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Accounting and Reporting Changes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Impact on Loss Allowances for Invested Assets

The following table illustrates the impact on loss allowances for invested assets on transition from the incurred loss impairment under IAS 39 to the expected credit losses impairment allowance under IFRS 9.


	December 31, 2022 IAS 39 Impairment allowance		January 1, 2023 IFRS 9 ECL allowance
Debt securities at FVOCI under IFRS 9	$	–	$	348
Private placements at FVOCI under IFRS 9		–		255
Private placements at amortized cost under IAS 39		25		–
Mortgages at FVOCI under IFRS 9		–		83
Mortgages at amortized cost under IAS 39		10		–
Other invested assets at FVOCI under IFRS 9		–		13
Financial assets at amortized cost under IFRS 9		–		14
Mortgages at amortized cost under IAS 39		7		–
Loans to Bank clients under IAS 39		5		–
Total on-balance sheet exposures		47		713
Allowance for credit losses on off-balance sheet exposures		–		11
Total	$	47	$	724

Schedule of Financial Liabilities Under IAS 39

The following table shows financial liabilities under IAS 39 and the impact of classification and measurement changes on adoption of IFRS 9.


	Measurement category		December 31, 2022 IAS 39 Total carrying value		Impact of classification and measurement changes (1),(2)		January 1, 2023 IFRS 9 Total carrying value
Investment contract liabilities		FVTPL	$	796	$	2	$	798
		Amortized cost		2,452		6,829		9,281
Deposits from Bank clients		Amortized cost		22,507		–		22,507
Derivative liabilities		FVTPL		14,289		–		14,289
Other liabilities		Amortized cost		17,421		1,473		18,894
Long-term debt		Amortized cost		6,234		–		6,234
Capital instruments		Amortized cost		6,122		–		6,122
Total in-scope financial liabilities			$	69,821	$	8,304	$	78,125

(1)	Investment contract liabilities held at amortized cost of $6,829 were reclassified from insurance contract liabilities under IFRS 4.

(2)	Other liabilities include amounts not in scope of IFRS 9, for example pension obligations. Other liabilities of $1,473 held at amortized cost under IFRS 9 were reclassified from insurance contract liabilities under IFRS 4.