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Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2023
Statement [LineItems] |
Summary of Potential Immediate Impacts on Contractual Service Margin, Net Income Attributed to Shareholders, Other Comprehensive Income Attributed to Shareholders, and Total Comprehensive Income Attributed to Shareholders from Changes in ALDA Market Values | Potential immediate impacts on contractual service margin, net income attributed to shareholders, other comprehensive income attributed to shareholders, and total comprehensive income attributed to shareholders from changes in ALDA market values (1)
As at |  |  |  |  | December 31, 2023 |  |  |  |  |  | December 31, 2022 |
(post-tax except CSM) |  |  |  |  | -10% |  |  | +10% |  |  |  |  |  | -10% |  |  | +10% |
CSM excluding NCI |  |  |  |  |  | $ | (100 | ) |  | $ | 100 |  |  |  |  |  |  | $ | (100 | ) |  | $ | 100 |
Net income attributed to shareholders |  |  |  |  |  |  | (2,400 | ) |  |  | 2,400 |  |  |  |  |  |  |  | (2,500 | ) |  |  | 2,500 |
Other comprehensive income attributed to shareholders |  |  |  |  |  |  | (200 | ) |  |  | 200 |  |  |  |  |  |  |  | (100 | ) |  |  | 100 |
Total comprehensive income attributed to shareholders |  |  |  |  |  |  | (2,600 | ) |  |  | 2,600 |  |  |  |  |  |  |  | (2,600 | ) |  |  | 2,600 |
(1) | See “Caution related to sensitivities” above.
Summary of Investment Categories for Variable Contracts with Guarantees | Investment categories for variable contracts with guarantees
Variable contracts with guarantees, including variable annuities and variable life, are invested, at the policyholder’s discretion subject to contract limitations, in various fund types within the segregated fund accounts and other investments. The account balances by investment category are set out below.
As at December 31, Investment category |  | 2023 |  |  | 2022 |
Equity funds |  | $ | 45,593 |  |  | $ | 42,506 |
Balanced funds |  |  | 35,801 |  |  |  | 36,290 |
Bond funds |  |  | 8,906 |  |  |  | 9,336 |
Money market funds |  |  | 1,559 |  |  |  | 1,924 |
Other fixed interest rate investments |  |  | 1,907 |  |  |  | 2,029 |
Total |  | $ | 93,766 |  |  | $ | 92,085 |
Summary of Potential Impacts on Contractual Service Margin, Net Income Attributed to Shareholders, Other Comprehensive Income Attributed to Shareholders, and Total Comprehensive Income Attributed to Shareholders of an Immediate Parallel Change in Interest Rates, Corporate Spreads or Swap Spreads Relative to Current Rates | Potential impacts on contractual service margin, net income attributed to shareholders, other comprehensive income attributed to shareholders, and total comprehensive income attributed to shareholders of an immediate parallel change in interest rates, corporate spreads or swap spreads relative to current rates (1),(2),(3) ,(4)
As at December 31, 2023 |  | Interest rates |  |  |  |  |  | Corporate spreads |  |  |  |  |  | Swap spreads |
(post-tax except CSM) |  | -50bp |  |  | +50bp |  |  |  |  |  | -50bp |  |  | +50bp |  |  |  |  |  | -20bp |  |  | +20bp |
CSM |  | $ | – |  |  | $ | (100 | ) |  |  |  |  |  | $ | – |  |  | $ | (100 | ) |  |  |  |  |  | $ | – |  |  | $ | – |
Net income attributed to shareholders |  |  | 100 |  |  |  | (100 | ) |  |  |  |  |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 100 |  |  |  | (100 | )
Other comprehensive income attributed to shareholders |  |  | (300 | ) |  |  | 300 |  |  |  |  |  |  |  | (200 | ) |  |  | 300 |  |  |  |  |  |  |  | (100 | ) |  |  | 100 |
Total comprehensive income attributed to shareholders |  |  | (200 | ) |  |  | 200 |  |  |  |  |  |  |  | (200 | ) |  |  | 300 |  |  |  |  |  |  |  | – |  |  |  | – |
As at December 31, 2022 |  | Interest rates |  |  |  |  |  | Corporate spreads |  |  |  |  |  | Swap spreads |
( post-tax except CSM) |  | -50bp |  |  | +50bp |  |  |  |  |  | -50bp |  |  | +50bp |  |  |  |  |  | -20bp |  |  | +20bp |
CSM |  | $ | (100 | ) |  | $ | – |  |  |  |  |  |  | $ | (100 | ) |  | $ | – |  |  |  |  |  |  | $ | – |  |  | $ | – |
Net income attributed to shareholders |  |  | 1,700 |  |  |  | (1,500 | ) |  |  |  |  |  |  | – |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |
Other comprehensive income attributed to shareholders |  |  | (1,900 | ) |  |  | 1,600 |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |
Total comprehensive income attributed to shareholders |  |  | (200 | ) |  |  | 100 |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |
(1) | See “Caution related to sensitivities” above.
(2) | Estimates include changes to the net actuarial gains/losses with respect to the Company’s pension obligations as a result of changes in interest rates.
(3) | Includes guaranteed insurance and annuity products, including variable annuity contracts as well as adjustable benefit products where benefits are generally adjusted as interest rates and investment returns change, a portion of which have minimum credited rate guarantees. For adjustable benefit products subject to minimum rate guarantees, the sensitivities are based on the assumption that credited rates will be floored at the minimum.
(4) | The Company adopted IFRS 9 hedge accounting prospectively from January 1, 2023, as such the sensitivity results for 2023 and 2022 are based on different accounting basis in which 2023 includes the impacts of hedge accounting and 2022 does not.
Summary of Gross Carrying Amount of Financial Instruments Subject to Credit Exposure | The following table presents financial instruments subject to credit exposure, without considering any collateral held or other credit enhancements, and other significant credit risk exposures from loan commitments, with allowances, presenting separately Stage 1, Stage 2, and Stage 3 credit risk profiles. For each asset type presented in the table, amortized cost and FVOCI financial instruments are presented together. Amortized cost financial instruments are shown gross of the allowance for credit losses, which is shown separately. FVOCI financial instruments are shown at fair value with the allowance for credit losses shown separately.
As at December 31, 2023 |  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | $ | 198,935 |  |  | $ | 2,252 |  |  | $ | – |  |  | $ | 201,187 |
Non-investment grade |  |  | 5,367 |  |  |  | 596 |  |  |  | – |  |  |  | 5,963 |
Default |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Total |  |  | 204,302 |  |  |  | 2,848 |  |  |  | – |  |  |  | 207,150 |
Allowance for credit losses on assets measured at amortized cost |  |  | – |  |  |  | 1 |  |  |  | – |  |  |  | 1 |
Net of allowance |  |  | 204,302 |  |  |  | 2,847 |  |  |  | – |  |  |  | 207,149 |
Allowance for credit losses on assets measured at FVOCI |  |  | 283 |  |  |  | 54 |  |  |  | 6 |  |  |  | 343 |
Private placements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  |  | 37,722 |  |  |  | 1,644 |  |  |  | – |  |  |  | 39,366 |
Non-investment grade |  |  | 5,210 |  |  |  | 295 |  |  |  | 81 |  |  |  | 5,586 |
Total |  |  | 42,932 |  |  |  | 1,939 |  |  |  | 81 |  |  |  | 44,952 |
Allowance for credit losses on assets measured at amortized cost |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Net of allowance |  |  | 42,932 |  |  |  | 1,939 |  |  |  | 81 |  |  |  | 44,952 |
Allowance for credit losses on assets measured at FVOCI |  |  | 126 |  |  |  | 108 |  |  |  | 83 |  |  |  | 317 |
Commercial mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AAA |  |  | 279 |  |  |  | – |  |  |  | – |  |  |  | 279 |
AA |  |  | 6,815 |  |  |  | – |  |  |  | – |  |  |  | 6,815 |
A |  |  | 14,259 |  |  |  | 134 |  |  |  | – |  |  |  | 14,393 |
BBB |  |  | 5,513 |  |  |  | 984 |  |  |  | – |  |  |  | 6,497 |
BB |  |  | 10 |  |  |  | 532 |  |  |  | – |  |  |  | 542 |
B and lower |  |  | 145 |  |  |  | 71 |  |  |  | 107 |  |  |  | 323 |
Total |  |  | 27,021 |  |  |  | 1,721 |  |  |  | 107 |  |  |  | 28,849 |
Allowance for credit losses on assets measured at amortized cost |  |  | 1 |  |  |  | 2 |  |  |  | – |  |  |  | 3 |
Net of allowance |  |  | 27,020 |  |  |  | 1,719 |  |  |  | 107 |  |  |  | 28,846 |
Allowance for credit losses on assets measured at FVOCI |  |  | 40 |  |  |  | 42 |  |  |  | 143 |  |  |  | 225 |
Residential mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  | 20,898 |  |  |  | 1,570 |  |  |  | – |  |  |  | 22,468 |
Non-performing |  |  | – |  |  |  | – |  |  |  | 60 |  |  |  | 60 |
Total |  |  | 20,898 |  |  |  | 1,570 |  |  |  | 60 |  |  |  | 22,528 |
Allowance for credit losses on assets measured at amortized cost |  |  | 4 |  |  |  | 2 |  |  |  | 2 |  |  |  | 8 |
Net of allowance |  |  | 20,894 |  |  |  | 1,568 |  |  |  | 58 |  |  |  | 22,520 |
Allowance for credit losses on assets measured at FVOCI |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Loans to Bank clients |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  | 2,387 |  |  |  | 44 |  |  |  | – |  |  |  | 2,431 |
Non-performing |  |  | – |  |  |  | – |  |  |  | 8 |  |  |  | 8 |
Total |  |  | 2,387 |  |  |  | 44 |  |  |  | 8 |  |  |  | 2,439 |
Allowance for credit losses on assets measured at amortized cost |  |  | 2 |  |  |  | – |  |  |  | 1 |  |  |  | 3 |
Net of allowance |  |  | 2,385 |  |  |  | 44 |  |  |  | 7 |  |  |  | 2,436 |
Allowance for credit losses on assets measured at FVOCI |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Other invested assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  |  | 3,791 |  |  |  | – |  |  |  | – |  |  |  | 3,791 |
Below investment grade |  |  | 360 |  |  |  | – |  |  |  | – |  |  |  | 360 |
Default |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Total |  |  | 4,151 |  |  |  | – |  |  |  | – |  |  |  | 4,151 |
Allowance for credit losses on assets measured at amortized cost |  |  | 1 |  |  |  | – |  |  |  | – |  |  |  | 1 |
Net of allowance |  |  | 4,150 |  |  |  | – |  |  |  | – |  |  |  | 4,150 |
Allowance for credit losses on assets measured at FVOCI |  |  | 16 |  |  |  | – |  |  |  | – |  |  |  | 16 |
Loan commitments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses |  |  | 9 |  |  |  | 1 |  |  |  | 2 |  |  |  | 12 |
Net of allowance, total |  | $ | 301,683 |  |  | $ | 8,117 |  |  | $ | 253 |  |  | $ | 310,053 |
Summary of Carrying Value of Past Due but Not Impaired and Impaired Financial Assets | The following table presents past due but not impaired and impaired financial assets as at December 31, 2022 under IAS 39.
|  | Past due but not impaired |  |  |  |
As at December 31, 2022 |  | Less than 90 days |  |  | 90 days and greater |  |  | Total |  |  | Total impaired |
Debt securities (1),(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FVTPL |  | $ | 2,059 |  |  | $ | 71 |  |  | $ | 2,130 |  |  | $ | 9 |
AFS |  |  | 922 |  |  |  | – |  |  |  | 922 |  |  |  | – |
Private placements (1) |  |  | 317 |  |  |  | 152 |  |  |  | 469 |  |  |  | 229 |
Mortgages and loans to Bank clients |  |  | 103 |  |  |  | – |  |  |  | 103 |  |  |  | 74 |
Other financial assets |  |  | 36 |  |  |  | 34 |  |  |  | 70 |  |  |  | 1 |
Total |  | $ | 3,437 |  |  | $ | 257 |  |  | $ | 3,694 |  |  | $ | 313 |
(1) | Payments of $12 on $3,297 of financial assets past due less than 90 days were delayed.
(2) | Payments of $4 on $224 of financial assets past due greater than 90 days were delayed.
Summary of Macroeconoic Variables Used to Measure Allowance for Credit Losses | The following table shows certain key macroeconomic variables used to estimate the ECL allowances by market. For the base case, upside and downside scenarios, the projections are provided for the next 12 months and then for the remaining forecast period, which represents a medium-term view.
|  |  |  |  | Base case scenario |  |  |  |  |  | Upside scenario |  |  |  |  |  | Downside scenario 1 |  |  |  |  |  | Downside scenario 2 |
As at December 31, 2023 |  | Current quarter |  |  | Next 12 months |  |  | Ensuing 4 years |  |  |  |  |  | Next 12 months |  |  | Ensuing 4 years |  |  |  |  |  | Next 12 months |  |  | Ensuing 4 years |  |  |  |  |  | Next 12 months |  |  | Ensuing 4 years |
Canada |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Domestic Product (GDP), in U.S. $ billions |  |  | $  1,448 |  |  |  | 1.6% |  |  |  | 2.0% |  |  |  |  |  |  |  | 3.6% |  |  |  | 2.3% |  |  |  |  |  |  |  | (2.1%) |  |  |  | 2.2% |  |  |  |  |  |  |  | (4.1%) |  |  |  | 2.1% |
Unemployment rate |  |  | 5.8% |  |  |  | 6.0% |  |  |  | 5.8% |  |  |  |  |  |  |  | 5.3% |  |  |  | 4.9% |  |  |  |  |  |  |  | 7.9% |  |  |  | 7.7% |  |  |  |  |  |  |  | 9.2% |  |  |  | 9.3% |
NYMEX Light Sweet Crude Oil (in U.S. dollars, per barrel) |  |  | $   85.7 |  |  |  | 82.8 |  |  |  | 71.4 |  |  |  |  |  |  |  | 85.3 |  |  |  | 71.7 |  |  |  |  |  |  |  | 68.0 |  |  |  | 64.8 |  |  |  |  |  |  |  | 58.9 |  |  |  | 58.6 |
U.S. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Domestic Product (GDP), in U.S. $ billions |  |  | $ 22,531 |  |  |  | 1.3% |  |  |  | 2.3% |  |  |  |  |  |  |  | 3.6% |  |  |  | 2.4% |  |  |  |  |  |  |  | (2.5%) |  |  |  | 2.6% |  |  |  |  |  |  |  | (4.2%) |  |  |  | 2.5% |
Unemployment rate |  |  | 3.9% |  |  |  | 3.9% |  |  |  | 4.0% |  |  |  |  |  |  |  | 3.2% |  |  |  | 3.3% |  |  |  |  |  |  |  | 6.5% |  |  |  | 5.8% |  |  |  |  |  |  |  | 6.9% |  |  |  | 7.6% |
7-10 Year BBB U.S. Corporate Index |  |  | 6.6% |  |  |  | 6.5% |  |  |  | 6.0% |  |  |  |  |  |  |  | 6.2% |  |  |  | 6.1% |  |  |  |  |  |  |  | 6.0% |  |  |  | 5.4% |  |  |  |  |  |  |  | 6.6% |  |  |  | 5.3% |
Japan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Domestic Product (GDP), in JPY billions |  |  | ¥559,492 |  |  |  | 0.4% |  |  |  | 0.8% |  |  |  |  |  |  |  | 2.5% |  |  |  | 1.0% |  |  |  |  |  |  |  | (4.6%) |  |  |  | 1.1% |  |  |  |  |  |  |  | (8.3%) |  |  |  | 1.7% |
Unemployment rate |  |  | 2.7% |  |  |  | 2.7% |  |  |  | 2.4% |  |  |  |  |  |  |  | 2.6% |  |  |  | 2.2% |  |  |  |  |  |  |  | 3.2% |  |  |  | 3.1% |  |  |  |  |  |  |  | 3.3% |  |  |  | 3.7% |
Hong Kong |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unemployment rate |  |  | 2.8% |  |  |  | 2.9% |  |  |  | 3.2% |  |  |  |  |  |  |  | 2.6% |  |  |  | 2.8% |  |  |  |  |  |  |  | 4.0% |  |  |  | 4.0% |  |  |  |  |  |  |  | 4.4% |  |  |  | 4.8% |
Hang Seng Index |  |  | 19,316 |  |  |  | 20.9% |  |  |  | 5.1% |  |  |  |  |  |  |  | 35.4% |  |  |  | 4.7% |  |  |  |  |  |  |  | (13.6%) |  |  |  | 11.3% |  |  |  |  |  |  |  | (34.1%) |  |  |  | 14.8% |
China |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Domestic Product (GDP), in CNY billions |  |  | $108,251 |  |  |  | 6.0% |  |  |  | 4.3% |  |  |  |  |  |  |  | 9.5% |  |  |  | 4.4% |  |  |  |  |  |  |  | (1.2%) |  |  |  | 4.6% |  |  |  |  |  |  |  | (4.7%) |  |  |  | 3.9% |
FTSE Xinhua A200 Index |  |  | 9,852 |  |  |  | 7.3% |  |  |  | 5.0% |  |  |  |  |  |  |  | 26.6% |  |  |  | 3.0% |  |  |  |  |  |  |  | (31.4%) |  |  |  | 11.9% |  |  |  |  |  |  |  | (42.0%) |  |  |  | 13.4% |
Summary of Estimated Expected Credit Losses From All Macoreconomic Scenarios | The following table shows the ECL allowance resulting from all four macroeconomic scenarios (including the more heavily weighted best estimate baseline scenario, one upside and two downside scenarios) weighted by probability of occurrence and shows the ECL allowance resulting from only the baseline scenario.
As at |  | December 31, 2023 |
Probability-weighted ECLs |  | $ | 929 |
Base ECLs |  | $ | 659 |
Difference – in amount |  | $ | 270 |
Difference – in percentage |  |  | 29.08 | %
Summary of Reconciliation of Allowance for Loan Losses | The following table provides details on the allowance for credit losses by stage as at and for the year ended December 31, 2023 under IFRS 9.
As at December 31, 2023 |  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |
Balance, beginning of year |  | $ | 511 |  |  | $ | 141 |  |  | $ | 72 |  |  | $ | 724 |
Net re - measurement due to transfers |  |  | 4 |  |  |  | 6 |  |  |  | (10 | ) |  |  | – |
Transfer to stage 1 |  |  | 12 |  |  |  | (11 | ) |  |  | (1 | ) |  |  | – |
Transfer to stage 2 |  |  | (6 | ) |  |  | 28 |  |  |  | (22 | ) |  |  | – |
Transfer to stage 3 |  |  | (2 | ) |  |  | (11 | ) |  |  | 13 |  |  |  | – |
Net originations, purchases and disposals |  |  | 45 |  |  |  | 8 |  |  |  | (23 | ) |  |  | 30 |
Repayments |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Changes to risk, parameters, and models |  |  | (71 | ) |  |  | 48 |  |  |  | 233 |  |  |  | 210 |
Foreign exchange and other adjustments |  |  | (7 | ) |  |  | 7 |  |  |  | (35 | ) |  |  | (35 | )
Balance, end of year |  | $ | 482 |  |  | $ | 210 |  |  | $ | 237 |  |  | $ | 929 |
Summary of Effect of Conditional Master Netting and Similar Arrangements | The following table presents the effect of conditional master netting and similar arrangements. Similar arrangements may include global master repurchase agreements, global master securities lending agreements, and any related rights to financial collateral pledged or received.
|  |  |  |  | Related amounts not set off in the Consolidated Statements of Financial Position |  |  |  |  |  |  |
As at December 31, 2023 |  | Gross amounts of financial instruments (1) |  |  | Amounts subject to an enforceable master netting arrangement or similar agreements |  |  | Financial and cash collateral pledged (received) (2) |  |  | Net amounts including financing entity (3) |  |  | Net amounts excluding financing entity |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  | $ | 9,044 |  |  | $ | (6,516 | ) |  | $ | (2,374 | ) |  | $ | 154 |  |  | $ | 154 |
Securities lending |  |  | 626 |  |  |  | – |  |  |  | (626 | ) |  |  | – |  |  |  | – |
Reverse repurchase agreements |  |  | 466 |  |  |  | (202 | ) |  |  | (264 | ) |  |  | – |  |  |  | – |
Total financial assets |  | $ | 10,136 |  |  | $ | (6,718 | ) |  | $ | (3,264 | ) |  | $ | 154 |  |  | $ | 154 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities |  | $ | (12,600 | ) |  | $ | 6,516 |  |  | $ | 5,958 |  |  | $ | (126 | ) |  | $ | (57 | )
Repurchase agreements |  |  | (202 | ) |  |  | 202 |  |  |  | – |  |  |  | – |  |  |  | – |
Total financial liabilities |  | $ | (12,802 | ) |  | $ | 6,718 |  |  | $ | 5,958 |  |  | $ | (126 | ) |  | $ | (57 | )
|  |  |  |  | Related amounts not set off in the Consolidated Statements of Financial Position |  |  |  |  |  |  |
As at December 31, 2022 |  | Gross amounts of financial instruments (1) |  |  | Amounts subject to an enforceable master netting arrangement or similar agreements |  |  | Financial and cash collateral pledged (received) (2) |  |  | Net amounts including financing entity (3) |  |  | Net amounts excluding financing entity |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  | $ | 9,072 |  |  | $ | (7,170 | ) |  | $ | (1,687 | ) |  | $ | 215 |  |  | $ | 215 |
Securities lending |  |  | 723 |  |  |  | – |  |  |  | (723 | ) |  |  | – |  |  |  | – |
Reverse repurchase agreements |  |  | 895 |  |  |  | (779 | ) |  |  | (116 | ) |  |  | – |  |  |  | – |
Total financial assets |  | $ | 10,690 |  |  | $ | (7,949 | ) |  | $ | (2,526 | ) |  | $ | 215 |  |  | $ | 215 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities |  | $ | (15,151 | ) |  | $ | 7,170 |  |  | $ | 7,834 |  |  | $ | (147 | ) |  | $ | (103 | )
Repurchase agreements |  |  | (895 | ) |  |  | 779 |  |  |  | 116 |  |  |  | – |  |  |  | – |
Total financial liabilities |  | $ | (16,046 | ) |  | $ | 7,949 |  |  | $ | 7,950 |  |  | $ | (147 | ) |  | $ | (103 | )
(1) | Financial assets and liabilities include accrued interest of $502 and $913 respectively (2022 – $488 and $862 respectively).
(2) | Financial and cash collateral exclude over-collateralization. As at December 31, 2023, the Company was over-collateralized on OTC derivative assets, OTC derivative liabilities, securities lending and reverse repurchase agreements and repurchase agreements in the amounts of $424, $1,420 , $20 and $nil respectively (2022 – $507, $1,528, $63 and $nil respectively). As at December 31, 2023, collateral pledged (received) does not include collateral-in-transit on OTC instruments or initial margin on exchange traded contracts or cleared contracts.
(3) | Includes derivative contracts entered between the Company and its unconsolidated financing entity. The Company does not exchange collateral on derivative contracts entered with this entity. Refer to note 18.
Summary of the Effect of Unconditional Netting | The following table presents the effect of unconditional netting.
As at December 31, 2023 |  | Gross amounts of financial instruments |  |  | Amounts subject to an enforceable netting arrangement |  |  | Net amounts of financial instruments |
Credit linked note (1) |  | $ | 1,276 |  |  | $ | (1,276 | ) |  | $ | – |
Variable surplus note |  |  | (1,276 | ) |  |  | 1,276 |  |  |  | – |
As at December 31, 2022 |  | Gross amounts of financial instruments |  |  | Amounts subject to an enforceable netting arrangement |  |  | Net amounts of financial instruments |
Credit linked note (1) |  | $ | 1,242 |  |  |  | $ (1,242 | ) |  | $ | – |
Variable surplus note |  |  | (1,242 | ) |  |  | 1,242 |  |  |  | – |
(1) | As at December 31, 2023 and 2022, the Company had no fixed surplus notes outstanding . R efer to note 19 ( g ).
Schedule of Distribution of Debt Securities and Private Placements Portfolio by Sector and Industry | The following table presents debt securities and private placements portfolio by sector and industry.
|  | 2023 |  |  |  |  |  | 2022 |
As at December 31, |  | Carrying value |  |  | % of total |  |  |  |  |  | Carrying value |  |  | % of total |
Government and agency |  | $ | 84,739 |  |  |  | 33 |  |  |  |  |  |  | $ | 77,236 |  |  |  | 31 |
Utilities |  |  | 45,952 |  |  |  | 18 |  |  |  |  |  |  |  | 46,315 |  |  |  | 18 |
Financial |  |  | 39,069 |  |  |  | 15 |  |  |  |  |  |  |  | 38,808 |  |  |  | 15 |
Consumer |  |  | 31,181 |  |  |  | 12 |  |  |  |  |  |  |  | 31,556 |  |  |  | 13 |
Energy |  |  | 15,782 |  |  |  | 6 |  |  |  |  |  |  |  | 16,314 |  |  |  | 7 |
Industrial |  |  | 24,209 |  |  |  | 9 |  |  |  |  |  |  |  | 23,823 |  |  |  | 9 |
Other |  |  | 16,823 |  |  |  | 7 |  |  |  |  |  |  |  | 16,909 |  |  |  | 7 |
Total |  | $ | 257,755 |  |  |  | 100 |  |  |  |  |  |  | $ | 250,961 |  |  |  | 100 |
Schedule of Geographic Concentration of Insurance and Investment Contract Liabilities, Including Embedded Derivatives | The geographic concentration of the Company’s insurance and investment contract liabilities, including embedded derivatives, is shown below. The disclosure is based on the countries in which the business is written.
As at December 31, 2023 |  | Insurance contract liabilities |  |  | Investment contract liabilities |  |  | Reinsurance assets |  |  | Net liabilities |
U.S. and Canada |  | $ | 327,458 |  |  | $ | 260,046 |  |  | $ | (39,080 | ) |  | $ | 548,424 |
Asia and Other |  |  | 154,536 |  |  |  | 15,171 |  |  |  | (1,169 | ) |  |  | 168,538 |
Total |  | $ | 481,994 |  |  | $ | 275,217 |  |  | $ | (40,249 | ) |  | $ | 716,962 |
As at December 31, 2022 |  | Insurance contract liabilities |  |  | Investment contract liabilities |  |  | Reinsurance assets |  |  | Net liabilities |
U.S. and Canada |  | $ | 322,265 |  |  | $ | 233,460 |  |  | $ | (42,573 | ) |  | $ | 513,152 |
Asia and Other |  |  | 142,127 |  |  |  | 14,965 |  |  |  | (1,480 | ) |  |  | 155,612 |
Total |  | $ | 464,392 |  |  | $ | 248,425 |  |  | $ | (44,053 | ) |  | $ | 668,764 |
IFRS 7 [Member] |
Statement [LineItems] |
Schedule of Maturity of Financial Liabilities | The following table outlines the maturity of the Company’s significant financial liabilities. Maturity of financial liabilities (1)
As at December 31, 2023 |  | Less than 1 year |  |  | 1 to 3 years |  |  | 3 to 5 years |  |  | Over 5 years |  |  | Total |
Long-term debt |  | $ | – |  |  | $ | 1,672 |  |  | $ | 920 |  |  | $ | 3,479 |  |  | $ | 6,071 |
Capital instruments |  |  | 594 |  |  |  | – |  |  |  | – |  |  |  | 6,073 |  |  |  | 6,667 |
Derivatives |  |  | 1,561 |  |  |  | 1,982 |  |  |  | 717 |  |  |  | 7,427 |  |  |  | 11,687 |
Deposits from Bank clients (2) |  |  | 16,814 |  |  |  | 2,963 |  |  |  | 1,839 |  |  |  | – |  |  |  | 21,616 |
Lease liabilities |  |  | 100 |  |  |  | 133 |  |  |  | 68 |  |  |  | 49 |  |  |  | 350 |
(1) The amounts shown above are net of the related unamortized deferred issue costs. (2) Carrying value and fair value of deposits from Bank clients as at December 31, 2023 was $21,616 and $21,518, respectively (2022 – $22,507 and $22,271 respectively). Fair value is determined by discounting contractual cash flows, using market interest rates currently offered for deposits with similar terms and conditions. All deposits from Bank clients were categorized in Level 2 of the fair value hierarchy (2022 – Level 2). |
Summary of Variable Annuity and Segregated Fund Guarantees, Net of Reinsurance |
The table below shows selected information regarding the Company’s variable annuity and segregated fund investment-related guarantees gross and net of reinsurance.
Variable annuity and segregated fund guarantees, net of reinsurance
|  | 2023 |  |  |  |  |  | 2022 |
As at December 31, |  | Guarantee value (1) |  |  | Fund value |  |  | Net amount at risk (1),(2),(3) |  |  |  |  |  | Guarantee value (1) |  |  | Fund value |  |  | Net amount at risk (1),(2),(3) |
Guaranteed minimum income benefit |  | $ | 3,864 |  |  | $ | 2,735 |  |  | $ | 1,156 |  |  |  |  |  |  | $ | 4,357 |  |  | $ | 2,723 |  |  | $ | 1,639 |
Guaranteed minimum withdrawal benefit |  |  | 34,833 |  |  |  | 33,198 |  |  |  | 4,093 |  |  |  |  |  |  |  | 38,319 |  |  |  | 34,203 |  |  |  | 5,734 |
Guaranteed minimum accumulation benefit |  |  | 18,996 |  |  |  | 19,025 |  |  |  | 116 |  |  |  |  |  |  |  | 20,035 |  |  |  | 19,945 |  |  |  | 221 |
Gross living benefits (4) |  |  | 57,693 |  |  |  | 54,958 |  |  |  | 5,365 |  |  |  |  |  |  |  | 62,711 |  |  |  | 56,871 |  |  |  | 7,594 |
Gross death benefits (5) |  |  | 9,133 |  |  |  | 17,279 |  |  |  | 975 |  |  |  |  |  |  |  | 10,465 |  |  |  | 15,779 |  |  |  | 2,156 |
Total gross of reinsurance |  |  | 66,826 |  |  |  | 72,237 |  |  |  | 6,340 |  |  |  |  |  |  |  | 73,176 |  |  |  | 72,650 |  |  |  | 9,750 |
Living benefits reinsured |  |  | 24,208 |  |  |  | 23,146 |  |  |  | 3,395 |  |  |  |  |  |  |  | 26,999 |  |  |  | 23,691 |  |  |  | 4,860 |
Death benefits reinsured |  |  | 3,400 |  |  |  | 2,576 |  |  |  | 482 |  |  |  |  |  |  |  | 3,923 |  |  |  | 2,636 |  |  |  | 1,061 |
Total reinsured |  |  | 27,608 |  |  |  | 25,722 |  |  |  | 3,877 |  |  |  |  |  |  |  | 30,922 |  |  |  | 26,327 |  |  |  | 5,921 |
Total, net of reinsurance |  | $ | 39,218 |  |  | $ | 46,515 |  |  | $ | 2,463 |  |  |  |  |  |  | $ | 42,254 |  |  | $ | 46,323 |  |  | $ | 3,829 |
(1) Guarantee Value and Net Amount at Risk in respect of guaranteed minimum withdrawal business in Canada and the U.S. reflect the time value of money of these claims. (2) Amount at risk (in-the-money amount) is the excess of guarantee values over fund values on all policies where the guarantee value exceeds the fund value. For guaranteed minimum death benefit, the amount at risk is defined as the current guaranteed minimum death benefit in excess of the current account balance and assumes that all claims are immediately payable. In practice, guaranteed death benefits are contingent and only payable upon the eventual death of policyholders if fund values remain below guarantee values. For guaranteed minimum withdrawal benefit, the amount at risk assumes that the benefit is paid as a lifetime annuity commencing at the earliest contractual income start age. These benefits are also contingent and only payable at scheduled maturity/income start dates in the future, if the policyholders are still living and have not terminated their policies and fund values remain below guarantee values. For all guarantees, the amount at risk is floored at zero at the single contract level. (3) The amount at risk net of reinsurance at December 31, 2023 was $2,463 (2022 – $3,829) of which: US$391 (2022 – US$737) was on the Company’s U.S. business, $1,559 (2022 – $2,154) was on the Company’s Canadian business, US$140 (2022 – US$275) was on the Company’s Japan business and US$155 (2022 – US$224) was related to Asia (other than Japan) and the Company’s run-off reinsurance business. (4) Where a policy includes both living and death benefits, the guarantee in excess of the living benefit is included in the death benefit category as outlined in footnote 5. (5) Death benefits include standalone guarantees and guarantees in excess of living benefit guarantees where both death and living benefits are provided on a policy.
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders Arising from Changes to Public Equity Returns | Potential immediate impact on net income attributed to shareholders arising from changes to public equity returns (1)
|  | Net income attributed to shareholders |
As at December 31, 2023 |  | -30% |  |  | -20% |  |  | -10% |  |  | +10% |  |  | +20% |  |  | +30% |
Underlying sensitivity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable annuity guarantees (2) |  | $ | (2,370 | ) |  | $ | (1,460 | ) |  | $ | (670 | ) |  | $ | 550 |  |  | $ | 1,010 |  |  | $ | 1,390 |
General fund equity investments (3) |  |  | (1,170 | ) |  |  | (770 | ) |  |  | (390 | ) |  |  | 380 |  |  |  | 760 |  |  |  | 1,140 |
Total underlying sensitivity before hedging |  |  | (3,540 | ) |  |  | (2,230 | ) |  |  | (1,060 | ) |  |  | 930 |  |  |  | 1,770 |  |  |  | 2,530 |
Impact of macro and dynamic hedge assets (4) |  |  | 880 |  |  |  | 530 |  |  |  | 240 |  |  |  | (190 | ) |  |  | (340 | ) |  |  | (460 | )
Net potential impact on net income attributed to shareholders after impact of hedging and before impact of reinsurance |  |  | (2,660 | ) |  |  | (1,700 | ) |  |  | (820 | ) |  |  | 740 |  |  |  | 1,430 |  |  |  | 2,070 |
Impact of reinsurance |  |  | 1,470 |  |  |  | 900 |  |  |  | 420 |  |  |  | (350 | ) |  |  | (650 | ) |  |  | (910 | )
Net potential impact on net income attributed to shareholders after impact of hedging and reinsurance |  | $ | (1,190 | ) |  | $ | (800 | ) |  | $ | (400 | ) |  | $ | 390 |  |  | $ | 780 |  |  | $ | 1,160 |
|  | Net income attributed to shareholders |
As at December 31, 2022 |  | -30% |  |  | -20% |  |  | -10% |  |  | +10% |  |  | +20% |  |  | +30% |
Underlying sensitivity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable annuity guarantees (2) |  | $ | (2,110 | ) |  | $ | (1,310 | ) |  | $ | (610 | ) |  | $ | 530 |  |  | $ | 980 |  |  | $ | 1,360 |
General fund equity investments (3) |  |  | (1,450 | ) |  |  | (920 | ) |  |  | (420 | ) |  |  | 400 |  |  |  | 780 |  |  |  | 1,170 |
Total underlying sensitivity before hedging |  |  | (3,560 | ) |  |  | (2,230 | ) |  |  | (1,030 | ) |  |  | 930 |  |  |  | 1,760 |  |  |  | 2,530 |
Impact of macro and dynamic hedge assets (4) |  |  | 930 |  |  |  | 570 |  |  |  | 260 |  |  |  | (220 | ) |  |  | (400 | ) |  |  | (540 | )
Net potential impact on net income attributed to shareholders after impact of hedging and before impact of reinsurance |  |  | (2,630 | ) |  |  | (1,660 | ) |  |  | (770 | ) |  |  | 710 |  |  |  | 1,360 |  |  |  | 1,990 |
Impact of reinsurance |  |  | 1,170 |  |  |  | 740 |  |  |  | 350 |  |  |  | (310 | ) |  |  | (580 | ) |  |  | (810 | )
Net potential impact on net income attributed to shareholders after impact of hedging and reinsurance |  | $ | (1,460 | ) |  | $ | (920 | ) |  | $ | (420 | ) |  | $ | 400 |  |  | $ | 780 |  |  | $ | 1,180 |
(1) | See “Caution related to sensitivities” above.
(2) | For variable annuity contracts measured under VFA the impact of financial risk and changes in interest rates adjusts CSM, unless the risk mitigation option applies. The Company has elected to apply risk mitigation and therefore a portion of the impact is reported in net income attributed to shareholders instead of adjusting the CSM. If the CSM for a group of variable annuity contracts is exhausted the full impact is reported in net income attributed to shareholders.
(3) | This impact for general fund equity investments includes general fund investments supporting the Company’s insurance contract liabilities, investment in seed money investments (in segregated and mutual funds made by Global WAM segment) and the impact on insurance contract liabilities related to the projected future fee income on variable universal life and other unit linked products. The impact does not include any potential impact on public equity weightings. 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 equity markets.
(4) | Includes the impact of assumed rebalancing of equity hedges in the macro and dynamic hedging program. The impact of dynamic hedge represents the impact of equity hedges offsetting 95% of the dynamically hedged variable annuity liability movement that occurs as a result of market changes, but does not include any impact in respect of other sources of hedge accounting ineffectiveness (e.g. , fund tracking, realized volatility and equity, interest rate correlations different from expected among other factors).
Summary of Potential Immediate Impact on Contractual Service Margin, Other Comprehensive Income to Shareholders, Total Comprehensive Income to Shareholders and MLI's LICAT Ratio from Changes to Public Equity Market Values | Potential immediate impact on contractual service margin, other comprehensive income to shareholders and total comprehensive income to shareholders (1),(2),(3)
As at December 31, 2023 |  | -30% |  |  | -20% |  |  | -10% |  |  | +10% |  |  | +20% |  |  | +30% |
Variable annuity guarantees reported in CSM |  | $ | (3,810 | ) |  | $ | (2,370 | ) |  | $ | (1,100 | ) |  | $ | 940 |  |  | $ | 1,760 |  |  | $ | 2,470 |
Impact of risk mitigation—hedging (4) |  |  | 1,150 |  |  |  | 700 |  |  |  | 310 |  |  |  | (250 | ) |  |  | (450 | ) |  |  | (600 | )
Impact of risk mitigation—reinsurance (4) |  |  | 1,850 |  |  |  | 1,140 |  |  |  | 530 |  |  |  | (450 | ) |  |  | (830 | ) |  |  | (1,150 | )
VA net of risk mitigation |  |  | (810 | ) |  |  | (530 | ) |  |  | (260 | ) |  |  | 240 |  |  |  | 480 |  |  |  | 720 |
General fund equity |  |  | (940 | ) |  |  | (610 | ) |  |  | (300 | ) |  |  | 290 |  |  |  | 590 |  |  |  | 870 |
Contractual service margin (pre-tax) |  | $ | (1,750 | ) |  | $ | (1,140 | ) |  | $ | (560 | ) |  | $ | 530 |  |  | $ | 1,070 |  |  | $ | 1,590 |
Other comprehensive income attributed to shareholders (post-tax) (5) |  | $ | (730 | ) |  | $ | (490 | ) |  | $ | (240 | ) |  | $ | 230 |  |  | $ | 460 |  |  | $ | 680 |
Total comprehensive income attributed to shareholders (post-tax) |  | $ | (1,920 | ) |  | $ | (1,290 | ) |  | $ | (640 | ) |  | $ | 620 |  |  | $ | 1,240 |  |  | $ | 1,840 |
As at December 31, 2022 |  | -30% |  |  | -20% |  |  | -10% |  |  | +10% |  |  | +20% |  |  | +30% |
Variable annuity guarantees reported in CSM |  | $ | (3,410 | ) |  | $ | (2,140 | ) |  | $ | (1,010 | ) |  | $ | 890 |  |  | $ | 1,670 |  |  | $ | 2,360 |
Impact of risk mitigation—hedging (4) |  |  | 1,200 |  |  |  | 740 |  |  |  | 340 |  |  |  | (280 | ) |  |  | (510 | ) |  |  | (690 | )
Impact of risk mitigation—reinsurance (4) |  |  | 1,480 |  |  |  | 930 |  |  |  | 440 |  |  |  | (390 | ) |  |  | (730 | ) |  |  | (1,030 | )
VA net of risk mitigation |  |  | (730 | ) |  |  | (470 | ) |  |  | (230 | ) |  |  | 220 |  |  |  | 430 |  |  |  | 640 |
General fund equity |  |  | (520 | ) |  |  | (370 | ) |  |  | (210 | ) |  |  | 240 |  |  |  | 490 |  |  |  | 730 |
Contractual service margin (pre-tax) |  | $ | (1,250 | ) |  | $ | (840 | ) |  | $ | (440 | ) |  | $ | 460 |  |  | $ | 920 |  |  | $ | 1,370 |
Other comprehensive income attributed to shareholders (post-tax) (5) |  | $ | (620 | ) |  | $ | (410 | ) |  | $ | (210 | ) |  | $ | 210 |  |  | $ | 400 |  |  | $ | 600 |
Total comprehensive income attributed to shareholders (post-tax) |  | $ | (2,080 | ) |  | $ | (1,330 | ) |  | $ | (630 | ) |  | $ | 610 |  |  | $ | 1,180 |  |  | $ | 1,780 |
(1) | See “Caution related to sensitivities” above.
(2) | This estimate assumes that the performance of the dynamic hedging program would not completely offset the gain/loss from the dynamically hedged variable annuity guarantee liabilities. It assumes that the hedge assets are based on the actual position at the period end, and that equity hedges in the dynamic program offset 95% of the hedged variable annuity liability movement that occur as a result of market changes.
(3) | OSFI rules for segregated fund guarantees reflect full capital impacts of shocks over 20 quarters within a prescribed range. As such, the deterioration in equity markets could lead to further increases in capital requirements after the initial shock.
(4) | For variable annuity contracts measured under VFA the impact of financial risk and changes in interest rates adjusts CSM, unless the risk mitigation option applies. The Company has elected to apply risk mitigation and therefore a portion of the impact is reported in net income attributed to shareholders instead of adjusting the CSM. If the CSM for a group of variable annuity contracts is exhausted the full impact is reported in net income attributed to shareholders.
(5) | The impact of financial risk and changes to interest rates for variable annuity contracts is not expected to generate sensitivity in Other Comprehensive Income.
AA Credit Grade [Member] |
Statement [LineItems] |
Summary of Credit Default Swap Protection Sold | The following table presents details of the credit default swap protection sold by type of contract and external agency rating for the underlying reference security.
As at December 31, 2023 |  | Notional amount (1) |  |  | Fair value |  |  | Weighted average maturity (in years) (2) |
Single name CDS (3),(4) – Corporate debt |  |  |  |  |  |  |  |  |  |  |  |
AA |  | $ | 23 |  |  | $ | 1 |  |  |  | 4 |
A |  |  | 94 |  |  |  | 2 |  |  |  | 3 |
BBB |  |  | 14 |  |  |  | – |  |  |  | 1 |
Total single name CDS |  | $ | 131 |  |  | $ | 3 |  |  |  | 3 |
Total CDS protection sold |  | $ | 131 |  |  | $ | 3 |  |  |  | 3 |
As at December 31, 2022 |  | Notional amount (1) |  |  | Fair value |  |  | Weighted average maturity (in years) (2) |
Single name CDS (3),(4) – Corporate debt |  |  |  |  |  |  |  |  |  |  |  |
AA |  | $ | – |  |  | $ | – |  |  |  | – |
A |  |  | 133 |  |  |  | 4 |  |  |  | 4 |
BBB |  |  | 26 |  |  |  | – |  |  |  | 1 |
Total single name CDS |  | $ | 159 |  |  | $ | 4 |  |  |  | 4 |
Total CDS protection sold |  | $ | 159 |  |  | $ | 4 |  |  |  | 4 |
(1) | Notional amounts represent the maximum future payments the Company would have to pay its counterparties assuming a default of the underlying credit and zero recovery on the underlying issuer obligations.
(2) | The weighted average maturity of the CDS is weighted based on notional amounts.
(3) | Ratings are based on S&P where available followed by Moody’s, DBRS, and Fitch. If no rating is available from a rating agency, an internally developed rating is used.
(4) | The Company held no purchased credit protection as at December 31, 2023 and December 31, 2022.
Asset classes and individual investment risks [Member] |
Statement [LineItems] |
Schedule of Risk Concentrations |
As at December 31, |  | 2023 |  |  | 2022 |
Debt securities and private placements rated as investment grade BBB or higher (1) |  |  | 95% |  |  |  | 96% |
Government debt securities as a per cent of total debt securities |  |  | 38% |  |  |  | 36% |
Government private placements as a per cent of total private placements |  |  | 10% |  |  |  | 10% |
Highest exposure to a single non-government debt security and private placement issuer |  | $ | 1,131 |  |  | $ | 1,006 |
Largest single issuer as a per cent of the total equity portfolio |  |  | 2% |  |  |  | 2% |
Income producing commercial office properties (2023 – 37% of real estate, 2022 – 41%) |  | $ | 4,829 |  |  | $ | 5,486 |
Largest concentration of mortgages and real estate (2) – Ontario Canada (2023 – 29%, 2022 – 27%) |  | $ | 19,003 |  |  | $ | 18,343 |
(1) | Investment grade debt securities and private placements include 38% rated A, 17% rated AA and 15% rated AAA (2022 – 39%, 17% and 14%) investments based on external ratings where available.
(2) | Mortgages and real estate investments are diversified geographically and by property type.

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