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Investment Contract Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2023
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Summary of Movement in Investment Contract Liabilities Measured at Fair Value | The following table presents the movement in investment contract liabilities measured at fair value.
For the years ended December 31, |  | 2023 |  |  | 2022 |
Balance, excluding those for account of segregated fund holders, January 1 |  | $ | 798 |  |  | $ | 825 |
New contracts |  |  | 48 |  |  |  | 79 |
Changes in market conditions |  |  | 47 |  |  |  | (56 | )
Redemptions, surrenders and maturities |  |  | (122 | ) |  |  | (99 | )
Impact of changes in foreign exchange rates |  |  | (22 | ) |  |  | 49 |
Balance, excluding those for account of segregated fund holders, December 31 |  |  | 749 |  |  |  | 798 |
Investment contract liabilities for account of segregated fund holders |  |  | 263,401 |  |  |  | 238,346 |
Balance, December 31 |  | $ | 264,150 |  |  | $ | 239,144 |
Summary of Investment Contract Liabilities Measured at Amortized Cost and Fair Value Associated with these Contracts | The following table presents carrying and fair values of investment contract liabilities measured at amortized cost, by reporting segment.
|  | 2023 |  |  |  |  |  | 2022 |
As at December 31, |  | Amortized cost, gross of reinsurance ceded (1) |  |  | Fair value |  |  |  |  |  | Amortized cost, gross of reinsurance ceded (1) |  |  | Fair value |
Asia |  | $ | 451 |  |  | $ | 438 |  |  |  |  |  |  | $ | 636 |  |  | $ | 607 |
Canada |  |  | 7,642 |  |  |  | 7,534 |  |  |  |  |  |  |  | 6,699 |  |  |  | 6,474 |
U.S. |  |  | 1,381 |  |  |  | 1,440 |  |  |  |  |  |  |  | 1,535 |  |  |  | 1,571 |
GWAM |  |  | 1,593 |  |  |  | 1,582 |  |  |  |  |  |  |  | 411 |  |  |  | 382 |
Investment contract liabilities |  | $ | 11,067 |  |  | $ | 10,994 |  |  |  |  |  |  | $ | 9,281 |  |  | $ | 9,034 |
(1) | As at December 31, 2023, investment contract liabilities with carrying value and fair value of $27 and $27, respectively (2022 – $38 and $38, respectively), were reinsured by the Company. The net carrying value and fair value of investment contract liabilities were $11,040 and $10,967 (2022 – $9,243 and $8,996, respectively ).
Summary of Changes in Investment Contract Liabilities Measured at Amortized Cost | The changes in investment contract liabilities measured at amortized cost resulted from the following business activities.
For the years ended December 31, |  | 2023 |  |  | 2022 |
Balance, January 1 |  | $ | 9,281 |  |  | $ | 9,239 |
Policy deposits |  |  | 3,365 |  |  |  | 1,634 |
Interest |  |  | 218 |  |  |  | 150 |
Withdrawals |  |  | (1,629 | ) |  |  | (1,882 | )
Fees |  |  | 1 |  |  |  | – |
Impact of changes in foreign exchange rates |  |  | (108 | ) |  |  | 81 |
Other |  |  | (61 | ) |  |  | 59 |
Balance, December 31 |  | $ | 11,067 |  |  | $ | 9,281 |
Summary of Contractual Obligations and Commitments Relating to Investment Contracts | As at December 31, 2023 and 2022, the Company’s contractual obligations and commitments relating to these investment contracts are as follows. Investment contract liabilities (1)
As at December 31, Payments due by period |  | Less than 1 year |  |  | 1 to 3 years |  |  | 3 to 5 years |  |  | Over 5 years |  |  | Total |
2023 |  | $ | 268,537 |  |  | $ | 2,978 |  |  | $ | 1,408 |  |  | $ | 3,488 |  |  | $ | 276,411 |
2022 |  |  | 241,301 |  |  |  | 2,749 |  |  |  | 1,789 |  |  |  | 3,932 |  |  |  | 249,771 |
(1) | Due to the nature of the products, the timing of net cash flows may be before contract maturity. Cash flows are undiscounted.

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