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Insurance and Reinsurance Contract Assets and Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2023
Statement [LineItems] |
Summary of Reporting Segment of Composition of Insurance and Reinsurance Contract Held Assets and Liabilities | The composition of insurance contract assets and liabilities, and reinsurance contract held assets and liabilities by the reporting segment is as follows. Insurance contract asset and liabilities
As at December 31, |  | 2023 |  |  |  |  |  | 2022 |
| Insurance contract assets |  |  | Insurance contract liabilities |  |  | Insurance contract liabilities for account of segregated fund holders |  |  | Net insurance contract liabilities |  |  |  |  |  | Insurance contract assets |  |  | Insurance contract liabilities |  |  | Insurance contract liabilities for account of segregated fund holders |  |  | Net insurance contract liabilities |
Asia |  | $ | (108 | ) |  | $ | 131,729 |  |  | $ | 22,696 |  |  | $ | 154,317 |  |  |  |  |  |  | $ | (527 | ) |  | $ | 121,105 |  |  | $ | 21,005 |  |  | $ | 141,583 |
Canada |  |  | (33 | ) |  |  | 80,169 |  |  |  | 36,085 |  |  |  | 116,221 |  |  |  |  |  |  |  | (81 | ) |  |  | 74,876 |  |  |  | 35,695 |  |  |  | 110,490 |
U.S. |  |  | – |  |  |  | 157,699 |  |  |  | 55,362 |  |  |  | 213,061 |  |  |  |  |  |  |  | (56 | ) |  |  | 159,501 |  |  |  | 53,516 |  |  |  | 212,961 |
Corporate and Other |  |  | (4 | ) |  |  | (781 | ) |  |  | – |  |  |  | (785 | ) |  |  |  |  |  |  | – |  |  |  | 163 |  |  |  | – |  |  |  | 163 |
Insurance contract balances |  |  | (145 | ) |  |  | 368,816 |  |  |  | 114,143 |  |  |  | 482,814 |  |  |  |  |  |  |  | (664 | ) |  |  | 355,645 |  |  |  | 110,216 |  |  |  | 465,197 |
Assets for insurance acquisition cash flows |  |  | – |  |  |  | (820 | ) |  |  | – |  |  |  | (820 | ) |  |  |  |  |  |  | (9 | ) |  |  | (796 | ) |  |  | – |  |  |  | (805 | )
Total |  | $ | (145 | ) |  | $ | 367,996 |  |  | $ | 114,143 |  |  | $ | 481,994 |  |  |  |  |  |  | $ | (673 | ) |  | $ | 354,849 |  |  | $ | 110,216 |  |  | $ | 464,392 |
Reinsurance contract held asset and liabilities
|  | 2023 |  |  |  |  |  | 2022 |
As at December 31, |  | Assets |  |  | Liabilities |  |  | Net reinsurance contract held assets |  |  |  |  |  | Assets |  |  | Liabilities |  |  | Net reinsurance contract held assets |
Asia |  | $ | 3,540 |  |  | $ | (1,909 | ) |  | $ | 1,631 |  |  |  |  |  |  | $ | 3,306 |  |  | $ | (1,462 | ) |  | $ | 1,844 |
Canada |  |  | 1,922 |  |  |  | (913 | ) |  |  | 1,009 |  |  |  |  |  |  |  | 1,756 |  |  |  | (911 | ) |  |  | 845 |
U.S. |  |  | 37,437 |  |  |  | (14 | ) |  |  | 37,423 |  |  |  |  |  |  |  | 40,384 |  |  |  | (18 | ) |  |  | 40,366 |
Corporate and Other |  |  | (248 | ) |  |  | 5 |  |  |  | (243 | ) |  |  |  |  |  |  | 425 |  |  |  | – |  |  |  | 425 |
Total |  | $ | 42,651 |  |  | $ | (2,831 | ) |  | $ | 39,820 |  |  |  |  |  |  | $ | 45,871 |  |  | $ | (2,391 | ) |  | $ | 43,480 |
As at December 31, |  | 2023 |  |  | 2022 |
Net insurance contract held liabilities |  | $ | 481,994 |  |  | $ | 464,392 |
Net reinsurance contract held assets |  |  | (39,820 | ) |  |  | (43,480 | )
Net insurance and reinsurance contract held liabilities |  | $ | 442,174 |  |  | $ | 420,912 |
Summary of Net Assets Or Liabilities For Insurance Contracts Issued And Reinsurance Contracts Held By Measurement Components | The following tables present the carrying balances of net assets or liabilities for insurance contracts issued and reinsurance contracts held by measurement components, by reporting segment for the years ended December 31, 2023 and December 31, 2022. Insurance contracts issued
|  | Excluding contracts applying the PAA |  |  | Contracts applying the PAA |  |  | CSM |  |  |  |  |  |  |
As at December 31, 2023 |  | Estimates of PV of future cash flows |  |  | Risk adjustment for non-financial risk |  |  | Estimates of PV of future cash flows |  |  | Risk adjustment for non-financial risk |  |  | Fair value |  |  | Other |  |  | Assets for insurance acquisition cash flows |  |  | Total insurance contract liabilities (assets) |
Asia |  | $ | 132,135 |  |  | $ | 6,764 |  |  | $ | 1,242 |  |  | $ | 5 |  |  | $ | 10,431 |  |  | $ | 3,740 |  |  | $ | (271 | ) |  | $ | 154,046 |
Canada |  |  | 96,455 |  |  |  | 3,649 |  |  |  | 11,153 |  |  |  | 621 |  |  |  | 3,851 |  |  |  | 492 |  |  |  | (549 | ) |  |  | 115,672 |
U.S. |  |  | 196,921 |  |  |  | 12,438 |  |  |  | – |  |  |  | – |  |  |  | 3,243 |  |  |  | 459 |  |  |  | – |  |  |  | 213,061 |
Corporate and Other |  |  | (977 | ) |  |  | (13 | ) |  |  | 317 |  |  |  | – |  |  |  | (112 | ) |  |  | – |  |  |  | – |  |  |  | (785 | )
|  | $ | 424,534 |  |  | $ | 22,838 |  |  | $ | 12,712 |  |  | $ | 626 |  |  | $ | 17,413 |  |  | $ | 4,691 |  |  | $ | (820 | ) |  | $ | 481,994 |
|  | Excluding contracts applying the PAA |  |  | Contracts applying the PAA |  |  | CSM |  |  |  |  |  |  |
As at December 31, 2022 |  | Estimates of PV of future cash flows |  |  | Risk adjustment for non-financial risk |  |  | Estimates of PV of future cash flows |  |  | Risk adjustment for non-financial risk |  |  | Fair value |  |  | Other |  |  | Assets for insurance acquisition cash flows |  |  | Total insurance contract liabilities (assets) |
Asia |  | $ | 120,180 |  |  | $ | 10,017 |  |  | $ | 1,136 |  |  | $ | 2 |  |  | $ | 8,067 |  |  | $ | 2,181 |  |  | $ | (283 | ) |  | $ | 141,300 |
Canada |  |  | 91,599 |  |  |  | 3,764 |  |  |  | 10,532 |  |  |  | 603 |  |  |  | 3,811 |  |  |  | 181 |  |  |  | (522 | ) |  |  | 109,968 |
U.S. |  |  | 194,766 |  |  |  | 12,494 |  |  |  | – |  |  |  | – |  |  |  | 5,419 |  |  |  | 282 |  |  |  | – |  |  |  | 212,961 |
Corporate and Other |  |  | (189 | ) |  |  | (13 | ) |  |  | 457 |  |  |  | – |  |  |  | (92 | ) |  |  | – |  |  |  | – |  |  |  | 163 |
|  | $ | 406,356 |  |  | $ | 26,262 |  |  | $ | 12,125 |  |  | $ | 605 |  |  | $ | 17,205 |  |  | $ | 2,644 |  |  | $ | (805 | ) |  | $ | 464,392 |
Reinsurance contracts held
|  | Excluding contracts applying the PAA |  |  | Contracts applying the PAA |  |  | CSM |  |  |  |
As at December 31, 2023 |  | Estimates of PV of future cash flows |  |  | Risk adjustment for non-financial risk |  |  | Estimates of PV of future cash flows |  |  | Risk adjustment for non-financial risk |  |  | Fair value |  |  | Other |  |  | Total reinsurance contract liabilities (assets) |
Asia |  | $ | (351 | ) |  | $ | 1,326 |  |  | $ | (37 | ) |  | $ | – |  |  | $ | 623 |  |  | $ | 70 |  |  | $ | 1,631 |
Canada |  |  | (1,238 | ) |  |  | 1,674 |  |  |  | 275 |  |  |  | 16 |  |  |  | 338 |  |  |  | (56 | ) |  |  | 1,009 |
U.S. |  |  | 35,461 |  |  |  | 1,997 |  |  |  | – |  |  |  | – |  |  |  | (143 | ) |  |  | 108 |  |  |  | 37,423 |
Corporate and Other |  |  | (100 | ) |  |  | (7 | ) |  |  | 1 |  |  |  | – |  |  |  | (137 | ) |  |  | – |  |  |  | (243 | )
|  | $ | 33,772 |  |  | $ | 4,990 |  |  | $ | 239 |  |  | $ | 16 |  |  | $ | 681 |  |  | $ | 122 |  |  | $ | 39,820 |
|  | Excluding contracts applying the PAA |  |  | Contracts applying the PAA |  |  | CSM |  |  |  |
As at December 31, 2022 |  | Estimates of PV of future cash flows |  |  | Risk adjustment for non-financial risk |  |  | Estimates of PV of future cash flows |  |  | Risk adjustment for non-financial risk |  |  | Fair value |  |  | Other |  |  | Total reinsurance contract liabilities (assets) |
Asia |  | $ | (147 | ) |  | $ | 1,895 |  |  | $ | (39 | ) |  | $ | – |  |  | $ | 203 |  |  | $ | (68 | ) |  | $ | 1,844 |
Canada |  |  | (1,427 | ) |  |  | 1,672 |  |  |  | 277 |  |  |  | 8 |  |  |  | 374 |  |  |  | (59 | ) |  |  | 845 |
U.S. |  |  | 36,735 |  |  |  | 2,065 |  |  |  | – |  |  |  | – |  |  |  | 1,302 |  |  |  | 264 |  |  |  | 40,366 |
Corporate and Other |  |  | 576 |  |  |  | (9 | ) |  |  | 2 |  |  |  | – |  |  |  | (144 | ) |  |  | – |  |  |  | 425 |
|  | $ | 35,737 |  |  | $ | 5,623 |  |  | $ | 240 |  |  | $ | 8 |  |  | $ | 1,735 |  |  | $ | 137 |  |  | $ | 43,480 |
Summary of Insurance Revenue By Transition Method | The following table provides information as a supplement to the insurance revenue disclosures in note 7 (b).
For the year ended December 31, 2023 |  | Asia |  |  | Canada |  |  | U.S. |  |  | Other |  |  | Total |
Contracts under the fair value method |  | $ | 2,499 |  |  | $ | 3,288 |  |  | $ | 10,123 |  |  | $ | (18 | ) |  | $ | 15,892 |
Contracts under the full retrospective method |  |  | 531 |  |  |  | 48 |  |  |  | 152 |  |  |  | – |  |  |  | 731 |
Other contracts |  |  | 2,026 |  |  |  | 5,283 |  |  |  | (81 | ) |  |  | 121 |  |  |  | 7,349 |
Total |  | $ | 5,056 |  |  | $ | 8,619 |  |  | $ | 10,194 |  |  | $ | 103 |  |  | $ | 23,972 |
For the year ended December 31, 2022 |  | Asia |  |  | Canada |  |  | U.S. |  |  | Other |  |  | Total |
Contracts under the fair value method |  | $ | 2,656 |  |  | $ | 3,370 |  |  | $ | 9,901 |  |  | $ | (96 | ) |  | $ | 15,831 |
Contracts under the full retrospective method |  |  | 666 |  |  |  | 122 |  |  |  | 76 |  |  |  | – |  |  |  | 864 |
Other contracts |  |  | 1,412 |  |  |  | 4,625 |  |  |  | 268 |  |  |  | 118 |  |  |  | 6,423 |
Total |  | $ | 4,734 |  |  | $ | 8,117 |  |  | $ | 10,245 |  |  | $ | 22 |  |  | $ | 23,118 |
Summary of Effect of New Business Recognized in the Year | The following tables present components of new business for insurance contracts issued for the years presented.
|  | Asia |  |  | Canada |  |  | U.S. |  |  | Total |
As at December 31, 2023 |  | Non-Onerous |  |  | Onerous |  |  | Non-Onerous |  |  | Onerous |  |  | Non-Onerous |  |  | Onerous |  |  | Non-Onerous |  |  | Onerous |
New business insurance contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Estimates of present value of cash outflows |  | $ | 16,209 |  |  | $ | 2,399 |  |  | $ | 3,478 |  |  | $ | 271 |  |  | $ | 2,524 |  |  | $ | 1,126 |  |  | $ | 22,211 |  |  | $ | 3,796 |
Insurance acquisition cash flows |  |  | 3,011 |  |  |  | 322 |  |  |  | 608 |  |  |  | 68 |  |  |  | 676 |  |  |  | 233 |  |  |  | 4,295 |  |  |  | 623 |
Claims and other insurance service expenses payable |  |  | 13,198 |  |  |  | 2,077 |  |  |  | 2,870 |  |  |  | 203 |  |  |  | 1,848 |  |  |  | 893 |  |  |  | 17,916 |  |  |  | 3,173 |
Estimates of present value of cash inflows |  |  | (18,765 | ) |  |  | (2,330 | ) |  |  | (3,823 | ) |  |  | (286 | ) |  |  | (2,953 | ) |  |  | (1,145 | ) |  |  | (25,541 | ) |  |  | (3,761 | )
Risk adjustment for non-financial risk |  |  | 679 |  |  |  | 89 |  |  |  | 115 |  |  |  | 41 |  |  |  | 168 |  |  |  | 88 |  |  |  | 962 |  |  |  | 218 |
Contractual service margin |  |  | 1,877 |  |  |  | – |  |  |  | 230 |  |  |  | – |  |  |  | 261 |  |  |  | – |  |  |  | 2,368 |  |  |  | – |
Amount included in insurance contract liabilities for the year |  | $ | – |  |  | $ | 158 |  |  | $ | – |  |  | $ | 26 |  |  | $ | – |  |  | $ | 69 |  |  | $ | – |  |  | $ | 253 |
|  | Asia |  |  | Canada |  |  | U.S. |  |  | Total |
As at December 31, 2022 |  | Non-Onerous |  |  | Onerous |  |  | Non-Onerous |  |  | Onerous |  |  | Non-Onerous |  |  | Onerous |  |  | Non-Onerous |  |  | Onerous |
New business insurance contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Estimates of present value of cash outflows |  | $ | 8,470 |  |  | $ | 3,953 |  |  | $ | 3,604 |  |  | $ | 390 |  |  | $ | 1,845 |  |  | $ | 1,237 |  |  | $ | 13,919 |  |  | $ | 5,580 |
Insurance acquisition cash flows |  |  | 2,244 |  |  |  | 499 |  |  |  | 600 |  |  |  | 119 |  |  |  | 568 |  |  |  | 228 |  |  |  | 3,412 |  |  |  | 846 |
Claims and other insurance service expenses payable |  |  | 6,226 |  |  |  | 3,454 |  |  |  | 3,004 |  |  |  | 271 |  |  |  | 1,277 |  |  |  | 1,009 |  |  |  | 10,507 |  |  |  | 4,734 |
Estimates of present value of cash inflows |  |  | (10,759 | ) |  |  | (3,772 | ) |  |  | (3,901 | ) |  |  | (431 | ) |  |  | (2,289 | ) |  |  | (1,227 | ) |  |  | (16,949 | ) |  |  | (5,430 | )
Risk adjustment for non-financial risk |  |  | 704 |  |  |  | 153 |  |  |  | 107 |  |  |  | 92 |  |  |  | 221 |  |  |  | 119 |  |  |  | 1,032 |  |  |  | 364 |
Contractual service margin |  |  | 1,585 |  |  |  | – |  |  |  | 190 |  |  |  | – |  |  |  | 223 |  |  |  | – |  |  |  | 1,998 |  |  |  | – |
Amount included in insurance contract liabilities for the year |  | $ | – |  |  | $ | 334 |  |  | $ | – |  |  | $ | 51 |  |  | $ | – |  |  | $ | 129 |  |  | $ | – |  |  | $ | 514 |
The following tables present components of new business for reinsurance contracts held portfolios for the years presented.
As at December 31, 2023 |  | Asia |  |  | Canada |  |  | U.S. |  |  | Total |
New business reinsurance contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Estimates of present value of cash outflows |  | $ | (916 | ) |  | $ | (331 | ) |  | $ | (750 | ) |  | $ | (1,997 | )
Estimates of present value of cash inflows |  |  | 815 |  |  |  | 319 |  |  |  | 799 |  |  |  | 1,933 |
Risk adjustment for non-financial risk |  |  | 170 |  |  |  | 76 |  |  |  | 153 |  |  |  | 399 |
Contractual service margin |  |  | (57 | ) |  |  | (51 | ) |  |  | (155 | ) |  |  | (263 | )
Amount included in reinsurance assets for the year |  | $ | 12 |  |  | $ | 13 |  |  | $ | 47 |  |  | $ | 72 |
As at December 31, 2022 |  | Asia |  |  | Canada |  |  | U.S. |  |  | Total |
New business reinsurance contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Estimates of present value of cash outflows |  | $ | (519 | ) |  | $ | (291 | ) |  | $ | (7,084 | ) |  | $ | (7,894 | )
Estimates of present value of cash inflows |  |  | 453 |  |  |  | 261 |  |  |  | 5,904 |  |  |  | 6,618 |
Risk adjustment for non-financial risk |  |  | 125 |  |  |  | 77 |  |  |  | 515 |  |  |  | 717 |
Contractual service margin |  |  | (22 | ) |  |  | (15 | ) |  |  | 747 |  |  |  | 710 |
Amount included in reinsurance assets for the year |  | $ | 37 |  |  | $ | 32 |  |  | $ | 82 |  |  | $ | 151 |
Summary of Expected Recognition of Contractual Service Margin | The following tables present expectations for the timing of recognition of CSM in income in future years.
As at December 31, 2023 |  | Less than 1 year |  |  | 1 to 5 years |  |  | 5 to 10 years |  |  | 10 to 20 years |  |  | More than 20 years |  |  | Total |
Canada |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance contracts issued |  | $ | 379 |  |  | $ | 1,213 |  |  | $ | 1,016 |  |  | $ | 1,084 |  |  | $ | 651 |  |  | $ | 4,343 |
Reinsurance contracts held |  |  | (36 | ) |  |  | (83 | ) |  |  | (52 | ) |  |  | (46 | ) |  |  | (65 | ) |  |  | (282 | )
|  |  | 343 |  |  |  | 1,130 |  |  |  | 964 |  |  |  | 1,038 |  |  |  | 586 |  |  |  | 4,061 |
U.S. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance contracts issued |  |  | 388 |  |  |  | 1,235 |  |  |  | 968 |  |  |  | 823 |  |  |  | 288 |  |  |  | 3,702 |
Reinsurance contracts held |  |  | (50 | ) |  |  | (139 | ) |  |  | (35 | ) |  |  | 90 |  |  |  | 169 |  |  |  | 35 |
|  |  | 338 |  |  |  | 1,096 |  |  |  | 933 |  |  |  | 913 |  |  |  | 457 |  |  |  | 3,737 |
Asia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance contracts issued |  |  | 1,273 |  |  |  | 4,066 |  |  |  | 3,320 |  |  |  | 3,308 |  |  |  | 2,204 |  |  |  | 14,171 |
Reinsurance contracts held |  |  | (44 | ) |  |  | (202 | ) |  |  | (173 | ) |  |  | (105 | ) |  |  | (169 | ) |  |  | (693 | )
|  |  | 1,229 |  |  |  | 3,864 |  |  |  | 3,147 |  |  |  | 3,203 |  |  |  | 2,035 |  |  |  | 13,478 |
Corporate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance contracts issued |  |  | (8 | ) |  |  | (28 | ) |  |  | (28 | ) |  |  | (34 | ) |  |  | (14 | ) |  |  | (112 | )
Reinsurance contracts held |  |  | 10 |  |  |  | 51 |  |  |  | 53 |  |  |  | 19 |  |  |  | 4 |  |  |  | 137 |
|  |  | 2 |  |  |  | 23 |  |  |  | 25 |  |  |  | (15 | ) |  |  | (10 | ) |  |  | 25 |
Total |  | $ | 1,912 |  |  | $ | 6,113 |  |  | $ | 5,069 |  |  | $ | 5,139 |  |  | $ | 3,068 |  |  | $ | 21,301 |
As at December 31, 2022 |  | Less than 1 year |  |  | 1 to 5 years |  |  | 5 to 10 years |  |  | 10 to 20 years |  |  | More than 20 years |  |  | Total |
Canada |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance contracts issued |  | $ | 333 |  |  | $ | 1,088 |  |  | $ | 936 |  |  | $ | 1,015 |  |  | $ | 620 |  |  | $ | 3,992 |
Reinsurance contracts held |  |  | (36 | ) |  |  | (100 | ) |  |  | (69 | ) |  |  | (62 | ) |  |  | (48 | ) |  |  | (315 | )
|  |  | 297 |  |  |  | 988 |  |  |  | 867 |  |  |  | 953 |  |  |  | 572 |  |  |  | 3,677 |
U.S. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance contracts issued |  |  | 541 |  |  |  | 1,770 |  |  |  | 1,468 |  |  |  | 1,375 |  |  |  | 547 |  |  |  | 5,701 |
Reinsurance contracts held |  |  | (189 | ) |  |  | (586 | ) |  |  | (433 | ) |  |  | (296 | ) |  |  | (62 | ) |  |  | (1,566 | )
|  |  | 352 |  |  |  | 1,184 |  |  |  | 1,035 |  |  |  | 1,079 |  |  |  | 485 |  |  |  | 4,135 |
Asia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance contracts issued |  |  | 922 |  |  |  | 2,933 |  |  |  | 2,442 |  |  |  | 2,435 |  |  |  | 1,516 |  |  |  | 10,248 |
Reinsurance contracts held |  |  | (17 | ) |  |  | (79 | ) |  |  | (55 | ) |  |  | 5 |  |  |  | 11 |  |  |  | (135 | )
|  |  | 905 |  |  |  | 2,854 |  |  |  | 2,387 |  |  |  | 2,440 |  |  |  | 1,527 |  |  |  | 10,113 |
Corporate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance contracts issued |  |  | (8 | ) |  |  | (27 | ) |  |  | (23 | ) |  |  | (24 | ) |  |  | (10 | ) |  |  | (92 | )
Reinsurance contracts held |  |  | 12 |  |  |  | 40 |  |  |  | 35 |  |  |  | 38 |  |  |  | 19 |  |  |  | 144 |
|  |  | 4 |  |  |  | 13 |  |  |  | 12 |  |  |  | 14 |  |  |  | 9 |  |  |  | 52 |
Total |  | $ | 1,558 |  |  | $ | 5,039 |  |  | $ | 4,301 |  |  | $ | 4,486 |  |  | $ | 2,593 |  |  | $ | 17,977 |
Summary of Investment Income And Insurance Finance Income And Expense |
For the year ended December 31, 202 3 |  | Insurance contracts |  |  | Non-insurance (1) |  |  | Total |
Investment return |  |  |  |  |  |  |  |  |  |  |  |
Investment related income |  | $ | 13,036 |  |  | $ | 3,079 |  |  | $ | 16,115 |
Net gains (losses) on financial assets at FVTPL |  |  | 2,176 |  |  |  | 506 |  |  |  | 2,682 |
Unrealized gains (losses) on FVOCI assets |  |  | 11,212 |  |  |  | 1,018 |  |  |  | 12,230 |
Impairment loss on financial assets |  |  | (247 | ) |  |  | (57 | ) |  |  | (304 | )
Investment expenses |  |  | (540 | ) |  |  | (757 | ) |  |  | (1,297 | )
Interest on required surplus |  |  | 521 |  |  |  | (521 | ) |  |  | – |
Total investment return |  |  | 26,158 |  |  |  | 3,268 |  |  |  | 29,426 |
Portion recognized in income (expenses) |  |  | 15,830 |  |  |  | 2,191 |  |  |  | 18,021 |
Portion recognized in OCI |  |  | 10,328 |  |  |  | 1,077 |  |  |  | 11,405 |
Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates |  |  |  |  |  |  |  |  |  |  |  |
Interest accreted to insurance contracts using locked-in rate |  |  | (8,214 | ) |  |  | 28 |  |  |  | (8,186 | )
Due to changes in interest rates and other financial assumptions |  |  | (11,008 | ) |  |  | 21 |  |  |  | (10,987 | )
Changes in fair value of underlying items of direct participation contracts |  |  | (7,384 | ) |  |  | – |  |  |  | (7,384 | )
Effects of risk mitigation option |  |  | 1,267 |  |  |  | – |  |  |  | 1,267 |
Net foreign exchange income (expenses) |  |  | (80 | ) |  |  | – |  |  |  | (80 | )
Hedge accounting offset from insurance contracts issued |  |  | (41 | ) |  |  | – |  |  |  | (41 | )
Reclassification of derivative OCI to IFIE – cash flow hedges |  |  | (3 | ) |  |  | – |  |  |  | (3 | )
Reclassification of derivative income (loss) changes to IFIE – fair value hedge |  |  | 185 |  |  |  | – |  |  |  | 185 |
Other |  |  | 237 |  |  |  | – |  |  |  | 237 |
Total insurance finance income (expenses) from insurance contracts issued |  |  | (25,041 | ) |  |  | 49 |  |  |  | (24,992 | )
Effect of movements in foreign exchange rates |  |  | (952 | ) |  |  | – |  |  |  | (952 | )
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates |  |  | (25,993 | ) |  |  | 49 |  |  |  | (25,944 | )
Portion recognized in income (expenses), including effects of exchange rates |  |  | (13,930 | ) |  |  | 36 |  |  |  | (13,894 | )
Portion recognized in OCI, including effects of exchange rates |  |  | (12,063 | ) |  |  | 13 |  |  |  | (12,050 | )
Reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates |  |  |  |  |  |  |  |  |  |  |  |
Interest accreted to insurance contracts using locked-in rate |  |  | 241 |  |  |  | (12 | ) |  |  | 229 |
Due to changes in interest rates and other financial assumptions |  |  | 598 |  |  |  | (28 | ) |  |  | 570 |
Changes in risk of non-performance of reinsurer |  |  | (15 | ) |  |  | – |  |  |  | (15 | )
Other |  |  | (159 | ) |  |  | – |  |  |  | (159 | )
Total reinsurance finance income (expenses) from reinsurance contracts held |  |  | 665 |  |  |  | (40 | ) |  |  | 625 |
Effect of movements in foreign exchange rates |  |  | (120 | ) |  |  | – |  |  |  | (120 | )
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates |  |  | 545 |  |  |  | (40 | ) |  |  | 505 |
Portion recognized in income (expenses), including effects of foreign exchange rates |  |  | (719 | ) |  |  | (15 | ) |  |  | (734 | )
Portion recognized in OCI, including effects of exchange rates |  |  | 1,264 |  |  |  | (25 | ) |  |  | 1,239 |
Decrease (increase) in investment contract liabilities |  |  | (17 | ) |  |  | (418 | ) |  |  | (435 | )
Total net investment income (loss), insurance finance income (expenses) and reinsurance finance income (expenses) |  |  | 693 |  |  |  | 2,859 |  |  |  | 3,552 |
Amounts recognized in income (expenses) |  |  | 1,164 |  |  |  | 1,794 |  |  |  | 2,958 |
Amounts recognized in OCI |  |  | (471 | ) |  |  | 1,065 |  |  |  | 594 |
(1) | Non-insurance includes consolidations and eliminations of transactions between operating segments.
For the year ended December 31, 2022 |  | Insurance contracts |  |  | Non-insurance (1) |  |  | Total |
Investment return |  |  |  |  |  |  |  |  |  |  |  |
Investment related income |  | $ | 13,991 |  |  | $ | 1,973 |  |  | $ | 15,964 |
Net gains (losses) on financial assets at FVTPL |  |  | (14,017 | ) |  |  | (246 | ) |  |  | (14,263 | )
Unrealized gains (losses) on FVOCI assets |  |  | (46,900 | ) |  |  | (8,428 | ) |  |  | (55,328 | )
Impairment loss on financial assets |  |  | (59 | ) |  |  | (18 | ) |  |  | (77 | )
Investment expenses |  |  | (464 | ) |  |  | (757 | ) |  |  | (1,221 | )
Interest on required surplus |  |  | 515 |  |  |  | (515 | ) |  |  | – |
Total investment return |  |  | (46,934 | ) |  |  | (7,991 | ) |  |  | (54,925 | )
Portion recognized in income (expenses) |  |  | 358 |  |  |  | (21 | ) |  |  | 337 |
Portion recognized in OCI |  |  | (47,292 | ) |  |  | (7,970 | ) |  |  | (55,262 | )
Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates |  |  |  |  |  |  |  |  |  |  |  |
Interest accreted to insurance contracts using locked-in rate |  |  | (6,448 | ) |  |  | 14 |  |  |  | (6,434 | )
Due to changes in interest rates and other financial assumptions |  |  | 63,174 |  |  |  | (272 | ) |  |  | 62,902 |
Changes in fair value of underlying items of direct participation contracts |  |  | 9,417 |  |  |  | – |  |  |  | 9,417 |
Effects of risk mitigation option |  |  | 2,827 |  |  |  | – |  |  |  | 2,827 |
Net foreign exchange income (expenses) |  |  | (95 | ) |  |  | – |  |  |  | (95 | )
Hedge accounting offset from insurance contracts issued |  |  | – |  |  |  | – |  |  |  | – |
Reclassification of derivative OCI to IFIE – cash flow hedges |  |  | – |  |  |  | – |  |  |  | – |
Reclassification of derivative income (loss) changes to IFIE – fair value hedge |  |  | – |  |  |  | – |  |  |  | – |
Other |  |  | 218 |  |  |  | (2 | ) |  |  | 216 |
Total insurance finance income (expenses) from insurance contracts issued |  |  | 69,093 |  |  |  | (260 | ) |  |  | 68,833 |
Effect of movements in foreign exchange rates |  |  | (1,665 | ) |  |  | (9 | ) |  |  | (1,674 | )
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates |  |  | 67,428 |  |  |  | (269 | ) |  |  | 67,159 |
Portion recognized in income (expenses), including effects of exchange rates |  |  | (6,582 | ) |  |  | (34 | ) |  |  | (6,616 | )
Portion recognized in OCI, including effects of exchange rates |  |  | 74,010 |  |  |  | (235 | ) |  |  | 73,775 |
Reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates |  |  |  |  |  |  |  |  |  |  |  |
Interest accreted to insurance contracts using locked-in rate |  |  | 832 |  |  |  | (8 | ) |  |  | 824 |
Due to changes in interest rates and other financial assumptions |  |  | (10,218 | ) |  |  | 67 |  |  |  | (10,151 | )
Changes in risk of non-performance of reinsurer |  |  | 96 |  |  |  | – |  |  |  | 96 |
Other |  |  | 191 |  |  |  | – |  |  |  | 191 |
Total reinsurance finance income (expenses) from reinsurance contracts held |  |  | (9,099 | ) |  |  | 59 |  |  |  | (9,040 | )
Effect of movements in foreign exchange rates |  |  | (16 | ) |  |  | – |  |  |  | (16 | )
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates |  |  | (9,115 | ) |  |  | 59 |  |  |  | (9,056 | )
Portion recognized in income (expenses), including effects of foreign exchange rates |  |  | 322 |  |  |  | (13 | ) |  |  | 309 |
Portion recognized in OCI, including effects of exchange rates |  |  | (9,437 | ) |  |  | 72 |  |  |  | (9,365 | )
Decrease (increase) in investment contract liabilities |  |  | (56 | ) |  |  | (343 | ) |  |  | (399 | )
Total net investment income (loss), insurance finance income (expenses) and reinsurance finance income (expenses) |  |  | 11,323 |  |  |  | (8,544 | ) |  |  | 2,779 |
Amounts recognized in income (expenses) |  |  | (5,958 | ) |  |  | (411 | ) |  |  | (6,369 | )
Amounts recognized in OCI |  |  | 17,281 |  |  |  | (8,133 | ) |  |  | 9,148 |
(1) | Non-insurance includes consolidations and eliminations of transactions between operating segments.
The following tables present Investment income and insurance finance income and expenses recognized in income or expenses or other comprehensive income, by reporting segments for the years ended December 31, 2023 and December 31, 2022.
|  | Insurance and reinsurance contracts |  |  |  |  |  |  |
For the year ended December 31, 2023 |  | Asia |  |  | Canada |  |  | U.S. |  |  | Corporate |  |  | Non-insurance (1) |  |  | Total |
Total investment return |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Portion recognized in income (expenses) |  | $ | 7,095 |  |  | $ | 3,514 |  |  | $ | 5,193 |  |  | $ | 28 |  |  | $ | 2,191 |  |  | $ | 18,021 |
Portion recognized in OCI |  |  | 4,675 |  |  |  | 2,454 |  |  |  | 3,197 |  |  |  | 2 |  |  |  | 1,077 |  |  |  | 11,405 |
|  |  | 11,770 |  |  |  | 5,968 |  |  |  | 8,390 |  |  |  | 30 |  |  |  | 3,268 |  |  |  | 29,426 |
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Portion recognized in income (expenses), including effects of exchange rates |  |  | (6,436 | ) |  |  | (3,315 | ) |  |  | (4,868 | ) |  |  | 689 |  |  |  | 36 |  |  |  | (13,894 | )
Portion recognized in OCI, including effects of exchange rates |  |  | (4,601 | ) |  |  | (2,394 | ) |  |  | (5,068 | ) |  |  | – |  |  |  | 13 |  |  |  | (12,050 | )
|  |  | (11,037 | ) |  |  | (5,709 | ) |  |  | (9,936 | ) |  |  | 689 |  |  |  | 49 |  |  |  | (25,944 | )
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Portion recognized in income (expenses), including effects of foreign exchange rates |  |  | (105 | ) |  |  | 57 |  |  |  | 11 |  |  |  | (682 | ) |  |  | (15 | ) |  |  | (734 | )
Portion recognized in OCI, including effects of exchange rates |  |  | 117 |  |  |  | 33 |  |  |  | 1,114 |  |  |  | – |  |  |  | (25 | ) |  |  | 1,239 |
|  |  | 12 |  |  |  | 90 |  |  |  | 1,125 |  |  |  | (682 | ) |  |  | (40 | ) |  |  | 505 |
(1) Non-insurance includes consolidations and eliminations of transactions between operating segments. |
|  | Insurance and reinsurance contracts |  |  |  |  |  |  |
For the year ended December 31, 2022 |  | Asia |  |  | Canada |  |  | U.S. |  |  | Corporate |  |  | Non-insurance (1) |  |  | Total |
Total investment return |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Portion recognized in income (expenses) |  | $ | 1,422 |  |  | $ | (1,967 | ) |  | $ | 894 |  |  | $ | 9 |  |  |  | $   (21 | ) |  | $ | 337 |
Portion recognized in OCI |  |  | (14,200 | ) |  |  | (11,332 | ) |  |  | (21,741 | ) |  |  | (19 | ) |  |  | (7,970 | ) |  |  | (55,262 | )
|  |  | (12,778 | ) |  |  | (13,299 | ) |  |  | (20,847 | ) |  |  | (10 | ) |  |  | (7,991 | ) |  |  | (54,925 | )
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Portion recognized in income (expenses), including effects of exchange rates |  |  | (1,654 | ) |  |  | (219 | ) |  |  | (4,867 | ) |  |  | 158 |  |  |  | (34 | ) |  |  | (6,616 | )
Portion recognized in OCI, including effects of exchange rates |  |  | 14,532 |  |  |  | 14,731 |  |  |  | 44,748 |  |  |  | (1 | ) |  |  | (235 | ) |  |  | 73,775 |
|  |  | 12,878 |  |  |  | 14,512 |  |  |  | 39,881 |  |  |  | 157 |  |  |  | (269 | ) |  |  | 67,159 |
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Portion recognized in income (expenses), including effects of foreign exchange rates |  |  | (63 | ) |  |  | (102 | ) |  |  | 641 |  |  |  | (154 | ) |  |  | (13 | ) |  |  | 309 |
Portion recognized in OCI, including effects of exchange rates |  |  | (126 | ) |  |  | (150 | ) |  |  | (9,161 | ) |  |  | - |  |  |  | 72 |  |  |  | (9,365 | )
|  |  | (189 | ) |  |  | (252 | ) |  |  | (8,520 | ) |  |  | (154 | ) |  |  | 59 |  |  |  | (9,056 | )
(1) | Non-insurance includes consolidations and eliminations of transactions between operating segments.
Summary of Significant Judgements and Estimates |
|  |  |  |  |  |  |  |  |  |  |  |  | December 31, 2023 |
|  | Currency |  | Liquidity category |  | Observable years |  |  |  | Ultimate year |  |  | 1 year |  |  | 5 years |  |  | 10 years |  |  | 20 years |  |  | 30 years |  |  | Ultimate |
Canada |  | CAD |  | Illiquid |  |  | 30 |  |  |  |  | 70 |  |  |  | 5.17 % |  |  |  | 4.33 % |  |  |  | 4.92% |  |  |  | 4.86% |  |  |  | 4.80% |  |  |  | 4.40% |
|  |  |  | More liquid |  |  | 30 |  |  |  |  | 70 |  |  |  | 5.14% |  |  |  | 4.22% |  |  |  | 4.69% |  |  |  | 4.72% |  |  |  | 4.69% |  |  |  | 4.40% |
U.S. |  | USD |  | Illiquid |  |  | 30 |  |  |  |  | 70 |  |  |  | 5.38% |  |  |  | 4.54% |  |  |  | 5.37% |  |  |  | 5.65% |  |  |  | 5.27% |  |  |  | 5.00% |
|  |  |  | More liquid |  |  | 30 |  |  |  |  | 70 |  |  |  | 5.32% |  |  |  | 4.57% |  |  |  | 5.25% |  |  |  | 5.56% |  |  |  | 5.18% |  |  |  | 4.88% |
Japan |  | JPY |  | Mixed |  |  | 30 |  |  |  |  | 70 |  |  |  | 0.53% |  |  |  | 0.77% |  |  |  | 1.08% |  |  |  | 1.75% |  |  |  | 2.24% |  |  |  | 1.60% |
Hong Kong |  | HKD |  | Illiquid |  |  | 15 |  |  |  |  | 55 |  |  |  | 4.20% |  |  |  | 4.01% |  |  |  | 4.98% |  |  |  | 4.61% |  |  |  | 4.19% |  |  |  | 3.80% |
|  |  |  |  |  |  |  |  |  |  |  |  | December 31, 2022 |
|  | Currency |  | Liquidity category |  | Observable years |  |  |  | Ultimate year |  |  | 1 year |  |  | 5 years |  |  | 10 years |  |  | 20 years |  |  | 30 years |  |  | Ultimate |
Canada |  | CAD |  | Illiquid |  |  | 30 |  |  |  |  | 70 |  |  |  | 5.29% |  |  |  | 4.81% |  |  |  | 5.35% |  |  |  | 5.35% |  |  |  | 5.03% |  |  |  | 4.40% |
|  |  |  | More liquid |  |  | 30 |  |  |  |  | 70 |  |  |  | 5.21% |  |  |  | 4.63% |  |  |  | 4.97% |  |  |  | 5.02% |  |  |  | 4.91% |  |  |  | 4.40% |
U.S. |  | USD |  | Illiquid |  |  | 30 |  |  |  |  | 70 |  |  |  | 5.28% |  |  |  | 4.87% |  |  |  | 5.74% |  |  |  | 5.86% |  |  |  | 5.34% |  |  |  | 5.00% |
|  |  |  | More liquid |  |  | 30 |  |  |  |  | 70 |  |  |  | 5.23% |  |  |  | 4.88% |  |  |  | 5.61% |  |  |  | 5.76% |  |  |  | 5.23% |  |  |  | 4.88% |
Japan |  | JPY |  | Mixed |  |  | 30 |  |  |  |  | 70 |  |  |  | 0.72% |  |  |  | 0.98% |  |  |  | 0.91% |  |  |  | 1.70% |  |  |  | 2.22% |  |  |  | 1.60% |
Hong Kong |  | HKD |  | Illiquid |  |  | 15 |  |  |  |  | 55 |  |  |  | 4.69% |  |  |  | 4.95% |  |  |  | 5.60% |  |  |  | 4.99% |  |  |  | 4.36% |  |  |  | 3.80% |
Summary of Composition of Underlying Items | The following table sets out the composition and fair value of the underlying items supporting the Company’s liabilities for direct participation contracts as at the dates presented.
|  | 2023 |  |  |  |  |  | 2022 |
As at December 31, |  | Participating |  |  | Variable annuity |  |  | Unit linked |  |  |  |  |  | Participating |  |  | Variable annuity |  |  | Unit linked |
Underlying assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  | $ | 44,682 |  |  | $ | – |  |  | $ | – |  |  |  |  |  |  | $ | 39,894 |  |  | $ | – |  |  | $ | – |
Public equities |  |  | 14,442 |  |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 12,119 |  |  |  | – |  |  |  | – |
Mortgages |  |  | 4,449 |  |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 3,813 |  |  |  | – |  |  |  | – |
Private placements |  |  | 6,720 |  |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 5,666 |  |  |  | – |  |  |  | – |
Real estate |  |  | 3,907 |  |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 3,190 |  |  |  | – |  |  |  | – |
Other |  |  | 27,017 |  |  |  | 68,749 |  |  |  | 15,539 |  |  |  |  |  |  |  | 26,009 |  |  |  | 69,033 |  |  |  | 13,476 |
Total |  | $ | 101,217 |  |  | $ | 68,749 |  |  | $ | 15,539 |  |  |  |  |  |  | $ | 90,691 |  |  | $ | 69,033 |  |  | $ | 13,476 |
Summary of Asset for Acquisition Cash Flow | The following table presents the expected future derecognition of asset for insurance acquisition cash flow as at the dates presented.
|  | 2023 |  |  |  |  |  | 2022 |
As at December 31, |  | Less than 1 year |  |  | 1-5 years |  |  | More than 5 years |  |  | Total |  |  |  |  |  | Less than 1 year |  |  | 1-5 years |  |  | More than 5 years |  |  | Total |
Asia |  | $ | 59 |  |  | $ | 150 |  |  | $ | 62 |  |  | $ | 271 |  |  |  |  |  |  | $ | 58 |  |  | $ | 150 |  |  | $ | 75 |  |  | $ | 283 |
Canada |  |  | 72 |  |  |  | 205 |  |  |  | 272 |  |  |  | 549 |  |  |  |  |  |  |  | 73 |  |  |  | 200 |  |  |  | 249 |  |  |  | 522 |
Total |  | $ | 131 |  |  | $ | 355 |  |  | $ | 334 |  |  | $ | 820 |  |  |  |  |  |  | $ | 131 |  |  | $ | 350 |  |  | $ | 324 |  |  | $ | 805 |
Summary of Maturity Analysis and Amounts Payable on Demand | The table below represents the maturities of the insurance contract and reinsurance contract held liabilities as at the dates presented.
As at December 31, 2023 |
Payments due by period |  | Less than 1 year |  |  | 1 to 2 years |  |  | 2 to 3 years |  |  | 3 to 4 years |  |  | 4 to 5 years |  |  | Over 5 years |  |  | Total |
Insurance contract liabilities (1) |  | $ | 3,400 |  |  | $ | 5,546 |  |  | $ | 6,766 |  |  | $ | 8,849 |  |  | $ | 11,320 |  |  | $ | 1,074,764 |  |  | $ | 1,110,645 |
Reinsurance contract held liabilities (1) |  |  | 332 |  |  |  | 460 |  |  |  | 492 |  |  |  | 592 |  |  |  | 475 |  |  |  | 6,097 |  |  |  | 8,448 |
As at December 31, 2022
Payments due by period |  | Less than 1 year |  |  | 1 to 2 years |  |  | 2 to 3 years |  |  | 3 to 4 years |  |  | 4 to 5 years |  |  | Over 5 years |  |  | Total |
Insurance contract liabilities (1) |  | $ | 3,091 |  |  | $ | 4,976 |  |  | $ | 7,224 |  |  | $ | 9,212 |  |  | $ | 11,223 |  |  | $ | 996,460 |  |  | $ | 1,032,186 |
Reinsurance contract held liabilities (1) |  |  | 235 |  |  |  | 237 |  |  |  | 250 |  |  |  | 243 |  |  |  | 337 |  |  |  | 5,320 |  |  |  | 6,622 |
(1) | Insurance contract liabilities cash flows include estimates related to the timing and payment of death and disability claims, policy surrenders, policy maturities, annuity payments, minimum guarantees on segregated fund products, policyholder dividends, commissions and premium taxes offset by contractual future premiums on in-force contracts and exclude amounts from insurance contract liabilities for account of segregated fund holders. These estimated cash flows are based on the best estimate assumptions used in the determination of insurance contract liabilities. These amounts are undiscounted. Reinsurance contract held liabilities cash flows include estimates related to the timing and payment of future reinsurance premiums offset by recoveries on in-force reinsurance agreements. Due to the use of assumptions, actual cash flows may differ from these estimates. Cash flows include embedded derivatives measured separately at fair value.
The amounts from insurance contract liabilities that are payable on demand are set out below as at the dates presented.
|  | 2023 |  |  |  |  |  | 2022 |
As at December 31, |  | Amounts payable on demand |  |  | Carrying amount |  |  |  |  |  | Amounts payable on demand |  |  | Carrying amount |
Asia |  | $ | 100,060 |  |  | $ | 129,117 |  |  |  |  |  |  | $ | 95,777 |  |  | $ | 117,737 |
Canada |  |  | 28,264 |  |  |  | 56,887 |  |  |  |  |  |  |  | 25,745 |  |  |  | 52,300 |
U.S. |  |  | 44,360 |  |  |  | 63,092 |  |  |  |  |  |  |  | 45,394 |  |  |  | 63,374 |
Total |  | $ | 172,684 |  |  | $ | 249,096 |  |  |  |  |  |  | $ | 166,916 |  |  | $ | 233,411 |
Summary of Actuarial Methods and Assumptions | Impact of changes in actuarial methods and assumptions on pre-tax fulfilment cash flows (1)
|  | For the three and nine months ended September 30, 2023 |  |  | For the three months ended December 31, 2023 |  |  | For the year ended December 31, 2023 |
Canada variable annuity product review |  | $ | (133 | ) |  | $ | – |  |  | $ | (133 | )
Mortality and morbidity updates |  |  | 265 |  |  |  | – |  |  |  | 265 |
Lapse and policyholder behaviour updates |  |  | 98 |  |  |  | – |  |  |  | 98 |
Methodology and other updates |  |  | (577 | ) |  |  | (2,850 | ) |  |  | (3,427 | )
Impact of changes in actuarial methods and assumptions, pre-tax |  | $ | (347 | ) |  | $ | (2,850 | ) |  | $ | (3,197 | )
(1) | Excludes the portion related to non-controlling interests of $103 for the three and nine months ended September 30, 2023, and $97 for the three months ended December 31, 2023, respectively.
Impact of changes in actuarial methods and assumptions on pre-tax net income attributed to shareholders, pre-tax net income attributed to participating policyholders, OCI and CSM (1)
|  | For the three and nine months ended September 30, 2023 |  |  | For the three months ended December 31, 2023 |  |  | For the year ended December 31, 2023 |
Portion recognized in net income (loss) attributed to: |  |  |  |  |  |  |  |  |  |  |  |
Participating policyholders |  | $ | 58 |  |  | $ | 115 |  |  | $ | 173 |
Shareholders and other equity holders |  |  | 27 |  |  |  | 144 |  |  |  | 171 |
|  |  | 85 |  |  |  | 259 |  |  |  | 344 |
Portion recognized in OCI attributed to: |  |  |  |  |  |  |  |  |  |  |  |
Participating policyholders |  |  | – |  |  |  | (21 | ) |  |  | (21 | )
Shareholders and other equity holders |  |  | 146 |  |  |  | (26 | ) |  |  | 120 |
|  |  | 146 |  |  |  | (47 | ) |  |  | 99 |
Portion recognized in CSM |  |  | 116 |  |  |  | 2,638 |  |  |  | 2,754 |
Impact of changes in actuarial methods and assumptions, pre-tax |  | $ | 347 |  |  | $ | 2,850 |  |  | $ | 3,197 |
(1) | Excludes the portion related to non-controlling interests, of which $72 is related to CSM for the three and nine months ended September 30, 2023, and $87 is related to CSM for the three months ended December 31, 2023.
Impact of changes in actuarial methods and assumptions on pre-tax fulfilment cash flows (1)
For the year ended December 31, 2022 |  | Total |
Long-term care triennial review |  | $ | 118 |
Mortality and morbidity updates |  |  | 83 |
Lapse and policyholder behaviour updates |  |  | 234 |
Methodology and other updates |  |  | (243 | )
Impact of changes in actuarial methods and assumptions, pre-tax |  | $ | 192 |
(1) | Excludes the portion related to non-controlling interests of $8.
Impact of changes in actuarial methods and assumptions on pre-tax net income attributed to shareholders, pre-tax net income attributed to participating policyholders, OCI and CSM (1)
For the year ended December 31, 2022 |  | Total |
Portion recognized in net income (loss) attributed to: |  |  |  |
Participating policyholders |  | $ | (26 | )
Shareholders and other equity holders |  |  | 23 |
|  |  | (3 | )
Portion recognized in OCI attributed to: |  |  |  |
Participating policyholders |  |  | – |
Shareholders and other equity holders |  |  | 90 |
|  |  | 90 |
Portion recognized in CSM |  |  | (279 | )
Impact of changes in actuarial methods and assumptions, pre-tax |  | $ | (192 | )
(1) | Excludes the portion related to non-controlling interests, of which $nil is related to CSM.
Insurance Contracts Issued [Member] |
Statement [LineItems] |
Summary of Insurance Contracts and Reinsurance Contracts Held in Analysis by Remaining Coverage and Incurred Claims | The following tables present the movement in the net assets or liabilities for insurance contracts issued, showing the amounts for remaining coverage and the amounts for incurred claims for the years ended December 31, 2023 and December 31, 2022.
|  | Liabilities for remaining coverage |  |  |  |  |  | Liabilities for incurred claims |  |  |  |  |  |  |
|  | Excluding loss component |  |  | Loss component |  |  |  |  |  | Products not under PAA |  |  | PAA Estimates of PV of future cash flows |  |  | PAA Risk adjustment for non-financial risk |  |  | Assets for insurance acquisition cash flows |  |  | Total |
Opening insurance contract assets |  | $ | (659 | ) |  | $ | – |  |  |  |  |  |  | $ | 7 |  |  | $ | (12 | ) |  | $ | – |  |  | $ | (9 | ) |  | $ | (673 | )
Opening insurance contract liabilities |  |  | 336,981 |  |  |  | 1,328 |  |  |  |  |  |  |  | 5,857 |  |  |  | 10,877 |  |  |  | 602 |  |  |  | (796 | ) |  |  | 354,849 |
Opening insurance contract liabilities for account of segregated fund holders |  |  | 110,216 |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 110,216 |
Net opening balance, January 1, 2023 |  |  | 446,538 |  |  |  | 1,328 |  |  |  |  |  |  |  | 5,864 |  |  |  | 10,865 |  |  |  | 602 |  |  |  | (805 | ) |  |  | 464,392 |
Insurance revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expected incurred claims and other insurance service result |  |  | (13,165 | ) |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (13,165 | )
Change in risk adjustment for non-financial risk expired |  |  | (1,497 | ) |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1,497 | )
CSM recognized for services provided |  |  | (2,162 | ) |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (2,162 | )
Recovery of insurance acquisition cash flows |  |  | (853 | ) |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (853 | )
Contracts under PAA |  |  | (6,295 | ) |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (6,295 | )
|  |  | (23,972 | ) |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (23,972 | )
Insurance service expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Incurred claims and other insurance service expenses |  |  | – |  |  |  | (320 | ) |  |  |  |  |  |  | 13,446 |  |  |  | 6,136 |  |  |  | 254 |  |  |  | – |  |  |  | 19,516 |
Losses and reversal of losses on onerous contracts (future service) |  |  | – |  |  |  | 90 |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 90 |
Changes to liabilities for incurred claims (past service) |  |  | – |  |  |  | – |  |  |  |  |  |  |  | (31 | ) |  |  | (1,605 | ) |  |  | (242 | ) |  |  | – |  |  |  | (1,878 | )
Amortization of insurance acquisition cash flows |  |  | 1,654 |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1,654 |
Net impairment of assets for insurance acquisition cash flows |  |  | – |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
|  |  | 1,654 |  |  |  | (230 | ) |  |  |  |  |  |  | 13,415 |  |  |  | 4,531 |  |  |  | 12 |  |  |  | – |  |  |  | 19,382 |
Investment components and premium refunds |  |  | (19,080 | ) |  |  | – |  |  |  |  |  |  |  | 17,148 |  |  |  | 1,932 |  |  |  | – |  |  |  | – |  |  |  | – |
Insurance service result |  |  | (41,398 | ) |  |  | (230 | ) |  |  |  |  |  |  | 30,563 |  |  |  | 6,463 |  |  |  | 12 |  |  |  | – |  |  |  | (4,590 | )
Insurance finance (income) expenses |  |  | 24,268 |  |  |  | 32 |  |  |  |  |  |  |  | 15 |  |  |  | 848 |  |  |  | 11 |  |  |  | – |  |  |  | 25,174 |
Effects of movements in foreign exchange rates |  |  | (9,657 | ) |  |  | (38 | ) |  |  |  |  |  |  | (71 | ) |  |  | (12 | ) |  |  | – |  |  |  | 7 |  |  |  | (9,771 | )
Total changes in income and OCI |  |  | (26,787 | ) |  |  | (236 | ) |  |  |  |  |  |  | 30,507 |  |  |  | 7,299 |  |  |  | 23 |  |  |  | 7 |  |  |  | 10,813 |
Cash flows |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premiums and premium tax received |  |  | 48,381 |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 48,381 |
Claims and other insurance service expenses paid, including investment components |  |  | – |  |  |  | – |  |  |  |  |  |  |  | (30,706 | ) |  |  | (7,719 | ) |  |  | – |  |  |  | – |  |  |  | (38,425 | )
Insurance acquisition cash flows |  |  | (6,920 | ) |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (6,920 | )
Total cash flows |  |  | 41,461 |  |  |  | – |  |  |  |  |  |  |  | (30,706 | ) |  |  | (7,719 | ) |  |  | – |  |  |  | – |  |  |  | 3,036 |
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts |  |  | (152 | ) |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 152 |  |  |  | – |
Acquisition cash flows incurred in the year |  |  | – |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (174 | ) |  |  | (174 | )
Movements related to insurance contract liabilities for account of segregated fund holders |  |  | 3,927 |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 3,927 |
Net closing balance |  |  | 464,987 |  |  |  | 1,092 |  |  |  |  |  |  |  | 5,665 |  |  |  | 10,445 |  |  |  | 625 |  |  |  | (820 | ) |  |  | 481,994 |
Closing insurance contract assets |  |  | (201 | ) |  |  | – |  |  |  |  |  |  |  | 56 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (145 | )
Closing insurance contract liabilities |  |  | 351,045 |  |  |  | 1,092 |  |  |  |  |  |  |  | 5,609 |  |  |  | 10,445 |  |  |  | 625 |  |  |  | (820 | ) |  |  | 367,996 |
Closing insurance contract liabilities for account of segregated fund holders |  |  | 114,143 |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 114,143 |
Net closing balance, December 31, 2023 |  | $ | 464,987 |  |  | $ | 1,092 |  |  |  |  |  |  | $ | 5,665 |  |  | $ | 10,445 |  |  | $ | 625 |  |  | $ | (820 | ) |  | $ | 481,994 |
Insurance finance (income) expenses (“IFIE”) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance finance (income) expenses, per disclosure above |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 25,174 |
Reclassification of derivative OCI to IFIE – cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3 |
Reclassification of derivative (income) loss changes to IFIE – fair value hedge |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (185 | )
Insurance finance (income) expenses, per disclosure in note 7 (f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 24,992 |
|  | Liabilities for remaining coverage |  |  |  |  |  | Liabilities for incurred claims |  |  |  |  |  |  |
|  | Excluding loss component |  |  | Loss component |  |  |  |  |  | Products not under PAA |  |  | PAA Estimates of PV of future cash flows |  |  | PAA Risk adjustment for non-financial risk |  |  | Assets for insurance acquisition cash flows |  |  | Total |
Opening insurance contract assets |  | $ | (842 | ) |  | $ | – |  |  |  |  |  |  | $ | 60 |  |  | $ | 27 |  |  | $ | – |  |  | $ | (217 | ) |  | $ | (972 | )
Opening insurance contract liabilities |  |  | 388,585 |  |  |  | 303 |  |  |  |  |  |  |  | 4,342 |  |  |  | 12,230 |  |  |  | 689 |  |  |  | (528 | ) |  |  | 405,621 |
Opening insurance contract liabilities for account of segregated fund holders |  |  | 130,836 |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 130,836 |
Net opening balance, January 1, 2022 |  |  | 518,579 |  |  |  | 303 |  |  |  |  |  |  |  | 4,402 |  |  |  | 12,257 |  |  |  | 689 |  |  |  | (745 | ) |  |  | 535,485 |
Insurance revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expected incurred claims and other insurance service result |  |  | (13,019 | ) |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (13,019 | )
Change in risk adjustment for non-financial risk expired |  |  | (1,665 | ) |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1,665 | )
CSM recognized for service provided |  |  | (2,298 | ) |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (2,298 | )
Recovery of insurance acquisition cash flows |  |  | (534 | ) |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (534 | )
Contracts under PAA |  |  | (5,602 | ) |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (5,602 | )
|  |  | (23,118 | ) |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (23,118 | )
Insurance service expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Incurred claims and other insurance service expenses |  |  | – |  |  |  | 233 |  |  |  |  |  |  |  | 12,775 |  |  |  | 5,982 |  |  |  | 266 |  |  |  | – |  |  |  | 19,256 |
Losses and reversal of losses on onerous contracts (future service) |  |  | – |  |  |  | 742 |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 742 |
Changes to liabilities for incurred claims (past service) |  |  | – |  |  |  | – |  |  |  |  |  |  |  | (41 | ) |  |  | (1,554 | ) |  |  | (353 | ) |  |  | – |  |  |  | (1,948 | )
Amortization of insurance acquisition cash flows |  |  | 1,285 |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1,285 |
Net impairment of assets for insurance acquisition cash flows |  |  | – |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
|  |  | 1,285 |  |  |  | 975 |  |  |  |  |  |  |  | 12,734 |  |  |  | 4,428 |  |  |  | (87 | ) |  |  | – |  |  |  | 19,335 |
Investment components and premium refunds |  |  | (18,222 | ) |  |  | – |  |  |  |  |  |  |  | 16,514 |  |  |  | 1,708 |  |  |  | – |  |  |  | – |  |  |  | – |
Insurance service result |  |  | (40,055 | ) |  |  | 975 |  |  |  |  |  |  |  | 29,248 |  |  |  | 6,136 |  |  |  | (87 | ) |  |  | – |  |  |  | (3,783 | )
Insurance finance (income) expenses |  |  | (68,366 | ) |  |  | 9 |  |  |  |  |  |  |  | 753 |  |  |  | (1,229 | ) |  |  | – |  |  |  | – |  |  |  | (68,833 | )
Effects of movements in foreign exchange rates |  |  | 15,886 |  |  |  | 41 |  |  |  |  |  |  |  | 136 |  |  |  | 12 |  |  |  | – |  |  |  | (14 | ) |  |  | 16,061 |
Total changes in income and OCI |  |  | (92,535 | ) |  |  | 1,025 |  |  |  |  |  |  |  | 30,137 |  |  |  | 4,919 |  |  |  | (87 | ) |  |  | (14 | ) |  |  | (56,555 | )
Cash flows |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premiums and premium tax received |  |  | 47,526 |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 47,526 |
Claims and other insurance service expenses paid, including investment components |  |  | – |  |  |  | – |  |  |  |  |  |  |  | (28,675 | ) |  |  | (6,311 | ) |  |  | – |  |  |  | – |  |  |  | (34,986 | )
Insurance acquisition cash flows |  |  | (6,266 | ) |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (6,266 | )
Total cash flows |  |  | 41,260 |  |  |  | – |  |  |  |  |  |  |  | (28,675 | ) |  |  | (6,311 | ) |  |  | – |  |  |  | – |  |  |  | 6,274 |
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts |  |  | (146 | ) |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 146 |  |  |  | – |
Acquisition cash flows incurred in the year |  |  | – |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (192 | ) |  |  | (192 | )
Movements related to insurance contract liabilities for account of segregated fund holders |  |  | (20,620 | ) |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (20,620 | )
Net closing balance |  |  | 446,538 |  |  |  | 1,328 |  |  |  |  |  |  |  | 5,864 |  |  |  | 10,865 |  |  |  | 602 |  |  |  | (805 | ) |  |  | 464,392 |
Closing insurance contract assets |  |  | (659 | ) |  |  | – |  |  |  |  |  |  |  | 7 |  |  |  | (12 | ) |  |  | – |  |  |  | (9 | ) |  |  | (673 | )
Closing insurance contract liabilities |  |  | 336,981 |  |  |  | 1,328 |  |  |  |  |  |  |  | 5,857 |  |  |  | 10,877 |  |  |  | 602 |  |  |  | (796 | ) |  |  | 354,849 |
Closing insurance contract liabilities for account of segregated fund holders |  |  | 110,216 |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 110,216 |
Net closing balance, December 31, 2022 |  | $ | 446,538 |  |  | $ | 1,328 |  |  |  |  |  |  | $ | 5,864 |  |  | $ | 10,865 |  |  | $ | 602 |  |  | $ | (805 | ) |  | $ | 464,392 |
Insurance finance (income) expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance finance (income) expenses, per disclosure above |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (68,833 | )
Reclassification of derivative OCI to IFIE – cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | – |
Reclassification of derivative (income) loss changes to IFIE – fair value hedge |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | – |
Insurance finance (income) expenses, per disclosure in note 7 (f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (68,833 | )
Summary of Insurance Contracts and Reinsurance Contracts Held in Analysis by Measurement Components | The following tables present the movement in the net assets or liabilities for insurance contracts issued, showing estimates of the present value of future cash flows, risk adjustment and CSM for the years ended December 31, 2023 and December 31, 2022.
|  |  |  |  |  |  |  | CSM |  |  |  |  |  |  |
|  | Estimates of PV of future cash flows |  |  | Risk adjustment for non-financial risk |  |  | Fair value |  |  | Other |  |  | Assets for insurance acquisition cash flows |  |  | Total |
Opening GMM and VFA insurance contract assets |  | $ | (1,827 | ) |  | $ | 512 |  |  | $ | 100 |  |  | $ | 557 |  |  | $ | – |  |  | $ | (658 | )
Opening GMM and VFA insurance contract liabilities |  |  | 297,967 |  |  |  | 25,750 |  |  |  | 17,105 |  |  |  | 2,087 |  |  |  | (56 | ) |  |  | 342,853 |
Opening PAA insurance contract net liabilities |  |  | 12,125 |  |  |  | 605 |  |  |  | – |  |  |  | – |  |  |  | (749 | ) |  |  | 11,981 |
Opening insurance contract liabilities for account of segregated fund holders |  |  | 110,216 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 110,216 |
Net opening balance, January 1, 2023 |  |  | 418,481 |  |  |  | 26,867 |  |  |  | 17,205 |  |  |  | 2,644 |  |  |  | (805 | ) |  |  | 464,392 |
CSM recognized for services provided |  |  | – |  |  |  | – |  |  |  | (1,812 | ) |  |  | (350 | ) |  |  | – |  |  |  | (2,162 | )
Change in risk adjustment for non-financial risk for risk expired |  |  | – |  |  |  | (1,620 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1,620 | )
Experience adjustments |  |  | 152 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 152 |
Changes that relate to current services |  |  | 152 |  |  |  | (1,620 | ) |  |  | (1,812 | ) |  |  | (350 | ) |  |  | – |  |  |  | (3,630 | )
Contracts initially recognized during the year |  |  | (3,295 | ) |  |  | 1,180 |  |  |  | – |  |  |  | 2,368 |  |  |  | – |  |  |  | 253 |
Changes in estimates that adjust the CSM |  |  | 1,585 |  |  |  | (3,859 | ) |  |  | 2,214 |  |  |  | 60 |  |  |  | – |  |  |  | – |
Changes in estimates that relate to losses and reversal of losses on onerous contracts |  |  | (174 | ) |  |  | 12 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (162 | )
Changes that relate to future services |  |  | (1,884 | ) |  |  | (2,667 | ) |  |  | 2,214 |  |  |  | 2,428 |  |  |  | – |  |  |  | 91 |
Adjustments to liabilities for incurred claims |  |  | (28 | ) |  |  | (4 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (32 | )
Changes that relate to past services |  |  | (28 | ) |  |  | (4 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (32 | )
Insurance service result |  |  | (1,760 | ) |  |  | (4,291 | ) |  |  | 402 |  |  |  | 2,078 |  |  |  | – |  |  |  | (3,571 | )
Insurance finance (income) expenses |  |  | 22,340 |  |  |  | 1,646 |  |  |  | 244 |  |  |  | 76 |  |  |  | – |  |  |  | 24,306 |
Effects of movements in foreign exchange rates |  |  | (8,405 | ) |  |  | (779 | ) |  |  | (438 | ) |  |  | (107 | ) |  |  | – |  |  |  | (9,729 | )
Total changes in income and OCI |  |  | 12,175 |  |  |  | (3,424 | ) |  |  | 208 |  |  |  | 2,047 |  |  |  | – |  |  |  | 11,006 |
Total cash flows |  |  | 2,081 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2,081 |
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts |  |  | (5 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 5 |  |  |  | – |
Acquisition cash flows incurred in the year |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (8 | ) |  |  | (8 | )
Change in PAA balance |  |  | 587 |  |  |  | 21 |  |  |  | – |  |  |  | – |  |  |  | (12 | ) |  |  | 596 |
Movements related to insurance contract liabilities for account of segregated fund holders |  |  | 3,927 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 3,927 |
Net closing balance |  |  | 437,246 |  |  |  | 23,464 |  |  |  | 17,413 |  |  |  | 4,691 |  |  |  | (820 | ) |  |  | 481,994 |
Closing GMM and VFA insurance contract assets |  |  | (416 | ) |  |  | 141 |  |  |  | 32 |  |  |  | 99 |  |  |  | – |  |  |  | (144 | )
Closing GMM and VFA insurance contract liabilities |  |  | 310,807 |  |  |  | 22,697 |  |  |  | 17,381 |  |  |  | 4,592 |  |  |  | (59 | ) |  |  | 355,418 |
Closing PAA insurance contract net liabilities |  |  | 12,712 |  |  |  | 626 |  |  |  | – |  |  |  | – |  |  |  | (761 | ) |  |  | 12,577 |
Closing insurance contract liabilities for account of segregated fund insurance holders |  |  | 114,143 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 114,143 |
Net closing balance, December 31, 2023 |  | $ | 437,246 |  |  | $ | 23,464 |  |  | $ | 17,413 |  |  | $ | 4,691 |  |  | $ | (820 | ) |  | $ | 481,994 |
Insurance finance (income) expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance finance (income) expenses, per disclosure above |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 24,306 |
Reclassification of derivative OCI to IFIE – cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3 |
Reclassification of derivative (income) loss changes to IFIE – fair value hedge |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (120 | )
PAA items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PAA IFIE per disclosure |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 868 |
PAA Reclassification of derivative OCI to IFIE – cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | – |
PAA Reclassification of derivative (income) loss changes to IFIE – fair value hedge |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (65 | )
Insurance finance (income) expenses, per disclosure in note 7 (f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 24,992 |
|  |  |  |  |  |  |  | CSM |  |  |  |  |  |  |
|  | Estimates of PV of future cash flows |  |  | Risk adjustment for non-financial risk |  |  | Fair value |  |  | Other |  |  | Assets for insurance acquisition cash flows |  |  | Total |
Opening GMM and VFA insurance contract assets |  | $ | (1,955 | ) |  | $ | 365 |  |  | $ | 179 |  |  | $ | 453 |  |  | $ | – |  |  | $ | (958 | )
Opening GMM and VFA insurance contract liabilities |  |  | 341,125 |  |  |  | 30,780 |  |  |  | 19,842 |  |  |  | 992 |  |  |  | (54 | ) |  |  | 392,685 |
Opening PAA insurance contract net liabilities |  |  | 12,919 |  |  |  | 694 |  |  |  | – |  |  |  | – |  |  |  | (691 | ) |  |  | 12,922 |
Opening insurance contract liabilities for account of segregated fund holders |  |  | 130,836 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 130,836 |
Net opening balance, January 1, 2022 |  |  | 482,925 |  |  |  | 31,839 |  |  |  | 20,021 |  |  |  | 1,445 |  |  |  | (745 | ) |  |  | 535,485 |
CSM recognized for services provided |  |  | – |  |  |  | – |  |  |  | (2,064 | ) |  |  | (234 | ) |  |  | – |  |  |  | (2,298 | )
Change in risk adjustment for non-financial risk for risk expired |  |  | – |  |  |  | (1,582 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1,582 | )
Experience adjustments |  |  | 6 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 6 |
Changes that relate to current services |  |  | 6 |  |  |  | (1,582 | ) |  |  | (2,064 | ) |  |  | (234 | ) |  |  | – |  |  |  | (3,874 | )
Contracts initially recognized during the year |  |  | (2,880 | ) |  |  | 1,396 |  |  |  | 35 |  |  |  | 1,963 |  |  |  | – |  |  |  | 514 |
Changes in estimates that adjust the CSM |  |  | 3,377 |  |  |  | (994 | ) |  |  | (1,737 | ) |  |  | (646 | ) |  |  | – |  |  |  | – |
Changes in estimates that relate to losses and reversal of losses on onerous contracts |  |  | 229 |  |  |  | (2 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 227 |
Changes that relate to future services |  |  | 726 |  |  |  | 400 |  |  |  | (1,702 | ) |  |  | 1,317 |  |  |  | – |  |  |  | 741 |
Adjustments to liabilities for incurred claims |  |  | (33 | ) |  |  | (7 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (40 | )
Changes that relate to past services |  |  | (33 | ) |  |  | (7 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (40 | )
Insurance service result |  |  | 699 |  |  |  | (1,189 | ) |  |  | (3,766 | ) |  |  | 1,083 |  |  |  | – |  |  |  | (3,173 | )
Insurance finance (income) expenses |  |  | (62,812 | ) |  |  | (5,105 | ) |  |  | 311 |  |  |  | 31 |  |  |  | – |  |  |  | (67,575 | )
Effects of movements in foreign exchange rates |  |  | 13,898 |  |  |  | 1,411 |  |  |  | 639 |  |  |  | 85 |  |  |  | – |  |  |  | 16,033 |
Total changes in income and OCI |  |  | (48,215 | ) |  |  | (4,883 | ) |  |  | (2,816 | ) |  |  | 1,199 |  |  |  | – |  |  |  | (54,715 | )
Total cash flows |  |  | 5,190 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 5,190 |
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts |  |  | (5 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 5 |  |  |  | – |
Acquisition cash flows incurred in the year |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (7 | ) |  |  | (7 | )
Change in PAA balance |  |  | (794 | ) |  |  | (89 | ) |  |  | – |  |  |  | – |  |  |  | (58 | ) |  |  | (941 | )
Movements related to insurance contract liabilities for account of segregated fund holders |  |  | (20,620 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (20,620 | )
Net closing balance |  |  | 418,481 |  |  |  | 26,867 |  |  |  | 17,205 |  |  |  | 2,644 |  |  |  | (805 | ) |  |  | 464,392 |
Closing GMM and VFA insurance contract assets |  |  | (1,827 | ) |  |  | 512 |  |  |  | 100 |  |  |  | 557 |  |  |  | – |  |  |  | (658 | )
Closing GMM and VFA insurance contract liabilities |  |  | 297,967 |  |  |  | 25,750 |  |  |  | 17,105 |  |  |  | 2,087 |  |  |  | (56 | ) |  |  | 342,853 |
Closing PAA insurance contract net liabilities |  |  | 12,125 |  |  |  | 605 |  |  |  | – |  |  |  | – |  |  |  | (749 | ) |  |  | 11,981 |
Closing insurance contract liabilities for account of segregated fund insurance holders |  |  | 110,216 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 110,216 |
Net closing balance, December 31, 2022 |  | $ | 418,481 |  |  | $ | 26,867 |  |  | $ | 17,205 |  |  | $ | 2,644 |  |  | $ | (805 | ) |  | $ | 464,392 |
Insurance finance (income) expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance finance (income) expenses, per disclosure above |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (67,575 | )
Reclassification of derivative OCI to IFIE – cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | – |
Reclassification of derivative (income) loss changes to IFIE – fair value hedge |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | – |
PAA items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PAA IFIE per disclosure |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,258 | )
PAA Reclassification of derivative OCI to IFIE – cash flow hedges |  |  |  |  |  |  |  |  |  |  |  | – |
PAA Reclassification of derivative (income) loss changes to IFIE – fair value hedge |  |  |  |  |  |  |  |  |  |  |  | – |
Insurance finance (income) expenses, per disclosure in note 7 (f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (68,833 | )
Reinsurance contracts held [Member] |
Statement [LineItems] |
Summary of Insurance Contracts and Reinsurance Contracts Held in Analysis by Remaining Coverage and Incurred Claims | The following tables present the movement in the net assets or liabilities for reinsurance contracts held, showing assets for remaining coverage and amounts recoverable on incurred claims arising from business ceded to reinsurers for the years ended December 31, 2023 and December 31, 2022.
|  | Assets (liabilities) for remaining coverage |  |  |  |  |  | Assets (liabilities) for incurred claims |  |  |  |
|  | Excluding loss recovery component |  |  | Loss recovery component |  |  |  |  |  | Products not under PAA |  |  | PAA Estimates of PV of future cash flows |  |  | PAA Risk adjustment for non-financial risk |  |  | Total |
Opening reinsurance contract held assets |  | $ | 37,853 |  |  | $ | 209 |  |  |  |  |  |  | $ | 7,521 |  |  | $ | 280 |  |  | $ | 8 |  |  | $ | 45,871 |
Opening reinsurance contract held liabilities |  |  | (2,196 | ) |  |  | 4 |  |  |  |  |  |  |  | (137 | ) |  |  | (62 | ) |  |  | – |  |  |  | (2,391 | )
Net opening balance, January 1, 2023 |  |  | 35,657 |  |  |  | 213 |  |  |  |  |  |  |  | 7,384 |  |  |  | 218 |  |  |  | 8 |  |  |  | 43,480 |
Changes in income and OCI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allocation of reinsurance premium paid |  |  | (6,430 | ) |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (6,430 | )
Amounts recoverable from reinsurers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recoveries of incurred claims and other insurance service expenses |  |  | – |  |  |  | (45 | ) |  |  |  |  |  |  | 5,228 |  |  |  | 568 |  |  |  | – |  |  |  | 5,751 |
Recoveries and reversals of recoveries of losses on onerous underlying contracts |  |  | – |  |  |  | 77 |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 77 |
Adjustments to assets for incurred claims |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 5 |  |  |  | (24 | ) |  |  | 8 |  |  |  | (11 | )
Insurance service result |  |  | (6,430 | ) |  |  | 32 |  |  |  |  |  |  |  | 5,233 |  |  |  | 544 |  |  |  | 8 |  |  |  | (613 | )
Investment components and premium refunds |  |  | (1,519 | ) |  |  | – |  |  |  |  |  |  |  | 1,519 |  |  |  | – |  |  |  | – |  |  |  | – |
Net expenses from reinsurance contracts |  |  | (7,949 | ) |  |  | 32 |  |  |  |  |  |  |  | 6,752 |  |  |  | 544 |  |  |  | 8 |  |  |  | (613 | )
Net finance (income) expenses from reinsurance contracts |  |  | 719 |  |  |  | 8 |  |  |  |  |  |  |  | (97 | ) |  |  | 9 |  |  |  | – |  |  |  | 639 |
Effect of changes in non-performance risk of reinsurers |  |  | (14 | ) |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (14 | )
Effects of movements in foreign exchange rates |  |  | (924 | ) |  |  | (5 | ) |  |  |  |  |  |  | (169 | ) |  |  | – |  |  |  | – |  |  |  | (1,098 | )
Contracts measured under PAA |  |  | – |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Total changes in income and OCI |  |  | (8,168 | ) |  |  | 35 |  |  |  |  |  |  |  | 6,486 |  |  |  | 553 |  |  |  | 8 |  |  |  | (1,086 | )
Cash flows |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premiums paid |  |  | 4,956 |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 4,956 |
Amounts received |  |  | – |  |  |  | – |  |  |  |  |  |  |  | (6,971 | ) |  |  | (559 | ) |  |  | – |  |  |  | (7,530 | )
Total cash flows |  |  | 4,956 |  |  |  | – |  |  |  |  |  |  |  | (6,971 | ) |  |  | (559 | ) |  |  | – |  |  |  | (2,574 | )
Net closing balance |  |  | 32,445 |  |  |  | 248 |  |  |  |  |  |  |  | 6,899 |  |  |  | 212 |  |  |  | 16 |  |  |  | 39,820 |
Closing reinsurance contract held assets |  |  | 35,079 |  |  |  | 246 |  |  |  |  |  |  |  | 7,035 |  |  |  | 275 |  |  |  | 16 |  |  |  | 42,651 |
Closing reinsurance contract held liabilities |  |  | (2,634 | ) |  |  | 2 |  |  |  |  |  |  |  | (136 | ) |  |  | (63 | ) |  |  | – |  |  |  | (2,831 | )
Net closing balance, December 31, 2023 |  | $ | 32,445 |  |  | $ | 248 |  |  |  |  |  |  | $ | 6,899 |  |  | $ | 212 |  |  | $ | 16 |  |  | $ | 39,820 |
Reinsurance contracts held – Analysis by remaining coverage and incurred claims (continued)
|  | Assets (liabilities) for remaining coverage |  |  |  |  |  | Assets (liabilities) for incurred claims |  |  |  |
|  | Excluding loss recovery component |  |  | Loss recovery component |  |  |  |  |  | Products not under PAA |  |  | PAA Estimates of PV of future cash flows |  |  | PAA Risk adjustment for non-financial risk |  |  | Total |
Opening reinsurance contract held assets |  | $ | 45,699 |  |  | $ | 79 |  |  |  |  |  |  | $ | 6,740 |  |  | $ | 303 |  |  | $ | 8 |  |  | $ | 52,829 |
Opening reinsurance contract held liabilities |  |  | (2,030 | ) |  |  | 19 |  |  |  |  |  |  |  | (27 | ) |  |  | (41 | ) |  |  | – |  |  |  | (2,079 | )
Net opening balance, January 1, 2022 |  |  | 43,669 |  |  |  | 98 |  |  |  |  |  |  |  | 6,713 |  |  |  | 262 |  |  |  | 8 |  |  |  | 50,750 |
Changes in income and OCI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allocation of reinsurance premium paid |  |  | (6,024 | ) |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (6,024 | )
Amounts recoverable from reinsurers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recoveries of incurred claims and other insurance service expenses |  |  | – |  |  |  | (30 | ) |  |  |  |  |  |  | 4,925 |  |  |  | 417 |  |  |  | (4 | ) |  |  | 5,308 |
Recoveries and reversals of recoveries of losses on onerous underlying contracts |  |  | – |  |  |  | 132 |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 132 |
Adjustments to assets for incurred claims |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 3 |  |  |  | (33 | ) |  |  | (9 | ) |  |  | (39 | )
Insurance service result |  |  | (6,024 | ) |  |  | 102 |  |  |  |  |  |  |  | 4,928 |  |  |  | 384 |  |  |  | (13 | ) |  |  | (623 | )
Investment components and premium refunds |  |  | (1,341 | ) |  |  | – |  |  |  |  |  |  |  | 1,341 |  |  |  | – |  |  |  | – |  |  |  | – |
Net expenses from reinsurance contracts |  |  | (7,365 | ) |  |  | 102 |  |  |  |  |  |  |  | 6,269 |  |  |  | 384 |  |  |  | (13 | ) |  |  | (623 | )
Net finance (income) expenses from reinsurance contracts |  |  | (9,586 | ) |  |  | 5 |  |  |  |  |  |  |  | 446 |  |  |  | (14 | ) |  |  | 13 |  |  |  | (9,136 | )
Effect of changes in non-performance risk of reinsurers |  |  | 97 |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 97 |
Effects of movements in foreign exchange rates |  |  | 2,683 |  |  |  | 8 |  |  |  |  |  |  |  | 455 |  |  |  | – |  |  |  | – |  |  |  | 3,146 |
Contracts measured under PAA |  |  | – |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Total changes in income and OCI |  |  | (14,171 | ) |  |  | 115 |  |  |  |  |  |  |  | 7,170 |  |  |  | 370 |  |  |  | – |  |  |  | (6,516 | )
Cash flows |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premiums paid |  |  | 6,159 |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 6,159 |
Amounts received |  |  | – |  |  |  | – |  |  |  |  |  |  |  | (6,499 | ) |  |  | (414 | ) |  |  | – |  |  |  | (6,913 | )
Total cash flows |  |  | 6,159 |  |  |  | – |  |  |  |  |  |  |  | (6,499 | ) |  |  | (414 | ) |  |  | – |  |  |  | (754 | )
Net closing balance |  |  | 35,657 |  |  |  | 213 |  |  |  |  |  |  |  | 7,384 |  |  |  | 218 |  |  |  | 8 |  |  |  | 43,480 |
Closing reinsurance contract held assets |  |  | 37,853 |  |  |  | 209 |  |  |  |  |  |  |  | 7,521 |  |  |  | 280 |  |  |  | 8 |  |  |  | 45,871 |
Closing reinsurance contract held liabilities |  |  | (2,196 | ) |  |  | 4 |  |  |  |  |  |  |  | (137 | ) |  |  | (62 | ) |  |  | – |  |  |  | (2,391 | )
Net closing balance, December 31, 2022 |  | $ | 35,657 |  |  | $ | 213 |  |  |  |  |  |  | $ | 7,384 |  |  | $ | 218 |  |  | $ | 8 |  |  | $ | 43,480 |
Summary of Insurance Contracts and Reinsurance Contracts Held in Analysis by Measurement Components | The following tables present the movement in the net assets or liabilities for reinsurance contracts held, showing estimates of the present value of future cash flows, risk adjustment and CSM for the years ended December 31, 2023 and December 31, 2022.
|  |  |  |  |  |  |  | CSM |  |  |  |
|  | Estimates of PV of future cash flows |  |  | Risk adjustment for non-financial risk |  |  | Fair value |  |  | Other |  |  | Total |
Opening reinsurance contract held assets |  | $ | 39,656 |  |  | $ | 4,049 |  |  | $ | 1,774 |  |  | $ | 99 |  |  | $ | 45,578 |
Opening reinsurance contract held liabilities |  |  | (3,919 | ) |  |  | 1,574 |  |  |  | (39 | ) |  |  | 38 |  |  |  | (2,346 | )
Opening PAA reinsurance contract net assets |  |  | 240 |  |  |  | 8 |  |  |  | – |  |  |  | – |  |  |  | 248 |
Net opening balance, January 1, 2023 |  |  | 35,977 |  |  |  | 5,631 |  |  |  | 1,735 |  |  |  | 137 |  |  |  | 43,480 |
CSM recognized for services received |  |  | – |  |  |  | – |  |  |  | (217 | ) |  |  | 53 |  |  |  | (164 | )
Change in risk adjustment for non-financial risk for risk expired |  |  | – |  |  |  | (478 | ) |  |  | – |  |  |  | – |  |  |  | (478 | )
Experience adjustments |  |  | (19 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (19 | )
Changes that relate to current services |  |  | (19 | ) |  |  | (478 | ) |  |  | (217 | ) |  |  | 53 |  |  |  | (661 | )
Contracts initially recognized during the year |  |  | (64 | ) |  |  | 399 |  |  |  | – |  |  |  | (263 | ) |  |  | 72 |
Changes in recoveries of losses on onerous underlying contracts that adjust the CSM |  |  | – |  |  |  | – |  |  |  | (36 | ) |  |  | 17 |  |  |  | (19 | )
Changes in estimates that adjust the CSM |  |  | 1,433 |  |  |  | (821 | ) |  |  | (821 | ) |  |  | 209 |  |  |  | – |
Changes in estimates that relate to losses and reversal of losses on onerous contracts |  |  | 43 |  |  |  | (20 | ) |  |  | – |  |  |  | – |  |  |  | 23 |
Changes that relate to future services |  |  | 1,412 |  |  |  | (442 | ) |  |  | (857 | ) |  |  | (37 | ) |  |  | 76 |
Adjustments to liabilities for incurred claims |  |  | 5 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 5 |
Changes that relate to past services |  |  | 5 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 5 |
Insurance service result |  |  | 1,398 |  |  |  | (920 | ) |  |  | (1,074 | ) |  |  | 16 |  |  |  | (580 | )
Insurance finance (income) expenses from reinsurance contracts |  |  | 173 |  |  |  | 447 |  |  |  | 41 |  |  |  | (31 | ) |  |  | 630 |
Effects of changes in non-performance risk of reinsurers |  |  | (14 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (14 | )
Effects of movements in foreign exchange rates |  |  | (916 | ) |  |  | (160 | ) |  |  | (21 | ) |  |  | – |  |  |  | (1,097 | )
Total changes in income and OCI |  |  | 641 |  |  |  | (633 | ) |  |  | (1,054 | ) |  |  | (15 | ) |  |  | (1,061 | )
Total cash flows |  |  | (2,606 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (2,606 | )
Change in PAA balance |  |  | (1 | ) |  |  | 8 |  |  |  | – |  |  |  | – |  |  |  | 7 |
Net closing balance |  |  | 34,011 |  |  |  | 5,006 |  |  |  | 681 |  |  |  | 122 |  |  |  | 39,820 |
Closing reinsurance contract held assets |  |  | 38,156 |  |  |  | 3,685 |  |  |  | 565 |  |  |  | (51 | ) |  |  | 42,355 |
Closing reinsurance contract held liabilities |  |  | (4,384 | ) |  |  | 1,305 |  |  |  | 116 |  |  |  | 173 |  |  |  | (2,790 | )
Closing PAA reinsurance contract net assets |  |  | 239 |  |  |  | 16 |  |  |  | – |  |  |  | – |  |  |  | 255 |
Net closing balance, December 31, 2023 |  | $ | 34,011 |  |  | $ | 5,006 |  |  | $ | 681 |  |  | $ | 122 |  |  | $ | 39,820 |
|  |  |  |  |  |  |  | CSM |  |  |  |
|  | Estimates of PV of future cash flows |  |  | Risk adjustment for non-financial risk |  |  | Fair value |  |  | Other |  |  | Total |
Opening reinsurance contract held assets |  | $ | 46,025 |  |  | $ | 4,977 |  |  | $ | 2,012 |  |  | $ | (501 | ) |  | $ | 52,513 |
Opening reinsurance contract held liabilities |  |  | (5,138 | ) |  |  | 1,719 |  |  |  | 1,262 |  |  |  | 105 |  |  |  | (2,052 | )
Opening PAA reinsurance contract net assets |  |  | 281 |  |  |  | 8 |  |  |  | – |  |  |  | – |  |  |  | 289 |
Net opening balance, January 1, 2022 |  |  | 41,168 |  |  |  | 6,704 |  |  |  | 3,274 |  |  |  | (396 | ) |  |  | 50,750 |
CSM recognized for services received |  |  | – |  |  |  | – |  |  |  | (231 | ) |  |  | (74 | ) |  |  | (305 | )
Change in risk adjustment for non-financial risk for risk expired |  |  | – |  |  |  | (424 | ) |  |  | – |  |  |  | – |  |  |  | (424 | )
Experience adjustments |  |  | 9 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 9 |
Changes that relate to current services |  |  | 9 |  |  |  | (424 | ) |  |  | (231 | ) |  |  | (74 | ) |  |  | (720 | )
Contracts initially recognized during the year |  |  | (1,276 | ) |  |  | 717 |  |  |  | (7 | ) |  |  | 717 |  |  |  | 151 |
Changes in recoveries of losses on onerous underlying contracts that adjust the CSM |  |  | – |  |  |  | – |  |  |  | (15 | ) |  |  | (50 | ) |  |  | (65 | )
Changes in estimates that adjust the CSM |  |  | 1,337 |  |  |  | 173 |  |  |  | (1,440 | ) |  |  | (70 | ) |  |  | – |
Changes in estimates that relate to losses and reversal of losses on onerous contracts |  |  | 106 |  |  |  | (60 | ) |  |  | – |  |  |  | – |  |  |  | 46 |
Changes that relate to future services |  |  | 167 |  |  |  | 830 |  |  |  | (1,462 | ) |  |  | 597 |  |  |  | 132 |
Adjustments to liabilities for incurred claims |  |  | 3 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 3 |
Changes that relate to past services |  |  | 3 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 3 |
Insurance service result |  |  | 179 |  |  |  | 406 |  |  |  | (1,693 | ) |  |  | 523 |  |  |  | (585 | )
Insurance finance (income) expenses from reinsurance contracts |  |  | (7,463 | ) |  |  | (1,715 | ) |  |  | 56 |  |  |  | (14 | ) |  |  | (9,136 | )
Effects of changes in non-performance risk of reinsurers |  |  | 97 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 97 |
Effects of movements in foreign exchange rates |  |  | 2,787 |  |  |  | 236 |  |  |  | 98 |  |  |  | 24 |  |  |  | 3,145 |
Total changes in income and OCI |  |  | (4,400 | ) |  |  | (1,073 | ) |  |  | (1,539 | ) |  |  | 533 |  |  |  | (6,479 | )
Total cash flows |  |  | (750 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (750 | )
Change in PAA balance |  |  | (41 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (41 | )
Net closing balance |  |  | 35,977 |  |  |  | 5,631 |  |  |  | 1,735 |  |  |  | 137 |  |  |  | 43,480 |
Closing reinsurance contract held assets |  |  | 39,656 |  |  |  | 4,049 |  |  |  | 1,774 |  |  |  | 99 |  |  |  | 45,578 |
Closing reinsurance contract held liabilities |  |  | (3,919 | ) |  |  | 1,574 |  |  |  | (39 | ) |  |  | 38 |  |  |  | (2,346 | )
Closing PAA reinsurance contract net assets |  |  | 240 |  |  |  | 8 |  |  |  | – |  |  |  | – |  |  |  | 248 |
Net closing balance, December 31, 2022 |  | $ | 35,977 |  |  | $ | 5,631 |  |  | $ | 1,735 |  |  | $ | 137 |  |  | $ | 43,480 |

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- Definition The disclosure of the reconciliation of changes in insurance contracts by remaining coverage and incurred claims. [Refer: Insurance contracts [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 17 -IssueDate 2023-01-01 -Paragraph 100 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2023-en-r&anchor=para_100&doctype=Standard -URIDate 2023-03-23 + Details
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