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Information Provided in Connection with Investments in Deferred Annuity Contracts and SignatureNotes Issued or Assumed by John Hancock Life Insurance Company (U.S.A.) (Tables) | 12 Months Ended
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Dec. 31, 2024
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract] |
Summary of Condensed Consolidated Statement of Financial Position | 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
Summary of Condensed Consolidated Statement of Income | 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
Summary of Consolidated Statement of Cash Flows | 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
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

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