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Derivative and Hedging Instruments (Tables) | 12 Months Ended
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Dec. 31, 2022
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Summary of Gross Notional Amount and Fair Value of Derivative Instruments | The following table presents gross notional amount and fair value of derivative instruments by the underlying risk exposure.
As at December 31, |  | 2022 |  |  |  |  |  | 2021 |
|  |  |  | Notional amount |  |  | Fair value |  |  |  |  |  | Notional amount |  |  | Fair value |
Type of hedge |  | Instrument type |  | Assets |  |  | Liabilities |  |  |  |  |  | Assets |  |  | Liabilities |
Derivatives in qualifying hedge accounting relationships |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value hedges |  | Foreign currency swaps |  | $ | 48 |  |  | $ | 5 |  |  | $ | – |  |  |  |  |  |  | $ | 57 |  |  | $ | 1 |  |  | $ | 1 |
Cash flow hedges |  | Foreign currency swaps |  |  | 1,155 |  |  |  | 40 |  |  |  | 203 |  |  |  |  |  |  |  | 1,251 |  |  |  | 5 |  |  |  | 379 |
|  | Equity contracts |  |  | 173 |  |  |  | 3 |  |  |  | – |  |  |  |  |  |  |  | 145 |  |  |  | 10 |  |  |  | – |
Net investment hedges |  | Forward contracts |  |  | 626 |  |  |  | – |  |  |  | 28 |  |  |  |  |  |  |  | 671 |  |  |  | 9 |  |  |  | – |
Total derivatives in qualifying hedge accounting relationships |  |  | 2,002 |  |  |  | 48 |  |  |  | 231 |  |  |  |  |  |  |  | 2,124 |  |  |  | 25 |  |  |  | 380 |
Derivatives not designated in qualifying hedge accounting relationships |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate swaps |  |  | 268,081 |  |  |  | 5,751 |  |  |  | 7,557 |  |  |  |  |  |  |  | 300,556 |  |  |  | 11,832 |  |  |  | 7,347 |
|  | Interest rate futures |  |  | 11,772 |  |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 11,944 |  |  |  | – |  |  |  | – |
|  | Interest rate options |  |  | 6,090 |  |  |  | 98 |  |  |  | – |  |  |  |  |  |  |  | 10,708 |  |  |  | 514 |  |  |  | – |
|  | Foreign currency swaps |  |  | 39,667 |  |  |  | 2,029 |  |  |  | 1,579 |  |  |  |  |  |  |  | 36,405 |  |  |  | 790 |  |  |  | 1,722 |
|  | Currency rate futures |  |  | 2,319 |  |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 3,086 |  |  |  | – |  |  |  | – |
|  | Forward contracts |  |  | 45,124 |  |  |  | 295 |  |  |  | 4,697 |  |  |  |  |  |  |  | 45,295 |  |  |  | 2,674 |  |  |  | 562 |
|  | Equity contracts |  |  | 16,930 |  |  |  | 363 |  |  |  | 225 |  |  |  |  |  |  |  | 18,577 |  |  |  | 1,667 |  |  |  | 27 |
|  | Credit default swaps |  |  | 159 |  |  |  | 4 |  |  |  | – |  |  |  |  |  |  |  | 44 |  |  |  | 1 |  |  |  | – |
|  | Equity futures |  |  | 3,813 |  |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 11,359 |  |  |  | – |  |  |  | – |
Total derivatives not designated in qualifying hedge accounting relationships |  |  | 393,955 |  |  |  | 8,540 |  |  |  | 14,058 |  |  |  |  |  |  |  | 437,974 |  |  |  | 17,478 |  |  |  | 9,658 |
Total derivatives |  | $ | 395,957 |  |  | $ | 8,588 |  |  | $ | 14,289 |  |  |  |  |  |  | $ | 440,098 |  |  | $ | 17,503 |  |  | $ | 10,038 |
Summary of Gross Notional Amount by Remaining Term to Maturity, Total Fair Values (Including Accrued Interest), Credit Risk Equivalent and Risk Weighted Amount by Contract Type | The following table presents the fair values of the derivative instruments by the remaining term to maturity. Fair values disclosed below do not incorporate the impact of master netting agreements (refer to note 9).
|  | Remaining term to maturity |  |  |  |
As at December 31, 2022 |  | Less than 1 year |  |  | 1 to 3 years |  |  | 3 to 5 years |  |  | Over 5 years |  |  | Total |
Derivative assets |  | $ | 580 |  |  | $ | 556 |  |  | $ | 556 |  |  | $ | 6,896 |  |  | $ | 8,588 |
Derivative liabilities |  |  | 2,656 |  |  |  | 1,956 |  |  |  | 1,146 |  |  |  | 8,531 |  |  |  | 14,289 |
|  | Remaining term to maturity |  |  |  |
As at December 31, 2021 |  | Less than 1 year |  |  | 1 to 3 years |  |  | 3 to 5 years |  |  | Over 5 years |  |  | Total |
Derivative assets |  | $ | 2,500 |  |  | $ | 1,803 |  |  | $ | 1,000 |  |  | $ | 12,200 |  |  | $ | 17,503 |
Derivative liabilities |  |  | 294 |  |  |  | 387 |  |  |  | 379 |  |  |  | 8,978 |  |  |  | 10,038 |
The foll o wing table presents gross notional amount by the remaining term to maturity, total fair value (including accrued interest), credit equivalent amount and capital requirement by contract type.
|  | Remaining term to maturity (notional amounts) |  |  |  |  |  | Fair value |  |  |  |  |  | Capital requirement (2) |
As at December 31, 2022 |  | Under 1 year |  |  | 1 to 5 years |  |  | Over 5 years |  |  | Total |  |  |  |  |  | Positive |  |  | Negative |  |  | Net |  |  | Credit equivalent amount (1) |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OTC swap contracts |  | $ | 8,817 |  |  | $ | 19,253 |  |  | $ | 98,380 |  |  | $ | 126,450 |  |  |  |  |  |  | $ | 5,992 |  |  | $ | (8,135 | ) |  | $ | (2,143 | ) |  | $ | 419 |  |  | $ | 9 |
Cleared swap contracts |  |  | 2,494 |  |  |  | 16,823 |  |  |  | 122,314 |  |  |  | 141,631 |  |  |  |  |  |  |  | 254 |  |  |  | (219 | ) |  |  | 35 |  |  |  | – |  |  |  | – |
Forward contracts |  |  | 14,290 |  |  |  | 13,926 |  |  |  | 198 |  |  |  | 28,414 |  |  |  |  |  |  |  | 70 |  |  |  | (4,468 | ) |  |  | (4,398 | ) |  |  | 8 |  |  |  | – |
Futures |  |  | 11,772 |  |  |  | – |  |  |  | – |  |  |  | 11,772 |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Options purchased |  |  | 1,199 |  |  |  | 1,069 |  |  |  | 3,822 |  |  |  | 6,090 |  |  |  |  |  |  |  | 98 |  |  |  | – |  |  |  | 98 |  |  |  | 64 |  |  |  | 4 |
Subtotal |  |  | 38,572 |  |  |  | 51,071 |  |  |  | 224,714 |  |  |  | 314,357 |  |  |  |  |  |  |  | 6,414 |  |  |  | (12,822 | ) |  |  | (6,408 | ) |  |  | 491 |  |  |  | 13 |
Foreign exchange |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swap contracts |  |  | 2,026 |  |  |  | 10,475 |  |  |  | 28,369 |  |  |  | 40,870 |  |  |  |  |  |  |  | 2,067 |  |  |  | (1,846 | ) |  |  | 221 |  |  |  | 1,166 |  |  |  | 23 |
Forward contracts |  |  | 17,336 |  |  |  | – |  |  |  | – |  |  |  | 17,336 |  |  |  |  |  |  |  | 226 |  |  |  | (258 | ) |  |  | (32 | ) |  |  | 89 |  |  |  | – |
Futures |  |  | 2,319 |  |  |  | – |  |  |  | – |  |  |  | 2,319 |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Credit derivatives |  |  | 15 |  |  |  | 144 |  |  |  | – |  |  |  | 159 |  |  |  |  |  |  |  | 4 |  |  |  | – |  |  |  | 4 |  |  |  | – |  |  |  | – |
Equity contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swap contracts |  |  | 547 |  |  |  | 396 |  |  |  | – |  |  |  | 943 |  |  |  |  |  |  |  | 26 |  |  |  | (7 | ) |  |  | 19 |  |  |  | 24 |  |  |  | – |
Futures |  |  | 3,813 |  |  |  | – |  |  |  | – |  |  |  | 3,813 |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Options purchased |  |  | 12,634 |  |  |  | 3,526 |  |  |  | – |  |  |  | 16,160 |  |  |  |  |  |  |  | 335 |  |  |  | (218 | ) |  |  | 117 |  |  |  | 232 |  |  |  | 2 |
Subtotal including accrued interest |  |  | 77,262 |  |  |  | 65,612 |  |  |  | 253,083 |  |  |  | 395,957 |  |  |  |  |  |  |  | 9,072 |  |  |  | (15,151 | ) |  |  | (6,079 | ) |  |  | 2,002 |  |  |  | 38 |
Less accrued interest |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 484 |  |  |  | (862 | ) |  |  | (378 | ) |  |  | – |  |  |  | – |
Total |  | $ | 77,262 |  |  | $ | 65,612 |  |  | $ | 253,083 |  |  | $ | 395,957 |  |  |  |  |  |  | $ | 8,588 |  |  | $ | (14,289 | ) |  | $ | (5,701 | ) |  | $ | 2,002 |  |  | $ | 38 |
|  | Remaining term to maturity (notional amounts) |  |  |  |  |  | Fair value |  |  |  |  |  | Capital requirement (2) |
As at December 31, 2021 |  | Under 1 year |  |  | 1 to 5 years |  |  | Over 5 years |  |  | Total |  |  |  |  |  | Positive |  |  | Negative |  |  | Net |  |  | Credit equivalent amount (1) |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OTC swap contracts |  | $ | 4,554 |  |  | $ | 21,884 |  |  | $ | 90,592 |  |  | $ | 117,030 |  |  |  |  |  |  | $ | 12,112 |  |  | $ | (7,717 | ) |  | $ | 4,395 |  |  | $ | 1,582 |  |  | $ | 29 |
Cleared swap contracts |  |  | 21,722 |  |  |  | 27,665 |  |  |  | 134,139 |  |  |  | 183,526 |  |  |  |  |  |  |  | 441 |  |  |  | (453 | ) |  |  | (12 | ) |  |  | – |  |  |  | – |
Forward contracts |  |  | 14,636 |  |  |  | 15,791 |  |  |  | 741 |  |  |  | 31,168 |  |  |  |  |  |  |  | 2,625 |  |  |  | (483 | ) |  |  | 2,142 |  |  |  | 299 |  |  |  | 5 |
Futures |  |  | 11,944 |  |  |  | – |  |  |  | – |  |  |  | 11,944 |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Options purchased |  |  | 1,406 |  |  |  | 2,789 |  |  |  | 6,513 |  |  |  | 10,708 |  |  |  |  |  |  |  | 515 |  |  |  | – |  |  |  | 515 |  |  |  | 113 |  |  |  | 9 |
Subtotal |  |  | 54,262 |  |  |  | 68,129 |  |  |  | 231,985 |  |  |  | 354,376 |  |  |  |  |  |  |  | 15,693 |  |  |  | (8,653 | ) |  |  | 7,040 |  |  |  | 1,994 |  |  |  | 43 |
Foreign exchange |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swap contracts |  |  | 1,941 |  |  |  | 8,869 |  |  |  | 26,903 |  |  |  | 37,713 |  |  |  |  |  |  |  | 801 |  |  |  | (2,181 | ) |  |  | (1,380 | ) |  |  | 1,302 |  |  |  | 25 |
Forward contracts |  |  | 14,798 |  |  |  | – |  |  |  | – |  |  |  | 14,798 |  |  |  |  |  |  |  | 58 |  |  |  | (79 | ) |  |  | (21 | ) |  |  | 85 |  |  |  | – |
Futures |  |  | 3,086 |  |  |  | – |  |  |  | – |  |  |  | 3,086 |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Credit derivatives |  |  | 11 |  |  |  | 33 |  |  |  | – |  |  |  | 44 |  |  |  |  |  |  |  | 1 |  |  |  | – |  |  |  | 1 |  |  |  | – |  |  |  | – |
Equity contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swap contracts |  |  | 669 |  |  |  | 323 |  |  |  | – |  |  |  | 992 |  |  |  |  |  |  |  | 57 |  |  |  | (10 | ) |  |  | 47 |  |  |  | 29 |  |  |  | – |
Futures |  |  | 11,359 |  |  |  | – |  |  |  | – |  |  |  | 11,359 |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Options purchased |  |  | 10,974 |  |  |  | 6,716 |  |  |  | 40 |  |  |  | 17,730 |  |  |  |  |  |  |  | 1,616 |  |  |  | (17 | ) |  |  | 1,599 |  |  |  | 766 |  |  |  | 8 |
Subtotal including accrued interest |  |  | 97,100 |  |  |  | 84,070 |  |  |  | 258,928 |  |  |  | 440,098 |  |  |  |  |  |  |  | 18,226 |  |  |  | (10,940 | ) |  |  | 7,286 |  |  |  | 4,176 |  |  |  | 76 |
Less accrued interest |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 723 |  |  |  | (902 | ) |  |  | (179 | ) |  |  | – |  |  |  | – |
Total |  | $ | 97,100 |  |  | $ | 84,070 |  |  | $ | 258,928 |  |  | $ | 440,098 |  |  |  |  |  |  | $ | 17,503 |  |  | $ | (10,038) |  |  | $ | 7,465 |  |  | $ | 4,176 |  |  | $ | 76 |
(1) | Credit equivalent amount is the sum of replacement cost and the potential future credit exposure less any collateral held. Replacement cost represents the current cost of replacing all contracts with a positive fair value. The amounts take into consideration legal contracts that permit offsetting of positions. The potential future credit exposure is calculated based on a formula prescribed by OSFI.
(2) | Capital requirement represents the credit equivalent amount, weighted according to the creditworthiness of the counterparty, as prescribed by OSFI.
Summary of Fair Value and the Fair Value Hierarchy of Derivative Instruments | Fair value and the fair value hierarchy of derivative instruments
As at December 31, 2022 |  | Fair value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Derivative assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 5,919 |  |  | $ | – |  |  | $ | 5,766 |  |  | $ | 153 |
Foreign exchange contracts |  |  | 2,299 |  |  |  | – |  |  |  | 2,298 |  |  |  | 1 |
Equity contracts |  |  | 366 |  |  |  | – |  |  |  | 361 |  |  |  | 5 |
Credit default swaps |  |  | 4 |  |  |  | – |  |  |  | 4 |  |  |  | – |
Total derivative assets |  | $ | 8,588 |  |  | $ | – |  |  | $ | 8,429 |  |  | $ | 159 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 12,025 |  |  | $ | – |  |  | $ | 8,689 |  |  | $ | 3,336 |
Foreign exchange contracts |  |  | 2,039 |  |  |  | – |  |  |  | 2,037 |  |  |  | 2 |
Equity contracts |  |  | 225 |  |  |  | – |  |  |  | 216 |  |  |  | 9 |
Total derivative liabilities |  | $ | 14,289 |  |  | $ | – |  |  | $ | 10,942 |  |  | $ | 3,347 |
As at December 31, 2021 |  | Fair value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Derivative assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 14,971 |  |  | $ | – |  |  | $ | 12,510 |  |  | $ | 2,461 |
Foreign exchange contracts |  |  | 854 |  |  |  | – |  |  |  | 854 |  |  |  | – |
Equity contracts |  |  | 1,677 |  |  |  | – |  |  |  | 1,616 |  |  |  | 61 |
Credit default swaps |  |  | 1 |  |  |  | – |  |  |  | 1 |  |  |  | – |
Total derivative assets |  | $ | 17,503 |  |  | $ | – |  |  | $ | 14,981 |  |  | $ | 2,522 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 7,829 |  |  | $ | – |  |  | $ | 7,419 |  |  | $ | 410 |
Foreign exchange contracts |  |  | 2,182 |  |  |  | – |  |  |  | 2,181 |  |  |  | 1 |
Equity contracts |  |  | 27 |  |  |  | – |  |  |  | 17 |  |  |  | 10 |
Total derivative liabilities |  | $ | 10,038 |  |  | $ | – |  |  | $ | 9,617 |  |  | $ | 421 |
Summary of Recognized Gains Losses on Derivatives and Hedged Items in Fair Value Hedges in Investment Income | The Company recognizes gains and losses on derivatives and the related hedged items in fair value hedges in investment income. These investment gains (losses) are shown in the following table.
For the year ended December 31, 2022 |  | Hedged items in qualifying fair value hedging relationships |  | Gains (losses) recognized on derivatives |  |  | Gains (losses) recognized for hedged items |  |  | Ineffectiveness recognized in investment income |
Foreign currency swaps |  | Fixed rate assets |  | $ | 7 |  |  |  | $ (5 | ) |  | $ | 2 |
Total |  |  |  | $ | 7 |  |  |  | $ (5 | ) |  | $ | 2 |
For the year ended December 31, 2021 |  | Hedged items in qualifying fair value hedging relationships |  | Gains (losses) recognized on derivatives |  |  | Gains (losses) recognized for hedged items |  |  | Ineffectiveness recognized in investment income |
Foreign currency swaps |  | Fixed rate assets |  | $ | 4 |  |  |  | $ (2 | ) |  | $ | 2 |
Total |  |  |  | $ | 4 |  |  |  | $ (2 | ) |  | $ | 2 |
Summary of Effects of Derivatives in Cash Flow Hedging Relationships | The effects of derivatives in cash flow hedging relationships on the Consolidated Statements of Income and the Consolidated Statements of Comprehensive Income are shown in the following table.
For the year ended December 31, 2022 |  | Hedged items in qualifying cash flow hedging relationships |  | Gains (losses) deferred in AOCI on derivatives |  |  | Gains (losses) reclassified from AOCI into investment income |  |  | Ineffectiveness recognized in investment income |
Foreign currency swaps |  | Fixed rate assets |  | $ | (1 | ) |  | $ | (1 | ) |  | $ | – |
|  | Floating rate liabilities |  |  | 175 |  |  |  | (49 | ) |  |  | – |
|  | Fixed rate liabilities |  |  | 34 |  |  |  | 35 |  |  |  | – |
Equity contracts |  | Stock-based compensation |  |  | 2 |  |  |  | 6 |  |  |  | – |
Total |  |  |  | $ | 210 |  |  | $ | (9) |  |  | $ | – |
For the year ended December 31, 2021 |  | Hedged items in qualifying cash flow hedging relationships |  | Gains (losses) deferred in AOCI on derivatives |  |  | Gains (losses) reclassified from AOCI into investment income |  |  | Ineffectiveness recognized in investment income |
Foreign currency swaps |  | Fixed rate assets |  | $ | (1 | ) |  | $ | (1 | ) |  | $ | – |
|  | Floating rate liabilities |  |  | 89 |  |  |  | 3 |  |  |  | – |
|  | Fixed rate liabilities |  |  | (19 | ) |  |  | (21 | ) |  |  | – |
Equity contracts |  | Stock-based compensation |  |  | 5 |  |  |  | 5 |  |  |  | – |
Total |  |  |  | $ | 74 |  |  | $ | (14 | ) |  | $ | – |
Summary of Effects of Net Investment Hedging Relationships | The effects of net investment hedging relationships on the Consolidated Statements of Income and the Consolidated Statements of Other Comprehensive Income are shown in the following table.
For the year ended December 31, 2022 |  | Gains (losses) deferred in AOCI |  |  | Gains (losses) reclassified from AOCI into investment income |  |  | Ineffectiveness recognized in investment income |
Non-functional currency denominated debt |  | $ | (458 | ) |  | $ | – |  |  | $ | – |
Forward contracts |  |  | 14 |  |  |  | – |  |  |  | – |
Total |  | $ | (444 | ) |  | $ | – |  |  | $ | – |
For the year ended December 31, 2021 |  | Gains (losses) deferred in AOCI |  |  | Gains (losses) reclassified from AOCI into investment income |  |  | Ineffectiveness recognized in investment income |
Non-functional currency denominated debt |  | $ | 61 |  |  | $ | – |  |  | $ | – |
Forward contracts |  |  | 59 |  |  |  | – |  |  |  | – |
Total |  | $ | 120 |  |  | $ | – |  |  | $ | – |
Summary of Investment Income on Derivatives Not Designated in Qualifying Hedge Accounting Relationships | Investment income on derivatives not designated in qualifying hedge accounting relationships
For the years ended December 31, |  | 2022 |  |  | 2021 |
Interest rate swaps |  | $ | (3,428 | ) |  | $ | (1,986 | )
Interest rate futures |  |  | (431 | ) |  |  | (687 | )
Interest rate options |  |  | (258 | ) |  |  | (133 | )
Foreign currency swaps |  |  | 1,171 |  |  |  | (166 | )
Currency rate futures |  |  | (103 | ) |  |  | 66 |
Forward contracts |  |  | (7,561 | ) |  |  | (1,751 | )
Equity futures |  |  | 794 |  |  |  | (2,140 | )
Equity contracts |  |  | (818 | ) |  |  | 871 |
Credit default swaps |  |  | – |  |  |  | (2 | )
Total |  | $ | (10,634 | ) |  | $ | (5,928 | )

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