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Interests in Structured Entities (Tables)
 12 Months Ended
Dec. 31, 2024
Interests In Structured Entities [Abstract]  
Schedule Investment and Maximum Exposure to Loss Related to Significant Unconsolidated Structured Entities The following table presents the Company’s investments and maximum exposure to loss from significant unconsolidated
investment SEs, some of which are sponsored by the Company. The Company does not provide guarantees to other parties
against the risk of loss from their investments in these SEs.
Company’s investment(1)
Company’s maximum
exposure to loss(2)
As at December 31,
2024
2023
2024
2023
Leveraged leases(3)
$4,300
$3,790
$4,300
$3,790
Infrastructure entities(4)
3,282
2,468
4,174
3,035
Timberland entities(5)
759
811
759
811
Real estate entities(6)
601
676
601
676
Total
$8,942
$7,745
$9,834
$8,312
(1)The Company’s investments in these unconsolidated SEs are included in invested assets and the Company’s returns from them are included in net investment
income and OCI.
(2)The Company’s maximum exposure to loss from each SE is limited to amounts invested in each, plus unfunded capital commitments, if any. The Company’s
investment commitments are disclosed in note 18. The maximum loss from any SE is expected to occur only upon the SE’s bankruptcy / liquidation.
(3)These entities are statutory business trusts which use capital provided by the Company and senior debt provided by other parties to finance the acquisition of
assets. These assets are leased by the trusts to third-party lessees under long-term leases. The Company owns equity capital in these trusts. The Company does
not consolidate any of these trusts because the Company does not have power to govern their financial and operating policies.
(4)These entities invest in infrastructure assets. The Company invests in their equity. The Company’s returns include investment income, investment management
fees, and performance fees. The Company does not control these entities because it either does not have the power to govern their financial and operating
policies or does not have significant variable returns from them, or both.
(5)These entities own and operate timberlands. The Company invests in their equity and debt. The Company’s returns include investment income, investment
advisory fees, forestry management fees and performance advisory fees. The Company does not control these entities because it either does not have the power
to govern their financial and operating policies or does not have significant variable returns from them, or both.
(6)These entities, which include the Manulife U.S. REIT, own and manage commercial real estate. The Company invests in their equity. The Company’s returns
include investment income, investment management fees, property management fees, acquisition/disposition fees and leasing fees. The Company does not
control these entities because it either does not have the power to govern their financial and operating policies or does not have significant variable returns from
them, or both.
Schedule of Interests and Maximum Exposure to Loss from Significant Unconsolidated Financing Structured Entities The Company’s interests in and maximum exposure to loss from significant unconsolidated financing SEs are as follows.
Company’s interests(1)
As at December 31,
2024
2023
Manulife Finance (Delaware), L.P.(2)
$710
$709
Total
$710
$709
(1)The Company’s interests include amounts borrowed from the SE; the Company’s investment in its equity and subordinated capital; and foreign currency and
interest rate swaps with it.
(2)This entity is a wholly owned partnership used to facilitate the Company’s financing. Refer to notes 10 and 18.
Schedule of Securitized Holdings by Type and Asset Quality The following table presents investments in securitized holdings by the type and asset quality.
2024
2023
As at December 31,
CMBS
RMBS
ABS
Total
Total
AAA
$309
$2
$870
$1,181
$1,375
AA
-
-
319
319
227
A
-
3
375
378
438
BBB
-
-
41
41
107
BB and below
-
-
53
53
7
Total exposure
$309
$5
$1,658
$1,972
$2,154