XML 35 R6.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows - CAD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Operating activities    
Net income $ 7,182 $ 6,912
Adjustments:    
Increase (decrease) in insurance contract liabilities (33,413) 10,719
Increase (decrease) in investment contract liabilities 41 44
(Increase) decrease in reinsurance assets excluding coinsurance transactions (note 7) 159 754
Amortization of (premium) discount on invested assets (32) 181
Other amortization 538 529
Net realized and unrealized (gains) losses and impairment on assets 47,270 4,824
Gain on U.S. variable annuity reinsurance transaction (pre-tax) (note 7) (1,070)  
Gain on derecognition of Joint Venture interest during Manulife TEDA acquisition (pre-tax) (notes 3 & 6) (95)  
Deferred income tax expense (recovery) 731 (127)
Stock option expense 5 9
Cash provided by operating activities before undernoted items 21,316 23,845
Cash decrease due to U.S. variable annuity reinsurance transaction (note 7) (1,377)  
Changes in policy related and operating receivables and payables (2,204) (690)
Cash provided by (used in) operating activities 17,735 23,155
Investing activities    
Purchases and mortgage advances (111,768) (120,965)
Disposals and repayments 93,407 96,728
Change in investment broker net receivables and payables (67) (186)
Net cash increase (decrease) from sale (purchase) of subsidiary (notes 3 & 6) (182) (19)
Cash provided by (used in) investing activities (18,610) (24,442)
Financing activities    
Issue of long-term debt, net (note 10) 946  
Redemption of long-term debt (note 10)   (1,250)
Redemption of capital instruments (note 11) (1,000) (818)
Secured borrowings (note 4(f)) 437 26
Change in repurchase agreements and securities sold but not yet purchased (551) 186
Change in deposits from Bank clients, net 1,703 (164)
Lease payments (120) (124)
Shareholders' dividends and other equity distributions (2,787) (2,500)
Common shares repurchased (note 12) (1,884)  
Common shares issued, net (note 12) 23 51
Preferred shares and other equity issued, net (note 12) 990 3,171
Preferred shares redeemed, net (note 12) (711) (612)
Contributions from (distributions to, acquisition of) non-controlling interests, net (51) (13)
Cash provided by (used in) financing activities (3,005) (2,047)
Cash and short-term securities    
Increase (decrease) during the year (3,880) (3,334)
Effect of foreign exchange rate changes on cash and short-term securities 585 (319)
Net cash and short-term securities, January 1 21,930 25,583
Net cash and short-term securities, December 31 18,635 21,930
Cash and short-term securities    
Gross cash and short-term securities, beginning of year 22,594 26,167
Net payments in transit, included in other liabilities, beginning of year (664) (584)
Net cash and short-term securities, January 1 21,930 25,583
Gross cash and short-term securities, end of year 19,153 22,594
Net payments in transit, included in other liabilities, end of year (518) (664)
Net cash and short-term securities, December 31 18,635 21,930
Supplemental disclosures on cash flow information    
Interest received 12,133 11,376
Interest paid 1,248 981
Income taxes paid $ 1,238 $ 571