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Invested Assets and Investment Income (Tables) | 12 Months Ended
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Dec. 31, 2022
Text block [abstract] |
Schedule of Carrying Values and Fair Values of Invested Assets | (a) Carrying values and fair values of invested assets
As at December 31, 2022 |  | FVTPL (1) |  |  | AFS (2) |  |  | Other (3) |  |  | Total carrying value (4) |  |  | Total fair value (5) |
Cash and short-term securities (6) |  | $ | 1,933 |  |  | $ | 10,926 |  |  | $ | 6,294 |  |  | $ | 19,153 |  |  | $ | 19,153 |
Debt securities (3),(7),(8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian government and agency |  |  | 14,798 |  |  |  | 6,468 |  |  |  | – |  |  |  | 21,266 |  |  |  | 21,266 |
U.S. government and agency |  |  | 9,440 |  |  |  | 14,384 |  |  |  | 912 |  |  |  | 24,736 |  |  |  | 24,494 |
Other government and agency |  |  | 22,986 |  |  |  | 3,487 |  |  |  | – |  |  |  | 26,473 |  |  |  | 26,473 |
Corporate |  |  | 120,897 |  |  |  | 7,745 |  |  |  | 499 |  |  |  | 129,141 |  |  |  | 128,972 |
Mortgage/asset-backed securities |  |  | 2,152 |  |  |  | 136 |  |  |  | – |  |  |  | 2,288 |  |  |  | 2,288 |
Public equities (9) |  |  | 21,989 |  |  |  | 1,530 |  |  |  | – |  |  |  | 23,519 |  |  |  | 23,519 |
Mortgages |  |  | – |  |  |  | – |  |  |  | 54,638 |  |  |  | 54,638 |  |  |  | 51,429 |
Private placements (8) |  |  | – |  |  |  | – |  |  |  | 47,057 |  |  |  | 47,057 |  |  |  | 41,968 |
Policy loans |  |  | – |  |  |  | – |  |  |  | 6,894 |  |  |  | 6,894 |  |  |  | 6,894 |
Loans to Bank clients |  |  | – |  |  |  | – |  |  |  | 2,781 |  |  |  | 2,781 |  |  |  | 2,760 |
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Own use property (10) |  |  | – |  |  |  | – |  |  |  | 1,878 |  |  |  | 1,878 |  |  |  | 3,033 |
Investment property |  |  | – |  |  |  | – |  |  |  | 11,394 |  |  |  | 11,394 |  |  |  | 11,394 |
Other invested assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alternative long-duration assets (11) |  |  | 26,348 |  |  |  | 79 |  |  |  | 12,012 |  |  |  | 38,439 |  |  |  | 39,225 |
Various other (12) |  |  | 131 |  |  |  | – |  |  |  | 4,213 |  |  |  | 4,344 |  |  |  | 4,344 |
Total invested assets |  | $ | 220,674 |  |  | $ | 44,755 |  |  | $ | 148,572 |  |  | $ | 414,001 |  |  | $ | 407,212 |
As at December 31, 2021 |  | FVTPL (1) |  |  | AFS (2) |  |  | Other (3) |  |  | Total carrying value (4) |  |  | Total fair value (5) |
Cash and short-term securities (6) |  | $ | 2,214 |  |  | $ | 14,339 |  |  | $ | 6,041 |  |  | $ | 22,594 |  |  | $ | 22,594 |
Debt securities (7),(8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian government and agency |  |  | 18,706 |  |  |  | 3,964 |  |  |  | – |  |  |  | 22,670 |  |  |  | 22,670 |
U.S. government and agency |  |  | 12,607 |  |  |  | 18,792 |  |  |  | 852 |  |  |  | 32,251 |  |  |  | 32,254 |
Other government and agency |  |  | 21,888 |  |  |  | 2,871 |  |  |  | – |  |  |  | 24,759 |  |  |  | 24,759 |
Corporate |  |  | 133,763 |  |  |  | 7,332 |  |  |  | 468 |  |  |  | 141,563 |  |  |  | 141,560 |
Mortgage/asset-backed securities |  |  | 2,758 |  |  |  | 138 |  |  |  | – |  |  |  | 2,896 |  |  |  | 2,896 |
Public equities (9) |  |  | 25,716 |  |  |  | 2,351 |  |  |  | – |  |  |  | 28,067 |  |  |  | 28,067 |
Mortgages |  |  | – |  |  |  | – |  |  |  | 52,014 |  |  |  | 52,014 |  |  |  | 54,089 |
Private placements (8) |  |  | – |  |  |  | – |  |  |  | 42,842 |  |  |  | 42,842 |  |  |  | 47,276 |
Policy loans |  |  | – |  |  |  | – |  |  |  | 6,397 |  |  |  | 6,397 |  |  |  | 6,397 |
Loans to Bank clients |  |  | – |  |  |  | – |  |  |  | 2,506 |  |  |  | 2,506 |  |  |  | 2,503 |
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Own use property (10) |  |  | – |  |  |  | – |  |  |  | 1,812 |  |  |  | 1,812 |  |  |  | 3,024 |
Investment property |  |  | – |  |  |  | – |  |  |  | 11,421 |  |  |  | 11,421 |  |  |  | 11,421 |
Other invested assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alternative long-duration assets (11) |  |  | 21,022 |  |  |  | 89 |  |  |  | 10,093 |  |  |  | 31,204 |  |  |  | 31,863 |
Various other (12) |  |  | 135 |  |  |  | – |  |  |  | 3,967 |  |  |  | 4,102 |  |  |  | 4,102 |
Total invested assets |  | $ | 238,809 |  |  | $ | 49,876 |  |  | $ | 138,413 |  |  | $ | 427,098 |  |  | $ | 435,475 |
Schedule of Other Invested Assets Include Investments in Associates and Joint Ventures Accounted Using Equity Method | (b) Equity method accounted invested assets Other invested assets include i n vestments in associates and joint ventures which are accounted for using the equity method of accounting as presented in the following table.
|  | 2022 |  |  |  |  |  | 2021 |
As at December 31, |  | Carrying value |  |  | % of total |  |  |  |  |  | Carrying value |  |  | % of total |
Leveraged leases |  | $ | 3,840 |  |  |  | 37 |  |  |  |  |  |  | $ | 3,457 |  |  |  | 40 |
Timber and agriculture |  |  | 822 |  |  |  | 8 |  |  |  |  |  |  |  | 808 |  |  |  | 9 |
Real estate |  |  | 1,845 |  |  |  | 18 |  |  |  |  |  |  |  | 1,528 |  |  |  | 17 |
Other |  |  | 3,785 |  |  |  | 37 |  |  |  |  |  |  |  | 3,025 |  |  |  | 34 |
Total |  | $ | 10,292 |  |  |  | 100 |  |  |  |  |  |  | $ | 8,818 |  |  |  | 100 |
The Company’s share of profit and dividends from these investments for the year ended December 31, 2022 were $851 and $nil, respectively (2021 – $1,300 and $2).
Schedule of Investment Income | (c) Investment income
For the year ended December 31, 2022 |  | FVTPL |  |  | AFS |  |  | Other (1) |  |  | Total |
Cash and short-term securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 40 |  |  | $ | 272 |  |  | $ | – |  |  | $ | 312 |
Gains (losses) (2) |  |  | 26 |  |  |  | 85 |  |  |  | – |  |  |  | 111 |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | 6,221 |  |  |  | 738 |  |  |  | 66 |  |  |  | 7,025 |
Gains (losses) (2) |  |  | (32,732 | ) |  |  | (549 | ) |  |  | – |  |  |  | (33,281 | )
Recovery (impairment loss), net |  |  | (11 | ) |  |  | – |  |  |  | – |  |  |  | (11 | )
Public equities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividend income |  |  | 500 |  |  |  | 45 |  |  |  | – |  |  |  | 545 |
Gains (losses) (2) |  |  | (3,819 | ) |  |  | 201 |  |  |  | – |  |  |  | (3,618 | )
Impairment loss, net |  |  | – |  |  |  | (14 | ) |  |  | – |  |  |  | (14 | )
Mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | – |  |  |  | – |  |  |  | 1,913 |  |  |  | 1,913 |
Gains (losses) (2) |  |  | – |  |  |  | – |  |  |  | 57 |  |  |  | 57 |
Provision, net |  |  | – |  |  |  | – |  |  |  | 1 |  |  |  | 1 |
Private placements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | – |  |  |  | – |  |  |  | 2,021 |  |  |  | 2,021 |
Gains (losses) (2) |  |  | – |  |  |  | – |  |  |  | 335 |  |  |  | 335 |
Impairment loss, net |  |  | – |  |  |  | – |  |  |  | (4 | ) |  |  | (4 | )
Policy loans |  |  | – |  |  |  | – |  |  |  | 385 |  |  |  | 385 |
Loans to Bank clients |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | – |  |  |  | – |  |  |  | 138 |  |  |  | 138 |
Provision, net |  |  | – |  |  |  | – |  |  |  | (4 | ) |  |  | (4 | )
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income, net of depreciation (3) |  |  | – |  |  |  | – |  |  |  | 452 |  |  |  | 452 |
Gains (losses) (2) |  |  | – |  |  |  | – |  |  |  | (478 | ) |  |  | (478 | )
Impairment loss, net |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income, net |  |  | 494 |  |  |  | – |  |  |  | (24 | ) |  |  | 470 |
Gains (losses) (2) |  |  | (10,628 | ) |  |  | – |  |  |  | (9 | ) |  |  | (10,637 | )
Other invested assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | – |  |  |  | – |  |  |  | 26 |  |  |  | 26 |
Oil and gas, timber, agriculture and other income |  |  | – |  |  |  | – |  |  |  | 2,846 |  |  |  | 2,846 |
Gains (losses) (2) |  |  | 1,172 |  |  |  | 13 |  |  |  | 474 |  |  |  | 1,659 |
Impairment loss, net |  |  | – |  |  |  | (119 | ) |  |  | – |  |  |  | (119 | )
Total investment income |  | $ | (38,737 | ) |  | $ | 672 |  |  | $ | 8,195 |  |  | $ | (29,870 | )
Investment income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 6,755 |  |  | $ | 1,010 |  |  | $ | 4,525 |  |  | $ | 12,290 |
Dividend, rental and other income |  |  | 500 |  |  |  | 45 |  |  |  | 3,298 |  |  |  | 3,843 |
Impairments, provisions and recoveries, net |  |  | (11 | ) |  |  | (133 | ) |  |  | (7 | ) |  |  | (151 | )
Other |  |  | (794 | ) |  |  | (216 | ) |  |  | 235 |  |  |  | (775 | )
|  |  | 6,450 |  |  |  | 706 |  |  |  | 8,051 |  |  |  | 15,207 |
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on the macro hedge program |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  |  | (32,599 | ) |  |  | (76 | ) |  |  | – |  |  |  | (32,675 | )
Public equities |  |  | (3,626 | ) |  |  | 24 |  |  |  | – |  |  |  | (3,602 | )
Mortgages |  |  | – |  |  |  | – |  |  |  | 58 |  |  |  | 58 |
Private placements |  |  | – |  |  |  | – |  |  |  | 336 |  |  |  | 336 |
Real estate |  |  | – |  |  |  | – |  |  |  | (471 | ) |  |  | (471 | )
Other invested assets |  |  | 1,572 |  |  |  | 18 |  |  |  | 230 |  |  |  | 1,820 |
Derivatives, including macro hedge program |  |  | (10,534 | ) |  |  | – |  |  |  | (9 | ) |  |  | (10,543 | )
|  |  | (45,187 | ) |  |  | (34 | ) |  |  | 144 |  |  |  | (45,077 | )
Total investment income |  | $ | (38,737 | ) |  | $ | 672 |  |  | $ | 8,195 |  |  | $ | (29,870 | )
For the year ended December 31, 2021 |  | FVTPL |  |  | AFS |  |  | Other (1) |  |  | Total |
Cash and short-term securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 12 |  |  | $ | 84 |  |  | $ | – |  |  | $ | 96 |
Gains (losses) (2) |  |  | 85 |  |  |  | (22 | ) |  |  | – |  |  |  | 63 |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | 5,645 |  |  |  | 576 |  |  |  | 9 |  |  |  | 6,230 |
Gains (losses) (2) |  |  | (5,600 | ) |  |  | (266 | ) |  |  | – |  |  |  | (5,866 | )
Impairment loss, net |  |  | 28 |  |  |  | 1 |  |  |  | – |  |  |  | 29 |
Public equities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividend income |  |  | 670 |  |  |  | 61 |  |  |  | – |  |  |  | 731 |
Gains (losses) (2) |  |  | 3,221 |  |  |  | 250 |  |  |  | – |  |  |  | 3,471 |
Impairment loss, net |  |  | – |  |  |  | (3 | ) |  |  | – |  |  |  | (3 | )
Mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | – |  |  |  | – |  |  |  | 1,709 |  |  |  | 1,709 |
Gains (losses) (2) |  |  | – |  |  |  | – |  |  |  | 133 |  |  |  | 133 |
Provision, net |  |  | – |  |  |  | – |  |  |  | 1 |  |  |  | 1 |
Private placements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | – |  |  |  | – |  |  |  | 1,931 |  |  |  | 1,931 |
Gains (losses) (2) |  |  | – |  |  |  | – |  |  |  | 270 |  |  |  | 270 |
Impairment loss, net |  |  | – |  |  |  | – |  |  |  | 45 |  |  |  | 45 |
Policy loans |  |  | – |  |  |  | – |  |  |  | 366 |  |  |  | 366 |
Loans to Bank clients |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | – |  |  |  | – |  |  |  | 77 |  |  |  | 77 |
Provision, net |  |  | – |  |  |  | – |  |  |  | (2 | ) |  |  | (2 | )
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income, net of depreciation (3) |  |  | – |  |  |  | – |  |  |  | 453 |  |  |  | 453 |
Gains (losses) (2) |  |  | – |  |  |  | – |  |  |  | 677 |  |  |  | 677 |
Derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income, net |  |  | 1,085 |  |  |  | – |  |  |  | (35 | ) |  |  | 1,050 |
Gains (losses) (2) |  |  | (5,925 | ) |  |  | – |  |  |  | (14 | ) |  |  | (5,939 | )
Other invested assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | – |  |  |  | – |  |  |  | 57 |  |  |  | 57 |
Oil and gas, timber, agriculture and other income |  |  | – |  |  |  | – |  |  |  | 2,996 |  |  |  | 2,996 |
Gains (losses) (2) |  |  | 2,554 |  |  |  | 23 |  |  |  | 527 |  |  |  | 3,104 |
Impairment loss, net |  |  | – |  |  |  | – |  |  |  | (55 | ) |  |  | (55 | )
Total investment income |  | $ | 1,775 |  |  | $ | 704 |  |  | $ | 9,145 |  |  | $ | 11,624 |
Investment income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 6,742 |  |  | $ | 661 |  |  | $ | 4,114 |  |  | $ | 11,517 |
Dividend, rental and other income |  |  | 670 |  |  |  | 61 |  |  |  | 3,449 |  |  |  | 4,180 |
Impairments, provisions and recoveries, net |  |  | 28 |  |  |  | (2 | ) |  |  | (11 | ) |  |  | 15 |
Other |  |  | (76 | ) |  |  | (66 | ) |  |  | 57 |  |  |  | (85 | )
|  |  | 7,364 |  |  |  | 654 |  |  |  | 7,609 |  |  |  | 15,627 |
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on the macro hedge program |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  |  | (5,605 | ) |  |  | 20 |  |  |  | – |  |  |  | (5,585 | )
Public equities |  |  | 3,187 |  |  |  | 33 |  |  |  | – |  |  |  | 3,220 |
Mortgages |  |  | – |  |  |  | – |  |  |  | 133 |  |  |  | 133 |
Private placements |  |  | – |  |  |  | – |  |  |  | 270 |  |  |  | 270 |
Real estate |  |  | – |  |  |  | – |  |  |  | 696 |  |  |  | 696 |
Other invested assets |  |  | 2,628 |  |  |  | (3 | ) |  |  | 451 |  |  |  | 3,076 |
Derivatives, including macro hedge program |  |  | (5,799 | ) |  |  | – |  |  |  | (14 | ) |  |  | (5,813 | )
|  |  | (5,589 | ) |  |  | 50 |  |  |  | 1,536 |  |  |  | (4,003 | )
Total investment income |  | $ | 1,775 |  |  | $ | 704 |  |  | $ | 9,145 |  |  | $ | 11,624 |
(1) | Primarily includes investment income on loans carried at amortized cost, own use real estate properties, investment properties, derivative and hedging instruments in cash flow hedging relationships, equity method accounted investments, oil and gas investments, and leveraged leases.
(2) | Includes net realized and unrealized gains (losses) for financial instruments at FVTPL, investment properties, and other invested assets measured at fair value. Also includes net realized gains (losses) for financial instruments at AFS and other invested assets carried at amortized cost.
(3) | Rental income from investment properties is net of direct operating expenses.
Summary of Total Investment Expenses | The following table presents total investment expenses.
For the years ended December 31, |  | 2022 |  |  | 2021 |
Related to invested assets |  | $ | 718 |  |  | $ | 633 |
Related to segregated, mutual and other funds |  |  | 1,145 |  |  |  | 1,347 |
Total investment expenses |  | $ | 1,863 |  |  | $ | 1,980 |
Summary of Rental Income and Direct Operating Expenses of Investment Properties | The following table presents the rental income and direct operating expenses of investment properties.
For the years ended December 31, |  | 2022 |  |  | 2021 |
Rental income from investment properties |  | $ | 825 |  |  | $ | 837 |
Direct operating expenses of rental investment properties |  |  | (458 | ) |  |  | (464 | )
Total |  | $ | 367 |  |  | $ | 373 |
Summary of Securitized Assets and Secured Borrowing Liabilities | Securitized assets and secured borrowing liabilities
As at December 31, 2022 |  | Securitized assets |  |  |  |
Securitization program |  | Securitized mortgages |  |  | Restricted cash and short-term securities |  |  | Total |  |  | Secured borrowing liabilities (2) |
HELOC securitization (1) |  | $ | 2,880 |  |  | $ | 44 |  |  | $ | 2,924 |  |  | $ | 2,750 |
CMB securitization |  |  | 2,318 |  |  |  | – |  |  |  | 2,318 |  |  |  | 2,273 |
Total |  | $ | 5,198 |  |  | $ | 44 |  |  | $ | 5,242 |  |  | $ | 5,023 |
As at December 31, 2021 |  | Securitized assets |  |  |  |
Securitization program |  | Securitized mortgages |  |  | Restricted cash and short-term securities |  |  | Total |  |  | Secured borrowing liabilities (2) |
HELOC securitization (1) |  | $ | 2,618 |  |  | $ | 1 |  |  | $ | 2,619 |  |  | $ | 2,500 |
CMB securitization |  |  | 2,075 |  |  |  | – |  |  |  | 2,075 |  |  |  | 2,098 |
Total |  | $ | 4,693 |  |  | $ | 1 |  |  | $ | 4,694 |  |  | $ | 4,598 |
(1) | Manulife Bank, a subsidiary, securitizes a portion of its HELOC receivables through Platinum Canadian Mortgage Trust II (“PCMT II”). PCMT II funds the purchase of the co-ownership interests from Manulife Bank by issuing term notes collateralized by an underlying pool of uninsured HELOCs to institutional investors. The restricted cash balance for the HELOC securitization reflects a cash reserve fund established in relation to the transactions. The reserve will be drawn upon only in the event of insufficient cash flows from the underlying HELOCs to satisfy the secured borrowing liability.
(2) | The PCMT II notes payable have floating rates of interest and are secured by the PCMT II assets. Under the terms of the agreements, no principal is expected to be repaid within one year, $1,209 within 1-3 years, $1,049 within 3-5 years and $492 beyond 5 years. There is no specific maturity date for the contractual agreements. Under the terms of the notes, additional collateral must be provided to the series as added credit protection and the Series Purchase Agreements govern the amount of over-collateralization for each of the term notes outstanding. Manulife Bank also securitizes insured amortizing mortgages under the National Housing Act Mortgage-Backed Securities (“NHA MBS”) program sponsored by CMHC. Manulife Bank participates in CMB programs by selling NHA MBS securities to Canada Housing Trust (“CHT”), as a source of fixed rate funding.
Summary of Invested Assets and Segregated Funds Net Assets, Measured at Fair Value | The following table presents the fair values of invested assets and segregated funds net assets measured at fair value categorized by the fair value hierarchy.
As at December 31, 2022 |  | Total fair value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Cash and short-term securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FVTPL |  | $ | 1,933 |  |  | $ | – |  |  | $ | 1,933 |  |  | $ | – |
AFS |  |  | 10,926 |  |  |  | – |  |  |  | 10,926 |  |  |  | – |
Other |  |  | 6,294 |  |  |  | 6,294 |  |  |  | – |  |  |  | – |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FVTPL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian government and agency |  |  | 14,798 |  |  |  | – |  |  |  | 14,798 |  |  |  | – |
U.S. government and agency |  |  | 9,440 |  |  |  | – |  |  |  | 9,440 |  |  |  | – |
Other government and agency |  |  | 22,986 |  |  |  | – |  |  |  | 22,986 |  |  |  | – |
Corporate |  |  | 120,897 |  |  |  | – |  |  |  | 120,865 |  |  |  | 32 |
Residential mortgage-backed securities |  |  | 7 |  |  |  | – |  |  |  | 7 |  |  |  | – |
Commercial mortgage-backed securities |  |  | 570 |  |  |  | – |  |  |  | 570 |  |  |  | – |
Other asset-backed securities |  |  | 1,575 |  |  |  | – |  |  |  | 1,549 |  |  |  | 26 |
AFS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian government and agency |  |  | 6,468 |  |  |  | – |  |  |  | 6,468 |  |  |  | – |
U.S. government and agency |  |  | 14,384 |  |  |  | – |  |  |  | 14,384 |  |  |  | – |
Other government and agency |  |  | 3,487 |  |  |  | – |  |  |  | 3,478 |  |  |  | 9 |
Corporate |  |  | 7,745 |  |  |  | – |  |  |  | 7,745 |  |  |  | – |
Residential mortgage-backed securities |  |  | 1 |  |  |  | – |  |  |  | 1 |  |  |  | – |
Commercial mortgage-backed securities |  |  | 24 |  |  |  | – |  |  |  | 24 |  |  |  | – |
Other asset-backed securities |  |  | 111 |  |  |  | – |  |  |  | 111 |  |  |  | – |
Public equities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FVTPL |  |  | 21,989 |  |  |  | 21,918 |  |  |  | – |  |  |  | 71 |
AFS |  |  | 1,530 |  |  |  | 1,530 |  |  |  | – |  |  |  | – |
Real estate – investment property (1) |  |  | 11,394 |  |  |  | – |  |  |  | – |  |  |  | 11,394 |
Other invested assets (2) |  |  | 30,256 |  |  |  | 26 |  |  |  | – |  |  |  | 30,230 |
Segregated funds net assets (3) |  |  | 348,562 |  |  |  | 314,436 |  |  |  | 30,141 |  |  |  | 3,985 |
Total |  | $ | 635,377 |  |  | $ | 344,204 |  |  | $ | 245,426 |  |  | $ | 45,747 |
As at December 31, 2021 |  | Total fair value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Cash and short-term securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FVTPL |  | $ | 2,214 |  |  | $ | – |  |  | $ | 2,214 |  |  | $ | – |
AFS |  |  | 14,339 |  |  |  | – |  |  |  | 14,339 |  |  |  | – |
Other |  |  | 6,041 |  |  |  | 6,041 |  |  |  | – |  |  |  | – |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FVTPL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian government and agency |  |  | 18,706 |  |  |  | – |  |  |  | 18,706 |  |  |  | – |
U.S. government and agency |  |  | 12,607 |  |  |  | – |  |  |  | 12,607 |  |  |  | – |
Other government and agency |  |  | 21,888 |  |  |  | – |  |  |  | 21,888 |  |  |  | – |
Corporate |  |  | 133,763 |  |  |  | – |  |  |  | 133,723 |  |  |  | 40 |
Residential mortgage-backed securities |  |  | 8 |  |  |  | – |  |  |  | 8 |  |  |  | – |
Commercial mortgage-backed securities |  |  | 1,103 |  |  |  | – |  |  |  | 1,103 |  |  |  | – |
Other asset-backed securities |  |  | 1,647 |  |  |  | – |  |  |  | 1,619 |  |  |  | 28 |
AFS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian government and agency |  |  | 3,964 |  |  |  | – |  |  |  | 3,964 |  |  |  | – |
U.S. government and agency |  |  | 18,792 |  |  |  | – |  |  |  | 18,792 |  |  |  | – |
Other government and agency |  |  | 2,871 |  |  |  | – |  |  |  | 2,871 |  |  |  | – |
Corporate |  |  | 7,332 |  |  |  | – |  |  |  | 7,331 |  |  |  | 1 |
Residential mortgage-backed securities |  |  | 1 |  |  |  | – |  |  |  | 1 |  |  |  | – |
Commercial mortgage-backed securities |  |  | 79 |  |  |  | – |  |  |  | 79 |  |  |  | – |
Other asset-backed securities |  |  | 58 |  |  |  | – |  |  |  | 58 |  |  |  | – |
Public equities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FVTPL |  |  | 25,716 |  |  |  | 25,716 |  |  |  | – |  |  |  | – |
AFS |  |  | 2,351 |  |  |  | 2,349 |  |  |  | 2 |  |  |  | – |
Real estate – investment property (1) |  |  | 11,421 |  |  |  | – |  |  |  | – |  |  |  | 11,421 |
Other invested assets (2) |  |  | 24,300 |  |  |  | 257 |  |  |  | – |  |  |  | 24,043 |
Segregated funds net assets (3) |  |  | 399,788 |  |  |  | 361,447 |  |  |  | 34,060 |  |  |  | 4,281 |
Total |  | $ | 708,989 |  |  | $ | 395,810 |  |  | $ | 273,365 |  |  | $ | 39,814 |
(1) | For investment properties, the significant unobservable inputs are capitalization rates (ranging from 2.25% to 9.00% during the year and ranging from 2.25% to 9.00% during 2021), terminal capitalization rates (ranging from 3.25% to 9.50% during the year and ranging from 3.25% to 9.25% during 2021) and discount rates (ranging from 3.30% to 11.00% during the year and ranging from 3.80% to 10.50% during 2021). Holding other factors constant, a higher capitalization, terminal capitalization, and/or discount rate will decrease the fair value of an investment property; while decreases in these rates would have the opposite effect. Changes in fair value based on variations in unobservable inputs generally cannot be extrapolated because the relationship between the directional changes of each input is not usually linear.
(2) | Other invested assets measured at fair value are held primarily in infrastructure and timber sectors. The significant inputs used in the valuation of the Company’s infrastructure investments are primarily future distributable cash flows, terminal values and discount rates. Holding other factors constant, an increase to future distributable cash flows or terminal values would tend to increase the fair value of an infrastructure investment, while an increase in the discount rate would have the opposite effect. Discount rates during the year ranged from 7.15% to 15.6% (2021 – ranged from 7.25% to 20.0%). Disclosure of distributable cash flow and terminal value ranges are not meaningful given the disparity in estimates by project. The significant inputs used in the valuation of the Company’s investments in timberland are timber prices and discount rates. Holding other factors constant, an increase to timber prices would tend to increase the fair value of a timberland investment, while an increase in the discount rates would have the opposite effect. Discount rates during the year ranged from 4.25% to 7.0% (2021 – ranged from 4.5% to 7.0%). A range of prices for timber is not meaningful as the market price depends on factors such as property location and proximity to markets and export yards.
(3) | Segregated funds net assets are measured at fair value. The Company’s Level 3 segregated funds assets are predominantly in investment properties and timberland properties valued as described above.
Summary of Fair Values and the Fair Value Hierarchy | The following table presents fair value of invested assets not measured at fair value by the fair value hierarchy.
As at December 31, 2022 |  | Carrying value |  |  | Total fair value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Mortgages (1) |  | $ | 54,638 |  |  | $ | 51,429 |  |  | $ | – |  |  | $ | – |  |  | $ | 51,429 |
Private placements (2) |  |  | 47,057 |  |  |  | 41,968 |  |  |  | – |  |  |  | 34,110 |  |  |  | 7,858 |
Policy loans (3) |  |  | 6,894 |  |  |  | 6,894 |  |  |  | – |  |  |  | 6,894 |  |  |  | – |
Loans to Bank clients (4) |  |  | 2,781 |  |  |  | 2,760 |  |  |  | – |  |  |  | 2,760 |  |  |  | – |
Real estate – own use property (5) |  |  | 1,878 |  |  |  | 3,033 |  |  |  | – |  |  |  | – |  |  |  | 3,033 |
Public Bonds HTM |  |  | 1,411 |  |  |  | 1,000 |  |  |  | – |  |  |  | 1,000 |  |  |  | – |
Other invested assets (6) |  |  | 12,527 |  |  |  | 13,313 |  |  |  | 72 |  |  |  | – |  |  |  | 13,241 |
Total invested assets disclosed at fair value |  | $ | 127,186 |  |  | $ | 120,397 |  |  | $ | 72 |  |  | $ | 44,764 |  |  | $ | 75,561 |
As at December 31, 2021 |  | Carrying value |  |  | Total fair value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Mortgages (1) |  | $ | 52,014 |  |  | $ | 54,089 |  |  | $ | – |  |  | $ | – |  |  | $ | 54,089 |
Private placements (2) |  |  | 42,842 |  |  |  | 47,276 |  |  |  | – |  |  |  | 42,110 |  |  |  | 5,166 |
Policy loans (3) |  |  | 6,397 |  |  |  | 6,397 |  |  |  | – |  |  |  | 6,397 |  |  |  | – |
Loans to Bank clients (4) |  |  | 2,506 |  |  |  | 2,503 |  |  |  | – |  |  |  | 2,503 |  |  |  | – |
Real estate – own use property (5) |  |  | 1,812 |  |  |  | 3,024 |  |  |  | – |  |  |  | – |  |  |  | 3,024 |
Public Bonds HTM |  |  | 1,320 |  |  |  | 1,320 |  |  |  | – |  |  |  | 1,320 |  |  |  | – |
Other invested assets (6) |  |  | 11,006 |  |  |  | 11,665 |  |  |  | 120 |  |  |  | – |  |  |  | 11,545 |
Total invested assets disclosed at fair value |  | $ | 117,897 |  |  | $ | 126,274 |  |  | $ | 120 |  |  | $ | 52,330 |  |  | $ | 73,824 |
(1) | Fair value of commercial mortgages is determined through an internal valuation methodology using both observable and unobservable inputs. Unobservable inputs include credit assumptions and liquidity spread adjustments. Fair value of fixed-rate residential mortgages is determined using the discounted cash flow method. Inputs used for valuation are primarily comprised of prevailing interest rates and prepayment rates, if applicable. Fair value of variable-rate residential mortgages is assumed to be their carrying value.
(2) | Fair value of private placements is determined through an internal valuation methodology using both observable and unobservable inputs. Unobservable inputs include credit assumptions and liquidity spread adjustments. Private placements are classified within Level 2 unless the liquidity adjustment constitutes a significant price impact, in which case the securities are classified as Level 3.
(3) | Fair value of policy loans is equal to their unpaid principal balances.
(4) | Fair value of fixed-rate loans to Bank clients is determined using the discounted cash flow method. Inputs used for valuation are primarily comprised of current interest rates. Fair value of variable-rate loans is assumed to be their carrying value.
(5) | Fair value of own use real estate and the fair value hierarchy are determined in accordance with the methodologies described for investment property in note 1.
(6) | Primarily include leveraged leases, oil and gas properties (disposed of during 2021) and equity method accounted other invested assets. Fair value of leveraged leases is disclosed at their carrying values as fair value is not routinely calculated on these investments. Fair value for oil and gas properties is determined using external appraisals based on discounted cash flow methodology. Inputs used in valuation are primarily comprised of forecasted price curves, planned production, as well as capital expenditures, and operating costs. Fair value of equity method accounted other invested assets is determined using a variety of valuation techniques including discounted cash flows and market comparable approaches. Inputs vary based on the specific investment.
Summary of Invested Assets and Segregated Funds Net Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3) | The follo w ing table presents a roll forward for invested assets, net derivatives and segregated funds net assets measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31, 2022 and 2021.
For the year ended December 31, 2022 |  | Balance, January 1, 2022 |  |  | Total gains (losses) included in net income (1) |  |  | Total gains (losses) included in AOCI (2) |  |  | Purchases |  |  | Sales |  |  | Settlements |  |  | Transfer in (3) |  |  | Transfer out (3) |  |  | Currency movement |  |  | Balance, December 31, 2022 |  |  | Change in unrealized gains (losses) on assets still held |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FVTPL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 40 |  |  | $ | (1 | ) |  | $ | – |  |  | $ | 27 |  |  | $ | – |  |  | $ | (1 | ) |  | $ | 6 |  |  | $ | (40 | ) |  | $ | 1 |  |  | $ | 32 |  |  | $ | (1 | )
Other securitized assets |  |  | 28 |  |  |  | 2 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (4 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 26 |  |  |  | 2 |
AFS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other government & agency |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 10 |  |  |  | – |  |  |  | (1 | ) |  |  | 9 |  |  |  | – |
Corporate |  |  | 1 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1 | ) |  |  | – |  |  |  | – |  |  |  | – |
Public equities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FVTPL |  |  | – |  |  |  | (6 | ) |  |  | – |  |  |  | 69 |  |  |  | (84 | ) |  |  | – |  |  |  | 87 |  |  |  | – |  |  |  | 5 |  |  |  | 71 |  |  |  | (15 | )
AFS |  |  | – |  |  |  | (1 | ) |  |  | 1 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Investment property |  |  | 11,421 |  |  |  | (443 | ) |  |  | – |  |  |  | 312 |  |  |  | (237 | ) |  |  | – |  |  |  | 15 |  |  |  | – |  |  |  | 326 |  |  |  | 11,394 |  |  |  | (446 | )
Other invested assets |  |  | 24,043 |  |  |  | 1,922 |  |  |  | 7 |  |  |  | 4,934 |  |  |  | (666 | ) |  |  | (1,474 | ) |  |  | 248 |  |  |  | – |  |  |  | 1,216 |  |  |  | 30,230 |  |  |  | 2,046 |
Total invested assets |  |  | 35,533 |  |  |  | 1,473 |  |  |  | 8 |  |  |  | 5,342 |  |  |  | (987 | ) |  |  | (1,479 | ) |  |  | 366 |  |  |  | (41 | ) |  |  | 1,547 |  |  |  | 41,762 |  |  |  | 1,586 |
Derivatives, net |  |  | 2,101 |  |  |  | (5,413 | ) |  |  | (7 | ) |  |  | (109 | ) |  |  | – |  |  |  | 775 |  |  |  | – |  |  |  | (356 | ) |  |  | (163 | ) |  |  | (3,172 | ) |  |  | (3,511 | )
Segregated funds net assets |  |  | 4,281 |  |  |  | 475 |  |  |  | – |  |  |  | 246 |  |  |  | (1,113 | ) |  |  | (46 | ) |  |  | – |  |  |  | (1 | ) |  |  | 143 |  |  |  | 3,985 |  |  |  | 79 |
Total |  | $ | 41,915 |  |  | $ | (3,465 | ) |  | $ | 1 |  |  | $ | 5,479 |  |  | $ | (2,100 | ) |  | $ | (750 | ) |  | $ | 366 |  |  | $ | (398 | ) |  | $ | 1,527 |  |  | $ | 42,575 |  |  | $ | (1,846 | )
For the year ended December 31, 2021 |  | Balance, January 1, 2021 |  |  | Total gains (losses) included in net income (1) |  |  | Total gains (losses) included in AOCI (2) |  |  | Purchases |  |  | Sales |  |  | Settlements |  |  | Transfer in (3) |  |  | Transfer out (3) |  |  | Currency movement |  |  | Balance, December 31, 2021 |  |  | Change in unrealized gains (losses) on assets still held |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FVTPL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 510 |  |  | $ | 11 |  |  | $ | – |  |  | $ | 11 |  |  | $ | (93 | ) |  | $ | – |  |  | $ | 11 |  |  | $ | (409 | ) |  | $ | (1 | ) |  | $ | 40 |  |  | $ | (8 | )
Other securitized assets |  |  | 45 |  |  |  | 3 |  |  |  | – |  |  |  | – |  |  |  | (9 | ) |  |  | (39 | ) |  |  | 28 |  |  |  | – |  |  |  | – |  |  |  | 28 |  |  |  | (4 | )
AFS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  |  | 3 |  |  |  | 1 |  |  |  | – |  |  |  | – |  |  |  | (3 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1 |  |  |  | – |
Public equities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FVTPL |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 62 |  |  |  | (62 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Investment property |  |  | 10,982 |  |  |  | 702 |  |  |  | – |  |  |  | 186 |  |  |  | (376 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (73 | ) |  |  | 11,421 |  |  |  | 626 |
Other invested assets |  |  | 19,049 |  |  |  | 2,731 |  |  |  | 2 |  |  |  | 5,058 |  |  |  | (1,131 | ) |  |  | (1,453 | ) |  |  | 5 |  |  |  | – |  |  |  | (218 | ) |  |  | 24,043 |  |  |  | 2,569 |
Total invested assets |  |  | 30,589 |  |  |  | 3,448 |  |  |  | 2 |  |  |  | 5,317 |  |  |  | (1,674 | ) |  |  | (1,492 | ) |  |  | 44 |  |  |  | (409 | ) |  |  | (292 | ) |  |  | 35,533 |  |  |  | 3,183 |
Derivatives, net |  |  | 3,443 |  |  |  | (897 | ) |  |  | – |  |  |  | 14 |  |  |  | – |  |  |  | (182 | ) |  |  | – |  |  |  | (309 | ) |  |  | 32 |  |  |  | 2,101 |  |  |  | (547 | )
Segregated funds net assets |  |  | 4,202 |  |  |  | 350 |  |  |  | – |  |  |  | 68 |  |  |  | (303 | ) |  |  | (28 | ) |  |  | – |  |  |  | – |  |  |  | (8 | ) |  |  | 4,281 |  |  |  | 116 |
Total |  | $ | 38,234 |  |  | $ | 2,901 |  |  | $ | 2 |  |  | $ | 5,399 |  |  | $ | (1,977 | ) |  | $ | (1,702 | ) |  | $ | 44 |  |  | $ | (718 | ) |  | $ | (268 | ) |  | $ | 41,915 |  |  | $ | 2,752 |
(1) | These amounts are included in net investment income on the Consolidated Statements of Income except for the amount related to segregated funds net assets, where the amount is recorded in changes in segregated funds net assets, refer to notes 1(h) and 23.
(2) | These amounts are included in AOCI on the Consolidated Statements of Financial Position.
(3) | The Company uses fair values of the assets at the beginning of the year for assets transferred into and out of Level 3 except for derivatives, where the Company uses fair value at the end of the year and at the beginning of the year, respectively.

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- Definition The disclosure of significant inputs for which market data are not available and that are developed using the best information available about the assumptions that market participants would use when measuring the fair value of assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 13 -IssueDate 2022-03-24 -Paragraph 93 -Subparagraph d -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2022-en-r&anchor=para_93_d&doctype=Standard -URIDate 2022-03-24 + Details
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