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Consolidated Statements of Cash Flows - CAD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating activities    
Net income (loss) $ 5,878 $ 5,607
Adjustments:    
Increase (decrease) in insurance contract net liabilities (note 6) 9,435 10,697
Decrease (increase) in investment contract liabilities 504 435
(Increase) decrease in reinsurance contract assets, excluding reinsurance transaction noted below (note 6) (613) 974
Amortization of (premium) discount on invested assets (290) (141)
Contractual service margin (“CSM”) amortization (2,376) (1,998)
Other amortization 869 581
Net realized and unrealized (gains) losses and impairment on assets (860) (2,845)
Deferred income tax expenses (recoveries) 311 470
Net loss on reinsurance transactions (pre-tax) (note 6) 71 0
Stock option expense 0 2
Cash provided by operating activities before undernoted items 12,929 13,782
Changes in policy related and operating receivables and payables 13,565 6,641
Cash provided by (used in) operating activities 26,494 20,423
Investing activities    
Purchases and mortgage advances (131,123) (84,021)
Disposals and repayments 112,671 70,281
Change in investment broker net receivables and payables 290 21
Net cash increase (decrease) from sale (purchase) of subsidiaries (297) (1)
Cash provided by (used in) investing activities (18,459) (13,720)
Financing activities    
Change in repurchase agreements and securities sold but not yet purchased 460 (693)
Issue of capital instruments, net (note 10) 2,591 1,194
Redemption of capital instruments (note 10) (1,886) (600)
Secured borrowing from securitization transactions 667 537
Change in deposits from Bank clients, net 413 (895)
Lease payments (118) (98)
Shareholders’ dividends and other equity distributions (3,159) (2,972)
Contributions from (distributions to) non-controlling interests, net (14) (14)
Common shares repurchased (note 11) (3,272) (1,595)
Common shares issued, net (note 11) 144 94
Cash provided by (used in) financing activities (4,174) (5,042)
Cash and short-term securities    
Increase (decrease) during the year 3,861 1,661
Effect of foreign exchange rate changes on cash and short-term securities 1,197 (412)
Balance, beginning of year 19,884 18,635
Balance, end of year 24,942 19,884
Cash and short-term securities    
Gross cash and short-term securities at beginning of period 20,338 19,153
Net payments in transit, included in other liabilities beginning balance (454) (518)
Balance, beginning of year 19,884 18,635
Gross cash and short-term securities at end of year 25,789 20,338
Net payments in transit, included in other liabilities ending balance (847) (454)
Balance, end of year 24,942 19,884
Supplemental disclosures on cash flow information    
Interest received 13,496 12,768
Interest paid 1,574 1,548
Income taxes paid $ 755 $ 436