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Segmented Information | 12 Months Ended
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Dec. 31, 2020
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Segmented Information | Note 19 Segmented Information 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 by the reporting segments are mentioned 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 operating segments); financing costs; Property and Casualty (“P&C”) Reinsurance Business; and run-off reinsurance operations including variable annuities and accident and health. Reporting segments
As at and for the year ended December 31, 2020 |  | Asia |  |  | Canada |  |  | U.S. |  |  | Global WAM |  |  | Corporate and Other |  |  | Total |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life and health insurance |  | $ | 17,983 |  |  | $ | 8,833 |  |  | $ | 3,011 |  |  | $ | – |  |  | $ | 140 |  |  | $ | 29,967 |
Annuities and pensions |  |  | 2,496 |  |  |  | 334 |  |  |  | 120 |  |  |  | – |  |  |  | – |  |  |  | 2,950 |
Net premium income |  |  | 20,479 |  |  |  | 9,167 |  |  |  | 3,131 |  |  |  | – |  |  |  | 140 |  |  |  | 32,917 |
Net investment income (loss) |  |  | 6,630 |  |  |  | 8,458 |  |  |  | 17,519 |  |  |  | 39 |  |  |  | 2,754 |  |  |  | 35,400 |
Other revenue |  |  | 1,346 |  |  |  | 1,013 |  |  |  | 2,711 |  |  |  | 5,710 |  |  |  | (189 | ) |  |  | 10,591 |
Total revenue |  |  | 28,455 |  |  |  | 18,638 |  |  |  | 23,361 |  |  |  | 5,749 |  |  |  | 2,705 |  |  |  | 78,908 |
Contract benefits and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life and health insurance |  |  | 17,997 |  |  |  | 10,385 |  |  |  | 16,099 |  |  |  | – |  |  |  | (131 | ) |  |  | 44,350 |
Annuities and pensions |  |  | 3,430 |  |  |  | 4,380 |  |  |  | 2,929 |  |  |  | 146 |  |  |  | – |  |  |  | 10,885 |
Net benefits and claims |  |  | 21,427 |  |  |  | 14,765 |  |  |  | 19,028 |  |  |  | 146 |  |  |  | (131 | ) |  |  | 55,235 |
Interest expense |  |  | 269 |  |  |  | 342 |  |  |  | 54 |  |  |  | 2 |  |  |  | 514 |  |  |  | 1,181 |
Other expenses |  |  | 5,123 |  |  |  | 3,141 |  |  |  | 2,714 |  |  |  | 4,329 |  |  |  | 414 |  |  |  | 15,721 |
Total contract benefits and expenses |  |  | 26,819 |  |  |  | 18,248 |  |  |  | 21,796 |  |  |  | 4,477 |  |  |  | 797 |  |  |  | 72,137 |
Income (loss) before income taxes |  |  | 1,636 |  |  |  | 390 |  |  |  | 1,565 |  |  |  | 1,272 |  |  |  | 1,908 |  |  |  | 6,771 |
Income tax recovery (expense) |  |  | (233 | ) |  |  | (131 | ) |  |  | (296 | ) |  |  | (172 | ) |  |  | (363 | ) |  |  | (1,195 | )
Net income (loss) |  |  | 1,403 |  |  |  | 259 |  |  |  | 1,269 |  |  |  | 1,100 |  |  |  | 1,545 |  |  |  | 5,576 |
Less net income (loss) attributed to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-controlling interests |  |  | 250 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 250 |
Participating policyholders |  |  | (609 | ) |  |  | 64 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (545 | )
Net income (loss) attributed to shareholders |  | $ | 1,762 |  |  | $ | 195 |  |  | $ | 1,269 |  |  | $ | 1,100 |  |  | $ | 1,545 |  |  | $ | 5,871 |
Total assets |  | $ | 145,801 |  |  | $ | 167,236 |  |  | $ | 288,814 |  |  | $ | 236,593 |  |  | $ | 41,905 |  |  | $ | 880,349 |
The following table presents results by reporting segments. |  |  |  |  |  |
As at and for the year ended December 31, 2019 |  | Asia |  |  | Canada |  |  | U.S. |  |  | Global WAM |  |  | Corporate and Other |  |  | Total |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life and health insurance |  | $ | 17,107 |  |  | $ | 8,714 |  |  | $ | 6,522 |  |  | $ | – |  |  | $ | 112 |  |  | $ | 32,455 |
Annuities and pensions |  |  | 2,900 |  |  |  | 361 |  |  |  | (138 | ) |  |  | – |  |  |  | – |  |  |  | 3,123 |
Net premium income |  |  | 20,007 |  |  |  | 9,075 |  |  |  | 6,384 |  |  |  | – |  |  |  | 112 |  |  |  | 35,578 |
Net investment income (loss) |  |  | 7,451 |  |  |  | 9,446 |  |  |  | 15,556 |  |  |  | 33 |  |  |  | 1,107 |  |  |  | 33,593 |
Other revenue |  |  | 1,215 |  |  |  | 1,088 |  |  |  | 2,654 |  |  |  | 5,562 |  |  |  | (120 | ) |  |  | 10,399 |
Total revenue |  |  | 28,673 |  |  |  | 19,609 |  |  |  | 24,594 |  |  |  | 5,595 |  |  |  | 1,099 |  |  |  | 79,570 |
Contract benefits and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life and health insurance |  |  | 17,975 |  |  |  | 10,572 |  |  |  | 19,320 |  |  |  | – |  |  |  | (36 | ) |  |  | 47,831 |
Annuities and pensions |  |  | 3,090 |  |  |  | 4,312 |  |  |  | 599 |  |  |  | 83 |  |  |  | – |  |  |  | 8,084 |
Net benefits and claims |  |  | 21,065 |  |  |  | 14,884 |  |  |  | 19,919 |  |  |  | 83 |  |  |  | (36 | ) |  |  | 55,915 |
Interest expense |  |  | 236 |  |  |  | 508 |  |  |  | 43 |  |  |  | 6 |  |  |  | 526 |  |  |  | 1,319 |
Other expenses |  |  | 5,148 |  |  |  | 3,237 |  |  |  | 2,944 |  |  |  | 4,362 |  |  |  | 425 |  |  |  | 16,116 |
Total contract benefits and expenses |  |  | 26,449 |  |  |  | 18,629 |  |  |  | 22,906 |  |  |  | 4,451 |  |  |  | 915 |  |  |  | 73,350 |
Income (loss) before income taxes |  |  | 2,224 |  |  |  | 980 |  |  |  | 1,688 |  |  |  | 1,144 |  |  |  | 184 |  |  |  | 6,220 |
Income tax recovery (expense) |  |  | (277 | ) |  |  | 25 |  |  |  | (260 | ) |  |  | (122 | ) |  |  | (84 | ) |  |  | (718 | )
Net income (loss) |  |  | 1,947 |  |  |  | 1,005 |  |  |  | 1,428 |  |  |  | 1,022 |  |  |  | 100 |  |  |  | 5,502 |
Less net income (loss) attributed to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-controlling interests |  |  | 228 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 5 |  |  |  | 233 |
Participating policyholders |  |  | (216 | ) |  |  | (117 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (333 | )
Net income (loss) attributed to shareholders |  | $ | 1,935 |  |  | $ | 1,122 |  |  | $ | 1,428 |  |  | $ | 1,022 |  |  | $ | 95 |  |  | $ | 5,602 |
Total assets |  | $ | 127,367 |  |  | $ | 159,042 |  |  | $ | 274,993 |  |  | $ | 216,348 |  |  | $ | 31,380 |  |  | $ | 809,130 |
Geographical location The results of the Company’s reporting segments differ from its geographical location primarily due to the allocation of Global WAM and Corporate and Other segments into the geographical location to which its businesses relate. The following table presents results by geographical location.
For the year ended December 31, 2020 |  | Asia |  |  | Canada |  |  | U.S. |  |  | Other |  |  | Total |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life and health insurance |  | $ | 18,072 |  |  | $ | 8,474 |  |  | $ | 3,012 |  |  | $ | 409 |  |  | $ | 29,967 |
Annuities and pensions |  |  | 2,496 |  |  |  | 334 |  |  |  | 120 |  |  |  | – |  |  |  | 2,950 |
Net premium income |  |  | 20,568 |  |  |  | 8,808 |  |  |  | 3,132 |  |  |  | 409 |  |  |  | 32,917 |
Net investment income (loss) |  |  | 7,085 |  |  |  | 8,531 |  |  |  | 19,735 |  |  |  | 49 |  |  |  | 35,400 |
Other revenue |  |  | 2,300 |  |  |  | 2,671 |  |  |  | 5,600 |  |  |  | 20 |  |  |  | 10,591 |
Total revenue |  | $ | 29,953 |  |  | $ | 20,010 |  |  | $ | 28,467 |  |  | $ | 478 |  |  | $ | 78,908 |
For the year ended December 31, 2019 |  | Asia |  |  | Canada |  |  | U.S. |  |  | Other |  |  | Total |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life and health insurance |  | $ | 17,178 |  |  | $ | 8,388 |  |  | $ | 6,523 |  |  | $ | 366 |  |  | $ | 32,455 |
Annuities and pensions |  |  | 2,900 |  |  |  | 361 |  |  |  | (138 | ) |  |  | – |  |  |  | 3,123 |
Net premium income |  |  | 20,078 |  |  |  | 8,749 |  |  |  | 6,385 |  |  |  | 366 |  |  |  | 35,578 |
Net investment income (loss) |  |  | 7,750 |  |  |  | 9,801 |  |  |  | 15,816 |  |  |  | 226 |  |  |  | 33,593 |
Other revenue |  |  | 2,100 |  |  |  | 2,651 |  |  |  | 5,641 |  |  |  | 7 |  |  |  | 10,399 |
Total revenue |  | $ | 29,928 |  |  | $ | 21,201 |  |  | $ | 27,842 |  |  | $ | 599 |  |  | $ | 79,570 |

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