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Insurance and Reinsurance Contract Assets and Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2024
Disclosure Of Composition Of Insurance Contract Asset And Liabilities And Reinsurance Contract Held Assets And Liabilities By The Reporting Segment Explanatory [Line Items] |
Summary of Reporting Segment of Composition of Insurance and Reinsurance Contract Held Assets and Liabilities | 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
Summary of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts Held 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
Summary of 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
Summary of 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
Summary of 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
Summary of Investment Income and Insurance Finance Income and Expense |
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.
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. 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.
Summary of Insurance and Reinsurance Risk Management |
Nature of factors and assumption methodology | Risk management
Nature of factors and assumption methodology | Risk management
Summary of Significant Judgements and Estimates |
|  |  |  |  | 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.
Summary of Potential Impact Arising from Changes to Non-Economic Assumptions | 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.
Summary of Potential Impact Arising from Changes to Non-Economic Assumptions on Long Term Care | 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.
Summary of Potential Impact Arising from Changes to Certain Economic Financial Assumptions Used in Determination of Insurance Contract Liabilities | 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.
Summary of Actuarial Methods and Assumptions | 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. 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.
Summary of 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.
Summary of Asset for 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
Summary of 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
Insurance contracts issued |
Disclosure Of Composition Of Insurance Contract Asset And Liabilities And Reinsurance Contract Held Assets And Liabilities By The Reporting Segment Explanatory [Line Items] |
Summary of Insurance Contracts and Reinsurance Contracts Held in 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
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
Summary of Insurance Contracts and Reinsurance Contracts Held in 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
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
Reinsurance contracts held |
Disclosure Of Composition Of Insurance Contract Asset And Liabilities And Reinsurance Contract Held Assets And Liabilities By The Reporting Segment Explanatory [Line Items] |
Summary of Insurance Contracts and Reinsurance Contracts Held in 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).
| 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
Summary of Insurance Contracts and Reinsurance Contracts Held in 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
|  |  | 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

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