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Insurance and Reinsurance Contract Assets and Liabilities - Insurance and Reinsurance Contract Held Assets and Liabilities (Details) - CAD ($) $ in Millions | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022
--- | --- | --- | ---
Insurance contract assets and liabilities |  |  |
Insurance contract assets (note 6) | $ (102) | $ (145) |
Insurance contract liabilities | 396,401 | 367,996 |
Insurance contract liabilities for account of segregated fund holders | 126,545 | 114,143 |
Reinsurance contract held assets and liabilities |  |  |
Assets | 59,015 | 42,651 |
Reinsurance contract held liabilities | (2,669) | (2,831) |
Net insurance and reinsurance contract held liabilities | 466,498 | 442,174 |
Insurance contracts issued |  |  |
Insurance contract assets and liabilities |  |  |
Insurance contract assets (note 6) | (102) | (145) | $ (673)
Insurance contract liabilities | 396,401 | 367,996 | 354,849
Insurance contract liabilities for account of segregated fund holders | 126,545 | 114,143 | 110,216
Net insurance contract liabilities | 522,844 | 481,994 | 464,392
Reinsurance contract held assets and liabilities |  |  |
Net insurance contract held liabilities | 522,844 | 481,994 | 464,392
Insurance contracts issued | Insurance contract balances |  |  |
Insurance contract assets and liabilities |  |  |
Insurance contract assets (note 6) | (91) | (145) |
Insurance contract liabilities | 397,268 | 368,816 |
Insurance contract liabilities for account of segregated fund holders | 126,545 | 114,143 |
Net insurance contract liabilities | 523,722 | 482,814 |
Reinsurance contract held assets and liabilities |  |  |
Net insurance contract held liabilities | 523,722 | 482,814 |
Insurance contracts issued | Assets for insurance acquisition cash flows |  |  |
Insurance contract assets and liabilities |  |  |
Insurance contract assets (note 6) | (11) | 0 |
Insurance contract liabilities | (867) | (820) |
Insurance contract liabilities for account of segregated fund holders | 0 | 0 |
Net insurance contract liabilities | (878) | (820) |
Reinsurance contract held assets and liabilities |  |  |
Net insurance contract held liabilities | (878) | (820) |
Insurance contracts issued | Asia |  |  |
Insurance contract assets and liabilities |  |  |
Insurance contract assets (note 6) | (53) | (108) |
Insurance contract liabilities | 154,222 | 131,729 |
Insurance contract liabilities for account of segregated fund holders | 26,367 | 22,696 |
Net insurance contract liabilities | 180,536 | 154,317 |
Reinsurance contract held assets and liabilities |  |  |
Net insurance contract held liabilities | 180,536 | 154,317 |
Insurance contracts issued | Asia | Assets for insurance acquisition cash flows |  |  |
Insurance contract assets and liabilities |  |  |
Net insurance contract liabilities | (290) | (271) |
Reinsurance contract held assets and liabilities |  |  |
Net insurance contract held liabilities | (290) | (271) |
Insurance contracts issued | Canada |  |  |
Insurance contract assets and liabilities |  |  |
Insurance contract assets (note 6) | (32) | (33) |
Insurance contract liabilities | 82,459 | 80,169 |
Insurance contract liabilities for account of segregated fund holders | 38,099 | 36,085 |
Net insurance contract liabilities | 120,526 | 116,221 |
Reinsurance contract held assets and liabilities |  |  |
Net insurance contract held liabilities | 120,526 | 116,221 |
Insurance contracts issued | Canada | Assets for insurance acquisition cash flows |  |  |
Insurance contract assets and liabilities |  |  |
Net insurance contract liabilities | (588) | (549) |
Reinsurance contract held assets and liabilities |  |  |
Net insurance contract held liabilities | (588) | (549) |
Insurance contracts issued | U.S. |  |  |
Insurance contract assets and liabilities |  |  |
Insurance contract assets (note 6) | 0 | 0 |
Insurance contract liabilities | 161,484 | 157,699 |
Insurance contract liabilities for account of segregated fund holders | 62,079 | 55,362 |
Net insurance contract liabilities | 223,563 | 213,061 |
Reinsurance contract held assets and liabilities |  |  |
Net insurance contract held liabilities | 223,563 | 213,061 |
Insurance contracts issued | U.S. | Assets for insurance acquisition cash flows |  |  |
Insurance contract assets and liabilities |  |  |
Net insurance contract liabilities | 0 | 0 |
Reinsurance contract held assets and liabilities |  |  |
Net insurance contract held liabilities | 0 | 0 |
Insurance contracts issued | Corporate and Other |  |  |
Insurance contract assets and liabilities |  |  |
Insurance contract assets (note 6) | (6) | (4) |
Insurance contract liabilities | (897) | (781) |
Insurance contract liabilities for account of segregated fund holders | 0 | 0 |
Net insurance contract liabilities | (903) | (785) |
Reinsurance contract held assets and liabilities |  |  |
Net insurance contract held liabilities | (903) | (785) |
Insurance contracts issued | Corporate and Other | Assets for insurance acquisition cash flows |  |  |
Insurance contract assets and liabilities |  |  |
Net insurance contract liabilities | 0 | 0 |
Reinsurance contract held assets and liabilities |  |  |
Net insurance contract held liabilities | 0 | 0 |
Reinsurance contracts held |  |  |
Insurance contract assets and liabilities |  |  |
Net insurance contract liabilities | 56,346 | 39,820 |
Reinsurance contract held assets and liabilities |  |  |
Assets | 59,015 | 42,651 | 45,871
Reinsurance contract held liabilities | (2,669) | (2,831) | (2,391)
Net reinsurance contract held assets | 56,346 | 39,820 | 43,480
Net insurance contract held liabilities | 56,346 | 39,820 |
Net reinsurance contract held assets | 56,346 | 39,820 | $ 43,480
Reinsurance contracts held | Asia |  |  |
Insurance contract assets and liabilities |  |  |
Net insurance contract liabilities | 6,810 | 1,631 |
Reinsurance contract held assets and liabilities |  |  |
Assets | 9,204 | 3,540 |
Reinsurance contract held liabilities | (2,394) | (1,909) |
Net reinsurance contract held assets | 6,810 | 1,631 |
Net insurance contract held liabilities | 6,810 | 1,631 |
Net reinsurance contract held assets | 6,810 | 1,631 |
Reinsurance contracts held | Canada |  |  |
Insurance contract assets and liabilities |  |  |
Net insurance contract liabilities | 6,759 | 1,009 |
Reinsurance contract held assets and liabilities |  |  |
Assets | 7,021 | 1,922 |
Reinsurance contract held liabilities | (262) | (913) |
Net reinsurance contract held assets | 6,759 | 1,009 |
Net insurance contract held liabilities | 6,759 | 1,009 |
Net reinsurance contract held assets | 6,759 | 1,009 |
Reinsurance contracts held | U.S. |  |  |
Insurance contract assets and liabilities |  |  |
Net insurance contract liabilities | 43,030 | 37,423 |
Reinsurance contract held assets and liabilities |  |  |
Assets | 43,043 | 37,437 |
Reinsurance contract held liabilities | (13) | (14) |
Net reinsurance contract held assets | 43,030 | 37,423 |
Net insurance contract held liabilities | 43,030 | 37,423 |
Net reinsurance contract held assets | 43,030 | 37,423 |
Reinsurance contracts held | Corporate and Other |  |  |
Insurance contract assets and liabilities |  |  |
Net insurance contract liabilities | (253) | (243) |
Reinsurance contract held assets and liabilities |  |  |
Assets | (253) | (248) |
Reinsurance contract held liabilities | 0 | 5 |
Net reinsurance contract held assets | (253) | (243) |
Net insurance contract held liabilities | (253) | (243) |
Net reinsurance contract held assets | $ (253) | $ (243) |

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