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Investment Contract Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2024
Investment Contract Liabilities [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, | 2024 | 2023
Balance, excluding those for account of segregated fund holders, January 1 | $749 | $798
New contracts | 70 | 48
Changes in market conditions | 67 | 47
Redemptions, surrenders and maturities | (154) | (122)
Impact of changes in foreign exchange rates | 76 | (22)
Balance, excluding those for account of segregated fund holders, December 31 | 808 | 749
Investment contract liabilities for account of segregated fund holders | 309,443 | 263,401
Balance, December 31 | $310,251 | $264,150
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.
| 2024 |  | 2023
As at December 31, | Amortized cost | Fair value |  | Amortized cost | Fair value
Asia | $325 | $315 |  | $451 | $438
Canada | 7,571 | 7,548 |  | 7,642 | 7,534
U.S. | 1,406 | 1,375 |  | 1,381 | 1,440
GWAM | 3,388 | 3,557 |  | 1,593 | 1,582
Investment contract liabilities | $12,690 | $12,795 |  | $11,067 | $10,994
Summary of Changes in Investment Contract Liabilities Measured at Amortized Cost | The following table presents the movement in investment contract liabilities measured at amortized cost, by business activity.
For the years ended December 31, | 2024 | 2023
Balance, January 1 | $11,067 | $9,281
Policy deposits | 3,218 | 3,365
Interest | 316 | 218
Withdrawals | (2,240) | (1,629)
Fees | - | 1
Impact of changes in foreign exchange rates | 351 | (108)
Other | (22) | (61)
Balance, December 31 | $12,690 | $11,067
Summary of Contractual Obligations and Commitments Relating to Investment Contracts | The following table presents the Company’s contractual obligations and commitments relating to these investment contracts as at December 31, 2024 and 2023. Investment contract liabilities(1)
As at December 31, Payments due by period | Less than 1 year(2) | 1 to 3 years | 3 to 5 years | Over 5 years | Total
2024 | $316,119 | $2,766 | $1,170 | $2,738 | $322,793
2023 | 268,537 | 2,978 | 1,408 | 3,488 | 276,411
(1)Due to the nature of the products, the timing of net cash flows may be before contract maturity. Cash flows are undiscounted. (2)Includes amounts which have no specific maturity, being payable on demand.

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