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Insurance and Reinsurance Contract Assets and Liabilities (Tables)
 12 Months Ended
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) reinsurance 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