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Insurance Contract Liabilities and Reinsurance Assets (Tables) | 12 Months Ended
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Dec. 31, 2022
Statement [LineItems] |
Summary of Insurance Contract Liabilities and Reinsurance Assets | The components of gross and net insurance contract liabilities are shown below.
As at December 31, |  | 2022 |  |  | 2021 |
Insurance contract liabilities |  | $ | 352,153 |  |  | $ | 374,890 |
Benefits payable and provision for unreported claims |  |  | 5,610 |  |  |  | 5,251 |
Policyholder amounts on deposit |  |  | 13,642 |  |  |  | 12,134 |
Gross insurance contract liabilities |  |  | 371,405 |  |  |  | 392,275 |
Reinsurance assets (1) |  |  | (47,674 | ) |  |  | (44,531 | )
Net insurance contract liabilities |  | $ | 323,731 |  |  | $ | 347,744 |
(1) | Reinsurance assets of $38 (2021 – $48) are related to investment contract liabilities, refer to note 8(b).
Summary of Composition of Insurance Contract Liabilities and Reinsurance Assets by Line of Business and Reporting Segment | The composition of insurance contract liabilities and reinsurance assets by the line of business and reporting segment is as follows. Gross insurance contract liabilities
|  | Individual insurance |  |  | Annuities and pensions |  |  | Other insurance contract liabilities (1) |  |  | Total, net of reinsurance ceded |  |  | Total reinsurance ceded |  |  | Total, gross of reinsurance ceded |
As at December 31, 2022 |  | Participating |  |  | Non- participating |
Asia |  | $ | 66,294 |  |  | $ | 34,684 |  |  | $ | 6,221 |  |  | $ | 4,142 |  |  | $ | 111,341 |  |  | $ | 2,727 |  |  | $ | 114,068 |
Canada |  |  | 12,637 |  |  |  | 38,325 |  |  |  | 13,593 |  |  |  | 14,095 |  |  |  | 78,650 |  |  |  | 1,676 |  |  |  | 80,326 |
U.S. |  |  | 7,867 |  |  |  | 67,789 |  |  |  | 11,273 |  |  |  | 46,849 |  |  |  | 133,778 |  |  |  | 43,137 |  |  |  | 176,915 |
Corporate and Other |  |  | – |  |  |  | (640 | ) |  |  | 24 |  |  |  | 578 |  |  |  | (38 | ) |  |  | 134 |  |  |  | 96 |
Total, net of reinsurance ceded |  |  | 86,798 |  |  |  | 140,158 |  |  |  | 31,111 |  |  |  | 65,664 |  |  |  | 323,731 |  |  |  | 47,674 |  |  |  | 371,405 |
Total reinsurance ceded |  |  | 8,552 |  |  |  | 22,434 |  |  |  | 15,793 |  |  |  | 895 |  |  |  | 47,674 |  |  |  |  |  |  |  |  |
Total, gross of reinsurance ceded |  | $ | 95,350 |  |  | $ | 162,592 |  |  | $ | 46,904 |  |  | $ | 66,559 |  |  | $ | 371,405 |  |  |  |  |  |  |  |  |
|  | Individual insurance |  |  | Annuities and pensions |  |  | Other insurance contract liabilities (1) |  |  | Total, net of reinsurance ceded |  |  | Total reinsurance ceded |  |  | Total, gross of reinsurance ceded |
As at December 31, 2021 |  | Participating |  |  | Non- participating |
Asia |  | $ | 64,586 |  |  | $ | 36,387 |  |  | $ | 6,869 |  |  | $ | 3,590 |  |  | $ | 111,432 |  |  | $ | 2,749 |  |  | $ | 114,181 |
Canada |  |  | 13,518 |  |  |  | 44,320 |  |  |  | 16,554 |  |  |  | 14,981 |  |  |  | 89,373 |  |  |  | 430 |  |  |  | 89,803 |
U.S. |  |  | 8,591 |  |  |  | 71,077 |  |  |  | 14,007 |  |  |  | 53,555 |  |  |  | 147,230 |  |  |  | 41,150 |  |  |  | 188,380 |
Corporate and Other |  |  | – |  |  |  | (676 | ) |  |  | 22 |  |  |  | 363 |  |  |  | (291 | ) |  |  | 202 |  |  |  | (89 | )
Total, net of reinsurance ceded |  |  | 86,695 |  |  |  | 151,108 |  |  |  | 37,452 |  |  |  | 72,489 |  |  |  | 347,744 |  |  |  | 44,531 |  |  |  | 392,275 |
Total reinsurance ceded |  |  | 8,144 |  |  |  | 20,767 |  |  |  | 14,681 |  |  |  | 939 |  |  |  | 44,531 |  |  |  |  |  |  |  |  |
Total, gross of reinsurance ceded |  | $ | 94,839 |  |  | $ | 171,875 |  |  | $ | 52,133 |  |  | $ | 73,428 |  |  | $ | 392,275 |  |  |  |  |  |  |  |  |
(1) | Other insurance contract liabilities include group insurance and individual and group health including long-term care insurance.
Summary of Carrying Value of Assets Backing Net Insurance Contract Liabilities, Other Liabilities and Capital | The following table presents the carrying value of assets backing net insurance contract liabilities, other liabilities and capital.
|  | Individual insurance |  |  | Annuities and pensions |  |  | Other insurance contract liabilities (1) |  |  | Other liabilities (2) |  |  | Capital (3) |  |  | Total |
As at December 31, 2022 |  | Participating |  |  | Non- participating |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  | $ | 42,279 |  |  | $ | 72,706 |  |  | $ | 15,686 |  |  | $ | 31,998 |  |  | $ | 9,739 |  |  | $ | 31,496 |  |  | $ | 203,904 |
Public equities |  |  | 12,253 |  |  |  | 6,792 |  |  |  | 336 |  |  |  | 562 |  |  |  | 675 |  |  |  | 2,901 |  |  |  | 23,519 |
Mortgages |  |  | 4,378 |  |  |  | 14,101 |  |  |  | 4,350 |  |  |  | 8,766 |  |  |  | 22,997 |  |  |  | 46 |  |  |  | 54,638 |
Private placements |  |  | 6,810 |  |  |  | 19,498 |  |  |  | 8,038 |  |  |  | 10,497 |  |  |  | 2,003 |  |  |  | 211 |  |  |  | 47,057 |
Real estate |  |  | 3,346 |  |  |  | 7,030 |  |  |  | 913 |  |  |  | 1,875 |  |  |  | (66 | ) |  |  | 174 |  |  |  | 13,272 |
Other |  |  | 17,732 |  |  |  | 20,031 |  |  |  | 1,788 |  |  |  | 11,966 |  |  |  | 427,369 |  |  |  | 27,665 |  |  |  | 506,551 |
Total |  | $ | 86,798 |  |  | $ | 140,158 |  |  | $ | 31,111 |  |  | $ | 65,664 |  |  | $ | 462,717 |  |  | $ | 62,493 |  |  | $ | 848,941 |
|  | Individual insurance |  |  | Annuities and pensions |  |  | Other insurance contract liabilities (1) |  |  | Other liabilities (2) |  |  | Capital (3) |  |  | Total |
As at December 31, 2021 |  | Participating |  |  | Non- participating |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  | $ | 43,278 |  |  | $ | 82,050 |  |  | $ | 19,575 |  |  | $ | 36,207 |  |  | $ | 10,723 |  |  | $ | 32,306 |  |  | $ | 224,139 |
Public equities |  |  | 14,667 |  |  |  | 8,112 |  |  |  | 453 |  |  |  | 374 |  |  |  | 626 |  |  |  | 3,835 |  |  |  | 28,067 |
Mortgages |  |  | 3,799 |  |  |  | 13,295 |  |  |  | 4,572 |  |  |  | 8,526 |  |  |  | 21,802 |  |  |  | 20 |  |  |  | 52,014 |
Private placements |  |  | 6,005 |  |  |  | 17,741 |  |  |  | 7,370 |  |  |  | 9,775 |  |  |  | 1,723 |  |  |  | 228 |  |  |  | 42,842 |
Real estate |  |  | 3,467 |  |  |  | 6,814 |  |  |  | 987 |  |  |  | 1,782 |  |  |  | 6 |  |  |  | 177 |  |  |  | 13,233 |
Other |  |  | 15,479 |  |  |  | 23,096 |  |  |  | 4,495 |  |  |  | 15,825 |  |  |  | 469,014 |  |  |  | 29,439 |  |  |  | 557,348 |
Total |  | $ | 86,695 |  |  | $ | 151,108 |  |  | $ | 37,452 |  |  | $ | 72,489 |  |  | $ | 503,894 |  |  | $ | 66,005 |  |  | $ | 917,643 |
(1) | Other insurance contract liabilities include group insurance and individual and group health including long-term care insurance.
(2) | Other liabilities are non-insurance contract liabilities which include segregated funds, bank deposits, long-term debt, deferred tax liabilities, derivatives, investment contracts, embedded derivatives and other miscellaneous liabilities.
(3) | Capital is defined in note 13.
Summary of Potential Impact on Net Income Attributed to Shareholders Arising From Changes to Non-economic Assumptions | Potential impact on net income attributed to shareholders arising from changes to non-economic assumptions (1)
|  | Decrease in after-tax net income attributed to shareholders |
As at December 31, |  | 2022 |  |  | 2021 |
Policy related assumptions |  |  |  |  |  |  |  |
2% adverse change in future mortality rates (2),(4) |  |  |  |  |  |  |  |
Products where an increase in rates increases insurance contract liabilities |  | $ | (500 | ) |  | $ | (500 | )
Products where a decrease in rates increases insurance contract liabilities |  |  | (500 | ) |  |  | (500 | )
5% adverse change in future morbidity rates (incidence and termination) (3),(4),(5) |  |  | (4,500 | ) |  |  | (5,500 | )
10% adverse change in future policy termination rates (4) |  |  | (2,200 | ) |  |  | (2,400 | )
5% increase in future expense levels |  |  | (600 | ) |  |  | (600 | )
(1) | The participating policy funds are largely self-supporting and generate no material impact on net income attributed to shareholders as a result of changes in non-economic assumptions. Experience gains or losses would generally result in changes to future dividends, with no direct impact to shareholders.
(2) | An increase in mortality rates will generally increase policy liabilities for life insurance contracts whereas a decrease in mortality rates will generally increase policy liabilities for policies with longevity risk such as payout annuities.
(3) | No amounts related to morbidity risk are included for policies where the policy liability provides only for claims costs expected over a short period, generally less than one year, such as Group Life and Health.
(4) | The impacts of the adverse sensitivities on LTC for morbidity, mortality and lapse do not assume any partial offsets from the Company’s ability to contractually raise premium rates in such events, subject to state regulatory approval. In practice, the Company would plan to file for rate increases equal to the amount of deterioration resulting from the sensitivities.
(5) | 5% deterioration in incidence rates and 5% deterioration in claim termination rates.
Summary of Actuarial Methods and Assumptions | The completion of the 2022 annual review of actuarial methods and assumptions resulted in a decrease in insurance contract liabilities, net of reinsurance, of $80, and a net gain to net income attributed to shareholders of $36 post-tax.
|  | Change in insurance contract liabilities, net of reinsurance |  |  |  |
For the year ended December 31, 2022 |  | Total |  |  | Attributed to participating policyholders’ account (1) |  |  | Attributed to shareholders’ account |  |  | Change in net income attributed to shareholders (post-tax) |
Long-term care triennial review |  | $ | 19 |  |  | $ | – |  |  | $ | 19 |  |  | $ | (15 | )
Mortality and morbidity updates |  |  | 157 |  |  |  | (5 | ) |  |  | 162 |  |  |  | (126 | )
Lapses and policyholder behaviour updates |  |  | 317 |  |  |  | 74 |  |  |  | 243 |  |  |  | (192 | )
Investment related updates |  |  | (210 | ) |  |  | (1 | ) |  |  | (209 | ) |  |  | 157 |
Other updates |  |  | (363 | ) |  |  | (145 | ) |  |  | (218 | ) |  |  | 212 |
Net impact |  | $ | (80 | ) |  | $ | (77 | ) |  | $ | (3 | ) |  | $ | 36 |
(1) | The change in insurance contract liabilities, net of reinsurance, attributable to the participating policyholders’ account was primarily driven by an increase in expected long-term interest rates within the valuation models to reflect the higher interest rate environment, partially offset by the lapse assumption update in Canada.
The completion of the 2021 annual review of actuarial methods and assumptions resulted in an increase in insurance contract liabilities of $287, net of reinsurance, and a decrease in net income attributed to shareholders of $41 post-tax.
|  | Change in insurance contract liabilities, net of reinsurance |  |  |  |
For the year ended December 31, 2021 |  | Total |  |  | Attributed to participating policyholders’ account (1) |  |  | Attributed to shareholders’ account |  |  | Change in net income attributed to shareholders (post-tax) |
U.S. variable annuity product review |  | $ | 51 |  |  | $ | – |  |  | $ | 51 |  |  | $ | (40 | )
Mortality and morbidity updates |  |  | 350 |  |  |  | – |  |  |  | 350 |  |  |  | (257 | )
Lapses and policyholder behaviour updates |  |  | 686 |  |  |  | 18 |  |  |  | 668 |  |  |  | (534 | )
Expense updates |  |  | (653 | ) |  |  | (25 | ) |  |  | (628 | ) |  |  | 503 |
Investment related updates |  |  | (257 | ) |  |  | (2 | ) |  |  | (255 | ) |  |  | 168 |
Other updates |  |  | 110 |  |  |  | 231 |  |  |  | (121 | ) |  |  | 119 |
Net impact |  | $ | 287 |  |  | $ | 222 |  |  | $ | 65 |  |  | $ | (41 | )
(1) | The change in insurance contract liabilities, net of reinsurance, attributable to the participating policyholders’ account was primarily driven by a reduction in the expected long-term interest rates within the valuation models to reflect the low interest rate environment.
Summary of Insurance Contract Liabilities, Payments Due by Period | Insurance contracts give rise to obligations fixed by agreement. As at December 31, 2022, the Company’s contractual obligations and commitments relating to insurance contracts are as follows.
Payments due by period |  | Less than 1 year |  |  | 1 to 3 years |  |  | 3 to 5 years |  |  | Over 5 years |  |  | Total |
Insurance contract liabilities (1) |  | $ | 11,498 |  |  | $ | 12,365 |  |  | $ | 18,496 |  |  | $ | 1,012,611 |  |  | $ | 1,054,970 |
(1) | Insurance contract liability cash flows include estimates related to the timing and payment of death and disability claims, policy surrenders, policy maturities, annuity payments, minimum guarantees on segregated fund products, policyholder dividends, commissions and premium taxes offset by contractual future premiums on in-force contracts. These estimated cash flows are based on the best estimate assumptions used in the determination of insurance contract liabilities. These amounts are undiscounted and reflect recoveries from reinsurance agreements. Due to the use of assumptions, actual cash flows may differ from these estimates. Cash flows include embedded derivatives measured separately at fair value.
Summary of Gross Claims and Benefits | The following table presents a breakdown of gross claims and benefits.
For the years ended December 31, |  | 2022 |  |  | 2021 |
Death, disability and other claims |  | $ | 19,404 |  |  | $ | 18,583 |
Maturity and surrender benefits |  |  | 10,662 |  |  |  | 8,728 |
Annuity payments |  |  | 3,242 |  |  |  | 3,276 |
Policyholder dividends and experience rating refunds |  |  | 1,279 |  |  |  | 1,255 |
Net transfers from segregated funds |  |  | (1,267 | ) |  |  | (732 | )
Total |  | $ | 33,320 |  |  | $ | 31,110 |
Long term care [member] |
Statement [LineItems] |
Summary of Potential Impact on Net Income Attributed to Shareholders Arising From Changes to Non-economic Assumptions | Potential impact on net income attributed to shareholders arising from changes to non-economic assumptions for Long-Term Care included in the above table (1),(2)
|  | Decrease in after-tax net income attributed to shareholders |
As at December 31, |  | 2022 |  |  | 2021 |
Policy related assumptions |  |  |  |  |  |  |  |
2% adverse change in future mortality rates |  | $ | (300 | ) |  | $ | (300 | )
5% adverse change in future morbidity incidence rates |  |  | (1,700 | ) |  |  | (2,000 | )
5% adverse change in future morbidity claims termination rates |  |  | (2,400 | ) |  |  | (3,100 | )
10% adverse change in future policy termination rates |  |  | (300 | ) |  |  | (400 | )
5% increase in future expense levels |  |  | (100 | ) |  |  | (100 | )
(1) | The impacts of the adverse sensitivities on LTC for morbidity, mortality and lapse do not assume any partial offsets from the Company’s ability to contractually raise premium rates in such events, subject to state regulatory approval. In practice, the Company would plan to file for rate increases equal to the amount of deterioration resulting from the sensitivities.
(2) | The impact of favourable changes to all the sensitivities is relatively symmetrical.
Life insurance contracts [Member] |
Statement [LineItems] |
Summary of Change in Insurance Contract Liabilities | The change in insurance contract liabilities was a result of the following business activities and changes in actuarial estimates.
For the year ended December 31, 2022 |  | Net actuarial liabilities |  |  | Other insurance contract liabilities (1) |  |  | Net insurance contract liabilities |  |  | Reinsurance assets |  |  | Gross insurance contract liabilities |
Balance, January 1 |  | $ | 332,272 |  |  | $ | 15,472 |  |  | $ | 347,744 |  |  | $ | 44,531 |  |  | $ | 392,275 |
New policies (2) |  |  | 5,365 |  |  |  | – |  |  |  | 5,365 |  |  |  | 116 |  |  |  | 5,481 |
Normal in-force movement (2) |  |  | (39,174 | ) |  |  | 1,216 |  |  |  | (37,958 | ) |  |  | (1,042 | ) |  |  | (39,000 | )
Changes in methods and assumptions (2) |  |  | 112 |  |  |  | (192 | ) |  |  | (80 | ) |  |  | 349 |  |  |  | 269 |
Reinsurance transactions (2) , (3) |  |  | (2,419 | ) |  |  | – |  |  |  | (2,419 | ) |  |  | 950 |  |  |  | (1,469 | )
Impact of changes in foreign exchange rates |  |  | 10,439 |  |  |  | 640 |  |  |  | 11,079 |  |  |  | 2,770 |  |  |  | 13,849 |
Balance, December 31 |  | $ | 306,595 |  |  | $ | 17,136 |  |  | $ | 323,731 |  |  | $ | 47,674 |  |  | $ | 371,405 |
For the year ended December 31, 2021 |  | Net actuarial liabilities |  |  | Other insurance contract liabilities (1) |  |  | Net insurance contract liabilities |  |  | Reinsurance assets |  |  | Gross insurance contract liabilities |
Balance, January 1 |  | $ | 325,408 |  |  | $ | 14,377 |  |  | $ | 339,785 |  |  | $ | 45,769 |  |  | $ | 385,554 |
New policies (4) |  |  | 5,947 |  |  |  | – |  |  |  | 5,947 |  |  |  | 276 |  |  |  | 6,223 |
Normal in-force movement (4) |  |  | 4,689 |  |  |  | 1,283 |  |  |  | 5,972 |  |  |  | (1,812 | ) |  |  | 4,160 |
Changes in methods and assumptions (4) |  |  | 287 |  |  |  | – |  |  |  | 287 |  |  |  | 455 |  |  |  | 742 |
Reinsurance transactions |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Impact of changes in foreign exchange rates |  |  | (4,059 | ) |  |  | (188 | ) |  |  | (4,247 | ) |  |  | (157 | ) |  |  | (4,404 | )
Balance, December 31 |  | $ | 332,272 |  |  | $ | 15,472 |  |  | $ | 347,744 |  |  | $ | 44,531 |  |  | $ | 392,275 |
(1) | Other insurance contract liabilities are comprised of benefits payable and provisions for unreported claims and policyholder amounts on deposit.
(2) | In 2022, the $34,971 decrease reported as the change in insurance contract liabilities on the 2022 Consolidated Statements of Income primarily consists of changes due to normal in-force movement, new policies, changes in methods and assumptions, and reinsurance transactions. These four items in the gross insurance contract liabilities were netted off by a decrease of $34,719, of which $35,830 is included in the Consolidated Statements of Income as a decrease in insurance contract liabilities and $1,111 increase is included in gross claims and benefits. The Consolidated Statements of Income change in insurance contract liabilities also includes the change in embedded derivatives associated with insurance contracts, however these embedded derivatives are included in other liabilities on the Consolidated Statements of Financial Position.
(3) | In 2022, we completed two transactions to reinsure blocks of legacy U.S. variable annuity (“VA”) policies. Under the terms of the transactions, the Company will retain responsibility for the maintenance of the policies with no intended impact to VA policyholders. The transactions were structured as coinsurance for the general fund liabilities and modified coinsurance for the segregated fund liabilities.
(4) | In 2021, the $10,719 increase reported as the change in insurance contract liabilities on the Consolidated Statements of Income primarily consists of changes due to normal in-force movement, new policies and changes in methods and assumptions. These three items in the gross insurance contract liabilities were netted off by an increase of $11,125, of which $9,868 is included in the Consolidated Statements of Income increase in insurance contract liabilities and $1,257 is included in gross claims and benefits. The Consolidated Statements of Income change in insurance contract liabilities also includes the change in embedded derivatives associated with insurance contracts.

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