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Adoption of IFRS 17 (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure of Detailed Information About Adoption of IFRS 17 [Abstract] |
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 assets |  |  | 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 re-measurement 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 re-measurement 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 re-measurement 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, excluding those for account of segregated fund holders |  | $ | 392,275 |  |  | $ | 21,466 | (1) |  | $ | 10,014 |  |  | $ | (18,134 | ) |  | $ | 405,621 |
Investment contract liabilities |  |  | 3,116 |  |  |  | – |  |  |  | – |  |  |  | 6,948 |  |  |  | 10,064 |
Other liabilities |  |  | 63,595 |  |  |  | (2,823 | ) |  |  | (784 | ) |  |  | 5,867 |  |  |  | 65,855 |
Insurance contract liabilities for account of segregated fund holders |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 130,836 |  |  |  | 130,836 |
Investment contract liabilities for account of segregated fund holders |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 268,952 |  |  |  | 268,952 |
Segregated funds net liabilities |  |  | 399,788 |  |  |  | – |  |  |  | – |  |  |  | (399,788 | ) |  |  | – |
Total liabilities |  |  | 858,774 |  |  |  | 18,643 |  |  |  | 9,230 |  |  |  | (5,319 | ) |  |  | 881,328 |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shareholders and other equity holders’ retained earnings |  |  | 23,492 |  |  |  | (13,607 | ) |  |  | (229 | ) |  |  | – |  |  |  | 9,656 |
Shareholders’ accumulated other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance finance income (expenses) |  |  | – |  |  |  | – |  |  |  | (17,117 | ) |  |  | – |  |  |  | (17,117 | )
Reinsurance finance income (expenses) |  |  | – |  |  |  | – |  |  |  | 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.

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