Accounting and Reporting Changes (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Invested Assets Type Measurement Category And Its Transitional Differences Under IFRS 9

The following table presents invested assets by type and measurement category as at December 31, 2021, with transitional measurement differences and presentation differences and then invested assets by type and category as at January 1, 2022.


	December 31, 2021				Impact of IFRS 17 Amendments						January 1, 2022
	IAS 39 Measurement Category		Total carrying value		Measurement Differences			Presentation Differences			Total carrying value		Measurement Category
Cash and short-term securities		AFS	$	14,339	$	–		$	2,214		$	16,553		FVOCI (1)
		FVTPL		2,214		–			(2,214	)		–		FVTPL (2)
		Amortized cost		6,041		–			–			6,041		Amortized cost ( 3)
				22,594		–			–			22,594

Debt securities		AFS		33,097		–			184,365			217,462		FVOCI ( 1 )
		FVTPL		189,722		–			(184,365	)		5,357		FVTPL (2)
		Amortized cost		1,320		–			–			1,320		Amortized cost (3)
				224,139		–			–			224,139

Public equities		AFS		2,351		–			(2,351	)		–
		FVTPL		25,716		–			2,351			28,067		FVTPL ( 2 )
				28,067		–			–			28,067
Mortgages		AFS		–		1,897			29,901			31,798		FVOCI ( 1 )
		FVTPL		–		37			1,166			1,203		FVTPL (2)
		Amortized cost		52,014		–			(31,067	)		20,947		Amortized cost ( 3)
				52,014		1,934			–			53,948

Private placements		AFS		–		4,407			42,175			46,582		FVOCI ( 1 )
		FVTPL		–		40			667			707		FVTPL (2)
		Amortized cost		42,842		–			(42,842	)		–		Amortized cost ( 3)
				42,842		4,447			–			47,289

Policy loans		Amortized cost		6,397		–			(6,397	)		–		N/A (4)

Loans to Bank clients		Amortized cost		2,506		–			–			2,506		Amortized cost ( 3 )

Other invested asset s		AFS		89		(4	)		238			323		FVOCI (1)
		FVTPL		21,157		(10	)		617			21,764		FVTPL (2)
		Amortized cost		855		–			(855	)		–		Amortized cost (3)
				22,101		(14	)		–			22,087
Total in-scope invested assets				400,660		6,367			(6,397	)		400,630
Out-of-scope invested assets (5)		Other		26,438		1,035			–			27,473		Other (5)
Total Invested Assets			$	427,098	$	7,402		$	(6,397	)	$	428,103

(1)	The reclassification of unrealized gains (losses), net of tax, of $11,868 from retained earnings to accumulated other comprehensive income (AOCI) related to FVOCI classification of debt investments classified as FVTPL under IAS 39.

(2)	The reclassification of unrealized gains (losses), net of tax, of $268 from AOCI to retained earnings related to FVTPL classification of debt securities classified as FVOCI under IAS 39.

(3)	The remeasurement of debt securities from amortized cost to FVOCI or FVTPL resulted in an increase in carrying value of $6,367. The impact on AOCI and retained earnings, net of tax, was $5,041 and $952, respectively.

(4)	Policy loans were reclassified from invested assets to insurance contract liabilities under IFRS 17 with no remeasurement and no impact to equity.

(5)

Own use real estate properties which are underlying items for insurance contracts with direct participating features were remeasured to fair value as if they were investment properties, as permitted by IFRS 17. This remeasurement resulted in an increase of carrying value of $1,035. The impact to retained earnings, net of tax, was $915.

Schedule of Balance Sheet And Related Adjustments As of IFRS 17

The opening IFRS 17 balance sheet and related adjustments as at January 1, 2022 are presented below:


	IFRS 4 & IAS 39 December 31, 2021			OPENING IFRS BALANCE SHEET ADJUSTMENTS									IFRS 17 & IAS 39 January 1, 2022
				Measurement Differences
				Transition CSM			Contract Measurement			Presentation Differences
Assets

Total invested assets	$	427,098		$	–		$	7,402		$	(6,397	)	$	428,103
Total other assets		90,757			2,877			5,617			1,078			100,329
Segregated funds net assets		399,788			–			–			–			399,788
Total assets	$	917,643		$	2,877		$	13,019		$	(5,319	)	$	928,220
Liabilities and Equity
Insurance contract liabilities	$	392,275		$	21,466	(1)	$	10,014		$	(18,134	)	$	405,621
Segregated funds insurance net liabilities		–			–			–			130,836			130,836
Total insurance contract liabilities		392,275			21,466			10,014			112,702			536,457
Total investment contract liabilities		3,116			–			–			275,900			279,016
Other liabilities		63,595			(2,823	)		(784	)		5,867			65,855
Segregated funds net liabilities		399,788			–			–			(399,788	)		–
Total liabilities		858,774			18,643			9,230			(5,319	)		881,328
Equity
Shareholders’ r etained earnings		23,492			(13,607	)		(229	)		–			9,656
Shareholders’ accumulated other comprehensive income (loss)
Net insurance finance expenses		–			–			(17,117	)		–			(17,117	)
Net reinsurance finance income		–			–			984			–			984
FVOCI investments		848			–			16,916			–			17,764
Other equity items		34,068			–			–						34,068
Total shareholders’ equity		58,408			(13,607	)		554			–			45,355
Participating policyholders’ equity		(1,233	)		(1,440	) (1)		2,774			–			101
Non-controlling interests		1,694			(719	) (1)		461			–			1,436
Total equity		58,869			(15,766	)		3,789			–			46,892
Total liabilities and equity	$	917,643		$	2,877		$	13,019		$	(5,319	)	$	928,220

(1)	The post-tax CSM in the participating policyholders’ fund of $1.4 billion is expected to be recognized in shareholder net income over time. In addition, $0.7 billion of post-tax CSM is attributable to non-controlling interests.