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Investment Contract Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2020
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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.
For the years ended December 31, |  | 2020 |  |  | 2019 |
Balance, January 1 |  | $ | 789 |  |  | $ | 782 |
New policies |  |  | 180 |  |  |  | 66 |
Changes in market conditions |  |  | 90 |  |  |  | 62 |
Redemptions, surrenders and maturities |  |  | (108 | ) |  |  | (86 | )
Impact of changes in foreign exchange rates |  |  | (19 | ) |  |  | (35 | )
Balance, December 31 |  | $ | 932 |  |  | $ | 789 |
Summary of Investment Contract Liabilities Measured at Amortized Cost and Fair Value Associated with these Contracts | The following table presents carrying and fair values of investment contract liabilities measured at amortized cost.
|  | 2020 |  |  |  |  |  | 2019 |
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 |  | $ | 1,361 |  |  | $ | 1,680 |  |  |  |  |  |  | $ | 1,248 |  |  | $ | 1,482 |
Canadian fixed annuity products |  |  | 995 |  |  |  | 1,086 |  |  |  |  |  |  |  | 1,067 |  |  |  | 1,158 |
Investment contract liabilities |  | $ | 2,356 |  |  | $ | 2,766 |  |  |  |  |  |  | $ | 2,315 |  |  | $ | 2,640 |
(1) | As at December 31, 2020, investment contract liabilities with carrying value and fair value of $67 and $76, respectively (2019 – $93 and $103, respectively), were reinsured by the Company. The net carrying value and fair value of investment contract liabilities were $2,289 and $2,690 (2019 – $2,222 and $2,537), 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, |  | 2020 |  |  | 2019 |
Balance, January 1 |  | $ | 2,315 |  |  | $ | 2,483 |
Policy deposits |  |  | 202 |  |  |  | 2 |
Interest |  |  | 61 |  |  |  | 62 |
Withdrawals |  |  | (194 | ) |  |  | (182 | )
Fees |  |  | (1 | ) |  |  | (3 | )
Other |  |  | – |  |  |  | 17 |
Impact of changes in foreign exchange rates |  |  | (27 | ) |  |  | (64 | )
Balance, December 31 |  | $ | 2,356 |  |  | $ | 2,315 |
Summary of Contractual Obligations and Commitments Relating to Investment Contracts | As at December 31, 2020, 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) |  | $ | 297 |  |  | $ | 514 |  |  | $ | 520 |  |  | $ | 4,220 |  |  | $ | 5,551 |
(1) | Due to the nature of the products, the timing of net cash flows may be before contract maturity. Cash flows are undiscounted.

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