Investment contract liabilities are contractual financial obligations of the Company that do not contain significant insurance risk.

Investment contract liabilities measured at fair value include certain investment savings and pension products which are

designated as FVTPL on initial recognition. The Company has no investment contract liabilities that are mandatorily designated

The following table presents the movement in investment contract liabilities measured at fair value.


For the years ended December 31,	2024	2023
Balance, excluding those for account of segregated fund holders, January 1	$749	$798
New contracts	70	48
Changes in market conditions	67	47
Redemptions, surrenders and maturities	(154)	(122)
Impact of changes in foreign exchange rates	76	(22)
Balance, excluding those for account of segregated fund holders, December 31	808	749
Investment contract liabilities for account of segregated fund holders	309,443	263,401
Balance, December 31	$310,251	$264,150

The amount due to contract holders is contractually determined based on specified assets and therefore, the fair value of the

liabilities is subject to asset specific performance risk but not to the Company’s own credit risk, being fully collateralized by the

specified assets. The Company has determined that any residual credit risk is insignificant and has no significant impact on the

Investment contract liabilities measured at amortized cost include fixed annuity products that provide guaranteed income

The following table presents carrying and fair values of investment contract liabilities measured at amortized cost, by reporting


	2024		2023
As at December 31,	Amortized cost	Fair value	Amortized cost	Fair value
Asia	$325	$315	$451	$438
Canada	7,571	7,548	7,642	7,534
U.S.	1,406	1,375	1,381	1,440
GWAM	3,388	3,557	1,593	1,582
Investment contract liabilities	$12,690	$12,795	$11,067	$10,994

The following table presents the movement in investment contract liabilities measured at amortized cost, by business activity.


For the years ended December 31,	2024	2023
Balance, January 1	$11,067	$9,281
Policy deposits	3,218	3,365
Interest	316	218
Withdrawals	(2,240)	(1,629)
Fees	-	1
Impact of changes in foreign exchange rates	351	(108)
Other	(22)	(61)
Balance, December 31	$12,690	$11,067

Carrying value reflects amortization at rates that exactly discount the projected cash flows to the net carrying amount of the

Fair value is determined by projecting cash flows according to the contract terms and discounting the cash flows at current

market rates adjusted for the Company’s own credit standing. As at December 31, 2024 and 2023, the fair value of all investment

The following table presents the Company’s contractual obligations and commitments relating to these investment contracts as


As at December 31, Payments due by period	Less than 1 year(2)	1 to 3 years	3 to 5 years	Over 5 years	Total
2024	$316,119	$2,766	$1,170	$2,738	$322,793
2023	268,537	2,978	1,408	3,488	276,411

(1)Due to the nature of the products, the timing of net cash flows may be before contract maturity. Cash flows are undiscounted.

The Company holds reinsurance contracts backing investment contract liabilities described above. These reinsurance contracts

do not expose the reinsurer to significant insurance risk and are measured at FVOCI or amortized cost. There are no reinsurance

Fair value for all reinsurance contract assets backing investment contract liabilities is determined by projecting cash flows

according to the contract terms and discounting these cash flows at current market rates. As at December 31, 2024 and 2023,

the fair value of all reinsurance contract assets backing investment contract liabilities was determined using Level 2 valuation

As at December 31, 2024, the fair value of reinsurance contract assets measured at FVOCI was $669 (2023 – $nil). The fair

value and carrying value of reinsurance contract assets measured at amortized cost were $978 and $1,052, respectively (2023 –

For contracts measured at FVOCI, interest income of $29 was recorded in the Consolidated Statements of Income and changes

in fair value of $24 was recorded in OCI for the year ended December 31, 2024 (2023 – $nil and $nil, respectively). There were

no amounts reclassified from AOCI to the Consolidated Statements of Income during the years presented.

For contracts measured at amortized cost, interest income of $41 was recorded in the Consolidated Statements of Income for