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Information Provided in Connection with Investments in Deferred Annuity Contracts and SignatureNotes Issued or Assumed by John Hancock Life Insurance Company (U.S.A.) (Tables) | 12 Months Ended
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Dec. 31, 2023
Text block [abstract] |
Condensed Consolidated Statement of Financial Position | Condensed Consolidated Statement of Financial Position
As at December 31, 2023 |  | MFC (Guarantor) |  |  | JHUSA (Issuer) |  |  | Other subsidiaries |  |  | Consolidation adjustments |  |  | Consolidated MFC |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Invested assets |  | $ | 86 |  |  | $ | 109,433 |  |  | $ | 307,930 |  |  | $ | (239 | ) |  | $ | 417,210 |
Investments in unconsolidated subsidiaries |  |  | 58,694 |  |  |  | 8,674 |  |  |  | 17,916 |  |  |  | (85,284 | ) |  |  | – |
Insurance contract assets |  |  | – |  |  |  | – |  |  |  | 217 |  |  |  | (72 | ) |  |  | 145 |
Reinsurance contract held assets |  |  | – |  |  |  | 42,418 |  |  |  | 10,380 |  |  |  | (10,147 | ) |  |  | 42,651 |
Other assets |  |  | 329 |  |  |  | 8,731 |  |  |  | 32,700 |  |  |  | (3,736 | ) |  |  | 38,024 |
Segregated funds net assets |  |  | – |  |  |  | 188,067 |  |  |  | 191,241 |  |  |  | (1,764 | ) |  |  | 377,544 |
Total assets |  | $ | 59,109 |  |  | $ | 357,323 |  |  | $ | 560,384 |  |  | $ | (101,242 | ) |  | $ | 875,574 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance contract liabilities, excluding those for account of segregated fund holders |  | $ | – |  |  | $ | 145,589 |  |  | $ | 232,972 |  |  | $ | (10,565 | ) |  | $ | 367,996 |
Reinsurance contract held liabilities |  |  | – |  |  |  | – |  |  |  | 2,831 |  |  |  | – |  |  |  | 2,831 |
Investment contract liabilities |  |  | – |  |  |  | 3,487 |  |  |  | 8,928 |  |  |  | (599 | ) |  |  | 11,816 |
Other liabilities |  |  | 573 |  |  |  | 5,869 |  |  |  | 51,266 |  |  |  | (3,786 | ) |  |  | 53,922 |
Long-term debt |  |  | 6,071 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 6,071 |
Capital instruments |  |  | 5,426 |  |  |  | 594 |  |  |  | 647 |  |  |  | – |  |  |  | 6,667 |
Insurance contract liabilities for account of segregated fund holders |  |  | – |  |  |  | 51,719 |  |  |  | 62,424 |  |  |  | – |  |  |  | 114,143 |
Investment contract liabilities for account of segregated fund holders |  |  | – |  |  |  | 136,348 |  |  |  | 128,817 |  |  |  | (1,764 | ) |  |  | 263,401 |
Shareholders’ and other equity |  |  | 47,039 |  |  |  | 13,773 |  |  |  | 70,755 |  |  |  | (84,528 | ) |  |  | 47,039 |
Participating policyholders’ equity |  |  | – |  |  |  | (56 | ) |  |  | 313 |  |  |  | – |  |  |  | 257 |
Non-controlling interests |  |  | – |  |  |  | – |  |  |  | 1,431 |  |  |  | – |  |  |  | 1,431 |
Total liabilities and equity |  | $ | 59,109 |  |  | $ | 357,323 |  |  | $ | 560,384 |  |  | $ | (101,242 | ) |  | $ | 875,574 |
Condensed Consolidated Statement of Financial Position
|  | Restated (note 2) |
As at December 31, 2022 |  | MFC (Guarantor) |  |  | JHUSA (Issuer) |  |  | Other subsidiaries |  |  | Consolidation adjustments |  |  | Consolidated MFC |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Invested assets |  | $ | 63 |  |  | $ | 109,332 |  |  | $ | 291,266 |  |  | $ | (519 | ) |  | $ | 400,142 |
Investments in unconsolidated subsidiaries |  |  | 58,024 |  |  |  | 8,584 |  |  |  | 18,018 |  |  |  | (84,626 | ) |  |  | – |
Insurance contract assets |  |  | – |  |  |  | – |  |  |  | 739 |  |  |  | (66 | ) |  |  | 673 |
Reinsurance contract held assets |  |  | – |  |  |  | 44,849 |  |  |  | 11,215 |  |  |  | (10,193 | ) |  |  | 45,871 |
Other assets |  |  | 333 |  |  |  | 8,899 |  |  |  | 33,082 |  |  |  | (3,873 | ) |  |  | 38,441 |
Segregated funds net assets |  |  | – |  |  |  | 173,417 |  |  |  | 177,361 |  |  |  | (2,216 | ) |  |  | 348,562 |
Total assets |  | $ | 58,420 |  |  | $ | 345,081 |  |  | $ | 531,681 |  |  | $ | (101,493 | ) |  | $ | 833,689 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance contract liabilities, excluding those for account of segregated fund holders |  | $ | – |  |  | $ | 147,440 |  |  | $ | 217,942 |  |  | $ | (10,533 | ) |  | $ | 354,849 |
Reinsurance contract held liabilities |  |  | – |  |  |  | – |  |  |  | 2,391 |  |  |  | – |  |  |  | 2,391 |
Investment contract liabilities |  |  | – |  |  |  | 2,585 |  |  |  | 8,207 |  |  |  | (713 | ) |  |  | 10,079 |
Other liabilities |  |  | 450 |  |  |  | 7,206 |  |  |  | 53,186 |  |  |  | (3,616 | ) |  |  | 57,226 |
Long-term debt |  |  | 6,234 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 6,234 |
Capital instruments |  |  | 4,860 |  |  |  | 614 |  |  |  | 648 |  |  |  | – |  |  |  | 6,122 |
Insurance contract liabilities for account of segregated fund holders |  |  | – |  |  |  | 49,947 |  |  |  | 60,269 |  |  |  | – |  |  |  | 110,216 |
Investment contract liabilities for account of segregated fund holders |  |  | – |  |  |  | 123,470 |  |  |  | 117,092 |  |  |  | (2,216 | ) |  |  | 238,346 |
Shareholders’ and other equity |  |  | 46,876 |  |  |  | 13,865 |  |  |  | 70,550 |  |  |  | (84,415 | ) |  |  | 46,876 |
Participating policyholders’ equity |  |  | – |  |  |  | (46 | ) |  |  | (31 | ) |  |  | – |  |  |  | (77 | )
Non-controlling interests |  |  | – |  |  |  | – |  |  |  | 1,427 |  |  |  | – |  |  |  | 1,427 |
Total liabilities and equity |  | $ | 58,420 |  |  | $ | 345,081 |  |  | $ | 531,681 |  |  | $ | (101,493 | ) |  | $ | 833,689 |
Condensed Consolidated Statement of Income | Condensed Consolidated Statement of Income
For the year ended December 31, 2023 |  | MFC (Guarantor) |  |  | JHUSA (Issuer) |  |  | Other subsidiaries |  |  | Consolidation adjustments |  |  | Consolidated MFC |
Insurance service result |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance revenue |  | $ | – |  |  | $ | 9,858 |  |  | $ | 15,754 |  |  | $ | (1,640 | ) |  | $ | 23,972 |
Insurance service expenses |  |  | – |  |  |  | (8,928 | ) |  |  | (12,195 | ) |  |  | 1,741 |  |  |  | (19,382 | )
Net expenses from reinsurance contracts held |  |  | – |  |  |  | (315 | ) |  |  | (175 | ) |  |  | (123 | ) |  |  | (613 | )
Total insurance service result |  |  | – |  |  |  | 615 |  |  |  | 3,384 |  |  |  | (22 | ) |  |  | 3,977 |
Investment result |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  |  | 638 |  |  |  | 4,232 |  |  |  | 14,179 |  |  |  | (1,028 | ) |  |  | 18,021 |
Insurance / reinsurance finance income (expenses) |  |  | – |  |  |  | (4,723 | ) |  |  | (9,993 | ) |  |  | 88 |  |  |  | (14,628 | )
Other investment result |  |  | – |  |  |  | 100 |  |  |  | (432 | ) |  |  | (103 | ) |  |  | (435 | )
Total investment result |  |  | 638 |  |  |  | (391 | ) |  |  | 3,754 |  |  |  | (1,043 | ) |  |  | 2,958 |
Other revenue |  |  | 14 |  |  |  | 790 |  |  |  | 6,384 |  |  |  | (442 | ) |  |  | 6,746 |
Other expenses |  |  | (55 | ) |  |  | (1,112 | ) |  |  | (4,776 | ) |  |  | 268 |  |  |  | (5,675 | )
Interest expenses |  |  | (433 | ) |  |  | (79 | ) |  |  | (2,281 | ) |  |  | 1,239 |  |  |  | (1,554 | )
Net income (loss) before income taxes |  |  | 164 |  |  |  | (177 | ) |  |  | 6,465 |  |  |  | – |  |  |  | 6,452 |
Income tax (expenses) recoveries |  |  | 7 |  |  |  | 175 |  |  |  | (1,027 | ) |  |  | – |  |  |  | (845 | )
Net income (loss) after income taxes |  |  | 171 |  |  |  | (2 | ) |  |  | 5,438 |  |  |  | – |  |  |  | 5,607 |
Equity in net income (loss) of unconsolidated subsidiaries |  |  | 4,932 |  |  |  | 811 |  |  |  | 809 |  |  |  | (6,552 | ) |  |  | – |
Net income (loss) |  | $ | 5,103 |  |  | $ | 809 |  |  | $ | 6,247 |  |  | $ | (6,552 | ) |  | $ | 5,607 |
Net income (loss) attributed to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-controlling interests |  | $ | – |  |  | $ | – |  |  | $ | 144 |  |  | $ | – |  |  | $ | 144 |
Participating policyholders |  |  | – |  |  |  | (74 | ) |  |  | 360 |  |  |  | 74 |  |  |  | 360 |
Shareholders and other equity holders |  |  | 5,103 |  |  |  | 883 |  |  |  | 5,743 |  |  |  | (6,626 | ) |  |  | 5,103 |
|  | $ | 5,103 |  |  | $ | 809 |  |  | $ | 6,247 |  |  | $ | (6,552 | ) |  | $ | 5,607 |
Condensed Consolidated Statement of Income
|  | Restated (note 2) |
For the year ended December 31, 2022 |  | MFC (Guarantor) |  |  | JHUSA (Issuer) |  |  | Other subsidiaries |  |  | Consolidation adjustments |  |  | Consolidated MFC |
Insurance service result |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance revenue |  | $ | – |  |  | $ | 9,946 |  |  | $ | 14,760 |  |  | $ | (1,588 | ) |  | $ | 23,118 |
Insurance service expenses |  |  | – |  |  |  | (10,652 | ) |  |  | (12,417 | ) |  |  | 3,734 |  |  |  | (19,335 | )
Net expenses from reinsurance contracts held |  |  | – |  |  |  | (570 | ) |  |  | 281 |  |  |  | (334 | ) |  |  | (623 | )
Total insurance service result |  |  | – |  |  |  | (1,276 | ) |  |  | 2,624 |  |  |  | 1,812 |  |  |  | 3,160 |
Investment result |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  |  | 554 |  |  |  | (53 | ) |  |  | 781 |  |  |  | (945 | ) |  |  | 337 |
Insurance / reinsurance finance income (expenses) |  |  | – |  |  |  | (325 | ) |  |  | (4,376 | ) |  |  | (1,606 | ) |  |  | (6,307 | )
Other investment result |  |  | – |  |  |  | 36 |  |  |  | (426 | ) |  |  | (9 | ) |  |  | (399 | )
Total investment result |  |  | 554 |  |  |  | (342 | ) |  |  | (4,021 | ) |  |  | (2,560 | ) |  |  | (6,369 | )
Other revenue |  |  | (36 | ) |  |  | 505 |  |  |  | 6,181 |  |  |  | (464 | ) |  |  | 6,186 |
Other expenses |  |  | (42 | ) |  |  | (841 | ) |  |  | (4,455 | ) |  |  | 274 |  |  |  | (5,064 | )
Interest expenses |  |  | (439 | ) |  |  | (54 | ) |  |  | (1,496 | ) |  |  | 938 |  |  |  | (1,051 | )
Net income (loss) before income taxes |  |  | 37 |  |  |  | (2,008 | ) |  |  | (1,167 | ) |  |  | – |  |  |  | (3,138 | )
Income tax (expenses) recoveries |  |  | 32 |  |  |  | 624 |  |  |  | 503 |  |  |  | – |  |  |  | 1,159 |
Net income (loss) after income taxes |  |  | 69 |  |  |  | (1,384 | ) |  |  | (664 | ) |  |  | – |  |  |  | (1,979 | )
Equity in net income (loss) of unconsolidated subsidiaries |  |  | (2,002 | ) |  |  | 638 |  |  |  | (746 | ) |  |  | 2,110 |  |  |  | – |
Net income (loss) |  | $ | (1,933 | ) |  | $ | (746 | ) |  | $ | (1,410 | ) |  | $ | 2,110 |  |  | $ | (1,979 | )
Net income (loss) attributed to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-controlling interests |  | $ | – |  |  | $ | – |  |  | $ | 121 |  |  | $ | – |  |  | $ | 121 |
Participating policyholders |  |  | – |  |  |  | (530 | ) |  |  | 288 |  |  |  | 75 |  |  |  | (167 | )
Shareholde rs a nd other equity holders |  |  | (1,933 | ) |  |  | (216 | ) |  |  | (1,819 | ) |  |  | 2,035 |  |  |  | (1,933 | )
|  | $ | (1,933 | ) |  | $ | (746 | ) |  | $ | (1,410 | ) |  | $ | 2,110 |  |  | $ | (1,979 | )
Consolidated Statement of Cash Flows | Consolidated Statement of Cash Flows
For the year ended December 31, 2023 |  | MFC (Guarantor) |  |  | JHUSA (Issuer) |  |  | Other subsidiaries |  |  | Consolidation adjustments |  |  | Consolidated MFC |
Operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 5,103 |  |  | $ | 809 |  |  | $ | 6,247 |  |  | $ | (6,552 | ) |  | $ | 5,607 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in net income of unconsolidated subsidiaries |  |  | (4,932 | ) |  |  | (811 | ) |  |  | (809 | ) |  |  | 6,552 |  |  |  | – |
Increase (decrease) in net insurance contract liabilities |  |  | – |  |  |  | 455 |  |  |  | 10,242 |  |  |  | – |  |  |  | 10,697 |
Increase (decrease) in investment contract liabilities |  |  | – |  |  |  | (112 | ) |  |  | 547 |  |  |  | – |  |  |  | 435 |
(Increase) decrease in reinsurance contract assets, excluding reinsurance transactions |  |  | – |  |  |  | 28 |  |  |  | 946 |  |  |  | – |  |  |  | 974 |
Amortization of (premium) discount on invested assets |  |  | – |  |  |  | 30 |  |  |  | (171 | ) |  |  | – |  |  |  | (141 | )
Contractual service margin (“CSM”) amortization |  |  | – |  |  |  | (455 | ) |  |  | (1,543 | ) |  |  | – |  |  |  | (1,998 | )
Other amortization |  |  | 10 |  |  |  | 147 |  |  |  | 424 |  |  |  | – |  |  |  | 581 |
Net realized and unrealized (gains) losses and impairment on assets |  |  | 3 |  |  |  | 471 |  |  |  | (3,319 | ) |  |  | – |  |  |  | (2,845 | )
Deferred income tax expenses (recoveries) |  |  | (11 | ) |  |  | (141 | ) |  |  | 622 |  |  |  | – |  |  |  | 470 |
Stock option expense |  |  | – |  |  |  | (3 | ) |  |  | 5 |  |  |  | – |  |  |  | 2 |
Cash provided by (used in) operating activities before undernoted items |  |  | 173 |  |  |  | 418 |  |  |  | 13,191 |  |  |  | – |  |  |  | 13,782 |
Dividends from unconsolidated subsidiaries |  |  | 5,600 |  |  |  | 386 |  |  |  | (679 | ) |  |  | (5,307 | ) |  |  | – |
Changes in policy related and operating receivables and payables |  |  | (4 | ) |  |  | (649 | ) |  |  | 7,294 |  |  |  | – |  |  |  | 6,641 |
Cash provided by (used in) operating activities |  |  | 5,769 |  |  |  | 155 |  |  |  | 19,806 |  |  |  | (5,307 | ) |  |  | 20,423 |
Investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases and mortgage advances |  |  | – |  |  |  | (15,165 | ) |  |  | (68,856 | ) |  |  | – |  |  |  | (84,021 | )
Disposals and repayments |  |  | – |  |  |  | 16,159 |  |  |  | 54,122 |  |  |  | – |  |  |  | 70,281 |
Changes in investment broker net receivables and payables |  |  | – |  |  |  | 12 |  |  |  | 9 |  |  |  | – |  |  |  | 21 |
Net cash increase (decrease) from sale (purchase) of subsidiaries |  |  | – |  |  |  | – |  |  |  | (1 | ) |  |  | – |  |  |  | (1 | )
Investment in common shares of subsidiaries |  |  | (1,843 | ) |  |  | – |  |  |  | – |  |  |  | 1,843 |  |  |  | – |
Capital contribution to unconsolidated subsidiaries |  |  | – |  |  |  | (1 | ) |  |  | – |  |  |  | 1 |  |  |  | – |
Return of capital from unconsolidated subsidiaries |  |  | – |  |  |  | 5 |  |  |  | – |  |  |  | (5 | ) |  |  | – |
Notes receivable from parent |  |  | – |  |  |  | – |  |  |  | (4 | ) |  |  | 4 |  |  |  | – |
Notes receivable from subsidiaries |  |  | (25 | ) |  |  | – |  |  |  | – |  |  |  | 25 |  |  |  | – |
Cash provided by (used in) investing activities |  |  | (1,868 | ) |  |  | 1,010 |  |  |  | (14,730 | ) |  |  | 1,868 |  |  |  | (13,720 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in repurchase agreements and securities sold but not yet purchased |  |  | – |  |  |  | – |  |  |  | (693 | ) |  |  | – |  |  |  | (693 | )
Issue of capital instruments, net |  |  | 1,194 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1,194 |
Redemption of capital instruments |  |  | (600 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (600 | )
Secured borrowing from securitization transactions |  |  | – |  |  |  | – |  |  |  | 537 |  |  |  | – |  |  |  | 537 |
Changes in deposits from Bank clients, net |  |  | – |  |  |  | – |  |  |  | (895 | ) |  |  | – |  |  |  | (895 | )
Lease payments |  |  | – |  |  |  | (3 | ) |  |  | (95 | ) |  |  | – |  |  |  | (98 | )
Shareholders’ dividends and other equity distributions |  |  | (2,972 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (2,972 | )
Common shares repurchased |  |  | (1,595 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1,595 | )
Common shares issued, net |  |  | 94 |  |  |  | – |  |  |  | 1,843 |  |  |  | (1,843 | ) |  |  | 94 |
Contributions from (distributions to) non-controlling interests, net |  |  | – |  |  |  | – |  |  |  | (14 | ) |  |  | – |  |  |  | (14 | )
Dividends paid to parent |  |  | – |  |  |  | 679 |  |  |  | (5,986 | ) |  |  | 5,307 |  |  |  | – |
Capital contributions by parent |  |  | – |  |  |  | – |  |  |  | 1 |  |  |  | (1 | ) |  |  | – |
Return of capital to parent |  |  | – |  |  |  | – |  |  |  | (5 | ) |  |  | 5 |  |  |  | – |
Notes payable to parent |  |  | – |  |  |  | – |  |  |  | 25 |  |  |  | (25 | ) |  |  | – |
Notes payable to subsidiaries |  |  | 4 |  |  |  | – |  |  |  | – |  |  |  | (4 | ) |  |  | – |
Cash provided by (used in) financing activities |  |  | (3,875 | ) |  |  | 676 |  |  |  | (5,282 | ) |  |  | 3,439 |  |  |  | (5,042 | )
Cash and short-term securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase (decrease) during the year |  |  | 26 |  |  |  | 1,841 |  |  |  | (206 | ) |  |  | – |  |  |  | 1,661 |
Effect of foreign exchange rate changes on cash and short-term securities |  |  | (3 | ) |  |  | (52 | ) |  |  | (357 | ) |  |  | – |  |  |  | (412 | )
Balance, beginning of year |  |  | 63 |  |  |  | 2,215 |  |  |  | 16,357 |  |  |  | – |  |  |  | 18,635 |
Balance, end of year |  |  | 86 |  |  |  | 4,004 |  |  |  | 15,794 |  |  |  | – |  |  |  | 19,884 |
Cash and short-term securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross cash and short-term securities |  |  | 63 |  |  |  | 2,614 |  |  |  | 16,476 |  |  |  | – |  |  |  | 19,153 |
Net payments in transit, included in other liabilities |  |  | – |  |  |  | (399 | ) |  |  | (119 | ) |  |  | – |  |  |  | (518 | )
Net cash and short-term securities, beginning of year |  |  | 63 |  |  |  | 2,215 |  |  |  | 16,357 |  |  |  | – |  |  |  | 18,635 |
End of year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross cash and short-term securities |  |  | 86 |  |  |  | 4,329 |  |  |  | 15,923 |  |  |  | – |  |  |  | 20,338 |
Net payments in transit, included in other liabilities |  |  | – |  |  |  | (325 | ) |  |  | (129 | ) |  |  | – |  |  |  | (454 | )
Net cash and short-term securities, end of year |  | $ | 86 |  |  | $ | 4,004 |  |  | $ | 15,794 |  |  | $ | – |  |  | $ | 19,884 |
Supplemental disclosures on cash flow information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest received |  | $ | 650 |  |  | $ | 3,369 |  |  | $ | 10,166 |  |  | $ | (1,417 | ) |  | $ | 12,768 |
Interest paid |  |  | 418 |  |  |  | 115 |  |  |  | 2,432 |  |  |  | (1,417 | ) |  |  | 1,548 |
Income taxes paid (refund) |  |  | 2 |  |  |  | (1 | ) |  |  | 435 |  |  |  | – |  |  |  | 436 |
Consolidated Statement of Cash Flows
|  | Restated (note 2) |
For the year ended December 31, 2022 |  | MFC (Guarantor) |  |  | JHUSA (Issuer) |  |  | Other subsidiaries |  |  | Consolidation adjustments |  |  | Consolidated MFC |
Operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | (1,933 | ) |  | $ | (746 | ) |  | $ | (1,410 | ) |  | $ | 2,110 |  |  | $ | (1,979 | )
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in net income of unconsolidated subsidiaries |  |  | 2,002 |  |  |  | (638 | ) |  |  | 746 |  |  |  | (2,110 | ) |  |  | – |
Increase (decrease) in net insurance contract liabilities |  |  | – |  |  |  | 2,051 |  |  |  | 2,965 |  |  |  | – |  |  |  | 5,016 |
Increase (decrease) in investment contract liabilities |  |  | – |  |  |  | (111 | ) |  |  | 510 |  |  |  | – |  |  |  | 399 |
(Increase) decrease in reinsurance contract assets, excluding reinsurance transactions |  |  | – |  |  |  | 2 |  |  |  | 708 |  |  |  | – |  |  |  | 710 |
Amortization of (premium) discount on invested assets |  |  | – |  |  |  | 33 |  |  |  | (164 | ) |  |  | – |  |  |  | (131 | )
Contractual service margin (“CSM”) amortization |  |  | – |  |  |  | (578 | ) |  |  | (1,415 | ) |  |  | – |  |  |  | (1,993 | )
Other amortization |  |  | 9 |  |  |  | 156 |  |  |  | 354 |  |  |  | – |  |  |  | 519 |
Net realized and unrealized (gains) losses and impairment on assets |  |  | (36 | ) |  |  | 4,854 |  |  |  | 8,842 |  |  |  | – |  |  |  | 13,660 |
Gain on U.S. variable annuity reinsurance transaction (pre-tax) |  |  | – |  |  |  | (1,026 | ) |  |  | (44 | ) |  |  | – |  |  |  | (1,070 | )
Gain on derecognition of Joint Venture interest during Manulife TEDA acquisition (pre-tax) |  |  | – |  |  |  | – |  |  |  | (95 | ) |  |  | – |  |  |  | (95 | )
Deferred income tax expenses (recoveries) |  |  | (33 | ) |  |  | (354 | ) |  |  | (1,607 | ) |  |  | – |  |  |  | (1,994 | )
Stock option expense |  |  | – |  |  |  | (3 | ) |  |  | 8 |  |  |  | – |  |  |  | 5 |
Cash provided by (used in) operating activities before undernoted items |  |  | 9 |  |  |  | 3,640 |  |  |  | 9,398 |  |  |  | – |  |  |  | 13,047 |
Dividends from unconsolidated subsidiaries |  |  | 6,200 |  |  |  | 399 |  |  |  | 734 |  |  |  | (7,333 | ) |  |  | – |
Changes in policy related and operating receivables and payables |  |  | 44 |  |  |  | 1,644 |  |  |  | 3,270 |  |  |  | – |  |  |  | 4,958 |
Cash decrease due to U.S. variable annuity reinsurance transaction |  |  | – |  |  |  | (1,263 | ) |  |  | (114 | ) |  |  | – |  |  |  | (1,377 | )
Cash provided by (used in) operating activities |  |  | 6,253 |  |  |  | 4,420 |  |  |  | 13,288 |  |  |  | (7,333 | ) |  |  | 16,628 |
Investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases and mortgage advances |  |  | – |  |  |  | (28,685 | ) |  |  | (82,873 | ) |  |  | – |  |  |  | (111,558 | )
Disposals and repayments |  |  | 1 |  |  |  | 23,429 |  |  |  | 69,977 |  |  |  | – |  |  |  | 93,407 |
Changes in investment broker net receivables and payables |  |  | – |  |  |  | (11 | ) |  |  | (56 | ) |  |  | – |  |  |  | (67 | )
Net cash increase (decrease) from sale (purchase) of subsidiaries |  |  | – |  |  |  | – |  |  |  | (182 | ) |  |  | – |  |  |  | (182 | )
Investment in common shares of subsidiaries |  |  | (2,479 | ) |  |  | – |  |  |  | – |  |  |  | 2,479 |  |  |  | – |
Capital contribution to unconsolidated subsidiaries |  |  | – |  |  |  | (1 | ) |  |  | – |  |  |  | 1 |  |  |  | – |
Return of capital from unconsolidated subsidiaries |  |  | – |  |  |  | 19 |  |  |  | – |  |  |  | (19 | ) |  |  | – |
Notes receivable from parent |  |  | – |  |  |  | – |  |  |  | 415 |  |  |  | (415 | ) |  |  | – |
Notes receivable from subsidiaries |  |  | 46 |  |  |  | (7 | ) |  |  | – |  |  |  | (39 | ) |  |  | – |
Cash provided by (used in) investing activities |  |  | (2,432 | ) |  |  | (5,256 | ) |  |  | (12,719 | ) |  |  | 2,007 |  |  |  | (18,400 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in repurchase agreements and securities sold but not yet purchased |  |  | – |  |  |  | – |  |  |  | 346 |  |  |  | – |  |  |  | 346 |
Issue of long-term debt, net |  |  | 946 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 946 |
Redemption of capital instruments |  |  | – |  |  |  | – |  |  |  | (1,000 | ) |  |  | – |  |  |  | (1,000 | )
Secured borrowing from securitization transactions |  |  | – |  |  |  | – |  |  |  | 437 |  |  |  | – |  |  |  | 437 |
Changes in deposits from Bank clients, net |  |  | – |  |  |  | – |  |  |  | 1,703 |  |  |  | – |  |  |  | 1,703 |
Lease payments |  |  | – |  |  |  | (5 | ) |  |  | (115 | ) |  |  | – |  |  |  | (120 | )
Shareholders’ dividends and other equity distributions |  |  | (2,787 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (2,787 | )
Common shares repurchased |  |  | (1,884 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1,884 | )
Common shares issued, net |  |  | 23 |  |  |  | – |  |  |  | 2,479 |  |  |  | (2,479 | ) |  |  | 23 |
Preferred shares and other equity issued, net |  |  | 990 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 990 |
Preferred shares redeemed, net |  |  | (711 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (711 | )
Contributions from (distributions to) non-controlling interests, net |  |  | – |  |  |  | – |  |  |  | (51 | ) |  |  | – |  |  |  | (51 | )
Dividends paid to parent |  |  | – |  |  |  | (734 | ) |  |  | (6,599 | ) |  |  | 7,333 |  |  |  | – |
Capital contributions by parent |  |  | – |  |  |  | – |  |  |  | 1 |  |  |  | (1 | ) |  |  | – |
Return of capital to parent |  |  | – |  |  |  | – |  |  |  | (19 | ) |  |  | 19 |  |  |  | – |
Notes payable to parent |  |  | – |  |  |  | – |  |  |  | (39 | ) |  |  | 39 |  |  |  | – |
Notes payable to subsidiaries |  |  | (415 | ) |  |  | – |  |  |  | – |  |  |  | 415 |  |  |  | – |
Cash provided by (used in) financing activities |  |  | (3,838 | ) |  |  | (739 | ) |  |  | (2,857 | ) |  |  | 5,326 |  |  |  | (2,108 | )
Cash and short-term securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase (decrease) during the year |  |  | (17 | ) |  |  | (1,575 | ) |  |  | (2,288 | ) |  |  | – |  |  |  | (3,880 | )
Effect of foreign exchange rate changes on cash and short-term securities |  |  | 2 |  |  |  | 225 |  |  |  | 358 |  |  |  | – |  |  |  | 585 |
Balance, beginning of year |  |  | 78 |  |  |  | 3,565 |  |  |  | 18,287 |  |  |  | – |  |  |  | 21,930 |
Balance, end of year |  |  | 63 |  |  |  | 2,215 |  |  |  | 16,357 |  |  |  | – |  |  |  | 18,635 |
Cash and short-term securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of ye ar |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross cash and short-term securities |  |  | 78 |  |  |  | 4,087 |  |  |  | 18,429 |  |  |  | – |  |  |  | 22,594 |
Net payments in transit, included in other liabilities |  |  | – |  |  |  | (522 | ) |  |  | (142 | ) |  |  | – |  |  |  | (664 | )
Net cash and short-term securities, beginning of year |  |  | 78 |  |  |  | 3,565 |  |  |  | 18,287 |  |  |  | – |  |  |  | 21,930 |
End of year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross cash and short-term securities |  |  | 63 |  |  |  | 2,614 |  |  |  | 16,476 |  |  |  | – |  |  |  | 19,153 |
Net payments in transit, included in other liabilities |  |  | – |  |  |  | (399 | ) |  |  | (119 | ) |  |  | – |  |  |  | (518 | )
Net cash and short-term securities, end of year |  | $ | 63 |  |  | $ | 2,215 |  |  | $ | 16,357 |  |  | $ | – |  |  | $ | 18,635 |
Supplemental disclosures on cash flow information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest received |  | $ | 512 |  |  | $ | 3,850 |  |  | $ | 8,672 |  |  | $ | (1,161 | ) |  | $ | 11,873 |
Interest paid |  |  | 424 |  |  |  | 84 |  |  |  | 1,608 |  |  |  | (1,161 | ) |  |  | 955 |
Income taxes paid (refund) |  |  | – |  |  |  | 124 |  |  |  | 1,114 |  |  |  | – |  |  |  | 1,238 |

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