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Investment Contract Liabilities (Tables)
 12 Months Ended
Dec. 31, 2023
Text block [abstract]  
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.