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Investment Contract Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2022
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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, |  | 2022 |  |  | 2021 |
Balance, January 1 |  | $ | 802 |  |  | $ | 932 |
New policies |  |  | 93 |  |  |  | 54 |
Changes in market conditions |  |  | (39 | ) |  |  | (38 | )
Redemptions, surrenders and maturities |  |  | (106 | ) |  |  | (138 | )
Impact of changes in foreign exchange rates |  |  | 46 |  |  |  | (8 | )
Balance, December 31 |  | $ | 796 |  |  | $ | 802 |
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.
|  | 2022 |  |  |  |  |  | 2021 |
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 |  | $ | 1,575 |  |  | $ | 1,547 |  |  |  |  |  |  | $ | 1,380 |  |  | $ | 1,602 |
Canadian fixed annuity products |  |  | 877 |  |  |  | 956 |  |  |  |  |  |  |  | 935 |  |  |  | 1,016 |
Investment contract liabilities |  | $ | 2,452 |  |  | $ | 2,503 |  |  |  |  |  |  | $ | 2,315 |  |  | $ | 2,618 |
(1) | As at December 31, 2022, investment contract liabilities with the carrying value and fair value of $38 and $38, respectively (2021 – $48 and $52, respectively), were reinsured by the Company. The net carrying value and fair value of investment contract liabilities were $2,414 and $2,465 (2021 – $2,267 and $2,566), 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, |  | 2022 |  |  | 2021 |
Balance, January 1 |  | $ | 2,315 |  |  | $ | 2,356 |
Policy deposits |  |  | 200 |  |  |  | 92 |
Interest |  |  | 67 |  |  |  | 71 |
Withdrawals |  |  | (236 | ) |  |  | (191 | )
Fees |  |  | (1 | ) |  |  | (1 | )
Other |  |  | – |  |  |  | (5 | )
Impact of changes in foreign exchange rates |  |  | 107 |  |  |  | (7 | )
Balance, December 31 |  | $ | 2,452 |  |  | $ | 2,315 |
Summary of Contractual Obligations and Commitments Relating to Investment Contracts | As at December 31, 2022, 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) |  | $ | 300 |  |  | $ | 511 |  |  | $ | 514 |  |  | $ | 3,365 |  |  | $ | 4,690 |
(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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