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Manulife Financial Corporation
Consolidated Financial Statements
For the year ended December 31, 2024

1 | 2024 Annual Report | Consolidated Financial Statements

Responsibility for Financial Reporting
The accompanying consolidated financial statements of Manulife Financial Corporation are the responsibility of management and
have been approved by the Board of Directors.
The consolidated financial statements have been prepared by management in accordance with International Financial Reporting
Standards and the accounting requirements of the Office of the Superintendent of Financial Institutions, Canada. When
alternative accounting methods exist, or when estimates and judgment are required, management has selected those amounts
that present the Company’s financial position and results of operations in a manner most appropriate to the circumstances.
Appropriate systems of internal control, policies and procedures have been maintained to ensure that financial information is
both relevant and reliable. The systems of internal control are assessed on an ongoing basis by management and the
Company’s internal audit department.
The actuary appointed by the Board of Directors (the “Appointed Actuary”) is responsible for ensuring that assumptions and
methods used in the determination of policy liabilities are appropriate to the circumstances and that reserves will be adequate to
meet the Company’s future obligations under insurance and annuity contracts.
The Board of Directors is responsible for ensuring that management fulfills its responsibility for financial reporting and is
ultimately responsible for reviewing and approving the consolidated financial statements. These responsibilities are carried out
primarily through an Audit Committee of unrelated and independent directors appointed by the Board of Directors.
The Audit Committee meets periodically with management, the internal auditors, the peer reviewers, the external auditors and
the Appointed Actuary to discuss internal control over the financial reporting process, auditing matters and financial reporting
issues. The Audit Committee reviews the consolidated financial statements prepared by management, and then recommends
them to the Board of Directors for approval. The Audit Committee also recommends to the Board of Directors for approval the
appointment of external auditors and their fees.
The consolidated financial statements have been audited by the Company’s external auditors, Ernst & Young LLP, in accordance
with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board
(United States). Ernst & Young LLP has full and free access to management and the Audit Committee.
Roy Gori Colin Simpson
President and Chief Executive Officer Chief Financial Officer
Toronto, Canada
February 19, 2025
Appointed Actuary’s Report to the Policyholders and Shareholders
I have valued the policy liabilities of Manulife Financial Corporation for its Consolidated Statements of Financial Position as at
December 31, 2024 and 2023 and their change in the Consolidated Statements of Income for the years then ended in
accordance with International Financial Reporting Standards.
In my opinion, the amount of policy liabilities is appropriate for this purpose. The valuation conforms to accepted actuarial
practice in Canada and the Consolidated Financial Statements fairly present the results of the valuation.
Steven Finch
Appointed Actuary
Toronto, Canada
February 19, 2025
2
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3 | 2024 Annual Report | Consolidated Financial Statements

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5 | 2024 Annual Report | Consolidated Financial Statements

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6
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors of Manulife Financial Corporation
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated statements of financial position of Manulife Financial Corporation (the
Company) as of December 31, 2024 and 2023, the related consolidated statements of income, consolidated statements of
comprehensive income, consolidated statements of changes in equity and consolidated statements of cash flows for the years
then ended, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the
consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of
December 31, 2024 and 2023, its consolidated financial performance and its consolidated cash flows for the years then ended, in
conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)
(PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in
Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission
(2013 framework) and our report dated February 19, 2025, expressed an unqualified opinion thereon.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an
opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with
the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws
and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to
error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial
statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial
statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or
disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or
complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated
financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate
opinions on the critical audit matters or on the accounts or disclosures to which they relate.

7 | 2024 Annual Report | Consolidated Financial Statements

|  | Valuation of Insurance Contract Liabilities |
Description of the matter |  | The Company recorded insurance contract liabilities of $523 billion at December 31, 2024 on its consolidated statement of financial position, of which $383 billion as disclosed in Note 6 ‘Insurance and Reinsurance Contract Assets and Liabilities’ has been measured under the variable fee approach (VFA) and the general measurement model (GMM). At initial recognition, the Company measures a group of insurance contracts as the total of: (a) fulfilment cash flows, which comprise of estimates of future cash flows, adjusted to reflect the time value of money and financial risks, and a risk adjustment for non-financial risk; and (b) a contractual service margin (CSM), which represents the estimate of unearned profit the Company will recognize as it provides service under the insurance contracts or the loss component when the contracts are onerous. When projecting future cash flows for these insurance contract liabilities, the Company primarily uses deterministic projections using best estimate assumptions. Key assumptions are subjective and complex and include mortality, morbidity, investment returns, policy termination rates, premium persistency, directly attributable expenses, taxes, and policyholder dividends. Disclosures on this matter are found in Note 1 ‘Nature of Operations and Material Accounting Policy Information’ and Note 6 ‘Insurance and Reinsurance Contract Assets and Liabilities’ of the consolidated financial statements. Auditing the valuation of these insurance contract liabilities was complex and required the application of significant auditor judgment due to the complexity of the cash flow models, the selection and use of assumptions, and the interrelationship of these variables in measuring insurance contract liabilities. The audit effort involved professionals with specialized skills and knowledge to assist in evaluating the audit evidence obtained. |
How we addressed the matter in our audit |  | We obtained an understanding, evaluated the design, and tested the operating effectiveness of management’s controls over the valuation of insurance contract liabilities. The controls we tested related to, among other areas, actuarial methodology, integrity of data used, controls over relevant information technology, and the assumption setting and implementation processes used by management. To test the valuation of insurance contract liabilities, our audit procedures included, among other procedures, involving our actuarial specialists to assess the methodology and assumptions with respect to compliance with IFRS. We performed audit procedures over key assumptions, including testing the implementation of those assumptions into the models. These procedures included testing underlying support and documentation, including reviewing a sample of experience studies supporting specific assumptions, challenging the nature, timing, and completeness of changes recorded, and assessing whether individual changes were errors or refinements of estimates. We also tested the methodology and calculation of the insurance contract liabilities through both review of the calculation logic within the models, and through calculating an independent estimate of the fulfillment cashflows for a sample of insurance contracts and comparing the results to those determined by the Company and to industry and other external sources for benchmarking. Additionally, we have performed an independent calculation of the CSM for a sample of groups of insurance contracts and compared the amounts to the Company’s results. We also assessed the adequacy of the disclosures related to the valuation of insurance contract liabilities. |
|  | Valuation of Invested Assets and Derivatives with Significant Non-Observable Market Inputs |
Description of the matter |  | The Company recorded invested assets of $93.9 billion, as disclosed in Note 3 ‘Invested Assets and Investment Income’, and derivative assets and liabilities of $0.2 billion and $3.4 billion, respectively, as disclosed in Note 4 ‘Derivative and Hedging Instruments’ at December 31, 2024 within its consolidated statement of financial position which are both (a) measured at fair value and (b) classified as Level 3 within the Company’s hierarchy of fair value measurements. The Level 3 invested assets include private placements, commercial mortgages, real estate, timber and agriculture, and private equities valued using internal models. Level 3 derivative assets and liabilities primarily include bond forwards. There is increased measurement uncertainty in determining the fair value of these invested assets and derivatives due to volatility in the current economic environment. Fair values are based on internal models or third-party appraisals that incorporate assumptions with a high-level of subjectivity including discount rates, credit ratings and related spreads, expected future cash flows, transaction prices of comparable assets, volatilities, correlations, and repurchase rates. Disclosures on this matter are found in Note 1 ‘Nature of Operations and Material Accounting Policy Information’, Note 3 ‘Invested Assets and Investment Income’, and Note 4 ‘Derivative and Hedging Instruments’ of the consolidated financial statements. Auditing the valuation of these invested assets and derivatives was complex and required the application of significant auditor judgment in assessing the valuation methodologies and non-observable inputs used. The valuation is sensitive to the significant non-observable market inputs described above, which are inherently forward-looking and could be affected by future economic and market conditions. The audit effort involved professionals with specialized skills and knowledge to assist in evaluating the audit evidence obtained. |
How we addressed the matter in our audit |  | We obtained an understanding, evaluated the design, and tested the operating effectiveness of management’s controls over the valuation processes. The controls we tested related to, among other areas, management’s determination and approval of assumptions and methodologies used in model-based valuations. The controls we tested also included controls over relevant information technology. To test the valuation, our audit procedures included, among other procedures, involving our valuation specialists to assess the methodologies and significant inputs and assumptions used by management. These procedures included assessing the valuation methodologies used with respect to the Company’s policies, valuation guidelines, and industry practice and comparing a sample of valuation assumptions used against benchmarks including comparable transactions where applicable. We also performed independent investment valuations on a sample basis to evaluate management’s recorded values. In addition, we assessed the adequacy of the disclosures related to the valuation of invested assets and derivatives. |

8

|  | IFRS 9 Hedge Accounting |
Description of the matter |  | The Company has designated hedge accounting relationships with the objective to reduce potential accounting mismatches between changes in the fair value of derivatives in income and financial risk of insurance contract liabilities and financial assets in other comprehensive income. Specifically, the Company has established relationships to hedge the fair value changes of certain of the Company’s insurance contract liabilities and debt instruments attributable to interest rate risk. The Company has also established relationships to hedge the risk of fair value changes of certain foreign currency denominated insurance contract liabilities and debt instruments attributable to foreign currency and interest rate risk. Related to the application of these hedges, the Company recognized changes in value of hedged assets of ($462) million, and changes in value of hedged liabilities of $3,646 million, for the year ended December 31, 2024. Disclosures on this matter are found in Note 1 ‘Nature of Operations and Material Accounting Policy Information’ and Note 4 ‘Derivative and Hedging Instruments’ of the consolidated financial statements. Auditing the application of hedge accounting was complex and required the application of significant auditor judgement related to the assessment of the ongoing economic relationship between the risk component of the hedged item and hedging instrument, the assessment that the hedge ratio between the hedging instrument and the hedged item was consistent with the risk objectives, and the determination of the resulting accumulated fair value adjustments. The audit effort involved professionals with specialized skills and knowledge to assist in evaluating the audit evidence obtained. |
How we addressed the matter in our audit |  | We obtained an understanding, evaluated the design, and tested the operating effectiveness of management’s controls over the application and execution of those strategies, including the implementation of new strategies where applicable, and the measurements of the accumulated fair value adjustments. The controls we tested included, among others, controls over the review of the completeness, accuracy, and eligibility of the hedged items and hedging instruments included in the hedging relationships, determination of the hedge ratio between the hedging instrument and the hedged item with reference to the risk objectives, and the determination of the resulting accumulated fair value adjustments. The controls we tested also included controls over relevant information technology. To assess the Company’s application of these hedge accounting strategies under IFRS 9, our audit procedures included, among other procedures, involving our hedge accounting and derivative specialists to support our independent testing of the application of the hedge ratio by the Company and the valuation of a sample of the accumulated fair value adjustments. Other procedures performed include testing over the completeness and accuracy of the hedged items and hedging instruments designated in these relationships and the determination of the resulting accumulated fair value adjustments. In addition, we assessed the adequacy of the disclosures related to hedge accounting. |

/s/ Ernst & Young LLP
Chartered Professional Accountants
Licensed Public Accountants
We have served as Manulife Financial Corporation’s auditor since 1905.
Toronto, Canada
February 19, 2025

9 | 2024 Annual Report | Consolidated Financial Statements

Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors of Manulife Financial Corporation
Opinion on Internal Control over Financial Reporting
We have audited Manulife Financial Corporation’s internal control over financial reporting as of December 31, 2024, based on
criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Manulife Financial Corporation (the
Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based
on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)
(PCAOB), the consolidated statements of financial position of the Company as of December 31, 2024 and 2023, and the related
consolidated statements of income, consolidated statements of comprehensive income, consolidated statements of changes in
equity and consolidated statements of cash flows for the years then ended, and the related notes and our report
dated February 19, 2025, expressed an unqualified opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its
assessment of the effectiveness of internal control over financial reporting included in Management’s Report on Internal Control
Over Financial Reporting contained in the Management’s Discussion and Analysis. Our responsibility is to express an opinion on
the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the
PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and
the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all
material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material
weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk,
and performing su ch other procedures as we considered necessary in the circumstances. We believe that our audit provides a
reasonable basis for our opinion.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with International
Financial Reporting Standards as issued by the International Accounting Standards Board. A company’s internal control over
financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
International Financial Reporting Standards as issued by the International Accounting Standards Board, and that receipts and
expenditures of the company are being made only in accordance with authorizations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ Ernst & Young LLP
Chartered Professional Accountants
Licensed Public Accountants
Toronto, Canada
February 19, 2025
10
Consolidated Statements of Financial Position

As at December 31, |  |
(Canadian $ in millions) | 2024 | 2023
Assets |  |
Cash and short-term securities | $25,789 | $20,338
Debt securities | 210,621 | 212,149
Public equities | 33,725 | 25,531
Mortgages | 54,447 | 52,421
Private placements | 49,668 | 45,606
Loans to Bank clients | 2,310 | 2,436
Real estate | 13,263 | 13,049
Other invested assets | 52,674 | 45,680
Total invested assets (note 3) | 442,497 | 417,210
Other assets |  |
Accrued investment income | 2,969 | 2,678
Derivatives (note 4) | 8,667 | 8,546
Insurance contract assets (note 6) | 102 | 145
Reinsurance contract held assets (note 6) | 59,015 | 42,651
Deferred tax assets | 5,884 | 6,739
Goodwill and intangible assets (note 5) | 11,052 | 10,310
Miscellaneous | 12,644 | 9,751
Total other assets | 100,333 | 80,820
Segregated funds net assets (note 22) | 435,988 | 377,544
Total assets | $978,818 | $875,574
Liabilities and Equity |  |
Liabilities |  |
Insurance contract liabilities, excluding those for account of segregated fund holders (note 6) | $396,401 | $367,996
Reinsurance contract held liabilities (note 6) | 2,669 | 2,831
Investment contract liabilities (note 7) | 13,498 | 11,816
Deposits from Bank clients | 22,063 | 21,616
Derivatives (note 4) | 14,252 | 11,730
Deferred tax liabilities | 1,890 | 1,697
Other liabilities | 24,936 | 18,879
Long-term debt (note 9) | 6,629 | 6,071
Capital instruments (note 10) | 7,532 | 6,667
Total liabilities, excluding those for account of segregated fund holders | 489,870 | 449,303
Insurance contract liabilities for account of segregated fund holders (note 6) | 126,545 | 114,143
Investment contract liabilities for account of segregated fund holders | 309,443 | 263,401
Insurance and investment contract liabilities for account of segregated fund holders (note 22) | 435,988 | 377,544
Total liabilities | 925,858 | 826,847
Equity |  |
Preferred shares and other equity (note 11) | 6,660 | 6,660
Common shares (note 11) | 20,681 | 21,527
Contributed surplus | 204 | 222
Shareholders and other equity holders’ retained earnings | 4,764 | 4,819
Shareholders and other equity holders’ accumulated other comprehensive income (loss) (“AOCI”): |  |
Insurance finance income (expenses) | 37,999 | 30,010
Reinsurance finance income (expenses) | (7,048) | (4,634)
Fair value through other comprehensive income (“OCI”) investments | (19,733) | (16,262)
Translation of foreign operations | 7,327 | 4,801
Other | 118 | (104)
Total shareholders and other equity holders’ equity | 50,972 | 47,039
Participating policyholders’ equity | 567 | 257
Non-controlling interests | 1,421 | 1,431
Total equity | 52,960 | 48,727
Total liabilities and equity | $978,818 | $875,574
The accompanying notes are an integral part of these Consolidated Financial Statements.

Roy Gori
President and Chief Executive Officer
Don Lindsay
Chair of the Board of Directors

11 | 2024 Annual Report | Consolidated Financial Statements

Consolidated Statements of Income

For the years ended December 31, |  |
(Canadian $ in millions except per share amounts) | 2024 | 2023
Insurance service result |  |
Insurance revenue (note 6) | $26,592 | $23,972
Insurance service expenses (note 6) | (21,822) | (19,382)
Net expenses from reinsurance contracts held (note 6) | (769) | (613)
Total insurance service result | 4,001 | 3,977
Investment result |  |
Investment income (note 3) |  |
Investment income | 18,249 | 16,180
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities | 2,210 | 3,138
Investment expenses | (1,348) | (1,297)
Net investment income (loss) | 19,111 | 18,021
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6) | (16,219) | (13,894)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6) | 1,133 | (734)
Decrease (increase) in investment contract liabilities (note 6) | (504) | (435)
| 3,521 | 2,958
Segregated funds investment result (note 22) |  |
Investment income related to segregated funds net assets | 52,870 | 49,346
Financial changes related to insurance and investment contract liabilities for account of segregated fund holders | (52,870) | (49,346)
Net segregated funds investment result | - | -
Total investment result | 3,521 | 2,958
Other revenue (note 13) | 7,588 | 6,746
General expenses | (4,859) | (4,330)
Commissions related to non-insurance contracts | (1,480) | (1,345)
Interest expenses | (1,681) | (1,554)
Net income (loss) before income taxes | 7,090 | 6,452
Income tax (expenses) recoveries | (1,212) | (845)
Net income (loss) | $5,878 | $5,607
Net income (loss) attributed to: |  |
Non-controlling interests | $247 | $144
Participating policyholders | 246 | 360
Shareholders and other equity holders | 5,385 | 5,103
| $5,878 | $5,607
Net income (loss) attributed to shareholders | $5,385 | $5,103
Preferred share dividends and other equity distributions | (311) | (303)
Common shareholders’ net income (loss) | $5,074 | $4,800
Earnings per share |  |
Basic earnings per common share (note 11) | $2.85 | $2.62
Diluted earnings per common share (note 11) | 2.84 | 2.61
Dividends per common share | 1.60 | 1.46
The accompanying notes are an integral part of these Consolidated Financial Statements.

12
Consolidated Statements of Comprehensive Income

For the years ended December 31, |  |
(Canadian $ in millions) | 2024 | 2023
Net income (loss) | $5,878 | $5,607
Other comprehensive income (loss), net of tax: |  |
Items that may be subsequently reclassified to net income: |  |
Foreign exchange gains (losses) on: |  |
Translation of foreign operations | 3,109 | (1,301)
Net investment hedges | (583) | 183
Insurance finance income (expenses) | 6,462 | (9,745)
Reinsurance finance income (expenses) | (2,280) | 787
Fair value through OCI investments: |  |
Unrealized gains (losses) arising during the year on assets supporting insurance and investment contract liabilities | (3,573) | 9,251
Reclassification of net realized gains (losses) and provision for credit losses recognized in income | 1,314 | 256
Other | 158 | 37
Total items that may be subsequently reclassified to net income | 4,607 | (532)
Items that will not be reclassified to net income | 66 | (70)
Other comprehensive income (loss), net of tax | 4,673 | (602)
Total comprehensive income (loss), net of tax | $10,551 | $5,005
Total comprehensive income (loss) attributed to: |  |
Non-controlling interests | $4 | $18
Participating policyholders | 310 | 334
Shareholders and other equity holders | 10,237 | 4,653

Income Taxes included in Other Comprehensive Income

For the years ended December 31, |  |
(Canadian $ in millions) | 2024 | 2023
Income tax expenses (recoveries) on: |  |
Unrealized foreign exchange gains (losses) on translation of foreign operations | $1 | $(1)
Unrealized foreign exchange gains (losses) on net investment hedges | (37) | 13
Insurance / reinsurance finance income (expenses) | 1,207 | (1,853)
Unrealized gains (losses) on fair value through OCI investments | (480) | 1,863
Reclassification of net realized gains (losses) on fair value through OCI investments | 300 | (8)
Other | 68 | (20)
Total income tax expenses (recoveries) | $1,059 | $(6)
The accompanying notes are an integral part of these Consolidated Financial Statements.

13 | 2024 Annual Report | Consolidated Financial Statements

Consolidated Statements of Changes in Equity

For the years ended December 31, |  |
(Canadian $ in millions) | 2024 | 2023
Preferred shares and other equity |  |
Balance, beginning of year | $6,660 | $6,660
Issued (note 11) | - | -
Redeemed (note 11) | - | -
Balance, end of year | 6,660 | 6,660
Common shares |  |
Balance, beginning of year | 21,527 | 22,178
Repurchased (note 11) | (990) | (745)
Issued on exercise of stock options and deferred share units | 144 | 94
Balance, end of year | 20,681 | 21,527
Contributed surplus |  |
Balance, beginning of year | 222 | 238
Exercise of stock options and deferred share units | (18) | (18)
Stock option expense | - | 2
Balance, end of year | 204 | 222
Shareholders and other equity holders’ retained earnings |  |
Balance, beginning of year | 4,819 | 3,538
Net income (loss) attributed to shareholders and other equity holders | 5,385 | 5,103
Common shares repurchased (note 11) | (2,282) | (850)
Preferred share dividends and other equity distributions | (311) | (303)
Common share dividends | (2,848) | (2,669)
Other | 1 | -
Balance, end of year | 4,764 | 4,819
Shareholders and other equity holders’ accumulated other comprehensive income (loss) (“AOCI”): |  |
Balance, beginning of year | 13,811 | 14,261
Change in unrealized foreign exchange gains (losses) on net foreign operations | 2,526 | (1,117)
Changes in insurance / reinsurance finance income (expenses) | 5,575 | (7,222)
Change in unrealized gains (losses) on fair value through OCI investments | (3,471) | 7,923
Other changes in OCI attributed to shareholders and other equity holders | 222 | (34)
Balance, end of year | 18,663 | 13,811
Total shareholders and other equity holders’ equity, end of year | 50,972 | 47,039
Participating policyholders’ equity |  |
Balance, beginning of year | 257 | (77)
Net income (loss) attributed to participating policyholders | 246 | 360
Other comprehensive income (losses) attributed to policyholders | 64 | (26)
Balance, end of year | 567 | 257
Non-controlling interests |  |
Balance, beginning of year | 1,431 | 1,427
Net income (loss) attributed to non-controlling interests | 247 | 144
Other comprehensive income (losses) attributed to non-controlling interests | (243) | (126)
Contributions (distributions and acquisitions), net | (14) | (14)
Balance, end of year | 1,421 | 1,431
Total equity, end of year | $52,960 | $48,727
The accompanying notes are an integral part of these Consolidated Financial Statements.

14
Consolidated Statements of Cash Flows

For the years ended December 31, |  |
(Canadian $ in millions) | 2024 | 2023
Operating activities |  |
Net income (loss) | $5,878 | $5,607
Adjustments: |  |
Increase (decrease) in insurance contract net liabilities (note 6) | 9,435 | 10,697
Increase (decrease) in investment contract liabilities | 504 | 435
(Increase) decrease in reinsurance contract assets, excluding reinsurance transaction noted below (note 6) | (613) | 974
Amortization of (premium) discount on invested assets | (290) | (141)
Contractual service margin (“CSM”) amortization | (2,376) | (1,998)
Other amortization | 869 | 581
Net realized and unrealized (gains) losses and impairment on assets | (860) | (2,845)
Deferred income tax expenses (recoveries) | 311 | 470
Net loss on reinsurance transactions (pre-tax) (note 6) | 71 | -
Stock option expense | - | 2
Cash provided by operating activities before undernoted items | 12,929 | 13,782
Changes in policy related and operating receivables and payables | 13,565 | 6,641
Cash provided by (used in) operating activities | 26,494 | 20,423
Investing activities |  |
Purchases and mortgage advances | (131,123) | (84,021)
Disposals and repayments | 112,671 | 70,281
Change in investment broker net receivables and payables | 290 | 21
Net cash increase (decrease) from sale (purchase) of subsidiaries | (297) | (1)
Cash provided by (used in) investing activities | (18,459) | (13,720)
Financing activities |  |
Change in repurchase agreements and securities sold but not yet purchased | 460 | (693)
Issue of capital instruments, net (note 10) | 2,591 | 1,194
Redemption of capital instruments (note 10) | (1,886) | (600)
Secured borrowing from securitization transactions | 667 | 537
Change in deposits from Bank clients, net | 413 | (895)
Lease payments | (118) | (98)
Shareholders’ dividends and other equity distributions | (3,159) | (2,972)
Contributions from (distributions to) non-controlling interests, net | (14) | (14)
Common shares repurchased (note 11) | (3,272) | (1,595)
Common shares issued, net (note 11) | 144 | 94
Cash provided by (used in) financing activities | (4,174) | (5,042)
Cash and short-term securities |  |
Increase (decrease) during the year | 3,861 | 1,661
Effect of foreign exchange rate changes on cash and short-term securities | 1,197 | (412)
Balance, beginning of year | 19,884 | 18,635
Balance, end of year | 24,942 | 19,884
Cash and short-term securities |  |
Beginning of year |  |
Gross cash and short-term securities | 20,338 | 19,153
Net payments in transit, included in other liabilities | (454) | (518)
Net cash and short-term securities, beginning of year | 19,884 | 18,635
End of year |  |
Gross cash and short-term securities | 25,789 | 20,338
Net payments in transit, included in other liabilities | (847) | (454)
Net cash and short-term securities, end of year | $24,942 | $19,884
Supplemental disclosures on cash flow information |  |
Interest received | $13,496 | $12,768
Interest paid | 1,574 | 1,548
Income taxes paid | 755 | 436
The accompanying notes are an integral part of these Consolidated Financial Statements.

15 | 2024 Annual Report | Consolidated Financial Statements

Notes to Consolidated Financial Statements

Page Number | Note |
16 |  | Note 1 | Nature of Operations and Material Accounting Policy Information
31 |  | Note 2 | Accounting and Reporting Changes
33 |  | Note 3 | Invested Assets and Investment Income
44 |  | Note 4 | Derivative and Hedging Instruments
54 |  | Note 5 | Goodwill and Intangible Assets
56 |  | Note 6 | Insurance and Reinsurance Contract Assets and Liabilities
81 |  | Note 7 | Investment Contract Liabilities
82 |  | Note 8 | Risk Management
98 |  | Note 9 | Long Term Debt
99 |  | Note 10 | Capital Instruments
100 |  | Note 11 | Equity Capital and Earnings Per Share
102 |  | Note 12 | Capital Management
103 |  | Note 13 | Revenue from Service Contracts
104 |  | Note 14 | Stock-Based Compensation
105 |  | Note 15 | Employee Future Benefits
110 |  | Note 16 | Income Taxes
113 |  | Note 17 | Interests in Structured Entities
115 |  | Note 18 | Commitments and Contingencies
117 |  | Note 19 | Segmented Information
119 |  | Note 20 | Related Parties
120 |  | Note 21 | Subsidiaries
121 |  | Note 22 | Segregated Funds
122 |  | Note 23 | Information Provided in Connection with Investments in Deferred Annuity Contracts and SignatureNotes Issued or Assumed by John Hancock Life Insurance Company (U.S.A.)
126 |  | Note 24 | Comparatives

16
Notes to Consolidated Financial Statements
(Canadian $ in millions except per share amounts or unless otherwise stated)
Note 1 Nature of Operations and Material Accounting Policy Information
(a)Reporting entity
Manulife Financial Corporation (“MFC”) is a publicly tr aded company and the holding company of The Manufacturers Life
Insurance Company (“MLI”), a Canadian life insurance company. MFC, including its subsidiaries (collectively, “Manulife” or the
“Company”) is a leading financial services group with principal operations in Asia, Canada and the United States. Manulife’s
international network of employees, agents and distribution partners offers financial protection and wealth management products
and services to personal and business clients as well as asset management services to institutional customers. The Company
operates as Manulife in Asia and Canada and as John Hancock and Manulife in the United States.
MFC is domiciled in Canada and incorporated under the Insurance Companies Act (Canada) (“ICA”). These Consolidated
Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by
the International Accounting Standards Board (“IASB”).
These Consolidated Financial Statements as at and for the year ended December 31, 2024 were authorized for issue by MFC’s
Board of Directors on February 19, 2025.
(b)Basis of preparation
The preparation of Consolidated Financial Statements in conformity with IFRS requires management to make judgments,
estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities,
and the disclosure of contingent assets and liabilities as at the date of the Consolidated Financial Statements, and the reported
amounts of insurance service, investment result, and other revenue and expenses during the reporting periods. Actual results
may differ from these estimates. The most significant estimation processes relate to evaluating assumptions used in measuring
insurance and investment contract liabilities and reinsurance contracts held liabilities, assessing assets for impairment,
determining pension and other post-employment benefit obligation and expense assumptions, determining income taxes and
uncertain tax positions, and estimating fair values of certain invested assets. Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimates are revised
and in any future years affected. Although some variability is inherent in these estimates, management believes that the amounts
recorded are appropriate. The material accounting policies used and the most significant judgments made by management in
applying these accounting policies in the preparation of these Consolidated Financial Statements are summarized below.
The Company’s results and operations have been and may continue to be adversely impacted by the economic environment.
The adverse effects include but are not limited to recessionary economic trends in markets the Company operates in, significant
market volatility, increase in credit risk, strain on commodity markets and alternative long duration asset (“ALDA”) prices, foreign
currency exchange rate volatility, increases in insurance claims, persistency and redemptions, and disruption of business
operations. The breadth and depth of these events and their duration contribute additional uncertainty around estimates used in
determining the carrying value of certain assets and liabilities included in these Consolidated Financial Statements.
The Company has applied appropriate fair value measurement techniques using reasonable judgment and estimates from the
perspective of a market participant to reflect current economic conditions. The impact of these techniques has been reflected in
these Consolidated Financial Statements. Changes in the inputs used could materially impact the respective carrying values.
(c)Fair value measurement
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction (not
a forced liquidation or distress sale) between market participants at the measurement date; fair value is an exit value.
When available, quoted market prices are used to determine fair value. If quoted market prices are not available, fair value is
typically based upon alternative valuation techniques such as discounted cash flows, matrix pricing, consensus pricing services
and other techniques. Broker quotes are generally used when external public vendor prices are not available.
The Company has a valuation process in place that includes a review of price movements relative to the market, a comparison of
prices between vendors, and a comparison to internal matrix pricing which uses predominantly external observable data.
Judgment is applied in adjusting external observable data for items including liquidity and credit factors.
The Company categorizes its fair value measurement results according to a three-level hierarchy. The hierarchy prioritizes the
inputs used by the Company’s valuation techniques based on their reliability. A level is assigned to each fair value measurement
based on the lowest level input significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy
are defined as follows:
Level 1 – Fair value measurements that reflect unadjusted, quoted prices in active markets for identical assets and liabilities that
the Company can access at the measurement date, reflecting market transactions.
Level 2 – Fair value measurements using inputs other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly or indirectly. These include quoted prices for similar assets and liabilities in active markets, quoted
prices for identical or similar assets and liabilities in inactive markets, inputs that are observable that are not prices (such as
interest rates, credit risks, etc.) and inputs that are derived from or corroborated by observable market data. Most debt

17 | 2024 Annual Report | Consolidated Financial Statements

investments are classified within Level 2. Also, included in the Level 2 category are derivative instruments that are priced using
models with observable market inputs, including interest rate swaps, equity swaps, credit default swaps and foreign currency
forward contracts.
Level 3 – Fair value measurements using significant non-market observable inputs. These include valuations for assets and
liabilities that are derived using data, some or all of which is not market observable, including assumptions about risk. Level 3
security valuations include less liquid investments such as real estate, other invested assets, timber investments held within
segregated funds, certain long-duration bonds and other investments that have little or no price transparency. Certain derivative
financial instrument valuations are also included in Level 3.
(d)Basis of consolidation
MFC consolidates the financial statements of all entities it controls, including certain structured entities. Subsidiaries are entities
controlled by the Company. The Company has control over an entity when the Company has the power to govern the financial
and operating policies of the entity and is exposed to variable returns from its activities which are significant in relation to the total
variable returns of the entity and the Company is able to use its power over the entity to affect the Company’s share of variable
returns of the entity. In assessing control, significant judgment is applied while considering all relevant facts and circumstances.
When assessing decision making power over an entity, the Company considers the extent of its rights relative to the
management of the entity, the level of voting rights held over the entity which are potentially or presently exercisable, the
existence of any contractual management agreements which may provide the Company with power over the entity’s financial
and operating policies, and to the extent of other parties’ ownership in the entity, if any, the possibility for de facto control being
present. When assessing variable returns from an entity, the Company considers the significance of direct and indirect financial
and non-financial variable returns to the Company from the entity’s activities in addition to the proportionate significance of such
returns to the total variability of the entity. The Company also considers the degree to which its interests are aligned with those of
other parties investing in the entity and the degree to which the Company may act in its own interest while interacting with the
entity.
The financial statements of subsidiaries are included in MFC’s consolidated results from the date control is established and are
excluded from consolidation from the date control ceases. The initial control assessment is performed at the inception of the
Company’s involvement with the entity and is reconsidered if the Company acquires or loses power over key operating and
financial policies of the entity; acquires additional interests or disposes of interests in the entity; the contractual arrangements of
the entity are amended such that the Company’s proportionate exposure to variable returns changes; or if the Company’s ability
to use its power to affect its variable returns from the entity changes. A change in control may lead to gains or losses on
derecognition of a subsidiary when losing control, or on derecognition of previous interests in a subsidiary when gaining control.
The Company’s Consolidated Financial Statements have been prepared using uniform accounting policies for like transactions
and events in similar circumstances. Intercompany balances, and revenue and expenses arising from intercompany transactions,
have been eliminated in preparing the Consolidated Financial Statements.
Non-controlling interests are interests of other parties in the equity of MFC’s subsidiaries and are presented within total equity,
separate from the equity of MFC’s participating policyholders and shareholders. Non-controlling interests in the net income and
other comprehensive income (“OCI”) of MFC’s subsidiaries are included in total net income and total OCI, respectively. An
exception to this occurs where the subsidiary’s shares are either puttable by the other parties or are redeemable for cash on a
fixed or determinable date, in which case other parties’ interests in the subsidiary’s capital are presented as liabilities of the
Company and other parties’ interests in the subsidiary’s net income and OCI are recorded as expenses of the Company.
The equity method of accounting is used to account for entities over which the Company has significant influence or joint control
(“associates” or “joint ventures”), whereby the Company records its share of the associate’s or joint venture’s net assets and
financial results using uniform accounting policies for similar transactions and events. Significant judgment is used to determine
whether voting rights, contractual management rights and other relationships with the entity, if any, provide the Company with
significant influence or joint control over the entity. Gains and losses on the sale of associates or joint ventures are included in
income when realized, while impairment losses are recognized immediately when there is objective evidence of impairment.
Gains and losses on commercial transactions with associates or joint ventures are eliminated to the extent of the Company’s
interest in the equity of the associate or joint venture. Investments in associates and joint ventures are included in other invested
assets on the Company’s Consolidated Statements of Financial Position.
(e)Invested assets
Invested assets are recognized initially at fair value plus, in the case of investments not classified as fair value through profit or
loss (“FVTPL”), directly attributable transaction costs. Invested assets that are considered financial instruments are classified as
fair value through other comprehensive income (“FVOCI”), FVTPL or as amortized cost. The Company determines the
classification of its financial assets at initial recognition.
The classification of invested assets which are financial instruments depends on their contractual terms and the Company’s
business model for managing the assets.
The Company assesses the contractual terms of the assets to determine whether their terms give rise on specified dates to cash
flows that are solely payments of principal and interest (“SPPI”) on the principal amount outstanding. Only debt instruments may
have SPPI cash flows. The most significant elements of interest within a lending arrangement are typically the consideration for
the time value of money and credit risk. To make the SPPI assessment, the Company applies judgement and considers relevant
factors such as prepayment and redemption rights, conversion features, and subordination of the instrument to other instruments
18
of the issuer. An asset with contractual terms that introduce a more than de minimis exposure to risks of not collecting principal or
interest would not meet the SPPI test.
Debt instruments which qualify as having SPPI cash flows are classified as amortized cost or FVOCI based on the business
model under which they are held. If held within a business model whose objective is to hold the assets in order to collect
contractual cash flows, they are classified as amortized cost. If held within a business model whose objective is achieved by both
collecting contractual cash flows and selling the assets, they are classified as FVOCI. In either case, the Company may
designate them as FVTPL in order to reduce accounting mismatches with FVTPL liabilities they support. Debt instruments which
fail the SPPI test are required to be measured at FVTPL. To identify the business model financial assets are held within,
considerations include the business purpose of the portfolio they are held within, the risks that are being managed and the
business activities which manage the risks, the basis on which performance of the portfolio is being evaluated, and the frequency
and significance of sales activity within the portfolio.
Realized and unrealized gains and losses on debt instruments classified as FVTPL and realized gains and losses on debt
instruments held at FVOCI or amortized cost are recognized in investment income immediately. Unrealized gains and losses on
FVOCI debt investments are recorded in OCI, except for unrealized gains and losses on foreign currency translation which are
included in income.
Investments in equities which are accounted for as financial instruments are not subject to the SPPI test and are accounted for
as FVTPL.
Valuation methods for the Company’s invested assets are described above in note 1 (c). All fair value valuations are performed in
accordance with IFRS 13 “Fair Value Measurement”. Disclosure of financial instruments carried at fair value within the three
levels of the fair value hierarchy and disclosure of the fair value for financial instruments not carried at fair value on the
Consolidated Statements of Financial Position are presented in note 3. Fair value valuations are performed by the Company and
by third-party service providers. When third-party service providers are engaged, the Company performs a variety of procedures
to corroborate pricing information. These procedures may include, but are not limited to, inquiry and review of valuation
techniques, and of inputs to the valuation and vendor controls reports.
Cash and short-term securities comprise cash, current operating accounts, overnight bank and term deposits, and debt
instruments held for meeting short-term cash commitments. Short-term securities are carried at fair value. Short-term securities
comprise investments due to mature within one year of the date of purchase. Commercial paper and discount notes are
classified as Level 2 for fair value purposes because these instruments are typically not actively traded. Net payments in transit
and overdraft bank balances are included in other liabilities.
Debt securities are carried at fair value or amortized cost. Debt investments are generally valued by independent pricing vendors
using proprietary pricing models incorporating current market inputs for similar investments with comparable terms and credit
quality (matrix pricing). The significant inputs include, but are not limited to, yield curves, credit risks and spreads, prepayment
rates and volatility of these inputs. Debt investments are classified as Level 2 but can be Level 3 if significant inputs are not
market observable.
Public equities comprise of common and preferred equities and shares or units of mutual funds and are carried at fair value.
Public equities are generally classified as Level 1, as fair values are normally based on quoted market prices. Realized and
unrealized gains and losses on equities designated as FVTPL are recognized in investment income immediately. The Company’s
risk management policies and procedures related to equities can be found in the denoted components of the “Risk Management
and Risk Factors” section of the Company’s 2024 Management’s Discussion and Analysis (“MD&A”).
Mortgages are classified as Level 3 for fair value purposes due to the lack of market observability of certain significant valuation
inputs.
The Company accounts for insured and uninsured mortgage securitizations as secured financing transactions since the criteria
for sale accounting of securitized mortgages are not met. For these transactions, the Company continues to recognize the
mortgages and records a liability in other liabilities for the amounts owed at maturity. Interest income from these mortgages and
interest expense on the borrowings are recorded using the effective interest rate (“EIR”) method.
Private placements, which include corporate loans for which there is no active market, are generally classified as Level 2 for fair
value disclosure purposes or as Level 3 if significant inputs are not market observable.
Loans to Manulife Bank of Canada (“Manulife Bank” or “Bank”) clients are carried at amortized cost and are classified as Level 2
for fair value disclosure purposes.
Interest income is recognized on all debt instruments including securities, private placements, mortgages, and loans to Bank
clients as it accrues and is calculated using the EIR m ethod. Premiums, discounts and transaction costs are amortized over the
life of the underlying investment using the effective yield method for all debt securities as well as private placements and
mortgages.
The Company records purchases and sales of invested assets on a trade date basis. Loans originated by the Company are
recognized on a settlement date basis.
Real estate consists of both own use and investment property. Own use property is carried at cost less accumulated depreciation
and any accumulated impairment losses, or at revalued amount which is the fair value as at the most recent revaluation date

19 | 2024 Annual Report | Consolidated Financial Statements

minus accumulated amortization and any accumulated impairment losses. Depreciation is calculated based on the cost of an
asset less its residual value and is recognized in income on a straight-line basis over the estimated useful life ranging from 30 to
60 years. Impairment losses are recorded in income to the extent the recoverable amount is less than the carrying amount. Own
use property is classified as Level 3 for fair value disclosure purposes. Own use real estate properties which are underlying items
for insurance contracts with direct participating features are measured at fair value as if they were investment properties, as
permitted by International Accounting Standards (“IAS”) 16 “Property, Plant and Equipment” which was amended by IFRS 17
“Insurance Contracts” (“IFRS 17”).
An investment property is a property held to earn rental income, for capital appreciation, or both. Investment properties are
measured at fair value, with changes in fair value recognized in income. Fair value of own use properties and investment
properties is determined using the same processes. Fair value for all properties is determined using external appraisals that are
based on the highest and best use of the property. The valuation techniques include discounted cash flows, the direct
capitalization method as well as comparable sales analysis and employ both observable and non-market observable inputs.
Inputs include existing and assumed tenancies, market data from recent comparable transactions, future economic outlook and
market risk assumptions, capitalization rates and internal rates of return. Investment properties are classified as Level 3 for fair
value disclosure purposes.
When a property transfers from own use held at cost to investment property, any gain or loss arising on the re-measurement of
the property and any associated leases to fair value as at the date of change in use is recognized in OCI, to the extent that it is
not reversing a previous impairment loss. Reversals of impairment losses are recognized in income. When a property changes
from investment property to own use held at cost, the property’s deemed cost for subsequent accounting is its fair value as at the
date of change in use.
Other invested assets include private equity and debt investments and property investments held in infrastructure, timber,
agriculture and energy sectors. Private equity investments which are associates or joint ventures are accounted for using the
equity method (as described in note 1 (d) above) or are classified as FVTPL and carried at fair value. Timber and agriculture
properties which are own use properties are carried at cost less accumulated depreciation and any accumulated impairment
losses, except for their biological assets which are measured at fair value. Timber and agriculture properties which are
investment properties are measured at fair value with changes in fair value recognized in income. The fair value of other invested
assets is determined using a variety of valuation techniques as described in note 3. Other invested assets that are measured or
disclosed at fair value are classified as Level 3 for fair value disclosure purposes.
Other invested assets also include investments in leveraged leases, which are accounted for using the equity method. The
carrying value under the equity method reflects the amortized cost of the unconsolidated lease entity’s lease receivable and
related non-recourse debt using the effective yield method.
Expected Credit Loss Impairment
The expected credit loss (“ECL”) impairment allowance model applies to invested assets which are debt instruments and
measured at FVOCI or amortized cost. ECL allowances are measured under four probability-weighted macroeconomic
scenarios, which measure the difference between all contractual cash flows that are due to the Company in accordance with the
contract and all the cash flows that the Company expects to receive, discounted at the original EIR. This process includes
consideration of past events, current market conditions and reasonable supportable information about future economic
conditions. Forward-looking macroeconomic variables used within the estimation models represent variables that are the most
closely related with credit losses in the relevant portfolio.
The estimation and measurement of impairment losses requires significant judgement. These estimates are driven by many
elements, changes in which can result in different levels of allowances. Elements include the estimation of the amount and timing
of future cash flows, the Company’s criteria for assessing if there has been a significant increase in credit risk (“SICR”), the
selection of forward-looking macroeconomic scenarios and their probability weights, the application of expert credit judgment in
the development of the models, inputs and, when applicable, overlay adjustments. It is the Company’s practice to regularly
review its models in the context of actual loss experience and adjust when necessary. The Company has implemented formal
policies, procedures, and controls over all significant impairment processes.
The Company’s definitions of default and credit-impaired are based on quantitative and qualitative factors. A financial instrument
is considered to be in default when significant payments of interest, principal or fees are past due for more than 90 days, unless
remedial arrangements with the issuer are in place. A financial instrument may be credit impaired as a result of one or more loss
events that occurred after the date of initial recognition of the instrument and the loss event has a negative impact on the
estimated future cash flows of the instrument. This includes events that indicate or include: significant financial difficulty of the
counterparty; a breach of contract; for economic or contractual reasons relating to the counterparty’s financial difficulty,
concessions are granted that would not otherwise be considered; it is becoming probable that the counterparty will enter
bankruptcy or other financial reorganization; the disappearance of an active market for that financial asset because of the
counterparty’s financial difficulties; or the counterparty is considered to be in default by any of the major rating agencies such as
S&P, Moody’s and Fitch.
20
The ECL calculations include the following elements:
•Probability of default (“PD”) is an estimate of the lik elihood of default over a given time horizon.
•Loss given default (“LGD”) is an estimate of the loss arising on a future default. This is based on the difference between the
contractual cash flows due and those that the Company expects to receive, including from collateral. It is based on credit
default studies performed based on internal credit experience.
•Exposure at default (“EAD”), is an estimate of the exposure at a future default date, considering both the period of exposure
and the amount of exposure at a given reporting date. The EADs are determined by modelling the range of possible
exposure outcomes at various points in time, corresponding to the multiple economic scenarios. The probabilities are then
assigned to each economic scenario based on the outcome of the models.
The Company measures ECLs using a three-stage approach:
•Stage 1 comprise all performing financial instruments that have not experienced a SICR since initial recognition. The
determination of SICR varies by instrument and considers the relative change in the risk of default since origination. 12-
month ECLs are recognized for all Stage 1 financial instruments. 12-month ECLs represent the portion of lifetime ECLs that
result from default events possible within 12 months of the reporting date. These expected 12-month default probabilities are
applied to a forecast EAD, multiplied by the expected LGD, and discounted by the original EIR. This calculation is made for
each of four macroeconomic scenarios.
•Stage 2 comprise all performing financial instruments that have experienced a SICR since original recognition or have
become 30 days in arrears for principal or interest payments, whichever happens first. When assets move to Stage 2, full
lifetime ECLs are recognized, which represent ECLs that result from all possible default events over the remaining lifetime of
the financial instrument. The mechanics are consistent with Stage 1, except PDs and LGDs are estimated over the
remaining lifetime of the instrument instead of over the coming year. In subsequent reporting periods, if the credit risk of a
financial instrument improves such that there is no longer a SICR compared to credit risk at initial recognition, the financial
instrument will migrate back to Stage 1 and 12-month ECLs will be recognized.
•Stage 3 comprise financial instruments identified as credit impaired. Similar to Stage 2 assets, full lifetime ECLs are
recognized for Stage 3 financial instruments, but the PD is set at 100%. A Stage 3 ECL is calculated using the unpaid
principal balance multiplied by LGD which reflects the difference between the asset’s carrying amount and its discounted
expected future cash flows.
Interest income is calculated based on the gross carrying amount for both Stage 1 and 2 exposures. Interest income on Stage 3
financial instruments is determined by applying the EIR to the amortized cost of the instrument, which represents the gross
carrying amount adjusted for the credit loss allowance.
For Stage 1 and Stage 2 exposures, an ECL is generated for each individual exposure; however, the relevant parameters are
modelled on a collective basis with all collective parameters captured by the individual security level. The exposures are grouped
into smaller homogeneous portfolios, based on a combination of internal and external characteristics, such as origination details,
balance history, sector, geographic location, and credit history. Stage 3 ECLs are either individually or collectively assessed,
depending on the nature of the instrument and impairment.
In assessing whether credit risk has increased significantly, the risk of default occurring is compared over the remaining expected
life from the reporting date and as at the date of initial recognition. The assessment varies by instrument and risk segment. The
assessment incorporates internal credit risk ratings and a combination of security-specific and portfolio-level assessments,
including the incorporation of forward-looking macroeconomic data. The assessment of SICR considers both absolute and
relative thresholds. If contractual payments are more than 30 days past due, the credit risk is automatically deemed to have
increased significantly since initial recognition.
When estimating ECLs, the four probability-weighted macroeconomic scenarios are considered. Economic forward-looking
inputs vary by market. Depending on their usage in the models, macroeconomic inputs are projected at the country, province, or
more granular level. Each macroeconomic scenario used includes a projection of all relevant macroeconomic variables for a five-
year period, subsequently reverting to long-run averages. In order to achieve an unbiased estimate, economic data used in the
models is supplied by an external source. This information is compared to other publicly available forecasts, and the scenarios
are assigned a probability weighting based on statistical analysis and management judgment. Refer to note 8 (c).
The inputs and models used for calculating ECLs may not always capture all characteristics of the market at the date of the
Consolidated Financial Statements.
Changes in the required ECL allowance are recorded in the provision for credit losses within Investment income in the
Consolidated Statements of Income. Invested assets are written off, either partially or in full, against the related allowance for
credit losses when there is no realistic prospect of recovery in respect of those amounts. This is considered a partial or full
derecognition of the financial asset. In subsequent periods, any recoveries of amounts previously written off are credited to the
provision for credit losses.

21 | 2024 Annual Report | Consolidated Financial Statements

(f)Goodwill and intangible assets
Goodwill represents the difference between the fair value of purchase consideration of an acquired business and the Company’s
proportionate share of the net identifiable assets acquired. It is initially recorded at cost and subsequently measured at cost less
any accumulated impairment.
Goodwill is tested for impairment at least annually and whenever events or changes in circumstances indicate that the carrying
amounts may not be recoverable at the cash generating unit (“CGU”) or group of CGUs level. The Company allocates goodwill to
CGUs or group of CGUs for impairment testing at the lowest level within the Company where the goodwill is monitored for
internal management purposes. The allocation is made to those CGUs or group of CGUs that are expected to benefit from the
business combination in which the goodwill arose. Any potential impairment of goodwill is identified by comparing the
recoverable amount with the carrying value of a CGU or group of CGUs. Goodwill is reduced by the amount of deficiency, if any.
If the deficiency exceeds the carrying amount of goodwill, the carrying values of the remaining assets in the CGU or group of
CGUs are subject to being reduced by the remaining deficiency on a pro-rata basis.
The recoverable amount of a CGU or group of CGUs is the higher of the estimated fair value less costs to sell or the value-in-use
of the CGU or group of CGUs. In assessing value-in-use, estimated future cash flows are discounted using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the CGU or group of CGUs. In
some cases, the most recent detailed calculation made in a prior period of a recoverable amount is used in the current period
impairment testing. This is the case only if there are no significant changes to the CGU or group of CGUs, the likelihood of
impairment is remote based on the analysis of current events and circumstances, and the most recently calculated recoverable
amount substantially exceeded the current carrying amount of the CGU or group of CGUs.
Intangible assets with indefinite useful lives include the John Hancock brand name, certain investment management contracts
and certain agricultural water rights. The indefinite useful life assessment for the John Hancock brand name is based on the
brand name being protected by indefinitely renewable trademarks in markets where branded products are sold, and for certain
investment management contracts based on the ability to renew these contracts indefinitely. In addition, there are no legal,
regulatory or contractual provisions that limit the useful lives of these intangible assets. Certain agricultural water rights are held
in perpetuity. An intangible asset with an indefinite useful life is not amortized but is subject to an annual impairment test which is
performed more frequently if an indication that it is not recoverable arises.
Intangible assets with finite useful lives include acquired distribution networks, customer relationships, capitalized software, and
certain investment management contracts and other contractual rights. Distribution networks, customer relationships, and other
finite life intangible assets are amortized over their estimated useful lives, six to 68 years, either based on the passage of time or
in relation to asset consumption metrics. Software intangible assets are amortized on a straight-line basis over their estimated
useful lives of three to 10 years. Finite life intangible assets are assessed for indicators of impairment at each reporting period. If
an indication of impairment arises, these assets are tested for impairment.
(g)Miscellaneous assets
Miscellaneous assets include assets held in a rabbi trust with respect to unfunded defined benefit obligations, defined benefit
assets and capital assets. Rabbi trust assets are carried at fair value. Defined benefit assets’ carrying value is explained in note 1
(o). Capital assets are carried at cost less accumulated amortization computed on a straight-line basis over their estimated useful
lives, which vary from two to 10 years.
(h)Segregated funds
The Company manages segregated funds on behalf of policyholders, which are presented as segregated funds net assets with
offsetting insurance and investment contract liabilities for account of segregated fund holders in the amount of their account
balances. The investment returns on these funds are passed directly to policyholders. In some cases, the Company has provided
guarantees associated with these funds. Amounts invested by the Company in segregated funds for seed purposes are
presented within invested asset categories based on the nature of the underlying investments.
Segregated funds net assets are measured at fair value and include investments in mutual funds, debt securities, equities, cash,
short-term investments and other investments. With respect to the consolidation requirement of IFRS, in assessing the
Company’s degree of control over the underlying investments, the Company considers the scope of its decision-making rights,
the rights held by other parties, its remuneration as an investment manager and its exposure to variability of returns from the
investments. The Company has determined that it does not have control over the underlying investments as it acts as an agent
on behalf of segregated fund policyholders.
The methodology applied to determine the fair value of investments held in segregated funds is consistent with that applied to
invested assets held by the general fund, as described above in note 1 (e). Segregated funds liabilities are measured based on
the value of the segregated funds net assets. Investment returns on segregated funds assets are passed directly to policyholders
and the Company does not bear the risk associated with these assets outside of guarantees offered on certain variable life and
annuity products, for which the underlying investments are held within segregated funds.
Some of the Company’s liabilities for account of segregated fund holders arise from insurance contracts that it issues. These are
reported as Insurance contract liabilities for account of segregated fund holders, representing the Company’s obligation to pay
the policyholder an amount equal to the fair value of the underlying items, and are measured at the aggregate of policyholder
account balances. Changes in fair value of these liabilities are reported as Financial changes related to insurance and
investment contract liabilities for account of segregated fund holders in the Consolidated Statements of Income. Other liabilities
associated with these insurance contracts, such as those associated with guarantees provided by the Company as a result of
22
certain variable life and annuity contracts, are included in Insurance contract assets or Insurance contract liabilities, excluding
those for account of segregated fund holders on the Consolidated Statements of Financial Position. The Company holds assets
supporting these guarantees in the general fund, which are included in invested assets according to their investment type.
The remaining liabilities for account of segregated fund holders do not arise from insurance contracts that the Company issues,
and are reported as Investment contract liabilities for account of segregated fund holders on the Consolidated Statements of
Financial Position. These are also measured at the aggregate of policyholder account balances and changes in fair value of
these liabilities are reported as Financial changes related to insurance and investment contract liabilities for account of
segregated fund holders in the Consolidated Statements of Income.
(i)Insurance contract liabilities and reinsurance contract assets
Scope and Classification
Contracts issued by the Company are classified as insurance, investment, or service contracts at initial recognition. Insurance
contracts are contracts under which the Company accepts significant insurance risk from a policyholder. A contract is considered
to have significant insurance risk if an insured event could cause the Company to pay significant additional amounts in any single
scenario with commercial substance. The additional amounts refer to the present value of amounts that exceed those that would
be payable if no insured event had occurred.
Reinsurance contracts held are contracts held by the Company under which it transfers significant insurance risk related to
underlying insurance contracts to other parties, along with the associated premiums. The purpose of the reinsurance contracts
held is to mitigate the significant insurance risk that the Company may have from the underlying insurance contracts.
Both insurance and reinsurance contracts are accounted for in accordance with IFRS 17. Contracts under which the Company
does not accept significant insurance risk are either classified as investment contracts or considered service contracts and are
accounted for in accordance with IFRS 9 “Financial Instruments” (“IFRS 9”) or IFRS 15 “Revenue from Contracts with
Customers” (“IFRS 15”), respectively.
Insurance contracts are classified as direct participation contracts or contracts without direct participation features based on
specific criteria. Insurance contracts with direct participation features are insurance contracts that are substantially investment-
related service contracts under which the Company promises an investment return based on underlying items. They are viewed
as creating an obligation to pay policyholders an amount that is equal to the fair value of the underlying items, less a variable fee
for service.
Separation of components
At inception of insurance and reinsurance contracts held, the Company analyses whether they contain the following components
that are separated and accounted for under other IFRS standards:
•Derivatives embedded within insurance contracts which contain risks and characteristics that are not closely related to those
of the host contract unless the embedded derivative itself meets the definition of an insurance contract;
•Distinct investment components which represent cash flows paid (received) in all circumstances regardless of whether an
insured event has occurred or not. Investment components are distinct if they are not highly interrelated with insurance
component cash flows and if they could be issued on a stand-alone basis; and
•Distinct service components which are promises to transfer goods or non-insurance services if the policyholder can benefit
from it either on its own or with other resources that are readily available to the policyholder. The service components are
distinct if they are not highly interrelated with the insurance components and the Company provides no significant service in
integrating the service component with the insurance component.
The Company applies IFRS 17 to all remaining components of the insurance and reinsurance contracts held.
Level of aggregation
Insurance contracts are aggregated into portfolios of insurance contracts which are managed together and are subject to similar
risks. The Company has defined portfolios by considering various factors such as the issuing subsidiary, measurement model,
major product line and type of insurance risk. The portfolios of insurance contracts are further grouped by:
•Date of issue: the period cannot be longer than one year. Most of the Company’s insurance contracts are aggregated into
annual cohorts; and
•Expected profitability at inception into one of three categories: onerous contracts, contracts with no significant risk of
becoming onerous and other remaining contracts. Onerous contracts are those contracts that at initial inception, the
Company expects to generate net outflow, without considering investment returns or the benefit of any reinsurance contracts
held.
The Company establishes the groups at initial recognition and may add contracts to the groups after the end of a reporting
period, however, the Company does not subsequently reassess the composition of the groups.
For reinsurance contracts held, the portfolios align with the direct insurance contract portfolios. Groups of reinsurance contracts
typically comprise a single reinsurance contract, and similar to direct groups they do not contain contracts issued more than one
year apart.

23 | 2024 Annual Report | Consolidated Financial Statements

Cash flows within the contract boundaries
The Company includes in the measurement of a group of insurance contracts and reinsurance contracts held, all future cash
flows within the boundary of the contracts in the group. Cash flows are within the boundary of an insurance contract (and a
reinsurance contract held) if they arise from substantive rights and obligations that exist in which the Company can compel the
policyholder to pay the premiums (or is compelled to pay amounts to a reinsurer) or has a substantive obligation to provide
services to the policyholder (or a substantive right to receive services from a reinsurer).
For insurance contracts, a substantive obligation to provide services ends when the Company has the practical ability to
reassess the risks and as a result, can set a new price or level of benefits that fully reflects those risks.
For reinsurance contracts held, a substantive right to receive services ends when the reinsurer has the practical ability to
reassess the risk transferred to it and can set a new price or level of benefits that fully reflects those risks, or the reinsurer can
terminate the coverage.
Measurement models
There are three measurement models for insurance contracts:
•Variable fee approach (“VFA”): The Company applies this approach to insurance contracts with direct participation features
such as participating life insurance contracts, unit linked contracts and variable annuity contracts. The direct participating
feature is identified at inception, where the Company has the obligation to pay the policyholder an amount equal to the fair
value of the underlying items less a variable fee in exchange for investment services provided.
•Premium allocation approach (“PAA”): The Company applies this simplified approach for certain insurance contracts and
reinsurance contracts with a duration of typically one year or less, such as Canadian Group Benefit products, some
Canadian Affinity products, and some Asia short-term individual and group products.
•General measurement model (“GMM”): The Company applies this model to the remaining insurance contracts and
reinsurance contracts not measured using the VFA or the PAA.
Recognition of insurance contracts
The Company recognizes groups of insurance contracts that it issues from the earliest of the following:
•The beginning of the coverage period of the group of contracts,
•The date when the first payment from a policyholder in the group is due or when the first payment is received if there is no
due date, and
•For a group of onerous contracts, as soon as facts and circumstances indicate that the group is onerous.
Insurance contracts measured under the GMM and VFA measurement model
Initial measurement
The measurement of insurance contracts at initial recognition is the same for GMM or VFA. At initial recognition, the Company
measures a group of insurance contracts as the total of: (a) fulfilment cash flows, and (b) a contractual service margin (“CSM”).
Fulfilment cash flows comprise estimates of future cash flows, adjusted to reflect the time value of money and financial risks, and
a risk adjustment for non-financial risk. In determining the fulfilment cash flows, the Company uses estimates and assumptions
considering a range of scenarios which have commercial substance and give a fair representation of possible outcomes.
If fulfilment cash flows generate a total of net cash inflows at initial recognition, a CSM is set up to fully offset the fulfilment cash
flows, and results in no impact on income at initial recognition. The CSM represents the unearned profit the Company will
recognize as it provides services under the insurance contracts. However, if fulfilment cash flows generate a total of net cash
outflows at initial recognition, a loss is recognized in income or expenses immediately and the group of contracts is considered to
be onerous.
For contracts with fulfilment cash flows in multiple foreign currencies, the group of insurance contracts, including the contractual
service margin, is considered to be denominated in a single currency. If a group of insurance contracts has cash flows in more
than one currency, on initial recognition the Company determines a single currency in which the multicurrency group of contracts
is denominated. The Company determines the single currency to be the currency of the predominant cash flows.
The unit of account for CSM or loss is on a group of contracts basis consistent with the level of aggregation specified above.
Subsequent measurement of fulfilment cash flows
The fulfilment cash flows at each reporting date are measured using the current estimates of expected cash flows and current
discount rates. In the subsequent periods, the carrying amount of a group of insurance contracts at each reporting date is the
sum of:
•The liability for remaining coverage (“LRC”), which comprises the fulfilment cash flows that relate to services to be provided
in the future and any remaining CSM at that date; and
•The liability for incurred claims (“LIC”), which comprises the fulfilment cash flows for incurred claims and expenses that have
not yet been paid.
24
For onerous contracts, the LRC is further divided into a loss component, which represents the remaining net outflow for the
group of insurance contracts; and the LRC excluding the loss component, which represents the amount of liability with offsetting
inflows.
Premiums received increases the LRC. Where a third-party administrator is involved in the collection and remittance of
premiums, amounts receivable from the third party are included in the measurement of insurance contract liabilities until actual
cash is remitted to the Company.
Subsequent measurement of the CSM under the GMM measurement model
For contracts without direct participation features, when applying the GMM measurement model, the carrying amount of the CSM
at the end of reporting period is adjusted to reflect the following changes:
(a) effect of new contracts added to the group;
(b) interest accreted on the carrying amount of CSM, measured at the locked-in discount rate. The locked-in discount rate is
the weighted average of the rates applicable at the date of initial recognition of contracts that joined a group over a 12-
month period, and is determined using the bottom-up approach;
(c) changes in fulfilment cash flows that relate to future services such as:
•Experience differences between actual and expected premiums and related cash flows at the beginning of the period
measured at the locked-in rate.
•Non-financial changes in estimates of the present value of future cash flows measured at the locked-in rate.
•Changes in the risk adjustment for non-financial risk that relate to future service measured at the locked-in rate.
•Differences between actual and expected investment component that becomes payable in the period. The same applies
to a policyholder loan that becomes repayable;
(d) effect of any currency exchange differences on the CSM;
(e) CSM amortization, which is the recognition of unearned profit into insurance revenue for services provided in the period.
The CSM is recognized into insurance revenue over the duration of the group of insurance contracts based on the
respective coverage units as insurance services are provided. The number of coverage units is the quantity of services
provided by the contracts in the group, determined by considering the quantity of benefits provided and its expected
coverage period. The coverage units are reviewed and updated at each reporting date. The Company allocates the CSM
equally to each coverage unit and recognizes the amount allocated to coverage units provided and expected to be provided
in each period.
When measuring the fulfilment cash flows, changes that relate to future services are measured using the current discount rate;
however, the CSM is adjusted for these changes using the locked-in rate at initial recognition. The application of the two different
discount rates gives rise to a gain or loss that is recognized as part of insurance finance income or expense.
Subsequent measurement of the CSM under the VFA measurement model
For contracts with direct participation features applying the VFA measurement model, subsequent measurement of the CSM is
similar to the GMM model with the following exceptions or modifications:
For changes in fulfilment cash flows that do not vary with the underlying items:
•Non-financial changes adjust the CSM at the current discount rate, there is no interest accretion on CSM at the locked-in
rate,
•Changes in the effect of time value of money and financial risks such as the effect of financial guarantees adjust the CSM,
however, income or expenses would be impacted if the risk mitigation option is elected.
For changes in fulfilment cash flows that vary with the fair value of the underlying items:
•Changes in the shareholders’ share adjust the CSM, however, income or expenses would be impacted if the risk mitigation
option is elected,
•Changes in the policyholders’ share are recognized in income or expenses or OCI.
The Company uses derivatives, non-derivative financial instruments measured at fair value through profit or loss, and
reinsurance contracts to mitigate the financial risk arising from direct participation contracts applying the VFA measurement
model. The Company may elect the risk mitigation option to recognize some or all changes of financial guarantees and
shareholders’ share of the underlying items in income or expenses instead of adjusting CSM.
Groups of GMM or VFA insurance contracts with a CSM at initial recognition can subsequently become onerous when increases
in fulfilment cash flows that do not vary with the underlying items or declines in the shareholder’s share of the underlying items
exceed the carrying amount of the CSM. The excess establishes a loss which is recognized in income or expenses immediately,
and the LRC is then divided into the loss component and the LRC excluding the loss component.

25 | 2024 Annual Report | Consolidated Financial Statements

Subsequent measurement of the loss component
The loss component represents the net outflow attributable to each group of onerous insurance contracts (or contracts profitable
at inception that have subsequently become onerous), any subsequent decrease relating to future service in estimates of future
cash flows and risk adjustment for non-financial risk or any subsequent increase in the shareholders’ share of the fair value of
underlying items will reverse the loss component. Any remaining loss component will be reversed systematically as actual cash
flows are incurred.
When actual cash flows are incurred, the LIC is recognized and the LRC is derecognized accordingly. The Company uses the
proportion on initial recognition to determine the systematic allocation of LRC release between the loss component and the LRC
excluding the loss component, resulting in both components being equal to zero by the end of the coverage period.
Insurance contracts measured under the PAA measurement
The Company applies the PAA to all insurance contracts it issues if the coverage period of the contract is one year or less; or the
coverage period is longer than one year and the measurement of the LRC for the contracts under the PAA does not differ
materially from the measurement that would be produced applying the GMM approach under possible future scenarios.
The LRC is initially measured as the premium received at initial recognition minus any insurance acquisition cash flows at that
date. There is generally no allowance for the time value of money as the premiums are mostly received within one year of the
coverage period.
For acquisition cash flows allocated to recognized groups of contracts applying the PAA, the Company is permitted to defer and
amortize the amount over the coverage period or recognize the amount as an expense as incurred provided that the coverage
period of the contracts in the group is no more than one year. This election can be made at the level of each group of insurance
contracts. For the majority of the Company’s insurance contracts applying the PAA, such as Canadian Group Benefit products,
some Canadian Affinity products, and some Asia short-term individual and group products, the Company has elected to defer
directly attributable acquisition costs and recognize them in net income over the coverage period in a systematic way based on
the passage of time.
In these lines of business, directly attributable insurance acquisition cash flows paid are to acquire the current contract with an
expectation of a number of renewals over future years. As such, directly attributable insurance acquisition cash flows are
allocated to the group in which the current contract belongs to as well as to future groups that will include expected renewals
applying a systematic methodology. If facts and circumstances indicate that there is an onerous group of contracts at initial
measurement, a loss is immediately recognized in the income or expenses for the net outflow and a loss component of the LRC
is created for the group.
Subsequent measurement
Subsequently, the Company measures the carrying amount of the LRC at the end of each reporting period as:
•The LRC at the beginning of the period; plus
•Premium received in the period; minus
•Directly attributable acquisition costs net of related amortization (unless expensed as incurred); minus
•Amount recognized as insurance revenue for the period; minus
•Investment component paid or transferred to the LIC.
The amount recognized as insurance revenue for the period is typically based on the passage of time. For the Company’s
property & casualty reinsurance business, the expected pattern of release of risk during the coverage period differs significantly
from the passage of time, and as such the amount recognized as insurance revenue is on the basis of the expected timing of
incurred service expenses.
If at any time during the coverage period, facts and circumstances indicate that a group of contracts is onerous, the Company will
recognize a loss in income or expenses and an increase in the LRC to the extent that the current estimate of the fulfilment cash
flows that relate to remaining coverage (including the risk adjustment for non-financial risk) exceed the carrying amount of the
LRC.
The Company estimates the LIC as the fulfilment cash flows related to incurred claims. The Company does not adjust the future
cash flows for the time value of money, except when claims are expected to settle more than one year after the actual claim
occurs.
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Assets for insurance acquisition cash flows
Insurance acquisition cash flows arise from the costs of selling, underwriting and starting a group of insurance contracts (issued
or expected to be issued) that are directly attributable to the portfolio of insurance contracts to which the group belongs.
Insurance acquisition cash flows paid or incurred before the recognition of the related group of contracts are recognized as an
asset within the portfolio of insurance contract liabilities in which the group of contracts is expected to be included. The Company
applies a systematic basis to allocate these costs, which includes:
•Insurance acquisition cash flows directly attributable to a group of contracts that will include future expected renewals of in-
force contracts; and
•Insurance acquisition cash flows directly attributable to a portfolio of insurance contracts, which will include future new
business.
When facts and circumstances indicate the assets for insurance acquisition cash flows might be impaired, the Company
conducts impairment tests. If an asset is impaired, an impairment loss will be recognized in income or expenses, which can be
subsequently reversed when the impairment condition no longer exists.
Recognition of reinsurance contracts held
The Company recognizes a group of reinsurance contracts held from the earliest of the following:
•The beginning of the coverage period of the group of reinsurance contracts held. However, the Company delays the
recognition of a group of reinsurance contracts held that provide proportionate coverage until the date when any underlying
insurance contract is initially recognized, if that date is later than the beginning of the coverage period of the group of
reinsurance contracts held; and
•The date the Company recognizes an onerous group of underlying insurance contracts if the Company entered into the
related reinsurance contract held in the group of reinsurance contracts held at or before that date.
Reinsurance contracts held measured under the GMM model
Initial measurement
The measurement of reinsurance contracts held follows the same principles as the GMM for insurance contracts issued, with the
following exceptions or modifications specified in this section below. Reinsurance contracts held and assumed cannot use the
VFA measurement model.
At initial recognition, the Company recognizes any net gain or net cost as a CSM in the consolidated statement of financial
position, with some exceptions. If any net cost of obtaining reinsurance contracts held relates to insured events that occurred
before initial recognition of any insurance contracts, it is recognized immediately in income or expenses. In addition, if the
underlying insurance contracts are in an onerous position, the Company is required to recognize a reinsurance gain immediately
in income for the portion of claims that the Company expects to recover from the reinsurance, if the reinsurance contract held
was entered into prior to or at the same time as the onerous contracts.
For contracts with fulfilment cash flows in multiple foreign currencies, the group is denominated in a single currency as defined
by the predominant cash flows.
Measurement of reinsurance contract cash flows is consistent with the underlying insurance contracts, but with an adjustment for
any risk of non-performance by the reinsurer. The risk adjustment for non-financial risk represents the amount of risk being
transferred by the Company to the reinsurer.
Subsequent measurement
Subsequently, the carrying amount of a group of reinsurance contracts held at each reporting date is the sum of:
•The asset for remaining coverage (“ARC”), which comprises the fulfilment cash flows that relate to services to be received
under the contracts in future periods, and any remaining CSM at that date; and
•The asset for incurred claims (“AIC”), which comprises the fulfilment cash flows for incurred claims and expenses that have
not yet been received.
If the underlying insurance contracts are onerous at inception and a reinsurance gain is recognized in income as described
above, the asset for remaining coverage is made up of a loss-recovery component and the ARC excluding the loss-recovery
component. The loss-recovery component reflects changes in the loss component of the underlying onerous insurance contracts
and determines the amounts that are subsequently presented in income or expenses as reversals of recoveries of losses from
the reinsurance contracts held and are excluded from the allocation of reinsurance premiums paid.

27 | 2024 Annual Report | Consolidated Financial Statements

The Company adjusts the carrying amount of the CSM of a group of reinsurance contracts held to reflect changes in the
fulfilment cash flows applying the same approach as for insurance contracts issued, except:
•Income recognized to cover the losses from onerous underlying contracts also adjusts the carrying amount of CSM;
•Reversals of the loss-recovery component, to the extent that those reversals are not changes in fulfilment cash flows of the
group of reinsurance contracts held, also adjust the carrying amount of CSM; and
•Changes in fulfilment cash flows related to future services also adjust the carrying amount of CSM provided that changes in
fulfilment cash flows related to the group of underlying insurance contracts also adjust the CSM.
Where a loss component has been set up subsequent to initial recognition of a group of underlying insurance contracts, the
reinsurance gain that has been recognized adjusts the loss-recovery component of the reinsurance asset for remaining
coverage. The carrying amount of the loss-recovery component must not exceed the portion of the carrying amount of the loss
component of the onerous group of underlying insurance contracts that the Company expects to recover from the group of
reinsurance contracts. On this basis, the loss-recovery component is reduced to zero when the loss component of underlying
insurance contracts is reduced to zero.
Reinsurance contracts held measured under the PAA model
Reinsurance contracts held may be classified and measured under the PAA model if they meet the eligibility requirements, which
are similar to the PAA requirements for direct insurance contracts.
For reinsurance contracts held applying the PAA model, the Company measures them on the same basis as insurance contracts
that it issues, adapted to reflect the features of reinsurance contracts held that differ from insurance contracts issued.
If a loss-recovery is created for a group of reinsurance contracts measured under the PAA, the Company adjusts the carrying
amount of the ARC as there is no CSM to adjust under PAA.
Derecognition of insurance contracts
The Company derecognizes insurance contracts when the rights and obligations relating to the contract are extinguished (i.e.,
discharged, cancelled, or expired) or the contract is modified such that the modification results in a change in the measurement
model, or the applicable standard for measuring a component of the contract. In the case of modification, the Company
derecognizes the initial contract and recognizes the modified contract as a new contract.
Presentation and Disclosure
The Company has presented the carrying amount of portfolios of insurance contracts that are in a net asset or liability position,
and portfolios of reinsurance contracts that are in a net asset or liability position separately in the consolidated statements of
financial position.
The Company separately presents the insurance service result, which comprises insurance revenue and insurance service
expenses, from the investment result, which comprises insurance finance income or expenses in the Consolidated Statements of
Income. IFRS 17 provides an option to disaggregate the changes in risk adjustment between insurance service results and
insurance finance income. The Company disaggregates the change in risk adjustment for non-financial risk between the
insurance service expenses and insurance finance income or expenses.
Net insurance service result
The insurance revenue depicts the performance of insurance services and excludes investment components. For the GMM and
the VFA contracts, the insurance revenue represents the change in the LRC relating to insurance services for which the
Company expects to receive consideration. This insurance revenue comprises: (a) expected claims and other insurance
expenses including policyholder taxes where applicable; (b) changes in risk adjustment for non-financial risk; (c) release of CSM
based on coverage units; and (d) portion of premiums that relate to recovering of insurance acquisition cash flows. For contracts
measured under the PAA, the insurance revenue for each period is the amount of expected premium receipts for providing
insurance services in the period.
The insurance service expenses arising from insurance contracts are recognized in income or expenses generally as they are
incurred and exclude repayment of investment components. The insurance service expenses comprise: (a) incurred claims and
other insurance service expenses; (b) losses on onerous contracts and reversal of such losses; (c) adjustments to LIC; (d)
amortization of insurance acquisition cash flows; and (e) impairment losses on assets for insurance acquisition cash flows, if any,
and reversals of such impairment losses.
The amortization of insurance acquisition cash flows within insurance service expense is equal to the recovery of insurance
acquisition cash flows in insurance revenue for contracts measured under the GMM and VFA. For contracts measured under the
PAA with deferred acquisition cash flows, the Company amortizes insurance acquisition cash flows over the duration of the group
of insurance contracts based on the respective coverage units.
Net expenses from reinsurance contracts held comprise allocation of reinsurance premiums paid and the amounts expected to
be recovered from reinsurers. Reinsurance cash flows that are contingent on claims on the underlying contracts are treated as
part of the claims expected to be recovered from reinsurers, whereas reinsurance cash flows that are not contingent on claims
on the underlying contracts (for example, some types of ceding commissions) are treated as a reduction in reinsurance
premiums paid. For reinsurance contracts measured under the GMM, the allocation of reinsurance premiums paid represents the
total of the changes in the asset for remaining coverage that relate to services for which the Company expects to pay
28
consideration. For reinsurance contracts measured under the PAA, the allocation of reinsurance premiums paid is the amount of
expected premium payments for receiving services in the period.
Insurance finance income or expenses
Insurance finance income or expenses comprise the change in the carrying amount of the group of insurance contracts arising
from: (a) the effect of the time value of money and changes in the time value of money; and (b) the effect of financial risk and
changes in financial risk.
The Company disaggregates insurance finance income or expenses on insurance contracts issued for most of its groups of
insurance contracts between income or expenses and OCI. The impact of changes in market interest rates on the value of the
life insurance and related reinsurance assets and liabilities are reflected in OCI in order to minimize accounting mismatches
between the accounting for insurance assets and liabilities and the supporting financial assets. The impacts from differences
between current period rates and locked-in rates are presented in OCI.
The Company’s invested assets which are debt instruments (including bonds, private placements, mortgages, and loans) are
predominantly measured at FVOCI. As a result, the effect of the time value of money for the groups of insurance contracts and
supporting fixed maturity assets is reflected in income or expenses and the effect of financial risk and changes in financial risk is
reflected in OCI.
The systematic allocation of expected total insurance finance income or expenses depends on whether changes in assumptions
that relate to financial risk have a substantial effect on the expected amounts paid to the policyholders.
•For groups of insurance contracts for which changes in assumptions that relate to financial risk do not have a substantial
effect on the amounts paid to the policyholders, the Company systematically allocates expected total insurance finance
income or expenses over the duration of the group of contracts to income or expenses using discount rates determined on
initial recognition of the group of contracts.
•For groups of insurance contracts for which changes in assumptions that relate to financial risk have a substantial effect on
the amounts paid to the policyholders, the Company systematically allocates expected total insurance finance income or
expenses over the duration of the group of contracts to income or expenses using either a constant rate, or an allocation
that is based on the amounts credited in the period and expected to be credited in future periods for fulfilment cash flows.
The CSM accretion rate would use the discount rates determined on initial recognition of the group of contracts for
contractual service margin.
In the event of a transfer of a group of insurance contracts or derecognition of an insurance contract, the Company reclassifies
any amounts that were previously recognized in OCI to income or expenses as insurance finance income or expense. There are
no changes in the basis of disaggregation of insurance finance income or expenses between income or expenses and OCI in the
period.
Transition methods
IFRS 17 became effective for years beginning on January 1, 2023. The Company has applied the full retrospective approach to
most contracts issued on or after January 1, 2021, except for participating insurance contracts and variable annuity contracts for
which the fair value approach was used. The Company has applied the fair value approach to all insurance contracts issued prior
to January 1, 2021, as obtaining reasonable and supportable information to apply the full retrospective approach was deemed
impracticable.
Under the fair value approach, the Company has determined the CSM of the GMM and VFA liabilities for remaining coverage at
the transition date as the difference between the fair value of the groups of insurance contracts and the fulfilment cash flows
measured at that date. In determining the fair value, the Company has applied the requirements of IFRS 13 “Fair Value
Measurement”, except for the demand deposit floor requirement. The Company used the income approach to determine the fair
value of the insurance contracts at the transition date, in which future cash flows are discounted to a single amount that reflects
current market expectations about those future amounts.
(j)Investment contract liabilities
Investment contract liabilities include contracts issued to retail and institutional investors that do not contain significant insurance
risk. Investment contract liabilities and deposits are measured at amortized cost or at FVTPL by election. The election is made
when these liabilities, as well as the related assets are managed, and their performance is evaluated, on a fair value basis or
when doing so reduces the accounting mismatches between assets supporting these contracts and the related policy liabilities.
Investment contract liabilities are derecognized when the contracts expire, are discharged or are cancelled.
(k)Other financial instruments accounted for as liabilities
The Company issues a variety of other financial instruments classified as liabilities, including notes payable, term notes, senior
notes, senior debentures, subordinated notes, surplus notes, and preferred shares. These financial liabilities are measured at
amortized cost, with issuance costs deferred and amortized using the effective interest rate method.

29 | 2024 Annual Report | Consolidated Financial Statements

(l)Income taxes
Th e provision for income taxes is calculated based on income tax laws and income tax rates substantively enacted as at the date
of the Consolidated Statements of Financial Position. The income tax provision is comprised of current income taxes and
deferred income taxes. Current and deferred income taxes relating to items recognized in OCI and directly in equity are similarly
recognized in OCI and directly in equity, respectively.
Current income taxes are amounts expected to be receivable or payable for the current year and any adjustments to taxes
payable in respect of previous years.
Deferred income taxes are provided for using the liability method and result from temporary differences between the carrying
values of assets and liabilities and their respective tax bases. Deferred income taxes are measured at the substantively enacted
tax rates that are expected to be applied to temporary differences when they reverse.
A deferred tax asset is recognized to the extent that future realization of the tax benefit is probable. Deferred tax assets are
reviewed at each reporting date and are reduced to the extent that it is no longer probable that the tax benefit will be realized.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities and
they relate to income taxes levied by the same tax authority on the same taxable entity.
Deferred tax liabilities are recognized for all taxable temporary differences, except in respect of taxable temporary differences
associated with investments in subsidiaries, associates and joint ventures, where the timing of the reversal of the temporary
differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
The Company records liabilities for uncertain tax positions if it is probable that the Company will make a payment on tax
positions due to examinations by tax authorities. These provisions are measured at the Company’s best estimate of the amount
expected to be paid. Provisions are reversed to income in the period in which management assesses they are no longer required
or determined by statute.
The Company is subject to income tax laws in various jurisdictions. Tax laws are complex and potentially subject to different
interpretations by the taxpayer and the relevant tax authority. The provision for current income taxes and deferred income taxes
represents management’s interpretation of the relevant tax laws and its estimate of current and future income tax implications of
the transactions and events during the year. The Company may be required to change its provision for income taxes or deferred
income tax balances when the ultimate deductibility of certain items is successfully challenged by taxing authorities, or if
estimates used in determining the amount of deferred tax balances to recognize change significantly, or when receipt of new
information indicates the need for adjustment in the amount of deferred income taxes to be recognized. Additionally, future
events, such as changes in tax laws, tax regulations, or interpretations of such laws or regulations, could have an impact on the
provision for income taxes, deferred tax balances and the effective tax rate. Any such changes could materially affect the
amounts reported in the Consolidated Financial Statements in the period these changes occur.
(m) Foreign currency translation
Items included in the financial statements of each of the Company’s subsidiaries, joint ventures and associates are measured by
each entity using the currency of the primary economic environment in which the entity operates (the “functional currency”). If
their functional currency is other than the Canadian dollar, these entities are foreign operations of the Company.
Transactions in a foreign currency are translated to the functional currency at the exchange rate prevailing at the date of the
transaction. Assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate
in effect at the reporting date. Revenue and expenses denominated in foreign currencies are translated at the average exchange
rate prevailing during the quarter reported. Exchange gains and losses are recognized in income except for translation of net
investments in foreign operations and the results of hedging these positions, and for non-monetary items designated as
amortized cost or FVOCI. These foreign exchange gains and losses are recognized in OCI until such time that the foreign
operation or non-monetary item is disposed of or control or significant influence over it is lost, when they are reclassified to
income.
The Consolidated Financial Statements are presented in Canadian dollars. The financial statements of the Company’s foreign
operations are translated from their functional currencies to Canadian dollars; assets and liabilities are translated at the
exchange rate at the reporting date, and revenue and expenses are translated using the average exchange rates for the period.
(n)Stock-based compensation
The Company provides stock-based compensation to certain employees and directors as described in note 14. Compensation
expense of equity instruments granted is accrued based on the best estimate of the number of instruments expected to vest, with
revisions made to that estimate if subsequent information indicates that actual forfeitures are likely to differ from initial forfeiture
estimates, unless forfeitures are due to market-based conditions.
Stock options are expensed with a corresponding increase in contributed surplus. Restricted share units and deferred share units
are expensed with a corresponding liability accrued based on the market value of MFC’s common shares at the end of each
quarter. Performance share units are expensed with a corresponding liability accrued based on specific performance conditions
and the market value of MFC’s common shares at the end of each quarter. The change in the value of the awards resulting from
changes in the market value of MFC’s common shares or changes in the specific performance conditions and credited dividends
is recognized in income, offset by the impact of total return swaps used to manage the variability of the related liabilities.
30
Stock-based compensation cost is recognized over the applicable vesting period, unless the employee is eligible to retire at the
time of grant or will be eligible to retire during the vesting period. Compensation costs attributable to stock options, restricted
share units, and performance share units granted to employees who are eligible to retire on the grant date or who will become
eligible to retire during the vesting period, are recognized at the grant date or over the period from the grant date to the date of
retirement eligibility, respectively.
The Company’s contributions to the Global Share Ownership Plan (“GSOP”) (refer to note 14 (d)), are expensed as incurred.
Under the GSOP, subject to certain conditions, the Company will match a percentage of an employee’s eligible contributions to
certain maximums. All contributions are used by the plan’s trustee to purchase MFC common shares in the open market on
behalf of participating employees.
(o)Employee future benefits
The Company maintains defined contribution and defined benefit pension plans and other post-employment plans for employees
and agents including registered (tax qualified) pension plans that are typically funded as well as supplemental non-registered
(non-qualified) pension plans for executives, and retiree and disability welfare plans that are typically not funded.
The Company’s obligation in respect of defined benefit pension and other post-employment benefits is calculated for each plan
as the estimated present value of future benefits that eligible employees have earned in return for their service up to the
reporting date using the projected benefit method. The discount rate used is based on the yield, as at the reporting date, of high-
quality corporate debt securities that have approximately the same term as the benefit obligations and that are denominated in
the same currency in which the benefits are expected to be paid.
To determine the Company’s net defined benefit asset or liability, the defined benefit obligations are deducted from the fair value
of plan assets. When this calculation results in a surplus, the asset that can be recognized is limited to the present value of future
economic benefit available in the form of future refunds from the plan or reductions in future contributions to the plan (the asset
limit). Defined benefit assets are included in other assets and defined benefit liabilities are included in other liabilities.
Changes in the net defined benefit asset or liability due to re-measurement of pension and retiree welfare plans are recorded in
OCI in the period in which they occur and are not reclassified to income in subsequent periods. They consist of actuarial gains
and losses, changes in the effect of the asset limit, if any, and the return on plan assets, excluding amounts included in net
interest income or expense. Changes in the net defined benefit asset or liability due to re-measurement of disability welfare plans
are recorded in income in the period in which they occur.
The cost of defined benefit pension plans is recognized over the employees’ years of service to retirement while the cost of
retiree welfare plans is recognized over the employees’ years of service to their date of full eligibility. The net benefit cost for the
year is recorded in income and is calculated as the sum of the service cost in respect of the fiscal year, the net interest income or
expense and any applicable administration expenses, plus past service costs or credits resulting from plan amendments or
curtailments. The net interest income or expense is determined by applying the discount rate to the net defined benefit asset or
liability. The current year cost of disability welfare plans is the year-over-year change in the defined benefit obligation, including
any actuarial gains or losses.
The cost of defined contribution plans is the contribution provided by the Company and is recorded in income in the periods
during which services are rendered by employees.
(p)Derivative and hedging instruments
The Company uses derivative financial instruments (“derivatives”) including swaps, forward and futures agreements, and options
to manage current and anticipated exposures to changes in interest rates, foreign exchange rates, commodity prices and equity
market prices, and to replicate exposure to different types of investments. Derivatives embedded in other financial instruments
are separately recorded as derivatives when their economic characteristics and risks are not closely related to those of the host
instrument, the terms of the embedded derivative are the same as those of a stand-alone derivative and the host instrument itself
is not recorded at FVTPL. Derivatives which are separate financial instruments are recorded at fair value, and those with
unrealized gains are reported as derivative assets and those with unrealized losses are reported as derivative liabilities.
A determination is made for each derivative as to whether to apply hedge accounting. Where hedge accounting is not applied,
changes in the fair value of derivatives are recorded in investment income.
Where the Company has elected to apply hedge accounting, a hedging relationship is designated and documented at inception.
Hedge effectiveness is evaluated at inception and throughout the term of the hedge. Hedge accounting is only applied when the
Company expects that the risk management objective will be met, and that the hedging relationship will qualify for hedge
accounting requirements both at inception and throughout the hedging period. The assessment of hedge effectiveness is
performed at the end of each reporting period prospectively. When it is determined that the risk management objective is no
longer met, a hedging relationship is no longer effective, or the hedging instrument or the hedged item ceases to exist, the
Company discontinues hedge accounting prospectively. In such cases, if the derivatives are not sold or terminated, any
subsequent changes in fair value of the derivatives are recognized in investment income.
For derivatives that are designated as hedging instruments, changes in fair value are recorded according to the nature of the
risks being hedged, as discussed below.
In a fair value hedging relationship, changes in fair value of the hedging instruments are recorded in total investment result,
offsetting changes in fair value of the hedged items attributable to the hedged risk, which would otherwise not be carried at fair

31 | 2024 Annual Report | Consolidated Financial Statements

value through profit or loss. Hedge ineffectiveness is recognized in total investment result and arises from differences between
changes in the fair values of hedging instruments and hedged items. When hedge accounting is discontinued, the carrying value
of the hedged item is no longer adjusted and the cumulative fair value adjustments are amortized to total investment result over
the remaining term of the hedged item unless the hedged item ceases to exist, at which time the balance is recognized
immediately in total investment result.
In a cash flow hedging relationship, the effective portion of the change in the fair value of the hedging instrument is recorded in
OCI while the ineffective portion is recognized in total investment result. Gains and losses in AOCI are recognized in income
during the same periods that the variability in the hedged cash flows or the hedged forecasted transactions are recognized in
income. The reclassifications from AOCI are made to total investment result, except for total return swaps that hedge stock-
based compensation awards, which are reclassified to general expenses.
Gains and losses on cash flow hedges in AOCI are reclassified immediately to total investment result when the hedged item
ceases to exist or the forecasted transaction is no longer expected to occur. When a hedge is discontinued, but the hedged
forecasted transaction is expected to occur, the amounts in AOCI are reclassified to total investment result in the periods during
which variability in the cash flows hedged or the hedged forecasted transaction is recognized in income.
In a net investment in foreign operation hedging relationship, gains and losses relating to the effective portion of the hedge are
recorded in OCI. Gains and losses in AOCI are recognized in income during the periods when gains or losses on the underlying
hedged net investment in foreign operation are recognized in income upon disposal of the foreign operation or upon loss of
control or significant influence over it.
(q)Revenue from service contracts
The Company recognizes revenue from service contracts in accordance with IFRS 15. The Company’s service contracts
generally impose single performance obligations, each consisting of a series of similar related services for each
customer. Revenue is recorded as performance obligations are satisfied over time because the customers simultaneously
receive and consume the benefits of the services rendered, measured using an output method. Revenue for variable
consideration is recognized to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue
recognized will not occur when the uncertainty is subsequently resolved. Refer to note 13.
Note 2 Accounting and Reporting Changes
(a)Future accounting and reporting changes
(I)Annual Improvements to IFRS Accounting Standards – Volume 11
Annual Improvements to IFRS Accounting Standards – Volume 11 was issued in July 2024 and is effective on or after January 1,
2026. The IASB issued eight minor amendments to different standards as part of the Annual Improvements process, to be
applied retrospectively except for amendments to IFRS 1 “First-Time Adoption of International Financial Reporting Standards” for
first time adopters and to IFRS 9 “Financial Instruments” (“IFRS 9”) for derecognition of lease liabilities. Adoption of these
amendments is not expected to have a significant impact on the Company’s Consolidated Financial Statements.
(II) Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)
Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 “Financial Instruments”
and IFRS 7 “Financial Instruments: Disclosures” (“IFRS 7”)) were issued in May 2024 to be effective for years beginning on
January 2026 and to be applied retrospectively. The amendments clarify guidance on timing of derecognition of financial
liabilities, on the assessment of cash flow characteristics and resulting classification and disclosure of financial assets with terms
referencing contingent events including environmental, social and corporate governance events, and of the treatment of non-
recourse assets and contractually linked instruments. The Company is assessing the impact of these amendments on the
Company’s Consolidated Financial Statements.
(III)IFRS 18 “Presentation and Disclosure in the Financial Statements”
IFRS 18 “Presentation and Disclosure in Financial Statements” (“IFRS 18”) was issued in April 2024 to be effective for years
beginning on January 1, 2027 and to be applied retrospectively. The standard replaces IAS 1 “Presentation of Financial
Statements” (“IAS 1”) while carrying forward many elements of IAS 1 unchanged. IFRS 18 introduces three sets of new
requirements for presentation of financial statements and disclosures within financial statements:
•Introduction of five defined categories of income and expenses: operating, investing, financing, income taxes and
discontinued operations, with defined subtotals and totals for “operating income (loss)”, “income or loss before financing and
income taxes” and “income (loss)”,
•disclosure within a note to financial statements of management-defined performance measures (“MPMs”) with a
reconciliation between MPMs and IFRS performance measures. MPMs are defined as subtotals of income and expenses
not specified by IFRS Accounting Standards, which are used in public communications outside financial statements to
communicate management’s view of the Company’s financial performance, and
•enhanced guidance on organizing information and determining whether to provide the information in the financial
statements or in the notes. IFRS 18 also requires enhanced disclosure of operating expenses based on their characteristics,
including their nature, function or both.
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The Company is assessing the impact of this standard on the Company’s Consolidated Financial Statements.
(IV)Amendments to IAS 12 “Income Taxes”
Amendments to IAS 12 “Income Taxes” were issued in May 2023. The amendments relate to the Organization for Economic Co-
operation and Development’s International Pillar Two tax reform, which seeks to establish a global minimum income tax rate of
15% and addresses inter-jurisdictional base erosion and profit shifting, targeting larger international companies. Most
jurisdictions have agreed to participate and effective dates for Global Minimum Taxes (“GMT”) vary by jurisdiction based on local
legislation.
The amendments require that, effective for years beginning on or after January 1, 2023, disclosure of current tax expense or
recovery related to GMT is required along with, to the extent that GMT legislation is enacted or substantively enacted but not yet
in effect, disclosure of known or reasonably estimable information that helps users of financial statements understand the
Company’s exposure to GMT arising from that legislation. The amendments introduce a temporary mandatory exception in IAS
12 from recognizing and disclosing deferred tax assets and liabilities related to GMT. The Company has applied the temporary
exception from accounting for deferred taxes in respect of GMT.
On June 20, 2024, Canada enacted the Global Minimum Tax Act, retrospective to fiscal periods commencing on or after
December 31, 2023. The Company is in scope of this legislation because it is located in Canada and will be required to pay
additional GMT in Canada in respect of its global entities whose effective tax rate is below 15%. The Company’s entities will also
be subject to GMT in those jurisdictions where a Qualifying Domestic Minimum Top-up Tax (“QDMTT”) is in effect.
The Company expects to pay GMT of $231 for the year ended December 31, 2024 arising from its operations in Hong Kong,
China, Macau and Barbados. GMT arising from the Company’s operations in Hong Kong, China, and Macau, is expected to be
payable in Canada for 2024 as these jurisdictions do not have a QDMTT in effect for 2024. Barbados passed legislation on May
28, 2024, introducing a QDMTT retrospective to January 1, 2024. As such, GMT arising from the Company’s operations in
Barbados will be payable in Barbados.
As at December 31, 2024, certain other jurisdictions in which the Company operates, including Australia, Belgium, Brazil,
Germany, Ireland, Luxembourg, Malaysia, Netherlands, Singapore, Switzerland, Thailand, the United Kingdom, and Vietnam,
have enacted legislation to adopt GMT. The assessment of the Company’s potential exposure to GMT in these jurisdictions is
based on the most recent information available regarding the financial performance of the constituent entities and the associated
statutory income tax rate. Based on the assessment, the Company’s operations within these jurisdictions do not have a material
exposure to GMT and therefore no disclosure of current tax expense or recovery related to GMT is provided.
The United States adopted a Corporate Alternative Minimum Tax (“CAMT”) of 15%, with an effective date of January 1, 2023.
CAMT is not a QDMTT for the purposes of GMT.
In response to GMT, Bermuda enacted the Corporate Income Tax 2023 Act on December 27, 2023. The Company’s Bermuda
tax-resident subsidiaries and branches became subject to this new tax regime effective January 1, 2025, at a rate of 15%. The
Bermuda corporate income tax is not a QDMTT for the purposes of GMT.

33 | 2024 Annual Report | Consolidated Financial Statements

Note 3 Invested Assets and Investme nt Income
(a)Carrying values and fair values of invested assets

As at December 31, 2024 | FVTPL(1) | FVOCI(2) | Other(3) | Total carrying value | Total fair value(4)
Cash and short-term securities(5) | $25 | $19,909 | $5,855 | $25,789 | $25,789
Debt securities(6) |  |  |  |  |
Canadian government and agency | 1,056 | 18,671 | - | 19,727 | 19,727
U.S. government and agency | 58 | 27,628 | 968 | 28,654 | 28,366
Other government and agency | 68 | 35,402 | - | 35,470 | 35,470
Corporate | 2,761 | 121,674 | 527 | 124,962 | 124,762
Mortgage / asset-backed securities | 17 | 1,791 | - | 1,808 | 1,808
Public equities (FVTPL mandatory) | 33,725 | - | - | 33,725 | 33,725
Mortgages | 1,239 | 28,792 | 24,416 | 54,447 | 54,812
Private placements | 866 | 48,802 | - | 49,668 | 49,668
Loans to Bank clients | - | - | 2,310 | 2,310 | 2,285
Real estate |  |  |  |  |
Own use property(7),(8) | - | - | 2,674 | 2,674 | 2,798
Investment property | - | - | 10,589 | 10,589 | 10,589
Other invested assets |  |  |  |  |
Alternative long-duration assets(9) | 34,334 | 389 | 13,140 | 47,863 | 48,875
Various other(10) | 140 | - | 4,671 | 4,811 | 4,811
Total invested assets | $74,289 | $303,058 | $65,150 | $442,497 | $443,485

As at December 31, 2023 | FVTPL(1) | FVOCI(2) | Other(3) | Total carrying value | Total fair value(4)
Cash and short-term securities(5) | $1 | $13,993 | $6,344 | $20,338 | $20,338
Debt securities(6) |  |  |  |  |
Canadian government and agency | 1,219 | 19,769 | - | 20,988 | 20,988
U.S. government and agency | 1,303 | 26,287 | 888 | 28,478 | 28,251
Other government and agency | 90 | 30,576 | - | 30,666 | 30,666
Corporate | 2,372 | 127,190 | 484 | 130,046 | 129,899
Mortgage / asset-backed securities | 16 | 1,955 | - | 1,971 | 1,971
Public equities (FVTPL mandatory) | 25,531 | - | - | 25,531 | 25,531
Mortgages | 1,055 | 28,473 | 22,893 | 52,421 | 52,310
Private placements | 654 | 44,952 | - | 45,606 | 45,606
Loans to Bank clients | - | - | 2,436 | 2,436 | 2,411
Real estate |  |  |  |  |
Own use property(7),(8) | - | - | 2,591 | 2,591 | 2,716
Investment property | - | - | 10,458 | 10,458 | 10,458
Other invested assets |  |  |  |  |
Alternative long-duration assets(9) | 29,671 | 360 | 11,403 | 41,434 | 42,313
Various other(10) | 126 | - | 4,120 | 4,246 | 4,246
Total invested assets | $62,038 | $293,555 | $61,617 | $417,210 | $417,704

(1)FVTPL classification was elected for debt instruments backing certain insurance contract liabilities to substantially reduce any accounting mismatch arising from
changes in the fair value of these assets, or changes in the carrying value of the related insurance contract liabilities.
(2)FVOCI classification for debt instruments backing certain insurance contract liabilities inherently reduces any accounting mismatch arising from changes in the fair
value of these assets, or changes in the carrying value of the related insurance contract liabilities.
(3)Other includes mortgages and loans to Bank clients held at amortized cost, own use properties held at fair value or cost, investment properties held at fair value,
and equity method accounted investments (including leveraged leases). Also includes debt securities, which qualify as having SPPI, are held to collect contractual
cash flows and are carried at amortized cost.
(4)Invested assets above include debt securities, mortgages, private placements and approximately $389 (2023 – $360) of other invested assets, which primarily
qualify as having SPPI qualifying cash flows. Invested assets which do not have SPPI qualifying cash flows as at December 31, 2024 include debt securities,
private placements and other invested assets with fair values of $nil, $132 and $547, respectively (2023 – $nil, $115 and $539, respectively). The change in the
fair value of these non-SPPI invested assets for the year ended December 31, 2024 was an increase of $25 (2023 – an increase of $49). The methodologies used
in determining fair values of invested assets are described in note 1 (c) and note 3 (g).
(5)Includes short-term securities with maturities of less than one year at acquisition amounting to $10,121 (2023 – $6,162), cash equivalents with maturities of less
than 90 days at acquisition amounting to $9,813 (2023 – $7,832) and cash of $5,855 (2023 – $6,344).
(6)Debt securities include securities which were acquired with remaining maturities of less than one year and less than 90 days of $1,266 and $145, respectively
(2023 – $1,294 and $1,413, respectively).
(7)Includes accumulated depreciation of $65 (2023 – $57).
(8)Own use property of $2,500 as at December 31, 2024 (December 31, 2023 – $2,430), are underlying items for insurance contracts with direct participating
features and are measured at fair value as if they were investment properties, as permitted by IAS 16. Own use property of $174 (December 31, 2023 – $161) is
carried at cost less accumulated depreciation and any accumulated impairment losses.
(9)ALDA include investments in private equity of $18,343, infrastructure of $17,804, timber and agriculture of $5,917, energy of $1,916 and various other ALDA of
$3,883 (2023 – $15,445, $14,950, $5,719, $1,859 and $3,461, respectively).
(10)Includes $4,300 (2023 – $3,790) of leveraged leases. Refer to note 1 (e).
34
(b)Investment income

For the year ended December 31, 2024 | FVTPL | FVOCI | Other(1) | Total
Cash and short-term securities |  |  |  |
Interest income | $1 | $978 | $- | $979
Gains (losses)(2) | - | 72 | - | 72
Debt securities |  |  |  |
Interest income | 156 | 7,914 | 29 | 8,099
Gains (losses)(2) | (44) | (1,621) | - | (1,665)
Impairment (loss) / recovery, net | - | 92 | - | 92
Public equities |  |  |  |
Dividend income | 814 | - | - | 814
Gains (losses)(2) | 4,324 | - | - | 4,324
Mortgages |  |  |  |
Interest income | 47 | 1,203 | 1,154 | 2,404
Gains (losses)(2) | 32 | (165) | 5 | (128)
Impairment (loss) / recovery, net | - | 104 | 1 | 105
Private placements |  |  |  |
Interest income | 36 | 2,473 | - | 2,509
Gains (losses)(2) | 25 | 284 | - | 309
Impairment (loss) / recovery, net | - | (47) | - | (47)
Loans to Bank clients |  |  |  |
Interest income | - | - | 176 | 176
Impairment (loss) / recovery, net | - | - | (3) | (3)
Real estate |  |  |  |
Rental income, net of depreciation(3) | - | - | 460 | 460
Gains (losses)(2) | - | - | (596) | (596)
Impairment (loss) / recovery, net | - | - | - | -
Derivatives |  |  |  |
Interest income, net | (438) | - | - | (438)
Gains (losses)(2) | (675) | - | - | (675)
Other invested assets |  |  |  |
Interest income | 20 | 12 | - | 32
Timber, agriculture and other income | 1,675 | - | 770 | 2,445
Gains (losses)(2) | 1,098 | 8 | 123 | 1,229
Impairment (loss) / recovery, net | - | (8) | (30) | (38)
Total investment income (loss) | $7,071 | $11,299 | $2,089 | $20,459
Investment income |  |  |  |
Interest income | $(178) | $12,580 | $1,359 | $13,761
Dividends, rental income and other income | 2,489 | - | 1,230 | 3,719
Impairment (loss) / recovery, net | - | 141 | (32) | 109
Other | 354 | 309 | (3) | 660
| 2,665 | 13,030 | 2,554 | 18,249
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities |  |  |  |
Debt securities | (45) | (1,812) | - | (1,857)
Public equities | 4,178 | - | - | 4,178
Mortgages | 32 | (188) | 5 | (151)
Private placements | 25 | 210 | - | 235
Real estate | - | - | (592) | (592)
Other invested assets | 1,075 | 59 | 122 | 1,256
Derivatives | (859) | - | - | (859)
| 4,406 | (1,731) | (465) | 2,210
Total investment income (loss) | $7,071 | $11,299 | $2,089 | $20,459
Investment expenses |  |  |  | (1,348)
Net investment income (loss) |  |  |  | $19,111

(1)Includes investment income on debt securities, mortgages and loans carried at amortized cost, own use real estate properties, investment real estate properties,
equity method accounted investments, energy investments and leveraged leases.
(2)Includes net realized and unrealized gains (losses) for financial instruments at FVTPL, investment real estate properties, and other invested assets measured at
fair value. Also includes net realized gains (losses) for financial instruments at FVOCI and other invested assets carried at amortized cost.
(3)Rental income from investment real estate properties is net of direct operating expenses.

35 | 2024 Annual Report | Consolidated Financial Statements

For the year ended December 31, 2023 | FVTPL | FVOCI | Other(1) | Total
Cash and short-term securities |  |  |  |
Interest income | $- | $837 | $- | $837
Gains (losses)(2) | - | 10 | - | 10
Debt securities |  |  |  |
Interest income | 212 | 7,437 | 28 | 7,677
Gains (losses)(2) | 152 | 262 | - | 414
Impairment (loss) / recovery, net | - | (4) | - | (4)
Public equities |  |  |  |
Dividend income | 625 | - | - | 625
Gains (losses)(2) | 2,255 | - | - | 2,255
Mortgages |  |  |  |
Interest income | - | 2,290 | - | 2,290
Gains (losses)(2) | 99 | - | - | 99
Impairment (loss) / recovery, net | - | - | (150) | (150)
Private placements |  |  |  |
Interest income | - | 2,318 | - | 2,318
Gains (losses)(2) | 20 | 355 | - | 375
Impairment (loss) / recovery, net | - | (72) | - | (72)
Loans to Bank clients |  |  |  |
Interest income | - | - | 201 | 201
Impairment (loss) / recovery, net | - | - | (3) | (3)
Real estate |  |  |  |
Rental income, net of depreciation(3) | - | - | 496 | 496
Gains (losses)(2) | - | - | (1,286) | (1,286)
Impairment (loss) / recovery, net | - | - | - | -
Derivatives |  |  |  |
Interest income, net | (561) | - | - | (561)
Gains (losses)(2) | 1,147 | - | - | 1,147
Other invested assets |  |  |  |
Interest income | 17 | 23 | - | 40
Timber, agriculture and other income | 2,197 | - | - | 2,197
Gains (losses)(2) | 487 | - | 1 | 488
Impairment (loss) / recovery, net | (74) | - | (1) | (75)
Total investment income (loss) | $6,576 | $13,456 | $(714) | $19,318
Investment income |  |  |  |
Interest income | $(332) | $12,905 | $229 | $12,802
Dividends, rental income and other income | 2,822 | - | 496 | 3,318
Impairment (loss) / recovery, net | (74) | (76) | (154) | (304)
Other | 372 | (12) | 4 | 364
| 2,788 | 12,817 | 575 | 16,180
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities |  |  |  |
Debt securities | 153 | 277 | - | 430
Public equities | 2,157 | - | - | 2,157
Mortgages | 99 | - | - | 99
Private placements | 20 | 355 | - | 375
Real estate | - | - | (1,289) | (1,289)
Other invested assets | 484 | 7 | - | 491
Derivatives | 875 | - | - | 875
| 3,788 | 639 | (1,289) | 3,138
Total investment income (loss) | $6,576 | $13,456 | $(714) | $19,318
Investment expenses |  |  |  | (1,297)
Net investment income (loss) |  |  |  | $18,021

Note: For footnotes (1) to (3), refer to the “Investment income” table for the year ended December 31, 2024 above.
36
(c)Equity method accounted invested assets
Other invested assets include investments in associates and joint ventures which are accounted for using the equity method of
accounting as presented in the following table.

| 2024 |  | 2023
As at December 31, | Carrying value | % of total |  | Carrying value | % of total
Leveraged leases | $4,300 | 34% |  | $3,790 | 35%
Infrastructure | 4,848 | 38% |  | 3,942 | 37%
Timber and agriculture | 837 | 7% |  | 854 | 8%
Real estate | 2,098 | 16% |  | 1,704 | 16%
Other | 673 | 5% |  | 443 | 4%
Total | $12,756 | 100% |  | $10,733 | 100%

The Company recorded income of $398 (2023 – $399) for these equity method accounted invested assets for the year ended
December 31, 2024.
(d)Investment expenses
The following table presents total investment expenses.

For the years ended December 31, | 2024 | 2023
Related to invested assets | $731 | $720
Related to segregated, mutual and other funds | 617 | 577
Total investment expenses | $1,348 | $1,297

(e)Investment properties rental income
The following table presents the rental income and direct operating expenses of investment properties.

For the years ended December 31, | 2024 | 2023
Rental income from investment properties | $859 | $840
Direct operating expenses of rental investment properties | (483) | (473)
Total | $376 | $367

37 | 2024 Annual Report | Consolidated Financial Statements

(f)Mortgage securitization
The Company securitizes certain insured and uninsured fixed and variable rate residential mortgages and Home Equity Lines of
Credit (“HELOC”) mortgages through creation of mortgage-backed securities under the Canadian Mortgage Bond Program
(“CMB”), and the HELOC securitization program.
Benefits received from these securitizations include interest spread between the securitized assets and related secured
borrowing liabilities. There is no credit exposure from securitized mortgages under the Canada Mortgage and Housing
Corporation (“CMHC”) sponsored CMB securitization program as they are insured by CMHC and other third-party insurance
programs against borrowers’ default. Mortgages securitized in the Platinum Canadian Mortgage Trust II (“PCMT II”) program are
uninsured.
Cash flows received from the underlying securitized mortgages are used to settle the related secured borrowing liabilities. For
CMB transactions, receipts of mortgage principal are deposited into a trust account for settlement of the related liabilities at time
of maturity. These securitized assets and their related cash flows cannot be further transferred or used for other purposes by the
Company. For HELOC transactions, investors are entitled to periodic interest payments, and the remaining cash receipts of
mortgage principal are allocated to the Company (the “Seller”) during the revolving periods of the transactions and are
accumulated for settlement during accumulation periods or repaid to the investors monthly during reduction periods, based on
the terms of the notes.
Securitized assets and secured borrowing liabilities

As at December 31, 2024 | Securitized assets |  |
Securitization program | Securitized mortgages | Restricted cash and short-term securities | Total | Secured borrowing liabilities(1) | Net
HELOC securitization(2) | $3,141 | $22 | $3,163 | $3,000 | $163
CMB securitization(3) | 3,274 | - | 3,274 | 3,217 | 57
Total | $6,415 | $22 | $6,437 | $6,217 | $220

As at December 31, 2023 | Securitized assets |  |
Securitization program | Securitized mortgages | Restricted cash and short-term securities | Total | Secured borrowing liabilities(1) | Net
HELOC securitization(2) | $2,880 | $32 | $2,912 | $2,750 | $162
CMB securitization(3) | 2,900 | - | 2,900 | 2,806 | 94
Total | $5,780 | $32 | $5,812 | $5,556 | $256

(1)The PCMT II notes payable have floating rates of interest and are secured by the PCMT II assets. Under the terms of the agreements, principal of $nil is expected
to be repaid within one year, $1,036 within 1-3 years, $1,964 within 3-5 years and $nil beyond 5 years (2023 – $27, $1,973, $750 and $nil, respectively). There is
no specific maturity date for the contractual agreements. Under the terms of the notes, additional collateral must be provided to the series as added credit
protection and the Series Purchase Agreements govern the amount of over-collateralization for each of the term notes outstanding.
(2)Manulife Bank securitizes a portion of its HELOC receivables through PCMT II. PCMT II funds the purchase of the co-ownership interests from Manulife Bank by
issuing term notes collateralized by an underlying pool of uninsured HELOCs to institutional investors. The restricted cash balance for the HELOC securitization
reflects a cash reserve fund established in relation to the transactions. The reserve will be drawn upon only in the event of insufficient cash flows from the
underlying HELOCs to satisfy the secured borrowing liabilities.
(3)Manulife Bank also securitizes insured amortizing mortgages under the National Housing Act Mortgage-Backed Securities (“NHA MBS”) program sponsored by
CMHC. Manulife Bank participates in CMB programs by selling NHA MBS securities to Canada Housing Trust (“CHT”), as a source of fixed-rate funding.
As at December 31, 2024, the fair values of securitized assets and related liabilities were $6,521 and $6,182, respectively (2023
– $5,782 and $5,456, respectively).
38
(g)Fair value measurement
The following tables present fair values and the fair value hierarchy of invested assets and segregated funds net assets
measured at fair value in the Consolidated Statements of Financial Position.

As at December 31, 2024 | Total fair value | Level 1 | Level 2 | Level 3
Cash and short-term securities |  |  |  |
FVOCI | $19,909 | $- | $19,909 | $-
FVTPL | 25 | - | 25 | -
Other | 5,855 | 5,855 | - | -
Debt securities |  |  |  |
FVOCI |  |  |  |
Canadian government and agency | 18,671 | - | 18,671 | -
U.S. government and agency | 27,628 | - | 27,628 | -
Other government and agency | 35,402 | - | 35,392 | 10
Corporate | 121,674 | - | 121,630 | 44
Residential mortgage-backed securities | 5 | - | 5 | -
Commercial mortgage-backed securities | 270 | - | 270 | -
Other asset-backed securities | 1,516 | - | 1,516 | -
FVTPL |  |  |  |
Canadian government and agency | 1,056 | - | 1,056 | -
U.S. government and agency | 58 | - | 58 | -
Other government and agency | 68 | - | 68 | -
Corporate | 2,761 | - | 2,761 | -
Commercial mortgage-backed securities | 2 | - | 2 | -
Other asset-backed securities | 15 | - | 15 | -
Private placements(1) |  |  |  |
FVOCI | 48,802 | - | 40,038 | 8,764
FVTPL | 866 | - | 730 | 136
Mortgages |  |  |  |
FVOCI | 28,792 | - | - | 28,792
FVTPL | 1,239 | - | - | 1,239
Public equities |  |  |  |
FVTPL | 33,725 | 33,650 | 75 | -
Real estate(2) |  |  |  |
Investment property | 10,589 | - | - | 10,589
Own use property | 2,500 | - | - | 2,500
Other invested assets(3) | 38,543 | 77 | - | 38,466
Segregated funds net assets(4) | 435,988 | 399,043 | 33,611 | 3,334
Total | $835,959 | $438,625 | $303,460 | $93,874

(1)Fair value of private placements is determined through an internal valuation methodology using both observable and non-market observable inputs. Non-market
observable inputs include credit assumptions and liquidity spread adjustments. Private placements are classified within Level 2 unless the liquidity spread
adjustment constitutes a significant price impact, in which case they are classified as Level 3.
(2)For real estate properties, the significant non-market observable inputs are capitalization rates ranging from 3.10% to 9.50% during the year ended December 31,
2024 (2023 – ranging from 2.72% to 10.75%), terminal capitalization rates ranging from 3.10% to 10.00% during the year ended December 31, 2024 (2023 –
ranging from 3.00% to 10.00%) and discount rates ranging from 3.60% to 13.75% during the year ended December 31, 2024 (2023 – ranging from 3.20% to
14.00%). Holding other factors constant, a lower capitalization or terminal capitalization rate will tend to increase the fair value of an investment property. Changes
in fair value based on variations in non-market observable inputs generally cannot be extrapolated because the relationship between the directional changes of
each input is not usually linear.
(3)Other invested assets measured at fair value are held in infrastructure and timberland sectors and include fund investments of $31,435 (2023 – $27,532) recorded
at net asset value. The significant inputs used in the valuation of the Company’s infrastructure investments are primarily future distributable cash flows, terminal
values and discount rates. Holding other factors constant, an increase to future distributable cash flows or terminal values would tend to increase the fair value of
an infrastructure investment, while an increase in the discount rate would have the opposite effect. Discount rates during the year ended December 31, 2024
ranged from 7.42% to 20.00% (2023 – ranged from 7.35% to 15.60%). Disclosure of distributable cash flow and terminal value ranges are not meaningful given
the disparity in estimates by project. The significant inputs used in the valuation of the Company’s investments in timberland properties are timber prices and
discount rates. Holding other factors constant, an increase to timber prices would tend to increase the fair value of a timberland investment, while an increase in
the discount rates would have the opposite effect. Discount rates during the year ended December 31, 2024 ranged from 3.25% to 6.25% (2023 – ranged from
4.00% to 7.00%). A range of prices for timber is not meaningful as the market price depends on factors such as property location and proximity to markets and
export yards.
(4)Segregated funds net assets are measured at fair value. The Company’s Level 3 segregated funds underlying assets are predominantly investment properties and
timberland properties valued as described above.

39 | 2024 Annual Report | Consolidated Financial Statements

As at December 31, 2023 | Total fair value | Level 1 | Level 2 | Level 3
Cash and short-term securities |  |  |  |
FVOCI | $13,993 | $- | $13,993 | $-
FVTPL | 1 | - | 1 | -
Other | 6,343 | 6,343 | - | -
Debt securities |  |  |  |
FVOCI |  |  |  |
Canadian government and agency | 19,769 | - | 19,769 | -
U.S. government and agency | 26,287 | - | 26,287 | -
Other government and agency | 30,576 | - | 30,566 | 10
Corporate | 127,190 | - | 126,959 | 231
Residential mortgage-backed securities | 6 | - | 6 | -
Commercial mortgage-backed securities | 370 | - | 370 | -
Other asset-backed securities | 1,579 | - | 1,558 | 21
FVTPL |  |  |  |
Canadian government and agency | 1,219 | - | 1,219 | -
U.S. government and agency | 1,303 | - | 1,303 | -
Other government and agency | 90 | - | 90 | -
Corporate | 2,372 | - | 2,372 | -
Commercial mortgage-backed securities | 1 | - | 1 | -
Other asset-backed securities | 15 | - | 15 | -
Private placements(1) |  |  |  |
FVOCI | 44,952 | - | 37,270 | 7,682
FVTPL | 654 | - | 575 | 79
Mortgages |  |  |  |
FVOCI | 28,473 | - | - | 28,473
FVTPL | 1,055 | - | - | 1,055
Public equities |  |  |  |
FVTPL | 25,531 | 25,423 | 67 | 41
Real estate(2) |  |  |  |
Investment property | 10,458 | - | - | 10,458
Own use property | 2,430 | - | - | 2,430
Other invested assets(3) | 33,653 | 68 | - | 33,585
Segregated funds net assets(4) | 377,544 | 343,061 | 30,991 | 3,492
Total | $755,864 | $374,895 | $293,412 | $87,557

Note: For footnotes (1) to (4), refer to the “Fair value measurement” table as at December 31, 2024 above.
40
The following tables present fair value of invested assets not measured at fair value by the fair value hierarchy.

As at December 31, 2024 | Carrying value | Total fair value | Level 1 | Level 2 | Level 3
Mortgages(1) | $24,416 | $24,781 | $- | $- | $24,781
Loans to Bank clients(2) | 2,310 | 2,285 | - | 2,285 | -
Real estate - own use property(3) | 174 | 298 | - | - | 298
Public bonds held at amortized cost | 1,495 | 1,007 | - | 1,007 | -
Other invested assets(4) | 14,131 | 15,143 | 542 | - | 14,601
Total invested assets disclosed at fair value | $42,526 | $43,514 | $542 | $3,292 | $39,680

As at December 31, 2023 | Carrying value | Total fair value | Level 1 | Level 2 | Level 3
Short-term securities | $1 | $1 | $- | $1 | $-
Mortgages(1) | 22,893 | 22,782 | - | - | 22,782
Loans to Bank clients(2) | 2,436 | 2,411 | - | 2,411 | -
Real estate - own use property(3) | 161 | 286 | - | - | 286
Public bonds held at amortized cost | 1,372 | 998 | - | 998 | -
Other invested assets(4) | 12,027 | 12,906 | 240 | - | 12,666
Total invested assets disclosed at fair value | $38,890 | $39,384 | $240 | $3,410 | $35,734

(1)Fair value of commercial mortgages is determined through an internal valuation methodology using both observable and non-market observable inputs. Non-
market observable inputs include credit assumptions and liquidity spread adjustments. Fair value of fixed-rate residential mortgages is determined using the
discounted cash flow method. Inputs used for valuation are primarily comprised of prevailing interest rates and prepayment rates, if applicable. Fair value of
variable-rate residential mortgages is assumed to be their carrying value.
(2)Fair value of fixed-rate loans to Bank clients is determined using the discounted cash flow method. Inputs used for valuation are primarily comprised of current
interest rates. Fair value of variable-rate loans is assumed to be their carrying value.
(3)Fair value of own use real estate and the fair value hierarchy are determined in accordance with the methodologies described for real estate – investment property
in note 1 (e).
(4)The carrying value of other invested assets includes leveraged leases of $4,300 (2023 – $3,790), other equity method accounted investments and other invested
assets of $9,831 (2023 – $8,237). Fair value of leveraged leases is disclosed at its carrying value as fair value is not routinely calculated on these investments.
Fair value of equity method accounted investments and other invested assets is determined using a variety of valuation techniques including discounted cash
flows and market comparable approaches. Inputs vary based on the specific investment.
Transfers between Level 1 and Level 2
The Company records transfers of assets and liabilities between Level 1 and Level 2 at their fair values as at the end of each
reporting period, consistent with the date of the determination of fair value. Assets are transferred out of Level 1 when they are
no longer transacted with sufficient frequency and volume in an active market. Conversely, assets are transferred from Level 2 to
Level 1 when transaction volume and frequency are indicative of an active market. During the year ended December 31, 2024,
the Company had $nil transfers between Level 1 and Level 2 (2023 – $nil).
For segregated funds net assets, during the year ended December 31, 2024, the Company had $nil transfers from Level 1 to
Level 2 (2023 – $nil). During the year ended December 31, 2024, the Company had $nil transfers from Level 2 to Level 1 (2023
– $nil).
Invested assets and segregated funds net assets measured at fair value using significant non-market observable inputs
(Level 3)
The Company classifies fair values of invested assets and segregated funds net assets as Level 3 if there are no observable
market inputs for these assets, or in the presence of active markets significant non-market observable inputs are used to
determine fair value. The Company prioritizes the use of market-based inputs over non-market observable inputs in determining
Level 3 fair values. The gains and losses in the table below include the changes in fair value due to both observable and non-
market observable factors.

41 | 2024 Annual Report | Consolidated Financial Statements

T he following tables present the movement in invested assets, net derivatives and segregated funds net assets measure d at fair
value using significant non-market observable inputs (Level 3) for the year ended December 31, 2024 and 2023.

For the year ended December 31, 2024 | Balance, January 1, 2024 | Total gains (losses) included in net income(1) | Total gains (losses) included in OCI(2) | Purchases | Sales | Settlements | Transfer in(3) | Transfer out(3) | Currency movement | Balance, December 31, 2024 | Change in unrealized gains (losses) on assets still held
Debt securities |  |  |  |  |  |  |  |  |  |  |
FVOCI |  |  |  |  |  |  |  |  |  |  |
Other government & agency | $10 | $- | $- | $- | $- | $(5) | $4 | $- | $1 | $10 | $-
Corporate | 231 | - | (33) | - | - | (7) | - | (151) | 4 | 44 | -
Other securitized assets | 21 | - | 33 | - | - | (22) | - | (33) | 1 | - | -
Public equities |  |  |  |  |  |  |  |  |  |  |
FVTPL | 41 | (3) | - | - | (1) | - | - | (36) | (1) | - | (3)
Private placements |  |  |  |  |  |  |  |  |  |  |
FVOCI | 7,682 | (47) | 50 | 3,039 | (1,115) | (1,040) | 254 | (624) | 565 | 8,764 | -
FVTPL | 79 | 1 | - | 49 | - | (13) | 29 | (14) | 5 | 136 | 1
Mortgages |  |  |  |  |  |  |  |  |  |  |
FVOCI | 28,473 | (73) | 109 | 2,243 | (2,834) | (763) | - | - | 1,637 | 28,792 | -
FVTPL | 1,055 | 32 | - | 339 | (152) | (38) | - | - | 3 | 1,239 | -
Investment property | 10,458 | (504) | - | 222 | (66) | - | - | - | 479 | 10,589 | (514)
Own use property | 2,430 | (82) | - | 19 | - | - | - | - | 133 | 2,500 | (82)
Other invested assets | 33,585 | 1,502 | 14 | 4,308 | (2,007) | (1,187) | - | - | 2,251 | 38,466 | 1,251
Total invested assets | 84,065 | 826 | 173 | 10,219 | (6,175) | (3,075) | 287 | (858) | 5,078 | 90,540 | 653
Derivatives, net | (2,166) | (2,248) | - | - | - | (166) | - | 1,509 | (164) | (3,235) | (2,065)
Segregated funds net assets | 3,492 | 119 | (67) | 148 | (527) | 17 | - | - | 152 | 3,334 | (76)
Total | $85,391 | $(1,303) | $106 | $10,367 | $(6,702) | $(3,224) | $287 | $651 | $5,066 | $90,639 | $(1,488)

(1)These amounts are included in net investment income on the Consolidated Statements of Income except for the amount related to segregated funds net assets,
where the amount is recorded in Investment income related to segregated funds net assets. Refer to notes 1 (h) and 22.
(2)These amounts are included in OCI on the Consolidated Statements of Comprehensive Income.
(3)The Company uses fair value of the assets at the beginning of the year for assets transferred into and out of Level 3 except for derivatives, where the Company
uses fair value at the end of the year and at the beginning of the year, respectively.
42

For the year ended December 31, 2023 | Balance, January 1, 2023 | Total gains (losses) included in net income(1) | Total gains (losses) included in OCI(2) | Purchases | Sales | Settlements | Transfer in(3) | Transfer out(3),(4) | Currency movement | Balance, December 31, 2023 | Change in unrealized gains (losses) on assets still held
Debt securities |  |  |  |  |  |  |  |  |  |  |
FVOCI |  |  |  |  |  |  |  |  |  |  |
Other government & agency | $9 | $- | $- | $2 | $- | $- | $- | $- | $(1) | $10 | $-
Corporate | 32 | - | 3 | 178 | - | (7) | 25 | - | - | 231 | -
Other securitized assets | 26 | - | 1 | - | - | (5) | - | - | (1) | 21 | -
Public equities |  |  |  |  |  |  |  |  |  |  |
FVTPL | 71 | - | - | 37 | - | - | - | (67) | - | 41 | -
Private placements |  |  |  |  |  |  |  |  |  |  |
FVOCI | 7,828 | (4) | 258 | 1,942 | (497) | (1,172) | 2,546 | (2,907) | (312) | 7,682 | -
FVTPL | 31 | 44 | - | 17 | - | (1) | 34 | (47) | 1 | 79 | 44
Mortgages |  |  |  |  |  |  |  |  |  |  |
FVOCI | 28,621 | 65 | 830 | 1,984 | (1,626) | (856) | - | - | (545) | 28,473 | -
FVTPL | 1,138 | 37 | - | 160 | (239) | (39) | - | - | (2) | 1,055 | -
Investment property | 11,417 | (1,054) | - | 416 | (122) | - | - | - | (199) | 10,458 | (1,055)
Own use property | 2,682 | (234) | - | 20 | - | - | - | - | (38) | 2,430 | (234)
Other invested assets | 31,069 | 423 | 7 | 4,760 | (522) | (1,219) | - | (68) | (865) | 33,585 | 647
Total invested assets | 82,924 | (723) | 1,099 | 9,516 | (3,006) | (3,299) | 2,605 | (3,089) | (1,962) | 84,065 | (598)
Derivatives, net | (3,188) | (144) | - | - | - | 960 | - | 165 | 41 | (2,166) | 17
Segregated funds net assets | 3,985 | (97) | - | 110 | (466) | 24 | - | (15) | (49) | 3,492 | 32
Total | $83,721 | $(964) | $1,099 | $9,626 | $(3,472) | $(2,315) | $2,605 | $(2,939) | $(1,970) | $85,391 | $(549)

(1)These amounts are included in net investment income on the Consolidated Statements of Income except for the amount related to segregated funds net assets,
where the amount is recorded in Investment income related to segregated funds net assets. Refer to notes 1 (h) and 22.
(2)These amounts are included in OCI on the Consolidated Statements of Comprehensive Income.
(3)The Company uses fair value of the assets at the beginning of the year for assets transferred into and out of Level 3 except for derivatives, where the Company
uses fair value at the end of the year and at the beginning of the year, respectively.
(4)Private placement bonds of $1,771 with maturity dates beyond 30 years were reclassified from Level 3 to Level 2 in 2023 to align with the fair value leveling
treatment of public bonds.
Transfers into Level 3 primarily result where a lack of observable market data (versus the previous period) arises. Transfers from
Level 3 primarily result from observable market data becoming available for derivatives, or for the entire term structure of the
private placements.

43 | 2024 Annual Report | Consolidated Financial Statements

(h)Remaining term to maturity
The following tables present remaining term to maturity for invested assets.

| Remaining term to maturity(1)
As at December 31, 2024 | Less than 1 year | 1 to 3 years | 3 to 5 years | 5 to 10 years | Over 10 years | With no specific maturity | Total
Cash and short-term securities | $25,789 | $- | $- | $- | $- | $- | $25,789
Debt securities |  |  |  |  |  |  |
Canadian government and agency | 543 | 2,282 | 678 | 3,339 | 12,885 | - | 19,727
U.S. government and agency | 644 | 640 | 1,473 | 4,699 | 21,198 | - | 28,654
Other government and agency | 372 | 1,208 | 1,056 | 3,566 | 29,268 | - | 35,470
Corporate | 7,810 | 15,763 | 15,817 | 33,818 | 51,754 | - | 124,962
Mortgage / asset-backed securities | 60 | 260 | 213 | 450 | 825 | - | 1,808
Public equities | - | - | - | - | - | 33,725 | 33,725
Mortgages | 4,741 | 11,944 | 10,478 | 7,617 | 9,876 | 9,791 | 54,447
Private placements | 1,534 | 5,093 | 4,986 | 10,463 | 27,500 | 92 | 49,668
Loans to Bank clients | 47 | 13 | 3 | - | - | 2,247 | 2,310
Real estate |  |  |  |  |  |  |
Own use property | - | - | - | - | - | 2,674 | 2,674
Investment property | - | - | - | - | - | 10,589 | 10,589
Other invested assets |  |  |  |  |  |  |
Alternative long-duration assets | 67 | - | 85 | 276 | 524 | 46,911 | 47,863
Various other | - | 20 | - | 3,623 | 657 | 511 | 4,811
Total invested assets | $41,607 | $37,223 | $34,789 | $67,851 | $154,487 | $106,540 | $442,497

| Remaining term to maturity(1)
As at December 31, 2023 | Less than 1 year | 1 to 3 years | 3 to 5 years | 5 to 10 years | Over 10 years | With no specific maturity | Total
Cash and short-term securities | $20,338 | $- | $- | $- | $- | $- | $20,338
Debt securities |  |  |  |  |  |  |
Canadian government and agency | 657 | 1,435 | 1,580 | 3,656 | 13,660 | - | 20,988
U.S. government and agency | 297 | 725 | 744 | 4,504 | 22,208 | - | 28,478
Other government and agency | 412 | 1,052 | 1,892 | 3,864 | 23,446 | - | 30,666
Corporate | 8,475 | 15,512 | 18,548 | 33,361 | 54,100 | 50 | 130,046
Mortgage / asset-backed securities | 106 | 153 | 279 | 556 | 877 | - | 1,971
Public equities | - | - | - | - | - | 25,531 | 25,531
Mortgages | 3,363 | 12,076 | 10,181 | 7,690 | 9,644 | 9,467 | 52,421
Private placements | 1,418 | 3,486 | 4,704 | 9,137 | 26,790 | 71 | 45,606
Loans to Bank clients | 39 | 23 | 1 | - | - | 2,373 | 2,436
Real estate |  |  |  |  |  |  |
Own use property | - | - | - | - | - | 2,591 | 2,591
Investment property | - | - | - | - | - | 10,458 | 10,458
Other invested assets |  |  |  |  |  |  |
Alternative long-duration assets | - | 67 | 22 | 82 | 732 | 40,531 | 41,434
Various other | - | - | 19 | 1,528 | 2,242 | 457 | 4,246
Total invested assets | $35,105 | $34,529 | $37,970 | $64,378 | $153,699 | $91,529 | $417,210

(1)Represents contractual maturities. Actual maturities may differ due to prepayment privileges in the applicable contract.
44
Note 4 Derivative and Hedging Instruments
Derivatives are financial contracts whose value is derived from various factors described in note 4 (a). The Company uses
derivatives including swaps, forward and futures agreements, and options to manage current and anticipated exposures to
changes in interest rates, foreign exchange rates, commodity prices and equity market prices, and to replicate exposure to
different types of investments.
Swaps are contractual agreements between the Company and a third party to exchange a series of cash flows based upon rates
applied to a notional amount. For interest rate swaps, counterparties generally exchange fixed or floating interest rate payments
based on a notional value in a single currency. Cross-currency swaps involve the exchange of principal amounts between
parties, as well as the exchange of interest payments in one currency for the receipt of interest payments in another currency.
Total return swaps are contracts that involve the exchange of payments based on changes in the values of a reference asset,
including any returns such as interest earned on these assets, in return for amounts based on reference rates specified in the
contract.
Forward and futures agreements are contractual obligations to buy or sell a financial instrument, foreign currency or other
underlying commodity on a predetermined future date at a specified price. Forward contracts are over-the-counter (“OTC”)
contracts negotiated between counterparties, whereas futures agreements are contracts with standard amounts and settlement
dates that are traded on regulated exchanges.
Options are contractual agreements whereby the holder has the right, but not the obligation, to buy (call option) or sell (put
option) a security, exchange rate, interest rate, or other financial instrument at a predetermined price / rate within a specified
time.
See variable annuity dynamic hedging strategy in note 8 (a) for an explanation of the Company’s dynamic hedging strategy for its
variable annuity product guarantees.
Fair value of derivatives
The pricing models used to value derivatives are based on market-standard valuation methodologies, and the inputs to these
models are consistent with what a market participant would use when pricing the instruments. Derivative valuations can be
affected by changes in interest rates, foreign exchange rates, financial indices, commodity prices or indices, credit spreads,
default risk (including the counterparties to the contract), and market volatility.
The significant inputs to the pricing models for most derivatives are inputs that are observable or can be corroborated by
observable market data and are classified as Level 2. Inputs that are observable generally include interest rates, foreign
exchange rates and interest rate curves. However, certain derivatives may rely on inputs that are significant to the fair value that
are not observable in the market or cannot be derived principally from, or corroborated by, observable market data and these
derivatives are classified as Level 3. Level 3 derivative assets and liabilities include bond forwards. Inputs that are unobservable
generally include broker quoted prices, volatilities and inputs that are outside of the observable portion of the interest rate curve
or other relevant market measures, such as repurchase rates. These non-market observable inputs may involve significant
management judgment or estimation. Even though these inputs are non-market observable, they are based on assumptions
deemed appropriate given the circumstances and consistent with what market participants would use when pricing such
instruments. The credit risk of both the counterparty and the Company are considered in determining the fair value for all
derivatives after considering the effects of netting agreements and collateral arrangements.

45 | 2024 Annual Report | Consolidated Financial Statements

The following table presents gross notional amount and fair value of derivative instruments by the underlying risk exposure.

As at December 31, |  | 2024 |  | 2023
|  | Notional amount | Fair value |  | Notional amount | Fair value
Type of hedge | Instrument type | Assets | Liabilities |  | Assets | Liabilities
Qualifying hedge accounting relationships |  |  |  |  |  |  |
Fair value hedges | Interest rate swaps | $206,181 | $2,734 | $3,533 |  | $184,309 | $2,627 | $3,044
| Foreign currency swaps | 14,121 | 145 | 2,114 |  | 9,055 | 78 | 1,518
| Forward contracts | 25,692 | 74 | 3,420 |  | 23,461 | 165 | 2,672
Cash flow hedges | Interest rate swaps | 9,036 | 24 | 48 |  | 8,372 | 20 | 48
| Foreign currency swaps | 650 | - | 216 |  | 1,150 | 35 | 181
| Forward contracts | - | - | - |  | - | - | -
| Equity contracts | 324 | 6 | - |  | 240 | 3 | -
Net investment hedges | Forward contracts | 602 | 18 | - |  | 654 | - | 16
Total derivatives in qualifying hedge accounting relationships | 256,606 | 3,001 | 9,331 |  | 227,241 | 2,928 | 7,479
Derivatives not designated in qualifying hedge accounting relationships |  |  |  |  |  |  |
| Interest rate swaps | 110,114 | 2,188 | 2,906 |  | 103,806 | 2,361 | 3,098
| Interest rate futures | 9,054 | - | - |  | 9,449 | - | -
| Interest rate options | 5,633 | 16 | - |  | 5,841 | 33 | -
| Foreign currency swaps | 33,924 | 1,854 | 272 |  | 33,148 | 1,873 | 398
| Currency rate futures | 2,238 | - | - |  | 2,581 | - | -
| Forward contracts | 52,044 | 882 | 1,675 |  | 34,080 | 769 | 597
| Equity contracts | 25,290 | 724 | 63 |  | 19,760 | 579 | 115
| Credit default swaps | 114 | 2 | - |  | 131 | 3 | -
| Equity futures | 4,004 | - | - |  | 4,040 | - | -
Total derivatives not designated in qualifying hedge accounting relationships | 242,415 | 5,666 | 4,916 |  | 212,836 | 5,618 | 4,208
Total derivatives | $499,021 | $8,667 | $14,247 |  | $440,077 | $8,546 | $11,687

The following tables present the fair values of the derivative instruments by the remaining term to maturity. Fair values disclosed
below do not incorporate the impact of master netting agreements (refer to note 8 (g)).

| Remaining term to maturity |
As at December 31, 2024 | Less than 1 year | 1 to 3 years | 3 to 5 years | Over 5 years | Total
Derivative assets | $1,171 | $578 | $635 | $6,283 | $8,667
Derivative liabilities | 2,320 | 2,304 | 1,244 | 8,379 | 14,247
| Remaining term to maturity |
As at December 31, 2023 | Less than 1 year | 1 to 3 years | 3 to 5 years | Over 5 years | Total
Derivative assets | $1,189 | $603 | $573 | $6,181 | $8,546
Derivative liabilities | 1,561 | 1,982 | 717 | 7,427 | 11,687

46
The following tables present gross notional amount by the remaining term to maturity, total fair value (including accrued interest),
credit equivalent amount and capital requirement by contract type.

| Remaining term to maturity (notional amounts) |  | Fair value |  |
As at December 31, 2024 | Less than 1 year | 1 to 5 years | Over 5 years | Total |  | Positive | Negative | Net | Credit equivalent amount(1) | Capital requirement(2)
Interest rate contracts |  |  |  |  |  |  |  |  |  |
OTC swap contracts | $6,999 | $25,019 | $112,685 | $144,703 |  | $5,103 | $(6,976) | $(1,873) | $323 | $9
Cleared swap contracts | 9,507 | 31,033 | 140,088 | 180,628 |  | 240 | (189) | 51 | - | -
Forward contracts | 20,661 | 21,028 | - | 41,689 |  | 231 | (4,467) | (4,236) | 36 | 1
Futures | 9,054 | - | - | 9,054 |  | - | - | - | - | -
Options purchased | 863 | 1,086 | 3,684 | 5,633 |  | 16 | - | 16 | 17 | -
Subtotal | 47,084 | 78,166 | 256,457 | 381,707 |  | 5,590 | (11,632) | (6,042) | 376 | 10
Foreign exchange |  |  |  |  |  |  |  |  |  |
Swap contracts | 2,044 | 13,733 | 32,918 | 48,695 |  | 1,983 | (2,709) | (726) | 1,028 | 19
Forward contracts | 29,423 | 1,105 | 6,121 | 36,649 |  | 743 | (628) | 115 | 698 | 17
Futures | 2,238 | - | - | 2,238 |  | - | - | - | - | -
Subtotal | 33,705 | 14,838 | 39,039 | 87,582 |  | 2,726 | (3,337) | (611) | 1,726 | 36
Credit derivatives | - | 114 | - | 114 |  | 2 | - | 2 | - | -
Equity contracts |  |  |  |  |  |  |  |  |  |
Swap contracts | 1,926 | 762 | - | 2,688 |  | 31 | (14) | 17 | 27 | -
Futures | 4,004 | - | - | 4,004 |  | - | - | - | - | -
Options purchased | 19,437 | 3,489 | - | 22,926 |  | 699 | (43) | 656 | 375 | 3
Subtotal | 25,367 | 4,365 | - | 29,732 |  | 732 | (57) | 675 | 402 | 3
Subtotal including accrued interest | 106,156 | 97,369 | 295,496 | 499,021 |  | 9,048 | (15,026) | (5,978) | 2,504 | 49
Less accrued interest | - | - | - | - |  | 381 | (779) | (398) | - | -
Total | $106,156 | $97,369 | $295,496 | $499,021 |  | $8,667 | $(14,247) | $(5,580) | $2,504 | $49
| Remaining term to maturity (notional amounts) |  | Fair value |  |
As at December 31, 2023 | Less than 1 year | 1 to 5 years | Over 5 years | Total |  | Positive | Negative | Net | Credit equivalent amount(1) | Capital requirement(2)
Interest rate contracts |  |  |  |  |  |  |  |  |  |
OTC swap contracts | $4,645 | $20,923 | $106,445 | $132,013 |  | $5,295 | $(6,850) | $(1,555) | $300 | $7
Cleared swap contracts | 4,634 | 33,082 | 126,758 | 164,474 |  | 220 | (180) | 40 | - | -
Forward contracts | 17,809 | 16,182 | - | 33,991 |  | 771 | (2,986) | (2,215) | - | -
Futures | 9,449 | - | - | 9,449 |  | - | - | - | - | -
Options purchased | 795 | 1,362 | 3,684 | 5,841 |  | 33 | - | 33 | 8 | -
Subtotal | 37,332 | 71,549 | 236,887 | 345,768 |  | 6,319 | (10,016) | (3,697) | 308 | 7
Foreign exchange |  |  |  |  |  |  |  |  |  |
Swap contracts | 2,110 | 11,782 | 29,461 | 43,353 |  | 1,978 | (2,179) | (201) | 1,087 | 19
Forward contracts | 24,204 | - | - | 24,204 |  | 163 | (299) | (136) | 19 | -
Futures | 2,581 | - | - | 2,581 |  | - | - | - | - | -
Subtotal | 28,895 | 11,782 | 29,461 | 70,138 |  | 2,141 | (2,478) | (337) | 1,106 | 19
Credit derivatives | 14 | 117 | - | 131 |  | 4 | - | 4 | - | -
Equity contracts |  |  |  |  |  |  |  |  |  |
Swap contracts | 1,452 | 723 | - | 2,175 |  | 18 | (78) | (60) | 32 | -
Futures | 4,040 | - | - | 4,040 |  | - | - | - | - | -
Options purchased | 14,830 | 2,995 | - | 17,825 |  | 562 | (28) | 534 | 215 | 2
Subtotal | 20,336 | 3,835 | - | 24,171 |  | 584 | (106) | 478 | 247 | 2
Subtotal including accrued interest | 86,563 | 87,166 | 266,348 | 440,077 |  | 9,044 | (12,600) | (3,556) | 1,661 | 28
Less accrued interest | - | - | - | - |  | 498 | (913) | (415) | - | -
Total | $86,563 | $87,166 | $266,348 | $440,077 |  | $8,546 | $(11,687) | $(3,141) | $1,661 | $28

(1)Credit equivalent amount is the sum of replacement cost and the potential future credit exposure less any collateral held. Replacement cost represents the current
cost of replacing all contracts with a positive fair value. The amounts take into consideration legal contracts that permit offsetting of positions. The potential future
credit exposure is calculated based on a formula prescribed by the Office of the Superintendent of Financial Institutions (“OSFI”).
(2)Capital requirement represents the credit equivalent amount, weighted according to the creditworthiness of the counterparty, as prescribed by OSFI.
The total notional amount of $499 billion (2023 – $440 billion) includes $90 billion (2023 – $82 billion) related to derivatives
utilized in the Company’s variable annuity guarantee dynamic hedging. Due to the Company’s variable annuity hedging
practices, many trades are in offsetting positions, resulting in materially lower net fair value exposure for the Company than what
the gross notional amount would suggest.

47 | 2024 Annual Report | Consolidated Financial Statements

The following tables present the average rate of the hedging instruments in key hedge relationships that do not frequently reset.

As at December 31, 2024 |  |  | Remaining term to maturity (notional amounts) |  | Fair value
Hedged item | Hedging instrument | Average rate | Less than 1 year | 1 to 5 years | Over 5 years | Total |  | Positive | Negative | Net
Inflation risk |  |  |  |  |  |  |  |  |  |
Inflation linked insurance liabilities | Interest rate swaps | CPI rate: 290.22 | $92 | $568 | $8,376 | $9,036 |  | $24 | $(48) | $(24)
Foreign exchange risk |  |  |  |  |  |  |  |  |  |
Foreign currency assets | Foreign currency swaps | CAD/EUR: 0.66703 | - | 160 | 1,311 | 1,471 |  | 16 | - | 16
Foreign currency assets | Foreign currency swaps | CAD/GBP: 0.56259 | - | 115 | 434 | 549 |  | 22 | - | 22
Foreign currency assets | Foreign currency swaps | CAD/USD: 0.73009 | 165 | 407 | 1,067 | 1,639 |  | 9 | (27) | (18)
Foreign exchange and interest rate risk |  |  |  |  |  |  |  |  |  |
Floating rate foreign currency liabilities | Foreign currency swaps | CAD/USD: 0.86655 | - | - | 650 | 650 |  | - | (216) | (216)
Debt securities at fair value through OCI | Foreign currency swaps | CAD/USD: 1.22914 | 42 | 9 | - | 51 |  | 7 | - | 7
Equity risk |  |  |  |  |  |  |  |  |  |
Stock-based compensation | Equity contracts | MFC price: $30.12 | 20 | 304 | - | 324 |  | 6 | - | 6
Total |  |  | $319 | $1,563 | $11,838 | $13,720 |  | $84 | $(291) | $(207)
As at December 31, 2023 |  |  | Remaining term to maturity (notional amounts) |  | Fair value
Hedged item | Hedging instrument | Average rate | Less than 1 year | 1 to 5 years | Over 5 years | Total |  | Positive | Negative | Net
Inflation risk |  |  |  |  |  |  |  |  |  |
Inflation linked insurance liabilities | Interest rate swaps | CPI rate: 290.13 | $87 | $459 | $7,826 | $8,372 |  | $20 | $(48) | $(28)
Foreign exchange risk |  |  |  |  |  |  |  |  |  |
Fixed rate liabilities | Foreign currency swaps | SGD/CAD: 0.93503 | 500 | - | - | 500 |  | 35 | - | 35
Foreign exchange and interest rate risk |  |  |  |  |  |  |  |  |  |
Floating rate foreign currency liabilities | Foreign currency swaps | CAD/USD: 0.86655 | - | - | 650 | 650 |  | - | (181) | (181)
Debt securities at fair value through OCI | Foreign currency swaps | CAD/USD: 1.22914 | - | 46 | - | 46 |  | 5 | - | 5
Equity risk |  |  |  |  |  |  |  |  |  |
Stock-based compensation | Equity contracts | MFC price: $26.28 | 11 | 229 | - | 240 |  | 3 | - | 3
Total |  |  | $598 | $734 | $8,476 | $9,808 |  | $63 | $(229) | $(166)

48
Fair value and the fair value hierarchy of derivative instruments

As at December 31, 2024 | Fair value | Level 1 | Level 2 | Level 3
Derivative assets |  |  |  |
Interest rate contracts | $5,193 | $- | $5,026 | $167
Foreign exchange contracts | 2,742 | - | 2,742 | -
Equity contracts | 730 | - | 730 | -
Credit default swaps | 2 | - | 2 | -
Total derivative assets | $8,667 | $- | $8,500 | $167
Derivative liabilities |  |  |  |
Interest rate contracts | $10,954 | $- | $7,571 | $3,383
Foreign exchange contracts | 3,230 | - | 3,227 | 3
Equity contracts | 63 | - | 47 | 16
Total derivative liabilities | $14,247 | $- | $10,845 | $3,402
As at December 31, 2023 | Fair value | Level 1 | Level 2 | Level 3
Derivative assets |  |  |  |
Interest rate contracts | $5,813 | $- | $5,262 | $551
Foreign exchange contracts | 2,148 | - | 2,148 | -
Equity contracts | 582 | - | 572 | 10
Credit default swaps | 3 | - | 3 | -
Total derivative assets | $8,546 | $- | $7,985 | $561
Derivative liabilities |  |  |  |
Interest rate contracts | $9,176 | $- | $6,451 | $2,725
Foreign exchange contracts | 2,396 | - | 2,395 | 1
Equity contracts | 115 | - | 114 | 1
Total derivative liabilities | $11,687 | $- | $8,960 | $2,727

Movement in net derivatives measured at fair value using significant non-market observable inputs (Level 3) is presented in note
3 (g).
(i)Hedging relationships
The Company uses derivatives for economic hedging purposes. In certain circumstances, these derivatives meet the
requirements of hedge accounting and designating them in qualifying hedge accounting relationships achieves the desired IFRS
presentation. Risk management strategies eligible for hedge accounting are designated as fair value hedges, cash flow hedges
or net investment hedges.
At the inception of a hedge accounting relationship, the Company documents the relationship between the hedging instrument
and hedged item, its risk management objective, and its strategy for undertaking the hedge. At hedge inception and on an
ongoing basis, an assessment is performed and documented to demonstrate that the hedging relationship qualifies or continues
to qualify for hedge accounting. In order to qualify for hedge accounting, there has to be an economic relationship between the
hedging instrument and the hedged item, an assessment that the effect of credit risk does not dominate the economic
relationship, and the hedge ratio between the hedging instrument and the hedged item will be based on the approach used by
risk management, unless the hedge ratio used by risk management results in an imbalance that would create hedge
ineffectiveness that is inconsistent with the purpose of hedge accounting.
•The Company designates a specific risk component or a combination of risk components as the hedged risk, including
benchmark interest rate, foreign exchange rate, equity price and consumer price index components. All these risk
components are observable in the relevant market environment and the changes in fair value or variability in cash flows
attributable to these risk components can be reliably measured for hedged items. The hedged risk is generally the most
significant risk component of the overall changes in fair value or in cash flows. The Company acquires derivatives for
economic hedging purposes with underlying characteristics that offset the hedged risk based on the risk management
strategy.
•The Company executes hedging derivatives with counterparties with high credit quality and monitors the creditworthiness of
the counterparties to ensure they are expected to meet cash flow obligations on the hedging instruments as they come due,
and that the probability of counterparty default is remote. Further, changes in the Company’s own credit risk are immaterial
and have insignificant impact to the hedging relationships.

49 | 2024 Annual Report | Consolidated Financial Statements

•A hedge ratio is calculated as the ratio between the quantity of the hedged item that the Company hedges and the quantity
of the hedging instrument the Company uses to hedge that quantity of hedged item.
◦For group fair value hedges of foreign exchange and interest rate risk of insurance liabilities and group fair value
hedges of foreign exchange and interest rate risk of debt instruments, the Company constructs the hedge
relationship by comparing interest rate sensitivities of the group of hedging derivatives and the group of hedged
items in the same currency. Interest rate sensitivities are compared by estimating the change in the present value
of cash flows of hedged items and of hedging derivatives from an instantaneous shock to interest rates, assuming
no rebalancing actions are undertaken.
◦For the rest of the Company’s hedge accounting relationships, the Company generally constructs the hedge
relationships by comparing the notional amounts of the hedging derivatives with that of the hedged items.
Hedge ineffectiveness in various hedging relationships may still exist and potential sources of hedge ineffectiveness by risk
category are summarized below:

| Interest rate risk | Foreign currency risk | Equity risk | Consumer price index risk
Mismatches in some critical terms of hedging instrument and hedged item | ü | ü | ü | ü
Differences in valuation methodologies including discounting factor | ü | ü |  | ü
Changes in timing and amount of forecasted hedged items |  | ü |  | ü
Differences due to the use of non-zero fair value hedging instruments | ü | ü |  |

Hedging relationships that frequently reset
The Company uses a portfolio of derivatives as a fair value hedge of foreign exchange rate and interest rate fluctuations of fixed-
rate debt instruments denominated in non-functional currencies, as well as interest rate fluctuations of guaranteed insurance
liabilities. The risk management objective is to hedge these foreign exchange and interest rate fluctuations with a hedge horizon
of three months. At the end of each hedge horizon, the hedging relationships mature; and new fair value hedging relationships
are designated with a newly designated pool of hedging instruments and hedged items.
50
Fair value hedges
The Company uses interest rate swaps to manage its exposure to changes in the fair value of fixed-rate financial instruments
and guaranteed insurance liabilities due to changes in interest rates. The Company also uses cross-currency swaps to manage
its exposure to foreign exchange rate fluctuations, interest rate fluctuations, or both.
The Company recognizes gains and losses on derivatives and the related hedged items in fair value hedges in total investment
result. These investment gains (losses) are shown in the following tables.

For the year ended December 31, 2024 | Change in value of the hedged item for ineffectiveness measurement | Change in value of the hedging instrument for ineffectiveness measurement | Ineffectiveness recognized in Total investment result | Carrying amount for hedged items(1) | Accumulated fair value adjustments on hedged items | Accumulated fair value adjustments on de-designated hedged items
Assets |  |  |  |  |  |
Interest rate risk |  |  |  |  |  |
Debt securities at FVOCI | $(833) | $812 | $(21) | $117,538 | $(1) | $(601)
Foreign currency risk |  |  |  |  |  |
Debt securities at FVOCI | (80) | 80 | - | 3,561 | - | -
Foreign currency and interest rate risk |  |  |  |  |  |
Debt securities at FVOCI | 451 | (559) | (108) | 11,130 | (367) | 196
Total assets | $(462) | $333 | $(129) | $132,229 | $(368) | $(405)
Liabilities |  |  |  |  |  |
Interest rate risk |  |  |  |  |  |
Insurance contract liabilities | $3,591 | $(3,329) | $262 | $47,747 | $3,386 | $237
Foreign currency and interest rate risk |  |  |  |  |  |
Insurance contract liabilities | 55 | (17) | 38 | 3,167 | 137 | -
Total liabilities | $3,646 | $(3,346) | $300 | $50,914 | $3,523 | $237
For the year ended December 31, 2023 | Change in value of the hedged item for ineffectiveness measurement | Change in value of the hedging instrument for ineffectiveness measurement | Ineffectiveness recognized in Total investment result | Carrying amount for hedged items(1) | Accumulated fair value adjustments on hedged items | Accumulated fair value adjustments on de-designated hedged items
Assets |  |  |  |  |  |
Interest rate risk |  |  |  |  |  |
Debt securities at FVOCI | $- | $- | $- | $- | $- | $241
Foreign currency and interest rate risk |  |  |  |  |  |
Debt securities at FVOCI | 742 | (778) | (36) | 9,191 | 576 | (405)
Total assets | $742 | $(778) | $(36) | $9,191 | $576 | $(164)
Liabilities |  |  |  |  |  |
Interest rate risk |  |  |  |  |  |
Insurance contract liabilities | $(53) | $185 | $132 | $29,133 | $(2,658) | $2,642
Total liabilities | $(53) | $185 | $132 | $29,133 | $(2,658) | $2,642

(1)The carrying amounts for hedged items presented are related to hedged items in active hedging relationships as at the reporting date.
Cash flow hedges
The Company uses interest rate swaps to hedge the variability in cash flows from variable rate financial instruments and from
forecasted transactions. The Company also uses cross-currency swaps and foreign currency forward contracts to hedge the
variability from foreign currency financial instruments and foreign currency expenses. Total return swaps are used to hedge the
variability in cash flows associated with certain stock-based compensation awards. Inflation swaps are used to reduce inflation
risk generated from inflation-indexed liabilities.
The effects of derivatives in cash flow hedging relationships on the Consolidated Statements of Income and the Consolidated
Statements of Comprehensive Income are shown in the following tables. The effective portion of the change in fair value of
hedging instruments associated with the Consumer Price Index (“CPI”) cash flow hedge accounting program is presented in
AOCI – Insurance finance income (expenses), in the same line as the hedged item. The accumulated other comprehensive
income (loss) balances of $10 as at December 31, 2024 (2023 – $(149)) were all related to continuing cash flow hedges, of
which $(42) (December 31, 2023 – $(85)) related to CPI cash flow hedges that were reported in AOCI – Insurance finance
income (expenses). There were $nil and $nil balance in AOCI related to de-designated hedges as at December 31, 2024 and
2023, respectively.

51 | 2024 Annual Report | Consolidated Financial Statements

For the year ended December 31, 2024 | Hedged items in qualifying cash flow hedging relationships | Change in fair value of hedged items for ineffectiveness measurement | Change in fair value of hedging instruments for ineffectiveness measurement | Gains (losses) deferred in AOCI on derivatives | Gains (losses) reclassified from AOCI into Total investment result | Ineffectiveness recognized in Total investment result
Interest rate risk |  |  |  |  |  |
Treasury locks | Forecasted liability issuance | $3 | $(3) | $(3) | $- | $-
Foreign exchange risk |  |  |  |  |  |
Foreign currency swaps | Fixed rate liabilities | (23) | 23 | 23 | 26 | -
Interest and foreign exchange risk |  |  |  |  |  |
Foreign currency swaps | Floating rate liabilities | 32 | (32) | (32) | (75) | -
Equity price risk |  |  |  |  |  |
Equity contracts | Stock-based compensation | (145) | 145 | 145 | 66 | -
CPI risk |  |  |  |  |  |
Interest rate swaps(1) | Inflation linked insurance liabilities | (60) | 60 | 60 | 17 | -
Total |  | $(193) | $193 | $193 | $34 | $-

For the year ended December 31, 2023 | Hedged items in qualifying cash flow hedging relationships | Change in fair value of hedged items for ineffectiveness measurement | Change in fair value of hedging instruments for ineffectiveness measurement | Gains (losses) deferred in AOCI on derivatives | Gains (losses) reclassified from AOCI into Total investment result | Ineffectiveness recognized in Total investment result
Interest rate risk |  |  |  |  |  |
Treasury locks | Forecasted liability issuance | $(1) | $1 | $1 | $- | $-
Foreign exchange risk |  |  |  |  |  |
Foreign currency swaps | Fixed rate liabilities | 10 | (10) | (10) | (8) | -
Interest and foreign exchange risk |  |  |  |  |  |
Foreign currency swaps | Floating rate liabilities | (23) | 23 | 23 | 16 | -
Equity price risk |  |  |  |  |  |
Equity contracts | Stock-based compensation | (40) | 40 | 40 | 3 | -
CPI risk |  |  |  |  |  |
Interest rate swaps(1) | Inflation linked insurance liabilities | 4 | (4) | (4) | 81 | -
Total |  | $(50) | $50 | $50 | $92 | $-

(1)Gains (losses) deferred in AOCI on derivatives are presented in AOCI under Insurance finance income (expenses).
The Company anticipates that net losses of approximately $14 will be reclassified from AOCI to net income within the next 12
months. The maximum time frame for which variable cash flows are hedged is 12 years with exception to CPI hedge
relationships where the maximum time frame for which variable cash flows are hedged is 28 years.
The table below details the balances in the Company’s cash flow hedge reserve.

As at December 31, | 2024 | 2023
Balances in the cash flow hedge reserve for continuing hedges | $10 | $(149)
Balances remaining in the cash flow hedge reserve on de-designated hedges | - | -
Total | $10 | $(149)

52
Hedges of net investments in foreign operations
The Company uses non-functional currency denominated long-term debt (refer to note 9) and forward currency contracts to
mitigate the foreign exchange translation risk of net investments in foreign operations.
The effects of net investment hedging relationships on the Consolidated Statements of Income and the Consolidated Statements
of Other Comprehensive Income are shown in the following tables.

For the year ended December 31, 2024 | Change in fair value of hedged items for ineffectiveness measurement | Change in fair value of hedging instruments for ineffectiveness measurement | Gains (losses) deferred in AOCI | Gains (losses) reclassified from AOCI into Total investment result | Ineffectiveness recognized in Total investment result
Non-functional currency denominated debt | $665 | $(665) | $(665) | $- | $-
Forward currency contracts | (45) | 45 | 45 | - | -
Total | $620 | $(620) | $(620) | $- | $-

For the year ended December 31, 2023 | Change in fair value of hedged items for ineffectiveness measurement | Change in fair value of hedging instruments for ineffectiveness measurement | Gains (losses) deferred in AOCI | Gains (losses) reclassified from AOCI into Total investment result | Ineffectiveness recognized in Total investment result
Non-functional currency denominated debt | $(195) | $195 | $195 | $- | $-
Forward currency contracts | (1) | 1 | 1 | - | -
Total | $(196) | $196 | $196 | $- | $-

The table below details the balances in the Company’s net investment hedge reserve.

As at December 31, | 2024 | 2023
Balances in the foreign currency translation reserve for continuing hedges | $(561) | $59
Balances remaining in the net investment hedge reserve on de-designated hedges | - | -
Total | $(561) | $59

Reconciliation of accumulated other comprehensive income (loss) related to cash flow hedges

For the year ended December 31, 2024 | Accumulated other comprehensive income (loss), beginning of year | Hedging gains (losses) recognized in AOCI during the year | Reclassification from AOCI to income | Accumulated other comprehensive income (loss), end of year | Reclassification adjustment related to de-designated hedges as hedged item affects income | Reclassification adjustment related to items for which the hedged future cash flows are no longer expected to occur
Interest rate risk |  | $1 | $(3) | $- |  | $(2) |  | $- |  | $-
Interest rate and foreign exchange risk |  | (107) | (32) | (75) |  | (64) |  | - |  | -
Foreign exchange translation risk |  | 3 | 23 | 26 |  | - |  | - |  | -
CPI risk |  | (85) | 60 | 17 |  | (42) |  | - |  | -
Equity price risk |  | 39 | 145 | 66 |  | 118 |  | - |  | -
Total |  | $(149) | $193 | $34 |  | $10 |  | $- |  | $-

For the year ended December 31, 2023 | Accumulated other comprehensive income (loss), beginning of year | Hedging gains (losses) recognized in AOCI during the year | Reclassification from AOCI to income | Accumulated other comprehensive income (loss), end of year | Reclassification adjustment related to de-designated hedges as hedged item affects income | Reclassification adjustment related to items for which the hedged future cash flows are no longer expected to occur
Interest rate risk |  | $- | $1 | $- |  | $1 |  | $- |  | $-
Interest rate and foreign exchange risk |  | (114) | 23 | 16 |  | (107) |  | - |  | -
Foreign exchange translation risk |  | 5 | (10) | (8) |  | 3 |  | - |  | -
CPI risk |  | - | (4) | 81 |  | (85) |  | - |  | -
Equity price risk |  | 2 | 40 | 3 |  | 39 |  | - |  | -
Total |  | $(107) | $50 | $92 |  | $(149) |  | $- |  | $-

53 | 2024 Annual Report | Consolidated Financial Statements

Reconciliation of accumulated other comprehensive income (loss) related to net investment hedges

For the year ended December 31, 2024 | Accumulated other comprehensive income (loss), beginning of year | Hedging gains (losses) recognized in AOCI during the year | Reclassification from AOCI to income | Accumulated other comprehensive income (loss), end of year | Reclassification adjustment related to de-designated hedges as hedged item affects income | Reclassification adjustment related to items for which the hedged future cash flows are no longer expected to occur
Foreign exchange translation risk |  | $59 | $(620) | $- |  | $(561) |  | $- |  | $-

For the year ended December 31, 2023 | Accumulated other comprehensive income (loss), beginning of year | Hedging gains (losses) recognized in AOCI during the year | Reclassification from AOCI to income | Accumulated other comprehensive income (loss), end of year | Reclassification adjustment related to de-designated hedges as hedged item affects income | Reclassification adjustment related to items for which the hedged future cash flows are no longer expected to occur
Foreign exchange translation risk |  | $(137) | $196 | $- |  | $59 |  | $- |  | $-

Cost of hedging
The Company has elected to apply IFRS 9’s cost of hedging guidance for certain hedging relationships. The excluded
components from hedging relationships related to forward elements and foreign currency basis spreads on time period related
hedged items, are presented in AOCI as cost of hedging. The following table provides details of the movement in the cost of
hedging by hedged risk category.

For the year ended December 31, | 2024 | 2023
Foreign exchange risk |  |
Balance, beginning of year | $- | $(3)
Changes in fair value | 111 | 5
Amount reclassified to profit or loss | - | 2
Balance, end of year | $111 | $-
Foreign exchange and interest rate risk |  |
Balance, beginning of year | $18 | $25
Changes in fair value | (10) | (8)
Amount reclassified to profit or loss | - | (1)
Balance, end of year | $8 | $18

(j)Derivatives not designated in qualifying hedge accounting relationships
The Company uses derivatives to economically hedge various financial risks, however, not all derivatives qualify for hedge
accounting and in some cases, the Company has not elected to apply hedge accounting. Below are the investment income
impacts of derivatives not designated in qualifying hedge accounting relationships.
Investment income (loss) on derivatives not designated in qualifying hedge accounting relationships

For the years ended December 31, | 2024 | 2023
Interest rate swaps | $(116) | $667
Interest rate futures | 52 | 57
Interest rate options | (20) | (13)
Foreign currency swaps | 108 | (4)
Currency rate futures | (137) | (22)
Forward contracts | (626) | 612
Equity futures | (423) | (449)
Equity contracts | 437 | 325
Credit default swaps | (1) | -
Total | $(726) | $1,173

(k)Embedded derivatives
Certain insurance contracts contain features that are classified as embedded derivatives and are measured separately at
FVTPL, including reinsurance contracts related to guaranteed minimum income benefits and contracts containing certain credit
and interest rate features.
Certain reinsurance contracts with guaranteed minimum income benefits contain embedded derivatives requiring separate
measurement at FVTPL as the financial components contained in the reinsurance contracts do not contain significant insurance
risk. Claims expenses and claims paid on the reinsurance assumed offset claims recovered under reinsured contracts.
Reinsured contracts with guaranteed minimum income benefits had a fair value of $281(2023 – $402) and reinsurance assumed
with guaranteed minimum income benefits had a fair value of $nil (2023 – $46).
T he Company’s credit and interest rate embedded derivatives promise to pay the returns on a portfolio of assets to the contract holder.
These embedded derivatives contain credit and interest rate risks that are financial risks embedded in the underlying insurance and
investment contract. As at December 31, 2024, these embedded derivative liabilities had a fair value of $265 (2023 – $487).
54
Other insurance contract features which are classified as embedded derivatives but are exempt from separate measurement at
fair value include variable universal life and variable life products’ minimum guaranteed credited rates, no lapse guarantees,
guaranteed annuitization options, Consumer Price Index (“CPI”) indexing of benefits, and segregated fund minimum guarantees
other than reinsurance ceded / assumed guaranteed minimum income benefits. These embedded derivatives are measured and
reported within insurance contract liabilities and are exempt from separate fair value measurement as they contain insurance risk
and / or are closely related to the insurance host contract.
Note 5 Goodwill and Intangible Assets
(a)Change in the carrying value of goodwill and intangible assets
The following tables present the changes in carrying value of goodwill and intangible assets.

For the year ended December 31, 2024 | Balance, January 1, 2024 | Net additions / (disposals)(1) | Amortization expense | Effect of changes in foreign exchange rates | Balance, December 31, 2024
Goodwill | $5,919 | $150 | $ n/a | $206 | $6,275
Indefinite life intangible assets |  |  |  |  |
Brand | 791 | 3 | n/a | 72 | 866
Fund management contracts and other(2) | 1,034 | 156 | n/a | 68 | 1,258
| 1,825 | 159 | n/a | 140 | 2,124
Finite life intangible assets(3) |  |  |  |  |
Distribution networks | 834 | 13 | (56) | 49 | 840
Customer relationships | 582 | - | (52) | 12 | 542
Software | 1,102 | 329 | (257) | 38 | 1,212
Other | 48 | 7 | (9) | 13 | 59
| 2,566 | 349 | (374) | 112 | 2,653
Total intangible assets | 4,391 | 508 | (374) | 252 | 4,777
Total goodwill and intangible assets | $10,310 | $658 | $(374) | $458 | $11,052

For the year ended December 31, 2023 | Balance, January 1, 2023 | Net additions / (disposals) | Amortization expense | Effect of changes in foreign exchange rates | Balance, December 31, 2023
Goodwill | $6,014 | $- | $ n/a | $(95) | $5,919
Indefinite life intangible assets |  |  |  |  |
Brand | 813 | - | n/a | (22) | 791
Fund management contracts and other(2) | 1,048 | - | n/a | (14) | 1,034
| 1,861 | - | n/a | (36) | 1,825
Finite life intangible assets(3) |  |  |  |  |
Distribution networks | 881 | 31 | (53) | (25) | 834
Customer relationships | 643 | (4) | (53) | (4) | 582
Software | 1,068 | 274 | (217) | (23) | 1,102
Other | 52 | 11 | (5) | (10) | 48
| 2,644 | 312 | (328) | (62) | 2,566
Total intangible assets | 4,505 | 312 | (328) | (98) | 4,391
Total goodwill and intangible assets | $10,519 | $312 | $(328) | $(193) | $10,310

(1)In April 2024, the Company acquired control of CQS Management Limited, the London-based alternative credit investment manager, through purchase of 100% of
its shares outstanding. The transaction included cash consideration of $334 and contingent consideration of $8. Goodwill, brand, indefinite lived and definite lived
management contracts of $150, $3, $153 and $7 were recognized.
(2)Fund management contracts are mostly allocated to Canada WAM and U.S. WAM CGUs with carrying values of $273 (2023 – $273) and $421 (2023 – $386), respectively.
(3)Gross carrying amount of finite life intangible assets was $3,408 for software, $1,617 for distribution networks, $1,156 for customer relationships and $156 for
other (2023 – $2,955, $1,511, $1,136 and $138), respectively.
(b)Goodwill impairment testing
The Company completed its annual goodwill impairment testing in the fourth quarter of 2024 by determining the recoverable
amounts of its businesses using valuation techniques discussed below (refer to notes 1 (f) and 5 (c)). The testing resulted in $nil
impairment of goodwill in 2024 (2023 – $nil).

55 | 2024 Annual Report | Consolidated Financial Statements

The following tables present the carrying value of goodwill by CGU or group of CGUs.

For the year ended December 31, 2024 | Balance, January 1, 2024 | Net additions/ (disposals) | Effect of changes in foreign exchange rates | Balance, December 31, 2024
CGU or group of CGUs
Asia |  |  |  |  |  |  |  |
Asia Insurance (excluding Japan) |  | $159 |  | $- |  | $11 |  | $170
Japan Insurance |  | 328 |  | - |  | (7) |  | 321
Canada Insurance |  | 1,958 |  | - |  | 8 |  | 1,966
U.S. Insurance |  | 350 |  | - |  | 32 |  | 382
Global Wealth and Asset Management |  |  |  |  |  |  |  |
Asia WAM |  | 438 |  | - |  | 41 |  | 479
Canada WAM |  | 1,436 |  | - |  | - |  | 1,436
U.S. WAM |  | 1,250 |  | 150 |  | 121 |  | 1,521
Total |  | $5,919 |  | $150 |  | $206 |  | $6,275

For the year ended December 31, 2023 | Balance, January 1, 2023 | Net additions/ (disposals) | Effect of changes in foreign exchange rates | Balance, December 31, 2023
CGU or group of CGUs
Asia |  |  |  |  |  |  |  |
Asia Insurance (excluding Japan) |  | $162 |  | $- |  | $(3) |  | $159
Japan Insurance |  | 360 |  | - |  | (32) |  | 328
Canada Insurance |  | 1,960 |  | - |  | (2) |  | 1,958
U.S. Insurance |  | 360 |  | - |  | (10) |  | 350
Global Wealth and Asset Management |  |  |  |  |  |  |  |
Asia WAM |  | 450 |  | - |  | (12) |  | 438
Canada WAM |  | 1,436 |  | - |  | - |  | 1,436
U.S. WAM |  | 1,286 |  | - |  | (36) |  | 1,250
Total |  | $6,014 |  | $- |  | $(95) |  | $5,919

The valuation techniques, significant assumptions and sensitivities, where applicable, applied in the goodwill impairment testing
are described below.
(c)Valuation techniques
When determining if a CGU is impaired, the Company compares its recoverable amount to the allocated capital for that unit,
which is aligned with the Company’s internal reporting practices. The recoverable amounts were based on fair value less costs to
sell (“FVLCS”) for Asia Insurance (excluding Japan) and Asia WAM. For other CGUs, value-in-use (“VIU”) was used.
Under the FVLCS approach, the Company determines the fair value of the CGU or group of CGUs using an earnings-based
approach which incorporates forecasted earnings, excluding interest and equity market impacts and normalized new business
expenses multiplied by an earnings-multiple derived from the observable price-to-earnings multiples of comparable financial
institutions. The price-to-earnings multiple used by the Company for testing ranged from 6.7 to 13.6 (2023 – 5.1 to 12.7). These
FVLCS valuations are categorized as Level 3 of the fair value hierarchy (2023 – Level 3).
Under the VIU approach, used for CGUs with insurance business, an embedded appraisal value is determined from a projection
of future distributable earnings derived from both the in-force business and new business expected to be sold in the future, and
therefore, reflects the economic value for each CGU’s or group of CGUs’ profit potential under a set of assumptions. This
approach requires assumptions including sales and revenue growth rates, capital requirements, interest rates, equity returns,
mortality, morbidity, policyholder behaviour, tax rates and discount rates. For non-insurance CGUs, the VIU is based on
discounted cash flow analysis which incorporates relevant aspects of the embedded appraisal value approach.
(d)Significant assumptions
To calculate an insurance appraisal value, the Company discounted projected earnings from in-force contracts an d valued 80
years (2023 – 20 years) of new business growing at expected plan levels, consistent with the periods used for forecasting long-
term businesses such as insurance. In arriving at its projections, the Company considered past experience, economic trends
such as interest rates, equity returns and product mix as well as industry and market trends. Where growth rate assumptions for
new business cash flows were used in the embedded appraisal value calculations, they ranged from zero per cent to 13.0 per
cent (2023 – zero per cent to 13.0 per cent).
Interest rate assumptions are based on prevailing market rates at the valuation date.
Tax rates applied to the projections include the impact of internal reinsurance treaties and wer e 28.0 per cent, 27.8 per cent and
21.0 per cent for the Japan, Canada and U.S. jurisdictions, respectively (2023 – 28.0 per cent, 27.8 per cent and 21.0 per cent,
respectively). Tax assumptions are sensitive to changes in tax laws as well as assumptions about the jurisdictions in which profits
are earned. It is possible that effective tax rates could differ from those assumed.
Discount rates assumed in determining the value-in-use for applicable CGUs or group of CGUs ranged from 10.0 per cent to
13.0 per cent on an after-tax basis or 12.5 per cent to 16.3 per cent on a pre-tax basis (2023 – 10.0 per cent to 13.0 per cent on
an after-tax basis or 12.5 per cent to 16.3 per cent on a pre-tax basis).
56
Key assumptions may change as economic and market conditions change, which may lead to impairment charges in the future.
Adverse changes in discount rates (including from changes in interest rates) and growth rate assumptions for new business cash
flow projections used in the determination of embedded appraisal values or reductions in market-based earnings multiples
calculations may result in impairment charges in the future which could be material.
Note 6 Insurance and Reinsurance Contract Assets and Liabilities
(a)Composition
Portfolios of insurance contracts that are assets and those that are liabilities, and portfolios of reinsurance contracts that are
assets and those that are liabilities, are presented separately in the Consolidated Statements of Financial Position. The
components of net insurance and reinsurance contract liabilities are shown below. The composition of insurance contract assets
and liabilities, and reinsurance contract held assets and liabilities by the reporting segment is as follows.
Insurance contract assets and liabilities

| 2024 |  | 2023
As at December 31, | Insurance contract assets | Insurance contract liabilities | Insurance contract liabilities for account of segregated fund holders | Net insurance contract liabilities |  | Insurance contract assets | Insurance contract liabilities | Insurance contract liabilities for account of segregated fund holders | Net insurance contract liabilities
Asia | $(53) | $154,222 | $26,367 | $180,536 |  | $(108) | $131,729 | $22,696 | $154,317
Canada | (32) | 82,459 | 38,099 | 120,526 |  | (33) | 80,169 | 36,085 | 116,221
U.S. | - | 161,484 | 62,079 | 223,563 |  | - | 157,699 | 55,362 | 213,061
Corporate and Other | (6) | (897) | - | (903) |  | (4) | (781) | - | (785)
Insurance contract balances | (91) | 397,268 | 126,545 | 523,722 |  | (145) | 368,816 | 114,143 | 482,814
Assets for insurance acquisition cash flows | (11) | (867) | - | (878) |  | - | (820) | - | (820)
Total | $(102) | $396,401 | $126,545 | $522,844 |  | $(145) | $367,996 | $114,143 | $481,994

Reinsurance contract held assets and liabilities

| 2024 |  | 2023
As at December 31, | Assets | Liabilities | Net reinsurance contract held assets |  | Assets | Liabilities | Net reinsurance contract held assets
Asia | $9,204 | $(2,394) | $6,810 |  | $3,540 | $(1,909) | $1,631
Canada | 7,021 | (262) | 6,759 |  | 1,922 | (913) | 1,009
U.S. | 43,043 | (13) | 43,030 |  | 37,437 | (14) | 37,423
Corporate and Other | (253) | - | (253) |  | (248) | 5 | (243)
Total | $59,015 | $(2,669) | $56,346 |  | $42,651 | $(2,831) | $39,820

As at December 31, | 2024 | 2023
Net insurance contract held liabilities | $522,844 | $481,994
Net reinsurance contract held assets | (56,346) | (39,820)
Net insurance and reinsurance contract held liabilities | $466,498 | $442,174

(b)Movements in carrying amounts of insurance and reinsurance contracts
The following tables present the movement in the net carrying amounts of insurance contracts issued and reinsurance contracts
held during the year for the Company and for each reporting segment. The changes include amounts that are recognized in
income and OCI, and movements due to cash flows.
There are two types of tables presented:
•Tables which analyze movements in the net assets or liabilities for remaining coverage and for incurred claims separately
and reconcile them to the relevant Consolidated Statements of Income and Consolidated Statements of Comprehensive
Income line items.
•Tables which analyze movements of contracts by measurement components including estimates of the present value of
future cash flows, risk adjustment and CSM.

57 | 2024 Annual Report | Consolidated Financial Statements

(I)Total
Insurance contracts – Analysis by remaining coverage and incurred claims
The following tables present the movement in the net assets or liabilities for insurance contracts issued, showing the amounts for
remaining coverage and the amounts for incurred claims and assets for insurance acquisition cash flows for the years ended
December 31, 2024 and 2023.

| Liabilities for remaining coverage |  | Liabilities for incurred claims |  |
| Excluding loss component | Loss component |  | Products not under PAA | PAA Estimates of PV of future cash flows | PAA Risk adjustment for non- financial risk | Assets for insurance acquisition cash flows | Total
Opening insurance contract assets | $(201) | $- |  | $56 | $- | $- | $- | $(145)
Opening insurance contract liabilities | 351,045 | 1,092 |  | 5,609 | 10,445 | 625 | (820) | 367,996
Opening insurance contract liabilities for account of segregated fund holders | 114,143 | - |  | - | - | - | - | 114,143
Net opening balance, January 1, 2024 | 464,987 | 1,092 |  | 5,665 | 10,445 | 625 | (820) | 481,994
Insurance revenue |  |  |  |  |  |  |  |
Expected incurred claims and other insurance service expenses | (14,340) | - |  | - | - | - | - | (14,340)
Change in risk adjustment for non-financial risk expired | (1,414) | - |  | - | - | - | - | (1,414)
CSM recognized for services provided | (2,697) | - |  | - | - | - | - | (2,697)
Recovery of insurance acquisition cash flows | (1,351) | - |  | - | - | - | - | (1,351)
Contracts under PAA | (6,790) | - |  | - | - | - | - | (6,790)
| (26,592) | - |  | - | - | - | - | (26,592)
Insurance service expense |  |  |  |  |  |  |  |
Incurred claims and other insurance service expenses | - | (105) |  | 13,855 | 7,423 | 224 | - | 21,397
Losses and reversal of losses on onerous contracts (future service) | - | 882 |  | - | - | - | - | 882
Changes to liabilities for incurred claims (past service) | - | - |  | (12) | (2,391) | (202) | - | (2,605)
Amortization of insurance acquisition cash flows | 2,148 | - |  | - | - | - | - | 2,148
Net impairment of assets for insurance acquisition cash flows | - | - |  | - | - | - | - | -
| 2,148 | 777 |  | 13,843 | 5,032 | 22 | - | 21,822
Investment components and premium refunds | (23,554) | - |  | 20,835 | 2,719 | - | - | -
Insurance service result | (47,998) | 777 |  | 34,678 | 7,751 | 22 | - | (4,770)
Insurance finance (income) expenses | 2,645 | 44 |  | (85) | 689 | 44 | - | 3,337
Effects of movements in foreign exchange rates | 24,962 | 115 |  | 272 | 29 | - | (21) | 25,357
Total changes in income and OCI | (20,391) | 936 |  | 34,865 | 8,469 | 66 | (21) | 23,924
Cash flows |  |  |  |  |  |  |  |
Premiums and premium tax received | 55,437 | - |  | - | - | - | - | 55,437
Claims and other insurance service expenses paid, including investment components | - | - |  | (34,776) | (7,657) | - | - | (42,433)
Insurance acquisition cash flows | (8,287) | - |  | - | - | - | - | (8,287)
Total cash flows | 47,150 | - |  | (34,776) | (7,657) | - | - | 4,717
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts | (156) | - |  | - | - | - | 156 | -
Acquisition cash flows incurred in the year | - | - |  | - | - | - | (193) | (193)
Movements related to insurance contract liabilities for account of segregated fund holders | 12,402 | - |  | - | - | - | - | 12,402
Net closing balance | 503,992 | 2,028 |  | 5,754 | 11,257 | 691 | (878) | 522,844
Closing insurance contract assets | (153) | 5 |  | 56 | 1 | - | (11) | (102)
Closing insurance contract liabilities | 377,600 | 2,023 |  | 5,698 | 11,256 | 691 | (867) | 396,401
Closing insurance contract liabilities for account of segregated fund holders | 126,545 | - |  | - | - | - | - | 126,545
Net closing balance, December 31, 2024 | $503,992 | $2,028 |  | $5,754 | $11,257 | $691 | $(878) | $522,844

Insurance finance (income) expenses (“IFIE”) |  |  |  |  |  |
Insurance finance (income) expenses, per disclosure above |  |  |  |  |  | $3,337
Reclassification of derivative OCI to IFIE – cash flow hedges |  |  |  |  |  | (52)
Reclassification of derivative (income) loss changes to IFIE – fair value hedge |  |  |  |  |  | 3,346
Insurance finance (income) expenses, per disclosure in note 6 (f) |  |  |  |  |  | $6,631

58
Insurance contracts – Analysis by remaining coverage and incurred claims (continued)

| Liabilities for remaining coverage |  | Liabilities for incurred claims |  |
| Excluding loss component | Loss component |  | Products not under PAA | PAA Estimates of PV of future cash flows | PAA Risk adjustment for non- financial risk | Assets for insurance acquisition cash flows | Total
Opening insurance contract assets | $(659) | $- |  | $7 | $(12) | $- | $(9) | $(673)
Opening insurance contract liabilities | 336,981 | 1,328 |  | 5,857 | 10,877 | 602 | (796) | 354,849
Opening insurance contract liabilities for account of segregated fund holders | 110,216 | - |  | - | - | - | - | 110,216
Net opening balance, January 1, 2023 | 446,538 | 1,328 |  | 5,864 | 10,865 | 602 | (805) | 464,392
Insurance revenue |  |  |  |  |  |  |  |
Expected incurred claims and other insurance service expenses | (13,165) | - |  | - | - | - | - | (13,165)
Change in risk adjustment for non-financial risk expired | (1,497) | - |  | - | - | - | - | (1,497)
CSM recognized for services provided | (2,162) | - |  | - | - | - | - | (2,162)
Recovery of insurance acquisition cash flows | (853) | - |  | - | - | - | - | (853)
Contracts under PAA | (6,295) | - |  | - | - | - | - | (6,295)
| (23,972) | - |  | - | - | - | - | (23,972)
Insurance service expense |  |  |  |  |  |  |  |
Incurred claims and other insurance service expenses | - | (320) |  | 13,446 | 6,136 | 254 | - | 19,516
Losses and reversal of losses on onerous contracts (future service) | - | 90 |  | - | - | - | - | 90
Changes to liabilities for incurred claims (past service) | - | - |  | (31) | (1,605) | (242) | - | (1,878)
Amortization of insurance acquisition cash flows | 1,654 | - |  | - | - | - | - | 1,654
Net impairment of assets for insurance acquisition cash flows | - | - |  | - | - | - | - | -
| 1,654 | (230) |  | 13,415 | 4,531 | 12 | - | 19,382
Investment components and premium refunds | (19,080) | - |  | 17,148 | 1,932 | - | - | -
Insurance service result | (41,398) | (230) |  | 30,563 | 6,463 | 12 | - | (4,590)
Insurance finance (income) expenses | 24,268 | 32 |  | 15 | 848 | 11 | - | 25,174
Effects of movements in foreign exchange rates | (9,657) | (38) |  | (71) | (12) | - | 7 | (9,771)
Total changes in income and OCI | (26,787) | (236) |  | 30,507 | 7,299 | 23 | 7 | 10,813
Cash flows |  |  |  |  |  |  |  |
Premiums and premium tax received | 48,381 | - |  | - | - | - | - | 48,381
Claims and other insurance service expenses paid, including investment components | - | - |  | (30,706) | (7,719) | - | - | (38,425)
Insurance acquisition cash flows | (6,920) | - |  | - | - | - | - | (6,920)
Total cash flows | 41,461 | - |  | (30,706) | (7,719) | - | - | 3,036
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts | (152) | - |  | - | - | - | 152 | -
Acquisition cash flows incurred in the year | - | - |  | - | - | - | (174) | (174)
Movements related to insurance contract liabilities for account of segregated fund holders | 3,927 | - |  | - | - | - | - | 3,927
Net closing balance | 464,987 | 1,092 |  | 5,665 | 10,445 | 625 | (820) | 481,994
Closing insurance contract assets | (201) | - |  | 56 | - | - | - | (145)
Closing insurance contract liabilities | 351,045 | 1,092 |  | 5,609 | 10,445 | 625 | (820) | 367,996
Closing insurance contract liabilities for account of segregated fund holders | 114,143 | - |  | - | - | - | - | 114,143
Net closing balance, December 31, 2023 | $464,987 | $1,092 |  | $5,665 | $10,445 | $625 | $(820) | $481,994

Insurance finance (income) expenses |  |  |  |  |  |
Insurance finance (income) expenses, per disclosure above |  |  |  |  |  | $25,174
Reclassification of derivative OCI to IFIE – cash flow hedges |  |  |  |  |  | 3
Reclassification of derivative (income) loss changes to IFIE – fair value hedge |  |  |  |  |  | (185)
Insurance finance (income) expenses, per disclosure in note 6 (f) |  |  |  |  |  | $24,992

59 | 2024 Annual Report | Consolidated Financial Statements

Insurance contracts – Analysis by measurement components
The following tables present the movement in the net assets or liabilities for insurance contracts issued, showing estimates of the
present value of future cash flows, risk adjustment, CSM and assets for insurance acquisition cash flows for the years ended
December 31, 2024 and 2023.

|  |  | CSM |  |
| Estimates of PV of future cash flows | Risk adjustment for non-financial risk | Fair value | Other | Assets for insurance acquisition cash flows | Total
Opening GMM and VFA insurance contract assets | $(416) | $141 | $32 | $99 | $- | $(144)
Opening GMM and VFA insurance contract liabilities | 310,807 | 22,697 | 17,381 | 4,592 | (59) | 355,418
Opening PAA insurance contract net liabilities | 12,712 | 626 | - | - | (761) | 12,577
Opening insurance contract liabilities for account of segregated fund holders | 114,143 | - | - | - | - | 114,143
Net opening balance, January 1, 2024 | 437,246 | 23,464 | 17,413 | 4,691 | (820) | 481,994
CSM recognized for services provided | - | - | (2,097) | (600) | - | (2,697)
Change in risk adjustment for non-financial risk for risk expired | - | (1,430) | - | - | - | (1,430)
Experience adjustments | (532) | - | - | - | - | (532)
Changes that relate to current services | (532) | (1,430) | (2,097) | (600) | - | (4,659)
Contracts initially recognized during the year | (4,043) | 952 | 2 | 3,193 | - | 104
Changes in estimates that adjust the CSM | (459) | (1,866) | 2,388 | (63) | - | -
Changes in estimates that relate to losses and reversal of losses on onerous contracts | 770 | 7 | - | - | - | 777
Changes that relate to future services | (3,732) | (907) | 2,390 | 3,130 | - | 881
Adjustments to liabilities for incurred claims | (8) | (4) | - | - | - | (12)
Changes that relate to past services | (8) | (4) | - | - | - | (12)
Insurance service result | (4,272) | (2,341) | 293 | 2,530 | - | (3,790)
Insurance finance (income) expenses | 2,317 | (59) | 233 | 121 | - | 2,612
Effects of movements in foreign exchange rates | 21,946 | 1,866 | 1,068 | 416 | - | 25,296
Total changes in income and OCI | 19,991 | (534) | 1,594 | 3,067 | - | 24,118
Total cash flows | 3,840 | - | - | - | - | 3,840
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts | (6) | - | - | - | 6 | -
Acquisition cash flows incurred in the year | - | - | - | - | (8) | (8)
Change in PAA balance | 489 | 65 | - | - | (56) | 498
Movements related to insurance contract liabilities for account of segregated fund holders | 12,402 | - | - | - | - | 12,402
Net closing balance | 473,962 | 22,995 | 19,007 | 7,758 | (878) | 522,844
Closing GMM and VFA insurance contract assets | (490) | 144 | 100 | 148 | - | (98)
Closing GMM and VFA insurance contract liabilities | 334,706 | 22,160 | 18,907 | 7,610 | (61) | 383,322
Closing PAA insurance contract net liabilities | 13,201 | 691 | - | - | (817) | 13,075
Closing insurance contract liabilities for account of segregated fund insurance holders | 126,545 | - | - | - | - | 126,545
Net closing balance, December 31, 2024 | $473,962 | $22,995 | $19,007 | $7,758 | $(878) | $522,844

Insurance finance (income) expenses |  |  |  |  |  |
Insurance finance (income) expenses, per disclosure above |  |  |  |  |  | $2,612
Reclassification of derivative OCI to IFIE – cash flow hedges |  |  |  |  |  | (52)
Reclassification of derivative (income) loss changes to IFIE – fair value hedge |  |  |  |  |  | 3,333
PAA items: |  |  |  |  |  |
PAA IFIE per disclosure |  |  |  |  |  | 725
PAA Reclassification of derivative OCI to IFIE – cash flow hedges |  |  |  |  |  | -
PAA Reclassification of derivative (income) loss changes to IFIE – fair value hedge |  |  |  |  |  | 13
Insurance finance (income) expenses, per disclosure in note 6 (f) |  |  |  |  |  | $6,631

60
Insurance contracts – Analysis by measurement components (continued)

|  |  | CSM |  |
| Estimates of PV of future cash flows | Risk adjustment for non- financial risk | Fair value | Other | Assets for insurance acquisition cash flows | Total
Opening GMM and VFA insurance contract assets | $(1,827) | $512 | $100 | $557 | $- | $(658)
Opening GMM and VFA insurance contract liabilities | 297,967 | 25,750 | 17,105 | 2,087 | (56) | 342,853
Opening PAA insurance contract net liabilities | 12,125 | 605 | - | - | (749) | 11,981
Opening insurance contract liabilities for account of segregated fund holders | 110,216 | - | - | - | - | 110,216
Net opening balance, January 1, 2023 | 418,481 | 26,867 | 17,205 | 2,644 | (805) | 464,392
CSM recognized for services provided | - | - | (1,812) | (350) | - | (2,162)
Change in risk adjustment for non-financial risk for risk expired | - | (1,620) | - | - | - | (1,620)
Experience adjustments | 152 | - | - | - | - | 152
Changes that relate to current services | 152 | (1,620) | (1,812) | (350) | - | (3,630)
Contracts initially recognized during the year | (3,295) | 1,180 | - | 2,368 | - | 253
Changes in estimates that adjust the CSM | 1,585 | (3,859) | 2,214 | 60 | - | -
Changes in estimates that relate to losses and reversal of losses on onerous contracts | (174) | 12 | - | - | - | (162)
Changes that relate to future services | (1,884) | (2,667) | 2,214 | 2,428 | - | 91
Adjustments to liabilities for incurred claims | (28) | (4) | - | - | - | (32)
Changes that relate to past services | (28) | (4) | - | - | - | (32)
Insurance service result | (1,760) | (4,291) | 402 | 2,078 | - | (3,571)
Insurance finance (income) expenses | 22,340 | 1,646 | 244 | 76 | - | 24,306
Effects of movements in foreign exchange rates | (8,405) | (779) | (438) | (107) | - | (9,729)
Total changes in income and OCI | 12,175 | (3,424) | 208 | 2,047 | - | 11,006
Total cash flows | 2,081 | - | - | - | - | 2,081
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts | (5) | - | - | - | 5 | -
Acquisition cash flows incurred in the year | - | - | - | - | (8) | (8)
Change in PAA balance | 587 | 21 | - | - | (12) | 596
Movements related to insurance contract liabilities for account of segregated fund holders | 3,927 | - | - | - | - | 3,927
Net closing balance | 437,246 | 23,464 | 17,413 | 4,691 | (820) | 481,994
Closing GMM and VFA insurance contract assets | (416) | 141 | 32 | 99 | - | (144)
Closing GMM and VFA insurance contract liabilities | 310,807 | 22,697 | 17,381 | 4,592 | (59) | 355,418
Closing PAA insurance contract net liabilities | 12,712 | 626 | - | - | (761) | 12,577
Closing insurance contract liabilities for account of segregated fund insurance holders | 114,143 | - | - | - | - | 114,143
Net closing balance, December 31, 2023 | $437,246 | $23,464 | $17,413 | $4,691 | $(820) | $481,994

Insurance finance (income) expenses |  |  |  |  |  |
Insurance finance (income) expenses, per disclosure above |  |  |  |  |  | $24,306
Reclassification of derivative OCI to IFIE – cash flow hedges |  |  |  |  |  | 3
Reclassification of derivative (income) loss changes to IFIE – fair value hedge |  |  |  |  |  | (120)
PAA items: |  |  |  |  |  |
PAA IFIE per disclosure |  |  |  |  |  | 868
PAA Reclassification of derivative OCI to IFIE – cash flow hedges |  |  |  |  |  | -
PAA Reclassification of derivative (income) loss changes to IFIE – fair value hedge |  |  |  |  |  | (65)
Insurance finance (income) expenses, per disclosure in note 6 (f) |  |  |  |  |  | $24,992

61 | 2024 Annual Report | Consolidated Financial Statements

Reinsurance contracts held – Analysis by remaining coverage and incurred claims
The following tables present the movement in the net assets or liabilities for reinsurance contracts held, showing assets for
remaining coverage and amounts recoverable on incurred claims arising from business ceded to reinsurers for the years ended
December 31, 2024 and 2023.

| Assets (liabilities) for remaining coverage |  | Assets (liabilities) for incurred claims |
| Excluding loss recovery component | Loss recovery component |  | Products not under PAA | PAA Estimates of PV of future cash flows | PAA Risk adjustment for non-financial risk | Total
Opening reinsurance contract held assets | $35,079 | $246 |  | $7,035 | $275 | $16 | $42,651
Opening reinsurance contract held liabilities | (2,634) | 2 |  | (136) | (63) | - | (2,831)
Net opening balance, January 1, 2024 | 32,445 | 248 |  | 6,899 | 212 | 16 | 39,820
Changes in income and OCI |  |  |  |  |  |  |
Allocation of reinsurance premium paid | (7,709) | - |  | - | - | - | (7,709)
Amounts recoverable from reinsurers |  |  |  |  |  |  |
Recoveries of incurred claims and other insurance service expenses | - | (32) |  | 6,002 | 607 | 1 | 6,578
Recoveries and reversals of recoveries of losses on onerous underlying contracts | - | 372 |  | - | - | - | 372
Adjustments to assets for incurred claims | - | - |  | 11 | (14) | (7) | (10)
Insurance service result | (7,709) | 340 |  | 6,013 | 593 | (6) | (769)
Investment components and premium refunds | (1,939) | - |  | 1,939 | - | - | -
Net expenses from reinsurance contracts | (9,648) | 340 |  | 7,952 | 593 | (6) | (769)
Net finance (income) expenses from reinsurance contracts | (1,859) | 12 |  | 4 | 3 | 4 | (1,836)
Effect of changes in non-performance risk of reinsurers | (58) | - |  | - | - | - | (58)
Effects of movements in foreign exchange rates | 4,021 | 36 |  | 575 | - | - | 4,632
Contracts measured under PAA | - | - |  | - | - | - | -
Total changes in income and OCI | (7,544) | 388 |  | 8,531 | 596 | (2) | 1,969
Cash flows |  |  |  |  |  |  |
Premiums paid(1) | 23,130 | - |  | - | - | - | 23,130
Amounts received | - | - |  | (7,991) | (582) | - | (8,573)
Total cash flows | 23,130 | - |  | (7,991) | (582) | - | 14,557
Net closing balance | 48,031 | 636 |  | 7,439 | 226 | 14 | 56,346
Closing reinsurance contract held assets | 50,723 | 631 |  | 7,395 | 252 | 14 | 59,015
Closing reinsurance contract held liabilities | (2,692) | 5 |  | 44 | (26) | - | (2,669)
Net closing balance, December 31, 2024 | $48,031 | $636 |  | $7,439 | $226 | $14 | $56,346

(1)The Company recorded $18.6 billion (2023 – $nil) r einsurance contract held assets from reinsurance transactions which closed during the year. Refer to note 6 (m).
62

| Assets (liabilities) for remaining coverage |  | Assets (liabilities) for incurred claims |
| Excluding loss recovery component | Loss recovery component |  | Products not under PAA | PAA Estimates of PV of future cash flows | PAA Risk adjustment for non-financial risk | Total
Opening reinsurance contract held assets | $37,853 | $209 |  | $7,521 | $280 | $8 | $45,871
Opening reinsurance contract held liabilities | (2,196) | 4 |  | (137) | (62) | - | (2,391)
Net opening balance, January 1, 2023 | 35,657 | 213 |  | 7,384 | 218 | 8 | 43,480
Changes in income and OCI |  |  |  |  |  |  |
Allocation of reinsurance premium paid | (6,430) | - |  | - | - | - | (6,430)
Amounts recoverable from reinsurers |  |  |  |  |  |  |
Recoveries of incurred claims and other insurance service expenses | - | (45) |  | 5,228 | 568 | - | 5,751
Recoveries and reversals of recoveries of losses on onerous underlying contracts | - | 77 |  | - | - | - | 77
Adjustments to assets for incurred claims | - | - |  | 5 | (24) | 8 | (11)
Insurance service result | (6,430) | 32 |  | 5,233 | 544 | 8 | (613)
Investment components and premium refunds | (1,519) | - |  | 1,519 | - | - | -
Net expenses from reinsurance contracts | (7,949) | 32 |  | 6,752 | 544 | 8 | (613)
Net finance (income) expenses from reinsurance contracts | 719 | 8 |  | (97) | 9 | - | 639
Effect of changes in non-performance risk of reinsurers | (14) | - |  | - | - | - | (14)
Effects of movements in foreign exchange rates | (924) | (5) |  | (169) | - | - | (1,098)
Contracts measured under PAA | - | - |  | - | - | - | -
Total changes in income and OCI | (8,168) | 35 |  | 6,486 | 553 | 8 | (1,086)
Cash flows |  |  |  |  |  |  |
Premiums paid | 4,956 | - |  | - | - | - | 4,956
Amounts received | - | - |  | (6,971) | (559) | - | (7,530)
Total cash flows | 4,956 | - |  | (6,971) | (559) | - | (2,574)
Net closing balance | 32,445 | 248 |  | 6,899 | 212 | 16 | 39,820
Closing reinsurance contract held assets | 35,079 | 246 |  | 7,035 | 275 | 16 | 42,651
Closing reinsurance contract held liabilities | (2,634) | 2 |  | (136) | (63) | - | (2,831)
Net closing balance, December 31, 2023 | $32,445 | $248 |  | $6,899 | $212 | $16 | $39,820

63 | 2024 Annual Report | Consolidated Financial Statements

Reinsurance contracts held – Analysis by measurement components
The following tables present the movement in the net assets or liabilities for reinsurance contracts held, showing estimates of the
present value of future cash flows, risk adjustment and CSM for the years ended December 31, 2024 and 2023.

|  |  | CSM |
| Estimates of PV of future cash flows | Risk adjustment for non-financial risk | Fair value | Other | Total
Opening reinsurance contract held assets | $38,156 | $3,685 | $565 | $(51) | $42,355
Opening reinsurance contract held liabilities | (4,384) | 1,305 | 116 | 173 | (2,790)
Opening PAA reinsurance contract net assets | 239 | 16 | - | - | 255
Net opening balance, January 1, 2024 | 34,011 | 5,006 | 681 | 122 | 39,820
CSM recognized for services received | - | - | (62) | (259) | (321)
Change in risk adjustment for non-financial risk for risk expired | - | (536) | - | - | (536)
Experience adjustments | (265) | - | - | - | (265)
Changes that relate to current services | (265) | (536) | (62) | (259) | (1,122)
Contracts initially recognized during the year | (1,826) | 1,261 | 2 | 620 | 57
Changes in recoveries of losses on onerous underlying contracts that adjust the CSM | - | - | 110 | 32 | 142
Changes in estimates that adjust the CSM | (1,577) | (290) | 1,657 | 210 | -
Changes in estimates that relate to losses and reversal of losses on onerous contracts | 171 | 1 | - | - | 172
Changes that relate to future services | (3,232) | 972 | 1,769 | 862 | 371
Adjustments to liabilities for incurred claims | 11 | - | - | - | 11
Changes that relate to past services | 11 | - | - | - | 11
Insurance service result | (3,486) | 436 | 1,707 | 603 | (740)
Insurance finance (income) expenses from reinsurance contracts | (1,858) | (62) | 16 | 62 | (1,842)
Effects of changes in non-performance risk of reinsurers | (58) | - | - | - | (58)
Effects of movements in foreign exchange rates | 4,069 | 411 | 103 | 47 | 4,630
Total changes in income and OCI | (1,333) | 785 | 1,826 | 712 | 1,990
Total cash flows | 14,528 | - | - | - | 14,528
Change in PAA balance | 10 | (2) | - | - | 8
Net closing balance | 47,216 | 5,789 | 2,507 | 834 | 56,346
Closing reinsurance contract held assets | 50,275 | 5,442 | 2,619 | 389 | 58,725
Closing reinsurance contract held liabilities | (3,308) | 333 | (112) | 445 | (2,642)
Closing PAA reinsurance contract net assets | 249 | 14 | - | - | 263
Net closing balance, December 31, 2024 | $47,216 | $5,789 | $2,507 | $834 | $56,346

64

|  |  | CSM |
| Estimates of PV of future cash flows | Risk adjustment for non-financial risk | Fair value | Other | Total
Opening reinsurance contract held assets | $39,656 | $4,049 | $1,774 | $99 | $45,578
Opening reinsurance contract held liabilities | (3,919) | 1,574 | (39) | 38 | (2,346)
Opening PAA reinsurance contract net assets | 240 | 8 | - | - | 248
Net opening balance, January 1, 2023 | 35,977 | 5,631 | 1,735 | 137 | 43,480
CSM recognized for services received | - | - | (217) | 53 | (164)
Change in risk adjustment for non-financial risk for risk expired | - | (478) | - | - | (478)
Experience adjustments | (19) | - | - | - | (19)
Changes that relate to current services | (19) | (478) | (217) | 53 | (661)
Contracts initially recognized during the year | (64) | 399 | - | (263) | 72
Changes in recoveries of losses on onerous underlying contracts that adjust the CSM | - | - | (36) | 17 | (19)
Changes in estimates that adjust the CSM | 1,433 | (821) | (821) | 209 | -
Changes in estimates that relate to losses and reversal of losses on onerous contracts | 43 | (20) | - | - | 23
Changes that relate to future services | 1,412 | (442) | (857) | (37) | 76
Adjustments to liabilities for incurred claims | 5 | - | - | - | 5
Changes that relate to past services | 5 | - | - | - | 5
Insurance service result | 1,398 | (920) | (1,074) | 16 | (580)
Insurance finance (income) expenses from reinsurance contracts | 173 | 447 | 41 | (31) | 630
Effects of changes in non-performance risk of reinsurers | (14) | - | - | - | (14)
Effects of movements in foreign exchange rates | (916) | (160) | (21) | - | (1,097)
Total changes in income and OCI | 641 | (633) | (1,054) | (15) | (1,061)
Total cash flows | (2,606) | - | - | - | (2,606)
Change in PAA balance | (1) | 8 | - | - | 7
Net closing balance | 34,011 | 5,006 | 681 | 122 | 39,820
Closing reinsurance contract held assets | 38,156 | 3,685 | 565 | (51) | 42,355
Closing reinsurance contract held liabilities | (4,384) | 1,305 | 116 | 173 | (2,790)
Closing PAA reinsurance contract net assets | 239 | 16 | - | - | 255
Net closing balance, December 31, 2023 | $34,011 | $5,006 | $681 | $122 | $39,820

65 | 2024 Annual Report | Consolidated Financial Statements

(II) Segment
Carrying balance by measurement components
The following tables present the carrying balances of net assets or liabilities for insurance contracts issued and reinsurance
contracts held by measurement components, by reporting segment for the years ended December 31, 2024 and 2023.
Insurance contracts issued

| Excluding contracts applying the PAA | Contracts applying the PAA | CSM |  |
As at December 31, 2024 | Estimates of PV of future cash flows | Risk adjustment for non-financial risk | Estimates of PV of future cash flows | Risk adjustment for non-financial risk | Fair value | Other | Assets for insurance acquisition cash flows | Total insurance contract liabilities (assets)
Asia | $153,801 | $7,630 | $1,497 | $3 | $11,338 | $6,267 | $(290) | $180,246
Canada | 100,296 | 3,350 | 11,452 | 688 | 3,986 | 753 | (588) | 119,937
U.S. | 207,665 | 11,337 | - | - | 3,823 | 738 | - | 223,563
Corporate and Other | (1,001) | (14) | 252 | - | (140) | - | - | (903)
| $460,761 | $22,303 | $13,201 | $691 | $19,007 | $7,758 | $(878) | $522,843

| Excluding contracts applying the PAA | Contracts applying the PAA | CSM |  |
As at December 31, 2023 | Estimates of PV of future cash flows | Risk adjustment for non-financial risk | Estimates of PV of future cash flows | Risk adjustment for non-financial risk | Fair value | Other | Assets for insurance acquisition cash flows | Total insurance contract liabilities (assets)
Asia | $132,135 | $6,764 | $1,242 | $5 | $10,431 | $3,740 | $(271) | $154,046
Canada | 96,455 | 3,649 | 11,153 | 621 | 3,851 | 492 | (549) | 115,672
U.S. | 196,921 | 12,438 | - | - | 3,243 | 459 | - | 213,061
Corporate and Other | (977) | (13) | 317 | - | (112) | - | - | (785)
| $424,534 | $22,838 | $12,712 | $626 | $17,413 | $4,691 | $(820) | $481,994

Reinsurance contracts held

| Excluding contracts applying the PAA | Contracts applying the PAA | CSM |
As at December 31, 2024 | Estimates of PV of future cash flows | Risk adjustment for non-financial risk | Estimates of PV of future cash flows | Risk adjustment for non-financial risk | Fair value | Other | Total reinsurance contract liabilities (assets)
Asia | $4,462 | $1,580 | $- | $- | $627 | $141 | $6,810
Canada | 4,308 | 1,561 | 248 | 13 | 426 | 203 | 6,759
U.S. | 38,295 | 2,641 | - | 1 | 1,603 | 490 | 43,030
Corporate and Other | (98) | (7) | 1 | - | (149) | - | (253)
| $46,967 | $5,775 | $249 | $14 | $2,507 | $834 | $56,346

| Excluding contracts applying the PAA | Contracts applying the PAA | CSM |
As at December 31, 2023 | Estimates of PV of future cash flows | Risk adjustment for non-financial risk | Estimates of PV of future cash flows | Risk adjustment for non-financial risk | Fair value | Other | Total reinsurance contract liabilities (assets)
Asia | $(351) | $1,326 | $(37) | $- | $623 | $70 | $1,631
Canada | (1,238) | 1,674 | 275 | 16 | 338 | (56) | 1,009
U.S. | 35,461 | 1,997 | - | - | (143) | 108 | 37,423
Corporate and Other | (100) | (7) | 1 | - | (137) | - | (243)
| $33,772 | $4,990 | $239 | $16 | $681 | $122 | $39,820

66
(c)Insurance revenue by transition method
The following tables provide information as a supplement to the insurance revenue disclosures in note 6 (b).

For the year ended December 31, 2024 | Asia | Canada | U.S. | Other | Total
Contracts under the fair value method | $2,629 | $3,322 | $10,975 | $(14) | $16,912
Contracts under the full retrospective method | 489 | 62 | 141 | - | 692
Other contracts | 2,691 | 5,912 | 287 | 98 | 8,988
Total | $5,809 | $9,296 | $11,403 | $84 | $26,592

For the year ended December 31, 2023 | Asia | Canada | U.S. | Other | Total
Contracts under the fair value method | $2,499 | $3,288 | $10,123 | $(18) | $15,892
Contracts under the full retrospective method | 531 | 48 | 152 | - | 731
Other contracts | 2,026 | 5,283 | (81) | 121 | 7,349
Total | $5,056 | $8,619 | $10,194 | $103 | $23,972

(d)Effect of new business recognized in the year
The following tables present components of new business for insurance contracts issued for the years presented.

| Asia | Canada | U.S. | Total
As at December 31, 2024 | Non- Onerous | Onerous | Non- Onerous | Onerous | Non- Onerous | Onerous | Non- Onerous | Onerous
New business insurance contracts |  |  |  |  |  |  |  |
Estimates of present value of cash outflows | $26,508 | $1,019 | $5,386 | $193 | $3,439 | $958 | $35,333 | $2,170
Insurance acquisition cash flows | 4,764 | 147 | 860 | 40 | 802 | 211 | 6,426 | 398
Claims and other insurance service expenses payable | 21,744 | 872 | 4,526 | 153 | 2,637 | 747 | 28,907 | 1,772
Estimates of present value of cash inflows | (29,664) | (1,002) | (5,876) | (203) | (3,841) | (960) | (39,381) | (2,165)
Risk adjustment for non-financial risk | 600 | 27 | 117 | 26 | 136 | 46 | 853 | 99
Contractual service margin | 2,556 | - | 373 | - | 266 | - | 3,195 | -
Amount included in insurance contract liabilities for the year | $- | $44 | $- | $16 | $- | $44 | $- | $104

| Asia | Canada | U.S. | Total
As at December 31, 2023 | Non- Onerous | Onerous | Non- Onerous | Onerous | Non- Onerous | Onerous | Non- Onerous | Onerous
New business insurance contracts |  |  |  |  |  |  |  |
Estimates of present value of cash outflows | $16,209 | $2,399 | $3,478 | $271 | $2,524 | $1,126 | $22,211 | $3,796
Insurance acquisition cash flows | 3,011 | 322 | 608 | 68 | 676 | 233 | 4,295 | 623
Claims and other insurance service expenses payable | 13,198 | 2,077 | 2,870 | 203 | 1,848 | 893 | 17,916 | 3,173
Estimates of present value of cash inflows | (18,765) | (2,330) | (3,823) | (286) | (2,953) | (1,145) | (25,541) | (3,761)
Risk adjustment for non-financial risk | 679 | 89 | 115 | 41 | 168 | 88 | 962 | 218
Contractual service margin | 1,877 | - | 230 | - | 261 | - | 2,368 | -
Amount included in insurance contract liabilities for the year | $- | $158 | $- | $26 | $- | $69 | $- | $253

The following tables present components of new business for reinsurance contracts held portfolios for the years presented.

As at December 31, 2024 | Asia | Canada | U.S. | Total
New business reinsurance contracts |  |  |  |
Estimates of present value of cash outflows | $(7,144) | $(6,153) | $(7,519) | $(20,816)
Estimates of present value of cash inflows | 6,950 | 5,876 | 6,164 | 18,990
Risk adjustment for non-financial risk | 189 | 68 | 1,004 | 1,261
Contractual service margin | 21 | 217 | 384 | 622
Amount included in reinsurance assets for the year | $16 | $8 | $33 | $57

As at December 31, 2023 | Asia | Canada | U.S. | Total
New business reinsurance contracts |  |  |  |
Estimates of present value of cash outflows | $(916) | $(331) | $(750) | $(1,997)
Estimates of present value of cash inflows | 815 | 319 | 799 | 1,933
Risk adjustment for non-financial risk | 170 | 76 | 153 | 399
Contractual service margin | (57) | (51) | (155) | (263)
Amount included in reinsurance assets for the year | $12 | $13 | $47 | $72

67 | 2024 Annual Report | Consolidated Financial Statements

(e)Expected recognition of contractual service margin
The following tables present expectations for the timing of recognition of CSM in income in future years.

As at December 31, 2024 | Less than 1 year | 1 to 5 years | 5 to 10 years | 10 to 20 years | More than 20 years | Total
Canada |  |  |  |  |  |
Insurance contracts issued | $426 | $1,347 | $1,116 | $1,173 | $677 | $4,739
Reinsurance contracts held | (53) | (150) | (126) | (144) | (156) | (629)
| 373 | 1,197 | 990 | 1,029 | 521 | 4,110
U.S. |  |  |  |  |  |
Insurance contracts issued | 474 | 1,510 | 1,194 | 1,023 | 360 | 4,561
Reinsurance contracts held | (278) | (835) | (569) | (381) | (30) | (2,093)
| 196 | 675 | 625 | 642 | 330 | 2,468
Asia |  |  |  |  |  |
Insurance contracts issued | 1,527 | 5,006 | 2,861 | 2,815 | 5,396 | 17,605
Reinsurance contracts held | (72) | (295) | (194) | (58) | (149) | (768)
| 1,455 | 4,711 | 2,667 | 2,757 | 5,247 | 16,837
Corporate |  |  |  |  |  |
Insurance contracts issued | (10) | (36) | (35) | (42) | (17) | (140)
Reinsurance contracts held | 13 | 67 | 59 | 11 | (1) | 149
| 3 | 31 | 24 | (31) | (18) | 9
Total | $2,027 | $6,614 | $4,306 | $4,397 | $6,080 | $23,424

As at December 31, 2023 | Less than 1 year | 1 to 5 years | 5 to 10 years | 10 to 20 years | More than 20 years | Total
Canada |  |  |  |  |  |
Insurance contracts issued | $379 | $1,213 | $1,016 | $1,084 | $651 | $4,343
Reinsurance contracts held | (36) | (83) | (52) | (46) | (65) | (282)
| 343 | 1,130 | 964 | 1,038 | 586 | 4,061
U.S. |  |  |  |  |  |
Insurance contracts issued | 388 | 1,235 | 968 | 823 | 288 | 3,702
Reinsurance contracts held | (50) | (139) | (35) | 90 | 169 | 35
| 338 | 1,096 | 933 | 913 | 457 | 3,737
Asia |  |  |  |  |  |
Insurance contracts issued | 1,273 | 4,066 | 3,320 | 3,308 | 2,204 | 14,171
Reinsurance contracts held | (44) | (202) | (173) | (105) | (169) | (693)
| 1,229 | 3,864 | 3,147 | 3,203 | 2,035 | 13,478
Corporate |  |  |  |  |  |
Insurance contracts issued | (8) | (28) | (28) | (34) | (14) | (112)
Reinsurance contracts held | 10 | 51 | 53 | 19 | 4 | 137
| 2 | 23 | 25 | (15) | (10) | 25
Total | $1,912 | $6,113 | $5,069 | $5,139 | $3,068 | $21,301

68
(f)Investment income and insurance finance income and expenses

For the year ended December 31, 2024 | Insurance contracts | Non- insurance(1) | Total
Investment return |  |  |
Investment-related income | $14,214 | $3,268 | $17,482
Net gains (losses) on financial assets at FVTPL | 1,788 | 63 | 1,851
Unrealized gains (losses) on FVOCI assets | 5,590 | (6,803) | (1,213)
Impairment and recovery (loss) on financial assets | 137 | (28) | 109
Investment expenses | (644) | (704) | (1,348)
Interest on required surplus | 672 | (672) | -
Total investment return | 21,757 | (4,876) | 16,881
Portion recognized in income (expenses) | 16,489 | 2,622 | 19,111
Portion recognized in OCI | 5,268 | (7,498) | (2,230)
Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates |  |  |
Interest accreted to insurance contracts | (10,283) | 26 | (10,257)
Due to changes in interest rates and other financial assumptions | 10,199 | (67) | 10,132
Changes in fair value of underlying items of direct participation contracts | (5,231) | - | (5,231)
Effects of risk mitigation option | 1,755 | - | 1,755
Net foreign exchange income (expenses) | (2) | - | (2)
Hedge accounting offset from insurance contracts issued | (128) | - | (128)
Reclassification of derivative OCI to IFIE – cash flow hedges | 52 | - | 52
Reclassification of derivative income (loss) changes to IFIE – fair value hedge | (3,346) | - | (3,346)
Other | 394 | - | 394
Total insurance finance income (expenses) from insurance contracts issued | (6,590) | (41) | (6,631)
Effect of movements in foreign exchange rates | (1,417) | - | (1,417)
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates | (8,007) | (41) | (8,048)
Portion recognized in income (expenses), including effects of exchange rates | (16,252) | 33 | (16,219)
Portion recognized in OCI, including effects of exchange rates | 8,245 | (74) | 8,171
Reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates |  |  |
Interest accreted to insurance contracts | 2,135 | - | 2,135
Due to changes in interest rates and other financial assumptions | (3,886) | 4 | (3,882)
Changes in risk of non-performance of reinsurers | (57) | - | (57)
Other | (88) | - | (88)
Total reinsurance finance income (expenses) from reinsurance contracts held | (1,896) | 4 | (1,892)
Effect of movements in foreign exchange rates | 243 | - | 243
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates | (1,653) | 4 | (1,649)
Portion recognized in income (expenses), including effects of foreign exchange rates | 1,133 | - | 1,133
Portion recognized in OCI, including effects of exchange rates | (2,786) | 4 | (2,782)
Decrease (increase) in investment contract liabilities | (6) | (498) | (504)
Total net investment income (loss), insurance finance income (expenses) and reinsurance finance income (expenses) | 12,091 | (5,411) | 6,680
Amounts recognized in income (expenses) | 1,364 | 2,157 | 3,521
Amounts recognized in OCI | 10,727 | (7,568) | 3,159

(1) Non-insurance includes consolidations and eliminations of transactions between operating segments.

69 | 2024 Annual Report | Consolidated Financial Statements

For the year ended December 31, 2023 | Insurance contracts | Non- insurance(1) | Total
Investment return |  |  |
Investment-related income | $13,036 | $3,079 | $16,115
Net gains (losses) on financial assets at FVTPL | 2,176 | 506 | 2,682
Unrealized gains (losses) on FVOCI assets | 11,212 | 1,018 | 12,230
Impairment and recovery (loss) on financial assets | (247) | (57) | (304)
Investment expenses | (540) | (757) | (1,297)
Interest on required surplus | 521 | (521) | -
Total investment return | 26,158 | 3,268 | 29,426
Portion recognized in income (expenses) | 15,830 | 2,191 | 18,021
Portion recognized in OCI | 10,328 | 1,077 | 11,405
Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates |  |  |
Interest accreted to insurance contracts | (8,214) | 28 | (8,186)
Due to changes in interest rates and other financial assumptions | (11,008) | 21 | (10,987)
Changes in fair value of underlying items of direct participation contracts | (7,384) | - | (7,384)
Effects of risk mitigation option | 1,267 | - | 1,267
Net foreign exchange income (expenses) | (80) | - | (80)
Hedge accounting offset from insurance contracts issued | (41) | - | (41)
Reclassification of derivative OCI to IFIE – cash flow hedges | (3) | - | (3)
Reclassification of derivative income (loss) changes to IFIE – fair value hedge | 185 | - | 185
Other | 237 | - | 237
Total insurance finance income (expenses) from insurance contracts issued | (25,041) | 49 | (24,992)
Effect of movements in foreign exchange rates | (952) | - | (952)
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates | (25,993) | 49 | (25,944)
Portion recognized in income (expenses), including effects of exchange rates | (13,930) | 36 | (13,894)
Portion recognized in OCI, including effects of exchange rates | (12,063) | 13 | (12,050)
Reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates |  |  |
Interest accreted to insurance contracts | 241 | (12) | 229
Due to changes in interest rates and other financial assumptions | 598 | (28) | 570
Changes in risk of non-performance of reinsurers | (15) | - | (15)
Other | (159) | - | (159)
Total reinsurance finance income (expenses) from reinsurance contracts held | 665 | (40) | 625
Effect of movements in foreign exchange rates | (120) | - | (120)
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates | 545 | (40) | 505
Portion recognized in income (expenses), including effects of foreign exchange rates | (719) | (15) | (734)
Portion recognized in OCI, including effects of exchange rates | 1,264 | (25) | 1,239
Decrease (increase) in investment contract liabilities | (17) | (418) | (435)
Total net investment income (loss), insurance finance income (expenses) and reinsurance finance income (expenses) | 693 | 2,859 | 3,552
Amounts recognized in income (expenses) | 1,164 | 1,794 | 2,958
Amounts recognized in OCI | (471) | 1,065 | 594

(1)Non-insurance includes consolidations and eliminations of transactions between operating segments.
70
The following tables present Investment income and insurance finance income and expenses recognized in income or expenses
or other comprehensive income, by reporting segments for the years ended December 31, 2024 and December 31, 2023.

| Insurance and reinsurance contracts |  |
For the year ended December 31, 2024 | Asia | Canada | U.S. | Corporate | Non- insurance(1) | Total
Total investment return |  |  |  |  |  |
Portion recognized in income (expenses) | $7,994 | $3,529 | $4,943 | $23 | $2,622 | $19,111
Portion recognized in OCI | 801 | 5,876 | (1,411) | 2 | (7,498) | (2,230)
| 8,795 | 9,405 | 3,532 | 25 | (4,876) | 16,881
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates |  |  |  |  |  |
Portion recognized in income (expenses), including effects of exchange rates | (7,334) | (3,650) | (5,278) | 10 | 33 | (16,219)
Portion recognized in OCI, including effects of exchange rates | (977) | 473 | 8,749 | - | (74) | 8,171
| (8,311) | (3,177) | 3,471 | 10 | (41) | (8,048)
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates |  |  |  |  |  |
Portion recognized in income (expenses), including effects of foreign exchange rates | 604 | 347 | 185 | (3) | - | 1,133
Portion recognized in OCI, including effects of exchange rates | (168) | 59 | (2,677) | - | 4 | (2,782)
| 436 | 406 | (2,492) | (3) | 4 | (1,649)

(1)Non-insurance includes consolidations and eliminations of transactions between operating segments.

| Insurance and reinsurance contracts |  |
For the year ended December 31, 2023 | Asia | Canada | U.S. | Corporate | Non- insurance(1) | Total
Total investment return |  |  |  |  |  |
Portion recognized in income (expenses) | $7,095 | $3,514 | $5,193 | $28 | $2,191 | $18,021
Portion recognized in OCI | 4,675 | 2,454 | 3,197 | 2 | 1,077 | 11,405
| 11,770 | 5,968 | 8,390 | 30 | 3,268 | 29,426
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates |  |  |  |  |  |
Portion recognized in income (expenses), including effects of exchange rates | (6,436) | (3,315) | (4,868) | 689 | 36 | (13,894)
Portion recognized in OCI, including effects of exchange rates | (4,601) | (2,394) | (5,068) | - | 13 | (12,050)
| (11,037) | (5,709) | (9,936) | 689 | 49 | (25,944)
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates |  |  |  |  |  |
Portion recognized in income (expenses), including effects of foreign exchange rates | (105) | 57 | 11 | (682) | (15) | (734)
Portion recognized in OCI, including effects of exchange rates | 117 | 33 | 1,114 | - | (25) | 1,239
| 12 | 90 | 1,125 | (682) | (40) | 505

(1)Non-insurance includes consolidations and eliminations of transactions between operating segments.
(g)Significant judgements and estimates
(I)Fulfilment cash flows
Fulfilment cash flows have three major components:
•Estimate of future cash flows
•An adjustment to reflect the time value of money and the financial risk related to future cash flows if not included in the
estimate of future cash flows
•A risk adjustment for non-financial risk
The determination of insurance fulfilment cash flows involves the use of estimates and assumptions. A comprehensive review of
valuation assumptions and methods is performed annually. The review reduces the Company’s exposure to uncertainty by
ensuring assumptions for liability risks remain appropriate. This is accomplished by monitoring experience and updating
assumptions which represent a best estimate of expected future experience and margins that are appropriate for the risks
assumed. While the assumptions selected represent the Company’s current best estimates and assessment of risk, the ongoing
monitoring of experience and the changes in the economic environment are likely to result in future changes to the actuarial
assumptions, which could materially impact the insurance contract liabilities.

71 | 2024 Annual Report | Consolidated Financial Statements

Method used to measure insurance and reinsurance contract fulfilment cash flows
The Company primarily uses deterministic projections using best estimate assumptions to determine the present value of future
cash flows. For product features such as universal life minimum crediting rates guarantees, participating life zero dividend floor
implicit guarantees and variable annuities guarantees, the Company developed a stochastic approach to capture the asymmetry
of the risk.
Determination of assumptions used
For the deterministic projections, assumptions are made with respect to mortality, morbidity, rates of policy termination, operating
expenses and certain taxes. Actual experience is monitored to ensure that assumptions remain appropriate and assumptions are
changed as warranted. Assumptions are discussed in more detail in the following table.

Nature of factors and assumption methodology | Risk management

Mortality
Mortality relates to the occurrence of death. Mortality
is a key assumption for life insurance and certain
forms of annuities. Mortality assumptions are based
on the Company’s internal experience as well as past
and emerging industry experience. Assumptions are
differentiated by sex, underwriting class, policy type
and geographic market. Assumptions are made for
future mortality improvements.
The Company maintains underwriting standards to
determine the insurability of applicants. Claim trends are
monitored on an ongoing basis. Exposure to large claims is
managed by establishing policy retention limits, which vary
by market and geographic location. Policies in excess of
the limits are reinsured with other companies. Mortality is
monitored monthly, and the overall 2024 experience was
favourable (2023 – favourable) when compared to the
Company’s assumptions.
Morbidity relates to the occurrence of accidents and
sickness for insured risks. Morbidity is a key
assumption for long-term care insurance, disability
insurance, critical illness and other forms of individual
and group health benefits. Morbidity assumptions are
based on the Company’s internal experience as well as
past and emerging industry experience and are
established for each type of morbidity risk and
geographic market. Assumptions are made for future
morbidity improvements.
The Company maintains underwriting standards to
determine the insurability of applicants. Claim trends are
monitored on an ongoing basis. Exposure to large claims is
managed by establishing policy retention limits, which vary
by market and geographic location. Policies in excess of
the limits are reinsured with other companies. Morbidity is
also monitored monthly and the overall 2024 experience
was favourable (2023 – favourable) when compared to the
Company’s assumptions.
Policies are terminated through lapses and surrenders,
where lapses represent the termination of policies due
to non-payment of premiums and surrenders represent
the voluntary termination of policies by policyholders.
Premium persistency represents the level of ongoing
deposits on contracts where there is policyholder
discretion as to the amount and timing of deposits.
Policy termination and premium persistency
assumptions are primarily based on the Company’s
recent experience adjusted for expected future
conditions. Assumptions reflect differences by type of
contract within each geographic market.
The Company seeks to design products that minimize
financial exposure to lapse, surrender and premium
persistency risk. The Company monitors lapse, surrender
and persistency experience. In aggregate, 2024
policyholder termination and premium persistency
experience was unfavourable (2023 – unfavourable) when
compared to the Company’s assumptions used in the
computation of actuarial liabilities.
Directly attributable operating expense assumptions
reflect the projected costs of maintaining and servicing
in-force policies, including associated directly
attributable overhead expenses. The directly
attributable expenses are derived from internal cost
studies projected into the future with an allowance for
inflation. For some developing businesses, there is an
expectation that unit costs will decline as these
businesses grow.
Directly attributable acquisitions expenses are derived
from internal cost studies.
The Company prices its products to cover the expected
costs of servicing and maintaining them. In addition, the
Company monitors expenses monthly, including
comparisons of actual expenses to expense levels allowed
for in pricing and valuation. Maintenance expenses for
2024 were unfavourable (2023 – unfavourable) when
compared to the Company’s assumptions used in the
computation of actuarial liabilities.
Morbidity
Policy
termination
and
premium
persistency
Directly
attributable
expenses
72

Nature of factors and assumption methodology | Risk management

The best estimate projections for policyholder dividends
and experience rating refunds, and other adjustable
elements of policy benefits are determined to be
consistent with management’s expectation of how these
elements will be managed should experience emerge
consistently with the best estimate assumptions.
Taxes reflect assumptions for future premium taxes and
other non-income related taxes.
The Company prices its products to cover the expected
cost of taxes.
The Company monitors policy experience and adjusts
policy benefits and other adjustable elements to reflect this
experience. Policyholder dividends are reviewed annually
for all businesses under a framework of Board-approved
policyholder dividend policies.
Tax
Policyholder
dividends,
experience
rating
refunds, and
other
adjustable
policy
elements
The Company reviews actuarial methods and assumptions on an annual basis. If changes are made to non-economic
assumptions, the impact based on locked-in economic assumptions would adjust the contractual service margin for general
model and VFA contracts if there is any remaining contractual service margin for the group of policies where the change was
made. This amount would then be recognized in income over the period of service provided. Changes could also impact net
income and other comprehensive income to the extent that the contractual service margin has been depleted, or discount rates
are different than the locked-in rates used to quantify changes to the contractual service margin.
(II)Determination of discretionary changes
The terms of some contracts measured under the GMM give the Company discretion over the cash flows to be paid to the
policyholders, either in timing or amount. Changes in discretionary cash flows are regarded as relating to future service and
accordingly adjust the CSM. The Company determines how to identify a change in discretionary cash flows by specifying the
basis on which it expects to determine its commitment under the contract; for example, based on a fixed interest rate or on
returns that vary based on specified asset returns. This determination is specified at the inception of the contract.
(III)Discount rates
Insurance contract cash flows for non-participating business are discounted using risk-free yield curves adjusted by an illiquidity
premium to reflect the liquidity characteristics of the liabilities. Cash flows that vary based on returns of underlying items are
adjusted to reflect their variability under these adjusted yield curves. Each yield curve is interpolated between the spot rate at the
last observable market data point and an ultimate spot rate, which reflects the long-term real interest rate plus inflation
expectations.
For participating business, insurance contract cash flows that vary based on the return of underlying items are discounted at
rates reflecting that variability.
For insurance contracts with cash flows that vary with the return of underlying items and where the present value is measured by
stochastic modelling, cash flows are both projected and discounted at scenario specific rates, calibrated on average to be the
risk-free yield curves adjusted for liquidity.
The spot rates used for discounting liability cash flows are presented in the following tables and include illiquidity premiums
determined with reference to net asset spreads indicative of the liquidity characteristics of the liabilities by geography.

|  |  |  |  | December 31, 2024
| Currency | Liquidity category | Observable years | Ultimate year | 1 year | 5 years | 10 years | 20 years | 30 years | Ultimate
Canada | CAD | Illiquid | 30 | 70 | 3.46% | 3.93% | 4.86% | 5.00% | 5.32% | 4.40%
|  | Somewhat liquid (1) | 30 | 70 | 3.44% | 3.89% | 4.76% | 4.98% | 5.21% | 4.40%
U.S. | USD | Illiquid | 30 | 70 | 4.48% | 5.05% | 6.01% | 6.33% | 6.15% | 5.15%
|  | Somewhat liquid (1) | 30 | 70 | 4.56% | 5.09% | 5.91% | 6.33% | 6.14% | 5.03%
Japan | JPY | Somewhat liquid (1) | 30 | 70 | 0.82% | 1.17% | 1.55% | 2.33% | 2.97% | 1.60%
Hong Kong | HKD | Illiquid | 15 | 55 | 3.73% | 4.36% | 5.23% | 4.70% | 4.17% | 3.70%

|  |  |  |  | December 31, 2023
| Currency | Liquidity category | Observable years | Ultimate year | 1 year | 5 years | 10 years | 20 years | 30 years | Ultimate
Canada | CAD | Illiquid | 30 | 70 | 5.17% | 4.33% | 4.92% | 4.86% | 4.80% | 4.40%
|  | Somewhat liquid (1) | 30 | 70 | 5.14% | 4.22% | 4.69% | 4.72% | 4.69% | 4.40%
U.S. | USD | Illiquid | 30 | 70 | 5.38% | 4.54% | 5.37% | 5.65% | 5.27% | 5.00%
|  | Somewhat liquid (1) | 30 | 70 | 5.32% | 4.57% | 5.25% | 5.56% | 5.18% | 4.88%
Japan | JPY | Somewhat liquid (1) | 30 | 70 | 0.53% | 0.77% | 1.08% | 1.75% | 2.24% | 1.60%
Hong Kong | HKD | Illiquid | 15 | 55 | 4.20% | 4.01% | 4.98% | 4.61% | 4.19% | 3.80%

(1)Somewhat liquid refers to liquidity level that is between liquid and illiquid. It is higher liquidity than illiquid and lower liquidity than liquid.

73 | 2024 Annual Report | Consolidated Financial Statements

Amounts presented in income for policies where changes in assumptions that relate to financial risk do not have a substantial
impact on amounts paid to policyholders reflect discount rates locked in beginning with the adoption of IFRS 17 or locked in at
issue for later insurance contracts. These policies include term insurance, guaranteed whole life insurance, and health products
including critical illness and long-term care. For policies where changes in assumptions to financial risk have a substantial impact
on amounts paid to policyholders, discount rates are updated as future cash flows change due to changes in financial risk, so
that the amount presented in income from future changes in financial variables is $nil. These policies include adjustable universal
life contracts. Impacts from differences between current period rates and discount rates used to determine income are presented
in other comprehensive income.
(IV) Risk adjustment and confidence level used to determine risk adjustment
Risk adjustment for non-financial risk represents the compensation the Company requires for bearing the uncertainty about the
amount and timing of the cash flows that arises from non-financial risk as the Company fulfils insurance contracts. The risk
adjustment process considers insurance, lapse and expense risks, includes both favourable and unfavourable outcomes, and
reflects diversification benefits from the insurance contracts issued.
The Company estimates the risk adjustment using a margin approach. This approach applies a margin for adverse deviation,
typically in terms of a percentage of best estimate assumptions, where future cash flows are uncertain. The resulting cash flows
are discounted at rates consistent with the best estimate cash flows to arrive at the total risk adjustment. The ranges for these
margins are set by the Company and reviewed periodically.
The risk adjustment for non-financial risk for insurance contracts corresponds to a 90 – 95% confidence level for all segments.
(V)Investment component, Investment-return service and Investment-related service
The Company identifies the investment component, investment-return service (contract without direct participation features) and
investment-related service (contract with direct participation features) of a contract as part of the product governance process.
Investment components are amounts that are to be paid to the policyholder under all circumstances. Investment components are
excluded from insurance revenue and insurance service expenses.
Investment-return services and investment-related services are investment services rendered as part of an insurance contract
and are part of the insurance contract services provided to the policyholder.
(VI) Relative weighting of the benefit provided by insurance coverage, investment-return service and investment-
related service
The contractual service margin is released into income, when insurance contract services are provided, by using coverage units.
Coverage units represent the quantity of service (insurance coverage, investment-return and investment-related services)
provided and are determined by considering the benefit provided under the contract and its expected coverage duration. When
the relative size of the investment-related service coverage or the investment-return service coverage unit is disproportionate
compared to the insurance service coverage unit, or vice versa, the Company must determine a relative weighting of the services
to reflect the delivery of each of those services. The Company identifies the coverage units as part of the product governance
process and did not identify contracts where such weighting was required.
(h)Sensitivity of insurance contract liabilities to changes in non-economic assumptions
The following tables present information on how reasonably possible changes in assumptions made by the Company on
insurance contracts’ non-economic risk variables and certain economic risk variables impact contractual service margin, net
income attributed to shareholders, other comprehensive income attributed to shareholders, and total comprehensive income
attributed to shareholders. For non-economic risk variables, the impacts are shown separately gross and net of the impacts of
reinsurance contracts held. The method used for deriving sensitivity information and significant assumptions made did not
change from the previous period.
The analysis is based on a simultaneous change in assumptions across all businesses and holds all other assumptions constant.
In practice, experience for each assumption will frequently vary by geographic market and business, and assumption updates
are specifically made on a business and geographic basis. Actual results can differ materially from these estimates for a variety
of reasons including the interaction among these factors when more than one changes, actual experience differing from the
assumptions, changes in business mix, effective tax rates, and the general limitations of the Company’s internal models.
74
Potential impact on contractual service margin, net income attributed to shareholders, other comprehensive income
attributed to shareholders, and total comprehensive income attributed to shareholders arising from changes to non-
economic assumptions(1)

As at December 31, 2024 | CSM net of NCI | Net income attributed to shareholders | Other comprehensive income attributed to shareholders | Total comprehensive income attributed to shareholders
(post-tax except CSM) | Gross | Net | Gross | Net | Gross | Net | Gross | Net
Policy related assumptions |  |  |  |  |  |  |  |
2% adverse change in future mortality rates(2),(3),(5) |  |  |  |  |  |  |  |
Portfolios where an increase in rates increases insurance contract liabilities | $(700) | $(200) | $(700) | $(300) | $200 | $100 | $(500) | $(200)
Portfolios where a decrease in rates increases insurance contract liabilities | (100) | (600) | - | - | 100 | 200 | 100 | 200
5% adverse change in future morbidity rates(4),(5),(6) (incidence and termination) | (2,200) | (1,800) | (3,000) | (2,700) | 700 | 600 | (2,300) | (2,100)
10% change in future policy termination rates(3),(5) |  |  |  |  |  |  |  |
Portfolios where an increase in rates increases insurance contract liabilities | (700) | (600) | (100) | (100) | (200) | (200) | (300) | (300)
Portfolios where a decrease in rates increases insurance contract liabilities | (900) | (700) | (700) | (400) | 400 | 300 | (300) | (100)
5% increase in future expense levels | (600) | (600) | (100) | (100) | 100 | 100 | - | -

As at December 31, 2023 | CSM net of NCI | Net income attributed to shareholders | Other comprehensive income attributed to shareholders | Total comprehensive income attributed to shareholders
(post-tax except CSM) | Gross | Net | Gross | Net | Gross | Net | Gross | Net
Policy related assumptions |  |  |  |  |  |  |  |
2% adverse change in future mortality rates(2),(3),(5) |  |  |  |  |  |  |  |
Portfolios where an increase in rates increases insurance contract liabilities | $(800) | $(200) | $(400) | $(200) | $- | $- | $(400) | $(200)
Portfolios where a decrease in rates increases insurance contract liabilities | - | (500) | - | - | - | 100 | - | 100
5% adverse change in future morbidity rates(4),(5),(6) (incidence and termination) | (1,500) | (1,300) | (3,300) | (3,300) | 500 | 400 | (2,800) | (2,900)
10% change in future policy termination rates(3),(5) |  |  |  |  |  |  |  |
Portfolios where an increase in rates increases insurance contract liabilities | (600) | (500) | (100) | (100) | (100) | (100) | (200) | (200)
Portfolios where a decrease in rates increases insurance contract liabilities | (1,200) | (800) | (400) | (300) | 300 | 200 | (100) | (100)
5% increase in future expense levels | (600) | (600) | - | - | - | - | - | -

(1)The participating policy funds are largely self-supporting and experience gains or losses would generally result in changes to future dividends reducing the direct
impact on the CSM and shareholder income.
(2)An increase in mortality rates will generally increase insurance contract liabilities for life insurance contracts, whereas a decrease in mortality rates will generally
increase insurance contract liabilities for policies with longevity risk such as payout annuities.
(3)The sensitivity is measured for each direct insurance portfolio net of the impacts of any reinsurance held on the policies within that portfolio to determine if the
overall insurance contract liabilities increased.
(4)No amounts related to morbidity risk are included for policies where the insurance contract liability provides only for claims costs expected over a short period,
generally less than one year, such as Group Life and Health.
(5)The impacts of the sensitivities on LTC for morbidity, mortality and lapse do not assume any offsets from the Company’s ability to contractually raise premium rates
in such events, subject to state regulatory approval. In practice, the Company would plan to file for rate increases equal to the amount of deterioration resulting
from the sensitivity.
(6)This includes a 5% deterioration in incidence rates and a 5% deterioration in claim termination rates.

75 | 2024 Annual Report | Consolidated Financial Statements

Potential impact on contractual service margin, net income attributed to shareholders, other comprehensive income
attributed to shareholders, and total comprehensive income attributed to shareholders arising from changes to non-
economic assumptions on Long Term Care(1)

As at December 31, 2024 | CSM net of NCI | Net income attributed to shareholders | Other comprehensive income attributed to shareholders | Total comprehensive income attributed to shareholders
(post-tax except CSM) | Gross | Net | Gross | Net | Gross | Net | Gross | Net
Policy related assumptions |  |  |  |  |  |  |  |
2% adverse change in future mortality rates(2),(3) | $(300) | $(300) | $- | $- | $- | $- | $- | $-
5% adverse change in future morbidity incidence rates(2),(3) | (1,400) | (1,300) | (500) | (400) | 200 | 200 | (300) | (200)
5% adverse change in future morbidity claims termination rates(2),(3) | (1,400) | (1,300) | (1,300) | (1,100) | 500 | 400 | (800) | (700)
10% adverse change in future policy termination rates(2),(3) | (400) | (400) | - | - | 100 | 100 | 100 | 100
5% increase in future expense levels(3) | (100) | (100) | - | - | - | - | - | -
As at December 31, 2023 | CSM net of NCI | Net income attributed to shareholders | Other comprehensive income attributed to shareholders | Total comprehensive income attributed to shareholders
(post-tax except CSM) | Gross | Net | Gross | Net | Gross | Net | Gross | Net
Policy related assumptions |  |  |  |  |  |  |  |
2% adverse change in future mortality rates(2),(3) | $(300) | $(300) | $- | $- | $- | $- | $- | $-
5% adverse change in future morbidity incidence rates(2),(3) | (900) | (900) | (800) | (800) | 100 | 100 | (700) | (700)
5% adverse change in future morbidity claims termination rates(2),(3) | (900) | (900) | (1,600) | (1,600) | 200 | 200 | (1,400) | (1,400)
10% adverse change in future policy termination rates(2),(3) | (400) | (400) | - | - | - | - | - | -
5% increase in future expense levels(3) | (100) | (100) | - | - | - | - | - | -

(1)The potential impacts on CSM were translated from US$ at 1.4382 (2023 – 1.3186) and the potential impacts on net income attributed to shareholders, OCI
attributed to shareholders and total comprehensive income attributed to shareholders were translated from US$ at 1.3987 (2023 – 1.3612).
(2)The impacts of the sensitivities on LTC for morbidity, mortality and lapse do not assume any offsets from the Company’s ability to contractually raise premium rates
in such events, subject to state regulatory approval. In practice, the Company would plan to file for rate increases equal to the amount of deterioration resulting
from the sensitivities.
(3)The impact of favourable changes to all the sensitivities is relatively symmetrical.
Potential impact on contractual service margin, net income attributed to shareholders, other comprehensive income
attributed to shareholders, and total comprehensive income attributed to shareholders arising from changes to certain
economic financial assumptions used in the determination of insurance contract liabilities(1)

As at December 31, 2024 (post-tax except CSM) | CSM net of NCI | Net income attributed to shareholders | Other comprehensive income attributed to shareholders | Total comprehensive income attributed to shareholders
Financial assumptions |  |  |  |  |  |
10 basis point reduction in ultimate spot rate | $(300) | $- |  | $(200) |  | $(200)
50 basis point increase in interest rate volatility(2) | (100) | - |  | - |  | -
50 basis point increase in non-fixed income return volatility(2) | (100) | - |  | - |  | -
As at December 31, 2023 (post-tax except CSM) | CSM net of NCI | Net income attributed to shareholders | Other comprehensive income attributed to shareholders | Total comprehensive income attributed to shareholders
Financial assumptions |  |  |  |  |  |
10 basis point reduction in ultimate spot rate | $(200) | $- |  | $(300) |  | $(300)
50 basis point increase in interest rate volatility(2) | - | - |  | - |  | -
50 basis point increase in non-fixed income return volatility(2) | (100) | - |  | - |  | -

(1)Note that the impact of these assumptions is not linear.
(2)Used in the determination of insurance contract liabilities with financial guarantees. This includes universal life minimum crediting rate guarantees, participating life
zero dividend floor implicit guarantees, and variable annuities guarantees, where a stochastic approach is used to capture the asymmetry of the risk.
(i)Actuarial methods and assumptions
The Company performs a comprehensive review of actuarial methods and assumptions annually. The review is designed to
reduce the Company’s exposure to uncertainty by ensuring assumptions for insurance contract liability risks remain appropriate.
This is accomplished by monitoring experience and updating assumptions that represent a best estimate of expected future
experience, and maintaining a risk adjustment that is appropriate for the risks assumed. While the assumptions selected
represent the Company’s best estimates and assessment of risk, the ongoing monitoring of experience and changes in the
economic environment are likely to result in future changes to the actuarial assumptions, which could materially impact the
insurance contract net liabilities. The changes implemented from the review are generally implemented in the third quarter of
each year, though updates may be made outside the third quarter in certain circumstances.
76
2024 review of actuarial methods and assumptions
The completion of the 2024 annual review of actuarial methods and assumptions resulted in a decrease in pre-tax fulfilment cash
flows of $174, excluding the portion related to non-controlling interests. These changes resulted in a decrease in pre-tax net
income attributed to shareholders of $250 ($199 post-tax), an increase in pre-tax net income attributed to participating
policyholders of $29 ($21 post-tax), a decrease in CSM of $421, an increase in pre-tax other comprehensive income attributed to
shareholders of $771 ($632 post-tax), and an increase in pre-tax other comprehensive income attributed to participating
policyholders of $45 ($32 post-tax).
Impact of changes in actuarial methods and assumptions on pre-tax fulfilment cash flows(1)

For the year ended December 31, 2024 | Total
Lapse and policyholder behaviour updates | $620
Reinsurance contract and other risk adjustment review | 427
Expense updates | (406)
Financial related updates | (386)
Mortality and morbidity updates | (273)
Methodology and other updates | (156)
Impact of changes in actuarial methods and assumptions, pre-tax | $(174)

(1)Excludes the portion related to non-controlling interests of $(215). The impact of changes in actuarial methods and assumptions on pre-tax fulfilment cash flows,
including the portion related to non-controlling interests, would be $(389).
Impact of changes in actuarial methods and assumptions on pre-tax net income attributed to shareholders, pre-tax net
income attributed to participating policyholders, OCI and CSM(1)

For the year ended December 31, 2024 | Total
Portion recognized in net income (loss) attributed to: |
Participating policyholders | $29
Shareholders | (250)
| (221)
Portion recognized in OCI attributed to: |
Participating policyholders | 45
Shareholders | 771
| 816
Portion recognized in CSM | (421)
Impact of changes in actuarial methods and assumptions, pre-tax | $174

(1)Excludes the portion related to non-controlling interests of $215. The impact of changes in actuarial methods and assumptions on pre-tax fulfilment cash flows,
including the portion related to non-controlling interests, would be $389.
Lapse and policyholder behaviour updates
Updates to lapses and policyholder behaviour assumptions resulted in an increase in pre-tax fulfilment cash flows of $620.
The increase was primarily driven by a detailed review of the lapse assumptions for the Company’s non-participating products in
its U.S. life insurance business and its International High Net Worth business in Asia segment. For U.S. protection products,
lapse rates declined during the COVID-19 pandemic and continue to remain low, while for U.S. indexed universal life, U.S. bank-
owned life insurance, and Asia’s International High Net Worth business, lapse rates increased due to the impact of higher short-
term interest rates. The Company updated its lapse assumptions to reflect these experience trends. The ultimate lapse rates for
products with no-lapse guarantees were not changed.
Reinsurance contract and other risk adjustment review
The review of the Company’s reinsurance contracts and risk adjustment, excluding changes that were a direct result of other
assumption updates, resulted in an increase in pre-tax fulfilment cash flows of $427.
The increase was driven by updates to the Company’s reinsurance contract fulfilment cash flows to reflect current reinsurance
market conditions and the resulting expected cost on older U.S. mortality reinsurance, partially offset by updates to the
Company’s risk adjustment methodology in North America related to non-financial risk.
The Company’s overall risk adjustment continues to be within the 90 – 95% confidence level.
Expense updates
Expense updates resulted in a decrease in pre-tax fulfilment cash flows of $406.
The decrease was driven by a detailed review of the Company’s global expenses, including investment expenses. The Company
aligned them with its current cost structure and included the impact of changes in classification of certain expenses from directly
attributable to non-directly attributable.
Financial related updates
Financial related updates resulted in a decrease in pre-tax fulfilment cash flows of $386.
The decrease was driven by a review of the discount rates used in the valuation of the Company’s non-participating business,
which included increases to ultimate risk-free rates in the U.S. to align with historical averages, as well as updates to parameters
1 The Company’s annual update of actuarial methods and assumptions also impacts net income and other comprehensive income attributed to participating
policyholders. The total company impact of these metrics can be found in the above table.

77 | 2024 Annual Report | Consolidated Financial Statements

used to determine illiquidity premiums. This was partially offset by refinements to crediting rate projections on certain U.S.
universal life products.
Mortality and morbidity updates
Mortality and morbidity updates resulted in a decrease in pre-tax fulfilment cash flows of $273.
The decrease was driven by morbidity updates to health insurance products in Hong Kong to reflect lower hospital claims on
certain business that the Company accounts for under the general measurement model, partially offset by updates to mortality
and morbidity assumptions on critical illness products in Hong Kong to reflect emerging experience.
Methodology and other updates
Methodology and other updates resulted in a decrease in pre-tax fulfilment cash flows of $156.
The decrease was driven by the impact of annual updates to the Company’s valuation models for participating products in Asia
and Canada reflecting higher interest rates during the year, partially offset by various other smaller items that netted to an
increase in fulfilment cash flows.
Impact of changes in actuarial methods and assumptions on pre-tax fulfilment cash flows, net income attributed to
shareholders, CSM and OCI by segment 1
The impact of changes in actuarial methods and assumptions in Canada resulted in a decrease in pre-tax fulfilment cash flows of
$266. The decrease was primarily driven by updates to the risk adjustment methodology related to non-financial risks and the
review of the discount rates used in the valuation of non-participating business. These changes resulted in an increase in pre-tax
net income attributed to shareholders of $3 ($2 post-tax), an increase in CSM of $222, and a decrease in pre-tax other
comprehensive income attributed to shareholders of $15 ($10 post-tax).
The impact of changes in actuarial methods and assumptions in the U.S. resulted in an increase in pre-tax fulfilment cash flows
of $895. The increase was primarily driven by the net impact of updates to the Company’s reinsurance contract fulfilment cash
flows and risk adjustment methodology related to non-financial risks, a detailed review of the lapse assumptions in its life
insurance business, and refinements to its crediting rate projections on certain universal life products, partially offset by a review
of the discount rates used in the valuation of non-participating business. These changes resulted in a decrease in pre-tax net
income attributed to shareholders of $256 ($202 post-tax), a decrease in CSM of $1,228, and an increase in pre-tax other
comprehensive income attributed to shareholders of $589 ($466 post-tax).
The impact of changes in actuarial methods and assumptions in Asia resulted in a decrease in pre-tax fulfilment cash flows of
$818. The decrease was primarily driven by the impact of morbidity updates to certain health insurance products in Hong Kong
to reflect emerging experience, updates from the Company’s detailed review of global expenses, including investment expenses,
as well as the impact of annual updates to its valuation models for participating products, partially offset by a review of lapse
assumptions for the International High Net Worth business. These changes resulted in a decrease in pre-tax net income
attributed to shareholders of $4 ($5 post-tax), an increase in CSM of $591, and an increase in pre-tax other comprehensive
income attributed to shareholders of $213 ($190 post-tax).
The impact of changes in actuarial methods and assumptions in Corporate and Other (which includes the Company’s property
and casualty reinsurance businesses, run-off insurance operations including variable annuities and health, and consolidation
adjustments including intercompany eliminations) resulted in an increase in pre-tax fulfilment cash flows of $15. These changes
resulted in an increase in pre-tax net income attributed to shareholders of $7 ($6 post-tax), a decrease in CSM of $6, and a
decrease in pre-tax other comprehensive income attributed to shareholders of $16 ($14 post-tax).
2023 review of actuarial methods and assumptions
On a full year basis, the 2023 review of actuarial methods and assumptions resulted in a decrease in pre-tax fulfilment cash
flows of $3,197. These changes resulted in an increase in pre-tax net income attributed to shareholders of $171 ($105 post-tax),
an increase in pre-tax net income attributed to participating policyholders of $173 ($165 post-tax), an increase in CSM of $2,754,
and an increase in pre-tax other comprehensive income of $99 ($73 post-tax).
In the third quarter of 2023, the completion of the 2023 annual review of actuarial methods and assumptions resulted in a
decrease in pre-tax fulfilment cash flows of $347, excluding the portion related to non-controlling interests. These changes
resulted in an increase in pre-tax net income attributed to shareholders of $27 (a decrease of $14 post-tax), an increase in pre-
tax net income attributed to participating policyholders of $58 ($74 post-tax), an increase in CSM of $116, and an increase in pre-
tax other comprehensive income of $146 ($110 post-tax).
In the fourth quarter of 2023, the Company also updated the actuarial methods and assumptions which decreased the overall
level of the risk adjustment for non-financial risk. This change moves the risk adjustment to approximately the middle of the
Company’s existing 90 – 95% confidence level range. The risk adjustment would have exceeded the 95% confidence level in the
fourth quarter of 2023 without making the change. This change led to a decrease in pre-tax fulfilment cash flows of $2,850,
excluding the portion related to non-controlling interests, an increase in pre-tax net income attributed to shareholders of $144
($119 post-tax), an increase in pre-tax net income attributed to participating policyholders of $115 ($91 post-tax), an increase in
CSM of $2,638, and a decrease in pre-tax other comprehensive income of $47 ($37 post-tax).
78
Since the beginning of 2020, some lines of business have seen impacts to mortality and policyholder behaviour driven by the
COVID-19 pandemic. Given the long-term nature of the Company’s assumptions, the Company’s 2023 experience studies have
excluded experience that was materially impacted by COVID-19 as this is not seen to be indicative of the levels of actual future
claims or lapses.
Impact of changes in actuarial methods and assumptions on pre-tax fulfilment cash flows(1)

| For the three and nine months ended September 30, 2023 | For the three months ended December 31, 2023 | For the year ended December 31, 2023
Canada variable annuity product review |  | $(133) |  | $- |  | $(133)
Mortality and morbidity updates |  | 265 |  | - |  | 265
Lapse and policyholder behaviour updates |  | 98 |  | - |  | 98
Methodology and other updates |  | (577) |  | - |  | (577)
Risk adjustment review |  | - |  | (2,850) |  | (2,850)
Impact of changes in actuarial methods and assumptions, pre-tax |  | $(347) |  | $(2,850) |  | $(3,197)

(1)Excludes the portion related to non-controlling interests of $103 for the three and nine months ended September 30, 2023, and $97 for the three months ended
December 31, 2023, respectively.
Impact of changes in actuarial methods and assumptions on pre-tax net income attributed to shareholders, pre-tax net
income attributed to participating policyholders, OCI and CSM(1)

| For the three and nine months ended September 30, 2023 | For the three months ended December 31, 2023 | For the year ended December 31, 2023
Portion recognized in net income (loss) attributed to: |  |  |  |  |  |
Participating policyholders |  | $58 |  | $115 |  | $173
Shareholders |  | 27 |  | 144 |  | 171
|  | 85 |  | 259 |  | 344
Portion recognized in OCI attributed to: |  |  |  |  |  |
Participating policyholders |  | - |  | (21) |  | (21)
Shareholders |  | 146 |  | (26) |  | 120
|  | 146 |  | (47) |  | 99
Portion recognized in CSM |  | 116 |  | 2,638 |  | 2,754
Impact of changes in actuarial methods and assumptions, pre-tax |  | $347 |  | $2,850 |  | $3,197

(1)Excludes the portion related to non-controlling interests, of which $72 is related to CSM for the three and nine months ended September 30, 2023, and $87 is
related to CSM for the three months ended December 31, 2023.
Canada variable annuity product review
The review of the Company’s variable annuity products in Canada resulted in a decrease in pre-tax fulfilment cash flows of $133.
The decrease was driven by a reduction in investment management fees, partially offset by updates to product assumptions,
including surrenders, incidence, and utilization, to reflect emerging experience.
Mortality and morbidity updates
Mortality and morbidity updates resulted in an increase in pre-tax fulfilment cash flows of $265.
The increase was driven by a strengthening of incidence rates for certain products in Vietnam to align with emerging experience
and updates to mortality assumptions in the Company’s U.S. life insurance business to reflect industry trends, as well as
emerging experience. This was partially offset by updates to morbidity assumptions for certain products in Japan to reflect actual
experience.
Lapse and policyholder behaviour updates
Updates to lapses and policyholder behaviour assumptions resulted in an increase in pre-tax fulfilment cash flows of $98.
The increase was primarily driven by a detailed review of lapse assumptions for the Company’s universal life level cost of
insurance products in Canada, which resulted in a reduction to the lapse rates to align with emerging trends.
Methodology and other updates
Methodology and other updates resulted in a decrease in pre-tax fulfilment cash flows of $3,427.
In the third quarter of 2023, methodology and other updates resulted in a decrease in pre-tax fulfilment cash flows of $577. The
decrease was driven by the impact of cost-of-guarantees for participating policyholders across all segments from annual updates
related to parameters, dividend recalibration, and market movements during the year, as well as modelling refinements for
certain products in Asia. This was partially offset by a modelling methodology update to project future premiums on the
Company’s U.S. life insurance business.
In the fourth quarter of 2023, methodology and other updates resulted in a decrease in pre-tax fulfilment cash flows of $2,850.
The decrease was driven by a decrease in the overall level of the risk adjustment for non-financial risk. This change moves the
risk adjustment to approximately the middle of the Company’s existing 90 – 95% confidence level range.

79 | 2024 Annual Report | Consolidated Financial Statements

Impact of changes in actuarial methods and assumptions on pre-tax fulfilment cash flows, net income attributed to
shareholders, CSM and OCI by segment
For the three and nine months ended September 30, 2023
The impact of changes in actuarial methods and assumptions in Canada resulted in a decrease in pre-tax fulfilment cash flows of
$159. The decrease was driven by updates to the Company’s variable annuity product assumptions, as well as by updates to its
valuation models for participating products, driven by the annual dividend recalibration, partially offset by a reduction in lapse
rates on its universal life level cost of insurance products to reflect emerging trends. These changes resulted in an increase in
pre-tax net income attributed to shareholders of $52 ($37 post-tax), an increase in CSM of $142, and an increase in pre-tax other
comprehensive income attributed to shareholders of $2 ($1 post-tax).
The impact of changes in actuarial methods and assumptions in the U.S. resulted in an increase in pre-tax fulfilment cash flows
of $270. The increase was related to the Company’s life insurance business and primarily driven by a modelling methodology
update to project future premiums, as well as updates to mortality assumptions. These changes resulted in an increase in pre-tax
net income attributed to shareholders of $134 ($106 post-tax), a decrease in CSM of $600, and an increase in pre-tax other
comprehensive income attributed to shareholders of $196 ($155 post-tax).
The impact of changes in actuarial methods and assumptions in Asia resulted in a decrease in pre-tax fulfilment cash flows of
$457. The decrease largely relates to participating products, primarily driven by model refinements, dividend recalibration
updates, as well as annual updates to reflect market movements during the year. This, and the updates to morbidity assumptions
on certain products in Japan, were partially offset by updates to incidence rates on certain products in Vietnam. These changes
resulted in a decrease in pre-tax net income attributed to shareholders of $159 ($157 post-tax), an increase in CSM of $574, and
a decrease in pre-tax other comprehensive income attributed to shareholders of $53 ($47 post-tax).
The impact of changes in actuarial methods and assumptions in Corporate and Other (which includes the Company’s property
and casualty reinsurance businesses, run-off insurance operations including variable annuities and health, and consolidation
adjustments including intercompany eliminations) resulted in a decrease in pre-tax fulfilment cash flows of $1. These changes
resulted in no impacts to pre-tax net income attributed to shareholders or CSM, and an increase in pre-tax other comprehensive
income attributed to shareholders of $1 ($1 post-tax).
For the three months ended December 31, 2023
The reduction in the risk adjustment level resulted in the following impacts by segment:
The impact of changes in actuarial methods and assumptions in Canada resulted in a decrease in pre-tax fulfilment cash flows of
$246. These changes resulted in an increase in pre-tax net income attributed to shareholders of $4 ($3 post-tax), an increase in
pre-tax net income attributed to policyholder of $40 ($29 post-tax), an increase in CSM of $213, and a decrease in pre-tax other
comprehensive income of $11 ($8 post-tax).
The impact of changes in actuarial methods and assumptions in the U.S. resulted in a decrease in pre-tax fulfilment cash flows of
$91. These changes resulted in an increase in pre-tax net income attributed to shareholders of $33 ($26 post-tax), an increase in
CSM of $78, and a decrease in pre-tax other comprehensive income of $20 ($15 post-tax).
The impact of changes in actuarial methods and assumptions in Asia resulted in a decrease in pre-tax fulfilment cash flows of
$2,513. These changes resulted in an increase in pre-tax net income attributed to shareholders of $107 ($90 post-tax), an
increase in pre-tax net income attributed to policyholders of $75 ($62 post-tax), an increase in CSM of $2,348, and a decrease in
pre-tax other comprehensive income of $17 ($14 post-tax).
(j)Composition of underlying items
The following table sets out the composition and fair value of the underlying items supporting the Company’s liabilities for direct
participation contracts as at the dates presented.

| 2024 |  | 2023
As at December 31, | Participating | Variable annuity | Unit linked |  | Participating | Variable annuity | Unit linked
Underlying assets |  |  |  |  |  |  |
Debt securities | $54,238 | $- | $- |  | $44,682 | $- | $-
Public equities | 19,846 | - | - |  | 14,442 | - | -
Mortgages | 4,535 | - | - |  | 4,449 | - | -
Private placements | 8,398 | - | - |  | 6,720 | - | -
Real estate | 4,525 | - | - |  | 3,907 | - | -
Other(1)(2) | 31,952 | 72,061 | 18,771 |  | 27,017 | 68,749 | 15,539
Total | $123,494 | $72,061 | $18,771 |  | $101,217 | $68,749 | $15,539

(1)Other for participating life insurance contracts include derivatives, reinsurance contract held assets, and other invested assets.
(2)Other for variable annuity contracts and unit linked contracts include investments in segregated funds.
80
(k)Asset for insurance acquisition cash flow
The following table presents the expected future derecognition of asset for insurance acquisition cash flow as at the dates
presented.

| 2024 |  | 2023
As at December 31, | Less than 1 year | 1 to 5 years | More than 5 years | Total |  | Less than 1 year | 1 to 5 years | More than 5 years | Total
Asia | $65 | $168 | $57 | $290 |  | $59 | $150 | $62 | $271
Canada | 72 | 213 | 303 | 588 |  | 72 | 205 | 272 | 549
Total | $137 | $381 | $360 | $878 |  | $131 | $355 | $334 | $820

(l)Insurance and reinsurance contracts contractual obligations – maturity analysis and amounts payable on demand
The tables below represent the maturities of the insurance contract and reinsurance contract held liabilities as at the dates
presented.

As at December 31, 2024 Payments due by period | Less than 1 year | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | Over 5 years | Total
Insurance contract liabilities(1) | $4,223 | $3,711 | $6,266 | $8,741 | $12,644 | $1,348,354 | $1,383,939
Reinsurance contract held liabilities(1) | 250 | 395 | 530 | 419 | 373 | (11,450) | (9,483)

As at December 31, 2023 Payments due by period | Less than 1 year | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | Over 5 years | Total
Insurance contract liabilities(1) | $3,400 | $5,546 | $6,766 | $8,849 | $11,320 | $1,074,764 | $1,110,645
Reinsurance contract held liabilities(1) | 332 | 460 | 492 | 592 | 475 | 6,097 | 8,448

(1)Insurance contract liabilities cash flows include estimates related to the timing and payment of death and disability claims, policy surrenders, policy maturities,
annuity payments, minimum guarantees on segregated fund products, policyholder dividends, commissions and premium taxes offset by contractual future
premiums on in-force contracts and exclude amounts from insurance contract liabilities for account of segregated fund holders. These estimated cash flows are
based on the best estimate assumptions used in the determination of insurance contract liabilities. These amounts are undiscounted. Reinsurance contract held
liabilities cash flows include estimates related to the timing and payment of future reinsurance premiums offset by recoveries on in-force reinsurance agreements.
Due to the use of assumptions, actual cash flows may differ from these estimates. Cash flows include embedded derivatives measured separately at fair value.
The amounts from insurance contract liabilities that are payable on demand are set out below as at the dates presented.

| 2024 |  | 2023
As at December 31, | Amounts payable on demand | Carrying amount |  | Amounts payable on demand | Carrying amount
Asia | $121,197 | $131,829 |  | $100,060 | $129,117
Canada | 31,100 | 53,224 |  | 28,264 | 56,887
U.S. | 48,918 | 66,524 |  | 44,360 | 63,092
Total | $201,215 | $251,577 |  | $172,684 | $249,096

The amounts payable on demand represent the policyholders’ cash and / or account values less applicable surrender fees as at
the time of the reporting date. Segregated fund insurance liabilities for account of segregated fund holders are excluded from the
amounts payable on demand and the carrying amount.
(m)Reinsurance transactions
Agreement with Global Atlantic Financial Group
On December 11, 2023, the Company announced it entered into agreements with Global Atlantic Financial Group Ltd. (“GA”) to
reinsure policies from the U.S. long-term care (“LTC”), U.S. structured settlements, and Japan whole life legacy blocks. Under
the terms of the transaction, th e Company retained responsibility f or the administration of the policies, with no intended impact to
policyholders. The transaction was structured as coinsurance of an 80% quota share for the LTC block and 100% quota shares
for the other blocks.
The transaction closed on February 22, 2024, with the Company transferring invested assets measured at FVOCI of $13.4 billion
and reinsuring insurance and investment contract net liabilities of $13.2 billion. The Company recognized a reinsurance
contractual service margin of $308 and financial assets of $134.
Agreement with RGA Life Reinsurance Company of Canada
On March 25, 2024, the Company announced it entered into an agreement with RGA Life Reinsurance Company of Canada
(“RGA Canada”) to reinsure policies from its Canadian universal life block. Under the terms of the transaction, the Company
retained responsibility for the administration of the policies, with no intended impact to policyholders. The transaction was
structured as coinsurance with a 100% quota share.
The transaction closed on April 2, 2024, with the Company transferring invested assets measured at FVOCI of $5.5 billion and
reinsuring insurance contract liabilities of $5.4 billion. The Company recognized a reinsurance contractual service margin of
$213.

81 | 2024 Annual Report | Consolidated Financial Statements

Agreement with Reinsurance Group of America
On November 20, 2024, the Company announced it entered into an agreement with Reinsurance Group of America,
Incorporated (“RGA”) to reinsure policies from the U.S. LTC and U.S. structured settlement legacy blocks. Under the terms of the
transaction, the Company retained responsibility for the administration of the policies, with no intended impact to policyholders.
The transaction was structured as a 75% quota share for both the LTC and structured settlements blocks.
The transaction closed on January 2, 2025, with an effective date of January 1, 2025, with the Company transferring invested
assets of $5.4 billion and reinsuring insurance contract liabilities of $5.4 billion.
Note 7 Investment Contract Liabilities
Investment contract liabilities are contractual financial obligations of the Company that do not contain significant insurance risk.
Those contracts are subsequently measured either at fair value or at amortized cost.
(a)Investment contract liabilities measured at fair value
Investment contract liabilities measured at fair value include certain investment savings and pension products which are
designated as FVTPL on initial recognition. The Company has no investment contract liabilities that are mandatorily designated
as FVTPL.
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

The amount due to contract holders is contractually determined based on specified assets and therefore, the fair value of the
liabilities is subject to asset specific performance risk but not to the Company’s own credit risk, being fully collateralized by the
specified assets. The Company has determined that any residual credit risk is insignificant and has no significant impact on the
fair value of the liabilities.
(b)Investment contract liabilities measured at amortized cost
Investment contract liabilities measured at amortized cost include fixed annuity products that provide guaranteed income
payments for contractually determined periods and are not contingent on survivorship.
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

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

Carrying value reflects amortization at rates that exactly discount the projected cash flows to the net carrying amount of the
liabilities at the dates of issue.
82
Fair value is determined by projecting cash flows according to the contract terms and discounting the cash flows at current
market rates adjusted for the Company’s own credit standing. As at December 31, 2024 and 2023, the fair value of all investment
contract liabilities was determined using Level 2 valuation techniques.
(c)Investment contracts contractual obligations
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.
(d)Reinsurance contract assets backing investment contract liabilities
The Company holds reinsurance contracts backing investment contract liabilities described above. These reinsurance contracts
do not expose the reinsurer to significant insurance risk and are measured at FVOCI or amortized cost. There are no reinsurance
contract assets measured at FVTPL.
Fair value for all reinsurance contract assets backing investment contract liabilities is determined by projecting cash flows
according to the contract terms and discounting these cash flows at current market rates. As at December 31, 2024 and 2023,
the fair value of all reinsurance contract assets backing investment contract liabilities was determined using Level 2 valuation
techniques.
As at December 31, 2024, the fair value of reinsurance contract assets measured at FVOCI was $669 (2023 – $nil). The fair
value and carrying value of reinsurance contract assets measured at amortized cost were $978 and $1,052, respectively (2023 –
$27 and $27, respectively).
For contracts measured at FVOCI, interest income of $29 was recorded in the Consolidated Statements of Income and changes
in fair value of $24 was recorded in OCI for the year ended December 31, 2024 (2023 – $nil and $nil, respectively). There were
no amounts reclassified from AOCI to the Consolidated Statements of Income during the years presented.
For contracts measured at amortized cost, interest income of $41 was recorded in the Consolidated Statements of Income for
the year ended December 31, 2024 (2023 – $2).
Note 8 Risk Management
Manulife offers insurance, wealth and asset management products and other financial services, which subjects the Company to
a broad range of risks. Manulife manages these risks within an enterprise-wide risk management framework. Manulife’s goal in
managing risk is to strategically optimize risk taking and risk management to support long-term revenue, earnings and capital
growth. Manulife seeks to achieve this by capitalizing on business opportunities and strategies with appropriate risk/return
profiles; ensuring sufficient management expertise is in place to effectively execute strategies, and to identify, understand and
manage underlying inherent risks; ensuring strategies and activities align with its corporate and ethical standards and operational
capabilities; pursuing opportunities and risks that enhance diversification; and in making all risk taking decisions with analyses of
inherent risks, risk controls and mitigations, and risk / return trade-off.
(a)Market and liquidity risk
Market risk is the risk of loss resulting from market price volatility, interest rate change, credit and swap spread changes, and
adverse foreign currency exchange rate movements. Market price volatility primarily relates to changes in prices of publicly
traded equities and alternative long-duration assets. The profitability of the Company’s insurance and annuity products, as well
as the fees the Company earns in its investment management business, are subject to market risk.
Liquidity risk is the risk of loss resulting from the inability to access sufficient funds or liquid assets to meet expected and
unexpected cash and collateral demands.
Please read below for details on factors that could impact the level of market risk and the strategies used to manage this risk:
Market and liquidity risk management strategy
Market and liquidity risk management strategy is governed by the Global Asset Liability Committee which oversees the market
and liquidity risk program. The Company’s overall strategy to manage its market & liquidity risks incorporates several component
strategies, each targeted to manage one or more of the market & liquidity risks arising from the Company’s businesses. At an
enterprise level, these strategies are designed to manage the Company’s aggregate exposures to market & liquidity risks against
limits associated with earnings and capital volatility.

83 | 2024 Annual Report | Consolidated Financial Statements

The following table outlines the Company’s key market & liquidity risks and identifies the risk management strategies which
contribute to managing these risks.

Risk Management Strategy | Key Market & Liquidity Risk
| Public Equity Risk | Interest Rate and Spread Risk | ALDA Risk | Foreign Currency Exchange Risk | Liquidity Risk
Product design and pricing | ü | ü | ü | ü | ü
Variable annuity guarantee dynamic hedging | ü | ü |  | ü | ü
Macro equity risk hedging | ü |  |  | ü | ü
Asset liability management | ü | ü | ü | ü | ü
Foreign currency exchange management |  |  |  | ü | ü
Liquidity risk management |  |  |  |  | ü

Product design and pricing strategy
The Company’s policies, standards, and guidelines, with respect to product design and pricing, are designed with the objective of
aligning its product offerings with its risk taking philosophy and risk appetite, and in particular, ensuring that incremental risk
generated from new sales aligns with its strategic risk objectives and risk limits. The specific design features of Manulife’s
product offerings, including level of benefit guarantees, policyholder options, fund offerings and availability restrictions as well as
its associated investment strategies, help to mitigate the level of underlying risk. Manulife regularly reviews and modifies key
features within its product offerings, including premiums and fee charges with a goal of meeting profit targets and staying within
risk limits. Certain of the Company’s general fund adjustable benefit products have minimum rate guarantees. The rate
guarantees for any particular policy are set at the time the policy is issued and governed by insurance regulation in each
jurisdiction where the products are sold. The contractual provisions allow crediting rates to be reset at pre-established intervals
subject to the established minimum crediting rate guarantees. The Company may partially mitigate the interest rate exposure by
setting new rates on new business and by adjusting rates on in-force business where permitted. In addition, the Company
partially mitigates this interest rate risk through its asset liability management process, product design elements, and crediting
rate strategies. All material new product, reinsurance and underwriting initiatives must be reviewed and approved by the Chief
Risk Officer or key individuals within risk management functions.
Hedging strategies for variable annuity and other equity risks
The Company’s exposure to movement in public equity market values primarily arises from insurance contract liabilities related to
variable annuity guarantees and general fund public equity investments.
Dynamic hedging is the primary hedging strategy for variable annuity market risks. Dynamic hedging is employed for new
variable annuity guarantees business when written or as soon as practical thereafter.
Manulife seeks to manage public equity risk arising from unhedged exposures in its insurance contract liabilities through the
macro equity risk hedging strategy. The Company seeks to manage interest rate risk arising from variable annuity business not
dynamically hedged through its asset liability management strategy.
Variable annuity dynamic hedging strategy
The variable annuity dynamic hedging strategy is designed to hedge the sensitivity of variable annuity guarantee insurance
contract liabilities to fund performance (both public equity and bond funds) and interest rate movements. The objective of the
variable annuity dynamic hedging strategy is to offset, as closely as possible, the change in the economic value of guarantees
with the profit and loss from the hedge asset portfolio.
The Company’s variable annuity hedging program uses a variety of exchange-traded and over-the-counter (“OTC”) derivative
contracts to offset the change in value of variable annuity guarantees. The main derivative instruments used are equity index
futures, government bond futures, currency futures, interest rate swaps, total return swaps, equity options, and interest rate
swaptions. The hedge instruments’ positions against insurance contract liabilities are continuously monitored as market
conditions change. As necessary, the hedge asset positions will be dynamically rebalanced to stay within established limits. The
Company may also utilize other derivatives with the objective to improve hedge effectiveness opportunistically.
The Company’s variable annuity guarantee dynamic hedging strategy is not designed to completely offset the sensitivity of
insurance contract liabilities to all risks associated with the guarantees embedded in these products. The profit (loss) on the
hedge instruments will not completely offset the underlying losses (gains) related to the guarantee liabilities hedged because:
•Policyholder behaviour and mortality experience are not hedged;
•Risk adjustment related to cost of guarantees in the insurance contract liabilities is largely hedged;
•A portion of interest rate risk is not hedged;
•Credit spreads may widen and actions might not be taken to adjust accordingly;
•Fund performance on a small portion of the underlying funds is not hedged due to lack of availability of effective exchange-
traded hedge instruments;
•Performance of the underlying funds hedged may differ from the performance of the corresponding hedge instruments;
•Correlations between interest rates and equity markets could lead to unfavourable material impacts;
84
•Unfavourable hedge rebalancing costs can be incurred during periods of high volatility from equity markets, bond markets,
and / or interest rates, which is magnified when these impacts occur concurrently; and
•Not all other risks are hedged.
Differences in the profit (loss) on the hedge instruments versus the underlying losses (gains) related to the guarantee liabilities
hedged are reported in CSM.
Macro equity risk hedging strategy
The objective of the macro equity risk hedging program is to maintain the Company’s overall earnings sensitivity to public equity
market movements within the Board approved risk appetite limits. The macro equity risk hedging program is designed to hedge
earnings sensitivity due to movements in public equity markets arising from all sources (outside of dynamically hedged
exposures). Sources of equity market sensitivity addressed by the macro equity risk hedging program include g eneral fund equity
holdings backing guaranteed, and adjustable liabilities.
Asset liability management strategy
Manulife’s asset liability management strategy is designed to help ensure that the market risks embedded in its assets and
liabilities held in the Company’s general fund are effectively managed and that risk exposures arising from these assets and
liabilities are maintained within risk limits. The embedded market risks include risks related to the level and movement of interest
rates and credit and swap spreads, public equity market performance, ALDA performance, and foreign currency exchange rate
movements.
General fund product liabilities are categorized into groups with similar characteristics in order to support them with a specific
asset strategy. The Company seeks to align the asset strategy for each group to the premium and benefit patterns, policyholder
options and guarantees, and crediting rate strategies of the products they support. The strategies are set using portfolio analysis
techniques intended to optimize returns, subject to considerations related to regulatory and economic capital requirements, and
risk tolerances. They are designed to achieve broad diversification across asset classes and individual investment risks while
being suitably aligned with the liabilities they support. The strategies encompass asset mix, quality rating, term profile, liquidity,
currency, and industry concentration targets.
Foreign currency exchange risk management strategy
Manulife’s policy is to generally match the currency of its assets with the currency of the liabilities they support. Where assets
and liabilities are not currency matched, the Company seeks to hedge this exposure where appropriate to stabilize its earnings
and consolidated capital positions and remain within its enterprise foreign exchange risk limits.
Liquidity risk management strategy
Global liquidity management policies and procedures are designed to provide adequate liquidity to cover cash and collateral
obligations as they come due, and to sustain and grow operations in both normal and stressed conditions. They consider legal,
regulatory, tax, operational or economic impediments to inter-entity funding. The asset mix of the Company’s balance sheet takes
into account the need to hold adequate unencumbered and appropriate liquid assets to satisfy the requirements arising under
stressed scenarios and to allow Manulife’s liquidity ratios to remain strong. Manulife manages liquidity centrally and closely
monitors the liquidity positions of its principal subsidiaries.
Manulife seeks to mitigate liquidity risk by diversifying its business across different products, markets, geographical regions, and
policyholders. The Company designs insurance products to encourage policyholders to maintain their policies in-force, to help
generate a diversified and stable flow of recurring premiums. The Company designs the policyholder termination features with
the goal of mitigating the financial exposure and liquidity risk related to unexpected policyholder terminations. The Company
establishes and implements investment strategies intended to match the term profile of the assets to the liabilities they support,
taking into account the potential for unexpected policyholder terminations and resulting liquidity needs. Liquid assets represent a
large portion of the Company’s total assets. Manulife aims to reduce liquidity risk in the Company’s businesses by diversifying its
funding sources and appropriately managing the term structure of its funding. The Company forecasts and monitors daily
operating liquidity and cash movements in various individual entities and operations as well as centrally, aiming to ensure
liquidity is available and cash is employed optimally.
The Company also maintains centralized cash pools and access to other sources of liquidity and contingent liquidity such as
repurchase funding agreements. Manulife’s centralized cash pools consist of cash or near-cash, high quality short-term
investments that are continually monitored for their credit quality and market liquidity.
Manulife has established a variety of contingent liquidity sources. These include, among others, a $500 committed unsecured
revolving credit facility with certain Canadian chartered banks available for the Company, and a US$500 committed unsecured
revolving credit facility with certain U.S. banks available to the Company and certain of its U.S. subsidiaries. There were no
outstanding borrowings under these facilities as at December 31, 2024 (2023 – $nil). In addition, John Hancock Life Insurance
Company (U.S.A.) (“JHUSA”) is a member of the Federal Home Loan Bank of Indianapolis (“FHLBI”), which enables the
Company to obtain loans from FHLBI as an alternative source of liquidity that is collateralizable by qualifying mortgage loans,
mortgage-backed securities, municipal bonds, and U.S. Treasury and Agency securities. As at December 31, 2024, JHUSA had
an estimated maximum borrowing capacity of US$3.8 billion (2023 – US$4.3 billion) based on regulatory limitations with an
outstanding balance of US$500 (2023 – US$500) under the FHLBI facility.

85 | 2024 Annual Report | Consolidated Financial Statements

The following table outlines the maturity of the Company’s significant financial liabilities.
Maturity of financial liabilities(1)

As at December 31, 2024 | Less than 1 year | 1 to 3 years | 3 to 5 years | Over 5 years | Total
Long-term debt | $- | $2,829 | $- | $3,800 | $6,629
Capital instruments | - | - | - | 7,532 | 7,532
Derivatives | 2,320 | 2,304 | 1,244 | 8,379 | 14,247
Deposits from Bank clients(2) | 15,690 | 3,774 | 2,599 | - | 22,063
Lease liabilities | 105 | 151 | 52 | 47 | 355

(1)The amounts shown above are net of the related unamortized deferred issue costs.
(2)Carrying value and fair value of deposits from Bank clients as at December 31, 2024 were $22,063 and $22,270, respectively (2023 – $21,616 and $21,518
respectively). Fair value is determined by discounting contractual cash flows, using market interest rates currently offered for deposits with similar terms and
conditions. All deposits from Bank clients were categorized in Level 2 of the fair value hierarchy (2023 – Level 2).
Through the normal course of business, pledging of assets is required to comply with jurisdictional regulatory and other
requirements including collateral pledged to partially mitigate derivative counterparty credit risk, assets pledged to exchanges as
initial margin, and assets held as collateral for repurchase funding agreements. Total unencumbered assets were $516.6 billion
as at December 31, 2024 (2023 – $470.2 billion).
(b)Market risk sensitivities and market risk exposure measures
Variable annuity and segregated fund guarantees sensitivities and risk exposure measures
Guarantees on variable annuity products and segregated funds may include one or more of death, maturity, income and
withdrawal guarantees. Variable annuity and segregated fund guarantees are contingent and only payable upon the occurrence
of the relevant event, if fund values at that time are below guarantee values. Depending on future equity market levels, liabilities
on current in-force business would be due primarily in the period from 2025 to 2044.
Manulife seeks to mitigate a portion of the risks embedded in the Company’s retained (i.e., net of reinsurance) variable annuity
and segregated fund guarantee business through the combination of dynamic and macro hedging strategies (see “Publicly
traded equity performance risk sensitivities and exposure measures” below).
The table below shows selected information regarding the Company’s variable annuity and segregated fund investment-related
guarantees, gross and net of reinsurance.
Variable annuity and segregated fund guarantees, net of reinsurance

| 2024 |  | 2023
As at December 31, | Guarantee value(1) | Fund value | Net amount at risk(1),(2),(3) |  | Guarantee value(1) | Fund value | Net amount at risk(1),(2),(3)
Guaranteed minimum income benefit | $3,628 | $2,780 | $918 |  | $3,864 | $2,735 | $1,156
Guaranteed minimum withdrawal benefit | 33,473 | 33,539 | 3,339 |  | 34,833 | 33,198 | 4,093
Guaranteed minimum accumulation benefit | 18,987 | 19,097 | 70 |  | 18,996 | 19,025 | 116
Gross living benefits(4) | 56,088 | 55,416 | 4,327 |  | 57,693 | 54,958 | 5,365
Gross death benefits(5) | 8,612 | 19,851 | 644 |  | 9,133 | 17,279 | 975
Total gross of reinsurance | 64,700 | 75,267 | 4,971 |  | 66,826 | 72,237 | 6,340
Living benefits reinsured | 23,768 | 23,965 | 3,016 |  | 24,208 | 23,146 | 3,395
Death benefits reinsured | 3,430 | 2,776 | 289 |  | 3,400 | 2,576 | 482
Total reinsured | 27,198 | 26,741 | 3,305 |  | 27,608 | 25,722 | 3,877
Total, net of reinsurance | $37,502 | $48,526 | $1,666 |  | $39,218 | $46,515 | $2,463

(1)Guarantee Value and Net Amount at Risk in respect of guaranteed minimum withdrawal business in Canada and the U.S. reflect the time value of money of these
claims.
(2)Amount at risk (in-the-money amount) is the excess of guarantee values over fund values on all policies where the guarantee value exceeds the fund value. For
guaranteed minimum death benefit, the amount at risk is defined as the current guaranteed minimum death benefit in excess of the current account balance and
assumes that all claims are immediately payable. In practice, guaranteed death benefits are contingent and only payable upon the eventual death of policyholders
if fund values remain below guarantee values. For guaranteed minimum withdrawal benefit, the amount at risk assumes that the benefit is paid as a lifetime
annuity commencing at the earliest contractual income start age. These benefits are also contingent and only payable at scheduled maturity/income start dates in
the future, if the policyholders are still living and have not terminated their policies and fund values remain below guarantee values. For all guarantees, the amount
at risk is floored at zero at the single contract level.
(3)The amount at risk net of reinsurance at December 31, 2024 was $1,666 (December 31, 2023 – $2,463) of which: US$293 (December 31, 2023 – US$391) was
on the Company’s U.S. business, $1,021 (December 31, 2023 – $1,559) was on the Company’s Canadian business, US$100 (December 31, 2023 – US$140) was
on the Company’s Japan business, and US$56 (December 31, 2023 – US$155) was related to Asia (other than Japan) and the Company’s run-off reinsurance
business.
(4)Where a policy includes both living and death benefits, the guarantee in excess of the living benefit is included in the death benefit category as outlined in footnote 5.
(5)Death benefits include stand-alone guarantees and guarantees in excess of living benefit guarantees where both death and living benefits are provided on a
policy.
86
Investment categories for variable contracts with guarantees
Variable contracts with guarantees, including variable annuities and variable life, are invested at the policyholder’s discretion
subject to contract limitations, in various fund types within the segregated fund accounts and other investments. The account
balances by investment category are set out below.

As at December 31, | 2024 | 2023
Investment category |  |
Equity funds | $51,457 | $45,593
Balanced funds | 37,381 | 35,801
Bond funds | 9,017 | 8,906
Money market funds | 1,712 | 1,559
Other debt investments | 2,082 | 1,907
Total | $101,649 | $93,766

Caution related to sensitivities
In the sections that follow, the Company provides sensitivities and risk exposure measures for certain risks. These include
sensitivities due to specific changes in market prices and interest rate levels projected using internal models as at a specific date,
and are measured relative to a starting level reflecting the Company’s assets and liabilities at that date. The risk exposures
measure the impact of changing one factor at a time and assume that all other factors remain unchanged. Actual results can
differ significantly from these estimates for a variety of reasons including the interaction among these factors when more than
one changes; changes in liabilities from updates to non-economic assumptions, changes in business mix, effective tax rates and
other market factors; and the general limitations of the Company’s internal models. For these reasons, the sensitivities should
only be viewed as directional estimates of the underlying sensitivities for the respective factors based on the assumptions
outlined below. Given the nature of these calculations, the Company cannot provide assurance that the actual impact on
contractual service margin, net income attributed to shareholders, other comprehensive income attributed to shareholders, and
total comprehensive income attributed to shareholders will be as indicated.
Publicly traded equity performance risk sensitivities and exposure measures
The tables below include the potential impacts from an immediate 10%, 20% and 30% change in market values of publicly traded
equities on net income attributed to shareholders, CSM, other comprehensive income attributed to shareholders, and total
comprehensive income attributed to shareholders. The potential impact is shown after taking into account the impact of the
change in markets on the hedge assets. While the Company cannot reliably estimate the amount of the change in dynamically
hedged variable annuity and segregated fund guarantee liabilities that will not be offset by the change in the dynamic hedge
assets, the Company makes certain assumptions for the purposes of estimating the impact on net income attributed to
shareholders.
This estimate assumes that the performance of the dynamic hedging program would not completely offset the gain/loss from the
dynamically hedged variable annuity and segregated fund guarantee liabilities. It assumes that the hedge assets are based on
the actual position at the period end, and that equity hedges in the dynamic program offset 95% of the hedged variable annuity
liability movement that occurs as a result of market changes.
It is also important to note that these estimates are illustrative, and that the dynamic and macro hedging programs may
underperform these estimates, particularly during periods of high realized volatility and/or periods where both interest rates and
equity market movements are unfavourable. The method used for deriving sensitivity information and significant assumptions did
not change from the previous period.

87 | 2024 Annual Report | Consolidated Financial Statements

Potential immediate impact on net income attributed to shareholders arising from changes to public equity returns(1)

| Net income attributed to shareholders
As at December 31, 2024 | -30% | -20% | -10% | +10% | +20% | +30%
Underlying sensitivity |  |  |  |  |  |
Variable annuity and segregated fund guarantees(2) | $(2,050) | $(1,240) | $(560) | $470 | $860 | $1,190
General fund equity investments(3) | (1,240) | (820) | (400) | 390 | 780 | 1,180
Total underlying sensitivity before hedging | (3,290) | (2,060) | (960) | 860 | 1,640 | 2,370
Impact of macro and dynamic hedge assets(4) | 720 | 430 | 190 | (150) | (260) | (360)
Net potential impact on net income attributed to shareholders after impact of hedging and before impact of reinsurance | (2,570) | (1,630) | (770) | 710 | 1,380 | 2,010
Impact of reinsurance | 1,320 | 810 | 370 | (320) | (590) | (830)
Net potential impact on net income attributed to shareholders after impact of hedging and reinsurance | $(1,250) | $(820) | $(400) | $390 | $790 | $1,180
| Net income attributed to shareholders
As at December 31, 2023 | -30% | -20% | -10% | +10% | +20% | +30%
Underlying sensitivity |  |  |  |  |  |
Variable annuity and segregated fund guarantees(2) | $(2,370) | $(1,460) | $(670) | $550 | $1,010 | $1,390
General fund equity investments(3) | (1,170) | (770) | (390) | 380 | 760 | 1,140
Total underlying sensitivity before hedging | (3,540) | (2,230) | (1,060) | 930 | 1,770 | 2,530
Impact of macro and dynamic hedge assets(4) | 880 | 530 | 240 | (190) | (340) | (460)
Net potential impact on net income attributed to shareholders after impact of hedging and before impact of reinsurance | (2,660) | (1,700) | (820) | 740 | 1,430 | 2,070
Impact of reinsurance | 1,470 | 900 | 420 | (350) | (650) | (910)
Net potential impact on net income attributed to shareholders after impact of hedging and reinsurance | $(1,190) | $(800) | $(400) | $390 | $780 | $1,160

(1)See “Caution related to sensitivities” above.
(2)For variable annuity contracts measured under the VFA approach, the impact of financial risk and changes in interest rates adjusts CSM, unless the risk mitigation
option applies. The Company has elected to apply risk mitigation and therefore, a portion of the impact is reported in net income attributed to shareholders instead
of adjusting the CSM. If the CSM for a group of variable annuity contracts is exhausted, the full impact is reported in net income attributed to shareholders.
(3)This impact for general fund equity investments includes general fund investments supporting the Company’s insurance contract liabilities, investment in seed
money investments (in segregated and mutual funds made by Global WAM segment), and the impact on insurance contract liabilities related to the projected
future fee income on variable universal life and other unit-linked products. The impact does not include any potential impact on public equity weightings. The
participating policy funds are largely self-supporting and generate no material impact on net income attributed to shareholders as a result of changes in equity
markets.
(4)Includes the impact of assumed rebalancing of equity hedges in the macro and dynamic hedging program. The impact of dynamic hedging represents the impact
of equity hedges offsetting 95% of the dynamically hedged variable annuity liability movement that occurs as a result of market changes, but does not include any
impact in respect of other sources of hedge accounting ineffectiveness (e.g., fund tracking, realized volatility, and equity and interest rate correlations different from
expected among other factors).
88
Potential immediate impact on contractual service margin, other comprehensive income to shareholders and total
comprehensive income to shareholders from changes to public equity market values(1),(2),(3)

As at December 31, 2024 | -30% | -20% | -10% | +10% | +20% | +30%
Variable annuity and segregated fund guarantees reported in CSM | $(3,420) | $(2,110) | $(970) | $840 | $1,580 | $2,250
Impact of risk mitigation - hedging(4) | 940 | 560 | 250 | (190) | (350) | (470)
Impact of risk mitigation - reinsurance(4) | 1,670 | 1,020 | 470 | (400) | (740) | (1,050)
VA net of risk mitigation | (810) | (530) | (250) | 250 | 490 | 730
General fund equity | (1,140) | (740) | (370) | 370 | 750 | 1,110
Contractual service margin (pre-tax) | $(1,950) | $(1,270) | $(620) | $620 | $1,240 | $1,840
Other comprehensive income attributed to shareholders (post-tax)(5) | $(840) | $(560) | $(280) | $270 | $530 | $790
Total comprehensive income attributed to shareholders (post-tax) | $(2,090) | $(1,380) | $(680) | $660 | $1,320 | $1,970
As at December 31, 2023 | -30% | -20% | -10% | +10% | +20% | +30%
Variable annuity and segregated fund guarantees reported in CSM | $(3,810) | $(2,370) | $(1,100) | $940 | $1,760 | $2,470
Impact of risk mitigation - hedging(4) | 1,150 | 700 | 310 | (250) | (450) | (600)
Impact of risk mitigation - reinsurance(4) | 1,850 | 1,140 | 530 | (450) | (830) | (1,150)
VA net of risk mitigation | (810) | (530) | (260) | 240 | 480 | 720
General fund equity | (940) | (610) | (300) | 290 | 590 | 870
Contractual service margin (pre-tax) | $(1,750) | $(1,140) | $(560) | $530 | $1,070 | $1,590
Other comprehensive income attributed to shareholders (post-tax)(5) | $(730) | $(490) | $(240) | $230 | $460 | $680
Total comprehensive income attributed to shareholders (post-tax) | $(1,920) | $(1,290) | $(640) | $620 | $1,240 | $1,840

(1)See “Caution related to sensitivities” above.
(2)This estimate assumes that the performance of the dynamic hedging program would not completely offset the gain/loss from the dynamically hedged variable
annuity and segregated fund guarantee liabilities. It assumes that the hedge assets are based on the actual position at the period end, and that equity hedges in
the dynamic program offset 95% of the hedged variable annuity liability movement that occur as a result of market changes.
(3)OSFI rules for segregated fund guarantees reflect full capital impacts of shocks over 20 quarters within a prescribed range. As such, the deterioration in equity
markets could lead to further increases in capital requirements after the initial shock.
(4)For variable annuity contracts measured under VFA the impact of financial risk and changes in interest rates adjusts CSM, unless the risk mitigation option applies.
The Company has elected to apply risk mitigation and therefore a portion of the impact is reported in net income attributed to shareholders instead of adjusting the
CSM. If the CSM for a group of variable annuity contracts is exhausted the full impact is reported in net income attributed to shareholders.
(5)The impact of financial risk and changes to interest rates for variable annuity contracts is not expected to generate sensitivity in Other Comprehensive Income.
Interest rate and spread risk sensitivities and exposure measures
As at December 31, 2024, the Company estimated the sensitivity of net income attributed to shareholders to a 50 basis point
parallel decline in interest ra tes to be a benefit of $100, and to a 50 basis point parallel increase in interest rates to be a charge
of $100.
The table below shows the potential impacts fr om a 50 basis point parallel move in interest rates on CSM, net income attributed
to shareholders, other comprehensive income attributed to shareholders, and total comprehensive income attributed to
shareholders. This includes a change in current government, swap and corporate rates for all maturities across all markets with
no change in credit spreads between government, swap and corporate rates. Also shown separately are the potential impacts
from a 50 basis point parallel move in corporate spreads and a 20 basis point parallel move in swap spreads. The impacts reflect
the net impact of movements in asset values in liability and surplus segments and movements in the present value of cash flows
for insurance contracts including those with cash flows that vary with the returns of underlying items where the present value is
measured by stochastic modelling. The method used for deriving sensitivity information and significant assumptions did not
change from the previous period.
The disclosed interest rate sensitivities reflect the accounting designations of the Company’s financial assets and corresponding
insurance contract liabilities. In most cases these assets and liabilities are designated as FVOCI and as a result, impacts from
changes to interest rates are largely in other comprehensive income. There are also changes in interest rates that impact the
CSM for VFA contracts that relate to amounts that are not passed through to policyholders. In addition, changes in interest rates
impact net income as it relates to derivatives not in hedge accounting relationships and on VFA contracts where the CSM has
been exhausted.
The disclosed interest rate sensitivities assume no hedge accounting ineffectiveness, as the Company’s hedge accounting
programs are optimized for parallel movements in interest rates, leading to immaterial net income impacts under these shocks.
However, the actual hedge accounting ineffectiveness is sensitive to non-parallel interest rate movements and will depend on the
shape and magnitude of the interest rate movements which could lead to variations in the impact to net income attributed to
shareholders.
1 Energy includes legacy oil and gas equity interests related to upstream and midstream assets that are in runoff, and e nergy transition private equity interests in
areas supportive of the transition to lower carbon forms of energy, such as wind, solar, and carbon sequestration.

89 | 2024 Annual Report | Consolidated Financial Statements

The Company’s sensitivities vary across all regions in which the Company operates, and the impacts of yield curve changes will
vary depending upon the geography where the change occurs. Furthermore, the impacts from non-parallel movements may be
materially different from the estimated impacts of parallel movements.
The interest rate and spread risk sensitivities are determined in isolation of each other and therefore do not reflect the combined
impact of changes in government rates and credit spreads between government, swap and corporate rates occurring
simultaneously. As a result, the impact of the summation of each individual sensitivity may be materially different from the impact
of sensitivities to simultaneous changes in interest rate and spread risk.
The potential impacts also do not take into account other potential effects of changes in interest rate levels, for example, CSM at
recognition on the sale of new business or lower interest earned on future fixed income asset purchases.
The impacts do not reflect any potential effect of changing interest rates on the value of the Company’s ALDA. Rising interest
rates could negatively impact the value of the Company’s ALDA. More information on ALDA can be found below in the
“Alternative long-duration asset performance risk sensitivities and exposure measures” section.
Potential impacts on contractual service margin, net income attributed to shareholders, other comprehensive income
attributed to shareholders, and total comprehensive income attributed to shareholders of an immediate parallel change
in interest rates, corporate spreads or swap spreads relative to current rates(1),(2),(3)

As at December 31, 2024 | Interest rates |  | Corporate spreads |  | Swap spreads
(post-tax except CSM) | -50bp | +50bp |  | -50bp | +50bp |  | -20bp | +20bp
CSM | $100 | $(200) |  | $- | $(100) |  | $- | $-
Net income attributed to shareholders | 100 | (100) |  | 100 | (100) |  | 100 | (100)
Other comprehensive income attributed to shareholders | (100) | 200 |  | (200) | 300 |  | (100) | 100
Total comprehensive income attributed to shareholders | - | 100 |  | (100) | 200 |  | - | -
As at December 31, 2023 | Interest rates |  | Corporate spreads |  | Swap spreads
(post-tax except CSM) | -50bp | +50bp |  | -50bp | +50bp |  | -20bp | +20bp
CSM | $- | $(100) |  | $- | $(100) |  | $- | $-
Net income attributed to shareholders | 100 | (100) |  | - | - |  | 100 | (100)
Other comprehensive income attributed to shareholders | (300) | 300 |  | (200) | 300 |  | (100) | 100
Total comprehensive income attributed to shareholders | (200) | 200 |  | (200) | 300 |  | - | -

(1)See “Caution related to sensitivities” above.
(2)Estimates include changes to the net actuarial gains/losses with respect to the Company’s pension obligations as a result of changes in interest rates.
(3)Includes guaranteed insurance and annuity products, including variable annuity contracts as well as adjustable benefit products where benefits are generally
adjusted as interest rates and investment returns change, a portion of which have minimum credited rate guarantees. For adjustable benefit products subject to
minimum rate guarantees, the sensitivities are based on the assumption that credited rates will be floored at the minimum.
Alternative long-duration asset performance risk sensitivities and exposure measures
The following table shows the potential impact on CSM, net income attributed to shareholders, other comprehensive income
attributed to shareholders, and total comprehensive income attributed to shareholders resulting from an immediate 10% change
in market values of ALDA. The method used for deriving sensitivity information and significant assumptions made did not change
from the previous period.
ALDA used in this sensitivity analysis includes commercial real estate, private equity, infrastructure, timber and agriculture,
energy 1 and other investments.
The impacts do not reflect any future potential changes to non-fixed income return volatility. Refer to “Publicly traded equity
performance risk sensitivities and exposure measures” above for more details.
Potential immediate impacts on contractual service margin, net income attributed to shareholders, other
comprehensive income attributed to shareholders, and total comprehensive income attributed to shareholders from
changes in ALDA market values(1)

As at | December 31, 2024 |  | December 31, 2023
(post-tax except CSM) | -10% | +10% |  | -10% | +10%
CSM excluding NCI | $(200) | $200 |  | $(100) | $100
Net income attributed to shareholders(2) | (2,500) | 2,500 |  | (2,400) | 2,400
Other comprehensive income attributed to shareholders | (200) | 200 |  | (200) | 200
Total comprehensive income attributed to shareholders | (2,700) | 2,700 |  | (2,600) | 2,600

(1)See “Caution related to sensitivities” above.
(2)Net income attributed to shareholders includes core earnings and the amounts excluded from core earnings.
90
Foreign exchange risk sensitivities and exposure measures
The Company generally matches the currency of its assets with the currency of the insurance and investment contract liabilities
they support. As at December 31, 2024, the Company did not have a material unmatched currency exposure.
Liquidity risk exposure strategy
Manulife manages liquidity levels of the consolidated group and key subsidiaries against established thresholds, which are based
on extreme but plausible liquidity stress scenarios over varying time horizons.
The Company’s use of derivatives for hedging purposes is a significant source of liquidity risk through collateral and cash
settlement requirements for OTC bilateral and centrally cleared derivatives under adverse market conditions. To assess these
potential liquidity needs, the Company regularly stress tests the market value of its derivative portfolio under various stress
scenarios and measures and monitors the contingent requirements against its liquid asset holdings. Additionally, the Company
maintains a liquidity contingency plan with diverse sources of contingent liquidity that can be utilized under severe stress
conditions.
(c)Credit risk
Credit risk is the risk of loss due to inability or unwillingness of a borrower, or counterparty, to fulfill its payment obligations.
Worsening regional and global economic conditions, segment or industry sector challenges, or company specific factors could
result in defaults or downgrades and could lead to increased provisions or impairments related to the Company’s general fund
invested assets.
The Company’s exposure to credit risk is managed through risk management policies and procedures which include a defined
credit evaluation and adjudication process, delegated credit approval authorities and established exposure limits by borrower,
corporate connection, credit rating, industry and geographic region. The Company measures derivative counterparty exposure as
net potential credit exposure, which takes into consideration fair values of all transactions with each counterparty, net of any
collateral held, and an allowance to reflect future potential exposure. Reinsurance counterparty exposure is measured reflecting
the level of ceded liabilities. The Company also ensures where warranted, that mortgages, private placements and loans to Bank
clients are secured by collateral, the nature of which depends on the credit risk of the counterparty.
Credit risk associated with derivative counterparties is discussed in note 8 (f) and credit risk associated with reinsurance
counterparties is discussed in note 8 (k).
(I)Credit quality
The following tables present financial instruments subject to credit exposure, without considering any collateral held or other
credit enhancements, and other significant credit risk exposures from loan commitments, with allowances, presenting separately
Stage 1, Stage 2, and Stage 3 credit risk profiles. For each asset type presented in the table, amortized cost and FVOCI financial
instruments are presented together. Amortized cost financial instruments are shown gross of the allowance for credit losses,
which is shown separately. FVOCI financial instruments are shown at fair value with the allowance for credit losses shown
separately.

91 | 2024 Annual Report | Consolidated Financial Statements

As at December 31, 2024 | Stage 1 | Stage 2 | Stage 3 | Total
Debt securities, measured at FVOCI |  |  |  |
Investment grade | $197,840 | $1,338 | $- | $199,178
Non-investment grade | 5,625 | 363 | - | 5,988
Total carrying value | 203,465 | 1,701 | - | 205,166
Allowance for credit losses | 228 | 42 | - | 270
Debt securities, measured at amortized cost |  |  |  |
Investment grade | 1,496 | - | - | 1,496
Non-investment grade | - | - | - | -
Total | 1,496 | - | - | 1,496
Allowance for credit losses | 1 | - | - | 1
Total carrying value, net of allowance | 1,495 | - | - | 1,495
Private placements, measured at FVOCI |  |  |  |
Investment grade | 41,796 | 721 | - | 42,517
Non-investment grade | 5,004 | 1,133 | 148 | 6,285
Total carrying value | 46,800 | 1,854 | 148 | 48,802
Allowance for credit losses | 126 | 127 | 123 | 376
Commercial mortgages, measured at FVOCI |  |  |  |
AAA | 205 | - | - | 205
AA | 7,234 | - | - | 7,234
A | 14,035 | - | - | 14,035
BBB | 5,679 | 873 | - | 6,552
BB | 11 | 663 | - | 674
B and lower | - | 21 | 71 | 92
Total carrying value | 27,164 | 1,557 | 71 | 28,792
Allowance for credit losses | 41 | 39 | 55 | 135
Commercial mortgages, measured at amortized cost |  |  |  |
AAA | - | - | - | -
AA | - | - | - | -
A | 225 | 15 | - | 240
BBB | - | - | - | -
BB | - | - | - | -
B and lower | 112 | 5 | 5 | 122
Total | 337 | 20 | 5 | 362
Allowance for credit losses | 1 | 1 | - | 2
Total carrying value, net of allowance | 336 | 19 | 5 | 360
Residential mortgages, measured at amortized cost |  |  |  |
Performing | 22,870 | 1,151 | - | 24,021
Non-performing | - | - | 41 | 41
Total | 22,870 | 1,151 | 41 | 24,062
Allowance for credit losses | 3 | 2 | 1 | 6
Total carrying value, net of allowance | 22,867 | 1,149 | 40 | 24,056
Loans to Bank clients, measured at amortized cost |  |  |  |
Performing | 2,265 | 38 | - | 2,303
Non-performing | - | - | 10 | 10
Total | 2,265 | 38 | 10 | 2,313
Allowance for credit losses | 1 | 1 | 1 | 3
Total carrying value, net of allowance | 2,264 | 37 | 9 | 2,310
Other invested assets, measured at FVOCI |  |  |  |
Investment grade | - | - | - | -
Non-investment grade | 389 | - | - | 389
Total carrying value | 389 | - | - | 389
Allowance for credit losses | 22 | - | - | 22
Other invested assets, measured at amortized cost |  |  |  |
Investment grade | 4,302 | - | - | 4,302
Non-investment grade | - | - | - | -
Total | 4,302 | - | - | 4,302
Allowance for credit losses | 2 | - | - | 2
Total carrying value, net of allowance | 4,300 | - | - | 4,300
Loan commitments |  |  |  |
Allowance for credit losses | 9 | 1 | 1 | 11
Total carrying value, net of allowance | $309,080 | $6,317 | $273 | $315,670

92

As at December 31, 2023 | Stage 1 | Stage 2 | Stage 3 | Total
Debt securities, measured at FVOCI |  |  |  |
Investment grade | $197,562 | $2,252 | $- | $199,814
Non-investment grade | 5,367 | 596 | - | 5,963
Total carrying value | 202,929 | 2,848 | - | 205,777
Allowance for credit losses | 283 | 54 | 6 | 343
Debt securities, measured at amortized cost |  |  |  |
Investment grade | 1,373 | - | - | 1,373
Non-investment grade | - | - | - | -
Total | 1,373 | - | - | 1,373
Allowance for credit losses | 1 | - | - | 1
Total carrying value, net of allowance | 1,372 | - | - | 1,372
Private placements, measured at FVOCI |  |  |  |
Investment grade | 37,722 | 1,644 | - | 39,366
Non-investment grade | 5,210 | 295 | 81 | 5,586
Total carrying value | 42,932 | 1,939 | 81 | 44,952
Allowance for credit losses | 126 | 108 | 83 | 317
Commercial mortgages, measured at FVOCI |  |  |  |
AAA | 279 | - | - | 279
AA | 6,815 | - | - | 6,815
A | 14,111 | 86 | - | 14,197
BBB | 5,513 | 984 | - | 6,497
BB | 10 | 532 | - | 542
B and lower | - | 36 | 107 | 143
Total carrying value | 26,728 | 1,638 | 107 | 28,473
Allowance for credit losses | 40 | 42 | 143 | 225
Commercial mortgages, measured at amortized cost |  |  |  |
AAA | - | - | - | -
AA | - | - | - | -
A | 148 | 48 | - | 196
BBB | - | - | - | -
BB | - | - | - | -
B and lower | 145 | 35 | - | 180
Total | 293 | 83 | - | 376
Allowance for credit losses | 1 | 2 | - | 3
Total carrying value, net of allowance | 292 | 81 | - | 373
Residential mortgages, measured at amortized cost |  |  |  |
Performing | 20,898 | 1,570 | - | 22,468
Non-performing | - | - | 60 | 60
Total | 20,898 | 1,570 | 60 | 22,528
Allowance for credit losses | 4 | 2 | 2 | 8
Total carrying value, net of allowance | 20,894 | 1,568 | 58 | 22,520
Loans to Bank clients, measured at amortized cost |  |  |  |
Performing | 2,387 | 44 | - | 2,431
Non-performing | - | - | 8 | 8
Total | 2,387 | 44 | 8 | 2,439
Allowance for credit losses | 2 | - | 1 | 3
Total carrying value, net of allowance | 2,385 | 44 | 7 | 2,436
Other invested assets, measured at FVOCI |  |  |  |
Investment grade | - | - | - | -
Non-investment grade | 360 | - | - | 360
Total carrying value | 360 | - | - | 360
Allowance for credit losses | 16 | - | - | 16
Other invested assets, measured at amortized cost |  |  |  |
Investment grade | 3,791 | - | - | 3,791
Non-investment grade | - | - | - | -
Total | 3,791 | - | - | 3,791
Allowance for credit losses | 1 | - | - | 1
Total carrying value, net of allowance | 3,790 | - | - | 3,790
Loan commitments |  |  |  |
Allowance for credit losses | 9 | 1 | 2 | 12
Total carrying value, net of allowance | $301,682 | $8,118 | $253 | $310,053

93 | 2024 Annual Report | Consolidated Financial Statements

(II)Allowance for credit losses
The following tables provide details on the allowance for credit losses by stage as at and for the year ended December 31, 2024
and 2023.

As at December 31, 2024 | Stage 1 | Stage 2 | Stage 3 | Total
Balance, beginning of year | $483 | $209 | $237 | $929
Net re-measurement due to transfers | 4 | (22) | 18 | -
Transfer to stage 1 | 12 | (12) | - | -
Transfer to stage 2 | (7) | 7 | - | -
Transfer to stage 3 | (1) | (17) | 18 | -
Net originations, purchases, disposals and repayments | 36 | (8) | (159) | (131)
Changes to risk, parameters, and models | (107) | 21 | 81 | (5)
Foreign exchange and other adjustments | 18 | 13 | 4 | 35
Balance, end of year | $434 | $213 | $181 | $828

As at December 31, 2023 | Stage 1 | Stage 2 | Stage 3 | Total
Balance, beginning of year | $511 | $141 | $72 | $724
Net re-measurement due to transfers | 4 | 6 | (10) | -
Transfer to stage 1 | 12 | (11) | (1) | -
Transfer to stage 2 | (6) | 28 | (22) | -
Transfer to stage 3 | (2) | (11) | 13 | -
Net originations, purchases, disposals and repayments | 45 | 8 | (23) | 30
Changes to risk, parameters, and models | (71) | 48 | 233 | 210
Foreign exchange and other adjustments | (6) | 6 | (35) | (35)
Balance, end of year | $483 | $209 | $237 | $929

(III)Significant judgements and estimates
The following tables show certain key macroeconomic variables used to estimate the ECL allowances by market. For the base
case, upside and downside scenarios, the projections are provided for the next 12 months and then for the remaining forecast
period, which represents a medium-term view.

|  | Base case scenario |  | Upside scenario |  | Downside scenario 1 |  | Downside scenario 2
As at December 31, 2024 | Current quarter | Next 12 months | Ensuing 4 years |  | Next 12 months | Ensuing 4 years |  | Next 12 months | Ensuing 4 years |  | Next 12 months | Ensuing 4 years
Canada |  |  |  |  |  |  |  |  |  |  |  |
Gross Domestic Product (GDP), in U.S. $ billions | $1,983 | 1.8% | 2.0% |  | 3.3% | 2.3% |  | (2.0)% | 2.3% |  | (3.9)% | 2.2%
Unemployment rate | 6.7% | 6.8% | 6.3% |  | 6.5% | 5.8% |  | 8.1% | 8.2% |  | 8.5% | 10.0%
NYMEX Light Sweet Crude Oil, in U.S. dollars, per barrel | $76.0 | $75.0 | $72.0 |  | $79.0 | $74.0 |  | $59.0 | $66.0 |  | $50.0 | $61.0
U.S. |  |  |  |  |  |  |  |  |  |  |  |
Gross Domestic Product (GDP), in U.S. $ billions | $23,534 | 2.1% | 2.2% |  | 3.6% | 2.3% |  | (2.0)% | 2.7% |  | (4.2)% | 2.5%
Unemployment rate | 4.2% | 4.1% | 4.0% |  | 3.3% | 3.3% |  | 7.3% | 6.1% |  | 7.8% | 8.1%
7-10 Year BBB U.S. Corporate Index | 5.5% | 6.1% | 6.1% |  | 5.9% | 6.2% |  | 5.4% | 5.6% |  | 6.0% | 5.4%
Japan |  |  |  |  |  |  |  |  |  |  |  |
Gross Domestic Product (GDP), in JPY billions | ¥563,281 | 0.9% | 0.7% |  | 2.8% | 0.8% |  | (3.6)% | 1.0% |  | (7.1)% | 1.6%
Unemployment rate | 2.5% | 2.5% | 2.2% |  | 2.4% | 2.1% |  | 3.1% | 2.9% |  | 3.2% | 3.5%
Hong Kong |  |  |  |  |  |  |  |  |  |  |  |
Unemployment rate | 3.0% | 2.9% | 3.0% |  | 2.5% | 2.7% |  | 4.1% | 3.8% |  | 4.6% | 4.6%
Hang Seng Index | 19,448 | 7.0% | 4.1% |  | 18.1% | 3.7% |  | (19.7)% | 9.9% |  | (37.0)% | 13.5%
China |  |  |  |  |  |  |  |  |  |  |  |
Gross Domestic Product (GDP), in CNY billions | ¥114,931 | 4.0% | 4.1% |  | 6.5% | 4.3% |  | (3.0)% | 4.6% |  | (5.7)% | 3.9%
FTSE Xinhua A200 Index | 10,938 | (0.6)% | 4.8% |  | 13.8% | 2.8% |  | (31.1)% | 11.7% |  | (40.5)% | 13.5%

94
(IV)Sensitivity to changes in economic assumptions
The following table shows the ECL allowance balance which resulted from all four macroeconomic scenarios (including the more
heavily weighted best estimate baseline scenario, one upside and two downside scenarios) weighted by probability of
occurrence and shows an ECL allowance resulting from only the baseline scenario.

As at December 31, | 2024 | 2023
Probability-weighted ECL | $828 | $929
Baseline ECL | $629 | $659
Difference - in amount | $199 | $270
Difference - in percentage | 24.03% | 29.06%

(d)Securities lending, repurchase and reverse repurchase transactions
The Company engages in securities lending to generate fee income. Collateral exceeding the market value of the loaned
securities is retained by the Company until the underlying security has been returned to the Company. The market value of the
loaned securities is monitored daily and additional collateral is obtained or refunded as the market value of the underlying loaned
securities fluctuates. As at December 31, 2024, the Company had loaned securities (which are included in invested assets) with
a market value of $1,021 (2023 – $626). The Company holds collateral with a current market value that exceeds the value of
securities lent in all cases.
The Company engages in reverse repurchase transactions to generate fee income to take possession of securities to cover short
positions in similar instruments and to meet short-term funding requirements. As at December 31, 2024, the Company had
outstanding reverse repurchase transactions of $1,594 (2023 – $466) which are recorded as short-term receivables. In addition,
the Company had outstanding repurchase transactions of $668 as at December 31, 2024 (2023 – $202) which are recorded as
payables.
(e)Credit default swaps
The Company replicates exposure to specific issuers by selling credit protection via credit default swaps (“CDS”) to complement
its cash debt securities investing. The Company does not write CDS protection more than its government bond holdings. A CDS
is a derivative instrument representing an agreement between two parties to exchange the credit risk of a single specified entity
or an index based on the credit risk of a group of entities (all commonly referred to as the “reference entity” or a portfolio of
“reference entities”), in return for a periodic premium. CDS contracts typically have a five-year term.
The following tables present details of the credit default swap protection sold by type of contract and external agency rating for
the underlying reference security.

As at December 31, 2024 | Notional amount(1) | Fair value | Weighted average maturity (in years)(2)
Single name CDS(3),(4) – Corporate debt |  |  |
AA | $23 | $1 | 3
A | 68 | 1 | 3
BBB | 23 | - | 2
Total single name CDS | $114 | $2 | 3
Total CDS protection sold | $114 | $2 | 3
As at December 31, 2023 | Notional amount(1) | Fair value | Weighted average maturity (in years)(2)
Single name CDS(3),(4) – Corporate debt |  |  |
AA | $23 | $1 | 4
A | 94 | 2 | 3
BBB | 14 | - | 1
Total single name CDS | $131 | $3 | 3
Total CDS protection sold | $131 | $3 | 3

(1)Notional amounts represent the maximum future payments the Company would have to pay its counterparties assuming a default of the underlying credit and zero
recovery on the underlying issuer obligations.
(2)The weighted average maturity of the CDS is weighted based on notional amounts.
(3)Ratings are based on S&P where available followed by Moody’s, Morningstar DBRS, and Fitch. If no rating is available from a rating agency, an internally
developed rating is used.
(4)The Company held no purchased credit protection as at December 31, 2024 and 2023.
(f)Derivatives
The Company’s point-in-time exposure to losses related to credit risk of a derivative counterparty is limited to the amount of any
net gains that may have accrued with the particular counterparty. Gross derivative counterparty exposure is measured as the
total fair value (including accrued interest) of all outstanding contracts in a gain position excluding any offsetting contracts in a
loss position and the impact of collateral on hand. The Company limits the risk of credit losses from derivative counterparties by:

95 | 2024 Annual Report | Consolidated Financial Statements

using investment grade counterparties, entering into master netting arrangements which permit the offsetting of contracts in a
loss position in the case of a counterparty default and entering into Credit Support Annex agreements whereby collateral must be
provided when the exposure exceeds a certain threshold.
All contracts are held with or guaranteed by investment grade counterparties, the majority of whom are rated A- or higher. As at
December 31, 2024, the percentage of the Company’s derivative exposure with counterparties rated AA- or higher was 30 per
cent (2023 – 33 per cent). As at December 31, 2024, the largest single counterparty exposure, without taking into consideration
the impact of master netting agreements or the benefit of collateral held, was $1,319 (2023 – $1,357). The net exposure to this
counterparty, after taking into consideration master netting agreements and the fair value of collateral held, was $nil (2023 –
$nil).
(g)Offsetting financial assets and financial liabilities
Certain derivatives, securities lent and repurchase agreements have conditional offset rights. The Company does not offset these
financial instruments in the Consolidated Statements of Financial Position, as the rights of offset are conditional.
In the case of derivatives, collateral is collected from and pledged to counterparties and clearing houses to manage credit risk
exposure in accordance with Credit Support Annexes to swap agreements and clearing agreements. Under master netting
agreements, the Company has a right of offset in the event of default, insolvency, bankruptcy or other early termination.
In the case of reverse repurchase and repurchase transactions, additional collateral may be collected from or pledged to
counterparties to manage credit exposure according to bilateral reverse repurchase or repurchase agreements. In the event of
default by a reverse purchase transaction counterparty, the Company is entitled to liquidate the collateral held to offset against
the same counterparty’s obligation.
The following tables presents the effect of conditional master netting and similar arrangements. Similar arrangements may
include global master repurchase agreements, global master securities lending agreements, and any related rights to financial
collateral pledged or received.

|  | Related amounts not set off in the Consolidated Statements of Financial Position |  |
As at December 31, 2024 | Gross amounts of financial instruments(1) | Amounts subject to an enforceable master netting arrangement or similar agreements | Financial and cash collateral pledged (received)(2) | Net amounts including financing entity(3) | Net amounts excluding financing entity
Financial assets |  |  |  |  |  |
Derivative assets | $9,048 |  | $(6,633) | $(1,986) | $429 | $429
Securities lending | 1,021 |  | - | (1,021) | - | -
Reverse repurchase agreements | 1,594 |  | (569) | (1,025) | - | -
Total financial assets | $11,663 |  | $(7,202) | $(4,032) | $429 | $429
Financial liabilities |  |  |  |  |  |
Derivative liabilities | $(15,026) |  | $6,633 | $8,305 | $(88) | $(15)
Repurchase agreements | (668) |  | 569 | 99 | - | -
Total financial liabilities | $(15,694) |  | $7,202 | $8,404 | $(88) | $(15)
|  | Related amounts not set off in the Consolidated Statements of Financial Position |  |
As at December 31, 2023 | Gross amounts of financial instruments(1) | Amounts subject to an enforceable master netting arrangement or similar agreements | Financial and cash collateral pledged (received)(2) | Net amounts including financing entity(3) | Net amounts excluding financing entity
Financial assets |  |  |  |  |  |
Derivative assets | $9,044 |  | $(6,516) | $(2,374) | $154 | $154
Securities lending | 626 |  | - | (626) | - | -
Reverse repurchase agreements | 466 |  | (202) | (264) | - | -
Total financial assets | $10,136 |  | $(6,718) | $(3,264) | $154 | $154
Financial liabilities |  |  |  |  |  |
Derivative liabilities | $(12,600) |  | $6,516 | $5,958 | $(126) | $(57)
Repurchase agreements | (202) |  | 202 | - | - | -
Total financial liabilities | $(12,802) |  | $6,718 | $5,958 | $(126) | $(57)

(1)Financial assets and liabilities include accrued interest of $388 and $779 respectively (2023 – $502 and $913 respectively).
(2)Financial and cash collateral exclude over-collateralization. As at December 31, 2024, the Company was over-collateralized on OTC derivative assets, OTC
derivative liabilities, securities lending and reverse repurchase agreements and repurchase agreements in the amounts of $641, $2,472, $35 and $nil respectively
(2023 – $424, $1,420, $20 and $nil respectively). As at December 31, 2024, collateral pledged (received) does not include collateral-in-transit on OTC instruments
or initial margin on exchange-traded contracts or cleared contracts.
(3)Includes derivative contracts entered between the Company and its unconsolidated financing entity. The Company does not exchange collateral on derivative
contracts entered with this entity. Refer to note 17.
96
The Company also has certain credit linked note assets and variable surplus note liabilities which have unconditional offsetting
rights. Under the netting agreements, the Company has rights of offset including in the event of the Company’s default,
insolvency, or bankruptcy. These financial instruments are offset in the Consolidated Statements of Financial Position.
A credit linked note is a debt instrument the term of which, in this case, is linked to a variable surplus note. A surplus note is a
subordinated debt obligation that often qualifies as surplus (the U.S. statutory equivalent of equity) by some U.S. state insurance
regulators. Interest payments on surplus notes are made after all other contractual payments are made. The following tables
present the effect of unconditional netting.

As at December 31, 2024 | Gross amounts of financial instruments | Amounts subject to an enforceable netting arrangement | Net amounts of financial instruments
Credit linked note(1) | $1,392 |  | $(1,392) | $-
Variable surplus note | (1,392) |  | 1,392 | -
As at December 31, 2023 | Gross amounts of financial instruments | Amounts subject to an enforceable netting arrangement | Net amounts of financial instruments
Credit linked note(1) | $1,276 |  | $(1,276) | $-
Variable surplus note | (1,276) |  | 1,276 | -

(1)As at December 31, 2024 and 2023, the Company had no fixed surplus notes outstanding. Refer to note 18 (g).
(h)Risk concentrations
The Company defines enterprise-wide investment portfolio level targets and limits to ensure that portfolios are diversified across
asset classes and individual investment risks. The Company monitors actual investment positions and risk exposures for
concentration risk and reports its findings to the Executive Risk Committee and the Risk Committee of the Board of Directors.

As at December 31, | 2024 | 2023
Debt securities and private placements rated as investment grade BBB or higher(1) | 96% | 95%
Government debt securities as a per cent of total debt securities | 40% | 38%
Government private placements as a per cent of total private placements | 9% | 10%
Highest exposure to a single non-government debt security or private placement issuer | $1,121 | $1,131
Largest single issuer as a per cent of the total equity portfolio | 2% | 2%
Income producing commercial office properties (2024 – 35% of real estate, 2023 – 37%) | $4,696 | $4,829
Largest concentration of mortgages and real estate(2) – Ontario Canada (2024 – 28%, 2023 – 29%) | $19,052 | $19,003

(1)Investment grade debt securities and private placements include 37% rated A, 17% rated AA and 15% rated AAA (2023 – 38%, 17% and 15%) investments based
on external ratings where available.
(2)Mortgages and real estate investments are diversified geographically and by property type.
The following table presents debt securities and private placements portfolio by sector and industry.

| 2024 |  | 2023
As at December 31, | Carrying value | % of total |  | Carrying value | % of total
Government and agency | $88,376 | 34% |  | $84,739 | 33%
Utilities | 45,812 | 18% |  | 45,952 | 18%
Financial | 38,656 | 15% |  | 39,069 | 15%
Consumer | 31,529 | 12% |  | 31,181 | 12%
Energy | 15,840 | 6% |  | 15,782 | 6%
Industrial | 24,233 | 9% |  | 24,209 | 9%
Other | 15,843 | 6% |  | 16,823 | 7%
Total | $260,289 | 100% |  | $257,755 | 100%

(i)Insurance risk
Insurance risk is the risk of loss due to actual experience for mortality and morbidity claims, policyholder behaviour and expenses
emerging differently than assumed when a product was designed and priced. A variety of assumptions are made related to these
experience factors, for reinsurance costs, and for sales levels when products are designed and priced, as well as in the
determination of policy liabilities. Assumptions for future claims are generally based on both Company and industry experience,
and assumptions for future policyholder behaviour and expenses are generally based on Company experience. Such
assumptions require significant professional judgment, and actual experience may be materially different than the assumptions
made by the Company. Claims may be impacted unexpectedly by changes in the prevalence of diseases or illnesses, medical
and technology advances, widespread lifestyle changes, natural disasters, large-scale man-made disasters and acts of terrorism.
Policyholder behaviour including premium payment patterns, policy renewals, lapse rates and withdrawal and surrender activity
are influenced by many factors including market and general economic conditions, and the availability and relative attractiveness
of other products in the marketplace. Some reinsurance rates are not guaranteed and may be changed unexpectedly.
Adjustments the Company seeks to make to Non-Guaranteed elements to reflect changing experience factors may be

97 | 2024 Annual Report | Consolidated Financial Statements

challenged by regulatory or legal action and the Company may be unable to implement them or may face delays in
implementation.
The Company manages insurance risk through global policies, standards and best practices with respect to product design,
pricing, underwriting and claim adjudication, and a global underwriting manual. Each business unit establishes underwriting
policies and procedures, including criteria for approval of risks and claims adjudication policies and procedures. The current
global life retention limit is US$30 for individual policies (US$35 for survivorship life policies) and is shared across businesses.
Lower limits are applied in some markets and jurisdictions. The Company aims to further reduce exposure to claims
concentrations by applying geographical aggregate retention limits for certain covers. Enterprise-wide, the Company aims to
reduce the likelihood of high aggregate claims by operating globally, insuring a wide range of unrelated risk events, and
reinsuring some risk.
(j)Concentration risk
The geographic concentration of the Company’s insurance and investment contract liabilities, including embedded derivatives, is
shown below. The disclosure is based on the countries in which the business is written.

As at December 31, 2024 | Insurance contract liabilities | Investment contract liabilities | Reinsurance assets | Net liabilities
U.S. and Canada | $342,146 | $305,563 | $(52,055) | $595,654
Asia and Other | 180,698 | 17,378 | (6,294) | 191,782
Total | $522,844 | $322,941 | $(58,349) | $787,436
As at December 31, 2023 | Insurance contract liabilities | Investment contract liabilities | Reinsurance assets | Net liabilities
U.S. and Canada | $327,458 | $260,046 | $(39,080) | $548,424
Asia and Other | 154,536 | 15,171 | (1,169) | 168,538
Total | $481,994 | $275,217 | $(40,249) | $716,962

(k)Reinsurance risk
In the normal course of business, the Company limits the amount of loss on any one policy by reinsuring certain levels of risk
with other insurers. In addition, the Company accepts reinsurance from other reinsurers. Reinsurance ceded does not discharge
the Company’s liability as the primary insurer. Failure of reinsurers to honour their obligations could result in losses to the
Company; consequently, allowances are established for amounts deemed uncollectible. To minimize losses from reinsurer
insolvency, the Company monitors the concentration of credit risk both geographically and with any one reinsurer. In addition, the
Company selects reinsurers with high credit ratings.
As at December 31, 2024, the Company had $58,349 (2023 – $40,249) of reinsurance assets. Of this, 93 per cent (2023 – 91
per cent) were ceded to reinsurers with Standard and Poor’s ratings of A- or above. The Company’s exposure to credit risk was
mitigated by $40,753 fair value of collateral held as security as at December 31, 2024 (2023 – $22,264). Net exposure after
considering offsetting agreements and the benefit of the fair value of collateral held was $17,595 as at December 31, 2024 (2023
– $17,984).
98
Note 9 Long Term Debt
(a)Carrying value of long-term debt instruments

|  |  |  | As at December 31,
| Issue date | Maturity date | Par value | 2024 | 2023
3.050% Senior notes(1),(2) | August 27, 2020 | August 27, 2060 | US$1,155 | $1,659 | $1,519
5.375% Senior notes(1),(3) | March 4, 2016 | March 4, 2046 | US$750 | 1,067 | 977
3.703% Senior notes(1),(4) | March 16, 2022 | March 16, 2032 | US$750 | 1,074 | 983
2.396% Senior notes(1),(5) | June 1, 2020 | June 1, 2027 | US$200 | 287 | 263
2.484% Senior notes(1),(5) | May 19, 2020 | May 19, 2027 | US$500 | 717 | 657
3.527% Senior notes(1),(3) | December 2, 2016 | December 2, 2026 | US$270 | 388 | 356
4.150% Senior notes(1),(3) | March 4, 2016 | March 4, 2026 | US$1,000 | 1,437 | 1,316
Total |  |  |  | $6,629 | $6,071

(1)These U.S. dollar senior notes have been designated as hedges of the Company’s net investment in its U.S. operations which reduces the earnings volatility that
would otherwise arise from the re-measurement of these senior notes into Canadian dollars.
(2)MFC may redeem the notes in whole, but not in part, on August 27, 2025, and thereafter on every August 27 at a redemption price equal to par, together with
accrued and unpaid interest. Issuance costs are amortized to the earliest par redemption date.
(3)MFC may redeem the senior notes in whole or in part, at any time, at a redemption price equal to the greater of par and a price based on the yield of a comparable
U.S. Treasury bond with a tenor approximately equal to the period, from the redemption date to the respective maturity date, plus a specified number of basis
points, together with accrued and unpaid interest. The specified number of basis points is as follows: 5.375% notes – 40 bps, 3.527% notes – 20 bps, and 4.150%
notes – 35 bps. Issuance costs are amortized over the term of the debt.
(4)MFC may redeem the senior notes in whole or in part, at any time, at a redemption price equal to the greater of par and a price based on the yield of a comparable
U.S. Treasury bond with a tenor approximately equal to the period, from the redemption date to December 16, 2031, plus 25 bps, together with accrued and
unpaid interest. Issuance costs are amortized over the term of the debt.
(5)MFC may redeem the senior notes in whole or in part, at any time, at a redemption price equal to the greater of par and a price based on the yield of a comparable
U.S. Treasury bond with a tenor approximately equal to the period, from the redemption date to two months before the respective maturity date, plus a specified
number of basis points, together with accrued and unpaid interest. The specified number of basis points is as follows: 2.396% notes – 30 bps, and 2.484% notes –
30 bps. For the period from two months before the respective maturity date, MFC may redeem the senior notes, in whole or in part, at a redemption price equal to
par, together with accrued and unpaid interest. Issuance costs are amortized over the term of the debt.
The cash amount of interest paid on long-term debt during the year ended December 31, 2024 was $233 (2023 – $231).
(b)Fair value measurement
The Company measures its long-term debt at amortized cost in the Consolidated Statements of Financial Position. As at
December 31, 2024, the fair value of long-term debt was $5,741 (2023 – $5,525). The fair value of long-term debt was
determined using Level 2 valuation techniques (2023 – Level 2).
(c)Aggregate maturities of long-term debt

As at December 31, | Less than 1 year | 1 to 3 years | 3 to 5 years | Over 5 years | Total
2024 | $- | $2,829 | $- | $3,800 | $6,629
2023 | - | 1,672 | 920 | 3,479 | 6,071

99 | 2024 Annual Report | Consolidated Financial Statements

Note 10 Capital Instruments
(a)Carrying value of capital instruments

|  |  |  |  | As at December 31,
| Issuance date | Earliest par redemption date | Maturity date | Par value | 2024 | 2023
JHFC Subordinated notes(1),(2) | December 14, 2006 | n/a | December 15, 2036 | $650 | $648 | $647
2.818% MFC Subordinated debentures(1),(3) | May 12, 2020 | May 13, 2030 | May 13, 2035 | $1,000 | 997 | 996
4.064% MFC Subordinated debentures(4) | December 6, 2024 | December 6, 2029 | December 6, 2034 | $1,000 | 995 | -
4.275% MFC Subordinated notes(5),(6) | June 19, 2024 | June 19, 2029 | June 19, 2034 | S$500 | 524 | -
5.054% MFC Subordinated debentures(7) | February 23, 2024 | February 23, 2029 | February 23, 2034 | $1,100 | 1,095 | -
5.409% MFC Subordinated debentures(8) | March 10, 2023 | March 10, 2028 | March 10, 2033 | $1,200 | 1,196 | 1,195
4.061% MFC Subordinated notes(1),(9),(10) | February 24, 2017 | February 24, 2027 | February 24, 2032 | US$750 | 1,077 | 987
2.237% MFC Subordinated debentures(1),(11) | May 12, 2020 | May 12, 2025 | May 12, 2030 | $1,000 | 1,000 | 999
3.00% MFC Subordinated notes(1),(12),(13) | November 21, 2017 | November 21, 2024 | November 21, 2029 | S$500 | - | 499
3.049% MFC Subordinated debentures(1)(13) | August 18, 2017 | August 20, 2024 | August 20, 2029 | $750 | - | 750
7.375% JHUSA Surplus notes(13) | February 25, 1994 | n/a | February 15, 2024 | US$450 | - | 594
Total |  |  |  |  | $7,532 | $6,667

(1)The Canadian Dollar Offered Rate (“CDOR”) was decommissioned on June 28, 2024. On July 1, 2024, capital instruments of $648 (2023 – $647) which had an
interest rate referencing CDOR, transitioned to an interest rate referencing CORRA. In addition, capital instruments with interest rates resetting in the future that
reference CDOR and the U.S. Dollar Mid-Swap rate (based on London Interbank Offered Rate (LIBOR)) amount to $1,997 and $1,077, respectively (2023 –
$2,745 and $987, respectively). Future rate resets for these capital instruments may rely on alternative reference rates such as CORRA, the alternative rate for
CDOR, and the Secured Overnight Financing Rate (SOFR) and the alternative rate for USD LIBOR. As at December 31, 2024, the interest rate benchmark reform
has not resulted in material changes in the Company's risk management strategy.
(2)Issued by Manulife Holdings (Delaware) LLC (“MHDLL”), now John Hancock Financial Corporation (“JHFC”), a wholly owned subsidiary of MFC, to Manulife
Finance (Delaware) LLC (“MFLLC”), a subsidiary of Manulife Finance (Delaware) L.P. (“MFLP”). MFLP and its subsidiaries are wholly owned unconsolidated
related parties of the Company. Effective July 1, 2024, the notes bear interest at a floating rate equal to CORRA, plus a spread adjustment of 0.32138%, plus
0.72%. With regulatory approval, JHFC may redeem the note, in whole or in part, at any time, at par, together with accrued and unpaid interest. Refer to note 17.
(3)After May 13, 2030, the interest rate will reset to equal 3-month CDOR plus 1.82%. With regulatory approval, MFC may redeem the debentures, in whole or in
part, on or after May 13, 2025, at a redemption price together with accrued and unpaid interest. If the redemption date is on or after May 13, 2025, but prior to May
13, 2030, the redemption price shall be the greater of: (i) the Canada yield price as defined in the prospectus; and (ii) par. If the redemption date is on or after May
13, 2030, the redemption price shall be equal to par.
(4)Issued by MFC during the fourth quarter of 2024, interest is payable semi-annually. After December 6, 2029, the interest rate will reset to equal the Daily
Compounded CORRA plus 1.25%. With regulatory approval, MFC may redeem the notes, in whole or in part, on or after December 6, 2029 at a redemption price
equal to par, together with accrued and unpaid interest to, but excluding, the date fixed for redemption.
(5)Designated as a hedge of the Company's net investment in its Singapore operations which reduces the earnings volatility that would otherwise arise from the re-
measurement of the subordinated notes into Canadian dollars.
(6)Issued by MFC during the second quarter of 2024, interest is payable semi-annually. After June 19, 2029, the interest rate will reset to equal the prevailing 5-year
SORA Overnight Indexed Swap (SORA OIS) Rate plus 1.201%. With regulatory approval, MFC may redeem the notes, in whole, but not in part, on June 19, 2029
and on any interest payment date thereafter, at a redemption price equal to par, together with accrued and unpaid interest to, but excluding, the date fixed for
redemption.
(7)Issued by MFC during the first quarter of 2024, interest is payable semi-annually. After February 23, 2029, the interest rate will reset to equal the Daily
Compounded CORRA plus 1.44%. With regulatory approval, MFC may redeem the debentures, in whole, but not in part, on or after February 23, 2029 at a
redemption price equal to par, together with accrued and unpaid interest to, but excluding, the date fixed for redemption.
(8)Issued by MFC, interest is payable semi-annually. After March 10, 2028, the interest rate will reset to equal the Daily Compounded CORRA plus 1.85%. With
regulatory approval, MFC may redeem the debentures, in whole or in part, on or after March 10, 2028, at a redemption price equal to par, together with accrued
and unpaid interest.
(9)On the earliest par redemption date, the interest rate will reset to equal the 5-Year U.S. Dollar Mid-Swap Rate plus 1.647%. With regulatory approval, MFC may
redeem the debentures, in whole, but not in part, on the earliest par redemption date, at a redemption price equal to par, together with accrued and unpaid
interest.
(10)Designated as a hedge of the Company’s net investment in its U.S. operations which reduces the earnings volatility that would otherwise arise from the re-
measurement of the subordinated notes into Canadian dollars.
(11)Issued by MFC, interest is payable semi-annually. After May 12, 2025, the interest rate will reset to equal 3-month CDOR plus 1.49%. With regulatory approval,
MFC may redeem the debentures, in whole or in part, on or after May 12, 2025, at a redemption price equal to par, together with accrued and unpaid interest.
(12)On the earliest par redemption date, the interest rate will reset to equal the 5-Year Singapore Dollar Swap Rate plus 0.832%. With regulatory approval, MFC may
redeem the debentures, in whole, but not in part, on the earliest par redemption date and thereafter on each interest payment date, at a redemption price equal to
par, together with accrued and unpaid interest.
(13)The 3.00% MFC Subordinated notes and 3.049% MFC Subordinated debentures were redeemed at par. The 7.375% JHUSA Surplus notes matured and were
redeemed.
(b)Fair value measurement
The Company measures capital instruments at amortized cost in the Consolidated Statements of Financial Position. As at
December 31, 2024, the fair value of capital instruments was $7,575 (2023 – $6,483). The fair value of capital instruments was
determined using Level 2 valuation techniques (2023 – Level 2).
100
Note 11 Equity Capital and Earnings Per Share
The authorized capital of MFC consists of:
•an unlimited number of common shares without nominal or par value; and
•an unlimited number of Class A, Class B and Class 1 preferred shares without nominal or par value, issuable in series.
(a)Preferred shares and other equity instruments
The following table presents information about the outstanding preferred shares and other equity instruments as at December
31, 2024 and December 31, 2023.

|  | Annual dividend / distribution rate(1) | Earliest redemption date(2),(3) | Number of shares (in millions) | Face amount | Net amount(4) as at December 31,
| Issue date |  | 2024 | 2023
Preferred shares |  |  |  |  |  |  |  |
Class A preferred shares |  |  |  |  |  |  |
Series 2 | February 18, 2005 | 4.650 % | n/a | 14 | $350 |  | $344 | $344
Series 3 | January 3, 2006 | 4.500 % | n/a | 12 | 300 |  | 294 | 294
Class 1 preferred shares |  |  |  |  |  |  |
Series 3(5),(6) | March 11, 2011 | 2.348 % | June 19, 2026 | 7 | 163 |  | 160 | 160
Series 4(7) | June 20, 2016 | floating | June 19, 2026 | 1 | 37 |  | 36 | 36
Series 9(5),(6) | May 24, 2012 | 5.978 % | September 19, 2027 | 10 | 250 |  | 244 | 244
Series 11(5),(6) | December 4, 2012 | 6.159 % | March 19, 2028 | 8 | 200 |  | 196 | 196
Series 13(5),(6) | June 21, 2013 | 6.350 % | September 19, 2028 | 8 | 200 |  | 196 | 196
Series 15(5),(6),(8) | February 25, 2014 | 5.775 % | June 19, 2029 | 8 | 200 |  | 195 | 195
Series 17(5),(6),(9) | August 15, 2014 | 5.542 % | December 19, 2029 | 14 | 350 |  | 343 | 343
Series 19(5),(6) | December 3, 2014 | 3.675 % | March 19, 2025 | 10 | 250 |  | 246 | 246
Series 25(5),(6) | February 20, 2018 | 5.942 % | June 19, 2028 | 10 | 250 |  | 245 | 245
Other equity instruments |  |  |  |  |  |  |  |
Limited recourse capital notes (LRCN)(10) |  |  |  |  |  |  |  |
Series 1(11) | February 19, 2021 | 3.375 % | May 19, 2026 | n/a | 2,000 |  | 1,982 | 1,982
Series 2(11) | November 12, 2021 | 4.100 % | February 19, 2027 | n/a | 1,200 |  | 1,189 | 1,189
Series 3(11) | June 16, 2022 | 7.117 % | June 19, 2027 | n/a | 1,000 |  | 990 | 990
Total |  |  |  | 102 | $6,750 |  | $6,660 | $6,660

(1)Holders of Class A and Class 1 preferred shares are entitled to receive non-cumulative preferential cash dividends on a quarterly basis, as and when declared by
the Board of Directors. Non-deferrable distributions are payable to all LRCN holders semi-annually at the Company’s discretion.
(2)Redemption of all preferred shares is subject to regulatory approval. MFC may redeem each series, in whole or in part, at par, on the earliest redemption dates or
every five years thereafter, except for Class A Series 2, Class A Series 3 and Class 1 Series 4 preferred shares. Class A Series 2 and Series 3 preferred shares
are past their respective earliest redemption date and MFC may redeem these preferred shares, in whole or in part, at par at any time, subject to regulatory
approval. MFC may redeem the Class 1 Series 4 preferred shares, in whole or in part, at any time, at $25.00 per share if redeemed on June 19, 2026 (the earliest
redemption date) and on June 19 every five years thereafter, or at $25.50 per share if redeemed on any other date after June 19, 2021, subject to regulatory
approval.
(3)Red emption of all LRCN series is subject to regulatory approval. MFC may at its option redeem each series in whole or in part, at a redemption price equal to par, together
with accrued and unpaid interest. The redemption period for Series 1 is every five years during the period from May 19 and including June 19, commencing in 2026. The
redemption period for Series 2 is every five years during the period from February 19 to and including March 19, commencing in 2027. After the first redemption date, the
redemption period for Series 3 is every five years during the period from May 19 to and including June 19, commencing in 2 032.
(4)Net of after-tax issuance costs.
(5)On the earliest redemption date and every five years thereafter, the annual dividend rate will be reset to the five-year Government of Canada bond yield plus a
yield specified for each series. The specified yield for Class 1 preferred shares is: Series 3 – 1.41%, Series 9 – 2.86%, Series 11 – 2.61%, Series 13 – 2.22%,
Series 15 – 2.16%, Series 17 – 2.36%, Series 19 – 2.30%, and Series 25 – 2.55%.
(6)On the earliest redemption date and every five years thereafter, Class 1 preferred shares are convertible at the option of the holder into a new series that is one
number higher than their existing series, and the holders are entitled to non-cumulative preferential cash dividends, payable quarterly if and when declared by the
Board of Directors, at a rate equal to the three-month Government of Canada Treasury bill yield plus the rate specified in footnote 5 above.
(7)The floating dividend rate for the Class 1 Series 4 shares equals the three-month Government of Canada Treasury bill yield plus 1.41%.
(8)MFC did not exercise its right to redeem the outstanding Class 1 Shares Series 15 on June 19, 2024, which was the earliest redemption date. The dividend rate
was reset as specified in footnote 5 above to an annual fixed rate of 5.775%, for a five-year period commencing on June 20, 2024.
(9)MFC did not exercise its right to redeem the outstanding Class 1 Shares Series 17 on December 19, 2024, which was the earliest redemption date. The dividend
rate was reset as specified in footnote 5 above to an annual fixed rate of 5.542%, for a five-year period commencing on December 20, 2024.
(10)Non-payment of distributions or principal on any LRCN series when due will result in a recourse event. The recourse of each noteholder will be limited to their
proportionate amount of the Limited Recourse Trust’s assets which comprise of Class 1 Series 27 preferred shares for LRCN Series 1, Class 1 Series 28 preferred
shares for LRCN Series 2, and Class 1 Series 29 preferred shares for LRCN Series 3. All claims of the holders of LRCN series against MFC will be extinguished
upon receipt of the corresponding trust assets. The Class 1 Series 27, Class 1 Series 28 and Class 1 Series 29 preferred shares are eliminated on consolidation
while being held in the Limited Recourse Trust.
(11)The LRCN Series 1 pay a distribution at a fixed rate of 3.375% payable semi-annually, until June 18, 2026; on June 19, 2026 and every five years thereafter until
June 19, 2076, the rate will be reset at a rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 2.839%. The LRCN Series 2
pay a distribution at a fixed rate of 4.10% payable semi-annually, until March 18, 2027; on March 19, 2027 and every five years thereafter until March 19, 2077, the
rate will be reset at a rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 2.704%. The LRCN Series 3 pay a distribution at a
fixed rate of 7.117% payable semi-annually, until June 18, 2027; on June 19, 2027 and every five years thereafter until June 19, 2077, the rate will be reset at a
rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 3.95%.

101 | 2024 Annual Report | Consolidated Financial Statements

(b)Common shares
As at December 31, 2024, there were 12 million outstanding stock options and deferred share units that entitle the holders to
receive common shares or payment in cash or common shares, at the option of the holders (2023 – 17 million).
The following table presents changes in common shares issued and outstanding.

For the years ended December 31, | 2024 |  | 2023
Number of shares (in millions) | Amount |  | Number of shares (in millions) | Amount
Balance, beginning of year | 1,806 | $21,527 |  | 1,865 | $22,178
Repurchased for cancellation | (83) | (989) |  | (63) | (745)
Issued on exercise of stock options and deferred share units | 6 | 143 |  | 4 | 94
Balance, end of year | 1,729 | $20,681 |  | 1,806 | $21,527

Normal course issuer bid
On February 20, 2024, the Company announced that the Toronto Stock Exchange (“TSX”) approved a normal course issuer bid
(the “2024 NCIB”) permitting the purchase for cancellation of up to 50 million of its common shares, representing approximately
2.8% of its common shares outstanding as at February 12, 2024. On May 7, 2024, the Company announced that the TSX
approved an amendment to the 2024 NCIB to increase the number of common shares that it may repurchase for cancellation to
90 million of its common shares, representing approximately 5% of common shares outstanding as at February 12, 2024.
Purchases under the 2024 NCIB, as subsequently amended, commenced on February 23, 2024, and will continue until February
22, 2025, when the NCIB expires, or such earlier date as the Company completes its purchases. During the year ended
December 31, 2024, the Company purchased for cancellation under the 2024 NCIB 82.8 million common shares for $3,212 and
incurred $60 of tax on net repurchases of equity. Of this, $990 was recorded in common shares and $2,282 was recorded in
retained earnings in the Consolidated Statements of Changes in Equity.
The Company’s 2023 NCIB which was announced on February 21, 2023, expired on February 22, 2024, with no purchases
during the year ended December 31, 2024. The Company’s 2022 NCIB, which was announced on February 1, 2022, expired on
February 2, 2023.
During the year ended December 31, 2023, the Company purchased for cancellation 62.6 million common shares for a total cost
of $1,595, including 6.9 million common shares for $175 under the 2022 NCIB. Of this, $745 was recorded in common shares
and $850 was recorded in retained earnings in the Consolidated Statements of Changes in Equity.
On February 19, 2025, the Company announced that it is launching a normal course issuer bid (the “2025 NCIB”) permitting the
purchase for cancellation of up to 51.5 million common shares, representing approximately 3.0% of common shares outstanding.
The Company has received approval from both the TSX and OSFI for the 2025 NCIB. Purchases under the 2025 NCIB may
commence on February 24, 2025 and continue until February 23, 2026, when the 2025 NCIB expires, or such earlier date as the
Company completes its purchases.
(c)Earnings per share
The following table presents basic and diluted earnings per common share of the Company.

For the years ended December 31, | 2024 | 2023
Basic earnings per common share | $2.85 | $2.62
Diluted earnings per common share | 2.84 | 2.61

The following is a reconciliation of the denominator (number of shares) in the calculation of basic and diluted earnings per
common share.

For the years ended December 31, | 2024 | 2023
Weighted average number of common shares (in millions) | 1,779 | 1,834
Dilutive stock-based awards(1) (in millions) | 6 | 4
Weighted average number of diluted common shares (in millions) | 1,785 | 1,838

(1)The dilutive effect of stock-based awards was calculated using the treasury stock method. This method calculates the number of incremental shares by assuming
the outstanding stock-based awards are (i) exercised and (ii) then reduced by the number of shares assumed to be repurchased from the issuance proceeds,
using the average market price of MFC common shares for the year. Excluded from the calculation was a weighted average of nil (2023 – nil) anti-dilutive stock-
based awards.
102
(d)Quarterly dividend declaration subsequent to year end
On February 19, 2025, the Company’s Board of Directors approved a quarterly dividend of $0.44 per share on the common
shares of MFC, payable on or after March 19, 2025 to shareholders of record at the close of business on March 5, 2025.
The Board also declared dividends on the following non-cumulative preferred shares, payable on or after March 19, 2025 to
shareholders of record at the close of business on March 5, 2025.

Class A Shares Series 2 - $0.290630 per share | Class 1 Shares Series 13 - $0.396875 per share
Class A Shares Series 3 - $0.281250 per share | Class 1 Shares Series 15 - $0.360938 per share
Class 1 Shares Series 3 - $0.146750 per share | Class 1 Shares Series 17 - $0.346375 per share
Class 1 Shares Series 4 - $0.301500 per share | Class 1 Shares Series 19 - $0.229688 per share
Class 1 Shares Series 9 - $0.373625 per share | Class 1 Shares Series 25 - $0.371375 per share
Class 1 Shares Series 11 - $0.384938 per share |

Note 12 Capital Management
(a)Capital management
The Company monitors and manages its consolidated capital in compliance with the Life Insurance Capital Adequacy Test
(“LICAT”) guideline, the capital framework issued by OSFI. Under the capital framework, the Company’s consolidated capital
resources, including available capital, surplus allowance, and eligible deposits, are measured against the base solvency buffer,
which is the risk based capital requirement determined in accordance with the guideline.
The Company’s operating activities are primarily conducted within MLI and its subsidiaries. MLI is also regulated by OSFI and is
therefore subject to consolidated risk based capital requirements using the OSFI LICAT framework.
The Company seeks to manage its capital with the objectives of:
•Operating with sufficient capital to be able to honour all commitments to its policyholders and creditors with a high degree of
confidence;
•Retaining the ongoing confidence of regulators, policyholders, rating agencies, investors and other creditors in order to
ensure access to capital markets; and
•Optimizing return on capital to meet shareholders’ expectations subject to constraints and considerations of adequate levels
of capital established to meet the first two objectives.
Capital is managed and monitored in accordance with the Capital Management Policy. The policy is reviewed and approved by
the Board of Directors annually and is integrated with the Company’s risk and financial management frameworks. It establishes
guidelines regarding the quantity and quality of capital, internal capital mobility, and proactive management of ongoing and future
capital requirements.
The capital management framework considers the requirements of the Company as a whole as well as the needs of each of the
Company’s subsidiaries. Internal capital targets are set above the regulatory requirements, and consider a number of factors,
including expectations of regulators and rating agencies, results of sensitivity and stress testing and the Company’s own risk
assessments. The Company monitors against these internal targets and initiates actions appropriate to achieving its business
objectives.
Consolidated capital, whose components are based on accounting standards, is presented in the table below for MFC. For
regulatory reporting purposes, under the LICAT framework, the numbers are further adjusted for various additions or deductions
to capital as mandated by the guidelines used by OSFI.
Consolidated capital

As at December 31, | 2024 | 2023
Total equity | $52,960 | $48,727
Exclude AOCI gain / (loss) on cash flow hedges | 119 | 26
Total equity excluding AOCI on cash flow hedges | 52,841 | 48,701
Post-tax CSM | 20,826 | 18,503
Qualifying capital instruments | 7,532 | 6,667
Consolidated capital | $81,199 | $73,871

(b)Restrictions on dividends and capital distributions
Dividends and capital distributions are restricted under the Insurance Companies Act (“ICA”). These restrictions apply to both
MFC and its primary operating subsidiary MLI. The ICA prohibits the declaration or payment of any dividend on shares of an
insurance company if there are reasonable grounds for believing a company does not have adequate capital and adequate and
appropriate forms of liquidity or the declaration or payment of the dividend would cause the company to be in contravention of
any regulation made under the ICA respecting the maintenance of adequate capital and adequate and appropriate forms of
liquidity, or of any direction made to the company by OSFI. The ICA also requires an insurance company to notify OSFI of the
declaration of a dividend at least 15 days prior to the date fixed for its payment. Similarly, the ICA prohibits the purchase for
cancellation of any shares issued by an insurance company or the redemption of any redeemable shares or other similar capital

103 | 2024 Annual Report | Consolidated Financial Statements

transactions, if there are reasonable grounds for believing that the company does not have adequate capital and adequate and
appropriate forms of liquidity or the payment would cause the company to be in contravention of any regulation made under the
ICA respecting the maintenance of adequate capital and adequate and appropriate forms of liquidity, or any direction made to the
company by OSFI. These latter transactions would require the prior approval of OSFI.
The ICA requires Canadian insurance companies to maintain adequate levels of capital at all times.
Since MFC is a holding company that conducts all of its operations through regulated insurance subsidiaries (or companies
owned directly or indirectly by these subsidiaries), its ability to pay future dividends will depend on the receipt of sufficient funds
from its regulated insurance subsidiaries. These subsidiaries are also subject to certain regulatory restrictions under laws in
Canada, the United States and certain other countries that may limit their ability to pay dividends or make other upstream
distributions.
Note 13 Revenue from Service Contracts
The Company provides investment management services, transaction processing and administrative services, and distribution
and related services to proprietary and third-party investment funds, retirement plans, group benefit plans, institutional investors
and other arrangements. The Company also provides real estate management services to tenants of its investment properties.
The Company’s service contracts generally impose single performance obligations, each consisting of a series of similar related
services for each customer.
The Company’s performance obligations within service arrangements are generally satisfied over time as the customer
simultaneously receives and consumes the benefits of the services rendered, measured using an output method. Fees typically
include variable consideration and the related revenue is recognized to the extent that it is highly probable that a significant
reversal in the amount of cumulative revenue recognized will not occur when the uncertainty is subsequently resolved.
Asset-based fees vary with the asset values of accounts under management, subject to market conditions and investor
behaviours beyond the Company’s control. Transaction processing and administrative fees vary with activity volumes, also
beyond the Company’s control. Some fees, including distribution fees, are based on account balances and transaction volumes.
Fees related to account balances and transaction volumes are measured daily. Real estate management service fees include
fixed portions plus recovery of variable costs of services rendered to tenants. Fees related to services provided are generally
recognized as services are rendered, which is when it becomes highly probable that no significant reversal of cumulative
revenue recognized will occur. The Company has determined that its service contracts have no significant financing components
because fees are collected monthly. The Company has no significant contract assets or contract liabilities.
The following tables present revenue from service contracts by service lines and reporting segments as disclosed in note 19.

For the year ended December 31, 2024 | Global WAM | Asia, Canada, U.S., and Corporate and Other | Total
Investment management and other related fees | $3,612 | $(489) | $3,123
Transaction processing, administration and service fees | 2,908 | 298 | 3,206
Distribution fees and other | 918 | 46 | 964
Total included in other revenue | 7,438 | (145) | 7,293
Revenue from non-service lines | 1 | 294 | 295
Total other revenue | $7,439 | $149 | $7,588
Real estate management services included in net investment income | $- | $317 | $317

For the year ended December 31, 2023 | Global WAM | Asia, Canada, U.S., and Corporate and Other | Total
Investment management and other related fees | $3,298 | $(412) | $2,886
Transaction processing, administration and service fees | 2,566 | 269 | 2,835
Distribution fees and other | 842 | 54 | 896
Total included in other revenue | 6,706 | (89) | 6,617
Revenue from non-service lines | 3 | 126 | 129
Total other revenue | $6,709 | $37 | $6,746
Real estate management services included in net investment income | $- | $303 | $303

104
Note 14 Stock-Based Compensation
(a)Stock options
The Company grants stock options under its Executive Stock Option Plan (“ESOP”) to selected individuals. The options provide
the holder the right to purchase MFC common shares at an exercise price equal to the higher of the prior day, prior five-day or
prior ten-day average closing market price of the shares on the Toronto Stock Exchange on the date the options are granted. The
options vest over a period not exceeding four years and expire not more than ten years from the grant date. Effective with the
2015 grant, options may only be exercised after the fifth-year anniversary. A total of 73,600,000 common shares have been
reserved for issuance under the ESOP.
Options outstanding

For the years ended December 31, | 2024 |  | 2023
Number of options (in millions) | Weighted average exercise price |  | Number of options (in millions) | Weighted average exercise price
Outstanding, January 1 | 16 | $22.73 |  | 20 | $22.42
Forfeited | - | - |  | - | 24.27
Exercised | (5) | 21.56 |  | (4) | 21.02
Outstanding, December 31 | 11 | $23.35 |  | 16 | $22.73
Exercisable, December 31 | 6 | $22.66 |  | 9 | $21.99

| Options outstanding |  | Options exercisable
For the year ended December 31, 2024 | Number of options (in millions) | Weighted average exercise price | Weighted average remaining contractual life (in years) |  | Number of options (in millions) | Weighted average exercise price | Weighted average remaining contractual life (in years)
$17.59 - $20.99 | 1 | $17.59 | 1.15 |  | 1 | $17.59 | 1.15
$21.00 - $24.73 | 10 | $23.93 | 4.04 |  | 5 | $23.58 | 3.21
Total | 11 | $23.35 | 3.78 |  | 6 | $22.66 | 2.89

No stock options were granted in 2024 or 2023.
Compensation expense related to stock options was $nil for the year ended December 31, 2024 (2023 – $2).
(b)Deferred share units
In 2000, the Company granted deferred share units (“DSUs”) on a one-time basis to certain employees under the ESOP. These
DSUs vest over a three-year period and each DSU entitles the holder to receive one common share on retirement or termination
of employment. When dividends are paid on common shares, holders of DSUs are deemed to receive dividends at the same
rate, payable in the form of additional DSUs. The number of these DSUs outstanding was 149,000 as at December 31, 2024
(2023 – 143,000).
In addition, for certain employees and pursuant to the Company’s deferred compensation program, the Company grants DSUs
under the Restricted Share Units (“RSUs”) Plan which entitle the holder to receive payment in cash equal to the value of the
same number of common shares plus credited dividends on retirement or termination of employment. In 2024, the Company
granted 45,000 DSUs (2023 – 38,000) to certain employees which vest after 36 months. In 2024, 44,000 DSUs (2023 – 33,000)
were granted to certain employees who elected to defer receipt of all or part of their annual bonus, and these DSUs vested
immediately. In 2024, 19,000 DSUs (2023 – 18,000) were granted to certain employees who elected to defer payment of all or
part of their RSUs, and these DSUs also vested immediately.
Under the Stock Plan for Non-Employee Directors, each eligible director may elect to receive his or her annual director’s retainer
and fees in DSUs (which vest immediately) or common shares in lieu of cash. In 2024, 85,000 DSUs (2023 – 117,000) were
issued under this arrangement. Upon termination of their Board service, an eligible director who has elected to receive DSUs will
be entitled to receive cash equal to the value of the DSUs accumulated in their account, or at their direction, an equivalent
number of common shares. The Company is allowed to issue up to one million common shares under this plan, after which
awards may be settled using shares purchased in the open market.

105 | 2024 Annual Report | Consolidated Financial Statements

The fair value of 193,000 DSUs issued during the year was $44.16 per unit as at December 31, 2024 (2023 – 206,000 at $29.28
per unit).

For the years ended December 31, |  |
Number of DSUs (in thousands) | 2024 | 2023
Outstanding, January 1 | 1,963 | 2,373
Issued | 193 | 206
Reinvested | 86 | 131
Redeemed | (191) | (744)
Forfeitures and cancellations | (1) | (3)
Outstanding, December 31 | 2,050 | 1,963

Of the DSUs outstanding as at December 31, 2024, 149,000 (2023 – 143,000) entitle the holder to receive common shares,
867,000 (2023 – 913,000) entitle the holder to receive payment in cash and 1,034,000 (2023 – 907,000) entitle the holder to
receive payment in cash or common shares, at the option of the holder.
Compensation expense related to DSUs was $10 for the year ended December 31, 2024 (2023 – $9).
The carrying and fair value of the DSUs liability as at December 31, 2024 was $84 (2023 – $62) and was included in other
liabilities.
(c)Restricted share units and performance share units
For the year ended December 31, 2024, 6.7 million RSUs (2023 – 8.5 million) and 1.5 million PSUs (2023 – 1.6 million) were
granted to certain eligible employees under MFC’s Restricted Share Unit Plan. The fair value of the RSUs and PSUs granted
during the year was $44.16 per unit as at December 31, 2024 (2023 – $29.28 per unit). Each RSU and PSU entitles the holder to
receive payment equal to the market value of one common share, plus credited dividends, at the time of vesting, subject to any
performance conditions.
RSUs and PSUs granted in March 2024 will vest after 36 months from their grant date and the related compensation expense is
recognized over this period, unless the employee is eligible to retire at the time of grant or will be eligible to retire during the
vesting period, in which case the cost is recognized at the grant date or over the period between the grant date and the date on
which the employee is eligible to retire, respectively. Compensation expense related to RSUs and PSUs was $215 and $96,
respectively, for the year ended December 31, 2024 (2023 – $207 and $45, respectively).
The carrying and fair value of the RSUs and PSUs liability as at December 31, 2024 was $910 (2023 – $514) and was included
in other liabilities.
(d)Global share ownership plan
The Company’s Global Share Ownership Plan allows qualifying employees to apply up to five per cent of their annual base
earnings toward the purchase of common shares. The Company matches a percentage of the employee’s eligible contributions
up to a maximum amount. The Company’s contributions vest immediately. All contributions are used to purchase common shares
in the open market on behalf of participating employees.
Note 15 Employee Future Benefits
The Company maintains defined contribution and defined benefit pension plans and other post-employment plans for employees
and agents including registered (tax-qualified) pension plans that are typically funded, as well as supplemental non-registered
(non-qualified) pension plans for executives, retiree welfare plans and disability welfare plans that are typically not funded.
(a)Plan characteristics
The Company’s final average pay defined benefit pension plans and retiree welfare plans are closed to new members. All
employees may participate in capital accumulation plans including defined benefit cash balance plans, 401(k) plans and / or
defined contribution plans, depending on the country of employment.
All pension arrangements are governed by local pension committees or management or the Company’s Board of Directors, but
all significant plan changes require approval from the Board of Directors.
The Company’s funding policy for defined benefit pension plans is to make the minimum annual contributions required by
regulations in the countries in which the plans are offered. Assumptions and methods prescribed for regulatory funding purposes
typically differ from those used for accounting purposes.
The Company’s remaining defined benefit pension and / or retiree welfare plans are in the U.S., Canada, Japan and Taiwan
(China). There are also disability welfare plans in the U.S. and Canada.
The largest defined benefit pension and retiree welfare plans are the primary plans for employees in the U.S. and Canada.
These are the material plans discussed in the balance of this note. The Company measures its defined benefit obligations and
fair value of plan assets for accounting purposes as at December 31 each year.
106
U.S. defined benefit pension and retiree welfare plans
The Company operates a qualified cash balance plan that is open to new members, a closed non-qualified cash balance plan,
and a closed retiree welfare plan.
Actuarial valuations to determine the Company’s minimum funding contributions for the qualified cash balance plan are required
annually. Deficits revealed in the funding valuations must generally be funded over a period of up to seven years. It is expected
that there will be no required funding for this plan in 2025. No assets are held in the non-qualified cash balance plan.
The retiree welfare plan subsidizes the cost of life insurance and medical benefits. The majority of those members who retired
after 1991 receive a fixed-dollar subsidy from the Company based on length of service. The plan was closed to employees hired
after 2004. While assets have been set aside in a qualified trust to pay future retiree welfare benefits, this funding is optional.
Retiree welfare benefits offered under the plan coordinate with the U.S. Medicare program to make optimal use of available
federal financial support.
The qualified pension and retiree welfare plans are governed by the U.S. Benefits Committee, while the non-qualified pension
plan is governed by the U.S. Non-Qualified Plans Subcommittee.
Canadian defined benefit pension and retiree welfare plans
The Company’s defined benefit plans in Canada include two registered final average pay pension plans, a non-registered
supplemental final average pay pension plan and a retiree welfare plan, all of which have been closed to new members.
Actuarial valuations to determine the Company’s minimum funding contributions for the registered pension plans are required at
least once every three years. Deficits revealed in the funding valuation must generally be funded over a period of ten years. For
2025, the required funding for these plans is expected to be $2. No assets are held in the non-registered supplemental pension
plan.
The retiree welfare plan subsidizes the cost of life insurance, medical and dental benefits. These subsidies are a fixed-dollar
amount for members who retired after April 30, 2013 and have been eliminated for members who retire after 2019. No assets are
held in this plan.
The registered pension plans are governed by Pension Committees, while the supplemental non-registered plan is governed by
the Board of Directors. The retiree welfare plan is governed by management.
(b)Risks
In final average pay pension plans and retiree welfare plans, the Company generally bears the material risks which include
interest rate, investment, longevity and health care cost inflation risks. In defined contribution plans, these risks are typically
borne by the employee. In cash balance plans, the interest rate, investment and longevity risks are partially transferred to the
employee.
Material sources of risk to the Company for all plans include:
•A decline in discount rates that increases the defined benefit obligations by more than the increase in value of plan assets;
•Lower than expected rates of mortality; and
•For retiree welfare plans, higher than expected health care costs.
The Company has managed these risks through plan design and eligibility changes that have limited the size and growth of the
defined benefit obligations. Investment risks for funded plans are managed by investing significantly in asset classes which are
highly correlated with the plans’ liabilities.
In the U.S., delegated committee representatives and management review the financial status of the qualified defined benefit
pension plan at least monthly, and steps are taken in accordance with an established dynamic investment policy to increase the
plan’s allocation to asset classes which are highly correlated with the plan’s liabilities and reduce investment risk as the funded
status improves. As at December 31, 2024, the target asset allocation for the plan was 30% return-seeking assets and 70%
liability-hedging assets (2023 – 30% and 70%, respectively).
In Canada, internal committees and management review the financial status of the registered defined benefit pension plans on at
least a quarterly basis. As at December 31, 2024, the target asset allocation for the plans was 17% return-seeking assets and
83% liability-hedging assets (2023 – 17% and 83%, respectively).

107 | 2024 Annual Report | Consolidated Financial Statements

(c)Pension and retiree welfare plans
The following tables present the reconciliation of defined benefit obligation and fair value of plan assets for the pension plans and
retiree welfare plans.

| Pension plans |  | Retiree welfare plans
For the years ended December 31, | 2024 | 2023 |  | 2024 | 2023
Changes in defined benefit obligation: |  |  |  |  |
Opening balance, January 1 | $3,789 | $3,794 |  | $450 | $466
Current service cost | 44 | 41 |  | - | -
Past service cost – amendment | - | - |  | - | -
Interest cost | 176 | 184 |  | 21 | 22
Plan participants’ contributions | - | - |  | 2 | 3
Actuarial losses (gains) due to: |  |  |  |  |
Experience | 2 | 11 |  | (16) | (10)
Demographic assumption changes | - | 14 |  | - | 1
Economic assumption changes | (101) | 119 |  | (19) | 16
Benefits paid | (303) | (308) |  | (40) | (38)
Impact of changes in foreign exchange rates | 219 | (66) |  | 30 | (10)
Defined benefit obligation, December 31 | $3,826 | $3,789 |  | $428 | $450

| Pension plans |  | Retiree welfare plans
For the years ended December 31, | 2024 | 2023 |  | 2024 | 2023
Changes in plan assets: |  |  |  |  |
Fair value of plan assets, opening balance, January 1 | $3,706 | $3,722 |  | $526 | $523
Interest income | 174 | 181 |  | 26 | 25
Return on plan assets (excluding interest income) | (31) | 129 |  | (19) | 17
Employer contributions | 57 | 59 |  | 12 | 12
Plan participants’ contributions | - | - |  | 2 | 3
Benefits paid | (303) | (308) |  | (40) | (38)
Administration costs | (8) | (10) |  | (2) | (1)
Impact of changes in foreign exchange rates | 225 | (67) |  | 48 | (15)
Fair value of plan assets, December 31 | $3,820 | $3,706 |  | $553 | $526

(d)Amounts recognized in the Consolidated Statements of Financial Position
The following table presents the deficit (surplus) and net defined benefit liability (asset) for the pension plans and retiree welfare
plans.

| Pension plans |  | Retiree welfare plans
As at December 31, | 2024 | 2023 |  | 2024 | 2023
Development of net defined benefit liability |  |  |  |  |
Defined benefit obligation | $3,826 | $3,789 |  | $428 | $450
Fair value of plan assets | 3,820 | 3,706 |  | 553 | 526
Deficit (surplus) | 6 | 83 |  | (125) | (76)
Effect of asset limit(1) | 44 | 41 |  | - | -
Deficit (surplus) and net defined benefit liability (asset) | 50 | 124 |  | (125) | (76)
Deficit (surplus) is comprised of: |  |  |  |  |
Funded or partially funded plans | (483) | (422) |  | (221) | (190)
Unfunded plans | 533 | 546 |  | 96 | 114
Deficit (surplus) and net defined benefit liability (asset) | $50 | $124 |  | $(125) | $(76)

(1)The asset limit relates to a registered pension plan in Canada. The surplus in that plan is above the present value of economic benefits that can be derived by the
Company through reductions in future contributions. For other funded pension plans in surplus position, the present value of the economic benefits available in the
form of reductions in future contributions to the plans remains greater than the current surplus.
108
(e)Disaggregation of defined benefit obligation
The following table presents components of the defined benefit obligation between active members and inactive and retired
members.

| U.S. plans |  | Canadian plans
| Pension plans | Retiree welfare plans |  | Pension plans | Retiree welfare plans
As at December 31, | 2024 | 2023 | 2024 | 2023 |  | 2024 | 2023 | 2024 | 2023
Active members | $578 | $526 | $8 | $9 |  | $106 | $116 | $- | $-
Inactive and retired members | 1,922 | 1,907 | 324 | 327 |  | 1,220 | 1,240 | 96 | 114
Total | $2,500 | $2,433 | $332 | $336 |  | $1,326 | $1,356 | $96 | $114

(f)Fair value measurements
The following tables present major categories of plan assets and the allocation to each category.

| U.S. plans(1) |  | Canadian plans(2)
| Pension plans | Retiree welfare plans |  | Pension plans | Retiree welfare plans
As at December 31, 2024 | Fair value | % of total | Fair value | % of total |  | Fair value | % of total | Fair value | % of total
Cash and cash equivalents | $35 | 1% | $23 | 4% |  | $11 | 1% | $- | -%
Public equity securities(3) | 346 | 14% | 41 | 7% |  | 205 | 17% | - | -%
Public debt securities | 1,513 | 57% | 476 | 87% |  | 968 | 82% | - | -%
Other investments(4) | 741 | 28% | 13 | 2% |  | 1 | -% | - | -%
Total | $2,635 | 100% | $553 | 100% |  | $1,185 | 100% | $- | -%

(1)The U.S. pension and retiree welfare plan assets have daily quoted prices in active markets, except for the private debt, infrastructure, private equity, real estate,
timberland and agriculture assets. In the aggregate, the latter assets represent approximately 16% of all U.S. pension and retiree welfare plan assets as at
December 31, 2024 (2023 – 16%).
(2)All the Canadian pension plan assets have daily quoted prices in active markets, except for group annuity contract assets that represent approximately 0.1% of all
Canadian pension plan assets as at December 31, 2024 (2023 – 0.1%).
(3)Equity securities include direct investments in Manulife common shares of $2.1 (2023 – $1.4) in the U.S. retiree welfare plan.
(4)Other U.S. plan assets include investments in private debt, infrastructure, private equity, real estate, timberland and agriculture assets and managed futures. Other
Canadian pension plan assets include investments in the group annuity contracts.

| U.S. plans(1) |  | Canadian plans(2)
| Pension plans | Retiree welfare plans |  | Pension plans | Retiree welfare plans
As at December 31, 2023 | Fair value | % of total | Fair value | % of total |  | Fair value | % of total | Fair value | % of total
Cash and cash equivalents | $28 | 1% | $25 | 5% |  | $15 | 1% | $- | -%
Public equity securities(3) | 315 | 13% | 39 | 7% |  | 195 | 17% | - | -%
Public debt securities | 1,437 | 57% | 448 | 85% |  | 974 | 82% | - | -%
Other investments(4) | 741 | 29% | 14 | 3% |  | 1 | -% | - | -%
Total | $2,521 | 100% | $526 | 100% |  | $1,185 | 100% | $- | -%

Note: For footnotes (1) to (4), refer to the “Fair value measurements” table as at December 31, 2024 above.
(g)Net benefit cost recognized in the Consolidated Statements of Income
The following table presents components of the net benefit cost for the pension plans and retiree welfare plans.

| Pension plans |  | Retiree welfare plans
For the years ended December 31, | 2024 | 2023 |  | 2024 | 2023
Defined benefit current service cost(1) | $44 | $41 |  | $- | $-
Defined benefit administrative expenses | 8 | 10 |  | 2 | 1
Past service cost – plan amendments and curtailments | - | - |  | - | -
Service cost | 52 | 51 |  | 2 | 1
Interest on net defined benefit (asset) liability | 4 | 5 |  | (5) | (3)
Defined benefit cost | 56 | 56 |  | (3) | (2)
Defined contribution cost | 97 | 93 |  | - | -
Net benefit cost | $153 | $149 |  | $(3) | $(2)

(1)There are no significant current service costs for the retiree welfare plans as they are closed and mostly frozen. The re-measurement gain or loss on these plans is
due to the volatility of discount rates and investment returns.

109 | 2024 Annual Report | Consolidated Financial Statements

(h)Re-measurement effects recognized in Other Comprehensive Income
The following table presents components of the re-measurement effects recognized in Other Comprehensive Income for the
pension plans and retiree welfare plans.

| Pension plans |  | Retiree welfare plans
For the years ended December 31, | 2024 | 2023 |  | 2024 | 2023
Actuarial gains (losses) on defined benefit obligations due to: |  |  |  |  |
Experience | $(2) | $(11) |  | $16 | $10
Demographic assumption changes | - | (14) |  | - | (1)
Economic assumption changes | 101 | (119) |  | 19 | (16)
Return on plan assets (excluding interest income) | (31) | 129 |  | (19) | 17
Change in effect of asset limit (excluding interest) | (1) | 10 |  | - | -
Total re-measurement effects | $67 | $(5) |  | $16 | $10

(i)Assumptions
The following table presents key assumptions used by the Company to determine the defined benefit obligation and net benefit
cost for the defined benefit pension plans and retiree welfare plans.

| U.S. Plans |  | Canadian Plans
| Pension plans | Retiree welfare plans |  | Pension plans | Retiree welfare plans
For the years ended December 31, | 2024 | 2023 | 2024 | 2023 |  | 2024 | 2023 | 2024 | 2023
To determine the defined benefit obligation at end of year(1): |  |  |  |  |  |  |  |  |
Discount rate | 5.5% | 4.8% | 5.4% | 4.8% |  | 4.6% | 4.6% | 4.7% | 4.7%
Initial health care cost trend rate(2) | n/a | n/a | 8.8% | 9.0% |  | n/a | n/a | 3.9% | 3.9%
To determine the net defined benefit cost for the year(1): |  |  |  |  |  |  |  |  |
Discount rate | 4.8% | 5.0% | 4.8% | 5.0% |  | 4.6% | 5.3% | 4.7% | 5.3%
Initial health care cost trend rate(2) | n/a | n/a | 9.0% | 7.8% |  | n/a | n/a | 3.9% | 5.3%

(1)Inflation and salary increase assumptions are not shown as they do not materially affect obligations and costs.
(2)The health care cost trend rate used to measure the U.S. based retiree welfare obligation was 8.8% grading to 4.8% for 2041 and years thereafter (2023 – 9.0%
grading to 4.8% for 2041 and years thereafter) and to measure the net benefit cost was 9.0% grading to 4.8% for 2041 and years thereafter (2023 – 7.8% grading
to 4.8% for 2035 and years thereafter). In Canada, the rate used to measure the retiree welfare obligation was 3.9% grading to 4.0% for 2029 and years thereafter
(2023 – 5.1% in 2023 and 3.9% in 2024, grading to 4.0% for 2029 and years thereafter) and to measure the net benefit cost was 5.1% in 2023 and 3.9% in 2024,
grading to 4% for 2029 and years thereafter (2023 – 5.3% grading to 4.8% for 2026 and years thereafter).
Assumptions regarding future mortality are based on published statistics and mortality tables. The following table presents
current life expectancies underlying the values of the obligations in the defined benefit pension and retiree welfare plans.

| U.S. |  | Canada
As at December 31, | 2024 | 2023 |  | 2024 | 2023
Life expectancy (in years) for those currently age 65 |  |  |  |  |
Males | 22.2 | 22.2 |  | 24.4 | 24.3
Females | 23.7 | 23.7 |  | 26.2 | 26.2
Life expectancy (in years) at age 65 for those currently age 45 |  |  |  |  |
Males | 23.6 | 23.6 |  | 25.3 | 25.3
Females | 25.1 | 25.0 |  | 27.1 | 27.1

110
(j)Sensitivity of assumptions on obligations
Assumptions used can have a significant effect on the obligations reported for defined benefit pension and retiree welfare plans.
The following table sets out the potential impact on the obligations arising from changes in the key assumptions. Each sensitivity
assumes that all other assumptions are held constant. In actuality, inter-relationships among assumptions may exist.

| Pension plans |  | Retiree welfare plans
As at December 31, | 2024 | 2023 |  | 2024 | 2023
Discount rate: |  |  |  |  |
Impact of a 1% increase | $(260) | $(274) |  | $(34) | $(38)
Impact of a 1% decrease | 305 | 316 |  | 40 | 44
Health care cost trend rate: |  |  |  |  |
Impact of a 1% increase | n/a | n/a |  | 9 | 11
Impact of a 1% decrease | n/a | n/a |  | (8) | (10)
Mortality rates(1): |  |  |  |  |
Impact of a 10% decrease | 89 | 89 |  | 9 | 6

(1)If the actuarial estimates of mortality are adjusted in the future to reflect unexpected decreases in mortality, the effect of a 10% decrease in mortality rates at each
future age would be an increase in life expectancy at age 65 of 0.8 years for U.S. and Canadian males and females.
(k)Maturity profile
The following table presents the weighted average duration (in years) of the defined benefit obligations.

| Pension plans |  | Retiree welfare plans
As at December 31, | 2024 | 2023 |  | 2024 | 2023
U.S. plans | 8.0 | 8.4 |  | 7.7 | 8.2
Canadian plans | 10.1 | 9.9 |  | 10.9 | 11.1

(l)Cash flows – contributions
The following table presents total cash payments for all employee future benefits, comprised of cash contributed by the Company
to fund defined benefit pension and retiree welfare plans, cash payments made directly to beneficiaries in respect of unfunded
pension and retiree welfare plans, and cash contributed to defined contribution pension plans.

| Pension plans |  | Retiree welfare plans
For the years ended December 31, | 2024 | 2023 |  | 2024 | 2023
Defined benefit plans | $57 | $59 |  | $12 | $12
Defined contribution plans | 97 | 93 |  | - | -
Total | $154 | $152 |  | $12 | $12

The Company’s best estimate of expected cash payments for employee future benefits for the year ending December 31, 2025 is
$64 for defined benefit pension plans, $102 for defined contribution pension plans and $18 for retiree welfare plans.
Note 16 Income Taxes
(a)Income tax expense
The following table presents income tax expenses (recoveries) recognized in the Consolidated Statements of Income.

For the years ended December 31, | 2024 | 2023
Current tax |  |
Current year | $655 | $568
Global Minimum Taxes | 231 | -
Adjustments related to prior years | 15 | (193)
Total current tax | 901 | 375
Deferred tax |  |
Origination and reversal of temporary differences | 424 | 489
Adjustments related to prior years | (113) | (19)
Total deferred tax | 311 | 470
Income tax expenses (recoveries) | $1,212 | $845

111 | 2024 Annual Report | Consolidated Financial Statements

The following table discloses income tax expenses (recoveries) recognized directly in equity.

For the years ended December 31, | 2024 | 2023
Recognized in other comprehensive income |  |
Current income tax expenses (recoveries) | $174 | $320
Deferred income tax expenses (recoveries) | 885 | (326)
Total recognized in other comprehensive income | $1,059 | $(6)
Recognized in equity, other than other comprehensive income |  |
Current income tax expenses (recoveries) | $4 | $5
Deferred income tax expenses (recoveries) | (5) | (4)
Total income tax recognized directly in equity | $(1) | $1

(b)Current tax receivable and payable
As at December 31, 2024, the Company had approximately $1,070 of current tax receivable included in other assets (2023 –
$1,056) and a current tax payable of $453 included in other liabilities (2023 – $147).
(c)Tax reconciliation
The effective income tax rate reflected in the Consolidated Statements of Income varies from the Canadian tax rate of 27.80%
for the year ended December 31, 2024 (2023 – 27.80%) for the items outlined in the following table.

For the years ended December 31, | 2024 | 2023
Net income (loss) before income taxes | $7,090 | $6,452
Income tax expenses (recoveries) at Canadian statutory tax rate | $1,971 | $1,794
Increase (decrease) in income taxes due to: |  |
Tax-exempt investment income | (306) | (199)
Differences in tax rate on income not subject to tax in Canada | (938) | (770)
Adjustments to taxes related to prior years | (98) | (212)
Tax losses and temporary differences not recognized as deferred taxes | 94 | (38)
Global Minimum Taxes | 231 | -
Other differences | 258 | 270
Income tax expenses (recoveries) | $1,212 | $845

112
(d)Deferred tax assets and liabilities
The following table presents the Company’s deferred tax assets and liabilities reflected on the Consolidated Statements of
Financial Position.

As at December 31, | 2024 | 2023
Deferred tax assets | $5,884 | $6,739
Deferred tax liabilities | (1,890) | (1,697)
Net deferred tax assets (liabilities) | $3,994 | $5,042

The following tables present movement of deferred tax assets and liabilities.

For the year ended December 31, | Balance, January 1, 2024 | Acquired in business combination | Disposals | Recognized in income | Recognized in other comprehensive income | Recognized in equity | Translation and other | Balance, December 31, 2024
Loss carryforwards | $670 | $- | $- | $180 | $- | $(13) | $14 | $851
Actuarial liabilities | 5,813 | - | - | (972) | (1,059) | (1) | 383 | 4,164
Pensions and post-employment benefits | 171 | - | - | 1 | (20) | - | 1 | 153
Tax credits | 122 | - | - | 109 | - | - | 7 | 238
Accrued interest | 1 | - | - | 4 | - | - | - | 5
Real estate | (1,135) | - | - | 214 | 1 | - | (50) | (970)
Lease liability | 38 | - | - | 7 | - | 1 | (1) | 45
Right of use asset and sublease receivable | (34) | - | - | (8) | - | (1) | - | (43)
Securities and other investments | 86 | - | - | 276 | 197 | 2 | (171) | 390
Sale of investments | (18) | - | - | 10 | - | - | - | (8)
Goodwill and intangible assets | (822) | - | - | 24 | - | - | (31) | (829)
Other | 150 | 4 | - | (156) | (4) | 17 | (13) | (2)
Total | $5,042 | $4 | $- | $(311) | $(885) | $5 | $139 | $3,994

For the year ended December 31, | Balance, January 1, 2023 | Acquired in business combination | Disposals | Recognized in income | Recognized in other comprehensive income | Recognized in equity | Translation and other | Balance, December 31, 2023
Loss carryforwards | $701 | $- | $- | $(18) | $- | $(8) | $(5) | $670
Actuarial liabilities | 4,507 | - | - | 188 | 1,198 | - | (80) | 5,813
Pensions and post-employment benefits | 142 | - | - | 4 | 26 | - | (1) | 171
Tax credits | 109 | - | - | 15 | - | - | (2) | 122
Accrued interest | 1 | - | - | - | - | - | - | 1
Real estate | (1,317) | - | - | 168 | - | - | 14 | (1,135)
Lease liability | 47 | - | - | (7) | - | - | (2) | 38
Right of use asset and sublease receivable | (41) | - | - | 7 | - | - | - | (34)
Securities and other investments | 1,560 | - | - | (293) | (1,245) | 2 | 62 | 86
Sale of investments | (30) | - | - | 12 | - | - | - | (18)
Goodwill and intangible assets | (828) | - | - | (12) | - | - | 18 | (822)
Other | 321 | - | - | (534) | 347 | 10 | 6 | 150
Total | $5,172 | $- | $- | $(470) | $326 | $4 | $10 | $5,042

The total deferred tax assets as at December 31, 2024 of $5,884 (2023 – $6,739) includes $27 (2023 – $6,136) where the
Company has suffered losses in either the current or preceding year and where the recognition is dependent on future taxable
profits in the relevant jurisdictions and feasible management actions.
As at December 31, 2024, tax loss carryforwards available were approximately $4,837 (2023 – $3,549), of which $4,068 expire
between the years 2025 and 2044 while $769 have no expiry date, and capital loss carryforwards available were approximately
$27 (2023 – $5) and have no expiry date. An $851 (2023 – $670) tax benefit related to these tax loss carryforwards has been
recognized as a deferred tax asset as at December 31, 2024, and a benefit of $356 (2023 – $222) has not been recognized. The
Company has approximately $412 (2023 – $282) of tax credit carryforwards which will expire between the years 2026 and 2044
of which a benefit of $174 (2023 – $160) has not been recognized. In addition, the Company has not recognized a deferred tax
asset o f $1,152 (2023 – $1,171) on other temporary differences of $5,341 (2023 – $5,333).
The total deferred tax liability as at December 31, 2024 was $1,890 (2023 – $1,697). This amount includes the deferred tax
liability of consolidated entities. The aggregate amount of taxable temporary differences associated with the Company’s own
investments in subsidiaries is not included in the Consolidated Financial Statements and was $14,955 (2023 – $10,908).

113 | 2024 Annual Report | Consolidated Financial Statements

Note 17 Interests in Structured Entities
The Company is involved with both consolidated and unconsolidated structured entities (“SEs”) which are established to
generate investment and fee income. The Company is also involved with SEs that are used to facilitate financing for the
Company. These entities may have some or all of the following features: control is not readily identified based on voting rights;
restricted activities designed to achieve a narrow objective; high amount of leverage; and / or highly structured capital.
The Company only discloses its involvement in significant consolidated and unconsolidated SEs. In assessing the significance,
the Company considers the nature of its involvement with the SE, including whether it is sponsored by the Company (i.e., initially
organized and managed by the Company). Other factors considered include the Company’s investment in the SE as compared
to total invested assets, its returns from the SE as compared to total net investment income, the SE’s size as compared to total
funds under management, and its exposure to any other risks from its involvement with the SE.
The Company does not provide financial or other support to its SEs, when it does not have a contractual obligation to do so.
(a)Consolidated SEs
(I)Investment SEs
The Company acts as an investment manager of timberlands and timber companies. The Company’s general fund and
segregated funds invest in many of these companies. The Company has control over one timberland company which it
manages, Hancock Victoria Plantations Holdings PTY Limited (“HVPH”). HVPH is a SE primarily because the Company’s
employees exercise voting rights over it on behalf of other investors. As at December 31, 2024, the Company’s consolidated
timber assets owned by HVPH were $1,273 (2023 – $1,236). The Company does not provide guarantees to other parties against
the risk of loss from their investments in HVPH.
(II)Financing SEs
The Company securitizes certain HELOC collateralized by residential property. This activity is facilitated by consolidated entities
that are SEs because their operations are limited to issuing and servicing the Company’s funding. Further information regarding
the Company’s mortgage securitization program is included in note 3.
(b)Unconsolidated SEs
Investment SEs
The following table presents the Company’s investments and maximum exposure to loss from significant unconsolidated
investment SEs, some of which are sponsored by the Company. The Company does not provide guarantees to other parties
against the risk of loss from their investments in these SEs.

| Company’s investment(1) |  | Company’s maximum exposure to loss(2)
As at December 31, | 2024 | 2023 |  | 2024 | 2023
Leveraged leases(3) | $4,300 | $3,790 |  | $4,300 | $3,790
Infrastructure entities(4) | 3,282 | 2,468 |  | 4,174 | 3,035
Timberland entities(5) | 759 | 811 |  | 759 | 811
Real estate entities(6) | 601 | 676 |  | 601 | 676
Total | $8,942 | $7,745 |  | $9,834 | $8,312

(1)The Company’s investments in these unconsolidated SEs are included in invested assets and the Company’s returns from them are included in net investment
income and OCI.
(2)The Company’s maximum exposure to loss from each SE is limited to amounts invested in each, plus unfunded capital commitments, if any. The Company’s
investment commitments are disclosed in note 18. The maximum loss from any SE is expected to occur only upon the SE’s bankruptcy / liquidation.
(3)These entities are statutory business trusts which use capital provided by the Company and senior debt provided by other parties to finance the acquisition of
assets. These assets are leased by the trusts to third-party lessees under long-term leases. The Company owns equity capital in these trusts. The Company does
not consolidate any of these trusts because the Company does not have power to govern their financial and operating policies.
(4)These entities invest in infrastructure assets. The Company invests in their equity. The Company’s returns include investment income, investment management
fees, and performance fees. The Company does not control these entities because it either does not have the power to govern their financial and operating
policies or does not have significant variable returns from them, or both.
(5)These entities own and operate timberlands. The Company invests in their equity and debt. The Company’s returns include investment income, investment
advisory fees, forestry management fees and performance advisory fees. The Company does not control these entities because it either does not have the power
to govern their financial and operating policies or does not have significant variable returns from them, or both.
(6)These entities, which include the Manulife U.S. REIT, own and manage commercial real estate. The Company invests in their equity. The Company’s returns
include investment income, investment management fees, property management fees, acquisition/disposition fees and leasing fees. The Company does not
control these entities because it either does not have the power to govern their financial and operating policies or does not have significant variable returns from
them, or both.
114
Financing SEs
The Company’s interests in and maximum exposure to loss from significant unconsolidated financing SEs are as follows.

| Company’s interests(1)
As at December 31, | 2024 | 2023
Manulife Finance (Delaware), L.P.(2) | $710 | $709
Total | $710 | $709

(1)The Company’s interests include amounts borrowed from the SE; the Company’s investment in its equity and subordinated capital; and foreign currency and
interest rate swaps with it.
(2)This entity is a wholly owned partnership used to facilitate the Company’s financing. Refer to note s 10 and 18.
(I)Other invested assets
The Company has investment relationships with a variety of other entities, which result from its direct investment in their debt
a nd / or equity and which have been assessed for control. These other entities’ investments include but are not limited to
investments in infrastructure, energy, private equity, real estate and agriculture, organized as limited partnerships and limited
liability companies. Most of these other entities are not sponsored by the Company. The Company’s involvement with these other
entities is not individually significant. As such, the Company neither provides summary financial data for these entities nor
individually assesses whether they are SEs. The Company’s maximum exposure to losses because of its involvement with these
other entities is limited to its investment in them and amounts committed to be invested but not yet funded. The Company
records its income from these entities in net investment income and AOCI. The Company does not provide guarantees to other
parties against the risk of loss from their investments in these other entities.
(II)Interest in securitized assets
The Company invests in mortgage/asset-backed securities issued by securitization vehicles sponsored by other parties,
including private issuers and government sponsored issuers, to generate investment income. The Company does not own a
controlling financial interest in any of the issuers. These securitization vehicles are SEs based on their narrow scope of activities
and highly leveraged capital structures. Investments in mortgage/asset-backed securities are reported on the Consolidated
Statements of Financial Position as debt securities and private placements, and their fair value and carrying value are disclosed
in note 3. The Company’s maximum loss from these investments is limited to amounts invested.
Commercial mortgage-backed securities (“CMBS”) are secured by commercial mortgages and residential mortgage backed
securities (“RMBS”) are secured by residential mortgages. Asset-backed securities (“ABS”) may be secured by various
underlying assets including credit card receivables, automobile loans and aviation leases. The mortgage/asset-backed securities
that the Company invests in primarily originate in North America.
The following table presents investments in securitized holdings by the type and asset quality.

| 2024 |  | 2023
As at December 31, | CMBS | RMBS | ABS | Total |  | Total
AAA | $309 | $2 | $870 | $1,181 |  | $1,375
AA | - | - | 319 | 319 |  | 227
A | - | 3 | 375 | 378 |  | 438
BBB | - | - | 41 | 41 |  | 107
BB and below | - | - | 53 | 53 |  | 7
Total exposure | $309 | $5 | $1,658 | $1,972 |  | $2,154

(III)Mutual funds
The Company sponsors and may invest in a range of public mutual funds with a broad range of investment styles. As sponsor,
the Company organizes mutual funds that implement investment strategies on behalf of current and future investors. The
Company earns fees which are at market rates for providing advisory and administrative services to these mutual funds.
Generally, the Company does not control its sponsored mutual funds because either the Company does not have power to
govern their financial and operating policies, or its returns in the form of fees and ownership interests are not significant, or both.
Certain mutual funds are SEs because their decision-making rights are not vested in voting equity interests and their investors
are provided with redemption rights.
The Company’s relationships with these mutual funds are not individually significant. As such, the Company neither provides
summary financial data for these mutual funds nor individually assesses whether they are SEs. The Company’s interest in mutual
funds is limited to its investment and fees earned, if any. The Company’s investments in mutual funds are recorded as part of its
investment in public equities within the Consolidated Statements of Financial Position. For information regarding the Company’s
invested assets, refer to note 3. The Company does not provide guarantees to other parties against the risk of loss from these
mutual funds.
As sponsor, the Company’s investment in (“seed”) startup capital of mutual funds as at December 31, 2024 was $1,149 (2023 –
$1,319). The Company’s retail mutual fund assets under management as at December 31, 2024 were $333,598 (2023 –
$277,365).

115 | 2024 Annual Report | Consolidated Financial Statements

Note 18 Commitments and Contingencies
(a)Legal proceedings
The Company is regularly involved in legal actions, both as a defendant and as a plaintiff. The legal actions where the Company
is a party ordinarily relate to its activities as a provider of insurance protection or wealth management products, reinsurance, or in
its capacity as an investment adviser, employer, or taxpayer. Other life insurers and asset managers, operating in the
jurisdictions in which the Company does business, have been subject to a wide variety of other types of actions, some of which
resulted in substantial judgments or settlements against the defendants; it is possible that the Company may become involved in
similar actions in the future. In addition, government and regulatory bodies in Canada, the United States, Asia and other
jurisdictions where the Company conducts business regularly make inquiries and, from time to time, require the production of
information or conduct examinations concerning the Company’s compliance with, among other things, insurance laws, securities
laws, and laws governing the activities of broker-dealers.
In September 2023, a lawsuit was initiated against the Company in the U.S. District Court of the Southern District of New York as
a putative class action on behalf of all current and former owners of universal life insurance policies issued by the Company that
state that “cost of insurance rates will be based on future expectations that include taxes.” The Plaintiff’s theory is that the
Company impermissibly failed to decrease the cost of insurance rates charged to these policy owners after the implementation of
the Tax Cuts and Jobs Act of 2018. It is too early in the litigation to offer any reliable opinion about the scope of the class policies
that may be at issue or the likely outcome.
(b)Investment commitments
In the normal course of business, various investment commitments are outstanding which are not reflected in the Consolidated
Financial Statements. There were $15,367 (2023 – $15,117) of outstanding investment commitments as at December 31, 2024,
of which $1,143 (2023 – $781) mature in 30 days, $3,217 (2023 – $4,627) mature in 31 to 365 days and $11,007 (2023 –
$9,709) mature after one year.
(c)Letters of credit
In the normal course of business, third-party relationship banks issue letters of credit on the Company’s behalf. The Company’s
businesses utilize letters of credit for which third parties are the beneficiaries, as well as for affiliate reinsurance transactions
between its subsidiaries. As at December 31, 2024, letters of credit for which third parties are beneficiaries, in the amount of
$271 (2023 – $466), were outstanding.
116
(d)Guarantees
(I)Guarantees regarding Manulife Finance (Delaware), L.P. (“MFLP”)
MFC has guaranteed the payment of amounts on the $650 subordinated debentures due on December 15, 2041 issued by
MFLP, a wholly owned unconsolidated financing entity.
The following tables present certain condensed consolidated financial information for MFC and MFLP.
Condensed Consolidated Statements of Income Information

For the year ended December 31, 2024 | MFC (Guarantor) | Subsidiaries on a combined basis | Consolidation adjustments | Total consolidated amounts |  | MFLP
Insurance service result | $- | $4,001 | $- | $4,001 |  | $-
Investment result | 871 | 4,329 | (1,679) | 3,521 |  | 52
Other revenue | (34) | 7,620 | 2 | 7,588 |  | 20
Net income (loss) attributed to shareholders and other equity holders | 5,385 | 4,910 | (4,910) | 5,385 |  | 26

For the year ended December 31, 2023 | MFC (Guarantor) | Subsidiaries on a combined basis | Consolidation adjustments | Total consolidated amounts |  | MFLP
Insurance service result | $- | $3,977 | $- | $3,977 |  | $-
Investment result | 638 | 3,646 | (1,326) | 2,958 |  | 51
Other revenue | 14 | 6,736 | (4) | 6,746 |  | (7)
Net income (loss) attributed to shareholders and other equity holders | 5,103 | 4,785 | (4,785) | 5,103 |  | 1

Condensed Consolidated Statements of Financial Position

As at December 31, 2024 | MFC (Guarantor) | Subsidiaries on a combined basis | Consolidation adjustments | Total consolidated amounts |  | MFLP
Invested assets | $126 | $442,371 | $- | $442,497 |  | $16
Insurance contract assets | - | 102 | - | 102 |  | -
Reinsurance contract held assets | - | 59,015 | - | 59,015 |  | -
Total other assets | 65,898 | 46,450 | (71,132) | 41,216 |  | 995
Segregated funds net assets | - | 435,988 | - | 435,988 |  | -
Insurance contract liabilities, excluding those for account of segregated fund holders | - | 396,401 | - | 396,401 |  | -
Reinsurance contract held liabilities | - | 2,669 | - | 2,669 |  | -
Investment contract liabilities | - | 13,498 | - | 13,498 |  | -
Total other liabilities | 15,052 | 63,825 | (1,575) | 77,302 |  | 726
Insurance contract liabilities for account of segregated fund holders | - | 126,545 | - | 126,545 |  | -
Investment contract liabilities for account of segregated fund holders | - | 309,443 | - | 309,443 |  | -

As at December 31, 2023 | MFC (Guarantor) | Subsidiaries on a combined basis | Consolidation adjustments | Total consolidated amounts |  | MFLP
Invested assets | $86 | $417,124 | $- | $417,210 |  | $9
Insurance contract assets | - | 145 | - | 145 |  | -
Reinsurance contract held assets | - | 42,651 | - | 42,651 |  | -
Total other assets | 59,023 | 42,411 | (63,410) | 38,024 |  | 969
Segregated funds net assets | - | 377,544 | - | 377,544 |  | -
Insurance contract liabilities, excluding those for account of segregated fund holders | - | 367,996 | - | 367,996 |  | -
Reinsurance contract held liabilities | - | 2,831 | - | 2,831 |  | -
Investment contract liabilities | - | 11,816 | - | 11,816 |  | -
Total other liabilities | 12,070 | 55,129 | (539) | 66,660 |  | 718
Insurance contract liabilities for account of segregated fund holders | - | 114,143 | - | 114,143 |  | -
Investment contract liabilities for account of segregated fund holders | - | 263,401 | - | 263,401 |  | -

(II)Guarantees regarding John Hancock Life Insurance Company (U.S.A.) (“JHUSA”)
Details of guarantees regarding certain securities issued or to be issued by JHUSA are outlined in note 23.

117 | 2024 Annual Report | Consolidated Financial Statements

(e)Pledged assets
In the normal course of business, the Company pledges its assets in respect of liabilities incurred, strictly for providing collateral
to the counterparty. In the event of the Company’s default, the counterparty is entitled to apply the collateral to settle the liability.
Where pledged assets have been delivered to a counterparty, the pledged assets are returned to the Company if the underlying
transaction is terminated or, in the case of derivatives and Manulife Bank securitized mortgages, are partially returned if there is
a decrease in the net exposure due to market value changes.
The amounts pledged are as follows.

| 2024 |  | 2023
As at December 31, | Debt securities | Other |  | Debt securities | Other
In respect of: |  |  |  |  |
Derivatives | $14,517 | $25 |  | $10,431 | $26
Secured borrowings(1) | - | 2,216 |  | - | 2,220
Regulatory requirements | 303 | 91 |  | 307 | 74
Repurchase agreements | 658 | - |  | 201 | -
Mortgages on ALDA properties | - | 284 |  | - | 278
Manulife Bank securitized mortgages(2) | - | 7,603 |  | - | 6,990
Non-registered retirement plans in trust | - | 286 |  | - | 298
Other | - | 289 |  | - | 283
Total | $15,478 | $10,794 |  | $10,939 | $10,169

(1)During the year, the Company pledged certain of its mortgage loans with the FHLBI. Of this amount, $1,098 (2023 – $998) is required collateral for the US$500
outstanding borrowing to JHUSA under the FHLBI facility; and $1,118 (2023 – $1,222) is excess collateral that can be called back by JHUSA at any time.
(2)The Manulife Bank mortgage securitization program includes CMB securitization of $3,274 (2023 – $2,900), HELOC securitization, which includes restricted cash
and short-term securities, of $3,163 (2023 – $2,912), and additional encumbrances of mortgages and cash required by the securitization program's operations of
$1,166 (2023 – $1,178).
(f)Participating business
In some markets where the Company maintains participating accounts, there are regulatory restrictions on the amounts of profit
that can be transferred to shareholders. Where applicable, these restrictions generally take the form of a fixed percentage of
policyholder dividends. For participating businesses operating as separate “closed blocks”, transfers are governed by the terms
of MLI’s and John Hancock Mutual Life Insurance Company’s plans of demutualization.
(g)Fixed surplus notes
A third party contractually provides standby financing arrangements for the Company’s U.S. operations under which, in certain
circumstances, funds may be provided in exchange for the issuance of fixed surplus notes. As at December 31, 2024 and 2023,
the Company had no fixed surplus notes outstanding.
Note 19 Segmented Information
The Company’s reporting segments are Asia, Canada, U.S., Global WAM and Corporate and Other. Each reporting segment is
responsible for managing its operating results, developing products, defining strategies for services and distribution based on the
profile and needs of its business and market. The Company’s significant product and service offerings by the reporting segments
are mentioned below.
Wealth and asset management businesses (Global WAM) – branded as Manulife Investment Management, provides
investment advice and innovative solutions to retirement, retail, and institutional clients. Products and services are distributed
through multiple distribution channels, including agents and brokers affiliated with the Company, independent securities
brokerage firms and financial advisors pension plan consultants and banks.
Insurance and annuity products (Asia, Canada and U.S.) – include a variety of individual life insurance, individual and group
long-term care insurance and guaranteed and partially guaranteed annuity products. Products are distributed through multiple
distribution channels, including insurance agents, brokers, banks, financial planners and direct marketing. Manulife Bank of
Canada offers a variety of deposit and credit products to Canadian customers.
Corporate and Other segment – comprised of investment performance of assets backing capital, net of amounts allocated to
operating segments; costs incurred by the corporate office related to shareholder activities (not allocated to the operating
segments); financing costs; Property and Casualty Reinsurance Business; and run-off reinsurance operations including variable
annuities and accident and health. In addition, consolidations and eliminations of transactions between operating segments are
also included.
118
(a)Reporting segments
The following tables present results by reporting segments.

For the year ended December 31, 2024 | Asia | Canada | U.S. | Global WAM | Corporate and Other | Total
Insurance service result |  |  |  |  |  |
Life, health and property and casualty insurance | $2,228 | $1,081 | $241 | $- | $164 | $3,714
Annuities and pensions | (68) | 239 | 116 | - | - | 287
Total insurance service result | 2,160 | 1,320 | 357 | - | 164 | 4,001
Net investment income (loss) | 7,987 | 5,169 | 4,962 | (655) | 1,648 | 19,111
Insurance finance income (expenses) |  |  |  |  |  |
Life, health and property and casualty insurance | (5,495) | (3,846) | (5,450) | - | 43 | (14,748)
Annuities and pensions | (1,839) | 196 | 172 | - | - | (1,471)
Total insurance finance income (expenses) | (7,334) | (3,650) | (5,278) | - | 43 | (16,219)
Reinsurance finance income (expenses) |  |  |  |  |  |
Life, health and property and casualty insurance | (65) | 347 | 705 | - | (2) | 985
Annuities and pensions | 669 | (1) | (520) | - | - | 148
Total reinsurance finance income (expenses) | 604 | 346 | 185 | - | (2) | 1,133
Decrease (increase) in investment contract liabilities | (9) | (76) | (87) | (327) | (5) | (504)
Net segregated fund investment result | - | - | - | - | - | -
Total investment result | 1,248 | 1,789 | (218) | (982) | 1,684 | 3,521
Other revenue | 155 | 294 | 137 | 7,439 | (437) | 7,588
Other expenses | (338) | (677) | (131) | (4,703) | (490) | (6,339)
Interest expenses | (28) | (1,047) | (13) | (7) | (586) | (1,681)
Net income (loss) before income taxes | 3,197 | 1,679 | 132 | 1,747 | 335 | 7,090
Income tax (expenses) recoveries | (460) | (353) | 3 | (148) | (254) | (1,212)
Net income (loss) | 2,737 | 1,326 | 135 | 1,599 | 81 | 5,878
Less net income (loss) attributed to: |  |  |  |  |  |
Non-controlling interests | 241 | - | - | 2 | 4 | 247
Participating policyholders | 141 | 105 | - | - | - | 246
Net income (loss) attributed to shareholders and other equity holders | $2,355 | $1,221 | $135 | $1,597 | $77 | $5,385
Total assets | $209,623 | $158,803 | $263,736 | $305,968 | $40,688 | $978,818

For the year ended December 31, 2023 | Asia | Canada | U.S. | Global WAM | Corporate and Other | Total
Insurance service result |  |  |  |  |  |
Life, health and property and casualty insurance | $2,070 | $995 | $526 | $- | $236 | $3,827
Annuities and pensions | (129) | 198 | 81 | - | - | 150
Total insurance service result | 1,941 | 1,193 | 607 | - | 236 | 3,977
Net investment income (loss) | 7,057 | 5,048 | 5,236 | (771) | 1,451 | 18,021
Insurance finance income (expenses) |  |  |  |  |  |
Life, health and property and casualty insurance | (4,970) | (3,288) | (4,815) | - | 723 | (12,350)
Annuities and pensions | (1,466) | (27) | (51) | - | - | (1,544)
Total insurance finance income (expenses) | (6,436) | (3,315) | (4,866) | - | 723 | (13,894)
Reinsurance finance income (expenses) |  |  |  |  |  |
Life, health and property and casualty insurance | (106) | 58 | 385 | - | (697) | (360)
Annuities and pensions | 1 | (1) | (374) | - | - | (374)
Total reinsurance finance income (expenses) | (105) | 57 | 11 | - | (697) | (734)
Decrease (increase) in investment contract liabilities | (38) | (73) | (148) | (175) | (1) | (435)
Net segregated fund investment result | - | - | - | - | - | -
Total investment result | 478 | 1,717 | 233 | (946) | 1,476 | 2,958
Other revenue | 67 | 272 | 79 | 6,709 | (381) | 6,746
Other expenses | (231) | (569) | (153) | (4,252) | (470) | (5,675)
Interest expenses | (11) | (1,004) | (15) | (14) | (510) | (1,554)
Net income (loss) before income taxes | 2,244 | 1,609 | 751 | 1,497 | 351 | 6,452
Income tax (expenses) recoveries | (440) | (373) | (112) | (198) | 278 | (845)
Net income (loss) | 1,804 | 1,236 | 639 | 1,299 | 629 | 5,607
Less net income (loss) attributed to: |  |  |  |  |  |
Non-controlling interests | 141 | - | - | 2 | 1 | 144
Participating policyholders | 315 | 45 | - | - | - | 360
Net income (loss) attributed to shareholders and other equity holders | $1,348 | $1,191 | $639 | $1,297 | $628 | $5,103
Total assets | $177,623 | $157,111 | $244,659 | $257,764 | $38,417 | $875,574

119 | 2024 Annual Report | Consolidated Financial Statements

(b)Geographical location
The results of the Company’s reporting segments differ from its results by geographical location primarily due to the allocation of
Global WAM and Corporate and Other segments into the geographical location to which its businesses relate.
The following tables present results by geographical location.

For the year ended December 31, 2024 | Asia | Canada | U.S. | Other | Total
Insurance service result |  |  |  |  |
Life, health and property and casualty insurance | $2,230 | $1,075 | $235 | $174 | $3,714
Annuities and pensions | (68) | 239 | 116 | - | 287
Total insurance service result | 2,162 | 1,314 | 351 | 174 | 4,001
Net investment income (loss) | 8,052 | 5,882 | 5,118 | 59 | 19,111
Insurance finance income (expenses) |  |  |  |  |
Life, health and property and casualty insurance | (5,495) | (3,844) | (5,409) | - | (14,748)
Annuities and pensions | (1,839) | 196 | 172 | - | (1,471)
Total insurance finance income (expenses) | (7,334) | (3,648) | (5,237) | - | (16,219)
Reinsurance finance income (expenses) |  |  |  |  |
Life, health and property and casualty insurance | (65) | 344 | 706 | - | 985
Annuities and pensions | 669 | (1) | (520) | - | 148
Total reinsurance finance income (expenses) | 604 | 343 | 186 | - | 1,133
Decrease (increase) in investment contract liabilities | (187) | (163) | (149) | (5) | (504)
Net segregated fund investment result | - | - | - | - | -
Total investment result | $1,135 | $2,414 | $(82) | $54 | $3,521
Other revenue | $1,790 | $2,325 | $3,616 | $(143) | $7,588

For the year ended December 31, 2023 | Asia | Canada | U.S. | Other | Total
Insurance service result |  |  |  |  |
Life, health and property and casualty insurance | $2,087 | $981 | $511 | $248 | $3,827
Annuities and pensions | (128) | 198 | 80 | - | 150
Total insurance service result | 1,959 | 1,179 | 591 | 248 | 3,977
Net investment income (loss) | 7,259 | 5,724 | 4,975 | 63 | 18,021
Insurance finance income (expenses) |  |  |  |  |
Life, health and property and casualty insurance | (4,971) | (2,606) | (4,793) | 20 | (12,350)
Annuities and pensions | (1,466) | (27) | (51) | - | (1,544)
Total insurance finance income (expenses) | (6,437) | (2,633) | (4,844) | 20 | (13,894)
Reinsurance finance income (expenses) |  |  |  |  |
Life, health and property and casualty insurance | (121) | (623) | 384 | - | (360)
Annuities and pensions | 1 | (1) | (374) | - | (374)
Total reinsurance finance income (expenses) | (120) | (624) | 10 | - | (734)
Decrease (increase) in investment contract liabilities | (220) | (130) | (79) | (6) | (435)
Net segregated fund investment result | - | - | - | - | -
Total investment result | $482 | $2,337 | $62 | $77 | $2,958
Other revenue | $1,332 | $2,147 | $3,239 | $28 | $6,746

Note 20 Related Parties
The Company enters into transactions with related parties in the normal course of business and at terms that would exist in
arm’s-length transactions.
(a)Transactions with certain related parties
Transactions with MFLP, a wholly owned unconsolidated partnership, are described in notes 10, 17 and 18.
(b)Compensation of key management personnel
The Company’s key management personnel are those personnel who have the authority and responsibility for planning, directing
and controlling the activities of the Company. Directors (both executive and non-executive) and senior management are
considered key management personnel. A summary of compensation of key management personnel is as follows.

For the years ended December 31, | 2024 | 2023
Short-term employee benefits | $99 | $83
Post-employment benefits | 7 | 6
Share-based payments | 79 | 73
Termination benefits | 2 | 3
Other long-term benefits | 3 | 3
Total | $190 | $168

120
Note 21 Subsidiaries
The following is a list of Manulife’s directly and indirectly held major operating subsidiaries.

As at December 31, 2024 (100% owned unless otherwise noted in brackets beside company name) | Equity interest | Address | Description
| The Manufacturers Life Insurance Company | $65,338 | Toronto, Canada | A leading financial services group with principal operations in Asia, Canada and the United States that offers a diverse range of financial protection products and wealth management services
|  | Manulife Holdings (Alberta) Limited | $22,118 | Calgary, Canada | Holding company
|  |  | John Hancock Financial Corporation |  | Boston, U.S.A. | Holding company
|  |  |  | The Manufacturers Investment Corporation |  | Boston, U.S.A. | Holding company
|  |  |  |  | John Hancock Reassurance Company Ltd. |  | Boston, U.S.A. | Captive insurance subsidiary that provides life, annuity and long-term care reinsurance to affiliates
|  |  |  |  | John Hancock Life Insurance Company (U.S.A.) |  | Boston, U.S.A. | U.S. life insurance company licensed in all states, except New York
|  |  |  |  |  | John Hancock Subsidiaries LLC |  | Boston, U.S.A. | Holding company
|  |  |  |  |  |  | John Hancock Financial Network, Inc. |  | Boston, U.S.A. | Financial services distribution organization
|  |  |  |  |  |  | John Hancock Investment Management LLC |  | Boston, U.S.A. | Investment advisor
|  |  |  |  |  |  |  | John Hancock Investment Management Distributors LLC |  | Boston, U.S.A. | Broker-dealer
|  |  |  |  |  |  | Manulife Investment Management (US) LLC |  | Boston, U.S.A. | Investment advisor
|  |  |  |  |  |  | Manulife Investment Management Timberland and Agriculture Inc. |  | Boston, U.S.A. | Manager of globally diversified timberland and agricultural portfolios
|  |  |  |  |  | John Hancock Life Insurance Company of New York |  | New York, U.S.A. | U.S. life insurance company licensed in New York
|  |  |  |  |  | John Hancock Variable Trust Advisers LLC |  | Boston, U.S.A. | Investment advisor for open-end mutual funds
|  |  |  |  |  | John Hancock Life & Health Insurance Company |  | Boston, U.S.A. | U.S. life insurance company licensed in all states
|  |  |  |  |  | John Hancock Distributors LLC |  | Boston, U.S.A. | Broker-dealer
|  |  |  |  | John Hancock Insurance Agency, Inc. |  | Boston, U.S.A. | Insurance agency
|  |  |  |  | Manulife Reinsurance Limited |  | Hamilton, Bermuda | Provides life and financial reinsurance to affiliates
|  |  |  |  |  | Manulife Reinsurance (Bermuda) Limited |  | Hamilton, Bermuda | Provides life and financial reinsurance to affiliates
|  | Manulife Bank of Canada | $1,882 | Waterloo, Canada | Provides integrated banking products and service options not available from an insurance company
|  | Manulife Investment Management Holdings (Canada) Inc. | $1,477 | Toronto, Canada | Holding company
|  |  | Manulife Investment Management Limited |  | Toronto, Canada | Provides investment counseling, portfolio and mutual fund management in Canada
|  | First North American Insurance Company | $8 | Toronto, Canada | Property and casualty insurance company
|  | Manulife Holdings (Bermuda) Limited | $21,658 | Hamilton, Bermuda | Holding company
|  |  | Manufacturers P&C Limited |  | St. Michael, Barbados | Provides property and casualty reinsurance
|  |  | Manufacturers Life Reinsurance Limited |  | St. Michael, Barbados | Provides life and annuity reinsurance to affiliates
|  |  | Manulife Financial Asia Limited |  | Hong Kong, China | Holding company
|  |  |  | Manulife (Cambodia) PLC |  | Phnom Penh, Cambodia | Life insurance company
|  |  |  | Manulife Myanmar Life Insurance Company Limited |  | Yangon, Myanmar | Life insurance company
|  |  |  | Manulife (Vietnam) Limited |  | Ho Chi Minh City, Vietnam | Life insurance company
|  |  |  |  | Manulife Investment Fund Management (Vietnam) Company Limited |  | Ho Chi Minh City, Vietnam | Fund management company
|  |  |  | Manulife International Holdings Limited |  | Hong Kong, China | Holding company
|  |  |  |  | Manulife (International) Limited |  | Hong Kong, China | Life insurance company
|  |  |  |  |  | Manulife-Sinochem Life Insurance Co. Ltd. (51%) |  | Shanghai, China | Life insurance company

121 | 2024 Annual Report | Consolidated Financial Statements

As at December 31, 2024 (100% owned unless otherwise noted in brackets beside company name) | Equity interest | Address | Description
|  |  |  |  | Manulife Investment Management International Holdings Limited |  | Hong Kong, China | Holding company
|  |  |  |  |  | Manulife Investment Management (Hong Kong) Limited |  | Hong Kong, China | Investment management and advisory company marketing mutual funds
|  |  |  |  |  |  | Manulife Investment Management (Taiwan) Co., Ltd. |  | Taipei, Taiwan (China) | Investment management company
|  |  |  | Manulife Life Insurance Company (Japan) |  | Tokyo, Japan | Life insurance company
|  |  |  |  | Manulife Investment Management (Japan) Limited |  | Tokyo, Japan | Investment management and advisory company and mutual fund business
|  |  |  | Manulife Holdings Berhad (62.6%) |  | Kuala Lumpur, Malaysia | Holding company
|  |  |  |  | Manulife Insurance Berhad (62.6%) |  | Kuala Lumpur, Malaysia | Life insurance company
|  |  |  |  | Manulife Investment Management (Malaysia) Berhad (62.6%) |  | Kuala Lumpur, Malaysia | Asset management company
|  |  |  | Manulife (Singapore) Pte. Ltd. |  | Singapore | Life insurance company
|  |  |  | Manulife Investment Management (Singapore) Pte. Ltd. |  | Singapore | Asset management company
|  |  |  |  | Manulife Fund Management Co., Ltd. |  | Beijing, China | Mutual fund company in China
|  |  |  | The Manufacturers Life Insurance Co. (Phils.), Inc. |  | Makati City, Philippines | Life insurance company
|  |  |  |  | Manulife Chinabank Life Assurance Corporation (60%) |  | Makati City, Philippines | Life insurance company
|  |  |  | PT Asuransi Jiwa Manulife Indonesia |  | Jakarta, Indonesia | Life insurance company
|  |  |  |  | PT Manulife Aset Manajemen Indonesia |  | Jakarta, Indonesia | Investment management and investment advisor
|  | Manulife Investment Management (Europe) Limited | $456 | London, England | Investment management company providing advisory services for Manulife Investment Management’s funds, internationally
|  | Manulife Assurance Company of Canada | $55 | Toronto, Canada | Life insurance company
|  | EIS Services (Bermuda) Limited | $1,235 | Hamilton, Bermuda | Investment holding company
|  | Berkshire Insurance Services Inc. | $2,343 | Toronto, Canada | Investment holding company
|  |  | JH Investments (Delaware) LLC |  | Boston, U.S.A. | Investment holding company
|  | Manulife Wealth Inc. | $349 | Oakville, Canada | Investment dealer
|  | Manulife Investment Management (North America) Limited | $5 | Toronto, Canada | Investment advisor

Note 22 Segregated Funds
The Company manages a number of segregated funds on behalf of policyholders. Policyholders are provided with the
opportunity to invest in different categories of segregated funds that hold a range of underlying investments. The underlying
investments consist of both individual securities and mutual funds.
Segregated funds’ underlying investments may be exposed to a variety of financial and other risks. These risks are primarily
mitigated by investment guidelines that are actively monitored by professional and experienced portfolio advisors. The Company
is not exposed to these risks beyond the liabilities related to the guarantees associated with certain variable life and annuity
products included in segregated funds. Accordingly, the Company’s exposure to loss from segregated fund products is limited to
the value of these guarantees.
These guarantees are recorded within the Company’s insurance contract liabilities and amount to $1,886 (2023 – $2,675), of
which $530 are reinsured (2023 – $980). Assets supporting these guarantees, net of reinsurance, are recognized in invested
assets according to their investment type. Insurance contract liabilities for account of segregated fund holders on the
Consolidated Statements of Financial Position exclude these guarantees and are considered to be a non-distinct investment
component of insurance contract liabilities. Note 8 provides information regarding market risk sensitivities associated with
variable annuity and segregated fund guarantees.
122
Note 23 Information Provided in Connection with Investments in Deferred Annuity
Contracts and Signature Notes Issued or Assumed by John Hancock Life Insurance
Company (U.S.A.)
The following condensed consolidated financial information, presented in accordance with IFRS, and the related disclosure have
been included in these Consolidated Financial Statements with respect to JHUSA in compliance with Regulation S-X and Rule
12h-5 of the United States Securities and Exchange Commission (the “Commission”). These financial statements are
incorporated by reference in certain of the MFC and its subsidiaries registration statements that are described below and relate
to MFC’s guarantee of certain securities to be issued by its subsidiaries.
JHUSA maintains a book of deferred annuity contracts that feature a market value adjustment, some of which are registered with
the Commission. The deferred annuity contracts may contain variable investment options along with fixed investment period
options, or may offer only fixed investment period options. The fixed investment period options enable the participant to invest
fixed amounts of money for fixed terms at fixed interest rates, subject to a market value adjustment if the participant desires to
terminate a fixed investment period before its maturity date. The annuity contract provides for the market value adjustment to
keep the parties whole with respect to the fixed interest bargain for the entire fixed investment period. These fixed investment
period options that contain a market value adjustment feature are referred to as “MVAs”.
JHUSA has sold medium-term notes to retail investors under its Signature Notes program.
Effective December 31, 2009, John Hancock Variable Life Insurance Company (the “Variable Company”) and John Hancock Life
Insurance Company (the “Life Company”) merged with and into JHUSA. In connection with the mergers, JHUSA assumed the
Variable Company’s rights and obligations with respect to the MVAs issued by the Variable Company and the Life Company’s
rights and obligations with respect to the Signature Notes issued by the Life Company.
MFC fully and unconditionally guaranteed the payment of JHUSA’s obligations under the MVAs and under the Signature Notes
(including the MVAs and Signature Notes assumed by JHUSA in the merger), and such MVAs and the Signature Notes were
registered with the Commission. The Signature Notes and MVAs assumed or issued by JHUSA are collectively referred to in this
note as the “Guaranteed Securities”. JHUSA is, and each of the Variable Company and the Life Company was, a wholly owned
subsidiary of MFC.
MFC’s guarantees of the Guaranteed Securities are unsecured obligations of MFC and are subordinated in right of payment to
the prior payment in full of all other obligations of MFC, except for other guarantees or obligations of MFC which by their terms
are designated as ranking equally in right of payment with or subordinate to MFC’s guarantees of the Guaranteed Securities.
The laws of the State of New York govern MFC’s guarantees of the Signature Notes issued or assumed by JHUSA and the laws
of the Commonwealth of Massachusetts govern MFC’s guarantees of the MVAs issued or assumed by JHUSA. MFC has
consented to the jurisdiction of the courts of New York and Massachusetts. However, because a substantial portion of MFC’s
assets is located outside the United States, the assets of MFC located in the United States may not be sufficient to satisfy a
judgment given by a federal or state court in the United States to enforce the subordinate guarantees. In general, the federal
laws of Canada and the laws of the Province of Ontario, where MFC’s principal executive offices are located, permit an action to
be brought in Ontario to enforce such a judgment provided that such judgment is subsisting and unsatisfied for a fixed sum of
money and not void or voidable in the United States and a Canadian court will render a judgment against MFC in a certain dollar
amount, expressed in Canadian dollars, subject to customary qualifications regarding fraud, violations of public policy, laws
limiting the enforcement of creditor’s rights and applicable statutes of limitations on judgments. There is currently no public policy
in effect in the Province of Ontario that would support avoiding the recognition and enforcement in Ontario of a judgment of a
New York or Massachusetts court on MFC’s guarantees of the Signature Notes issued or assumed by JHUSA or a
Massachusetts court on guarantees of the MVAs issued or assumed by JHUSA.
MFC is a holding company. MFC’s assets primarily consist of investments in its subsidiaries. MFC’s cash flows primarily consist
of dividends and interest payments from its operating subsidiaries, offset by expenses and shareholder dividends and MFC stock
repurchases. As a holding company, MFC’s ability to meet its cash requirements, including, but not limited to, paying any
amounts due under its guarantees, substantially depends upon dividends from its operating subsidiaries.
These subsidiaries are subject to certain regulatory restrictions under laws in Canada, the United States and certain other
countries, which may limit their ability to pay dividends or make contributions or loans to MFC. For example, some of MFC’s
subsidiaries are subject to restrictions prescribed by the ICA on their ability to declare and pay dividends. The restrictions related
to dividends imposed by the ICA are described in note 12.
In the United States, insurance laws in Michigan, New York, and Massachusetts, the jurisdictions in which certain of MFC’s U.S.
insurance company subsidiaries are domiciled, impose general limitations on the payment of dividends and other upstream
distributions or loans by these insurance subsidiaries. These limitations are described in note 12.
In Asia, the insurance laws of the jurisdictions in which MFC operates either provide for specific restrictions on the payment of
dividends or other distributions or loans by subsidiaries or impose solvency or other financial tests, which could affect the ability
of subsidiaries to pay dividends in certain circumstances.
There can be no assurance that any current or future regulatory restrictions in Canada, the United States or Asia will not impair
MFC’s ability to meet its cash requirements, including, but not limited to, paying any amounts due under its guarantees.

123 | 2024 Annual Report | Consolidated Financial Statements

The following condensed consolidated financial information, presented in accordance with IFRS, reflects the effects of the
mergers and is provided in compliance with Regulation S-X and in accordance with Rule 12h-5 of the Commission.
Condensed Consolidated Statement of Financial Position

As at December 31, 2024 | MFC (Guarantor) | JHUSA (Issuer) | Other subsidiaries | Consolidation adjustments | Consolidated MFC
Assets |  |  |  |  |
Invested assets | $126 | $112,444 | $330,044 | $(117) | $442,497
Investments in unconsolidated subsidiaries | 65,350 | 9,393 | 21,510 | (96,253) | -
Insurance contract assets | - | - | 177 | (75) | 102
Reinsurance contract held assets | - | 46,811 | 22,440 | (10,236) | 59,015
Other assets | 548 | 11,182 | 34,660 | (5,174) | 41,216
Segregated funds net assets | - | 218,909 | 218,681 | (1,602) | 435,988
Total assets | $66,024 | $398,739 | $627,512 | $(113,457) | $978,818
Liabilities and equity |  |  |  |  |
Insurance contract liabilities, excluding those for account of segregated fund holders | $- | $148,828 | $258,007 | $(10,434) | $396,401
Reinsurance contract held liabilities | - | - | 2,669 | - | 2,669
Investment contract liabilities | - | 5,260 | 8,854 | (616) | 13,498
Other liabilities | 1,539 | 8,432 | 58,333 | (5,163) | 63,141
Long-term debt | 6,629 | - | - | - | 6,629
Capital instruments | 6,884 | - | 648 | - | 7,532
Insurance contract liabilities for account of segregated fund holders | - | 58,137 | 68,408 | - | 126,545
Investment contract liabilities for account of segregated fund holders | - | 160,772 | 150,273 | (1,602) | 309,443
Shareholders’ and other equity | 50,972 | 17,357 | 78,285 | (95,642) | 50,972
Participating policyholders’ equity | - | (47) | 614 | - | 567
Non-controlling interests | - | - | 1,421 | - | 1,421
Total liabilities and equity | $66,024 | $398,739 | $627,512 | $(113,457) | $978,818

Condensed Consolidated Statement of Financial Position

As at December 31, 2023 | MFC (Guarantor) | JHUSA (Issuer) | Other subsidiaries | Consolidation adjustments | Consolidated MFC
Assets |  |  |  |  |
Invested assets | $86 | $109,433 | $307,930 | $(239) | $417,210
Investments in unconsolidated subsidiaries | 58,694 | 8,674 | 17,916 | (85,284) | -
Insurance contract assets | - | - | 217 | (72) | 145
Reinsurance contract held assets | - | 42,418 | 10,380 | (10,147) | 42,651
Other assets | 329 | 8,731 | 32,700 | (3,736) | 38,024
Segregated funds net assets | - | 188,067 | 191,241 | (1,764) | 377,544
Total assets | $59,109 | $357,323 | $560,384 | $(101,242) | $875,574
Liabilities and equity |  |  |  |  |
Insurance contract liabilities, excluding those for account of segregated fund holders | $- | $145,589 | $232,972 | $(10,565) | $367,996
Reinsurance contract held liabilities | - | - | 2,831 | - | 2,831
Investment contract liabilities | - | 3,487 | 8,928 | (599) | 11,816
Other liabilities | 573 | 5,869 | 51,266 | (3,786) | 53,922
Long-term debt | 6,071 | - | - | - | 6,071
Capital instruments | 5,426 | 594 | 647 | - | 6,667
Insurance contract liabilities for account of segregated fund holders | - | 51,719 | 62,424 | - | 114,143
Investment contract liabilities for account of segregated fund holders | - | 136,348 | 128,817 | (1,764) | 263,401
Shareholders’ and other equity | 47,039 | 13,773 | 70,755 | (84,528) | 47,039
Participating policyholders’ equity | - | (56) | 313 | - | 257
Non-controlling interests | - | - | 1,431 | - | 1,431
Total liabilities and equity | $59,109 | $357,323 | $560,384 | $(101,242) | $875,574

124
Condensed Consolidated Statement of Income

For the year ended December 31, 2024 | MFC (Guarantor) | JHUSA (Issuer) | Other subsidiaries | Consolidation adjustments | Consolidated MFC
Insurance service result |  |  |  |  |
Insurance revenue | $- | $11,022 | $16,654 | $(1,084) | $26,592
Insurance service expenses | - | (10,501) | (12,384) | 1,063 | (21,822)
Net expenses from reinsurance contracts held | - | (309) | (499) | 39 | (769)
Total insurance service result | - | 212 | 3,771 | 18 | 4,001
Investment result |  |  |  |  |
Net investment income (loss) | 871 | 4,548 | 14,880 | (1,188) | 19,111
Insurance / reinsurance finance income (expenses) | - | (3,894) | (11,022) | (170) | (15,086)
Other investment result | - | (34) | (367) | (103) | (504)
Total investment result | 871 | 620 | 3,491 | (1,461) | 3,521
Other revenue | (34) | 853 | 7,257 | (488) | 7,588
Other expenses | (45) | (1,209) | (5,359) | 274 | (6,339)
Interest expenses | (494) | (19) | (2,825) | 1,657 | (1,681)
Net income (loss) before income taxes | 298 | 457 | 6,335 | - | 7,090
Income tax (expenses) recoveries | (30) | 52 | (1,234) | - | (1,212)
Net income (loss) after income taxes | 268 | 509 | 5,101 | - | 5,878
Equity in net income (loss) of unconsolidated subsidiaries | 5,117 | 550 | 1,059 | (6,726) | -
Net income (loss) | $5,385 | $1,059 | $6,160 | $(6,726) | $5,878
Net income (loss) attributed to: |  |  |  |  |
Non-controlling interests | $- | $- | $247 | $- | $247
Participating policyholders | - | 135 | 246 | (135) | 246
Shareholders and other equity holders | 5,385 | 924 | 5,667 | (6,591) | 5,385
| $5,385 | $1,059 | $6,160 | $(6,726) | $5,878

Condensed Consolidated Statement of Income

For the year ended December 31, 2023 | MFC (Guarantor) | JHUSA (Issuer) | Other subsidiaries | Consolidation adjustments | Consolidated MFC
Insurance service result |  |  |  |  |
Insurance revenue | $- | $9,858 | $15,754 | $(1,640) | $23,972
Insurance service expenses | - | (8,928) | (12,195) | 1,741 | (19,382)
Net expenses from reinsurance contracts held | - | (315) | (175) | (123) | (613)
Total insurance service result | - | 615 | 3,384 | (22) | 3,977
Investment result |  |  |  |  |
Net investment income (loss) | 638 | 4,232 | 14,179 | (1,028) | 18,021
Insurance / reinsurance finance income (expenses) | - | (4,723) | (9,993) | 88 | (14,628)
Other investment result | - | 100 | (432) | (103) | (435)
Total investment result | 638 | (391) | 3,754 | (1,043) | 2,958
Other revenue | 14 | 790 | 6,384 | (442) | 6,746
Other expenses | (55) | (1,112) | (4,776) | 268 | (5,675)
Interest expenses | (433) | (79) | (2,281) | 1,239 | (1,554)
Net income (loss) before income taxes | 164 | (177) | 6,465 | - | 6,452
Income tax (expenses) recoveries | 7 | 175 | (1,027) | - | (845)
Net income (loss) after income taxes | 171 | (2) | 5,438 | - | 5,607
Equity in net income (loss) of unconsolidated subsidiaries | 4,932 | 811 | 809 | (6,552) | -
Net income (loss) | $5,103 | $809 | $6,247 | $(6,552) | $5,607
Net income (loss) attributed to: |  |  |  |  |
Non-controlling interests | $- | $- | $144 | $- | $144
Participating policyholders | - | (74) | 360 | 74 | 360
Shareholders and other equity holders | 5,103 | 883 | 5,743 | (6,626) | 5,103
| $5,103 | $809 | $6,247 | $(6,552) | $5,607

125 | 2024 Annual Report | Consolidated Financial Statements

Consolidated Statement of Cash Flows

For the year ended December 31, 2024 | MFC (Guarantor) | JHUSA (Issuer) | Other subsidiaries | Consolidation adjustments | Consolidated MFC
Operating activities |  |  |  |  |
Net income (loss) | $5,385 | $1,059 | $6,160 | $(6,726) | $5,878
Adjustments: |  |  |  |  |
Equity in net income of unconsolidated subsidiaries | (5,117) | (550) | (1,059) | 6,726 | -
Increase (decrease) in insurance contract net liabilities | - | 441 | 8,994 | - | 9,435
Increase (decrease) in investment contract liabilities | - | 70 | 434 | - | 504
(Increase) decrease in reinsurance contract assets, excluding reinsurance transactions | - | (136) | (477) | - | (613)
Amortization of (premium) discount on invested assets | - | 37 | (327) | - | (290)
Contractual service margin (“CSM”) amortization | - | (441) | (1,935) | - | (2,376)
Other amortization | 11 | 147 | 711 | - | 869
Net realized and unrealized (gains) losses and impairment on assets | (38) | 587 | (1,409) | - | (860)
Deferred income tax expenses (recoveries) | 22 | 49 | 240 | - | 311
Net loss on reinsurance transactions (pre-tax) | - | 33 | 38 | - | 71
Cash provided by (used in) operating activities before undernoted items | 263 | 1,296 | 11,370 | - | 12,929
Dividends from unconsolidated subsidiaries | 7,150 | 689 | (595) | (7,244) | -
Changes in policy related and operating receivables and payables | 221 | 1,387 | 11,957 | - | 13,565
Cash provided by (used in) operating activities | 7,634 | 3,372 | 22,732 | (7,244) | 26,494
Investing activities |  |  |  |  |
Purchases and mortgage advances | - | (19,159) | (111,964) | - | (131,123)
Disposals and repayments | - | 16,485 | 96,186 | - | 112,671
Changes in investment broker net receivables and payables | - | (22) | 312 | - | 290
Net cash increase (decrease) from sale (purchase) of subsidiaries | - | - | (297) | - | (297)
Investment in common shares of subsidiaries | (3,432) | - | - | 3,432 | -
Capital contribution to unconsolidated subsidiaries | - | (2) | - | 2 | -
Return of capital from unconsolidated subsidiaries | - | 17 | - | (17) | -
Notes receivable from parent | - | - | (938) | 938 | -
Notes receivable from subsidiaries | (135) | - | - | 135 | -
Cash provided by (used in) investing activities | (3,567) | (2,681) | (16,701) | 4,490 | (18,459)
Financing activities |  |  |  |  |
Change in repurchase agreements and securities sold but not yet purchased | - | - | 460 | - | 460
Issue of capital instruments, net | 2,591 | - | - | - | 2,591
Redemption of capital instruments | (1,277) | (609) | - | - | (1,886)
Secured borrowing from securitization transactions | - | - | 667 | - | 667
Changes in deposits from Bank clients, net | - | - | 413 | - | 413
Lease payments | - | (3) | (115) | - | (118)
Shareholders’ dividends and other equity distributions | (3,159) | - | - | - | (3,159)
Common shares repurchased | (3,272) | - | - | - | (3,272)
Common shares issued, net | 144 | - | 3,432 | (3,432) | 144
Contributions from (distributions to) non-controlling interests, net | - | - | (14) | - | (14)
Dividends paid to parent | - | 595 | (7,839) | 7,244 | -
Capital contributions by parent | - | - | 2 | (2) | -
Return of capital to parent | - | - | (17) | 17 | -
Notes payable to parent | - | - | 135 | (135) | -
Notes payable to subsidiaries | 938 | - | - | (938) | -
Cash provided by (used in) financing activities | (4,035) | (17) | (2,876) | 2,754 | (4,174)
Cash and short-term securities |  |  |  |  |
Increase (decrease) during the year | 32 | 674 | 3,155 | - | 3,861
Effect of foreign exchange rate changes on cash and short-term securities | 8 | 363 | 826 | - | 1,197
Balance, beginning of year | 86 | 4,004 | 15,794 | - | 19,884
Balance, end of year | 126 | 5,041 | 19,775 | - | 24,942
Cash and short-term securities |  |  |  |  |
Beginning of year |  |  |  |  |
Gross cash and short-term securities | 86 | 4,329 | 15,923 | - | 20,338
Net payments in transit, included in other liabilities | - | (325) | (129) | - | (454)
Net cash and short-term securities, beginning of year | 86 | 4,004 | 15,794 | - | 19,884
End of year |  |  |  |  |
Gross cash and short-term securities | 126 | 5,436 | 20,227 | - | 25,789
Net payments in transit, included in other liabilities | - | (395) | (452) | - | (847)
Net cash and short-term securities, end of year | $126 | $5,041 | $19,775 | $- | $24,942
Supplemental disclosures on cash flow information: |  |  |  |  |
Interest received | $831 | $3,872 | $10,582 | $(1,789) | $13,496
Interest paid | 475 | 69 | 2,819 | (1,789) | 1,574
Income taxes paid (refund) | 8 | 1 | 746 | - | 755

126
Consolidated Statement of Cash Flows

For the year ended December 31, 2023 | MFC (Guarantor) | JHUSA (Issuer) | Other subsidiaries | Consolidation adjustments | Consolidated MFC
Operating activities |  |  |  |  |
Net income (loss) | $5,103 | $809 | $6,247 | $(6,552) | $5,607
Adjustments: |  |  |  |  |
Equity in net income of unconsolidated subsidiaries | (4,932) | (811) | (809) | 6,552 | -
Increase (decrease) in insurance contract net liabilities | - | 455 | 10,242 | - | 10,697
Increase (decrease) in investment contract liabilities | - | (112) | 547 | - | 435
(Increase) decrease in reinsurance contract assets, excluding reinsurance transactions | - | 28 | 946 | - | 974
Amortization of (premium) discount on invested assets | - | 30 | (171) | - | (141)
Contractual service margin (“CSM”) amortization | - | (455) | (1,543) | - | (1,998)
Other amortization | 10 | 147 | 424 | - | 581
Net realized and unrealized (gains) losses and impairment on assets | 3 | 471 | (3,319) | - | (2,845)
Deferred income tax expenses (recoveries) | (11) | (141) | 622 | - | 470
Stock option expense | - | (3) | 5 | - | 2
Cash provided by (used in) operating activities before undernoted items | 173 | 418 | 13,191 | - | 13,782
Dividends from unconsolidated subsidiaries | 5,600 | 386 | (679) | (5,307) | -
Changes in policy related and operating receivables and payables | (4) | (649) | 7,294 | - | 6,641
Cash provided by (used in) operating activities | 5,769 | 155 | 19,806 | (5,307) | 20,423
Investing activities |  |  |  |  |
Purchases and mortgage advances | - | (15,165) | (68,856) | - | (84,021)
Disposals and repayments | - | 16,159 | 54,122 | - | 70,281
Changes in investment broker net receivables and payables | - | 12 | 9 | - | 21
Net cash increase (decrease) from sale (purchase) of subsidiaries | - | - | (1) | - | (1)
Investment in common shares of subsidiaries | (1,843) | - | - | 1,843 | -
Capital contribution to unconsolidated subsidiaries | - | (1) | - | 1 | -
Return of capital from unconsolidated subsidiaries | - | 5 | - | (5) | -
Notes receivable from parent | - | - | (4) | 4 | -
Notes receivable from subsidiaries | (25) | - | - | 25 | -
Cash provided by (used in) investing activities | (1,868) | 1,010 | (14,730) | 1,868 | (13,720)
Financing activities |  |  |  |  |
Change in repurchase agreements and securities sold but not yet purchased | - | - | (693) | - | (693)
Issue of capital instruments, net | 1,194 | - | - | - | 1,194
Redemption of capital instruments | (600) | - | - | - | (600)
Secured borrowing from securitization transactions | - | - | 537 | - | 537
Changes in deposits from Bank clients, net | - | - | (895) | - | (895)
Lease payments | - | (3) | (95) | - | (98)
Shareholders’ dividends and other equity distributions | (2,972) | - | - | - | (2,972)
Common shares repurchased | (1,595) | - | - | - | (1,595)
Common shares issued, net | 94 | - | 1,843 | (1,843) | 94
Contributions from (distributions to) non-controlling interests, net | - | - | (14) | - | (14)
Dividends paid to parent | - | 679 | (5,986) | 5,307 | -
Capital contributions by parent | - | - | 1 | (1) | -
Return of capital to parent | - | - | (5) | 5 | -
Notes payable to parent | - | - | 25 | (25) | -
Notes payable to subsidiaries | 4 | - | - | (4) | -
Cash provided by (used in) financing activities | (3,875) | 676 | (5,282) | 3,439 | (5,042)
Cash and short-term securities |  |  |  |  |
Increase (decrease) during the year | 26 | 1,841 | (206) | - | 1,661
Effect of foreign exchange rate changes on cash and short-term securities | (3) | (52) | (357) | - | (412)
Balance, beginning of year | 63 | 2,215 | 16,357 | - | 18,635
Balance, end of year | 86 | 4,004 | 15,794 | - | 19,884
Cash and short-term securities |  |  |  |  |
Beginning of year |  |  |  |  |
Gross cash and short-term securities | 63 | 2,614 | 16,476 | - | 19,153
Net payments in transit, included in other liabilities | - | (399) | (119) | - | (518)
Net cash and short-term securities, beginning of year | 63 | 2,215 | 16,357 | - | 18,635
End of year |  |  |  |  |
Gross cash and short-term securities | 86 | 4,329 | 15,923 | - | 20,338
Net payments in transit, included in other liabilities | - | (325) | (129) | - | (454)
Net cash and short-term securities, end of year | $86 | $4,004 | $15,794 | $- | $19,884
Supplemental disclosures on cash flow information: |  |  |  |  |
Interest received | $650 | $3,369 | $10,166 | $(1,417) | $12,768
Interest paid | 418 | 115 | 2,432 | (1,417) | 1,548
Income taxes paid (refund) | 2 | (1) | 435 | - | 436

Note 24 Comparatives
Certain comparative amounts have been reclassified to conform to the current year’s presentation.