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Investment Contract Liabilities | 12 Months Ended
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Dec. 31, 2022
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Investment Contract Liabilities | Note 8 Investment Contract Liabilities Investment contract liabilities are contractual obligations that do not contain significant insurance risk. These contracts are measured either at fair value or at amortized cost. (a) Investment contract liabilities measured at fair value Investment contract liabilities measured at fair value include certain investment savings and pension products sold primarily in Hong Kong and mainland China. 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 |
(b) Investment contract liabilities measured at amortized cost Investment contract liabilities measured at amortized cost include several fixed annuity products sold in the U.S. and Canada that provide guaranteed income payments for a contractually determined period and are not contingent on survivorship. 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.
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 |
Carrying value of fixed annuity products is amortized at a rate that exactly discounts the projected actual cash flows to the net carrying amount of the liability at the date of issue. Fair value of fixed annuity products is determined by projecting cash flows according to the contract terms and discounting the cash flows at current market rates adjusted for the Company’s own credit standing. As at December 31, 2022 and 2021, fair value of all investment contract liabilities was determined using Level 2 valuation techniques. (c) Investment contracts contractual obligations 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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- Definition The disclosure of investment contracts liabilities. [Refer: Investment contracts liabilities] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2022-03-24 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_10_e&doctype=Standard -URIDate 2022-03-24 + Details
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