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Information Provided in Connection with Investments in Deferred Annuity Contracts and SignatureNotes Issued or Assumed by John Hancock Life Insurance Company (U.S.A.) (Tables) | 12 Months Ended
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Dec. 31, 2022
Text block [abstract] |
Condensed Consolidated Statement of Financial Position | Condensed Consolidated Statement of Financial Position
As at December 31, 2022 |  | MFC (Guarantor) |  |  | JHUSA (Issuer) |  |  | Other subsidiaries |  |  | Consolidation adjustments |  |  | Consolidated MFC |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Invested assets |  | $ | 63 |  |  | $ | 116,463 |  |  | $ | 297,996 |  |  | $ | (521 | ) |  | $ | 414,001 |
Investments in unconsolidated subsidiaries |  |  | 67,209 |  |  |  | 8,819 |  |  |  | 22,053 |  |  |  | (98,081 | ) |  |  | – |
Reinsurance assets |  |  | – |  |  |  | 61,511 |  |  |  | 12,137 |  |  |  | (25,936 | ) |  |  | 47,712 |
Other assets |  |  | 334 |  |  |  | 9,456 |  |  |  | 48,135 |  |  |  | (19,259 | ) |  |  | 38,666 |
Segregated funds net assets |  |  | – |  |  |  | 173,417 |  |  |  | 177,361 |  |  |  | (2,216 | ) |  |  | 348,562 |
Total assets |  | $ | 67,606 |  |  | $ | 369,666 |  |  | $ | 557,682 |  |  | $ | (146,013 | ) |  | $ | 848,941 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance contract liabilities |  | $ | – |  |  | $ | 156,205 |  |  | $ | 241,830 |  |  | $ | (26,630 | ) |  | $ | 371,405 |
Investment contract liabilities |  |  | – |  |  |  | 1,418 |  |  |  | 1,830 |  |  |  | – |  |  |  | 3,248 |
Other liabilities |  |  | 451 |  |  |  | 20,159 |  |  |  | 55,304 |  |  |  | (18,923 | ) |  |  | 56,991 |
Long-term debt |  |  | 6,234 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 6,234 |
Capital instruments |  |  | 4,860 |  |  |  | 614 |  |  |  | 648 |  |  |  | – |  |  |  | 6,122 |
Segregated funds net liabilities |  |  | – |  |  |  | 173,417 |  |  |  | 177,361 |  |  |  | (2,216 | ) |  |  | 348,562 |
Shareholders’ and other equity holders’ equity |  |  | 56,061 |  |  |  | 17,853 |  |  |  | 80,391 |  |  |  | (98,244 | ) |  |  | 56,061 |
Participating policyholders’ equity |  |  | – |  |  |  | – |  |  |  | (1,346 | ) |  |  | – |  |  |  | (1,346 | )
Non-controlling interests |  |  | – |  |  |  | – |  |  |  | 1,664 |  |  |  | – |  |  |  | 1,664 |
Total liabilities and equity |  | $ | 67,606 |  |  | $ | 369,666 |  |  | $ | 557,682 |  |  | $ | (146,013 | ) |  | $ | 848,941 |
Condensed Consolidated Statement of Financial Position
As at December 31, 2021 |  | MFC (Guarantor) |  |  | JHUSA (Issuer) |  |  | Other subsidiaries |  |  | Consolidation adjustments |  |  | Consolidated MFC |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Invested assets |  | $ | 78 |  |  | $ | 116,705 |  |  | $ | 310,679 |  |  | $ | (364 | ) |  | $ | 427,098 |
Investments in unconsolidated subsidiaries |  |  | 68,655 |  |  |  | 9,107 |  |  |  | 20,788 |  |  |  | (98,550 | ) |  |  | – |
Reinsurance assets |  |  | – |  |  |  | 63,838 |  |  |  | 11,309 |  |  |  | (30,568 | ) |  |  | 44,579 |
Other assets |  |  | 211 |  |  |  | 18,085 |  |  |  | 49,956 |  |  |  | (22,074 | ) |  |  | 46,178 |
Segregated funds net assets |  |  | – |  |  |  | 204,493 |  |  |  | 197,220 |  |  |  | (1,925 | ) |  |  | 399,788 |
Total assets |  | $ | 68,944 |  |  | $ | 412,228 |  |  | $ | 589,952 |  |  | $ | (153,481 | ) |  | $ | 917,643 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance contract liabilities |  | $ | – |  |  | $ | 166,535 |  |  | $ | 257,044 |  |  | $ | (31,304 | ) |  | $ | 392,275 |
Investment contract liabilities |  |  | – |  |  |  | 1,227 |  |  |  | 1,890 |  |  |  | – |  |  |  | 3,117 |
Other liabilities |  |  | 899 |  |  |  | 21,806 |  |  |  | 50,836 |  |  |  | (21,809 | ) |  |  | 51,732 |
Long-term debt |  |  | 4,882 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 4,882 |
Capital instruments |  |  | 4,755 |  |  |  | 579 |  |  |  | 1,646 |  |  |  | – |  |  |  | 6,980 |
Segregated funds net liabilities |  |  | – |  |  |  | 204,493 |  |  |  | 197,220 |  |  |  | (1,925 | ) |  |  | 399,788 |
Shareholders’ and other equity holders’ equity |  |  | 58,408 |  |  |  | 17,588 |  |  |  | 80,855 |  |  |  | (98,443 | ) |  |  | 58,408 |
Participating policyholders’ equity |  |  | – |  |  |  | – |  |  |  | (1,233 | ) |  |  | – |  |  |  | (1,233 | )
Non-controlling interests |  |  | – |  |  |  | – |  |  |  | 1,694 |  |  |  | – |  |  |  | 1,694 |
Total liabilities and equity |  | $ | 68,944 |  |  | $ | 412,228 |  |  | $ | 589,952 |  |  | $ | (153,481 | ) |  | $ | 917,643 |
Condensed Consolidated Statement of Income | Condensed Consolidated Statement of Income
For the year ended December 31, 2022 |  | MFC (Guarantor) |  |  | JHUSA (Issuer) |  |  | Other subsidiaries |  |  | Consolidation adjustments |  |  | Consolidated MFC |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross premiums |  | $ | – |  |  | $ | 7,924 |  |  | $ | 37,041 |  |  | $ | (863 | ) |  | $ | 44,102 |
Premiums ceded to reinsurers |  |  | – |  |  |  | (2,561 | ) |  |  | (4,662 | ) |  |  | 974 |  |  |  | (6,249 | )
Net premium income |  |  | – |  |  |  | 5,363 |  |  |  | 32,379 |  |  |  | 111 |  |  |  | 37,853 |
Net investment income (loss) |  |  | 554 |  |  |  | (9,714 | ) |  |  | (19,446 | ) |  |  | (1,264 | ) |  |  | (29,870 | )
Other revenue |  |  | (36 | ) |  |  | 281 |  |  |  | 7,871 |  |  |  | 1,048 |  |  |  | 9,164 |
Total revenue |  |  | 518 |  |  |  | (4,070 | ) |  |  | 20,804 |  |  |  | (105 | ) |  |  | 17,147 |
Contract benefits and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net benefits and claims |  |  | – |  |  |  | (8,505 | ) |  |  | (1,572 | ) |  |  | 778 |  |  |  | (9,299 | )
Commissions, investment and general expenses |  |  | 42 |  |  |  | 3,099 |  |  |  | 13,798 |  |  |  | (1,034 | ) |  |  | 15,905 |
Other expenses |  |  | 440 |  |  |  | 264 |  |  |  | 939 |  |  |  | 151 |  |  |  | 1,794 |
Total contract benefits and expenses |  |  | 482 |  |  |  | (5,142 | ) |  |  | 13,165 |  |  |  | (105 | ) |  |  | 8,400 |
Income (loss) before income taxes |  |  | 36 |  |  |  | 1,072 |  |  |  | 7,639 |  |  |  | – |  |  |  | 8,747 |
Income tax (expense) recovery |  |  | 32 |  |  |  | (23 | ) |  |  | (1,574 | ) |  |  | – |  |  |  | (1,565 | )
Income (loss) after income taxes |  |  | 68 |  |  |  | 1,049 |  |  |  | 6,065 |  |  |  | – |  |  |  | 7,182 |
Equity in net income (loss) of unconsolidated subsidiaries |  |  | 7,226 |  |  |  | 997 |  |  |  | 2,046 |  |  |  | (10,269 | ) |  |  | – |
Net income (loss) |  | $ | 7,294 |  |  | $ | 2,046 |  |  | $ | 8,111 |  |  | $ | (10,269 | ) |  | $ | 7,182 |
Net income (loss) attributed to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-controlling interests |  | $ | – |  |  | $ | – |  |  | $ | (1 | ) |  | $ | – |  |  | $ | (1 | )
Participating policyholders |  |  | – |  |  |  | (236 | ) |  |  | 125 |  |  |  | – |  |  |  | (111 | )
Shareholders and other equity holders |  |  | 7,294 |  |  |  | 2,282 |  |  |  | 7,987 |  |  |  | (10,269 | ) |  |  | 7,294 |
|  | $ | 7,294 |  |  | $ | 2,046 |  |  | $ | 8,111 |  |  | $ | (10,269 | ) |  | $ | 7,182 |
Condensed Consolidated Statement of Income
For the year ended December 31, 2021 |  | MFC (Guarantor) |  |  | JHUSA (Issuer) |  |  | Other subsidiaries |  |  | Consolidation adjustments |  |  | Consolidated MFC |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross premiums |  | $ | – |  |  | $ | 7,782 |  |  | $ | 37,563 |  |  | $ | (1,001 | ) |  | $ | 44,344 |
Premiums ceded to reinsurers |  |  | – |  |  |  | (3,243 | ) |  |  | (3,031 | ) |  |  | 995 |  |  |  | (5,279 | )
Net premium income |  |  | – |  |  |  | 4,539 |  |  |  | 34,532 |  |  |  | (6 | ) |  |  | 39,065 |
Net investment income (loss) |  |  | 530 |  |  |  | 3,779 |  |  |  | 8,440 |  |  |  | (1,125 | ) |  |  | 11,624 |
Other revenue |  |  | 33 |  |  |  | 2,042 |  |  |  | 9,605 |  |  |  | (548 | ) |  |  | 11,132 |
Total revenue |  |  | 563 |  |  |  | 10,360 |  |  |  | 52,577 |  |  |  | (1,679 | ) |  |  | 61,821 |
Contract benefits and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net benefits and claims |  |  | – |  |  |  | 6,478 |  |  |  | 28,467 |  |  |  | 877 |  |  |  | 35,822 |
Commissions, investment and general expenses |  |  | 12 |  |  |  | 3,451 |  |  |  | 14,419 |  |  |  | (1,436 | ) |  |  | 16,446 |
Other expenses |  |  | 390 |  |  |  | 212 |  |  |  | 1,946 |  |  |  | (1,120 | ) |  |  | 1,428 |
Total contract benefits and expenses |  |  | 402 |  |  |  | 10,141 |  |  |  | 44,832 |  |  |  | (1,679 | ) |  |  | 53,696 |
Income (loss) before income taxes |  |  | 161 |  |  |  | 219 |  |  |  | 7,745 |  |  |  | – |  |  |  | 8,125 |
Income tax (expense) recovery |  |  | (28 | ) |  |  | 115 |  |  |  | (1,300 | ) |  |  | – |  |  |  | (1,213 | )
Income (loss) after income taxes |  |  | 133 |  |  |  | 334 |  |  |  | 6,445 |  |  |  | – |  |  |  | 6,912 |
Equity in net income (loss) of unconsolidated subsidiaries |  |  | 6,972 |  |  |  | 1,218 |  |  |  | 1,552 |  |  |  | (9,742 | ) |  |  | – |
Net income (loss) |  | $ | 7,105 |  |  | $ | 1,552 |  |  | $ | 7,997 |  |  | $ | (9,742 | ) |  | $ | 6,912 |
Net income (loss) attributed to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-controlling interests |  | $ | – |  |  | $ | – |  |  | $ | 255 |  |  | $ | – |  |  | $ | 255 |
Participating policyholders |  |  | – |  |  |  | (4 | ) |  |  | (448 | ) |  |  | 4 |  |  |  | (448 | )
Shareholders |  |  | 7,105 |  |  |  | 1,556 |  |  |  | 8,190 |  |  |  | (9,746 | ) |  |  | 7,105 |
|  | $ | 7,105 |  |  | $ | 1,552 |  |  | $ | 7,997 |  |  | $ | (9,742 | ) |  | $ | 6,912 |
Consolidated Statement of Cash Flows | Consolidated Statement of Cash Flows
For the year ended December 31, 2022 |  | MFC (Guarantor) |  |  | JHUSA (Issuer) |  |  | Other subsidiaries |  |  | Consolidation adjustments |  |  | Consolidated MFC |
Operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 7,294 |  |  | $ | 2,046 |  |  | $ | 8,111 |  |  | $ | (10,269 | ) |  | $ | 7,182 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in net income of unconsolidated subsidiaries |  |  | (7,226 | ) |  |  | (997 | ) |  |  | (2,046 | ) |  |  | 10,269 |  |  |  | – |
Increase (decrease) in insurance contract liabilities |  |  | – |  |  |  | (20,032 | ) |  |  | (13,381 | ) |  |  | – |  |  |  | (33,413 | )
Increase (decrease) in investment contract liabilities |  |  | – |  |  |  | 44 |  |  |  | (3 | ) |  |  | – |  |  |  | 41 |
(Increase) decrease in reinsurance assets excluding coinsurance transactions |  |  | – |  |  |  | 6,869 |  |  |  | (6,710 | ) |  |  | – |  |  |  | 159 |
Amortization of (premium) discount on invested assets |  |  | – |  |  |  | 46 |  |  |  | (78 | ) |  |  | – |  |  |  | (32 | )
Other amortization |  |  | 9 |  |  |  | 125 |  |  |  | 404 |  |  |  | – |  |  |  | 538 |
Net realized and unrealized (gains) losses and impairment on assets |  |  | (36 | ) |  |  | 15,150 |  |  |  | 32,156 |  |  |  | – |  |  |  | 47,270 |
Gain on U.S. variable annuity reinsurance transaction (pre-tax) |  |  | – |  |  |  | (1,026 | ) |  |  | (44 | ) |  |  | – |  |  |  | (1,070 | )
Gain on derecognition of Joint Venture interest during Manulife TEDA acquisition (pre-tax) |  |  | – |  |  |  | – |  |  |  | (95 | ) |  |  | – |  |  |  | (95 | )
Deferred income tax expense (recovery) |  |  | (33 | ) |  |  | 294 |  |  |  | 470 |  |  |  | – |  |  |  | 731 |
Stock option expense |  |  | – |  |  |  | (3 | ) |  |  | 8 |  |  |  | – |  |  |  | 5 |
Cash provided by (used in) operating activities before undernoted items |  |  | 8 |  |  |  | 2,516 |  |  |  | 18,792 |  |  |  | – |  |  |  | 21,316 |
Dividends from unconsolidated subsidiary |  |  | 6,200 |  |  |  | 399 |  |  |  | 734 |  |  |  | (7,333 | ) |  |  | – |
Cash decrease due to U.S. variable annuity reinsurance transaction |  |  | – |  |  |  | (1,263 | ) |  |  | (114 | ) |  |  | – |  |  |  | (1,377 | )
Changes in policy related and operating receivables and payables |  |  | 45 |  |  |  | 2,805 |  |  |  | (5,054 | ) |  |  | – |  |  |  | (2,204 | )
Cash provided by (used in) operating activities |  |  | 6,253 |  |  |  | 4,457 |  |  |  | 14,358 |  |  |  | (7,333 | ) |  |  | 17,735 |
Investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases and mortgage advances |  |  | – |  |  |  | (28,798 | ) |  |  | (82,970 | ) |  |  | – |  |  |  | (111,768) |
Disposals and repayments |  |  | 1 |  |  |  | 23,505 |  |  |  | 69,901 |  |  |  | – |  |  |  | 93,407 |
Changes in investment broker net receivables and payables |  |  | – |  |  |  | (11 | ) |  |  | (56 | ) |  |  | – |  |  |  | (67 | )
Net cash increase (decrease) from sale (purchase) of subsidiary |  |  | – |  |  |  | – |  |  |  | (182 | ) |  |  | – |  |  |  | (182 | )
Investment in common shares of subsidiaries |  |  | (2,479 | ) |  |  | – |  |  |  | – |  |  |  | 2,479 |  |  |  | – |
Capital contribution to unconsolidated subsidiaries |  |  | – |  |  |  | (1 | ) |  |  | – |  |  |  | 1 |  |  |  | – |
Return of capital from unconsolidated subsidiaries |  |  | – |  |  |  | 19 |  |  |  | – |  |  |  | (19 | ) |  |  | – |
Notes receivable from parent |  |  | – |  |  |  | – |  |  |  | 415 |  |  |  | (415 | ) |  |  | – |
Notes receivable from subsidiaries |  |  | 46 |  |  |  | (7 | ) |  |  | – |  |  |  | (39 | ) |  |  | – |
Cash provided by (used in) investing activities |  |  | (2,432 | ) |  |  | (5,293 | ) |  |  | (12,892 | ) |  |  | 2,007 |  |  |  | (18,610 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issue of long-term debt, net |  |  | 946 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 946 |
Redemption of capital instruments |  |  | – |  |  |  | – |  |  |  | (1,000 | ) |  |  | – |  |  |  | (1,000 | )
Secured borrowings |  |  | – |  |  |  | – |  |  |  | 437 |  |  |  | – |  |  |  | 437 |
Change in repurchase agreements and securities sold but not yet purchased |  |  | – |  |  |  | – |  |  |  | (551 | ) |  |  | – |  |  |  | (551 | )
Changes in deposits from Bank clients, net |  |  | – |  |  |  | – |  |  |  | 1,703 |  |  |  | – |  |  |  | 1,703 |
Lease payments |  |  | – |  |  |  | (5 | ) |  |  | (115 | ) |  |  | – |  |  |  | (120 | )
Shareholders’ dividends and other equity distributions |  |  | (2,787 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (2,787 | )
Common shares repurchased |  |  | (1,884 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1,884 | )
Common shares issued, net |  |  | 23 |  |  |  | – |  |  |  | 2,479 |  |  |  | (2,479 | ) |  |  | 23 |
Preferred shares and other equity issued, net |  |  | 990 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 990 |
Preferred shares redeemed, net |  |  | (711 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (711 | )
Contributions from (distributions to) non-controlling interests, net |  |  | – |  |  |  | – |  |  |  | (51 | ) |  |  | – |  |  |  | (51 | )
Dividends paid to parent |  |  | – |  |  |  | (734 | ) |  |  | (6,599 | ) |  |  | 7,333 |  |  |  | – |
Capital contributions by parent |  |  | – |  |  |  | – |  |  |  | 1 |  |  |  | (1 | ) |  |  | – |
Return of capital to parent |  |  | – |  |  |  | – |  |  |  | (19 | ) |  |  | 19 |  |  |  | – |
Notes payable to parent |  |  | – |  |  |  | – |  |  |  | (39 | ) |  |  | 39 |  |  |  | – |
Notes payable to subsidiaries |  |  | (415 | ) |  |  | – |  |  |  | – |  |  |  | 415 |  |  |  | – |
Cash provided by (used in) financing activities |  |  | (3,838 | ) |  |  | (739 | ) |  |  | (3,754 | ) |  |  | 5,326 |  |  |  | (3,005 | )
Cash and short-term securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase (decrease) during the year |  |  | (17 | ) |  |  | (1,575 | ) |  |  | (2,288 | ) |  |  | – |  |  |  | (3,880 | )
Effect of foreign exchange rate changes on cash and short-term securities |  |  | 2 |  |  |  | 225 |  |  |  | 358 |  |  |  | – |  |  |  | 585 |
Balance, beginning of year |  |  | 78 |  |  |  | 3,565 |  |  |  | 18,287 |  |  |  | – |  |  |  | 21,930 |
Balance, end of year |  |  | 63 |  |  |  | 2,215 |  |  |  | 16,357 |  |  |  | – |  |  |  | 18,635 |
Cash and short-term securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross cash and short-term securities |  |  | 78 |  |  |  | 4,087 |  |  |  | 18,429 |  |  |  | – |  |  |  | 22,594 |
Net payments in transit, included in other liabilities |  |  | – |  |  |  | (522 | ) |  |  | (142 | ) |  |  | – |  |  |  | (664 | )
Net cash and short-term securities, beginning of year |  |  | 78 |  |  |  | 3,565 |  |  |  | 18,287 |  |  |  | – |  |  |  | 21,930 |
End of year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross cash and short-term securities |  |  | 63 |  |  |  | 2,614 |  |  |  | 16,476 |  |  |  | – |  |  |  | 19,153 |
Net payments in transit, included in other liabilities |  |  | – |  |  |  | (399 | ) |  |  | (119 | ) |  |  | – |  |  |  | (518 | )
Net cash and short-term securities, end of year |  | $ | 63 |  |  | $ | 2,215 |  |  | $ | 16,357 |  |  | $ | – |  |  | $ | 18,635 |
Supplemental disclosures on cash flow information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest received |  | $ | 512 |  |  | $ | 4,050 |  |  | $ | 8,732 |  |  | $ | (1,161 | ) |  | $ | 12,133 |
Interest paid |  |  | 424 |  |  |  | 118 |  |  |  | 1,867 |  |  |  | (1,161 | ) |  |  | 1,248 |
Income taxes paid |  |  | – |  |  |  | 124 |  |  |  | 1,114 |  |  |  | – |  |  |  | 1,238 |
Consolidated Statement of Cash Flows
For the year ended December 31, 2021 |  | MFC (Guarantor) |  |  | JHUSA (Issuer) |  |  | Other subsidiaries |  |  | Consolidation adjustments |  |  | Consolidated MFC |
Operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 7,105 |  |  | $ | 1,552 |  |  | $ | 7,997 |  |  | $ | (9,742 | ) |  | $ | 6,912 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in net income of unconsolidated subsidiaries |  |  | (6,972 | ) |  |  | (1,218 | ) |  |  | (1,552 | ) |  |  | 9,742 |  |  |  | – |
Increase (decrease) in insurance contract liabilities |  |  | – |  |  |  | (562 | ) |  |  | 11,281 |  |  |  | – |  |  |  | 10,719 |
Increase (decrease) in investment contract liabilities |  |  | – |  |  |  | 50 |  |  |  | (6 | ) |  |  | – |  |  |  | 44 |
(Increase) decrease in reinsurance assets excluding coinsurance transactions |  |  | – |  |  |  | 1,544 |  |  |  | (790 | ) |  |  | – |  |  |  | 754 |
Amortization of (premium) discount on invested assets |  |  | – |  |  |  | 57 |  |  |  | 124 |  |  |  | – |  |  |  | 181 |
Other amortization |  |  | 16 |  |  |  | 124 |  |  |  | 389 |  |  |  | – |  |  |  | 529 |
Net realized and unrealized (gains) losses and impairment on assets |  |  | 62 |  |  |  | 1,533 |  |  |  | 3,229 |  |  |  | – |  |  |  | 4,824 |
Deferred income tax expense (recovery) |  |  | 34 |  |  |  | 190 |  |  |  | (351 | ) |  |  | – |  |  |  | (127 | )
Stock option expense |  |  | – |  |  |  | (2 | ) |  |  | 11 |  |  |  | – |  |  |  | 9 |
Cash provided by (used in) operating activities before undernoted items |  |  | 245 |  |  |  | 3,268 |  |  |  | 20,332 |  |  |  | – |  |  |  | 23,845 |
Dividends from unconsolidated subsidiary |  |  | 5,000 |  |  |  | 489 |  |  |  | 742 |  |  |  | (6,231 | ) |  |  | – |
Changes in policy related and operating receivables and payables |  |  | (22 | ) |  |  | 424 |  |  |  | (1,092 | ) |  |  | – |  |  |  | (690 | )
Cash provided by (used in) operating activities |  |  | 5,223 |  |  |  | 4,181 |  |  |  | 19,982 |  |  |  | (6,231 | ) |  |  | 23,155 |
Investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases and mortgage advances |  |  | – |  |  |  | (31,746 | ) |  |  | (89,219 | ) |  |  | – |  |  |  | (120,965 | )
Disposals and repayments |  |  | – |  |  |  | 27,194 |  |  |  | 69,534 |  |  |  | – |  |  |  | 96,728 |
Changes in investment broker net receivables and payables |  |  | – |  |  |  | (202 | ) |  |  | 16 |  |  |  | – |  |  |  | (186 | )
Investment in common shares of subsidiaries |  |  | (3,700 | ) |  |  | – |  |  |  | – |  |  |  | 3,700 |  |  |  | – |
Net cash flows from acquisition and disposal of subsidiaries and businesses |  |  | – |  |  |  | – |  |  |  | (19 | ) |  |  | – |  |  |  | (19 | )
Capital contribution to unconsolidated subsidiaries |  |  | – |  |  |  | (1 | ) |  |  | – |  |  |  | 1 |  |  |  | – |
Return of capital from unconsolidated subsidiaries |  |  | – |  |  |  | 1 |  |  |  | – |  |  |  | (1 | ) |  |  | – |
Notes receivable from parent |  |  | – |  |  |  | – |  |  |  | (129 | ) |  |  | 129 |  |  |  | – |
Notes receivable from subsidiaries |  |  | (13 | ) |  |  | – |  |  |  | – |  |  |  | 13 |  |  |  | – |
Cash provided by (used in) investing activities |  |  | (3,713 | ) |  |  | (4,754 | ) |  |  | (19,817 | ) |  |  | 3,842 |  |  |  | (24,442 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Redemption of long-term debt |  |  | (1,250 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1,250 | )
Redemption of capital instruments |  |  | (468 | ) |  |  | – |  |  |  | (350 | ) |  |  | – |  |  |  | (818 | )
Secured borrowings |  |  | – |  |  |  | – |  |  |  | 26 |  |  |  | – |  |  |  | 26 |
Change in repurchase agreements and securities sold but not yet purchased |  |  | – |  |  |  | – |  |  |  | 186 |  |  |  | – |  |  |  | 186 |
Changes in deposits from Bank clients, net |  |  | – |  |  |  | – |  |  |  | (164 | ) |  |  | – |  |  |  | (164 | )
Lease payments |  |  | – |  |  |  | (7 | ) |  |  | (117 | ) |  |  | – |  |  |  | (124 | )
Shareholders’ dividends and other equity distributions |  |  | (2,500 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (2,500 | )
Contributions from (distributions to) non-controlling interests, net |  |  | – |  |  |  | – |  |  |  | (13 | ) |  |  | – |  |  |  | (13 | )
Common shares issued, net |  |  | 51 |  |  |  | – |  |  |  | 3,700 |  |  |  | (3,700 | ) |  |  | 51 |
Preferred shares and other equity issued, net |  |  | 3,171 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 3,171 |
Preferred shares redeemed, net |  |  | (612 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (612 | )
Dividends paid to parent |  |  | – |  |  |  | (742 | ) |  |  | (5,489 | ) |  |  | 6,231 |  |  |  | – |
Capital contributions by parent |  |  | – |  |  |  | – |  |  |  | 1 |  |  |  | (1 | ) |  |  | – |
Return of capital to parent |  |  | – |  |  |  | – |  |  |  | (1 | ) |  |  | 1 |  |  |  | – |
Notes payable to parent |  |  | – |  |  |  | – |  |  |  | 13 |  |  |  | (13 | ) |  |  | – |
Notes payable to subsidiaries |  |  | 129 |  |  |  | – |  |  |  | – |  |  |  | (129 | ) |  |  | – |
Cash provided by (used in) financing activities |  |  | (1,479 | ) |  |  | (749 | ) |  |  | (2,208 | ) |  |  | 2,389 |  |  |  | (2,047 | )
Cash and short-term securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase (decrease) during the year |  |  | 31 |  |  |  | (1,322 | ) |  |  | (2,043 | ) |  |  | – |  |  |  | (3,334 | )
Effect of foreign exchange rate changes on cash and short-term securities |  |  | – |  |  |  | (20 | ) |  |  | (299 | ) |  |  | – |  |  |  | (319 | )
Balance, beginning of year |  |  | 47 |  |  |  | 4,907 |  |  |  | 20,629 |  |  |  | – |  |  |  | 25,583 |
Balance, end of year |  |  | 78 |  |  |  | 3,565 |  |  |  | 18,287 |  |  |  | – |  |  |  | 21,930 |
Cash and short-term securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross cash and short-term securities |  |  | 47 |  |  |  | 5,213 |  |  |  | 20,907 |  |  |  | – |  |  |  | 26,167 |
Net payments in transit, included in other liabilities |  |  | – |  |  |  | (306 | ) |  |  | (278 | ) |  |  | – |  |  |  | (584 | )
Net cash and short-term securities, beginning of year |  |  | 47 |  |  |  | 4,907 |  |  |  | 20,629 |  |  |  | – |  |  |  | 25,583 |
End of year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross cash and short-term securities |  |  | 78 |  |  |  | 4,087 |  |  |  | 18,429 |  |  |  | – |  |  |  | 22,594 |
Net payments in transit, included in other liabilities |  |  | – |  |  |  | (522 | ) |  |  | (142 | ) |  |  | – |  |  |  | (664 | )
Net cash and short-term securities, end of year |  | $ | 78 |  |  | $ | 3,565 |  |  | $ | 18,287 |  |  | $ | – |  |  | $ | 21,930 |
Supplemental disclosures on cash flow information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest received |  | $ | 499 |  |  | $ | 4,112 |  |  | $ | 7,847 |  |  | $ | (1,082 | ) |  | $ | 11,376 |
Interest paid |  |  | 396 |  |  |  | 73 |  |  |  | 1,594 |  |  |  | (1,082 | ) |  |  | 981 |
Income taxes paid (refund) |  |  | – |  |  |  | (118 | ) |  |  | 689 |  |  |  | – |  |  |  | 571 |

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