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Invested Assets and Investment Income (Tables) | 12 Months Ended
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Dec. 31, 2024
Analysis of income and expense [abstract] |
Summary of Carrying Values and Fair Values of Invested Assets | 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).
Summary of Investment Income | 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.
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.
Summary of Other Invested Assets Include Investments in Associates and Joint Ventures Accounted Using Equity Method | 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%
Summary of Investment Expenses | 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
Summary of Investment Properties Rental Income | 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
Summary of Securitized Assets and Secured Borrowing Liabilities | 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.
Summary of Invested Assets and Segregated Funds Net Assets, Measured at Fair Value | 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.
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.
Summary of Fair Values and the Fair Value Hierarchy | 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.
Summary of Invested Assets and Segregated Funds Net Assets Measured at Fair Value Using Significant Non-market Unobservable Inputs (Level 3) | 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.
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.
Summary of Remaining Term to Maturity for Invested Assets | 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.

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