48,226 |  |  |  | (20,086 | ) |  |  | 49,988 |
Long-term debt |  |  | 4,543 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 4,543 |
Capital instruments |  |  | 3,277 |  |  |  | 599 |  |  |  | 3,244 |  |  |  | – |  |  |  | 7,120 |
Segregated funds net liabilities |  |  | – |  |  |  | 181,982 |  |  |  | 162,845 |  |  |  | (1,719 | ) |  |  | 343,108 |
Shareholders’ equity |  |  | 49,138 |  |  |  | 16,983 |  |  |  | 64,444 |  |  |  | (81,427 | ) |  |  | 49,138 |
Participating policyholders’ equity |  |  | – |  |  |  | – |  |  |  | (243 | ) |  |  | – |  |  |  | (243 | )
Non-controlling interests |  |  | – |  |  |  | – |  |  |  | 1,211 |  |  |  | – |  |  |  | 1,211 |
Total liabilities and equity |  | $ | 57,495 |  |  | $ | 379,364 |  |  | $ | 506,119 |  |  | $ | (133,848 | ) |  | $ | 809,130 |
Condensed Consolidated Statement of Income | Condensed Consolidated Statement of Income
For the year ended December 31, 2020 |  | MFC (Guarantor) |  |  | JHUSA (Issuer) |  |  | Other subsidiaries |  |  | Consolidation adjustments |  |  | Consolidated MFC |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross premiums |  | $ | – |  |  | $ | 8,057 |  |  | $ | 34,459 |  |  | $ | (1,108 | ) |  | $ | 41,408 |
Premiums ceded to reinsurers |  |  | – |  |  |  | (6,585 | ) |  |  | (3,014 | ) |  |  | 1,108 |  |  |  | (8,491 | )
Net premium income |  |  | – |  |  |  | 1,472 |  |  |  | 31,445 |  |  |  | – |  |  |  | 32,917 |
Net investment income (loss) |  |  | 542 |  |  |  | 14,204 |  |  |  | 21,727 |  |  |  | (1,073 | ) |  |  | 35,400 |
Net other revenue |  |  | 5 |  |  |  | 2,869 |  |  |  | 12,884 |  |  |  | (5,167 | ) |  |  | 10,591 |
Total revenue |  |  | 547 |  |  |  | 18,545 |  |  |  | 66,056 |  |  |  | (6,240 | ) |  |  | 78,908 |
Contract benefits and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net benefits and claims |  |  | – |  |  |  | 14,804 |  |  |  | 44,293 |  |  |  | (3,862 | ) |  |  | 55,235 |
Commissions, investment and general expenses |  |  | 17 |  |  |  | 3,146 |  |  |  | 13,573 |  |  |  | (1,396 | ) |  |  | 15,340 |
Other expenses |  |  | 434 |  |  |  | 230 |  |  |  | 1,880 |  |  |  | (982 | ) |  |  | 1,562 |
Total contract benefits and expenses |  |  | 451 |  |  |  | 18,180 |  |  |  | 59,746 |  |  |  | (6,240 | ) |  |  | 72,137 |
Income (loss) before income taxes |  |  | 96 |  |  |  | 365 |  |  |  | 6,310 |  |  |  | – |  |  |  | 6,771 |
Income tax (expense) recovery |  |  | (26 | ) |  |  | 54 |  |  |  | (1,223 | ) |  |  | – |  |  |  | (1,195 | )
Income (loss) after income taxes |  |  | 70 |  |  |  | 419 |  |  |  | 5,087 |  |  |  | – |  |  |  | 5,576 |
Equity in net income (loss) of unconsolidated subsidiaries |  |  | 5,801 |  |  |  | 1,344 |  |  |  | 1,763 |  |  |  | (8,908 | ) |  |  | – |
Net income (loss) |  | $ | 5,871 |  |  | $ | 1,763 |  |  | $ | 6,850 |  |  | $ | (8,908 | ) |  | $ | 5,576 |
Net income (loss) attributed to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-controlling interests |  | $ | – |  |  | $ | – |  |  | $ | 250 |  |  | $ | – |  |  | $ | 250 |
Participating policyholders |  |  | – |  |  |  | – |  |  |  | (545 | ) |  |  | – |  |  |  | (545 | )
Shareholders |  |  | 5,871 |  |  |  | 1,763 |  |  |  | 7,145 |  |  |  | (8,908 | ) |  |  | 5,871 |
|  | $ | 5,871 |  |  | $ | 1,763 |  |  | $ | 6,850 |  |  | $ | (8,908 | ) |  | $ | 5,576 |
Condensed Consolidated Statement of Income
For the year ended December 31, 2019 |  | MFC (Guarantor) |  |  | JHUSA (Issuer) |  |  | Other subsidiaries |  |  | Consolidation adjustments |  |  | Consolidated MFC |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross premiums |  | $ | – |  |  | $ | 8,599 |  |  | $ | 33,620 |  |  | $ | (1,160 | ) |  | $ | 41,059 |
Premiums ceded to reinsurers |  |  | – |  |  |  | (3,575 | ) |  |  | (3,066 | ) |  |  | 1,160 |  |  |  | (5,481 | )
Net premium income |  |  | – |  |  |  | 5,024 |  |  |  | 30,554 |  |  |  | – |  |  |  | 35,578 |
Net investment income (loss) |  |  | 355 |  |  |  | 12,128 |  |  |  | 22,108 |  |  |  | (998 | ) |  |  | 33,593 |
Net other revenue |  |  | 16 |  |  |  | 2,866 |  |  |  | 11,447 |  |  |  | (3,930 | ) |  |  | 10,399 |
Total revenue |  |  | 371 |  |  |  | 20,018 |  |  |  | 64,109 |  |  |  | (4,928 | ) |  |  | 79,570 |
Contract benefits and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net benefits and claims |  |  | – |  |  |  | 17,133 |  |  |  | 41,220 |  |  |  | (2,438 | ) |  |  | 55,915 |
Commissions, investment and general expenses |  |  | 20 |  |  |  | 3,299 |  |  |  | 13,938 |  |  |  | (1,530 | ) |  |  | 15,727 |
Other expenses |  |  | 421 |  |  |  | 206 |  |  |  | 2,041 |  |  |  | (960 | ) |  |  | 1,708 |
Total contract benefits and expenses |  |  | 441 |  |  |  | 20,638 |  |  |  | 57,199 |  |  |  | (4,928 | ) |  |  | 73,350 |
Income (loss) before income taxes |  |  | (70 | ) |  |  | (620 | ) |  |  | 6,910 |  |  |  | – |  |  |  | 6,220 |
Income tax (expense) recovery |  |  | 18 |  |  |  | 347 |  |  |  | (1,083 | ) |  |  | – |  |  |  | (718 | )
Income (loss) after income taxes |  |  | (52 | ) |  |  | (273 | ) |  |  | 5,827 |  |  |  | – |  |  |  | 5,502 |
Equity in net income (loss) of unconsolidated subsidiaries |  |  | 5,654 |  |  |  | 772 |  |  |  | 499 |  |  |  | (6,925 | ) |  |  | – |
Net income (loss) |  | $ | 5,602 |  |  | $ | 499 |  |  | $ | 6,326 |  |  | $ | (6,925 | ) |  | $ | 5,502 |
Net income (loss) attributed to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-controlling interests |  | $ | – |  |  | $ | – |  |  | $ | 233 |  |  | $ | – |  |  | $ | 233 |
Participating policyholders |  |  | – |  |  |  | 2 |  |  |  | (333 | ) |  |  | (2 | ) |  |  | (333 | )
Shareholders |  |  | 5,602 |  |  |  | 497 |  |  |  | 6,426 |  |  |  | (6,923 | ) |  |  | 5,602 |
|  | $ | 5,602 |  |  | $ | 499 |  |  | $ | 6,326 |  |  | $ | (6,925 | ) |  | $ | 5,502 |
Consolidated Statement of Cash Flows | Consolidated Statement of Cash Flows
For the year ended December 31, 2020 |  | MFC (Guarantor) |  |  | JHUSA (Issuer) |  |  | Other subsidiaries |  |  | Consolidation adjustments |  |  | Consolidated MFC |
Operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 5,871 |  |  | $ | 1,763 |  |  | $ | 6,850 |  |  | $ | (8,908 | ) |  | $ | 5,576 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in net income of unconsolidated subsidiaries |  |  | (5,801 | ) |  |  | (1,344 | ) |  |  | (1,763 | ) |  |  | 8,908 |  |  |  | – |
Increase (decrease) in insurance contract liabilities |  |  | – |  |  |  | 11,937 |  |  |  | 25,045 |  |  |  | – |  |  |  | 36,982 |
Increase (decrease) in investment contract liabilities |  |  | – |  |  |  | 48 |  |  |  | 130 |  |  |  | – |  |  |  | 178 |
(Increase) decrease in reinsurance assets excluding coinsurance transactions |  |  | – |  |  |  | (3,133 | ) |  |  | 759 |  |  |  | – |  |  |  | (2,374 | )
Amortization of (premium) discount on invested assets |  |  | – |  |  |  | 54 |  |  |  | 100 |  |  |  | – |  |  |  | 154 |
Other amortization |  |  | 7 |  |  |  | 145 |  |  |  | 504 |  |  |  | – |  |  |  | 656 |
Net realized and unrealized (gains) losses and impairment on assets |  |  | 1 |  |  |  | (9,420 | ) |  |  | (13,102 | ) |  |  | – |  |  |  | (22,521 | )
Deferred income tax expense (recovery) |  |  | 25 |  |  |  | (784 | ) |  |  | 1,039 |  |  |  | – |  |  |  | 280 |
Stock option expense |  |  | – |  |  |  | 3 |  |  |  | 11 |  |  |  | – |  |  |  | 14 |
Cash provided by (used in) operating activities before undernoted items |  |  | 103 |  |  |  | (731 | ) |  |  | 19,573 |  |  |  | – |  |  |  | 18,945 |
Dividends from unconsolidated subsidiary |  |  | 3,000 |  |  |  | 411 |  |  |  | 1,270 |  |  |  | (4,681 | ) |  |  | – |
Changes in policy related and operating receivables and payables |  |  | 91 |  |  |  | 8,459 |  |  |  | (7,447 | ) |  |  | – |  |  |  | 1,103 |
Cash provided by (used in) operating activities |  |  | 3,194 |  |  |  | 8,139 |  |  |  | 13,396 |  |  |  | (4,681 | ) |  |  | 20,048 |
Investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases and mortgage advances |  |  | – |  |  |  | (34,392 | ) |  |  | (77,589 | ) |  |  | – |  |  |  | (111,981 | )
Disposals and repayments |  |  | – |  |  |  | 29,635 |  |  |  | 69,215 |  |  |  | – |  |  |  | 98,850 |
Changes in investment broker net receivables and payables |  |  | – |  |  |  | (431 | ) |  |  | (586 | ) |  |  | – |  |  |  | (1,017 | )
Investment in common shares of subsidiaries |  |  | (4,483 | ) |  |  | – |  |  |  | – |  |  |  | 4,483 |  |  |  | – |
Capital contribution to unconsolidated subsidiaries |  |  | – |  |  |  | (1 | ) |  |  | – |  |  |  | 1 |  |  |  | – |
Return of capital from unconsolidated subsidiaries |  |  | – |  |  |  | 22 |  |  |  | – |  |  |  | (22 | ) |  |  | – |
Notes receivable from parent |  |  | – |  |  |  | – |  |  |  | 1,501 |  |  |  | (1,501 | ) |  |  | – |
Notes receivable from subsidiaries |  |  | 1,494 |  |  |  | – |  |  |  | – |  |  |  | (1,494 | ) |  |  | – |
Cash provided by (used in) investing activities |  |  | (2,989 | ) |  |  | (5,167 | ) |  |  | (7,459 | ) |  |  | 1,467 |  |  |  | (14,148 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issue of long-term debt, net |  |  | 2,455 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2,455 |
Redemption of long-term debt |  |  | (652 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (652 | )
Issue of capital instruments, net |  |  | 1,990 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1,990 |
Redemption of capital instruments |  |  | – |  |  |  | – |  |  |  | (1,250 | ) |  |  | – |  |  |  | (1,250 | )
Secured borrowings |  |  | – |  |  |  | 709 |  |  |  | 667 |  |  |  | – |  |  |  | 1,376 |
Change in repurchase agreements and securities sold but not yet purchased |  |  | – |  |  |  | – |  |  |  | 24 |  |  |  | – |  |  |  | 24 |
Changes in deposits from Bank clients, net |  |  | – |  |  |  | – |  |  |  | (579 | ) |  |  | – |  |  |  | (579 | )
Lease payments |  |  | – |  |  |  | (9 | ) |  |  | (125 | ) |  |  | – |  |  |  | (134 | )
Shareholders’ dividends paid in cash |  |  | (2,340 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (2,340 | )
Dividends paid to parent |  |  | – |  |  |  | (1,270 | ) |  |  | (3,411 | ) |  |  | 4,681 |  |  |  | – |
Common shares repurchased |  |  | (253 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (253 | )
Common shares issued, net |  |  | 36 |  |  |  | – |  |  |  | 4,483 |  |  |  | (4,483 | ) |  |  | 36 |
Contributions from (distributions to) non-controlling interests, net |  |  | – |  |  |  | – |  |  |  | (10) |  |  |  | – |  |  |  | (10) |
Capital contributions by parent |  |  | – |  |  |  | – |  |  |  | 1 |  |  |  | (1 | ) |  |  | – |
Return of capital to parent |  |  | – |  |  |  | – |  |  |  | (22 | ) |  |  | 22 |  |  |  | – |
Notes payable to parent |  |  | – |  |  |  | – |  |  |  | (1,494 | ) |  |  | 1,494 |  |  |  | – |
Notes payable to subsidiaries |  |  | (1,501 | ) |  |  | – |  |  |  | – |  |  |  | 1,501 |  |  |  | – |
Cash provided by (used in) financing activities |  |  | (265 | ) |  |  | (570 | ) |  |  | (1,716 | ) |  |  | 3,214 |  |  |  | 663 |
Cash and short-term securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase (decrease) during the year |  |  | (60 | ) |  |  | 2,402 |  |  |  | 4,221 |  |  |  | – |  |  |  | 6,563 |
Effect of foreign exchange rate changes on cash and short-term securities |  |  | 85 |  |  |  | (59 | ) |  |  | (554 | ) |  |  | – |  |  |  | (528 | )
Balance, beginning of year |  |  | 22 |  |  |  | 2,564 |  |  |  | 16,962 |  |  |  | – |  |  |  | 19,548 |
Balance, end of year |  |  | 47 |  |  |  | 4,907 |  |  |  | 20,629 |  |  |  | – |  |  |  | 25,583 |
Cash and short-term securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross cash and short-term securities |  |  | 22 |  |  |  | 3,058 |  |  |  | 17,220 |  |  |  | – |  |  |  | 20,300 |
Net payments in transit, included in other liabilities |  |  | – |  |  |  | (494 | ) |  |  | (258 | ) |  |  | – |  |  |  | (752 | )
Net cash and short-term securities, beginning of year |  |  | 22 |  |  |  | 2,564 |  |  |  | 16,962 |  |  |  | – |  |  |  | 19,548 |
End of year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross cash and short-term securities |  |  | 47 |  |  |  | 5,213 |  |  |  | 20,907 |  |  |  | – |  |  |  | 26,167 |
Net payments in transit, included in other liabilities |  |  | – |  |  |  | (306 | ) |  |  | (278 | ) |  |  | – |  |  |  | (584 | )
Net cash and short-term securities, end of year |  | $ | 47 |  |  | $ | 4,907 |  |  | $ | 20,629 |  |  | $ | – |  |  | $ | 25,583 |
Supplemental disclosures on cash flow information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest received |  | $ | 522 |  |  | $ | 4,334 |  |  | $ | 7,992 |  |  | $ | (1,112 | ) |  | $ | 11,736 |
Interest paid |  |  | 426 |  |  |  | 109 |  |  |  | 1,765 |  |  |  | (1,112 | ) |  |  | 1,188 |
Income taxes paid (refund) |  |  | (2 | ) |  |  | 721 |  |  |  | 639 |  |  |  | – |  |  |  | 1,358 |
Consolidated Statement of Cash Flows
For the year ended December 31, 2019 |  | MFC (Guarantor) |  |  | JHUSA (Issuer) |  |  | Other subsidiaries |  |  | Consolidation adjustments |  |  | Consolidated MFC |
Operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 5,602 |  |  | $ | 499 |  |  | $ | 6,326 |  |  | $ | (6,925 | ) |  | $ | 5,502 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in net income of unconsolidated subsidiaries |  |  | (5,654 | ) |  |  | (772 | ) |  |  | (499 | ) |  |  | 6,925 |  |  |  | – |
Increase (decrease) in insurance contract liabilities |  |  | – |  |  |  | 11,381 |  |  |  | 22,346 |  |  |  | – |  |  |  | 33,727 |
Increase (decrease) in investment contract liabilities |  |  | – |  |  |  | 51 |  |  |  | 119 |  |  |  | – |  |  |  | 170 |
(Increase) decrease in reinsurance assets excluding coinsurance transactions |  |  | – |  |  |  | (1,236 | ) |  |  | 679 |  |  |  | – |  |  |  | (557 | )
Amortization of (premium) discount on invested assets |  |  | – |  |  |  | 40 |  |  |  | 77 |  |  |  | – |  |  |  | 117 |
Other amortization |  |  | 5 |  |  |  | 118 |  |  |  | 503 |  |  |  | – |  |  |  | 626 |
Net realized and unrealized (gains) losses and impairment on assets |  |  | (12 | ) |  |  | (7,105 | ) |  |  | (13,148 | ) |  |  | – |  |  |  | (20,265 | )
Deferred income tax expense (recovery) |  |  | (18 | ) |  |  | (192 | ) |  |  | (244 | ) |  |  | – |  |  |  | (454 | )
Stock option expense |  |  | – |  |  |  | (1 | ) |  |  | 12 |  |  |  | – |  |  |  | 11 |
Cash provided by (used in) operating activities before undernoted items |  |  | (77 | ) |  |  | 2,783 |  |  |  | 16,171 |  |  |  | – |  |  |  | 18,877 |
Dividends from unconsolidated subsidiary |  |  | 3,000 |  |  |  | 623 |  |  |  | 1,123 |  |  |  | (4,746 | ) |  |  | – |
Changes in policy related and operating receivables and payables |  |  | (39 | ) |  |  | (146 | ) |  |  | 1,850 |  |  |  | – |  |  |  | 1,665 |
Cash provided by (used in) operating activities |  |  | 2,884 |  |  |  | 3,260 |  |  |  | 19,144 |  |  |  | (4,746 | ) |  |  | 20,542 |
Investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases and mortgage advances |  |  | – |  |  |  | (24,898 | ) |  |  | (55,712 | ) |  |  | – |  |  |  | (80,610 | )
Disposals and repayments |  |  | – |  |  |  | 22,324 |  |  |  | 43,009 |  |  |  | – |  |  |  | 65,333 |
Changes in investment broker net receivables and payables |  |  | – |  |  |  | 631 |  |  |  | 528 |  |  |  | – |  |  |  | 1,159 |
Investment in common shares of subsidiaries |  |  | (404 | ) |  |  | – |  |  |  | – |  |  |  | 404 |  |  |  | – |
Net cash flows from acquisition and disposal of subsidiaries and businesses |  |  | – |  |  |  | – |  |  |  | 288 |  |  |  | – |  |  |  | 288 |
Capital contribution to unconsolidated subsidiaries |  |  | – |  |  |  | (1 | ) |  |  | – |  |  |  | 1 |  |  |  | – |
Return of capital from unconsolidated subsidiaries |  |  | – |  |  |  | 177 |  |  |  | – |  |  |  | (177 | ) |  |  | – |
Notes receivable from parent |  |  | – |  |  |  | – |  |  |  | (157 | ) |  |  | 157 |  |  |  | – |
Notes receivable from subsidiaries |  |  | (1 | ) |  |  | 13 |  |  |  | – |  |  |  | (12 | ) |  |  | – |
Cash provided by (used in) investing activities |  |  | (405 | ) |  |  | (1,754 | ) |  |  | (12,044 | ) |  |  | 373 |  |  |  | (13,830 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in repurchase agreements and securities sold but not yet purchased |  |  | – |  |  |  | – |  |  |  | 266 |  |  |  | – |  |  |  | 266 |
Redemption of capital instruments |  |  | – |  |  |  | – |  |  |  | (1,500 | ) |  |  | – |  |  |  | (1,500 | )
Secured borrowings |  |  | – |  |  |  | – |  |  |  | 107 |  |  |  | – |  |  |  | 107 |
Changes in deposits from Bank clients, net |  |  | – |  |  |  | – |  |  |  | 1,819 |  |  |  | – |  |  |  | 1,819 |
Lease payments |  |  | – |  |  |  | (8 | ) |  |  | (109 | ) |  |  | – |  |  |  | (117 | )
Shareholders’ dividends paid in cash |  |  | (1,398 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1,398 | )
Contributions from (distributions to) non-controlling interests, net |  |  | – |  |  |  | – |  |  |  | (22 | ) |  |  | – |  |  |  | (22 | )
Common shares repurchased |  |  | (1,339 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1,339 | )
Common shares issued, net |  |  | 104 |  |  |  | – |  |  |  | 404 |  |  |  | (404 | ) |  |  | 104 |
Dividends paid to parent |  |  | – |  |  |  | (1,123 | ) |  |  | (3,623 | ) |  |  | 4,746 |  |  |  | – |
Capital contributions by parent |  |  | – |  |  |  | – |  |  |  | 1 |  |  |  | (1 | ) |  |  | – |
Return of capital to parent |  |  | – |  |  |  | – |  |  |  | (177 | ) |  |  | 177 |  |  |  | – |
Notes payable to parent |  |  | – |  |  |  | – |  |  |  | (12 | ) |  |  | 12 |  |  |  | – |
Notes payable to subsidiaries |  |  | 157 |  |  |  | – |  |  |  | – |  |  |  | (157 | ) |  |  | – |
Cash provided by (used in) financing activities |  |  | (2,476 | ) |  |  | (1,131 | ) |  |  | (2,846 | ) |  |  | 4,373 |  |  |  | (2,080 | )
Cash and short-term securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase (decrease) during the year |  |  | 3 |  |  |  | 375 |  |  |  | 4,254 |  |  |  | – |  |  |  | 4,632 |
Effect of foreign exchange rate changes on cash and short-term securities |  |  | (2 | ) |  |  | (128 | ) |  |  | (336 | ) |  |  | – |  |  |  | (466 | )
Balance, beginning of year |  |  | 21 |  |  |  | 2,317 |  |  |  | 13,044 |  |  |  | – |  |  |  | 15,382 |
Balance, end of year |  |  | 22 |  |  |  | 2,564 |  |  |  | 16,962 |  |  |  | – |  |  |  | 19,548 |
Cash and short-term securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning 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, beginning of year |  |  | 21 |  |  |  | 2,317 |  |  |  | 13,044 |  |  |  | – |  |  |  | 15,382 |
End of year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross cash and short-term securities |  |  | 22 |  |  |  | 3,058 |  |  |  | 17,220 |  |  |  | – |  |  |  | 20,300 |
Net payments in transit, included in other liabilities |  |  | – |  |  |  | (494 | ) |  |  | (258 | ) |  |  | – |  |  |  | (752 | )
Net cash and short-term securities, end of year |  | $ | 22 |  |  | $ | 2,564 |  |  | $ | 16,962 |  |  | $ | – |  |  | $ | 19,548 |
Supplemental disclosures on cash flow information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest received |  | $ | 422 |  |  | $ | 4,252 |  |  | $ | 7,823 |  |  | $ | (948 | ) |  | $ | 11,549 |
Interest paid |  |  | 423 |  |  |  | 83 |  |  |  | 1,741 |  |  |  | (948 | ) |  |  | 1,299 |
Income taxes paid (refund) |  |  | – |  |  |  | (788 | ) |  |  | 892 |  |  |  | – |  |  |  | 104 |

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