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Investment Contract Liabilities (Tables)
 12 Months Ended
Dec. 31, 2021
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.
 
For the years ended December 31,
  
2021
     2020  
Balance, January 1
  
$
    932
 
   $ 789  
New policies
  
 
54
 
     180  
Changes in market conditions
  
 
(38
) 
     90  
Redemptions, surrenders and maturities
  
 
(138
) 
     (108 ) 
Impact of changes in foreign exchange rates
  
 
(8
) 
     (19 ) 
Balance, December 31
  
$
    802
 
   $     932  
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.
 
   
2021
           2020  
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
  
$
  1,380
 
  
$
  1,602
 
               $   1,361     $   1,680  
Canadian fixed annuity products
  
 
935
 
  
 
1,016
 
             995       1,086  
Investment contract liabilities
  
$
2,315
 
  
$
2,618
 
               $   2,356     $ 2,766  
 
(1)
As at December 31, 2021, investment contract liabilities with the carrying value and fair value of $48 and $52, respectively (2020 – $67 and $76, respectively), were reinsured by the Company. The net carrying value and fair value of investment contract liabilities were $2,267 and $2,566 (2020 – $2,289 and $2,690), 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,
  
2021
     2020  
Balance, January 1
  
$
2,356
 
   $   2,315  
Policy deposits
  
 
92
 
     202  
Interest
  
 
71
 
     61  
Withdrawals
  
 
(191
) 
     (194 ) 
Fees
  
 
(1
) 
     (1 ) 
Other
  
 
(5
) 
     –  
Impact of changes in foreign exchange rates
  
 
(7
) 
     (27 ) 
Balance, December 31
  
$
  2,315
 
   $ 2,356  
Summary of Contractual Obligations and Commitments Relating to Investment Contracts
As at December 31, 2021, 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)
   
$
  292
 
   
$
  486
 
   
$
  489
 
   
$
  3,542
 
   
$
  4,809
 
 
(1)
Due to the nature of the products, the timing of net cash flows may be before contract maturity. Cash flows are undiscounted.