Manulife Financial (MFC) 40-F 19 Feb 25 2024 FY Annual report (Canada) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2024 shares
Document Information [Line Items]
Document Type	40-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Entity File Number	1-14942
Registrant Name	MANULIFE FINANCIAL CORPORATION
Entity Incorporation, State or Country Code	Z4
Entity Primary SIC Number	6311
Entity Address, Address Line One	200 Bloor Street East
Entity Address, City or Town	Toronto
Entity Address, State or Province	ON
Entity Address, Country	CA
Entity Address, Postal Zip Code	M4W 1E5
City Area Code	416
Local Phone Number	926-3000
Title of 12(b) Security	Common Shares
Trading Symbol	MFC
Security Exchange Name	NYSE
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Central Index Key	0001086888
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024
Common shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	1,728,734,607
Class A Shares Series 2
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	14,000,000
Class A Shares Series 3
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	12,000,000
Class 1 Shares Series 3
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	6,537,903
Class 1 Shares Series 4
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	1,462,097
Class 1 Shares Series 9
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	10,000,000
Class 1 Shares Series 11
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	8,000,000
Class 1 Shares Series 13
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	8,000,000
Class 1 Shares Series 15
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	8,000,000
Class 1 Shares Series 17
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	14,000,000
Class 1 Shares Series 19
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	10,000,000
Class 1 Shares Series 25
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	10,000,000
Class 1 Shares Series 27
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	2,000,000
Class 1 Shares Series 28
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	1,200,000
Class 1 Shares Series 29
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	1,000,000
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	200 Berkeley Street
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02116
City Area Code	617
Local Phone Number	663-3000
Contact Personnel Name	James D. Gallagher

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor [Line Items]
Auditor Name	Ernst & Young LLP
Auditor Location	Toronto, Ontario, Canada
Auditor Firm ID	1263

Consolidated Statements of Fina

Consolidated Statements of Financial Position - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and short-term securities	$ 25,789	$ 20,338
Debt securities	210,621	212,149
Public equities	33,725	25,531
Mortgages	54,447	52,421
Private placements	49,668	45,606
Loans to Bank clients	2,310	2,436
Real estate	13,263	13,049
Other invested assets	52,674	45,680
Total invested assets	442,497	417,210
Other assets
Accrued investment income	2,969	2,678
Derivatives (note 4)	8,667	8,546
Insurance contract assets (note 6)	102	145
Reinsurance contract held assets (note 6)	59,015	42,651
Deferred tax assets	5,884	6,739
Goodwill and intangible assets (note 5)	11,052	10,310
Miscellaneous	12,644	9,751
Total other assets	100,333	80,820
Segregated funds net assets (note 22)	435,988	377,544
Total assets	978,818	875,574
Liabilities
Insurance contract liabilities, excluding those for account of segregated fund holders (note 6)	396,401	367,996
Reinsurance contract held liabilities (note 6)	2,669	2,831
Investment contract liabilities (note 7)	13,498	11,816
Deposits from Bank clients	22,063	21,616
Derivatives (note 4)	14,252	11,730
Deferred tax liabilities	1,890	1,697
Other liabilities	24,936	18,879
Long-term debt (note 9)	6,629	6,071
Capital instruments (note 10)	7,532	6,667
Total liabilities, excluding those for account of segregated fund holders	489,870	449,303
Insurance contract liabilities for account of segregated fund holders (note 6)	126,545	114,143
Investment contract liabilities for account of segregated fund holders	309,443	263,401
Insurance and investment contract liabilities for account of segregated fund holders (note 22)	435,988	377,544
Total liabilities	925,858	826,847
Equity
Contributed surplus	204	222
Shareholders and other equity holders’ retained earnings	4,764	4,819
Shareholders and other equity holders’ accumulated other comprehensive income (loss) (“AOCI”):
Insurance finance income (expenses)	37,999	30,010
Reinsurance finance income (expenses)	(7,048)	(4,634)
Fair value through other comprehensive income (“OCI”) investments	(19,733)	(16,262)
Total	7,327	4,801
Other	118	(104)
Total shareholders and other equity holders’ equity	50,972	47,039
Participating policyholders’ equity	567	257
Non-controlling interests	1,421	1,431
Total equity	52,960	48,727
Total liabilities and equity	978,818	875,574
Preferred shares and other equity
Equity
Issued shares (note 11)	6,660	6,660
Shareholders and other equity holders’ accumulated other comprehensive income (loss) (“AOCI”):
Total equity	6,660	6,660
Common shares
Equity
Issued shares (note 11)	20,681	21,527
Shareholders and other equity holders’ accumulated other comprehensive income (loss) (“AOCI”):
Total equity	$ 20,681	$ 21,527

Consolidated Statements of Inco

Consolidated Statements of Income - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Insurance service result
Insurance revenue (note 6)	$ 26,592	$ 23,972
Insurance service expenses (note 6)	(21,822)	(19,382)
Net expenses from reinsurance contracts held (note 6)	(769)	(613)
Total insurance service result	4,001	3,977
Investment result
Investment income	18,249	16,180
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	2,210	3,138
Investment expenses	(1,348)	(1,297)
Net investment income (loss)	19,111	18,021
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(16,219)	(13,894)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	1,133	(734)
Decrease (increase) in investment contract liabilities (note 6)	(504)	(435)
Investment result excluding segregated investment funds	3,521	2,958
Segregated funds investment result (note 22)
Investment income related to segregated funds net assets	52,870	49,346
Financial changes related to insurance and investment contract liabilities for account of segregated fund holders	(52,870)	(49,346)
Net segregated funds investment result	0	0
Total investment result	3,521	2,958
Other revenue (note 13)	7,588	6,746
General expenses	(4,859)	(4,330)
Commissions related to non-insurance contracts	(1,480)	(1,345)
Interest expenses	(1,681)	(1,554)
Net income (loss) before income taxes	7,090	6,452
Income tax (expenses) recoveries	(1,212)	(845)
Net income (loss)	5,878	5,607
Net income (loss) attributed to:
Non-controlling interests	247	144
Participating policyholders	246	360
Shareholders and other equity holders	5,385	5,103
Net income (loss)	5,878	5,607
Net income (loss) attributed to shareholders	5,385	5,103
Preferred share dividends and other equity distributions	(311)	(303)
Common shareholders’ net income (loss)	$ 5,074	$ 4,800
Earnings per share
Basic earnings per common share (note 11) (in dollars per share)	$ 2.85	$ 2.62
Diluted earnings per common share (note 11) (in dollars per share)	2.84	2.61
Dividends per common share (in dollars per share)	$ 1.60	$ 1.46

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of comprehensive income [abstract]
Net income (loss)	$ 5,878	$ 5,607
Foreign exchange gains (losses) on:
Translation of foreign operations	3,109	(1,301)
Net investment hedges	(583)	183
Insurance finance income (expenses)	6,462	(9,745)
Reinsurance finance income (expenses)	(2,280)	787
Fair value through OCI investments:
Unrealized gains (losses) arising during the year on assets supporting insurance and investment contract liabilities	(3,573)	9,251
Reclassification of net realized gains (losses) and provision for credit losses recognized in income	1,314	256
Other	158	37
Total items that may be subsequently reclassified to net income	4,607	(532)
Items that will not be reclassified to net income	66	(70)
Other comprehensive income (loss), net of tax	4,673	(602)
Total comprehensive income (loss), net of tax	10,551	5,005
Total comprehensive income (loss) attributed to:
Non-controlling interests	4	18
Participating policyholders	310	334
Shareholders and other equity holders	$ 10,237	$ 4,653

Income Taxes included in Other

Income Taxes included in Other Comprehensive Income - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income tax expenses (recoveries) on:
Unrealized foreign exchange gains (losses) on translation of foreign operations	$ 1	$ (1)
Unrealized foreign exchange gains (losses) on net investment hedges	(37)	13
Insurance / reinsurance finance income (expenses)	1,207	(1,853)
Unrealized gains (losses) on fair value through OCI investments	(480)	1,863
Reclassification of net realized gains (losses) on fair value through OCI investments	300	(8)
Other	68	(20)
Total recognized in other comprehensive income	$ 1,059	$ (6)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - CAD ($) $ in Millions	Total	Preferred shares and other equity	Common shares	Shareholders and other equity holders’ retained earnings	Contributed surplus	Shareholders and other equity holders’ accumulated other comprehensive income (loss) (“AOCI”):	Participating policyholders’ equity	Non-controlling interests
Balance, beginning of year at Dec. 31, 2022		$ 6,660	$ 22,178	$ 3,538	$ 238	$ 14,261	$ (77)	$ 1,427
Issued (note 11)		0
Redeemed (note 11)		0
Repurchased (note 11)			(745)	(850)
Issued on exercise of stock options and deferred share units			94		(18)
Stock option expense					2
Net income (loss) attributed to shareholders and other equity holders				5,103
Preferred share dividends and other equity distributions				(303)
Common share dividends				(2,669)
Other				0
Change in unrealized foreign exchange gains (losses) on net foreign operations	$ (1,301)					(1,117)
Changes in insurance / reinsurance finance income (expenses)	(14,628)					(7,222)
Change in unrealized gains (losses) on fair value through OCI investments						7,923
Other changes in OCI attributed to shareholders and other equity holders						(34)
Net income (loss) attributed to participating policyholders	360						360
Other comprehensive income (losses) attributed to policyholders							(26)
Net income (loss) attributed to non-controlling interests	144							144
Other comprehensive income (losses) attributed to non-controlling interests								(126)
Contributions (distributions and acquisitions), net								(14)
Balance, end of year at Dec. 31, 2023	48,727	6,660	21,527	4,819	222	13,811	257	1,431
Total shareholders and other equity holders’ equity, end of year	47,039					47,039
Issued (note 11)		0
Redeemed (note 11)		0
Repurchased (note 11)			(990)	(2,282)
Issued on exercise of stock options and deferred share units			144		(18)
Stock option expense					0
Net income (loss) attributed to shareholders and other equity holders				5,385
Preferred share dividends and other equity distributions				(311)
Common share dividends				(2,848)
Other				1
Change in unrealized foreign exchange gains (losses) on net foreign operations	3,109					2,526
Changes in insurance / reinsurance finance income (expenses)	(15,086)					5,575
Change in unrealized gains (losses) on fair value through OCI investments						(3,471)
Other changes in OCI attributed to shareholders and other equity holders						222
Net income (loss) attributed to participating policyholders	246						246
Other comprehensive income (losses) attributed to policyholders							64
Net income (loss) attributed to non-controlling interests	247							247
Other comprehensive income (losses) attributed to non-controlling interests								(243)
Contributions (distributions and acquisitions), net								(14)
Balance, end of year at Dec. 31, 2024	52,960	$ 6,660	$ 20,681	$ 4,764	$ 204	18,663	$ 567	$ 1,421
Total shareholders and other equity holders’ equity, end of year	$ 50,972					$ 50,972

Consolidated Statements of Cash

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

Nature of Operations and Materi

Nature of Operations and Material Accounting Policy Information	12 Months Ended
	Dec. 31, 2024
Disclosure Of Material Accounting Policy Information [Abstract]
Nature of Operations and Material Accounting Policy Information	Nature of Operations and Material Accounting Policy Information Reporting entity Manulife Financial Corporation (“MFC”) is a publicly tr aded company and the holding company of The Manufacturers Life Insurance Company (“MLI ”) , a Canadian life insurance company . MFC, including its subsidiaries (collectively, “Manulife” or the “Company”) is a leading financial services group with principal operations in Asia, Canada and the United States. Manulife’s international network of employees, agents and distribution partners offers financial protection and wealth management products and services to personal and business clients as well as asset management services to institutional customers. The Company operates as Manulife in Asia and Canada and as John Hancock and Manulife in the United States. MFC is domiciled in Canada and incorporated under the Insurance Companies Act (Canada) (“ICA”). These Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB” ). These Consolidated Financial Statements as at and for the year ended December 31, 2024 were authorized for issue by MFC ’s Board of Directors on February 19, 2025 . Basis of preparation The preparation of Consolidated Financial Statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as at the date of the Consolidated Financial Statements, and the reported amounts of insurance service, investment result, and other revenue and expenses during the reporting periods. Actual results may differ from these estimates. The most significant estimation processes relate to evaluating assumptions used in measuring insurance and investment contract liabilities and reinsurance contracts held liabilities, assessing assets for impairment, determining pension and other post-employment benefit obligation and expense assumptions, determining income taxes and uncertain tax positions, and estimating fair values of certain invested assets. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimates are revised and in any future years affected. Although some variability is inherent in these estimates, management believes that the amounts recorded are appropriate. The material accounting policies used and the most significant judgments made by management in applying these accounting policies in the preparation of these Consolidated Financial Statements are summarized below. The Company’s results and operations have been and may continue to be adversely impacted by the economic environment. The adverse effects include but are not limited to recessionary economic trends in markets the Company operates in, significant market volatility, increase in credit risk, strain on commodity markets and alternative long duration asset (“ALDA”) prices, foreign currency exchange rate volatility, increases in insurance claims, persistency and redemptions, and disruption of business operations. The breadth and depth of these events and their duration contribute additional uncertainty around estimates used in determining the carrying value of certain assets and liabilities included in these Consolidated Financial Statements. The Company has applied appropriate fair value measurement techniques using reasonable judgment and estimates from the perspective of a market participant to reflect current economic conditions. The impact of these techniques has been reflected in these Consolidated Financial Statements. Changes in the inputs used could materially impact the respective carrying values. Fair value measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction (not a forced liquidation or distress sale) between market participants at the measurement date; fair value is an exit value. When available, quoted market prices are used to determine fair value. If quoted market prices are not available, fair value is typically based upon alternative valuation techniques such as discounted cash flows, matrix pricing, consensus pricing services and other techniques. Broker quotes are generally used when external public vendor prices are not available. The Company has a valuation process in place that includes a review of price movements relative to the market, a comparison of prices between vendors, and a comparison to internal matrix pricing which uses predominantly external observable data. Judgment is applied in adjusting external observable data for items including liquidity and credit factors. The Company categorizes its fair value measurement results according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company’s valuation techniques based on their reliability. A level is assigned to each fair value measurement based on the lowest level input significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are defined as follows: Level 1 – Fair value measurements that reflect unadjusted, quoted prices in active markets for identical assets and liabilities that the Company can access at the measurement date, reflecting market transactions. Level 2 – Fair value measurements using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in inactive markets, inputs that are observable that are not prices (such as interest rates, credit risks, etc.) and inputs that are derived from or corroborated by observable market data. Most debt investments are classified within Level 2. Also, included in the Level 2 category are derivative instruments that are priced using models with observable market inputs, including interest rate swaps, equity swaps, credit default swaps and foreign currency forward contracts. Level 3 – Fair value measurements using significant non-market observable inputs. These include valuations for assets and liabilities that are derived using data, some or all of which is not market observable, including assumptions about risk. Level 3 security valuations include less liquid investments such as real estate, other invested assets, timber investments held within segregated funds, certain long-duration bonds and other investments that have little or no price transparency. Certain derivative financial instrument valuations are also included in Level 3. Basis of consolidation MFC consolidates the financial statements of all entities it controls, including certain structured entities. Subsidiaries are entities controlled by the Company. The Company has control over an entity when the Company has the power to govern the financial and operating policies of the entity and is exposed to variable returns from its activities which are significant in relation to the total variable returns of the entity and the Company is able to use its power over the entity to affect the Company’s share of variable returns of the entity. In assessing control, significant judgment is applied while considering all relevant facts and circumstances. When assessing decision making power over an entity, the Company considers the extent of its rights relative to the management of the entity, the level of voting rights held over the entity which are potentially or presently exercisable, the existence of any contractual management agreements which may provide the Company with power over the entity’s financial and operating policies, and to the extent of other parties’ ownership in the entity, if any, the possibility for de facto control being present. When assessing variable returns from an entity, the Company considers the significance of direct and indirect financial and non-financial variable returns to the Company from the entity’s activities in addition to the proportionate significance of such returns to the total variability of the entity. The Company also considers the degree to which its interests are aligned with those of other parties investing in the entity and the degree to which the Company may act in its own interest while interacting with the entity. The financial statements of subsidiaries are included in MFC’s consolidated results from the date control is established and are excluded from consolidation from the date control ceases. The initial control assessment is performed at the inception of the Company’s involvement with the entity and is reconsidered if the Company acquires or loses power over key operating and financial policies of the entity; acquires additional interests or disposes of interests in the entity; the contractual arrangements of the entity are amended such that the Company’s proportionate exposure to variable returns changes; or if the Company’s ability to use its power to affect its variable returns from the entity changes. A change in control may lead to gains or losses on derecognition of a subsidiary when losing control, or on derecognition of previous interests in a subsidiary when gaining control. The Company’s Consolidated Financial Statements have been prepared using uniform accounting policies for like transactions and events in similar circumstances. Intercompany balances, and revenue and expenses arising from intercompany transactions, have been eliminated in preparing the Consolidated Financial Statements. Non-controlling interests are interests of other parties in the equity of MFC’s subsidiaries and are presented within total equity, separate from the equity of MFC’s participating policyholders and shareholders . Non-controlling interests in the net income and other comprehensive income (“OCI”) of MFC’s subsidiaries are included in total net income and total OCI, respectively. An exception to this occurs where the subsidiary’s shares are either puttable by the other parties or are redeemable for cash on a fixed or determinable date, in which case other parties’ interests in the subsidiary’s capital are presented as liabilities of the Company and other parties’ interests in the subsidiary’s net income and OCI are recorded as expenses of the Company. The equity method of accounting is used to account for entities over which the Company has significant influence or joint control (“associates” or “joint ventures”), whereby the Company records its share of the associate’s or joint venture’s net assets and financial results using uniform accounting policies for similar transactions and events. Significant judgment is used to determine whether voting rights, contractual management rights and other relationships with the entity, if any, provide the Company with significant influence or joint control over the entity. Gains and losses on the sale of associates or joint ventures are included in income when realized, while impairment losses are recognized immediately when there is objective evidence of impairment. Gains and losses on commercial transactions with associates or joint ventures are eliminated to the extent of the Company’s interest in the equity of the associate or joint venture. Investments in associates and joint ventures are included in other invested assets on the Company’s Consolidated Statements of Financial Position. Invested assets Invested assets are recognized initially at fair value plus, in the case of investments not classified as fair value through profit or loss (“FVTPL”), directly attributable transaction costs. Invested assets that are considered financial instruments are classified as fair value through other comprehensive income (“FVOCI”), FVTPL or as amortized cost. The Company determines the classification of its financial assets at initial recognition. The classification of invested assets which are financial instruments depends on their contractual terms and the Company’s business model for managing the assets. The Company assesses the contractual terms of the assets to determine whether their terms give rise on specified dates to cash flows that are solely payments of principal and interest (“SPPI”) on the principal amount outstanding. Only debt instruments may have SPPI cash flows. The most significant elements of interest within a lending arrangement are typically the consideration for the time value of money and credit risk. To make the SPPI assessment, the Company applies judgement and considers relevant factors such as prepayment and redemption rights, conversion features, and subordination of the instrument to other instruments of the issuer. An asset with contractual terms that introduce a more than de minimis exposure to risks of not collecting principal or interest would not meet the SPPI test. Debt instruments which qualify as having SPPI cash flows are classified as amortized cost or FVOCI based on the business model under which they are held. If held within a business model whose objective is to hold the assets in order to collect contractual cash flows, they are classified as amortized cost. If held within a business model whose objective is achieved by both collecting contractual cash flows and selling the assets, they are classified as FVOCI. In either case, the Company may designate them as FVTPL in order to reduce accounting mismatches with FVTPL liabilities they support. Debt instruments which fail the SPPI test are required to be measured at FVTPL. To identify the business model financial assets are held within, considerations include the business purpose of the portfolio they are held within, the risks that are being managed and the business activities which manage the risks, the basis on which performance of the portfolio is being evaluated, and the frequency and significance of sales activity within the portfolio. Realized and unrealized gains and losses on debt instruments classified as FVTPL and realized gains and losses on debt instruments held at FVOCI or amortized cost are recognized in investment income immediately. Unrealized gains and losses on FVOCI debt investments are recorded in OCI, except for unrealized gains and losses on foreign currency translation which are included in income. Investments in equities which are accounted for as financial instruments are not subject to the SPPI test and are accounted for as FVTPL. Valuation methods for the Company’s invested assets are described above in note 1 (c). All fair value valuations are performed in accordance with IFRS 13 “Fair Value Measurement”. Disclosure of financial instruments carried at fair value within the three levels of the fair value hierarchy and disclosure of the fair value for financial instruments not carried at fair value on the Consolidated Statements of Financial Position are presented in note 3. Fair value valuations are performed by the Company and by third-party service providers. When third-party service providers are engaged, the Company performs a variety of procedures to corroborate pricing information. These procedures may include, but are not limited to, inquiry and review of valuation techniques, and of inputs to the valuation and vendor controls reports. Cash and short-term securities comprise cash, current operating accounts, overnight bank and term deposits, and debt instruments held for meeting short-term cash commitments. Short-term securities are carried at fair value. Short-term securities comprise investments due to mature within one year of the date of purchase. Commercial paper and discount notes are classified as Level 2 for fair value purposes because these instruments are typically not actively traded. Net payments in transit and overdraft bank balances are included in other liabilities. Debt securities are carried at fair value or amortized cost. Debt investments are generally valued by independent pricing vendors using proprietary pricing models incorporating current market inputs for similar investments with comparable terms and credit quality (matrix pricing). The significant inputs include, but are not limited to, yield curves, credit risks and spreads, prepayment rates and volatility of these inputs. Debt investments are classified as Level 2 but can be Level 3 if significant inputs are not market observable. Public equities comprise of common and preferred equities and shares or units of mutual funds and are carried at fair value. Public equities are generally classified as Level 1, as fair values are normally based on quoted market prices. Realized and unrealized gains and losses on equities designated as FVTPL are recognized in investment income immediately. The Company’s risk management policies and procedures related to equities can be found in the denoted components of the “Risk Management and Risk Factors” section of the Company’s 2024 Management’s Discussion and Analysis (“MD&A”). Mortgages are classified as Level 3 for fair value purposes due to the lack of market observability of certain significant valuation inputs. The Company accounts for insured and uninsured mortgage securitizations as secured financing transactions since the criteria for sale accounting of securitized mortgages are not met. For these transactions, the Company continues to recognize the mortgages and records a liability in other liabilities for the amounts owed at maturity. Interest income from these mortgages and interest expense on the borrowings are recorded using the effective interest rate (“EIR”) method. Private placements, which include corporate loans for which there is no active market, are generally classified as Level 2 for fair value disclosure purposes or as Level 3 if significant inputs are not market observable. Loans to Manulife Bank of Canada (“Manulife Bank” or “Bank”) clients are carried at amortized cost and are classified as Level 2 for fair value disclosure purposes. Interest income is recognized on all debt instruments including securities, private placements, mortgages, and loans to Bank clients as it accrues and is calculated using the EIR m ethod. Premiums, discounts and transaction costs are amortized over the life of the underlying investment using the effective yield method for all debt securities as well as private placements and mortgages. The Company records purchases and sales of invested assets on a trade date basis. Loans originated by the Company are recognized on a settlement date basis. Real estate consists of both own use and investment property. Own use property is carried at cost less accumulated depreciation and any accumulated impairment losses, or at revalued amount which is the fair value as at the most recent revaluation date minus accumulated amortization and any accumulated impairment losses. Depreciation is calculated based on the cost of an asset less its residual value and is recognized in income on a straight-line basis over the estimated useful life ranging from 30 to 60 years . Impairment losses are recorded in income to the extent the recoverable amount is less than the carrying amount. Own use property is classified as Level 3 for fair value disclosure purposes. Own use real estate properties which are underlying items for insurance contracts with direct participating features are measured at fair value as if they were investment properties, as permitted by International Accounting Standards (“IAS”) 16 “Property, Plant and Equipment” which was amended by IFRS 17 “Insurance Contracts” (“IFRS 17”). An investment property is a property held to earn rental income, for capital appreciation, or both. Investment properties are measured at fair value, with changes in fair value recognized in income. Fair value of own use properties and investment properties is determined using the same processes. Fair value for all properties is determined using external appraisals that are based on the highest and best use of the property. The valuation techniques include discounted cash flows, the direct capitalization method as well as comparable sales analysis and employ both observable and non-market observable inputs. Inputs include existing and assumed tenancies, market data from recent comparable transactions, future economic outlook and market risk assumptions, capitalization rates and internal rates of return. Investment properties are classified as Level 3 for fair value disclosure purposes. When a property transfers from own use held at cost to investment property, any gain or loss arising on the re-measurement of the property and any associated leases to fair value as at the date of change in use is recognized in OCI, to the extent that it is not reversing a previous impairment loss. Reversals of impairment losses are recognized in income. When a property changes from investment property to own use held at cost, the property’s deemed cost for subsequent accounting is its fair value as at the date of change in use. Other invested assets include private equity and debt investments and property investments held in infrastructure, timber, agriculture and energy sectors. Private equity investments which are associates or joint ventures are accounted for using the equity method (as described in note 1 (d) above) or are classified as FVTPL and carried at fair value. Timber and agriculture properties which are own use properties are carried at cost less accumulated depreciation and any accumulated impairment losses, except for their biological assets which are measured at fair value. Timber and agriculture properties which are investment properties are measured at fair value with changes in fair value recognized in income. The fair value of other invested assets is determined using a variety of valuation techniques as described in note 3. Other invested assets that are measured or disclosed at fair value are classified as Level 3 for fair value disclosure purposes. Other invested assets also include investments in leveraged leases, which are accounted for using the equity method. The carrying value under the equity method reflects the amortized cost of the unconsolidated lease entity’s lease receivable and related non-recourse debt using the effective yield method. Expected Credit Loss Impairment The expected credit loss (“ECL”) impairment allowance model applies to invested assets which are debt instruments and measured at FVOCI or amortized cost. ECL allowances are measured under four probability-weighted macroeconomic scenarios, which measure the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the Company expects to receive, discounted at the original EIR. This process includes consideration of past events, current market conditions and reasonable supportable information about future economic conditions. Forward-looking macroeconomic variables used within the estimation models represent variables that are the most closely related with credit losses in the relevant portfolio. The estimation and measurement of impairment losses requires significant judgement. These estimates are driven by many elements, changes in which can result in different levels of allowances. Elements include the estimation of the amount and timing of future cash flows, the Company’s criteria for assessing if there has been a significant increase in credit risk (“SICR”), the selection of forward-looking macroeconomic scenarios and their probability weights, the application of expert credit judgment in the development of the models, inputs and, when applicable, overlay adjustments. It is the Company’s practice to regularly review its models in the context of actual loss experience and adjust when necessary. The Company has implemented formal policies, procedures, and controls over all significant impairment processes. The Company’s definitions of default and credit-impaired are based on quantitative and qualitative factors. A financial instrument is considered to be in default when significant payments of interest, principal or fees are past due for more than 90 days, unless remedial arrangements with the issuer are in place. A financial instrument may be credit impaired as a result of one or more loss events that occurred after the date of initial recognition of the instrument and the loss event has a negative impact on the estimated future cash flows of the instrument. This includes events that indicate or include: significant financial difficulty of the counterparty; a breach of contract; for economic or contractual reasons relating to the counterparty’s financial difficulty, concessions are granted that would not otherwise be considered; it is becoming probable that the counterparty will enter bankruptcy or other financial reorganization; the disappearance of an active market for that financial asset because of the counterparty’s financial difficulties; or the counterparty is considered to be in default by any of the major rating agencies such as S&P, Moody’s and Fitch . The ECL calculations include the following elements: • Probability of default (“PD”) is an estimate of the lik elihood of default over a given time horizon. • Loss given default (“LGD”) is an estimate of the loss arising on a future default. This is based on the difference between the contractual cash flows due and those that the Company expects to receive, including from collateral. It is based on credit default studies performed based on internal credit experience. • Exposure at default (“EAD”), is an estimate of the exposure at a future default date, considering both the period of exposure and the amount of exposure at a given reporting date. The EADs are determined by modelling the range of possible exposure outcomes at various points in time, corresponding to the multiple economic scenarios. The probabilities are then assigned to each economic scenario based on the outcome of the models. The Company measures ECLs using a three-stage approach: • Stage 1 comprise all performing financial instruments that have not experienced a SICR since initial recognition. The determination of SICR varies by instrument and considers the relative change in the risk of default since origination. 12- month ECLs are recognized for all Stage 1 financial instruments. 12-month ECLs represent the portion of lifetime ECLs that result from default events possible within 12 months of the reporting date. These expected 12-month default probabilities are applied to a forecast EAD, multiplied by the expected LGD, and discounted by the original EIR. This calculation is made for each of four macroeconomic scenarios. • Stage 2 comprise all performing financial instruments that have experienced a SICR since original recognition or have become 30 days in arrears for principal or interest payments, whichever happens first. When assets move to Stage 2, full lifetime ECLs are recognized, which represent ECLs that result from all possible default events over the remaining lifetime of the financial instrument. The mechanics are consistent with Stage 1, except PDs and LGDs are estimated over the remaining lifetime of the instrument instead of over the coming year. In subsequent reporting periods, if the credit risk of a financial instrument improves such that there is no longer a SICR compared to credit risk at initial recognition, the financial instrument will migrate back to Stage 1 and 12-month ECLs will be recognized. • Stage 3 comprise financial instruments identified as credit impaired. Similar to Stage 2 assets, full lifetime ECLs are recognized for Stage 3 financial instruments, but the PD is set at 100% . A Stage 3 ECL is calculated using the unpaid principal balance multiplied by LGD which reflects the difference between the asset’s carrying amount and its discounted expected future cash flows. Interest income is calculated based on the gross carrying amount for both Stage 1 and 2 exposures. Interest income on Stage 3 financial instruments is determined by applying the EIR to the amortized cost of the instrument, which represents the gross carrying amount adjusted for the credit loss allowance. For Stage 1 and Stage 2 exposures, an ECL is generated for each individual exposure; however, the relevant parameters are modelled on a collective basis with all collective parameters captured by the individual security level. The exposures are grouped into smaller homogeneous portfolios, based on a combination of internal and external characteristics, such as origination details, balance history, sector, geographic location, and credit history. Stage 3 ECLs are either individually or collectively assessed, depending on the nature of the instrument and impairment. In assessing whether credit risk has increased significantly, the risk of default occurring is compared over the remaining expected life from the reporting date and as at the date of initial recognition. The assessment varies by instrument and risk segment. The assessment incorporates internal credit risk ratings and a combination of security-specific and portfolio-level assessments, including the incorporation of forward-looking macroeconomic data. The assessment of SICR considers both absolute and relative thresholds. If contractual payments are more than 30 days past due, the credit risk is automatically deemed to have increased significantly since initial recognition. When estimating ECLs, the four probability-weighted macroeconomic scenarios are considered. Economic forward-looking inputs vary by market. Depending on their usage in the models, macroeconomic inputs are projected at the country, province, or more granular level. Each macroeconomic scenario used includes a projection of all relevant macroeconomic variables for a five- year period, subsequently reverting to long-run averages. In order to achieve an unbiased estimate, economic data used in the models is supplied by an external source. This information is compared to other publicly available forecasts, and the scenarios are assigned a probability weighting based on statistical analysis and management judgment. Refer to note 8 (c). The inputs and models used for calculating ECLs may not always capture all characteristics of the market at the date of the Consolidated Financial Statements. Changes in the required ECL allowance are recorded in the provision for credit losses within Investment income in the Consolidated Statements of Income. Invested assets are written off, either partially or in full, against the related allowance for credit losses when there is no realistic prospect of recovery in respect of those amounts. This is considered a partial or full derecognition of the financial asset. In subsequent periods, any recoveries of amounts previously written off are credited to the provision for credit losses. Goodwill and intangible assets Goodwill represents the difference between the fair value of purchase consideration of an acquired business and the Company’s proportionate share of the net identifiable assets acquired. It is initially recorded at cost and subsequently measured at cost less any accumulated impairment. Goodwill is tested for impairment at least annually and whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable at the cash generating unit (“CGU”) or group of CGUs level. The Company allocates goodwill to CGUs or group of CGUs for impairment testing at the lowest level within the Company where the goodwill is monitored for internal management purposes. The allocation is made to those CGUs or group of CGUs that are expected to benefit from the business combination in which the goodwill arose. Any potential impairment of goodwill is identified by comparing the recoverable amount with the carrying value of a CGU or group of CGUs. Goodwill is reduced by the amount of deficiency, if any. If the deficiency exceeds the carrying amount of goodwill, the carrying values of the remaining assets in the CGU or group of CGUs are subject to being reduced by the remaining deficiency on a pro-rata basis. The recoverable amount of a CGU or group of CGUs is the higher of the estimated fair value less costs to sell or the value-in-use of the CGU or group of CGUs. In assessing value-in-use, estimated future cash flows are discounted using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the CGU or group of CGUs. In

Accounting and Reporting Change

Accounting and Reporting Changes	12 Months Ended
	Dec. 31, 2024
Accounting And Reporting Changes [Abstract]
Accounting and Reporting Changes	Accounting and Reporting Changes Future accounting and reporting changes (I) Annual Improvements to IFRS Accounting Standards – Volume 11 Annual Improvements to IFRS Accounting Standards – Volume 11 was issued in July 2024 and is effective on or after January 1, 2026. The IASB issued eight minor amendments to different standards as part of the Annual Improvements process, to be applied retrospectively except for amendments to IFRS 1 “First-Time Adoption of International Financial Reporting Standards” for first time adopters and to IFRS 9 “Financial Instruments” (“IFRS 9”) for derecognition of lease liabilities. Adoption of these amendments is not expected to have a significant impact on the Company’s Consolidated Financial Statements. (II) Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 “Financial Instruments” and IFRS 7 “Financial Instruments: Disclosures” (“IFRS 7”)) were issued in May 2024 to be effective for years beginning on January 2026 and to be applied retrospectively. The amendments clarify guidance on timing of derecognition of financial liabilities, on the assessment of cash flow characteristics and resulting classification and disclosure of financial assets with terms referencing contingent events including environmental, social and corporate governance events, and of the treatment of non- recourse assets and contractually linked instruments. The Company is assessing the impact of these amendments on the Company’s Consolidated Financial Statements. (III) IFRS 18 “Presentation and Disclosure in the Financial Statements” IFRS 18 “Presentation and Disclosure in Financial Statements” (“IFRS 18”) was issued in April 2024 to be effective for years beginning on January 1, 2027 and to be applied retrospectively. The standard replaces IAS 1 “Presentation of Financial Statements” (“IAS 1”) while carrying forward many elements of IAS 1 unchanged. IFRS 18 introduces three sets of new requirements for presentation of financial statements and disclosures within financial statements: • Introduction of five defined categories of income and expenses: operating, investing, financing, income taxes and discontinued operations, with defined subtotals and totals for “operating income (loss)”, “income or loss before financing and income taxes” and “income (loss)”, • disclosure within a note to financial statements of management-defined performance measures (“MPMs”) with a reconciliation between MPMs and IFRS performance measures. MPMs are defined as subtotals of income and expenses not specified by IFRS Accounting Standards, which are used in public communications outside financial statements to communicate management’s view of the Company’s financial performance, and • enhanced guidance on organizing information and determining whether to provide the information in the financial statements or in the notes. IFRS 18 also requires enhanced disclosure of operating expenses based on their characteristics, including their nature, function or both . The Company is assessing the impact of this standard on the Company’s Consolidated Financial Statements. (IV) Amendments to IAS 12 “Income Taxes” Amendments to IAS 12 “Income Taxes” were issued in May 2023. The amendments relate to the Organization for Economic Co- operation and Development’s International Pillar Two tax reform, which seeks to establish a global minimum income tax rate of 15% and addresses inter-jurisdictional base erosion and profit shifting, targeting larger international companies. Most jurisdictions have agreed to participate and effective dates for Global Minimum Taxes (“GMT”) vary by jurisdiction based on local legislation. The amendments require that, effective for years beginning on or after January 1, 2023, disclosure of current tax expense or recovery related to GMT is required along with, to the extent that GMT legislation is enacted or substantively enacted but not yet in effect, disclosure of known or reasonably estimable information that helps users of financial statements understand the Company’s exposure to GMT arising from that legislation. The amendments introduce a temporary mandatory exception in IAS 12 from recognizing and disclosing deferred tax assets and liabilities related to GMT. The Company has applied the temporary exception from accounting for deferred taxes in respect of GMT. On June 20, 2024, Canada enacted the Global Minimum Tax Act, retrospective to fiscal periods commencing on or after December 31, 2023. The Company is in scope of this legislation because it is located in Canada and will be required to pay additional GMT in Canada in respect of its global entities whose effective tax rate is below 15% . The Company’s entities will also be subject to GMT in those jurisdictions where a Qualifying Domestic Minimum Top-up Tax (“QDMTT”) is in effect. The Company expects to pay GMT of $231 for the year ended December 31, 2024 arising from its operations in Hong Kong, China, Macau and Barbados. GMT arising from the Company’s operations in Hong Kong, China, and Macau, is expected to be payable in Canada for 2024 as these jurisdictions do not have a QDMTT in effect for 2024. Barbados passed legislation on May 28, 2024, introducing a QDMTT retrospective to January 1, 2024. As such, GMT arising from the Company’s operations in Barbados will be payable in Barbados. As at December 31, 2024 , certain other jurisdictions in which the Company operates, including Australia, Belgium, Brazil, Germany, Ireland, Luxembourg, Malaysia, Netherlands, Singapore, Switzerland, Thailand, the United Kingdom, and Vietnam, have enacted legislation to adopt GMT. The assessment of the Company’s potential exposure to GMT in these jurisdictions is based on the most recent information available regarding the financial performance of the constituent entities and the associated statutory income tax rate. Based on the assessment, the Company’s operations within these jurisdictions do not have a material exposure to GMT and therefore no disclosure of current tax expense or recovery related to GMT is provided. The United States adopted a Corporate Alternative Minimum Tax (“CAMT”) of 15% , with an effective date of January 1, 2023. CAMT is not a QDMTT for the purposes of GMT. In response to GMT, Bermuda enacted the Corporate Income Tax 2023 Act on December 27, 2023. The Company’s Bermuda tax-resident subsidiaries and branches became subject to this new tax regime effective January 1, 2025, at a rate of 15% . The Bermuda corporate income tax is not a QDMTT for the purposes of GMT.

Invested Assets and Investment

Invested Assets and Investment Income	12 Months Ended
	Dec. 31, 2024
Analysis of income and expense [abstract]
Invested Assets and Investment Income	Invested Assets and Investme nt Income Carrying values and fair values of invested assets As at December 31, 2024 FVTPL (1) FVOCI (2) Other (3) Total carrying value Total fair value (4) Cash and short-term securities (5) $ 25 $ 19,909 $ 5,855 $ 25,789 $ 25,789 Debt securities (6) Canadian government and agency 1,056 18,671 - 19,727 19,727 U.S. government and agency 58 27,628 968 28,654 28,366 Other government and agency 68 35,402 - 35,470 35,470 Corporate 2,761 121,674 527 124,962 124,762 Mortgage / asset-backed securities 17 1,791 - 1,808 1,808 Public equities (FVTPL mandatory) 33,725 - - 33,725 33,725 Mortgages 1,239 28,792 24,416 54,447 54,812 Private placements 866 48,802 - 49,668 49,668 Loans to Bank clients - - 2,310 2,310 2,285 Real estate Own use property (7),(8) - - 2,674 2,674 2,798 Investment property - - 10,589 10,589 10,589 Other invested assets Alternative long-duration assets (9) 34,334 389 13,140 47,863 48,875 Various other (10) 140 - 4,671 4,811 4,811 Total invested assets $ 74,289 $ 303,058 $ 65,150 $ 442,497 $ 443,485 As at December 31, 2023 FVTPL (1) FVOCI (2) Other (3) Total carrying value Total fair value (4) Cash and short-term securities (5) $ 1 $ 13,993 $ 6,344 $ 20,338 $ 20,338 Debt securities (6) Canadian government and agency 1,219 19,769 - 20,988 20,988 U.S. government and agency 1,303 26,287 888 28,478 28,251 Other government and agency 90 30,576 - 30,666 30,666 Corporate 2,372 127,190 484 130,046 129,899 Mortgage / asset-backed securities 16 1,955 - 1,971 1,971 Public equities (FVTPL mandatory) 25,531 - - 25,531 25,531 Mortgages 1,055 28,473 22,893 52,421 52,310 Private placements 654 44,952 - 45,606 45,606 Loans to Bank clients - - 2,436 2,436 2,411 Real estate Own use property (7),(8) - - 2,591 2,591 2,716 Investment property - - 10,458 10,458 10,458 Other invested assets Alternative long-duration assets (9) 29,671 360 11,403 41,434 42,313 Various other (10) 126 - 4,120 4,246 4,246 Total invested assets $ 62,038 $ 293,555 $ 61,617 $ 417,210 $ 417,704 (1) FVTPL classification was elected for debt instruments backing certain insurance contract liabilities to substantially reduce any accounting mismatch arising from changes in the fair value of these assets, or changes in the carrying value of the related insurance contract liabilities. (2) FVOCI classification for debt instruments backing certain insurance contract liabilities inherently reduces any accounting mismatch arising from changes in the fair value of these assets, or changes in the carrying value of the related insurance contract liabilities. (3) Other includes mortgages and loans to Bank clients held at amortized cost, own use properties held at fair value or cost, investment properties held at fair value, and equity method accounted investments (including leveraged leases). Also includes debt securities, which qualify as having SPPI, are held to collect contractual cash flows and are carried at amortized cost. (4) Invested assets above include debt securities, mortgages, private placements and approximately $389 ( 2023 – $360 ) of other invested assets, which primarily qualify as having SPPI qualifying cash flows. Invested assets which do not have SPPI qualifying cash flows as at December 31, 2024 include debt securities, private placements and other invested assets with fair values of $nil , $132 and $547 , respectively ( 2023 – $nil , $115 and $539 , respectively). The change in the fair value of these non-SPPI invested assets for the year ended December 31, 2024 was an increase of $25 ( 2023 – an increase of $49 ). The methodologies used in determining fair values of invested assets are described in note 1 (c) and note 3 (g). (5) Includes short-term securities with maturities of less than one year at acquisition amounting to $10,121 ( 2023 – $6,162 ), cash equivalents with maturities of less than 90 days at acquisition amounting to $9,813 ( 2023 – $7,832 ) and cash of $5,855 ( 2023 – $6,344 ). (6) Debt securities include securities which were acquired with remaining maturities of less than one year and less than 90 days of $1,266 and $145 , respectively ( 2023 – $1,294 and $1,413 , respectively). (7) Includes accumulated depreciation of $65 ( 2023 – $57 ). (8) Own use property of $2,500 as at December 31, 2024 ( December 31, 2023 – $2,430 ), are underlying items for insurance contracts with direct participating features and are measured at fair value as if they were investment properties, as permitted by IAS 16. Own use property of $174 ( December 31, 2023 – $161 ) is carried at cost less accumulated depreciation and any accumulated impairment losses. (9) ALDA include investments in private equity of $18,343 , infrastructure of $17,804 , timber and agriculture of $5,917 , energy of $1,916 and various other ALDA of $3,883 ( 2023 – $15,445 , $14,950 , $5,719 , $1,859 and $3,461 , respectively). (10) Includes $4,300 ( 2023 – $3,790 ) of leveraged leases. Refer to note 1 (e). Investment income For the year ended December 31, 2024 FVTPL FVOCI Other (1) Total Cash and short-term securities Interest income $ 1 $ 978 $ - $ 979 Gains (losses) (2) - 72 - 72 Debt securities Interest income 156 7,914 29 8,099 Gains (losses) (2) (44) (1,621) - (1,665) Impairment (loss) / recovery, net - 92 - 92 Public equities Dividend income 814 - - 814 Gains (losses) (2) 4,324 - - 4,324 Mortgages Interest income 47 1,203 1,154 2,404 Gains (losses) (2) 32 (165) 5 (128) Impairment (loss) / recovery, net - 104 1 105 Private placements Interest income 36 2,473 - 2,509 Gains (losses) (2) 25 284 - 309 Impairment (loss) / recovery, net - (47) - (47) Loans to Bank clients Interest income - - 176 176 Impairment (loss) / recovery, net - - (3) (3) Real estate Rental income, net of depreciation (3) - - 460 460 Gains (losses) (2) - - (596) (596) Impairment (loss) / recovery, net - - - - Derivatives Interest income, net (438) - - (438) Gains (losses) (2) (675) - - (675) Other invested assets Interest income 20 12 - 32 Timber, agriculture and other income 1,675 - 770 2,445 Gains (losses) (2) 1,098 8 123 1,229 Impairment (loss) / recovery, net - (8) (30) (38) Total investment income (loss) $ 7,071 $ 11,299 $ 2,089 $ 20,459 Investment income Interest income $ (178) $ 12,580 $ 1,359 $ 13,761 Dividends, rental income and other income 2,489 - 1,230 3,719 Impairment (loss) / recovery, net - 141 (32) 109 Other 354 309 (3) 660 2,665 13,030 2,554 18,249 Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities Debt securities (45) (1,812) - (1,857) Public equities 4,178 - - 4,178 Mortgages 32 (188) 5 (151) Private placements 25 210 - 235 Real estate - - (592) (592) Other invested assets 1,075 59 122 1,256 Derivatives (859) - - (859) 4,406 (1,731) (465) 2,210 Total investment income (loss) $ 7,071 $ 11,299 $ 2,089 $ 20,459 Investment expenses (1,348) Net investment income (loss) $ 19,111 (1) Includes investment income on debt securities, mortgages and loans carried at amortized cost, own use real estate properties, investment real estate properties, equity method accounted investments, energy investments and leveraged leases. (2) Includes net realized and unrealized gains (losses) for financial instruments at FVTPL, investment real estate properties, and other invested assets measured at fair value. Also includes net realized gains (losses) for financial instruments at FVOCI and other invested assets carried at amortized cost. (3) Rental income from investment real estate properties is net of direct operating expenses. For the year ended December 31, 2023 FVTPL FVOCI Other (1) Total Cash and short-term securities Interest income $ - $ 837 $ - $ 837 Gains (losses) (2) - 10 - 10 Debt securities Interest income 212 7,437 28 7,677 Gains (losses) (2) 152 262 - 414 Impairment (loss) / recovery, net - (4) - (4) Public equities Dividend income 625 - - 625 Gains (losses) (2) 2,255 - - 2,255 Mortgages Interest income - 2,290 - 2,290 Gains (losses) (2) 99 - - 99 Impairment (loss) / recovery, net - - (150) (150) Private placements Interest income - 2,318 - 2,318 Gains (losses) (2) 20 355 - 375 Impairment (loss) / recovery, net - (72) - (72) Loans to Bank clients Interest income - - 201 201 Impairment (loss) / recovery, net - - (3) (3) Real estate Rental income, net of depreciation (3) - - 496 496 Gains (losses) (2) - - (1,286) (1,286) Impairment (loss) / recovery, net - - - - Derivatives Interest income, net (561) - - (561) Gains (losses) (2) 1,147 - - 1,147 Other invested assets Interest income 17 23 - 40 Timber, agriculture and other income 2,197 - - 2,197 Gains (losses) (2) 487 - 1 488 Impairment (loss) / recovery, net (74) - (1) (75) Total investment income (loss) $ 6,576 $ 13,456 $ (714) $ 19,318 Investment income Interest income $ (332) $ 12,905 $ 229 $ 12,802 Dividends, rental income and other income 2,822 - 496 3,318 Impairment (loss) / recovery, net (74) (76) (154) (304) Other 372 (12) 4 364 2,788 12,817 575 16,180 Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities Debt securities 153 277 - 430 Public equities 2,157 - - 2,157 Mortgages 99 - - 99 Private placements 20 355 - 375 Real estate - - (1,289) (1,289) Other invested assets 484 7 - 491 Derivatives 875 - - 875 3,788 639 (1,289) 3,138 Total investment income (loss) $ 6,576 $ 13,456 $ (714) $ 19,318 Investment expenses (1,297) Net investment income (loss) $ 18,021 Note: For footnotes (1) to (3), refer to the “Investment income” table for the year ended December 31, 2024 above. Equity method accounted invested assets Other invested assets include investments in associates and joint ventures which are accounted for using the equity method of accounting as presented in the following table. 2024 2023 As at December 31, Carrying value % of total Carrying value % of total Leveraged leases $ 4,300 34% $ 3,790 35% Infrastructure 4,848 38% 3,942 37% Timber and agriculture 837 7% 854 8% Real estate 2,098 16% 1,704 16% Other 673 5% 443 4% Total $ 12,756 100% $ 10,733 100% The Company recorded income of $398 ( 2023 – $399 ) for these equity method accounted invested assets for the year ended December 31, 2024 . Investment expenses The following table presents total investment expenses. For the years ended December 31, 2024 2023 Related to invested assets $ 731 $ 720 Related to segregated, mutual and other funds 617 577 Total investment expenses $ 1,348 $ 1,297 Investment properties rental income The following table presents the rental income and direct operating expenses of investment properties . For the years ended December 31, 2024 2023 Rental income from investment properties $ 859 $ 840 Direct operating expenses of rental investment properties (483) (473) Total $ 376 $ 367 Mortgage securitization The Company securitizes certain insured and uninsured fixed and variable rate residential mortgages and Home Equity Lines of Credit (“HELOC”) mortgages through creation of mortgage-backed securities under the Canadian Mortgage Bond Program (“CMB”), and the HELOC securitization program. Benefits received from these securitizations include interest spread between the securitized assets and related secured borrowing liabilities. There is no credit exposure from securitized mortgages under the Canada Mortgage and Housing Corporation (“CMHC”) sponsored CMB securitization program as they are insured by CMHC and other third-party insurance programs against borrowers’ default. Mortgages securitized in the Platinum Canadian Mortgage Trust II (“PCMT II”) program are uninsured. Cash flows received from the underlying securitized mortgages are used to settle the related secured borrowing liabilities. For CMB transactions, receipts of mortgage principal are deposited into a trust account for settlement of the related liabilities at time of maturity. These securitized assets and their related cash flows cannot be further transferred or used for other purposes by the Company. For HELOC transactions, investors are entitled to periodic interest payments, and the remaining cash receipts of mortgage principal are allocated to the Company (the “Seller”) during the revolving periods of the transactions and are accumulated for settlement during accumulation periods or repaid to the investors monthly during reduction periods, based on the terms of the notes. Securitized assets and secured borrowing liabilities As at December 31, 2024 Securitized assets Securitization program Securitized mortgages Restricted cash and short-term securities Total Secured borrowing liabilities (1) Net HELOC securitization (2) $ 3,141 $ 22 $ 3,163 $ 3,000 $ 163 CMB securitization (3) 3,274 - 3,274 3,217 57 Total $ 6,415 $ 22 $ 6,437 $ 6,217 $ 220 As at December 31, 2023 Securitized assets Securitization program Securitized mortgages Restricted cash and short-term securities Total Secured borrowing liabilities (1) Net HELOC securitization (2) $ 2,880 $ 32 $ 2,912 $ 2,750 $ 162 CMB securitization (3) 2,900 - 2,900 2,806 94 Total $ 5,780 $ 32 $ 5,812 $ 5,556 $ 256 (1) The PCMT II notes payable have floating rates of interest and are secured by the PCMT II assets. Under the terms of the agreements, principal of $nil is expected to be repaid within one year, $1,036 within 1-3 years, $1,964 within 3-5 years and $nil beyond 5 years ( 2023 – $27 , $1,973 , $750 and $nil , respectively). There is no specific maturity date for the contractual agreements. Under the terms of the notes, additional collateral must be provided to the series as added credit protection and the Series Purchase Agreements govern the amount of over-collateralization for each of the term notes outstanding. (2) Manulife Bank securitizes a portion of its HELOC receivables through PCMT II. PCMT II funds the purchase of the co-ownership interests from Manulife Bank by issuing term notes collateralized by an underlying pool of uninsured HELOCs to institutional investors. The restricted cash balance for the HELOC securitization reflects a cash reserve fund established in relation to the transactions. The reserve will be drawn upon only in the event of insufficient cash flows from the underlying HELOCs to satisfy the secured borrowing liabilities. (3) Manulife Bank also securitizes insured amortizing mortgages under the National Housing Act Mortgage-Backed Securities (“NHA MBS”) program sponsored by CMHC. Manulife Bank participates in CMB programs by selling NHA MBS securities to Canada Housing Trust (“CHT”), as a source of fixed-rate funding. As at December 31, 2024 , the fair values of securitized assets and related liabilities were $6,521 and $6,182 , respectively ( 2023 – $5,782 and $5,456 , respectively). Fair value measurement The following tables present fair values and the fair value hierarchy of invested assets and segregated funds net assets measured at fair value in the Consolidated Statements of Financial Position. As at December 31, 2024 Total fair value Level 1 Level 2 Level 3 Cash and short-term securities FVOCI $ 19,909 $ - $ 19,909 $ - FVTPL 25 - 25 - Other 5,855 5,855 - - Debt securities FVOCI Canadian government and agency 18,671 - 18,671 - U.S. government and agency 27,628 - 27,628 - Other government and agency 35,402 - 35,392 10 Corporate 121,674 - 121,630 44 Residential mortgage-backed securities 5 - 5 - Commercial mortgage-backed securities 270 - 270 - Other asset-backed securities 1,516 - 1,516 - FVTPL Canadian government and agency 1,056 - 1,056 - U.S. government and agency 58 - 58 - Other government and agency 68 - 68 - Corporate 2,761 - 2,761 - Commercial mortgage-backed securities 2 - 2 - Other asset-backed securities 15 - 15 - Private placements (1) FVOCI 48,802 - 40,038 8,764 FVTPL 866 - 730 136 Mortgages FVOCI 28,792 - - 28,792 FVTPL 1,239 - - 1,239 Public equities FVTPL 33,725 33,650 75 - Real estate (2) Investment property 10,589 - - 10,589 Own use property 2,500 - - 2,500 Other invested assets (3) 38,543 77 - 38,466 Segregated funds net assets (4) 435,988 399,043 33,611 3,334 Total $ 835,959 $ 438,625 $ 303,460 $ 93,874 (1) Fair value of private placements is determined through an internal valuation methodology using both observable and non-market observable inputs. Non-market observable inputs include credit assumptions and liquidity spread adjustments. Private placements are classified within Level 2 unless the liquidity spread adjustment constitutes a significant price impact, in which case they are classified as Level 3. (2) For real estate properties, the significant non-market observable inputs are capitalization rates ranging from 3.10% to 9.50% during the year ended December 31, 2024 ( 2023 – ranging from 2.72% to 10.75% ), terminal capitalization rates ranging from 3.10% to 10.00% during the year ended December 31, 2024 ( 2023 – ranging from 3.00% to 10.00% ) and discount rates ranging from 3.60% to 13.75% during the year ended December 31, 2024 ( 2023 – ranging from 3.20% to 14.00% ). Holding other factors constant, a lower capitalization or terminal capitalization rate will tend to increase the fair value of an investment property. Changes in fair value based on variations in non-market observable inputs generally cannot be extrapolated because the relationship between the directional changes of each input is not usually linear. (3) Other invested assets measured at fair value are held in infrastructure and timberland sectors and include fund investments of $31,435 (2023 – $27,532 ) recorded at net asset value. The significant inputs used in the valuation of the Company’s infrastructure investments are primarily future distributable cash flows, terminal values and discount rates. Holding other factors constant, an increase to future distributable cash flows or terminal values would tend to increase the fair value of an infrastructure investment, while an increase in the discount rate would have the opposite effect. Discount rates during the year ended December 31, 2024 ranged from 7.42% to 20.00% ( 2023 – ranged from 7.35% to 15.60% ). Disclosure of distributable cash flow and terminal value ranges are not meaningful given the disparity in estimates by project. The significant inputs used in the valuation of the Company’s investments in timberland properties are timber prices and discount rates. Holding other factors constant, an increase to timber prices would tend to increase the fair value of a timberland investment, while an increase in the discount rates would have the opposite effect. Discount rates during the year ended December 31, 2024 ranged from 3.25% to 6.25% ( 2023 – ranged from 4.00% to 7.00% ). A range of prices for timber is not meaningful as the market price depends on factors such as property location and proximity to markets and export yards. (4) Segregated funds net assets are measured at fair value. The Company’s Level 3 segregated funds underlying assets are predominantly investment properties and timberland properties valued as described above. As at December 31, 2023 Total fair value Level 1 Level 2 Level 3 Cash and short-term securities FVOCI $ 13,993 $ - $ 13,993 $ - FVTPL 1 - 1 - Other 6,343 6,343 - - Debt securities FVOCI Canadian government and agency 19,769 - 19,769 - U.S. government and agency 26,287 - 26,287 - Other government and agency 30,576 - 30,566 10 Corporate 127,190 - 126,959 231 Residential mortgage-backed securities 6 - 6 - Commercial mortgage-backed securities 370 - 370 - Other asset-backed securities 1,579 - 1,558 21 FVTPL Canadian government and agency 1,219 - 1,219 - U.S. government and agency 1,303 - 1,303 - Other government and agency 90 - 90 - Corporate 2,372 - 2,372 - Commercial mortgage-backed securities 1 - 1 - Other asset-backed securities 15 - 15 - Private placements (1) FVOCI 44,952 - 37,270 7,682 FVTPL 654 - 575 79 Mortgages FVOCI 28,473 - - 28,473 FVTPL 1,055 - - 1,055 Public equities FVTPL 25,531 25,423 67 41 Real estate (2) Investment property 10,458 - - 10,458 Own use property 2,430 - - 2,430 Other invested assets (3) 33,653 68 - 33,585 Segregated funds net assets (4) 377,544 343,061 30,991 3,492 Total $ 755,864 $ 374,895 $ 293,412 $ 87,557 Note: For footnotes (1) to (4), refer to the “Fair value measurement” table as at December 31, 2024 above. The following tables present fair value of invested assets not measured at fair value by the fair value hierarchy. As at December 31, 2024 Carrying value Total fair value Level 1 Level 2 Level 3 Mortgages (1) $ 24,416 $ 24,781 $ - $ - $ 24,781 Loans to Bank clients (2) 2,310 2,285 - 2,285 - Real estate - own use property (3) 174 298 - - 298 Public bonds held at amortized cost 1,495 1,007 - 1,007 - Other invested assets (4) 14,131 15,143 542 - 14,601 Total invested assets disclosed at fair value $ 42,526 $ 43,514 $ 542 $ 3,292 $ 39,680 As at December 31, 2023 Carrying value Total fair value Level 1 Level 2 Level 3 Short-term securities $ 1 $ 1 $ - $ 1 $ - Mortgages (1) 22,893 22,782 - - 22,782 Loans to Bank clients (2) 2,436 2,411 - 2,411 - Real estate - own use property (3) 161 286 - - 286 Public bonds held at amortized cost 1,372 998 - 998 - Other invested assets (4) 12,027 12,906 240 - 12,666 Total invested assets disclosed at fair value $ 38,890 $ 39,384 $ 240 $ 3,410 $ 35,734 (1) Fair value of commercial mortgages is determined through an internal valuation methodology using both observable and non-market observable inputs. Non- market observable inputs include credit assumptions and liquidity spread adjustments. Fair value of fixed-rate residential mortgages is determined using the discounted cash flow method. Inputs used for valuation are primarily comprised of prevailing interest rates and prepayment rates, if applicable. Fair value of variable-rate residential mortgages is assumed to be their carrying value. (2) Fair value of fixed-rate loans to Bank clients is determined using the discounted cash flow method. Inputs used for valuation are primarily comprised of current interest rates. Fair value of variable-rate loans is assumed to be their carrying value. (3) Fair value of own use real estate and the fair value hierarchy are determined in accordance with the methodologies described for real estate – investment property in note 1 (e). (4) The carrying value of other invested assets includes leveraged leases of $4,300 ( 2023 – $3,790 ), other equity method accounted investments and other invested assets of $9,831 ( 2023 – $8,237 ). Fair value of leveraged leases is disclosed at its carrying value as fair value is not routinely calculated on these investments. Fair value of equity method accounted investments and other invested assets is determined using a variety of valuation techniques including discounted cash flows and market comparable approaches. Inputs vary based on the specific investment. Transfers between Level 1 and Level 2 The Company records transfers of assets and liabilities between Level 1 and Level 2 at their fair values as at the end of each reporting period, consistent with the date of the determination of fair value. Assets are transferred out of Level 1 when they are no longer transacted with sufficient frequency and volume in an active market. Conversely, assets are transferred from Level 2 to Level 1 when transaction volume and frequency are indicative of an active market. During the year ended December 31, 2024 , the Company had $nil transfers between Level 1 and Level 2 ( 2023 – $nil ). For segregated funds net assets, during the year ended December 31, 2024 , the Company had $nil transfers from Level 1 to Level 2 ( 2023 – $nil ). During the year ended December 31, 2024 , the Company had $nil transfers from Level 2 to Level 1 ( 2023 – $nil ). Invested assets and segregated funds net assets measured at fair value using significant non-market observable inputs (Level 3) The Company classifies fair values of invested assets and segregated funds net assets as Level 3 if there are no observable market inputs for these assets, or in the presence of active markets significant non-market observable inputs are used to determine fair value. The Company prioritizes the use of market-based inputs over non-market observable inputs in determining Level 3 fair values. The gains and losses in the table below include the changes in fair value due to both observable and non- market observable factors. T he following tables present the movement in invested assets, net derivatives and segregated funds net assets measure d at fair value using significant non-market observable inputs (Level 3) for the year ended December 31, 2024 and 2023 . For the year ended December 31, 2024 Balance, January 1, 2024 Total gains (losses) included in net income (1) Total gains (losses) included in OCI (2) Purchases Sales Settlements Transfer in (3) Transfer out (3) Currency movement Balance, December 31, 2024 Change in unrealized gains (losses) on assets still held Debt securities FVOCI Other government & agency $ 10 $ - $ - $ - $ - $ (5) $ 4 $ - $ 1 $ 10 $ - Corporate 231 - (33) - - (7) - (151) 4 44 - Other securitized assets 21 - 33 - - (22) - (33) 1 - - Public equities FVTPL 41 (3) - - (1) - - (36) (1) - (3) Private placements FVOCI 7,682 (47) 50 3,039 (1,115) (1,040) 254 (624) 565 8,764 - FVTPL 79 1 - 49 - (13) 29 (14) 5 136 1 Mortgages FVOCI 28,473 (73) 109 2,243 (2,834) (763) - - 1,637 28,792 - FVTPL 1,055 32 - 339 (152) (38) - - 3 1,239 - Investment property 10,458 (504) - 222 (66) - - - 479 10,589 (514) Own use property 2,430 (82) - 19 - - - - 133 2,500 (82) Other invested assets 33,585 1,502 14 4,308 (2,007) (1,187) - - 2,251 38,466 1,251 Total invested assets 84,065 826 173 10,219 (6,175) (3,075) 287 (858) 5,078 90,540 653 Derivatives, net (2,166) (2,248) - - - (166) - 1,509 (164) (3,235) (2,065) Segregated funds net assets 3,492 119 (67) 148 (527) 17 - - 152 3,334 (76) Total $ 85,391 $ (1,303) $ 106 $ 10,367 $ (6,702) $ (3,224) $ 287 $ 651 $ 5,066 $ 90,639 $ (1,488) (1) These amounts are included in net investment income on the Consolidated Statements of Income except for the amount related to segregated funds net assets, where the amount is recorded in Investment income related to segregated funds net assets. Refer to notes 1 (h) and 22. (2) These amounts are included in OCI on the Consolidated Statements of Comprehensive Income. (3) The Company uses fair value of the assets at the beginning of the year for assets transferred into and out of Level 3 except for derivatives, where the Company uses fair value at the end of the year and at the beginning of the year, respectively. For the year ended December 31, 2023 Balance, January 1, 2023 Total gains (losses) included in net income (1) Total gains (losses) included in OCI (2) Purchases Sales Settlements Transfer in (3) Transfer out (3),(4) Currency movement Balance, December 31, 2023 Change in unrealized gains (losses) on assets still held Debt securities FVOCI Other government & agency $ 9 $ - $ - $ 2 $ - $ - $ - $ - $ (1) $ 10 $ - Corporate 32 - 3 178 - (7) 25 - - 231 - Other securitized assets 26 - 1 - - (5) - - (1) 21 - Public equities FVTPL 71 - - 37 - - - (67) - 41 - Private placements FVOCI 7,828 (4) 258 1,942 (497) (1,172) 2,546 (2,907) (312) 7,682 - FVTPL 31 44 - 17 - (1) 34 (47) 1 79 44 Mortgages FVOCI 28,621 65 830 1,984 (1,626) (856) - - (545) 28,473 - FVTPL 1,138 37 - 160 (239) (39) - - (2) 1,055 - Investment property 11,417 (1,054) - 416 (122) - - - (199) 10,458 (1,055) Own use property 2,682 (234) - 20 - - - - (38) 2,430 (234) Other invested assets 31,069 423 7 4,760 (522) (1,219) - (68) (865) 33,585 647 Total invested assets 82,924 (723) 1,099 9,516 (3,006) (3,299) 2,605 (3,089) (1,962) 84,065 (598) Derivatives, net (3,188) (144) - - - 960 - 165 41 (2,166) 17 Segregated funds net assets 3,985 (97) - 110 (466) 24 - (15) (49) 3,492 32 Total $ 83,721 $ (964) $ 1,099 $ 9,626 $ (3,472) $ (2,315) $ 2,605 $ (2,939) $ (1,970) $ 85,391 $ (549) (1) These amounts are included in net investment income on the Consolidated Statements of Income except for the amount related to segregated funds net assets, where the amount is recorded in Investment income related to segregated funds net assets. Refer to notes 1 (h) and 22 . (2) These amounts are included in OCI on the Consolidated Statements of Comprehensive Income. (3) The Company uses fair value of the assets at the beginning of the year for assets transferred into and out of Level 3 except for derivatives, where the Company uses fair value at the end of the year and at the beginning of the year, respectively. (4) Private placement bonds of $1,771 with maturity dates beyond 30 years were reclassified from Level 3 to Level 2 in 2023 to align with the fair value leveling treatment of public bonds. Transfers into Level 3 primarily result where a lack of observable market data (versus the previous period) arises. Transfers from Level 3 primarily result from observable market data becoming available for derivatives, or for the entire term structure of the private placements. Remaining term to maturity The following tables present remaining term to maturity for invested assets. Remaining term to maturity (1) As at December 31, 2024 Less than 1 year 1 to 3 years 3 to 5 years 5 to 10 years Over 10 years With no specific maturity Total Cash and short-term securities $ 25,789 $ - $ - $ - $ - $ - $ 25,789 Debt securities Canadian government and agency 543 2,282 678 3,339 12,885 - 19,727 U.S. government and agency 644 640 1,473 4,699 21,198 - 28,654 Other government and agency 372 1,208 1,056 3,566 29,268 - 35,470 Corporate 7,810 15,763 15,817 33,818 51,754 - 124,962 Mortgage / asset-backed securities 60 260 213 450 825 - 1,808 Public equities - - - - - 33,725 33,725 Mortgages 4,741 11,944 10,478 7,617 9,876 9,791 54,447 Private placements 1,534 5,093 4,986 10,463 27,500 92 49,668 Loans to Bank clients 47 13 3 - - 2,247 2,310 Real estate Own use property - - - - - 2,674 2,674 Investment property - - - - - 10,589 10,589 Other invested assets Alternative long-duration assets 67 - 85 276 524 46,911 47,863 Various other - 20 - 3,623 657 511 4,811 Total invested assets $ 41,607 $ 37,223 $ 34,789 $ 67,851 $ 154,487 $ 106,540 $ 442,497 Remaining term to maturity (1) As at December 31, 2023 Less than 1 year 1 to 3 years 3 to 5 years 5 to 10 years Over 10 years With no specific maturity Total Cash and short-term securities $ 20,338 $ - $ - $ - $ - $ - $ 20,338 Debt securities Canadian government and agency 657 1,435 1,580 3,656 13,660 - 20,988 U.S. government and agency 297 725 744 4,504 22,208 - 28,478 Other government and agency 412 1,052 1,892 3,864 23,446 - 30,666 Corporate 8,475 15,512 18,548 33,361 54,100 50 130,046 Mortgage / asset-backed securities 106 153 279 556 877 - 1,971 Public equities - - - - - 25,531 25,531 Mortgages 3,363 12,076 10,181 7,690 9,644 9,467 52,421 Private placements 1,418 3,486 4,704 9,137 26,790 71 45,606 Loans to Bank clients 39 23 1 - - 2,373 2,436 Real estate Own use property - - - - - 2,591 2,591 Investment property - - - - - 10,458 10,458 Other invested assets Alternative long-duration assets - 67 22 82 732 40,531 41,434 Various other - - 19 1,528 2,242 457 4,246 Total invested assets $ 35,105 $ 34,529 $ 37,970 $ 64,378 $ 153,699 $ 91,529 $ 417,210 (1) Represents contractual maturities. Actual maturities may differ due to prepayment privileges in the applicable contract.

Derivative and Hedging Instrume

Derivative and Hedging Instruments	12 Months Ended
	Dec. 31, 2024
Derivative And Hedging Instruments [Abstract]
Derivative and Hedging Instruments	Derivative and Hedging Instruments Derivatives are financial contracts whose value is derived from various factors described in note 4 (a). The Company uses derivatives including swaps, forward and futures agreements, and options to manage current and anticipated exposures to changes in interest rates, foreign exchange rates, commodity prices and equity market prices, and to replicate exposure to different types of investments. Swaps are contractual agreements between the Company and a third party to exchange a series of cash flows based upon rates applied to a notional amount. For interest rate swaps, counterparties generally exchange fixed or floating interest rate payments based on a notional value in a single currency. Cross-currency swaps involve the exchange of principal amounts between parties, as well as the exchange of interest payments in one currency for the receipt of interest payments in another currency. Total return swaps are contracts that involve the exchange of payments based on changes in the values of a reference asset, including any returns such as interest earned on these assets, in return for amounts based on reference rates specified in the contract. Forward and futures agreements are contractual obligations to buy or sell a financial instrument, foreign currency or other underlying commodity on a predetermined future date at a specified price. Forward contracts are over-the-counter (“OTC”) contracts negotiated between counterparties, whereas futures agreements are contracts with standard amounts and settlement dates that are traded on regulated exchanges. Options are contractual agreements whereby the holder has the right, but not the obligation, to buy (call option) or sell (put option) a security, exchange rate, interest rate, or other financial instrument at a predetermined price / rate within a specified time. See variable annuity dynamic hedging strategy in note 8 (a) for an explanation of the Company’s dynamic hedging strategy for its variable annuity product guarantees. Fair value of derivatives The pricing models used to value derivatives are based on market-standard valuation methodologies, and the inputs to these models are consistent with what a market participant would use when pricing the instruments. Derivative valuations can be affected by changes in interest rates, foreign exchange rates, financial indices, commodity prices or indices, credit spreads, default risk (including the counterparties to the contract), and market volatility. The significant inputs to the pricing models for most derivatives are inputs that are observable or can be corroborated by observable market data and are classified as Level 2. Inputs that are observable generally include interest rates, foreign exchange rates and interest rate curves. However, certain derivatives may rely on inputs that are significant to the fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data and these derivatives are classified as Level 3. Level 3 derivative assets and liabilities include bond forwards. Inputs that are unobservable generally include broker quoted prices, volatilities and inputs that are outside of the observable portion of the interest rate curve or other relevant market measures, such as repurchase rates. These non-market observable inputs may involve significant management judgment or estimation. Even though these inputs are non-market observable, they are based on assumptions deemed appropriate given the circumstances and consistent with what market participants would use when pricing such instruments. The credit risk of both the counterparty and the Company are considered in determining the fair value for all derivatives after considering the effects of netting agreements and collateral arrangements. The following table presents gross notional amount and fair value of derivative instruments by the underlying risk exposure. As at December 31, 2024 2023 Notional amount Fair value Notional amount Fair value Type of hedge Instrument type Assets Liabilities Assets Liabilities Qualifying hedge accounting relationships Fair value hedges Interest rate swaps $ 206,181 $ 2,734 $ 3,533 $ 184,309 $ 2,627 $ 3,044 Foreign currency swaps 14,121 145 2,114 9,055 78 1,518 Forward contracts 25,692 74 3,420 23,461 165 2,672 Cash flow hedges Interest rate swaps 9,036 24 48 8,372 20 48 Foreign currency swaps 650 - 216 1,150 35 181 Forward contracts - - - - - - Equity contracts 324 6 - 240 3 - Net investment hedges Forward contracts 602 18 - 654 - 16 Total derivatives in qualifying hedge accounting relationships 256,606 3,001 9,331 227,241 2,928 7,479 Derivatives not designated in qualifying hedge accounting relationships Interest rate swaps 110,114 2,188 2,906 103,806 2,361 3,098 Interest rate futures 9,054 - - 9,449 - - Interest rate options 5,633 16 - 5,841 33 - Foreign currency swaps 33,924 1,854 272 33,148 1,873 398 Currency rate futures 2,238 - - 2,581 - - Forward contracts 52,044 882 1,675 34,080 769 597 Equity contracts 25,290 724 63 19,760 579 115 Credit default swaps 114 2 - 131 3 - Equity futures 4,004 - - 4,040 - - Total derivatives not designated in qualifying hedge accounting relationships 242,415 5,666 4,916 212,836 5,618 4,208 Total derivatives $ 499,021 $ 8,667 $ 14,247 $ 440,077 $ 8,546 $ 11,687 The following tables present the fair values of the derivative instruments by the remaining term to maturity. Fair values disclosed below do not incorporate the impact of master netting agreements (refer to note 8 (g)). Remaining term to maturity As at December 31, 2024 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total Derivative assets $ 1,171 $ 578 $ 635 $ 6,283 $ 8,667 Derivative liabilities 2,320 2,304 1,244 8,379 14,247 Remaining term to maturity As at December 31, 2023 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total Derivative assets $ 1,189 $ 603 $ 573 $ 6,181 $ 8,546 Derivative liabilities 1,561 1,982 717 7,427 11,687 The following tables present gross notional amount by the remaining term to maturity, total fair value (including accrued interest), credit equivalent amount and capital requirement by contract type. Remaining term to maturity (notional amounts) Fair value As at December 31, 2024 Less than 1 year 1 to 5 years Over 5 years Total Positive Negative Net Credit equivalent amount (1) Capital requirement (2) Interest rate contracts OTC swap contracts $ 6,999 $ 25,019 $ 112,685 $ 144,703 $ 5,103 $ (6,976) $ (1,873) $ 323 $ 9 Cleared swap contracts 9,507 31,033 140,088 180,628 240 (189) 51 - - Forward contracts 20,661 21,028 - 41,689 231 (4,467) (4,236) 36 1 Futures 9,054 - - 9,054 - - - - - Options purchased 863 1,086 3,684 5,633 16 - 16 17 - Subtotal 47,084 78,166 256,457 381,707 5,590 (11,632) (6,042) 376 10 Foreign exchange Swap contracts 2,044 13,733 32,918 48,695 1,983 (2,709) (726) 1,028 19 Forward contracts 29,423 1,105 6,121 36,649 743 (628) 115 698 17 Futures 2,238 - - 2,238 - - - - - Subtotal 33,705 14,838 39,039 87,582 2,726 (3,337) (611) 1,726 36 Credit derivatives - 114 - 114 2 - 2 - - Equity contracts Swap contracts 1,926 762 - 2,688 31 (14) 17 27 - Futures 4,004 - - 4,004 - - - - - Options purchased 19,437 3,489 - 22,926 699 (43) 656 375 3 Subtotal 25,367 4,365 - 29,732 732 (57) 675 402 3 Subtotal including accrued interest 106,156 97,369 295,496 499,021 9,048 (15,026) (5,978) 2,504 49 Less accrued interest - - - - 381 (779) (398) - - Total $ 106,156 $ 97,369 $ 295,496 $ 499,021 $ 8,667 $ (14,247) $ (5,580) $ 2,504 $ 49 Remaining term to maturity (notional amounts) Fair value As at December 31, 2023 Less than 1 year 1 to 5 years Over 5 years Total Positive Negative Net Credit equivalent amount (1) Capital requirement (2) Interest rate contracts OTC swap contracts $ 4,645 $ 20,923 $ 106,445 $ 132,013 $ 5,295 $ (6,850) $ (1,555) $ 300 $ 7 Cleared swap contracts 4,634 33,082 126,758 164,474 220 (180) 40 - - Forward contracts 17,809 16,182 - 33,991 771 (2,986) (2,215) - - Futures 9,449 - - 9,449 - - - - - Options purchased 795 1,362 3,684 5,841 33 - 33 8 - Subtotal 37,332 71,549 236,887 345,768 6,319 (10,016) (3,697) 308 7 Foreign exchange Swap contracts 2,110 11,782 29,461 43,353 1,978 (2,179) (201) 1,087 19 Forward contracts 24,204 - - 24,204 163 (299) (136) 19 - Futures 2,581 - - 2,581 - - - - - Subtotal 28,895 11,782 29,461 70,138 2,141 (2,478) (337) 1,106 19 Credit derivatives 14 117 - 131 4 - 4 - - Equity contracts Swap contracts 1,452 723 - 2,175 18 (78) (60) 32 - Futures 4,040 - - 4,040 - - - - - Options purchased 14,830 2,995 - 17,825 562 (28) 534 215 2 Subtotal 20,336 3,835 - 24,171 584 (106) 478 247 2 Subtotal including accrued interest 86,563 87,166 266,348 440,077 9,044 (12,600) (3,556) 1,661 28 Less accrued interest - - - - 498 (913) (415) - - Total $ 86,563 $ 87,166 $ 266,348 $ 440,077 $ 8,546 $ (11,687) $ (3,141) $ 1,661 $ 28 (1) Credit equivalent amount is the sum of replacement cost and the potential future credit exposure less any collateral held. Replacement cost represents the current cost of replacing all contracts with a positive fair value. The amounts take into consideration legal contracts that permit offsetting of positions. The potential future credit exposure is calculated based on a formula prescribed by the Office of the Superintendent of Financial Institutions (“OSFI”). (2) Capital requirement represents the credit equivalent amount, weighted according to the creditworthiness of the counterparty, as prescribed by OSFI. The total notional amount of $499 billion ( 2023 – $440 billion ) includes $90 billion ( 2023 – $82 billion ) related to derivatives utilized in the Company’s variable annuity guarantee dynamic hedging. Due to the Company’s variable annuity hedging practices, many trades are in offsetting positions, resulting in materially lower net fair value exposure for the Company than what the gross notional amount would suggest. The following tables present the average rate of the hedging instruments in key hedge relationships that do not frequently reset. As at December 31, 2024 Remaining term to maturity (notional amounts) Fair value Hedged item Hedging instrument Average rate Less than 1 year 1 to 5 years Over 5 years Total Positive Negative Net Inflation risk Inflation linked insurance liabilities Interest rate swaps CPI rate: 290.22 $ 92 $ 568 $ 8,376 $ 9,036 $ 24 $ (48) $ (24) Foreign exchange risk Foreign currency assets Foreign currency swaps CAD/EUR: 0.66703 - 160 1,311 1,471 16 - 16 Foreign currency assets Foreign currency swaps CAD/GBP: 0.56259 - 115 434 549 22 - 22 Foreign currency assets Foreign currency swaps CAD/USD: 0.73009 165 407 1,067 1,639 9 (27) (18) Foreign exchange and interest rate risk Floating rate foreign currency liabilities Foreign currency swaps CAD/USD: 0.86655 - - 650 650 - (216) (216) Debt securities at fair value through OCI Foreign currency swaps CAD/USD: 1.22914 42 9 - 51 7 - 7 Equity risk Stock-based compensation Equity contracts MFC price: $30.12 20 304 - 324 6 - 6 Total $ 319 $ 1,563 $ 11,838 $ 13,720 $ 84 $ (291) $ (207) As at December 31, 2023 Remaining term to maturity (notional amounts) Fair value Hedged item Hedging instrument Average rate Less than 1 year 1 to 5 years Over 5 years Total Positive Negative Net Inflation risk Inflation linked insurance liabilities Interest rate swaps CPI rate: 290.13 $ 87 $ 459 $ 7,826 $ 8,372 $ 20 $ (48) $ (28) Foreign exchange risk Fixed rate liabilities Foreign currency swaps SGD/CAD: 0.93503 500 - - 500 35 - 35 Foreign exchange and interest rate risk Floating rate foreign currency liabilities Foreign currency swaps CAD/USD: 0.86655 - - 650 650 - (181) (181) Debt securities at fair value through OCI Foreign currency swaps CAD/USD: 1.22914 - 46 - 46 5 - 5 Equity risk Stock-based compensation Equity contracts MFC price: $26.28 11 229 - 240 3 - 3 Total $ 598 $ 734 $ 8,476 $ 9,808 $ 63 $ (229) $ (166) Fair value and the fair value hierarchy of derivative instruments As at December 31, 2024 Fair value Level 1 Level 2 Level 3 Derivative assets Interest rate contracts $ 5,193 $ - $ 5,026 $ 167 Foreign exchange contracts 2,742 - 2,742 - Equity contracts 730 - 730 - Credit default swaps 2 - 2 - Total derivative assets $ 8,667 $ - $ 8,500 $ 167 Derivative liabilities Interest rate contracts $ 10,954 $ - $ 7,571 $ 3,383 Foreign exchange contracts 3,230 - 3,227 3 Equity contracts 63 - 47 16 Total derivative liabilities $ 14,247 $ - $ 10,845 $ 3,402 As at December 31, 2023 Fair value Level 1 Level 2 Level 3 Derivative assets Interest rate contracts $ 5,813 $ - $ 5,262 $ 551 Foreign exchange contracts 2,148 - 2,148 - Equity contracts 582 - 572 10 Credit default swaps 3 - 3 - Total derivative assets $ 8,546 $ - $ 7,985 $ 561 Derivative liabilities Interest rate contracts $ 9,176 $ - $ 6,451 $ 2,725 Foreign exchange contracts 2,396 - 2,395 1 Equity contracts 115 - 114 1 Total derivative liabilities $ 11,687 $ - $ 8,960 $ 2,727 Movement in net derivatives measured at fair value using significant non-market observable inputs (Level 3) is presented in note 3 (g). Hedging relationships The Company uses derivatives for economic hedging purposes. In certain circumstances, these derivatives meet the requirements of hedge accounting and designating them in qualifying hedge accounting relationships achieves the desired IFRS presentation. Risk management strategies eligible for hedge accounting are designated as fair value hedges, cash flow hedges or net investment hedges. At the inception of a hedge accounting relationship, the Company documents the relationship between the hedging instrument and hedged item, its risk management objective, and its strategy for undertaking the hedge. At hedge inception and on an ongoing basis, an assessment is performed and documented to demonstrate that the hedging relationship qualifies or continues to qualify for hedge accounting. In order to qualify for hedge accounting, there has to be an economic relationship between the hedging instrument and the hedged item, an assessment that the effect of credit risk does not dominate the economic relationship, and the hedge ratio between the hedging instrument and the hedged item will be based on the approach used by risk management, unless the hedge ratio used by risk management results in an imbalance that would create hedge ineffectiveness that is inconsistent with the purpose of hedge accounting. • The Company designates a specific risk component or a combination of risk components as the hedged risk, including benchmark interest rate, foreign exchange rate, equity price and consumer price index components. All these risk components are observable in the relevant market environment and the changes in fair value or variability in cash flows attributable to these risk components can be reliably measured for hedged items. The hedged risk is generally the most significant risk component of the overall changes in fair value or in cash flows. The Company acquires derivatives for economic hedging purposes with underlying characteristics that offset the hedged risk based on the risk management strategy. • The Company executes hedging derivatives with counterparties with high credit quality and monitors the creditworthiness of the counterparties to ensure they are expected to meet cash flow obligations on the hedging instruments as they come due, and that the probability of counterparty default is remote. Further, changes in the Company’s own credit risk are immaterial and have insignificant impact to the hedging relationships. • A hedge ratio is calculated as the ratio between the quantity of the hedged item that the Company hedges and the quantity of the hedging instrument the Company uses to hedge that quantity of hedged item. ◦ For group fair value hedges of foreign exchange and interest rate risk of insurance liabilities and group fair value hedges of foreign exchange and interest rate risk of debt instruments, the Company constructs the hedge relationship by comparing interest rate sensitivities of the group of hedging derivatives and the group of hedged items in the same currency. Interest rate sensitivities are compared by estimating the change in the present value of cash flows of hedged items and of hedging derivatives from an instantaneous shock to interest rates, assuming no rebalancing actions are undertaken. ◦ For the rest of the Company’s hedge accounting relationships, the Company generally constructs the hedge relationships by comparing the notional amounts of the hedging derivatives with that of the hedged items. Hedge ineffectiveness in various hedging relationships may still exist and potential sources of hedge ineffectiveness by risk category are summarized below: Interest rate risk Foreign currency risk Equity risk Consumer price index risk Mismatches in some critical terms of hedging instrument and hedged item ü ü ü ü Differences in valuation methodologies including discounting factor ü ü ü Changes in timing and amount of forecasted hedged items ü ü Differences due to the use of non-zero fair value hedging instruments ü ü Hedging relationships that frequently reset The Company uses a portfolio of derivatives as a fair value hedge of foreign exchange rate and interest rate fluctuations of fixed- rate debt instruments denominated in non-functional currencies, as well as interest rate fluctuations of guaranteed insurance liabilities. The risk management objective is to hedge these foreign exchange and interest rate fluctuations with a hedge horizon of three months. At the end of each hedge horizon, the hedging relationships mature; and new fair value hedging relationships are designated with a newly designated pool of hedging instruments and hedged items. Fair value hedges The Company uses interest rate swaps to manage its exposure to changes in the fair value of fixed-rate financial instruments and guaranteed insurance liabilities due to changes in interest rates. The Company also uses cross-currency swaps to manage its exposure to foreign exchange rate fluctuations, interest rate fluctuations, or both. The Company recognizes gains and losses on derivatives and the related hedged items in fair value hedges in total investment result. These investment gains (losses) are shown in the following tables. For the year ended December 31, 2024 Change in value of the hedged item for ineffectiveness measurement Change in value of the hedging instrument for ineffectiveness measurement Ineffectiveness recognized in Total investment result Carrying amount for hedged items (1) Accumulated fair value adjustments on hedged items Accumulated fair value adjustments on de-designated hedged items Assets Interest rate risk Debt securities at FVOCI $ (833) $ 812 $ (21) $ 117,538 $ (1) $ (601) Foreign currency risk Debt securities at FVOCI (80) 80 - 3,561 - - Foreign currency and interest rate risk Debt securities at FVOCI 451 (559) (108) 11,130 (367) 196 Total assets $ (462) $ 333 $ (129) $ 132,229 $ (368) $ (405) Liabilities Interest rate risk Insurance contract liabilities $ 3,591 $ (3,329) $ 262 $ 47,747 $ 3,386 $ 237 Foreign currency and interest rate risk Insurance contract liabilities 55 (17) 38 3,167 137 - Total liabilities $ 3,646 $ (3,346) $ 300 $ 50,914 $ 3,523 $ 237 For the year ended December 31, 2023 Change in value of the hedged item for ineffectiveness measurement Change in value of the hedging instrument for ineffectiveness measurement Ineffectiveness recognized in Total investment result Carrying amount for hedged items (1) Accumulated fair value adjustments on hedged items Accumulated fair value adjustments on de-designated hedged items Assets Interest rate risk Debt securities at FVOCI $ - $ - $ - $ - $ - $ 241 Foreign currency and interest rate risk Debt securities at FVOCI 742 (778) (36) 9,191 576 (405) Total assets $ 742 $ (778) $ (36) $ 9,191 $ 576 $ (164) Liabilities Interest rate risk Insurance contract liabilities $ (53) $ 185 $ 132 $ 29,133 $ (2,658) $ 2,642 Total liabilities $ (53) $ 185 $ 132 $ 29,133 $ (2,658) $ 2,642 (1) The carrying amounts for hedged items presented are related to hedged items in active hedging relationships as at the reporting date. Cash flow hedges The Company uses interest rate swaps to hedge the variability in cash flows from variable rate financial instruments and from forecasted transactions. The Company also uses cross-currency swaps and foreign currency forward contracts to hedge the variability from foreign currency financial instruments and foreign currency expenses. Total return swaps are used to hedge the variability in cash flows associated with certain stock-based compensation awards. Inflation swaps are used to reduce inflation risk generated from inflation-indexed liabilities. The effects of derivatives in cash flow hedging relationships on the Consolidated Statements of Income and the Consolidated Statements of Comprehensive Income are shown in the following tables. The effective portion of the change in fair value of hedging instruments associated with the Consumer Price Index (“CPI”) cash flow hedge accounting program is presented in AOCI – Insurance finance income (expenses), in the same line as the hedged item. The accumulated other comprehensive income (loss) balances of $10 as at December 31, 2024 ( 2023 – $(149) ) were all related to continuing cash flow hedges, of which $(42) ( December 31, 2023 – $(85) ) related to CPI cash flow hedges that were reported in AOCI – Insurance finance income (expenses). There were $nil and $nil balance in AOCI related to de-designated hedges as at December 31, 2024 and 2023 , respectively. For the year ended December 31, 2024 Hedged items in qualifying cash flow hedging relationships Change in fair value of hedged items for ineffectiveness measurement Change in fair value of hedging instruments for ineffectiveness measurement Gains (losses) deferred in AOCI on derivatives Gains (losses) reclassified from AOCI into Total investment result Ineffectiveness recognized in Total investment result Interest rate risk Treasury locks Forecasted liability issuance $ 3 $ (3) $ (3) $ - $ - Foreign exchange risk Foreign currency swaps Fixed rate liabilities (23) 23 23 26 - Interest and foreign exchange risk Foreign currency swaps Floating rate liabilities 32 (32) (32) (75) - Equity price risk Equity contracts Stock-based compensation (145) 145 145 66 - CPI risk Interest rate swaps (1) Inflation linked insurance liabilities (60) 60 60 17 - Total $ (193) $ 193 $ 193 $ 34 $ - For the year ended December 31, 2023 Hedged items in qualifying cash flow hedging relationships Change in fair value of hedged items for ineffectiveness measurement Change in fair value of hedging instruments for ineffectiveness measurement Gains (losses) deferred in AOCI on derivatives Gains (losses) reclassified from AOCI into Total investment result Ineffectiveness recognized in Total investment result Interest rate risk Treasury locks Forecasted liability issuance $ (1) $ 1 $ 1 $ - $ - Foreign exchange risk Foreign currency swaps Fixed rate liabilities 10 (10) (10) (8) - Interest and foreign exchange risk Foreign currency swaps Floating rate liabilities (23) 23 23 16 - Equity price risk Equity contracts Stock-based compensation (40) 40 40 3 - CPI risk Interest rate swaps (1) Inflation linked insurance liabilities 4 (4) (4) 81 - Total $ (50) $ 50 $ 50 $ 92 $ - (1) Gains (losses) deferred in AOCI on derivatives are presented in AOCI under Insurance finance income (expenses). The Company anticipates that net losses of approximately $14 will be reclassified from AOCI to net income within the next 12 months. The maximum time frame for which variable cash flows are hedged is 12 years with exception to CPI hedge relationships where the maximum time frame for which variable cash flows are hedged is 28 years . The table below details the balances in the Company’s cash flow hedge reserve. As at December 31, 2024 2023 Balances in the cash flow hedge reserve for continuing hedges $ 10 $ (149) Balances remaining in the cash flow hedge reserve on de-designated hedges - - Total $ 10 $ (149) Hedges of net investments in foreign operations The Company uses non-functional currency denominated long-term debt (refer to note 9) and forward currency contracts to mitigate the foreign exchange translation risk of net investments in foreign operations. The effects of net investment hedging relationships on the Consolidated Statements of Income and the Consolidated Statements of Other Comprehensive Income are shown in the following tables. For the year ended December 31, 2024 Change in fair value of hedged items for ineffectiveness measurement Change in fair value of hedging instruments for ineffectiveness measurement Gains (losses) deferred in AOCI Gains (losses) reclassified from AOCI into Total investment result Ineffectiveness recognized in Total investment result Non-functional currency denominated debt $ 665 $ (665) $ (665) $ - $ - Forward currency contracts (45) 45 45 - - Total $ 620 $ (620) $ (620) $ - $ - For the year ended December 31, 2023 Change in fair value of hedged items for ineffectiveness measurement Change in fair value of hedging instruments for ineffectiveness measurement Gains (losses) deferred in AOCI Gains (losses) reclassified from AOCI into Total investment result Ineffectiveness recognized in Total investment result Non-functional currency denominated debt $ (195) $ 195 $ 195 $ - $ - Forward currency contracts (1) 1 1 - - Total $ (196) $ 196 $ 196 $ - $ - The table below details the balances in the Company’s net investment hedge reserve. As at December 31, 2024 2023 Balances in the foreign currency translation reserve for continuing hedges $ (561) $ 59 Balances remaining in the net investment hedge reserve on de-designated hedges - - Total $ (561) $ 59 Reconciliation of accumulated other comprehensive income (loss) related to cash flow hedges For the year ended December 31, 2024 Accumulated other comprehensive income (loss), beginning of year Hedging gains (losses) recognized in AOCI during the year Reclassification from AOCI to income Accumulated other comprehensive income (loss), end of year Reclassification adjustment related to de-designated hedges as hedged item affects income Reclassification adjustment related to items for which the hedged future cash flows are no longer expected to occur Interest rate risk $ 1 $ (3) $ - $ (2) $ - $ - Interest rate and foreign exchange risk (107) (32) (75) (64) - - Foreign exchange translation risk 3 23 26 - - - CPI risk (85) 60 17 (42) - - Equity price risk 39 145 66 118 - - Total $ (149) $ 193 $ 34 $ 10 $ - $ - For the year ended December 31, 2023 Accumulated other comprehensive income (loss), beginning of year Hedging gains (losses) recognized in AOCI during the year Reclassification from AOCI to income Accumulated other comprehensive income (loss), end of year Reclassification adjustment related to de-designated hedges as hedged item affects income Reclassification adjustment related to items for which the hedged future cash flows are no longer expected to occur Interest rate risk $ - $ 1 $ - $ 1 $ - $ - Interest rate and foreign exchange risk (114) 23 16 (107) - - Foreign exchange translation risk 5 (10) (8) 3 - - CPI risk - (4) 81 (85) - - Equity price risk 2 40 3 39 - - Total $ (107) $ 50 $ 92 $ (149) $ - $ - Reconciliation of accumulated other comprehensive income (loss) related to net investment hedges For the year ended December 31, 2024 Accumulated other comprehensive income (loss), beginning of year Hedging gains (losses) recognized in AOCI during the year Reclassification from AOCI to income Accumulated other comprehensive income (loss), end of year Reclassification adjustment related to de-designated hedges as hedged item affects income Reclassification adjustment related to items for which the hedged future cash flows are no longer expected to occur Foreign exchange translation risk $ 59 $ (620) $ - $ (561) $ - $ - For the year ended December 31, 2023 Accumulated other comprehensive income (loss), beginning of year Hedging gains (losses) recognized in AOCI during the year Reclassification from AOCI to income Accumulated other comprehensive income (loss), end of year Reclassification adjustment related to de-designated hedges as hedged item affects income Reclassification adjustment related to items for which the hedged future cash flows are no longer expected to occur Foreign exchange translation risk $ (137) $ 196 $ - $ 59 $ - $ - Cost of hedging The Company has elected to apply IFRS 9’s cost of hedging guidance for certain hedging relationships. The excluded components from hedging relationships related to forward elements and foreign currency basis spreads on time period related hedged items, are presented in AOCI as cost of hedging. The following table provides details of the movement in the cost of hedging by hedged risk category. For the year ended December 31, 2024 2023 Foreign exchange risk Balance, beginning of year $ - $ (3) Changes in fair value 111 5 Amount reclassified to profit or loss - 2 Balance, end of year $ 111 $ - Foreign exchange and interest rate risk Balance, beginning of year $ 18 $ 25 Changes in fair value (10) (8) Amount reclassified to profit or loss - (1) Balance, end of year $ 8 $ 18 Derivatives not designated in qualifying hedge accounting relationships The Company uses derivatives to economically hedge various financial risks, however, not all derivatives qualify for hedge accounting and in some cases, the Company has not elected to apply hedge accounting. Below are the investment income impacts of derivatives not designated in qualifying hedge accounting relationships. Investment income (loss) on derivatives not designated in qualifying hedge accounting relationships For the years ended December 31, 2024 2023 Interest rate swaps $ (116) $ 667 Interest rate futures 52 57 Interest rate options (20) (13) Foreign currency swaps 108 (4) Currency rate futures (137) (22) Forward contracts (626) 612 Equity futures (423) (449) Equity contracts 437 325 Credit default swaps (1) - Total $ (726) $ 1,173 Embedded derivatives Certain insurance contracts contain features that are classified as embedded derivatives and are measured separately at FVTPL, including reinsurance contracts related to guaranteed minimum income benefits and contracts containing certain credit and interest rate features. Certain reinsurance contracts with guaranteed minimum income benefits contain embedded derivatives requiring separate measurement at FVTPL as the financial components contained in the reinsurance contracts do not contain significant insurance risk. Claims expenses and claims paid on the reinsurance assumed offset claims recovered under reinsured contracts. Reinsured contracts with guaranteed minimum income benefits had a fair value of $281 ( 2023 – $402 ) and reinsurance assumed with guaranteed minimum income benefits had a fair value of $nil ( 2023 – $46 ). T he Company’s credit and interest rate embedded derivatives promise to pay the returns on a portfolio of assets to the contract holder. These embedded derivatives contain credit and interest rate risks that are financial risks embedded in the underlying insurance and investment contract. As at December 31, 2024 , these embedded derivative liabilities had a fair value of $265 ( 2023 – $487 ) . Other insurance contract features which are classified as embedded derivatives but are exempt from separate measurement at fair value include variable universal life and variable life products’ minimum guaranteed credited rates, no lapse guarantees, guaranteed annuitization options, Consumer Price Index (“CPI”) indexing of benefits, and segregated fund minimum guarantees other than reinsurance ceded / assumed guaranteed minimum income benefits. These embedded derivatives are measured and reported within insurance contract liabilities and are exempt from separate fair value measurement as they contain insurance risk and / or are closely related to the insurance host contract.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2024
Goodwill And Intangible Assets [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Change in the carrying value of goodwill and intangible assets The following tables present the changes in carrying value of goodwill and intangible assets. For the year ended December 31, 2024 Balance, January 1, 2024 Net additions / (disposals) (1) Amortization expense Effect of changes in foreign exchange rates Balance, December 31, 2024 Goodwill $ 5,919 $ 150 $ n/a $ 206 $ 6,275 Indefinite life intangible assets Brand 791 3 n/a 72 866 Fund management contracts and other (2) 1,034 156 n/a 68 1,258 1,825 159 n/a 140 2,124 Finite life intangible assets (3) Distribution networks 834 13 (56) 49 840 Customer relationships 582 - (52) 12 542 Software 1,102 329 (257) 38 1,212 Other 48 7 (9) 13 59 2,566 349 (374) 112 2,653 Total intangible assets 4,391 508 (374) 252 4,777 Total goodwill and intangible assets $ 10,310 $ 658 $ (374) $ 458 $ 11,052 For the year ended December 31, 2023 Balance, January 1, 2023 Net additions / (disposals) Amortization expense Effect of changes in foreign exchange rates Balance, December 31, 2023 Goodwill $ 6,014 $ - $ n/a $ (95) $ 5,919 Indefinite life intangible assets Brand 813 - n/a (22) 791 Fund management contracts and other (2) 1,048 - n/a (14) 1,034 1,861 - n/a (36) 1,825 Finite life intangible assets (3) Distribution networks 881 31 (53) (25) 834 Customer relationships 643 (4) (53) (4) 582 Software 1,068 274 (217) (23) 1,102 Other 52 11 (5) (10) 48 2,644 312 (328) (62) 2,566 Total intangible assets 4,505 312 (328) (98) 4,391 Total goodwill and intangible assets $ 10,519 $ 312 $ (328) $ (193) $ 10,310 (1) In April 2024, the Company acquired control of CQS Management Limited, the London-based alternative credit investment manager, through purchase of 100% of its shares outstanding. The transaction included cash consideration of $334 and contingent consideration of $8 . Goodwill, brand, indefinite lived and definite lived management contracts of $150 , $3 , $153 and $7 were recognized. (2) Fund management contracts are mostly allocated to Canada WAM and U.S. WAM CGUs with carrying values of $273 ( 2023 – $273 ) and $421 ( 2023 – $386 ), respectively. (3) Gross carrying amount of finite life intangible assets was $3,408 for software, $1,617 for distribution networks, $1,156 for customer relationships and $156 for other ( 2023 – $2,955 , $1,511 , $1,136 and $138 ), respectively. Goodwill impairment testing The Company completed its annual goodwill impairment testing in the fourth quarter of 2024 by determining the recoverable amounts of its businesses using valuation techniques discussed below (refer to notes 1 (f) and 5 (c)). The testing resulted in $nil impairment of goodwill in 2024 ( 2023 – $nil ). The following tables present the carrying value of goodwill by CGU or group of CGUs. For the year ended December 31, 2024 Balance, January 1, 2024 Net additions/ (disposals) Effect of changes in foreign exchange rates Balance, December 31, 2024 CGU or group of CGUs Asia Asia Insurance (excluding Japan) $ 159 $ - $ 11 $ 170 Japan Insurance 328 - (7) 321 Canada Insurance 1,958 - 8 1,966 U.S. Insurance 350 - 32 382 Global Wealth and Asset Management Asia WAM 438 - 41 479 Canada WAM 1,436 - - 1,436 U.S. WAM 1,250 150 121 1,521 Total $ 5,919 $ 150 $ 206 $ 6,275 For the year ended December 31, 2023 Balance, January 1, 2023 Net additions/ (disposals) Effect of changes in foreign exchange rates Balance, December 31, 2023 CGU or group of CGUs Asia Asia Insurance (excluding Japan) $ 162 $ - $ (3) $ 159 Japan Insurance 360 - (32) 328 Canada Insurance 1,960 - (2) 1,958 U.S. Insurance 360 - (10) 350 Global Wealth and Asset Management Asia WAM 450 - (12) 438 Canada WAM 1,436 - - 1,436 U.S. WAM 1,286 - (36) 1,250 Total $ 6,014 $ - $ (95) $ 5,919 The valuation techniques, significant assumptions and sensitivities, where applicable, applied in the goodwill impairment testing are described below. Valuation techniques When determining if a CGU is impaired, the Company compares its recoverable amount to the allocated capital for that unit, which is aligned with the Company’s internal reporting practices. The recoverable amounts were based on fair value less costs to sell (“FVLCS”) for Asia Insurance (excluding Japan) and Asia WAM. For other CGUs, value-in-use (“VIU”) was used. Under the FVLCS approach, the Company determines the fair value of the CGU or group of CGUs using an earnings-based approach which incorporates forecasted earnings, excluding interest and equity market impacts and normalized new business expenses multiplied by an earnings-multiple derived from the observable price-to-earnings multiples of comparable financial institutions. The price-to-earnings multiple used by the Company for testing ranged from 6.7 to 13.6 ( 2023 – 5.1 to 12.7 ). These FVLCS valuations are categorized as Level 3 of the fair value hierarchy ( 2023 – Level 3). Under the VIU approach, used for CGUs with insurance business, an embedded appraisal value is determined from a projection of future distributable earnings derived from both the in-force business and new business expected to be sold in the future, and therefore, reflects the economic value for each CGU’s or group of CGUs’ profit potential under a set of assumptions. This approach requires assumptions including sales and revenue growth rates, capital requirements, interest rates, equity returns, mortality, morbidity, policyholder behaviour, tax rates and discount rates. For non-insurance CGUs, the VIU is based on discounted cash flow analysis which incorporates relevant aspects of the embedded appraisal value approach. Significant assumptions To calculate an insurance appraisal value, the Company discounted projected earnings from in-force contracts an d valued 80 years (2023 – 20 years) of new business growing at expected plan levels , consistent with the periods used for forecasting long- term businesses such as insurance. In arriving at its projections, the Company considered past experience, economic trends such as interest rates, equity returns and product mix as well as industry and market trends. Where growth rate assumptions for new business cash flows were used in the embedded appraisal value calculations, they ranged from zero per cent to 13.0 per cent ( 2023 – zero per cent to 13.0 per cent). Interest rate assumptions are based on prevailing market rates at the valuation date. Tax rates applied to the projections include the impact of internal reinsurance treaties and wer e 28.0 per cent, 27.8 per cent and 21.0 per cent for the Japan, Canada and U.S. jurisdictions, respectively ( 2023 – 28.0 per cent, 27.8 per cent and 21.0 per cent , respectively). Tax assumptions are sensitive to changes in tax laws as well as assumptions about the jurisdictions in which profits are earned. It is possible that effective tax rates could differ from those assumed. Discount rates assumed in determining the value-in-use for applicable CGUs or group of CGUs ranged from 10.0 per cent to 13.0 per cent on an after-tax basis or 12.5 per cent to 16.3 per cent on a pre-tax basis ( 2023 – 10.0 per cent to 13.0 per cent on an after-tax basis or 12.5 per cent to 16.3 per cent on a pre-tax basis). Key assumptions may change as economic and market conditions change, which may lead to impairment charges in the future. Adverse changes in discount rates (including from changes in interest rates) and growth rate assumptions for new business cash flow projections used in the determination of embedded appraisal values or reductions in market-based earnings multiples calculations may result in impairment charges in the future which could be material.

Insurance and Reinsurance Contr

Insurance and Reinsurance Contract Assets and Liabilities	12 Months Ended
	Dec. 31, 2024
Insurance Contracts [Abstract]
Insurance and Reinsurance Contract Assets and Liabilities	Insurance and Reinsurance Contract Assets and Liabilities Composition Portfolios of insurance contracts that are assets and those that are liabilities, and portfolios of reinsurance contracts that are assets and those that are liabilities, are presented separately in the Consolidated Statements of Financial Position. The components of net insurance and reinsurance contract liabilities are shown below. 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 Movements in carrying amounts of insurance and reinsurance contracts The following tables present the movement in the net carrying amounts of insurance contracts issued and reinsurance contracts held during the year for the Company and for each reporting segment. The changes include amounts that are recognized in income and OCI, and movements due to cash flows. There are two types of tables presented: • Tables which analyze movements in the net assets or liabilities for remaining coverage and for incurred claims separately and reconcile them to the relevant Consolidated Statements of Income and Consolidated Statements of Comprehensive Income line items. • Tables which analyze movements of contracts by measurement components including estimates of the present value of future cash flows, risk adjustment and CSM. Total Insurance contracts – 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 Insurance contracts – 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 – 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 Reinsurance contracts held – 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 Segment Carrying balance 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 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 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 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 Investment income and insurance finance income and expenses 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 ra

Investment Contract Liabilities

Investment Contract Liabilities	12 Months Ended
	Dec. 31, 2024
Investment Contract Liabilities [Abstract]
Investment Contract Liabilities	Investment Contract Liabilities Investment contract liabilities are contractual financial obligations of the Company that do not contain significant insurance risk. Those contracts are subsequently measured either at fair value or at amortized cost. Investment contract liabilities measured at fair value 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 as FVTPL. 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 fair value of the liabilities. Investment contract liabilities measured at amortized cost Investment contract liabilities measured at amortized cost include fixed annuity products that provide guaranteed income payments for contractually determined periods and are not contingent on survivorship. The following table presents carrying and fair values of investment contract liabilities measured at amortized cost, by reporting segment. 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 liabilities at the dates of issue. 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 contract liabilities was determined using Level 2 valuation techniques. Investment contracts contractual obligations The following table presents the Company’s contractual obligations and commitments relating to these investment contracts as at December 31, 2024 and 2023 . Investment contract liabilities (1) 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. (2) Includes amounts which have no specific maturity, being payable on demand. Reinsurance contract assets backing investment contract liabilities 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 contract assets measured at FVTPL. 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 techniques. 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 – $27 and $27 , respectively). 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 the year ended December 31, 2024 (2023 – $2 ).

Risk Management

Risk Management	12 Months Ended
	Dec. 31, 2024
Risk Management [Abstract]
Risk Management	Risk Management Manulife offers insurance, wealth and asset management products and other financial services, which subjects the Company to a broad range of risks. Manulife manages these risks within an enterprise-wide risk management framework. Manulife’s goal in managing risk is to strategically optimize risk taking and risk management to support long-term revenue, earnings and capital growth. Manulife seeks to achieve this by capitalizing on business opportunities and strategies with appropriate risk/return profiles; ensuring sufficient management expertise is in place to effectively execute strategies, and to identify, understand and manage underlying inherent risks; ensuring strategies and activities align with its corporate and ethical standards and operational capabilities; pursuing opportunities and risks that enhance diversification; and in making all risk taking decisions with analyses of inherent risks, risk controls and mitigations, and risk / return trade-off. Market and liquidity risk Market risk is the risk of loss resulting from market price volatility, interest rate change, credit and swap spread changes, and adverse foreign currency exchange rate movements. Market price volatility primarily relates to changes in prices of publicly traded equities and alternative long-duration assets. The profitability of the Company’s insurance and annuity products, as well as the fees the Company earns in its investment management business, are subject to market risk. Liquidity risk is the risk of loss resulting from the inability to access sufficient funds or liquid assets to meet expected and unexpected cash and collateral demands. Please read below for details on factors that could impact the level of market risk and the strategies used to manage this risk: Market and liquidity risk management strategy Market and liquidity risk management strategy is governed by the Global Asset Liability Committee which oversees the market and liquidity risk program. The Company’s overall strategy to manage its market & liquidity risks incorporates several component strategies, each targeted to manage one or more of the market & liquidity risks arising from the Company’s businesses. At an enterprise level, these strategies are designed to manage the Company’s aggregate exposures to market & liquidity risks against limits associated with earnings and capital volatility. The following table outlines the Company’s key market & liquidity risks and identifies the risk management strategies which contribute to managing these risks. Risk Management Strategy Key Market & Liquidity Risk Public Equity Risk Interest Rate and Spread Risk ALDA Risk Foreign Currency Exchange Risk Liquidity Risk Product design and pricing ü ü ü ü ü Variable annuity guarantee dynamic hedging ü ü ü ü Macro equity risk hedging ü ü ü Asset liability management ü ü ü ü ü Foreign currency exchange management ü ü Liquidity risk management ü Product design and pricing strategy The Company’s policies, standards, and guidelines, with respect to product design and pricing, are designed with the objective of aligning its product offerings with its risk taking philosophy and risk appetite, and in particular, ensuring that incremental risk generated from new sales aligns with its strategic risk objectives and risk limits. The specific design features of Manulife’s product offerings, including level of benefit guarantees, policyholder options, fund offerings and availability restrictions as well as its associated investment strategies, help to mitigate the level of underlying risk. Manulife regularly reviews and modifies key features within its product offerings, including premiums and fee charges with a goal of meeting profit targets and staying within risk limits. Certain of the Company’s general fund adjustable benefit products have minimum rate guarantees. The rate guarantees for any particular policy are set at the time the policy is issued and governed by insurance regulation in each jurisdiction where the products are sold. The contractual provisions allow crediting rates to be reset at pre-established intervals subject to the established minimum crediting rate guarantees. The Company may partially mitigate the interest rate exposure by setting new rates on new business and by adjusting rates on in-force business where permitted. In addition, the Company partially mitigates this interest rate risk through its asset liability management process, product design elements, and crediting rate strategies. All material new product, reinsurance and underwriting initiatives must be reviewed and approved by the Chief Risk Officer or key individuals within risk management functions. Hedging strategies for variable annuity and other equity risks The Company’s exposure to movement in public equity market values primarily arises from insurance contract liabilities related to variable annuity guarantees and general fund public equity investments. Dynamic hedging is the primary hedging strategy for variable annuity market risks. Dynamic hedging is employed for new variable annuity guarantees business when written or as soon as practical thereafter. Manulife seeks to manage public equity risk arising from unhedged exposures in its insurance contract liabilities through the macro equity risk hedging strategy. The Company seeks to manage interest rate risk arising from variable annuity business not dynamically hedged through its asset liability management strategy. Variable annuity dynamic hedging strategy The variable annuity dynamic hedging strategy is designed to hedge the sensitivity of variable annuity guarantee insurance contract liabilities to fund performance (both public equity and bond funds) and interest rate movements. The objective of the variable annuity dynamic hedging strategy is to offset, as closely as possible, the change in the economic value of guarantees with the profit and loss from the hedge asset portfolio. The Company’s variable annuity hedging program uses a variety of exchange-traded and over-the-counter (“OTC”) derivative contracts to offset the change in value of variable annuity guarantees. The main derivative instruments used are equity index futures, government bond futures, currency futures, interest rate swaps, total return swaps, equity options, and interest rate swaptions. The hedge instruments’ positions against insurance contract liabilities are continuously monitored as market conditions change. As necessary, the hedge asset positions will be dynamically rebalanced to stay within established limits. The Company may also utilize other derivatives with the objective to improve hedge effectiveness opportunistically. The Company’s variable annuity guarantee dynamic hedging strategy is not designed to completely offset the sensitivity of insurance contract liabilities to all risks associated with the guarantees embedded in these products. The profit (loss) on the hedge instruments will not completely offset the underlying losses (gains) related to the guarantee liabilities hedged because: • Policyholder behaviour and mortality experience are not hedged; • Risk adjustment related to cost of guarantees in the insurance contract liabilities is largely hedged; • A portion of interest rate risk is not hedged; • Credit spreads may widen and actions might not be taken to adjust accordingly; • Fund performance on a small portion of the underlying funds is not hedged due to lack of availability of effective exchange- traded hedge instruments; • Performance of the underlying funds hedged may differ from the performance of the corresponding hedge instruments; • Correlations between interest rates and equity markets could lead to unfavourable material impacts; • Unfavourable hedge rebalancing costs can be incurred during periods of high volatility from equity markets, bond markets, and / or interest rates, which is magnified when these impacts occur concurrently; and • Not all other risks are hedged. Differences in the profit (loss) on the hedge instruments versus the underlying losses (gains) related to the guarantee liabilities hedged are reported in CSM. Macro equity risk hedging strategy The objective of the macro equity risk hedging program is to maintain the Company’s overall earnings sensitivity to public equity market movements within the Board approved risk appetite limits. The macro equity risk hedging program is designed to hedge earnings sensitivity due to movements in public equity markets arising from all sources (outside of dynamically hedged exposures). Sources of equity market sensitivity addressed by the macro equity risk hedging program include g eneral fund equity holdings backing guaranteed, and adjustable liabilities. Asset liability management strategy Manulife’s asset liability management strategy is designed to help ensure that the market risks embedded in its assets and liabilities held in the Company’s general fund are effectively managed and that risk exposures arising from these assets and liabilities are maintained within risk limits. The embedded market risks include risks related to the level and movement of interest rates and credit and swap spreads, public equity market performance, ALDA performance, and foreign currency exchange rate movements. General fund product liabilities are categorized into groups with similar characteristics in order to support them with a specific asset strategy. The Company seeks to align the asset strategy for each group to the premium and benefit patterns, policyholder options and guarantees, and crediting rate strategies of the products they support. The strategies are set using portfolio analysis techniques intended to optimize returns, subject to considerations related to regulatory and economic capital requirements, and risk tolerances. They are designed to achieve broad diversification across asset classes and individual investment risks while being suitably aligned with the liabilities they support. The strategies encompass asset mix, quality rating, term profile, liquidity, currency, and industry concentration targets. Foreign currency exchange risk management strategy Manulife’s policy is to generally match the currency of its assets with the currency of the liabilities they support. Where assets and liabilities are not currency matched, the Company seeks to hedge this exposure where appropriate to stabilize its earnings and consolidated capital positions and remain within its enterprise foreign exchange risk limits. Liquidity risk management strategy Global liquidity management policies and procedures are designed to provide adequate liquidity to cover cash and collateral obligations as they come due, and to sustain and grow operations in both normal and stressed conditions. They consider legal, regulatory, tax, operational or economic impediments to inter-entity funding. The asset mix of the Company’s balance sheet takes into account the need to hold adequate unencumbered and appropriate liquid assets to satisfy the requirements arising under stressed scenarios and to allow Manulife’s liquidity ratios to remain strong. Manulife manages liquidity centrally and closely monitors the liquidity positions of its principal subsidiaries. Manulife seeks to mitigate liquidity risk by diversifying its business across different products, markets, geographical regions, and policyholders. The Company designs insurance products to encourage policyholders to maintain their policies in-force, to help generate a diversified and stable flow of recurring premiums. The Company designs the policyholder termination features with the goal of mitigating the financial exposure and liquidity risk related to unexpected policyholder terminations. The Company establishes and implements investment strategies intended to match the term profile of the assets to the liabilities they support, taking into account the potential for unexpected policyholder terminations and resulting liquidity needs. Liquid assets represent a large portion of the Company’s total assets. Manulife aims to reduce liquidity risk in the Company’s businesses by diversifying its funding sources and appropriately managing the term structure of its funding. The Company forecasts and monitors daily operating liquidity and cash movements in various individual entities and operations as well as centrally, aiming to ensure liquidity is available and cash is employed optimally. The Company also maintains centralized cash pools and access to other sources of liquidity and contingent liquidity such as repurchase funding agreements. Manulife’s centralized cash pools consist of cash or near-cash, high quality short-term investments that are continually monitored for their credit quality and market liquidity. Manulife has established a variety of contingent liquidity sources. These include, among others, a $500 committed unsecured revolving credit facility with certain Canadian chartered banks available for the Company, and a US$500 committed unsecured revolving credit facility with certain U.S. banks available to the Company and certain of its U.S. subsidiaries. There were no outstanding borrowings under these facilities as at December 31, 2024 ( 2023 – $nil ). In addition, John Hancock Life Insurance Company (U.S.A.) (“JHUSA”) is a member of the Federal Home Loan Bank of Indianapolis (“FHLBI”), which enables the Company to obtain loans from FHLBI as an alternative source of liquidity that is collateralizable by qualifying mortgage loans, mortgage-backed securities, municipal bonds, and U.S. Treasury and Agency securities. As at December 31, 2024 , JHUSA had an estimated maximum borrowing capacity of US$3.8 billion ( 2023 – US$4.3 billion ) based on regulatory limitations with an outstanding balance of US$500 ( 2023 – US$500 ) under the FHLBI facility. The following table outlines the maturity of the Company’s significant financial liabilities. Maturity of financial liabilities (1) As at December 31, 2024 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total Long-term debt $ - $ 2,829 $ - $ 3,800 $ 6,629 Capital instruments - - - 7,532 7,532 Derivatives 2,320 2,304 1,244 8,379 14,247 Deposits from Bank clients (2) 15,690 3,774 2,599 - 22,063 Lease liabilities 105 151 52 47 355 (1) The amounts shown above are net of the related unamortized deferred issue costs. (2) Carrying value and fair value of deposits from Bank clients as at December 31, 2024 were $22,063 and $22,270 , respectively ( 2023 – $21,616 and $21,518 respectively). Fair value is determined by discounting contractual cash flows, using market interest rates currently offered for deposits with similar terms and conditions. All deposits from Bank clients were categorized in Level 2 of the fair value hierarchy ( 2023 – Level 2). Through the normal course of business, pledging of assets is required to comply with jurisdictional regulatory and other requirements including collateral pledged to partially mitigate derivative counterparty credit risk, assets pledged to exchanges as initial margin, and assets held as collateral for repurchase funding agreements. Total unencumbered assets were $516.6 billion as at December 31, 2024 ( 2023 – $470.2 billion ). Market risk sensitivities and market risk exposure measures Variable annuity and segregated fund guarantees sensitivities and risk exposure measures Guarantees on variable annuity products and segregated funds may include one or more of death, maturity, income and withdrawal guarantees. Variable annuity and segregated fund guarantees are contingent and only payable upon the occurrence of the relevant event, if fund values at that time are below guarantee values. Depending on future equity market levels, liabilities on current in-force business would be due primarily in the period from 2025 to 2044. Manulife seeks to mitigate a portion of the risks embedded in the Company’s retained (i.e., net of reinsurance) variable annuity and segregated fund guarantee business through the combination of dynamic and macro hedging strategies (see “ Publicly traded equity performance risk sensitivities and exposure measures ” below). The table below shows selected information regarding the Company’s variable annuity and segregated fund investment-related guarantees, gross and net of reinsurance. Variable annuity and segregated fund guarantees, net of reinsurance 2024 2023 As at December 31, Guarantee value (1) Fund value Net amount at risk (1),(2),(3) Guarantee value (1) Fund value Net amount at risk (1),(2),(3) Guaranteed minimum income benefit $ 3,628 $ 2,780 $ 918 $ 3,864 $ 2,735 $ 1,156 Guaranteed minimum withdrawal benefit 33,473 33,539 3,339 34,833 33,198 4,093 Guaranteed minimum accumulation benefit 18,987 19,097 70 18,996 19,025 116 Gross living benefits (4) 56,088 55,416 4,327 57,693 54,958 5,365 Gross death benefits (5) 8,612 19,851 644 9,133 17,279 975 Total gross of reinsurance 64,700 75,267 4,971 66,826 72,237 6,340 Living benefits reinsured 23,768 23,965 3,016 24,208 23,146 3,395 Death benefits reinsured 3,430 2,776 289 3,400 2,576 482 Total reinsured 27,198 26,741 3,305 27,608 25,722 3,877 Total, net of reinsurance $ 37,502 $ 48,526 $ 1,666 $ 39,218 $ 46,515 $ 2,463 (1) Guarantee Value and Net Amount at Risk in respect of guaranteed minimum withdrawal business in Canada and the U.S. reflect the time value of money of these claims. (2) Amount at risk (in-the-money amount) is the excess of guarantee values over fund values on all policies where the guarantee value exceeds the fund value. For guaranteed minimum death benefit, the amount at risk is defined as the current guaranteed minimum death benefit in excess of the current account balance and assumes that all claims are immediately payable. In practice, guaranteed death benefits are contingent and only payable upon the eventual death of policyholders if fund values remain below guarantee values. For guaranteed minimum withdrawal benefit, the amount at risk assumes that the benefit is paid as a lifetime annuity commencing at the earliest contractual income start age. These benefits are also contingent and only payable at scheduled maturity/income start dates in the future, if the policyholders are still living and have not terminated their policies and fund values remain below guarantee values. For all guarantees, the amount at risk is floored at zero at the single contract level. (3) The amount at risk net of reinsurance at December 31, 2024 was $1,666 ( December 31, 2023 – $2,463 ) of which: US$293 ( December 31, 2023 – US$391 ) was on the Company’s U.S. business, $1,021 ( December 31, 2023 – $1,559 ) was on the Company’s Canadian business, US$100 ( December 31, 2023 – US$140 ) was on the Company’s Japan business, and US$56 ( December 31, 2023 – US$155 ) was related to Asia (other than Japan) and the Company’s run-off reinsurance business. (4) Where a policy includes both living and death benefits, the guarantee in excess of the living benefit is included in the death benefit category as outlined in footnote 5. (5) Death benefits include stand-alone guarantees and guarantees in excess of living benefit guarantees where both death and living benefits are provided on a policy. Investment categories for variable contracts with guarantees Variable contracts with guarantees, including variable annuities and variable life, are invested at the policyholder’s discretion subject to contract limitations, in various fund types within the segregated fund accounts and other investments. The account balances by investment category are set out below. As at December 31, 2024 2023 Investment category Equity funds $ 51,457 $ 45,593 Balanced funds 37,381 35,801 Bond funds 9,017 8,906 Money market funds 1,712 1,559 Other debt investments 2,082 1,907 Total $ 101,649 $ 93,766 Caution related to sensitivities In the sections that follow, the Company provides sensitivities and risk exposure measures for certain risks. These include sensitivities due to specific changes in market prices and interest rate levels projected using internal models as at a specific date, and are measured relative to a starting level reflecting the Company’s assets and liabilities at that date. The risk exposures measure the impact of changing one factor at a time and assume that all other factors remain unchanged. Actual results can differ significantly from these estimates for a variety of reasons including the interaction among these factors when more than one changes; changes in liabilities from updates to non-economic assumptions, changes in business mix, effective tax rates and other market factors; and the general limitations of the Company’s internal models. For these reasons, the sensitivities should only be viewed as directional estimates of the underlying sensitivities for the respective factors based on the assumptions outlined below. Given the nature of these calculations, the Company cannot provide assurance that the actual impact on contractual service margin , net income attributed to shareholders , other comprehensive income attributed to shareholders , and total comprehensive income attributed to shareholders will be as indicated. Publicly traded equity performance risk sensitivities and exposure measures The tables below include the potential impacts from an immediate 10% , 20% and 30% change in market values of publicly traded equities on net income attributed to shareholders , CSM, other comprehensive income attributed to shareholders , and total comprehensive income attributed to shareholders . The potential impact is shown after taking into account the impact of the change in markets on the hedge assets. While the Company cannot reliably estimate the amount of the change in dynamically hedged variable annuity and segregated fund guarantee liabilities that will not be offset by the change in the dynamic hedge assets, the Company makes certain assumptions for the purposes of estimating the impact on net income attributed to shareholders . This estimate assumes that the performance of the dynamic hedging program would not completely offset the gain/loss from the dynamically hedged variable annuity and segregated fund guarantee liabilities. It assumes that the hedge assets are based on the actual position at the period end, and that equity hedges in the dynamic program offset 95% of the hedged variable annuity liability movement that occurs as a result of market changes. It is also important to note that these estimates are illustrative, and that the dynamic and macro hedging programs may underperform these estimates, particularly during periods of high realized volatility and/or periods where both interest rates and equity market movements are unfavourable. The method used for deriving sensitivity information and significant assumptions did not change from the previous period. Potential immediate impact on net income attributed to shareholders arising from changes to public equity returns (1) Net income attributed to shareholders As at December 31, 2024 -30% -20% -10% +10% +20% +30% Underlying sensitivity Variable annuity and segregated fund guarantees (2) $ (2,050) $ (1,240) $ (560) $ 470 $ 860 $ 1,190 General fund equity investments (3) (1,240) (820) (400) 390 780 1,180 Total underlying sensitivity before hedging (3,290) (2,060) (960) 860 1,640 2,370 Impact of macro and dynamic hedge assets (4) 720 430 190 (150) (260) (360) Net potential impact on net income attributed to shareholders after impact of hedging and before impact of reinsurance (2,570) (1,630) (770) 710 1,380 2,010 Impact of reinsurance 1,320 810 370 (320) (590) (830) Net potential impact on net income attributed to shareholders after impact of hedging and reinsurance $ (1,250) $ (820) $ (400) $ 390 $ 790 $ 1,180 Net income attributed to shareholders As at December 31, 2023 -30% -20% -10% +10% +20% +30% Underlying sensitivity Variable annuity and segregated fund guarantees (2) $ (2,370) $ (1,460) $ (670) $ 550 $ 1,010 $ 1,390 General fund equity investments (3) (1,170) (770) (390) 380 760 1,140 Total underlying sensitivity before hedging (3,540) (2,230) (1,060) 930 1,770 2,530 Impact of macro and dynamic hedge assets (4) 880 530 240 (190) (340) (460) Net potential impact on net income attributed to shareholders after impact of hedging and before impact of reinsurance (2,660) (1,700) (820) 740 1,430 2,070 Impact of reinsurance 1,470 900 420 (350) (650) (910) Net potential impact on net income attributed to shareholders after impact of hedging and reinsurance $ (1,190) $ (800) $ (400) $ 390 $ 780 $ 1,160 (1) See “Caution related to sensitivities” above. (2) For variable annuity contracts measured under the VFA approach , the impact of financial risk and changes in interest rates adjusts CSM, unless the risk mitigation option applies. The Company has elected to apply risk mitigation and therefore, a portion of the impact is reported in net income attributed to shareholders instead of adjusting the CSM. If the CSM for a group of variable annuity contracts is exhausted, the full impact is reported in net income attributed to shareholders . (3) This impact for general fund equity investments includes general fund investments supporting the Company’s insurance contract liabilities, investment in seed money investments (in segregated and mutual funds made by Global WAM segment), and the impact on insurance contract liabilities related to the projected future fee income on variable universal life and other unit-linked products. The impact does not include any potential impact on public equity weightings. The participating policy funds are largely self-supporting and generate no material impact on net income attributed to shareholders as a result of changes in equity markets. (4) Includes the impact of assumed rebalancing of equity hedges in the macro and dynamic hedging program. The impact of dynamic hedging represents the impact of equity hedges offsetting 95% of the dynamically hedged variable annuity liability movement that occurs as a result of market changes, but does not include any impact in respect of other sources of hedge accounting ineffectiveness (e.g., fund tracking, realized volatility, and equity and interest rate correlations different from expected among other factors). Potential immediate impact on contractual service margin, other comprehensive income to shareholders and total comprehensive income to shareholders from changes to public equity market values (1),(2),(3) As at December 31, 2024 -30% -20% -10% +10% +20% +30% Variable annuity and segregated fund guarantees reported in CSM $ (3,420) $ (2,110) $ (970) $ 840 $ 1,580 $ 2,250 Impact of risk mitigation - hedging (4) 940 560 250 (190) (350) (470) Impact of risk mitigation - reinsurance (4) 1,670 1,020 470 (400) (740) (1,050) VA net of risk mitigation (810) (530) (250) 250 490 730 General fund equity (1,140) (740) (370) 370 750 1,110 Contractual service margin (pre-tax) $ (1,950) $ (1,270) $ (620) $ 620 $ 1,240 $ 1,840 Other comprehensive income attributed to shareholders (post-tax) (5) $ (840) $ (560) $ (280) $ 270 $ 530 $ 790 Total comprehensive income attributed to shareholders (post-tax) $ (2,090) $ (1,380) $ (680) $ 660 $ 1,320 $ 1,970 As at December 31, 2023 -30% -20% -10% +10% +20% +30% Variable annuity and segregated fund guarantees reported in CSM $ (3,810) $ (2,370) $ (1,100) $ 940 $ 1,760 $ 2,470 Impact of risk mitigation - hedging (4) 1,150 700 310 (250) (450) (600) Impact of risk mitigation - reinsurance (4) 1,850 1,140 530 (450) (830) (1,150) VA net of risk mitigation (810) (530) (260) 240 480 720 General fund equity (940) (610) (300) 290 590 870 Contractual service margin (pre-tax) $ (1,750) $ (1,140) $ (560) $ 530 $ 1,070 $ 1,590 Other comprehensive income attributed to shareholders (post-tax) (5) $ (730) $ (490) $ (240) $ 230 $ 460 $ 680 Total comprehensive income attributed to shareholders (post-tax) $ (1,920) $ (1,290) $ (640) $ 620 $ 1,240 $ 1,840 (1) See “Caution related to sensitivities” above. (2) This estimate assumes that the performance of the dynamic hedging program would not completely offset the gain/loss from the dynamically hedged variable annuity and segregated fund guarantee liabilities. It assumes that the hedge assets are based on the actual position at the period end, and that equity hedges in the dynamic program offset 95% of the hedged variable annuity liability movement that occur as a result of market changes. (3) OSFI rules for segregated fund guarantees reflect full capital impacts of shocks over 20 quarters within a prescribed range. As such, the deterioration in equity markets could lead to further increases in capital requirements after the initial shock. (4) For variable annuity contracts measured under VFA the impact of financial risk and changes in interest rates adjusts CSM, unless the risk mitigation option applies. The Company has elected to apply risk mitigation and therefore a portion of the impact is reported in net income attributed to shareholders instead of adjusting the CSM. If the CSM for a group of variable annuity contracts is exhausted the full impact is reported in net income attributed to shareholders . (5) The impact of financial risk and changes to interest rates for variable annuity contracts is not expected to generate sensitivity in Other Comprehensive Income. Interest rate and spread risk sensitivities and exposure measures As at December 31, 2024 , the Company estimated the sensitivity of net income attributed to shareholders to a 50 basis point parallel decline in interest ra tes to be a benefit of $100 , and to a 50 basis point parallel increase in interest rates to be a charge of $100 . The table below shows the potential impacts fr om a 50 basis point parallel move in interest rates on CSM, net income attributed to shareholders , other comprehensive income attributed to shareholders , and total comprehensive income attributed to shareholders . This includes a change in current government, swap and corporate rates for all maturities across all markets with no change in credit spreads between government, swap and corporate rates. Also shown separately are the potential impacts from a 50 basis point parallel move in corporate spreads and a 20 basis point parallel move in swap spreads. The impacts reflect the net impact of movements in asset values in liability and surplus segments and movements in the present value of cash flows for insurance contracts including those with cash flows that vary with the returns of underlying items where the present value is measured by stochastic modelling. The method used for deriving sensitivity information and significant assumptions did not change from the previous period. The disclosed interest rate sensitivities reflect the accounting designations of the Company’s financial assets and corresponding insurance contract liabilities. In most cases these assets and liabilities are designated as FVOCI and as a result, impacts from changes to interest rates are largely in other comprehensive income. There are also changes in interest rates that impact the CSM for VFA contracts that relate to amounts that are not passed through to policyholders. In addition, changes in interest rates impact net income as it relates to derivatives not in hedge accounting relationships and on VFA contracts where the CSM has been exhausted. The disclosed interest rate sensitivities assume no hedge accounting ineffectiveness, as the Company’s hedge accounting programs are optimized for parallel movements in interest rates, leading to immaterial net income impacts under these shocks. However, the actual hedge accounting ineffectiveness is sensitive to non-parallel interest rate movements and will depend on the shape and magnitude of the interest rate movements which could lead to variations in the impact to net income attributed to shareholders . The Company’s sensitivities vary across all regions in which the Company operates , and the impacts of yield curve changes will vary depending upon the geography where the change occurs. Furthermore, the impacts from non-parallel movements may be materially different from the estimated impacts of parallel movements. The interest rate and spread risk sensitivities are determined in isolation of each other and therefore do not reflect the combined impact of changes in government rates and credit spreads between government, swap and corporate rates occurring simultaneously. As a result, the impact of the summation of each individual sensitivity may be materially different from the impact of sensitivities to simultaneous changes in interest rate and spread risk. The potential impacts also do no

Long Term Debt

Long Term Debt	12 Months Ended
	Dec. 31, 2024
Long Term Debts [Abstract]
Long Term Debt	Long Term Debt Carrying value of long-term debt instruments As at December 31, Issue date Maturity date Par value 2024 2023 3.050% Senior notes (1),(2) August 27, 2020 August 27, 2060 US$ 1,155 $ 1,659 $ 1,519 5.375% Senior notes (1),(3) March 4, 2016 March 4, 2046 US$ 750 1,067 977 3.703% Senior notes (1),(4) March 16, 2022 March 16, 2032 US$ 750 1,074 983 2.396% Senior notes (1),(5) June 1, 2020 June 1, 2027 US$ 200 287 263 2.484% Senior notes (1),(5) May 19, 2020 May 19, 2027 US$ 500 717 657 3.527% Senior notes (1),(3) December 2, 2016 December 2, 2026 US$ 270 388 356 4.150% Senior notes (1),(3) March 4, 2016 March 4, 2026 US$ 1,000 1,437 1,316 Total $ 6,629 $ 6,071 (1) These U.S. dollar senior notes have been designated as hedges of the Company’s net investment in its U.S. operations which reduces the earnings volatility that would otherwise arise from the re-measurement of these senior notes into Canadian dollars. (2) MFC may redeem the notes in whole, but not in part, on August 27, 2025, and thereafter on every August 27 at a redemption price equal to par, together with accrued and unpaid interest. Issuance costs are amortized to the earliest par redemption date. (3) MFC may redeem the senior notes in whole or in part, at any time, at a redemption price equal to the greater of par and a price based on the yield of a comparable U.S. Treasury bond with a tenor approximately equal to the period, from the redemption date to the respective maturity date, plus a specified number of basis points, together with accrued and unpaid interest. The specified number of basis points is as follows: 5.375% notes – 40 bps, 3.527% notes – 20 bps, and 4.150% notes – 35 bps. Issuance costs are amortized over the term of the debt. (4) MFC may redeem the senior notes in whole or in part, at any time, at a redemption price equal to the greater of par and a price based on the yield of a comparable U.S. Treasury bond with a tenor approximately equal to the period, from the redemption date to December 16, 2031, plus 25 bps, together with accrued and unpaid interest. Issuance costs are amortized over the term of the debt. (5) MFC may redeem the senior notes in whole or in part, at any time, at a redemption price equal to the greater of par and a price based on the yield of a comparable U.S. Treasury bond with a tenor approximately equal to the period, from the redemption date to two months before the respective maturity date, plus a specified number of basis points, together with accrued and unpaid interest. The specified number of basis points is as follows: 2.396% notes – 30 bps, and 2.484% notes – 30 bps. For the period from two months before the respective maturity date, MFC may redeem the senior notes, in whole or in part, at a redemption price equal to par, together with accrued and unpaid interest. Issuance costs are amortized over the term of the debt. The cash amount of interest paid on long-term debt during the year ended December 31, 2024 was $233 ( 2023 – $231 ). Fair value measurement The Company measures its long-term debt at amortized cost in the Consolidated Statements of Financial Position. As at December 31, 2024 , the fair value of long-term debt was $5,741 ( 2023 – $5,525 ). The fair value of long-term debt was determined using Level 2 valuation techniques ( 2023 – Level 2). Aggregate maturities of long-term debt As at December 31, Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total 2024 $ - $ 2,829 $ - $ 3,800 $ 6,629 2023 - 1,672 920 3,479 6,071

Capital Instruments

Capital Instruments	12 Months Ended
	Dec. 31, 2024
Capital Instruments [Abstract]
Capital Instruments	Capital Instruments Carrying value of capital instruments As at December 31, Issuance date Earliest par redemption date Maturity date Par value 2024 2023 JHFC Subordinated notes (1),(2) December 14, 2006 n/a December 15, 2036 $ 650 $ 648 $ 647 2.818% MFC Subordinated debentures (1),(3) May 12, 2020 May 13, 2030 May 13, 2035 $ 1,000 997 996 4.064% MFC Subordinated debentures (4) December 6, 2024 December 6, 2029 December 6, 2034 $ 1,000 995 - 4.275% MFC Subordinated notes (5),(6) June 19, 2024 June 19, 2029 June 19, 2034 S$ 500 524 - 5.054% MFC Subordinated debentures (7) February 23, 2024 February 23, 2029 February 23, 2034 $ 1,100 1,095 - 5.409% MFC Subordinated debentures (8) March 10, 2023 March 10, 2028 March 10, 2033 $ 1,200 1,196 1,195 4.061% MFC Subordinated notes (1),(9),(10) February 24, 2017 February 24, 2027 February 24, 2032 US$ 750 1,077 987 2.237% MFC Subordinated debentures (1),(11) May 12, 2020 May 12, 2025 May 12, 2030 $ 1,000 1,000 999 3.00% MFC Subordinated notes (1),(12),(13) November 21, 2017 November 21, 2024 November 21, 2029 S$ 500 - 499 3.049% MFC Subordinated debentures (1)(13) August 18, 2017 August 20, 2024 August 20, 2029 $ 750 - 750 7.375% JHUSA Surplus notes (13) February 25, 1994 n/a February 15, 2024 US$ 450 - 594 Total $ 7,532 $ 6,667 (1) The Canadian Dollar Offered Rate (“CDOR”) was decommissioned on June 28, 2024. On July 1, 2024, capital instruments of $648 ( 2023 – $647 ) which had an interest rate referencing CDOR, transitioned to an interest rate referencing CORRA. In addition, capital instruments with interest rates resetting in the future that reference CDOR and the U.S. Dollar Mid-Swap rate (based on London Interbank Offered Rate (LIBOR)) amount to $1,997 and $1,077 , respectively ( 2023 – $2,745 and $987 , respectively). Future rate resets for these capital instruments may rely on alternative reference rates such as CORRA, the alternative rate for CDOR, and the Secured Overnight Financing Rate (SOFR) and the alternative rate for USD LIBOR. As at December 31, 2024, the interest rate benchmark reform has not resulted in material changes in the Company's risk management strategy. (2) Issued by Manulife Holdings (Delaware) LLC (“MHDLL”), now John Hancock Financial Corporation (“JHFC”), a wholly owned subsidiary of MFC, to Manulife Finance (Delaware) LLC (“MFLLC”), a subsidiary of Manulife Finance (Delaware) L.P. (“MFLP”). MFLP and its subsidiaries are wholly owned unconsolidated related parties of the Company. Effective July 1, 2024, the notes bear interest at a floating rate equal to CORRA, plus a spread adjustment of 0.32138% , plus 0.72% . With regulatory approval, JHFC may redeem the note, in whole or in part, at any time, at par, together with accrued and unpaid interest. Refer to note 17. (3) After May 13, 2030, the interest rate will reset to equal 3-month CDOR plus 1.82% . With regulatory approval, MFC may redeem the debentures, in whole or in part, on or after May 13, 2025, at a redemption price together with accrued and unpaid interest. If the redemption date is on or after May 13, 2025, but prior to May 13, 2030, the redemption price shall be the greater of: (i) the Canada yield price as defined in the prospectus; and (ii) par. If the redemption date is on or after May 13, 2030, the redemption price shall be equal to par. (4) Issued by MFC during the fourth quarter of 2024, interest is payable semi-annually. After December 6, 2029, the interest rate will reset to equal the Daily Compounded CORRA plus 1.25% . With regulatory approval, MFC may redeem the notes, in whole or in part, on or after December 6, 2029 at a redemption price equal to par, together with accrued and unpaid interest to, but excluding, the date fixed for redemption. (5) Designated as a hedge of the Company's net investment in its Singapore operations which reduces the earnings volatility that would otherwise arise from the re- measurement of the subordinated notes into Canadian dollars. (6) Issued by MFC during the second quarter of 2024, interest is payable semi-annually. After June 19, 2029, the interest rate will reset to equal the prevailing 5-year SORA Overnight Indexed Swap (SORA OIS) Rate plus 1.201% . With regulatory approval, MFC may redeem the notes, in whole, but not in part, on June 19, 2029 and on any interest payment date thereafter, at a redemption price equal to par, together with accrued and unpaid interest to, but excluding, the date fixed for redemption. (7) Issued by MFC during the first quarter of 2024, interest is payable semi-annually. After February 23, 2029, the interest rate will reset to equal the Daily Compounded CORRA plus 1.44% . With regulatory approval, MFC may redeem the debentures, in whole, but not in part, on or after February 23, 2029 at a redemption price equal to par, together with accrued and unpaid interest to, but excluding, the date fixed for redemption. (8) Issued by MFC, interest is payable semi-annually. After March 10, 2028, the interest rate will reset to equal the Daily Compounded CORRA plus 1.85% . With regulatory approval, MFC may redeem the debentures, in whole or in part, on or after March 10, 2028, at a redemption price equal to par, together with accrued and unpaid interest. (9) On the earliest par redemption date, the interest rate will reset to equal the 5-Year U.S. Dollar Mid-Swap Rate plus 1.647% . With regulatory approval, MFC may redeem the debentures, in whole, but not in part, on the earliest par redemption date, at a redemption price equal to par, together with accrued and unpaid interest. (10) Designated as a hedge of the Company’s net investment in its U.S. operations which reduces the earnings volatility that would otherwise arise from the re- measurement of the subordinated notes into Canadian dollars. (11) Issued by MFC, interest is payable semi-annually. After May 12, 2025, the interest rate will reset to equal 3-month CDOR plus 1.49% . With regulatory approval, MFC may redeem the debentures, in whole or in part, on or after May 12, 2025, at a redemption price equal to par, together with accrued and unpaid interest. (12) On the earliest par redemption date, the interest rate will reset to equal the 5-Year Singapore Dollar Swap Rate plus 0.832% . With regulatory approval, MFC may redeem the debentures, in whole, but not in part, on the earliest par redemption date and thereafter on each interest payment date, at a redemption price equal to par, together with accrued and unpaid interest. (13) The 3.00% MFC Subordinated notes and 3.049% MFC Subordinated debentures were redeemed at par. The 7.375% JHUSA Surplus notes matured and were redeemed . Fair value measurement The Company measures capital instruments at amortized cost in the Consolidated Statements of Financial Position. As at December 31, 2024 , the fair value of capital instruments was $7,575 ( 2023 – $6,483 ). The fair value of capital instruments was determined using Level 2 valuation techniques ( 2023 – Level 2).

Equity Capital and Earnings Per

Equity Capital and Earnings Per Share	12 Months Ended
	Dec. 31, 2024
Equity Capital and Earnings Per Share [Abstract]
Disclosure Of Issued Capital And Earnings Per Share	Equity Capital and Earnings Per Share The authorized capital of MFC consists of: • an unlimited number of common shares without nominal or par value; and • an unlimited number of Class A, Class B and Class 1 preferred shares without nominal or par value, issuable in series. Preferred shares and other equity instruments The following table presents information about the outstanding preferred shares and other equity instruments as at December 31, 2024 and December 31, 2023 . Annual dividend / distribution rate (1) Earliest redemption date (2),(3) Number of shares (in millions) Face amount Net amount (4) as at December 31, Issue date 2024 2023 Preferred shares Class A preferred shares Series 2 February 18, 2005 4.650 % n/a 14 $ 350 $ 344 $ 344 Series 3 January 3, 2006 4.500 % n/a 12 300 294 294 Class 1 preferred shares Series 3 (5),(6) March 11, 2011 2.348 % June 19, 2026 7 163 160 160 Series 4 (7) June 20, 2016 floating June 19, 2026 1 37 36 36 Series 9 (5),(6) May 24, 2012 5.978 % September 19, 2027 10 250 244 244 Series 11 (5),(6) December 4, 2012 6.159 % March 19, 2028 8 200 196 196 Series 13 (5),(6) June 21, 2013 6.350 % September 19, 2028 8 200 196 196 Series 15 (5),(6),(8) February 25, 2014 5.775 % June 19, 2029 8 200 195 195 Series 17 (5),(6),(9) August 15, 2014 5.542 % December 19, 2029 14 350 343 343 Series 19 (5),(6) December 3, 2014 3.675 % March 19, 2025 10 250 246 246 Series 25 (5),(6) February 20, 2018 5.942 % June 19, 2028 10 250 245 245 Other equity instruments Limited recourse capital notes (LRCN) (10) Series 1 (11) February 19, 2021 3.375 % May 19, 2026 n/a 2,000 1,982 1,982 Series 2 (11) November 12, 2021 4.100 % February 19, 2027 n/a 1,200 1,189 1,189 Series 3 (11) June 16, 2022 7.117 % June 19, 2027 n/a 1,000 990 990 Total 102 $ 6,750 $ 6,660 $ 6,660 (1) Holders of Class A and Class 1 preferred shares are entitled to receive non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors. Non-deferrable distributions are payable to all LRCN holders semi-annually at the Company’s discretion. (2) Redemption of all preferred shares is subject to regulatory approval. MFC may redeem each series, in whole or in part, at par, on the earliest redemption dates or every five years thereafter, except for Class A Series 2, Class A Series 3 and Class 1 Series 4 preferred shares. Class A Series 2 and Series 3 preferred shares are past their respective earliest redemption date and MFC may redeem these preferred shares, in whole or in part, at par at any time, subject to regulatory approval. MFC may redeem the Class 1 Series 4 preferred shares, in whole or in part, at any time, at $25.00 per share if redeemed on June 19, 2026 (the earliest redemption date) and on June 19 every five years thereafter, or at $25.50 per share if redeemed on any other date after June 19, 2021, subject to regulatory approval. (3) Red emption of all LRCN series is subject to regulatory approval. MFC may at its option redeem each series in whole or in part, at a redemption price equal to par, together with accrued and unpaid interest. The redemption period for Series 1 is every five years during the period from May 19 and including June 19, commencing in 2026. The redemption period for Series 2 is every five years during the period from February 19 to and including March 19, commencing in 2027. After the first redemption date, the redemption period for Series 3 is every five years during the period from May 19 to and including June 19, commencing in 2 032 . (4) Net of after-tax issuance costs . (5) On the earliest redemption date and every five years thereafter, the annual dividend rate will be reset to the five-year Government of Canada bond yield plus a yield specified for each series. The specified yield for Class 1 preferred shares is: Series 3 – 1.41% , Series 9 – 2.86% , Series 11 – 2.61% , Series 13 – 2.22% , Series 15 – 2.16% , Series 17 – 2.36% , Series 19 – 2.30% , and Series 25 – 2.55% . (6) On the earliest redemption date and every five years thereafter, Class 1 preferred shares are convertible at the option of the holder into a new series that is one number higher than their existing series, and the holders are entitled to non-cumulative preferential cash dividends, payable quarterly if and when declared by the Board of Directors, at a rate equal to the three-month Government of Canada Treasury bill yield plus the rate specified in footnote 5 above. (7) The floating dividend rate for the Class 1 Series 4 shares equals the three-month Government of Canada Treasury bill yield plus 1.41% . (8) MFC did not exercise its right to redeem the outstanding Class 1 Shares Series 15 on June 19, 2024, which was the earliest redemption date. The dividend rate was reset as specified in footnote 5 above to an annual fixed rate of 5.775% , for a five-year period commencing on June 20, 2024. (9) MFC did not exercise its right to redeem the outstanding Class 1 Shares Series 17 on December 19, 2024, which was the earliest redemption date. The dividend rate was reset as specified in footnote 5 above to an annual fixed rate of 5.542% , for a five -year period commencing on December 20, 2024. (10) Non-payment of distributions or principal on any LRCN series when due will result in a recourse event. The recourse of each noteholder will be limited to their proportionate amount of the Limited Recourse Trust’s assets which comprise of Class 1 Series 27 preferred shares for LRCN Series 1, Class 1 Series 28 preferred shares for LRCN Series 2, and Class 1 Series 29 preferred shares for LRCN Series 3. All claims of the holders of LRCN series against MFC will be extinguished upon receipt of the corresponding trust assets. The Class 1 Series 27, Class 1 Series 28 and Class 1 Series 29 preferred shares are eliminated on consolidation while being held in the Limited Recourse Trust. (11) The LRCN Series 1 pay a distribution at a fixed rate of 3.375% payable semi-annually, until June 18, 2026; on June 19, 2026 and every five years thereafter until June 19, 2076, the rate will be reset at a rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 2.839% . The LRCN Series 2 pay a distribution at a fixed rate of 4.10% payable semi-annually, until March 18, 2027; on March 19, 2027 and every five years thereafter until March 19, 2077, the rate will be reset at a rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 2.704% . The LRCN Series 3 pay a distribution at a fixed rate of 7.117% payable semi-annually, until June 18, 2027; on June 19, 2027 and every five years thereafter until June 19, 2077, the rate will be reset at a rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 3.95% . Common shares As at December 31, 2024 , there were 12 million outstanding stock options and deferred share units that entitle the holders to receive common shares or payment in cash or common shares, at the option of the holders ( 2023 – 17 million ). The following table presents changes in common shares issued and outstanding. For the years ended December 31, 2024 2023 Number of shares (in millions) Amount Number of shares (in millions) Amount Balance, beginning of year 1,806 $ 21,527 1,865 $ 22,178 Repurchased for cancellation (83) (989) (63) (745) Issued on exercise of stock options and deferred share units 6 143 4 94 Balance, end of year 1,729 $ 20,681 1,806 $ 21,527 Normal course issuer bid On February 20, 2024, the Company announced that the Toronto Stock Exchange (“TSX”) approved a normal course issuer bid (the “2024 NCIB”) permitting the purchase for cancellation of up to 50 million of its common shares, representing approximately 2.8% of its common shares outstanding as at February 12, 2024. On May 7, 2024, the Company announced that the TSX approved an amendment to the 2024 NCIB to increase the number of common shares that it may repurchase for cancellation to 90 million of its common shares, representing approximately 5% of common shares outstanding as at February 12, 2024. Purchases under the 2024 NCIB, as subsequently amended, commenced on February 23, 2024, and will continue until February 22, 2025, when the NCIB expires, or such earlier date as the Company completes its purchases. During the year ended December 31, 2024 , the Company purchased for cancellation under the 2024 NCIB 82.8 million common shares for $3,212 and incurred $60 of tax on net repurchases of equity. Of this, $990 was recorded in common shares and $2,282 was recorded in retained earnings in the Consolidated Statements of Changes in Equity. The Company’s 2023 NCIB which was announced on February 21, 2023, expired on February 22, 2024, with no purchases during the year ended December 31, 2024 . The Company’s 2022 NCIB, which was announced on February 1, 2022, expired on February 2, 2023. During the year ended December 31, 2023 , the Company purchased for cancellation 62.6 million common shares for a total cost of $1,595 , including 6.9 million common shares for $175 under the 2022 NCIB. Of this, $745 was recorded in common shares and $850 was recorded in retained earnings in the Consolidated Statements of Changes in Equity. On February 19, 2025, the Company announced that it is launching a normal course issuer bid (the “2025 NCIB”) permitting the purchase for cancellation of up to 51.5 million common shares, representing approximately 3.0% of common shares outstanding. The Company has received approval from both the TSX and OSFI for the 2025 NCIB. Purchases under the 2025 NCIB may commence on February 24, 2025 and continue until February 23, 2026, when the 2025 NCIB expires, or such earlier date as the Company completes its purchases. Earnings per share The following table presents basic and diluted earnings per common share of the Company. For the years ended December 31, 2024 2023 Basic earnings per common share $ 2.85 $ 2.62 Diluted earnings per common share 2.84 2.61 The following is a reconciliation of the denominator (number of shares) in the calculation of basic and diluted earnings per common share. For the years ended December 31, 2024 2023 Weighted average number of common shares (in millions) 1,779 1,834 Dilutive stock-based awards (1) (in millions) 6 4 Weighted average number of diluted common shares (in millions) 1,785 1,838 (1) The dilutive effect of stock-based awards was calculated using the treasury stock method. This method calculates the number of incremental shares by assuming the outstanding stock-based awards are (i) exercised and (ii) then reduced by the number of shares assumed to be repurchased from the issuance proceeds, using the average market price of MFC common shares for the year. Excluded from the calculation was a weighted average of nil ( 2023 – nil ) anti-dilutive stock- based awards. Quarterly dividend declaration subsequent to year end On February 19, 2025 , the Company’s Board of Directors approved a quarterly dividend of $0.44 per share on the common shares of MFC, payable on or after March 19, 2025 to shareholders of record at the close of business on March 5, 2025 . The Board also declared dividends on the following non-cumulative preferred shares, payable on or after March 19, 2025 to shareholders of record at the close of business on March 5, 2025 . Class A Shares Series 2 - $0.290630 per share Class 1 Shares Series 13 - $0.396875 per share Class A Shares Series 3 - $0.281250 per share Class 1 Shares Series 15 - $0.360938 per share Class 1 Shares Series 3 - $0.146750 per share Class 1 Shares Series 17 - $0.346375 per share Class 1 Shares Series 4 - $0.301500 per share Class 1 Shares Series 19 - $0.229688 per share Class 1 Shares Series 9 - $0.373625 per share Class 1 Shares Series 25 - $0.371375 per share Class 1 Shares Series 11 - $0.384938 per share

Capital Management

Capital Management	12 Months Ended
	Dec. 31, 2024
Capital Management [Abstract]
Capital Management	Capital Management Capital management The Company monitors and manages its consolidated capital in compliance with the Life Insurance Capital Adequacy Test (“LICAT”) guideline, the capital framework issued by OSFI. Under the capital framework, the Company’s consolidated capital resources, including available capital, surplus allowance, and eligible deposits, are measured against the base solvency buffer, which is the risk based capital requirement determined in accordance with the guideline. The Company’s operating activities are primarily conducted within MLI and its subsidiaries. MLI is also regulated by OSFI and is therefore subject to consolidated risk based capital requirements using the OSFI LICAT framework. The Company seeks to manage its capital with the objectives of: • Operating with sufficient capital to be able to honour all commitments to its policyholders and creditors with a high degree of confidence; • Retaining the ongoing confidence of regulators, policyholders, rating agencies, investors and other creditors in order to ensure access to capital markets; and • Optimizing return on capital to meet shareholders’ expectations subject to constraints and considerations of adequate levels of capital established to meet the first two objectives. Capital is managed and monitored in accordance with the Capital Management Policy. The policy is reviewed and approved by the Board of Directors annually and is integrated with the Company’s risk and financial management frameworks. It establishes guidelines regarding the quantity and quality of capital, internal capital mobility, and proactive management of ongoing and future capital requirements . The capital management framework considers the requirements of the Company as a whole as well as the needs of each of the Company’s subsidiaries. Internal capital targets are set above the regulatory requirements, and consider a number of factors, including expectations of regulators and rating agencies, results of sensitivity and stress testing and the Company’s own risk assessments. The Company monitors against these internal targets and initiates actions appropriate to achieving its business objectives. Consolidated capital, whose components are based on accounting standards, is presented in the table below for MFC . For regulatory reporting purposes, under the LICAT framework, the numbers are further adjusted for various additions or deductions to capital as mandated by the guidelines used by OSFI. Consolidated capital As at December 31, 2024 2023 Total equity $ 52,960 $ 48,727 Exclude AOCI gain / (loss) on cash flow hedges 119 26 Total equity excluding AOCI on cash flow hedges 52,841 48,701 Post-tax CSM 20,826 18,503 Qualifying capital instruments 7,532 6,667 Consolidated capital $ 81,199 $ 73,871 Restrictions on dividends and capital distributions Dividends and capital distributions are restricted under the Insurance Companies Act (“ICA”). These restrictions apply to both MFC and its primary operating subsidiary MLI. The ICA prohibits the declaration or payment of any dividend on shares of an insurance company if there are reasonable grounds for believing a company does not have adequate capital and adequate and appropriate forms of liquidity or the declaration or payment of the dividend would cause the company to be in contravention of any regulation made under the ICA respecting the maintenance of adequate capital and adequate and appropriate forms of liquidity, or of any direction made to the company by OSFI. The ICA also requires an insurance company to notify OSFI of the declaration of a dividend at least 15 days prior to the date fixed for its payment. Similarly, the ICA prohibits the purchase for cancellation of any shares issued by an insurance company or the redemption of any redeemable shares or other similar capital transactions, if there are reasonable grounds for believing that the company does not have adequate capital and adequate and appropriate forms of liquidity or the payment would cause the company to be in contravention of any regulation made under the ICA respecting the maintenance of adequate capital and adequate and appropriate forms of liquidity, or any direction made to the company by OSFI. These latter transactions would require the prior approval of OSFI. The ICA requires Canadian insurance companies to maintain adequate levels of capital at all times. Since MFC is a holding company that conducts all of its operations through regulated insurance subsidiaries (or companies owned directly or indirectly by these subsidiaries), its ability to pay future dividends will depend on the receipt of sufficient funds from its regulated insurance subsidiaries. These subsidiaries are also subject to certain regulatory restrictions under laws in Canada, the United States and certain other countries that may limit their ability to pay dividends or make other upstream distributions.

Revenue from Service Contracts

Revenue from Service Contracts	12 Months Ended
	Dec. 31, 2024
Revenue From Service Contracts [Abstract]
Revenue from Service Contracts	Revenue from Service Contracts The Company provides investment management services, transaction processing and administrative services, and distribution and related services to proprietary and third-party investment funds, retirement plans, group benefit plans, institutional investors and other arrangements. The Company also provides real estate management services to tenants of its investment properties. The Company’s service contracts generally impose single performance obligations, each consisting of a series of similar related services for each customer. The Company’s performance obligations within service arrangements are generally satisfied over time as the customer simultaneously receives and consumes the benefits of the services rendered, measured using an output method. Fees typically include variable consideration and the related revenue is recognized to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty is subsequently resolved. Asset-based fees vary with the asset values of accounts under management, subject to market conditions and investor behaviours beyond the Company’s control. Transaction processing and administrative fees vary with activity volumes, also beyond the Company’s control. Some fees, including distribution fees, are based on account balances and transaction volumes. Fees related to account balances and transaction volumes are measured daily. Real estate management service fees include fixed portions plus recovery of variable costs of services rendered to tenants. Fees related to services provided are generally recognized as services are rendered, which is when it becomes highly probable that no significant reversal of cumulative revenue recognized will occur. The Company has determined that its service contracts have no significant financing components because fees are collected monthly. The Company has no significant contract assets or contract liabilities. The following tables present revenue from service contracts by service lines and reporting segments as disclosed in note 19 . For the year ended December 31, 2024 Global WAM Asia, Canada, U.S., and Corporate and Other Total Investment management and other related fees $ 3,612 $ (489) $ 3,123 Transaction processing, administration and service fees 2,908 298 3,206 Distribution fees and other 918 46 964 Total included in other revenue 7,438 (145) 7,293 Revenue from non-service lines 1 294 295 Total other revenue $ 7,439 $ 149 $ 7,588 Real estate management services included in net investment income $ - $ 317 $ 317 For the year ended December 31, 2023 Global WAM Asia, Canada, U.S., and Corporate and Other Total Investment management and other related fees $ 3,298 $ (412) $ 2,886 Transaction processing, administration and service fees 2,566 269 2,835 Distribution fees and other 842 54 896 Total included in other revenue 6,706 (89) 6,617 Revenue from non-service lines 3 126 129 Total other revenue $ 6,709 $ 37 $ 6,746 Real estate management services included in net investment income $ - $ 303 $ 303

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2024
Stock-Based Compensation [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock options The Company grants stock options under its Executive Stock Option Plan (“ESOP”) to selected individuals. The options provide the holder the right to purchase MFC common shares at an exercise price equal to the higher of the prior day, prior five-day or prior ten-day average closing market price of the shares on the Toronto Stock Exchange on the date the options are granted. The options vest over a period not exceeding four years and expire not more than ten years from the grant date. Effective with the 2015 grant, options may only be exercised after the fifth-year anniversary. A total of 73,600,000 common shares have been reserved for issuance under the ESOP. Options outstanding For the years ended December 31, 2024 2023 Number of options (in millions) Weighted average exercise price Number of options (in millions) Weighted average exercise price Outstanding, January 1 16 $ 22.73 20 $ 22.42 Forfeited - - - 24.27 Exercised (5) 21.56 (4) 21.02 Outstanding, December 31 11 $ 23.35 16 $ 22.73 Exercisable, December 31 6 $ 22.66 9 $ 21.99 Options outstanding Options exercisable For the year ended December 31, 2024 Number of options (in millions) Weighted average exercise price Weighted average remaining contractual life (in years) Number of options (in millions) Weighted average exercise price Weighted average remaining contractual life (in years) $17.59 - $20.99 1 $ 17.59 1.15 1 $ 17.59 1.15 $21.00 - $24.73 10 $ 23.93 4.04 5 $ 23.58 3.21 Total 11 $ 23.35 3.78 6 $ 22.66 2.89 No stock options were granted in 2024 or 2023 . Compensation expense related to stock options was $nil for the year ended December 31, 2024 ( 2023 – $2 ). Deferred share units In 2000, the Company granted deferred share units (“DSUs”) on a one-time basis to certain employees under the ESOP. These DSUs vest over a three -year period and each DSU entitles the holder to receive one common share on retirement or termination of employment. When dividends are paid on common shares, holders of DSUs are deemed to receive dividends at the same rate, payable in the form of additional DSUs. The number of these DSUs outstanding was 149,000 as at December 31, 2024 ( 2023 – 143,000 ). In addition, for certain employees and pursuant to the Company’s deferred compensation program, the Company grants DSUs under the Restricted Share Units (“RSUs”) Plan which entitle the holder to receive payment in cash equal to the value of the same number of common shares plus credited dividends on retirement or termination of employment. In 2024 , the Company granted 45,000 DSUs ( 2023 – 38,000 ) to certain employees which vest after 36 months . In 2024 , 44,000 DSUs ( 2023 – 33,000 ) were granted to certain employees who elected to defer receipt of all or part of their annual bonus, and these DSUs vested immediately. In 2024 , 19,000 DSUs ( 2023 – 18,000 ) were granted to certain employees who elected to defer payment of all or part of their RSUs, and these DSUs also vested immediately. Under the Stock Plan for Non-Employee Directors, each eligible director may elect to receive his or her annual director’s retainer and fees in DSUs (which vest immediately) or common shares in lieu of cash. In 2024 , 85,000 DSUs ( 2023 – 117,000 ) were issued under this arrangement. Upon termination of their Board service, an eligible director who has elected to receive DSUs will be entitled to receive cash equal to the value of the DSUs accumulated in their account, or at their direction, an equivalent number of common shares. The Company is allowed to issue up to one million common shares under this plan, after which awards may be settled using shares purchased in the open market. The fair value of 193,000 DSUs issued during the year was $44.16 per unit as at December 31, 2024 ( 2023 – 206,000 at $29.28 per unit). For the years ended December 31, Number of DSUs (in thousands) 2024 2023 Outstanding, January 1 1,963 2,373 Issued 193 206 Reinvested 86 131 Redeemed (191) (744) Forfeitures and cancellations (1) (3) Outstanding, December 31 2,050 1,963 Of the DSUs outstanding as at December 31, 2024 , 149,000 ( 2023 – 143,000 ) entitle the holder to receive common shares, 867,000 ( 2023 – 913,000 ) entitle the holder to receive payment in cash and 1,034,000 ( 2023 – 907,000 ) entitle the holder to receive payment in cash or common shares, at the option of the holder. Compensation expense related to DSUs was $10 for the year ended December 31, 2024 ( 2023 – $9 ). The carrying and fair value of the DSUs liability as at December 31, 2024 was $84 ( 2023 – $62 ) and was included in other liabilities. Restricted share units and performance share units For the year ended December 31, 2024 , 6.7 million RSUs ( 2023 – 8.5 million ) and 1.5 million PSUs ( 2023 – 1.6 million ) were granted to certain eligible employees under MFC’s Restricted Share Unit Plan. The fair value of the RSUs and PSUs granted during the year was $44.16 per unit as at December 31, 2024 ( 2023 – $29.28 per unit). Each RSU and PSU entitles the holder to receive payment equal to the market value of one common share , plus credited dividends, at the time of vesting, subject to any performance conditions. RSUs and PSUs granted in March 2024 will vest after 36 months from their grant date and the related compensation expense is recognized over this period, unless the employee is eligible to retire at the time of grant or will be eligible to retire during the vesting period, in which case the cost is recognized at the grant date or over the period between the grant date and the date on which the employee is eligible to retire, respectively. Compensation expense related to RSUs and PSUs was $215 and $96 , respectively, for the year ended December 31, 2024 ( 2023 – $207 and $45 , respectively). The carrying and fair value of the RSUs and PSUs liability as at December 31, 2024 was $910 ( 2023 – $514 ) and was included in other liabilities. Global share ownership plan The Company’s Global Share Ownership Plan allows qualifying employees to apply up to five per cent of their annual base earnings toward the purchase of common shares. The Company matches a percentage of the employee’s eligible contributions up to a maximum amount. The Company’s contributions vest immediately. All contributions are used to purchase common shares in the open market on behalf of participating employees.

Employee Future Benefits

Employee Future Benefits	12 Months Ended
	Dec. 31, 2024
Employee Future Benefits [Abstract]
Employee Future Benefits	Employee Future Benefits The Company maintains defined contribution and defined benefit pension plans and other post-employment plans for employees and agents including registered (tax-qualified) pension plans that are typically funded, as well as supplemental non-registered (non-qualified) pension plans for executives, retiree welfare plans and disability welfare plans that are typically not funded. Plan characteristics The Company’s final average pay defined benefit pension plans and retiree welfare plans are closed to new members. All employees may participate in capital accumulation plans including defined benefit cash balance plans, 401(k) plans and / or defined contribution plans, depending on the country of employment. All pension arrangements are governed by local pension committees or management or the Company’s Board of Directors, but all significant plan changes require approval from the Board of Directors. The Company’s funding policy for defined benefit pension plans is to make the minimum annual contributions required by regulations in the countries in which the plans are offered. Assumptions and methods prescribed for regulatory funding purposes typically differ from those used for accounting purposes. The Company’s remaining defined benefit pension and / or retiree welfare plans are in the U.S., Canada, Japan and Taiwan (China). There are also disability welfare plans in the U.S. and Canada. The largest defined benefit pension and retiree welfare plans are the primary plans for employees in the U.S. and Canada. These are the material plans discussed in the balance of this note. The Company measures its defined benefit obligations and fair value of plan assets for accounting purposes as at December 31 each year. U.S. defined benefit pension and retiree welfare plans The Company operates a qualified cash balance plan that is open to new members, a closed non-qualified cash balance plan, and a closed retiree welfare plan. Actuarial valuations to determine the Company’s minimum funding contributions for the qualified cash balance plan are required annually. Deficits revealed in the funding valuations must generally be funded over a period of up to seven years. It is expected that there will be no required funding for this plan in 2025. No assets are held in the non-qualified cash balance plan. The retiree welfare plan subsidizes the cost of life insurance and medical benefits. The majority of those members who retired after 1991 receive a fixed-dollar subsidy from the Company based on length of service. The plan was closed to employees hired after 2004. While assets have been set aside in a qualified trust to pay future retiree welfare benefits, this funding is optional. Retiree welfare benefits offered under the plan coordinate with the U.S. Medicare program to make optimal use of available federal financial support. The qualified pension and retiree welfare plans are governed by the U.S. Benefits Committee, while the non-qualified pension plan is governed by the U.S. Non-Qualified Plans Subcommittee. Canadian defined benefit pension and retiree welfare plans The Company’s defined benefit plans in Canada include two registered final average pay pension plans, a non-registered supplemental final average pay pension plan and a retiree welfare plan, all of which have been closed to new members . Actuarial valuations to determine the Company’s minimum funding contributions for the registered pension plans are required at least once every three years. Deficits revealed in the funding valuation must generally be funded over a period of ten years. For 2025, the required funding for these plans is expected to be $2 . No assets are held in the non-registered supplemental pension plan. The retiree welfare plan subsidizes the cost of life insurance, medical and dental benefits. These subsidies are a fixed-dollar amount for members who retired after April 30, 2013 and have been eliminated for members who retire after 2019. No assets are held in this plan. The registered pension plans are governed by Pension Committees, while the supplemental non-registered plan is governed by the Board of Directors. The retiree welfare plan is governed by management. Risks In final average pay pension plans and retiree welfare plans, the Company generally bears the material risks which include interest rate, investment, longevity and health care cost inflation risks. In defined contribution plans, these risks are typically borne by the employee. In cash balance plans, the interest rate, investment and longevity risks are partially transferred to the employee. Material sources of risk to the Company for all plans include: • A decline in discount rates that increases the defined benefit obligations by more than the increase in value of plan assets ; • Lower than expected rates of mortality; and • For retiree welfare plans, higher than expected health care costs. The Company has managed these risks through plan design and eligibility changes that have limited the size and growth of the defined benefit obligations. Investment risks for funded plans are managed by investing significantly in asset classes which are highly correlated with the plans’ liabilities. In the U.S., delegated committee representatives and management review the financial status of the qualified defined benefit pension plan at least monthly, and steps are taken in accordance with an established dynamic investment policy to increase the plan’s allocation to asset classes which are highly correlated with the plan’s liabilities and reduce investment risk as the funded status improves. As at December 31, 2024 , the target asset allocation for the plan was 30% return-seeking assets and 70% liability-hedging assets ( 2023 – 30% and 70% , respectively ). In Canada, internal committees and management review the financial status of the registered defined benefit pension plans on at least a quarterly basis. As at December 31, 2024 , the target asset allocation for the plans was 17% return-seeking assets and 83% liability-hedging assets ( 2023 – 17% and 83% , respectively ). Pension and retiree welfare plans The following tables present the reconciliation of defined benefit obligation and fair value of plan assets for the pension plans and retiree welfare plans. Pension plans Retiree welfare plans For the years ended December 31, 2024 2023 2024 2023 Changes in defined benefit obligation: Opening balance, January 1 $ 3,789 $ 3,794 $ 450 $ 466 Current service cost 44 41 - - Past service cost – amendment - - - - Interest cost 176 184 21 22 Plan participants’ contributions - - 2 3 Actuarial losses (gains) due to: Experience 2 11 (16) (10) Demographic assumption changes - 14 - 1 Economic assumption changes (101) 119 (19) 16 Benefits paid (303) (308) (40) (38) Impact of changes in foreign exchange rates 219 (66) 30 (10) Defined benefit obligation, December 31 $ 3,826 $ 3,789 $ 428 $ 450 Pension plans Retiree welfare plans For the years ended December 31, 2024 2023 2024 2023 Changes in plan assets: Fair value of plan assets, opening balance, January 1 $ 3,706 $ 3,722 $ 526 $ 523 Interest income 174 181 26 25 Return on plan assets (excluding interest income) (31) 129 (19) 17 Employer contributions 57 59 12 12 Plan participants’ contributions - - 2 3 Benefits paid (303) (308) (40) (38) Administration costs (8) (10) (2) (1) Impact of changes in foreign exchange rates 225 (67) 48 (15) Fair value of plan assets, December 31 $ 3,820 $ 3,706 $ 553 $ 526 Amounts recognized in the Consolidated Statements of Financial Position The following table presents the deficit (surplus) and net defined benefit liability (asset) for the pension plans and retiree welfare plans. Pension plans Retiree welfare plans As at December 31, 2024 2023 2024 2023 Development of net defined benefit liability Defined benefit obligation $ 3,826 $ 3,789 $ 428 $ 450 Fair value of plan assets 3,820 3,706 553 526 Deficit (surplus) 6 83 (125) (76) Effect of asset limit (1) 44 41 - - Deficit (surplus) and net defined benefit liability (asset) 50 124 (125) (76) Deficit (surplus) is comprised of: Funded or partially funded plans (483) (422) (221) (190) Unfunded plans 533 546 96 114 Deficit (surplus) and net defined benefit liability (asset) $ 50 $ 124 $ (125) $ (76) (1) The asset limit relates to a registered pension plan in Canada. The surplus in that plan is above the present value of economic benefits that can be derived by the Company through reductions in future contributions. For other funded pension plans in surplus position, the present value of the economic benefits available in the form of reductions in future contributions to the plans remains greater than the current surplus. Disaggregation of defined benefit obligation The following table presents components of the defined benefit obligation between active members and inactive and retired members. U.S. plans Canadian plans Pension plans Retiree welfare plans Pension plans Retiree welfare plans As at December 31, 2024 2023 2024 2023 2024 2023 2024 2023 Active members $ 578 $ 526 $ 8 $ 9 $ 106 $ 116 $ - $ - Inactive and retired members 1,922 1,907 324 327 1,220 1,240 96 114 Total $ 2,500 $ 2,433 $ 332 $ 336 $ 1,326 $ 1,356 $ 96 $ 114 Fair value measurements The following tables present major categories of plan assets and the allocation to each category. U.S. plans (1) Canadian plans (2) Pension plans Retiree welfare plans Pension plans Retiree welfare plans As at December 31, 2024 Fair value % of total Fair value % of total Fair value % of total Fair value % of total Cash and cash equivalents $ 35 1% $ 23 4% $ 11 1% $ - -% Public equity securities (3) 346 14% 41 7% 205 17% - -% Public debt securities 1,513 57% 476 87% 968 82% - -% Other investments (4) 741 28% 13 2% 1 -% - -% Total $ 2,635 100% $ 553 100% $ 1,185 100% $ - -% (1) The U.S. pension and retiree welfare plan assets have daily quoted prices in active markets, except for the private debt, infrastructure, private equity, real estate, timberland and agriculture assets. In the aggregate, the latter assets represent approximately 16% of all U.S. pension and retiree welfare plan assets as at December 31, 2024 ( 2023 – 16% ). (2) All the Canadian pension plan assets have daily quoted prices in active markets, except for group annuity contract assets that represent approximately 0.1% of all Canadian pension plan assets as at December 31, 2024 ( 2023 – 0.1% ). (3) Equity securities include direct investments in Manulife common shares of $2.1 ( 2023 – $1.4 ) in the U.S. retiree welfare plan. (4) Other U.S. plan assets include investments in private debt, infrastructure, private equity, real estate, timberland and agriculture assets and managed futures. Other Canadian pension plan assets include investments in the group annuity contracts. U.S. plans (1) Canadian plans (2) Pension plans Retiree welfare plans Pension plans Retiree welfare plans As at December 31, 2023 Fair value % of total Fair value % of total Fair value % of total Fair value % of total Cash and cash equivalents $ 28 1% $ 25 5% $ 15 1% $ - -% Public equity securities (3) 315 13% 39 7% 195 17% - -% Public debt securities 1,437 57% 448 85% 974 82% - -% Other investments (4) 741 29% 14 3% 1 -% - -% Total $ 2,521 100% $ 526 100% $ 1,185 100% $ - -% Net benefit cost recognized in the Consolidated Statements of Income The following table presents components of the net benefit cost for the pension plans and retiree welfare plans. Pension plans Retiree welfare plans For the years ended December 31, 2024 2023 2024 2023 Defined benefit current service cost (1) $ 44 $ 41 $ - $ - Defined benefit administrative expenses 8 10 2 1 Past service cost – plan amendments and curtailments - - - - Service cost 52 51 2 1 Interest on net defined benefit (asset) liability 4 5 (5) (3) Defined benefit cost 56 56 (3) (2) Defined contribution cost 97 93 - - Net benefit cost $ 153 $ 149 $ (3) $ (2) (1) There are no significant current service costs for the retiree welfare plans as they are closed and mostly frozen. The re-measurement gain or loss on these plans is due to the volatility of discount rates and investment returns. Re-measurement effects recognized in Other Comprehensive Income The following table presents components of the re-measurement effects recognized in Other Comprehensive Income for the pension plans and retiree welfare plans. Pension plans Retiree welfare plans For the years ended December 31, 2024 2023 2024 2023 Actuarial gains (losses) on defined benefit obligations due to: Experience $ (2) $ (11) $ 16 $ 10 Demographic assumption changes - (14) - (1) Economic assumption changes 101 (119) 19 (16) Return on plan assets (excluding interest income) (31) 129 (19) 17 Change in effect of asset limit (excluding interest) (1) 10 - - Total re-measurement effects $ 67 $ (5) $ 16 $ 10 Assumptions The following table presents key assumptions used by the Company to determine the defined benefit obligation and net benefit cost for the defined benefit pension plans and retiree welfare plans. U.S. Plans Canadian Plans Pension plans Retiree welfare plans Pension plans Retiree welfare plans For the years ended December 31, 2024 2023 2024 2023 2024 2023 2024 2023 To determine the defined benefit obligation at end of year (1) : Discount rate 5.5 % 4.8 % 5.4 % 4.8 % 4.6 % 4.6 % 4.7 % 4.7 % Initial health care cost trend rate (2) n/a n/a 8.8 % 9.0 % n/a n/a 3.9 % 3.9 % To determine the net defined benefit cost for the year (1) : Discount rate 4.8 % 5.0 % 4.8 % 5.0 % 4.6 % 5.3 % 4.7 % 5.3 % Initial health care cost trend rate (2) n/a n/a 9.0 % 7.8 % n/a n/a 3.9 % 5.3 % (1) Inflation and salary increase assumptions are not shown as they do not materially affect obligations and costs. (2) The health care cost trend rate used to measure the U.S. based retiree welfare obligation was 8.8% grading to 4.8% for 2041 and years thereafter ( 2023 – 9.0% grading to 4.8% for 2041 and years thereafter) and to measure the net benefit cost was 9.0% grading to 4.8% for 2041 and years thereafter ( 2023 – 7.8% grading to 4.8% for 2035 and years thereafter). In Canada, the rate used to measure the retiree welfare obligation was 3.9% grading to 4.0% for 2029 and years thereafter ( 2023 – 5.1% in 2023 and 3.9% in 2024, grading to 4.0% for 2029 and years thereafter) and to measure the net benefit cost was 5.1% in 2023 and 3.9% in 2024, grading to 4% for 2029 and years thereafter ( 2023 – 5.3% grading to 4.8% for 2026 and years thereafter). Assumptions regarding future mortality are based on published statistics and mortality tables. The following table presents current life expectancies underlying the values of the obligations in the defined benefit pension and retiree welfare plans . U.S. Canada As at December 31, 2024 2023 2024 2023 Life expectancy (in years) for those currently age 65 Males 22.2 22.2 24.4 24.3 Females 23.7 23.7 26.2 26.2 Life expectancy (in years) at age 65 for those currently age 45 Males 23.6 23.6 25.3 25.3 Females 25.1 25.0 27.1 27.1 Sensitivity of assumptions on obligations Assumptions used can have a significant effect on the obligations reported for defined benefit pension and retiree welfare plans. The following table sets out the potential impact on the obligations arising from changes in the key assumptions. Each sensitivity assumes that all other assumptions are held constant. In actuality, inter-relationships among assumptions may exist . Pension plans Retiree welfare plans As at December 31, 2024 2023 2024 2023 Discount rate: Impact of a 1% increase $ (260) $ (274) $ (34) $ (38) Impact of a 1% decrease 305 316 40 44 Health care cost trend rate: Impact of a 1% increase n/a n/a 9 11 Impact of a 1% decrease n/a n/a (8) (10) Mortality rates (1) : Impact of a 10% decrease 89 89 9 6 (1) If the actuarial estimates of mortality are adjusted in the future to reflect unexpected decreases in mortality, the effect of a 10% decrease in mortality rates at each future age would be an increase in life expectancy at age 65 of 0.8 years for U.S. and Canadian males and females. Maturity profile The following table presents the weighted average duration (in years) of the defined benefit obligations. Pension plans Retiree welfare plans As at December 31, 2024 2023 2024 2023 U.S. plans 8.0 8.4 7.7 8.2 Canadian plans 10.1 9.9 10.9 11.1 Cash flows – contributions The following table presents total cash payments for all employee future benefits, comprised of cash contributed by the Company to fund defined benefit pension and retiree welfare plans, cash payments made directly to beneficiaries in respect of unfunded pension and retiree welfare plans, and cash contributed to defined contribution pension plans. Pension plans Retiree welfare plans For the years ended December 31, 2024 2023 2024 2023 Defined benefit plans $ 57 $ 59 $ 12 $ 12 Defined contribution plans 97 93 - - Total $ 154 $ 152 $ 12 $ 12 The Company’s best estimate of expected cash payments for employee future benefits for the year ending December 31, 2025 is $64 for defined benefit pension plans, $102 for defined contribution pension plans and $18 for retiree welfare plans.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Taxes [Abstract]
Income Taxes	Income Taxes Income tax expense The following table presents income tax expenses (recoveries) recognized in the Consolidated Statements of Income. For the years ended December 31, 2024 2023 Current tax Current year $ 655 $ 568 Global Minimum Taxes 231 - Adjustments related to prior years 15 (193) Total current tax 901 375 Deferred tax Origination and reversal of temporary differences 424 489 Adjustments related to prior years (113) (19) Total deferred tax 311 470 Income tax expenses (recoveries) $ 1,212 $ 845 The following table discloses income tax expenses (recoveries) recognized directly in equity. For the years ended December 31, 2024 2023 Recognized in other comprehensive income Current income tax expenses (recoveries) $ 174 $ 320 Deferred income tax expenses (recoveries) 885 (326) Total recognized in other comprehensive income $ 1,059 $ (6) Recognized in equity, other than other comprehensive income Current income tax expenses (recoveries) $ 4 $ 5 Deferred income tax expenses (recoveries) (5) (4) Total income tax recognized directly in equity $ (1) $ 1 Current tax receivable and payable As at December 31, 2024 , the Company had approximately $1,070 of current tax receivable included in other assets ( 2023 – $1,056 ) and a current tax payable of $453 included in other liabilities ( 2023 – $147 ). Tax reconciliation The effective income tax rate reflected in the Consolidated Statements of Income varies from the Canadian tax rate of 27.80% for the year ended December 31, 2024 ( 2023 – 27.80% ) for the items outlined in the following table . For the years ended December 31, 2024 2023 Net income (loss) before income taxes $ 7,090 $ 6,452 Income tax expenses (recoveries) at Canadian statutory tax rate $ 1,971 $ 1,794 Increase (decrease) in income taxes due to: Tax-exempt investment income (306) (199) Differences in tax rate on income not subject to tax in Canada (938) (770) Adjustments to taxes related to prior years (98) (212) Tax losses and temporary differences not recognized as deferred taxes 94 (38) Global Minimum Taxes 231 - Other differences 258 270 Income tax expenses (recoveries) $ 1,212 $ 845 Deferred tax assets and liabilities The following table presents the Company’s deferred tax assets and liabilities reflected on the Consolidated Statements of Financial Position. As at December 31, 2024 2023 Deferred tax assets $ 5,884 $ 6,739 Deferred tax liabilities (1,890) (1,697) Net deferred tax assets (liabilities) $ 3,994 $ 5,042 The following tables present movement of deferred tax assets and liabilities. For the year ended December 31, Balance, January 1, 2024 Acquired in business combination Disposals Recognized in income Recognized in other comprehensive income Recognized in equity Translation and other Balance, December 31, 2024 Loss carryforwards $ 670 $ - $ - $ 180 $ - $ (13) $ 14 $ 851 Actuarial liabilities 5,813 - - (972) (1,059) (1) 383 4,164 Pensions and post-employment benefits 171 - - 1 (20) - 1 153 Tax credits 122 - - 109 - - 7 238 Accrued interest 1 - - 4 - - - 5 Real estate (1,135) - - 214 1 - (50) (970) Lease liability 38 - - 7 - 1 (1) 45 Right of use asset and sublease receivable (34) - - (8) - (1) - (43) Securities and other investments 86 - - 276 197 2 (171) 390 Sale of investments (18) - - 10 - - - (8) Goodwill and intangible assets (822) - - 24 - - (31) (829) Other 150 4 - (156) (4) 17 (13) (2) Total $ 5,042 $ 4 $ - $ (311) $ (885) $ 5 $ 139 $ 3,994 For the year ended December 31, Balance, January 1, 2023 Acquired in business combination Disposals Recognized in income Recognized in other comprehensive income Recognized in equity Translation and other Balance, December 31, 2023 Loss carryforwards $ 701 $ - $ - $ (18) $ - $ (8) $ (5) $ 670 Actuarial liabilities 4,507 - - 188 1,198 - (80) 5,813 Pensions and post-employment benefits 142 - - 4 26 - (1) 171 Tax credits 109 - - 15 - - (2) 122 Accrued interest 1 - - - - - - 1 Real estate (1,317) - - 168 - - 14 (1,135) Lease liability 47 - - (7) - - (2) 38 Right of use asset and sublease receivable (41) - - 7 - - - (34) Securities and other investments 1,560 - - (293) (1,245) 2 62 86 Sale of investments (30) - - 12 - - - (18) Goodwill and intangible assets (828) - - (12) - - 18 (822) Other 321 - - (534) 347 10 6 150 Total $ 5,172 $ - $ - $ (470) $ 326 $ 4 $ 10 $ 5,042 The total deferred tax assets as at December 31, 2024 of $5,884 ( 2023 – $6,739 ) includes $27 ( 2023 – $6,136 ) where the Company has suffered losses in either the current or preceding year and where the recognition is dependent on future taxable profits in the relevant jurisdictions and feasible management actions. As at December 31, 2024 , tax loss carryforwards available were approximately $4,837 ( 2023 – $3,549 ), of which $4,068 expire between the years 2025 and 2044 while $769 have no expiry date, and capital loss carryforwards available were approximately $27 ( 2023 – $5 ) and have no expiry date. An $851 ( 2023 – $670 ) tax benefit related to these tax loss carryforwards has been recognized as a deferred tax asset as at December 31, 2024 , and a benefit of $356 ( 2023 – $222 ) has not been recognized. The Company has approximately $412 ( 2023 – $282 ) of tax credit carryforwards which will expire between the years 2026 and 2044 of which a benefit of $174 ( 2023 – $160 ) has not been recognized. In addition, the Company has not recognized a deferred tax asset o f $1,152 ( 2023 – $1,171 ) on other temporary differences of $5,341 ( 2023 – $5,333 ) . The total deferred tax liability as at December 31, 2024 was $1,890 ( 2023 – $1,697 ). This amount includes the deferred tax liability of consolidated entities. The aggregate amount of taxable temporary differences associated with the Company’s own investments in subsidiaries is not included in the Consolidated Financial Statements and was $14,955 ( 2023 – $10,908 ).

Interests in Structured Entitie

Interests in Structured Entities	12 Months Ended
	Dec. 31, 2024
Interests In Structured Entities [Abstract]
Interests in Structured Entities	Interests in Structured Entities The Company is involved with both consolidated and unconsolidated structured entities (“SEs”) which are established to generate investment and fee income. The Company is also involved with SEs that are used to facilitate financing for the Company. These entities may have some or all of the following features: control is not readily identified based on voting rights; restricted activities designed to achieve a narrow objective; high amount of leverage; and / or highly structured capital. The Company only discloses its involvement in significant consolidated and unconsolidated SEs. In assessing the significance, the Company considers the nature of its involvement with the SE, including whether it is sponsored by the Company (i.e., initially organized and managed by the Company). Other factors considered include the Company’s investment in the SE as compared to total invested assets, its returns from the SE as compared to total net investment income, the SE’s size as compared to total funds under management, and its exposure to any other risks from its involvement with the SE. The Company does not provide financial or other support to its SEs, when it does not have a contractual obligation to do so. Consolidated SEs Investment SEs The Company acts as an investment manager of timberlands and timber companies. The Company’s general fund and segregated funds invest in many of these companies. The Company has control over one timberland company which it manages, Hancock Victoria Plantations Holdings PTY Limited (“HVPH”). HVPH is a SE primarily because the Company’s employees exercise voting rights over it on behalf of other investors. As at December 31, 2024 , the Company’s consolidated timber assets owned by HVPH were $1,273 ( 2023 – $1,236 ). The Company does not provide guarantees to other parties against the risk of loss from their investments in HVPH. Financing SEs The Company securitizes certain HELOC collateralized by residential property. This activity is facilitated by consolidated entities that are SEs because their operations are limited to issuing and servicing the Company’s funding. Further information regarding the Company’s mortgage securitization program is included in note 3. Unconsolidated SEs Investment SEs 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. Financing SEs 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 note s 10 and 18 . (I) Other invested assets The Company has investment relationships with a variety of other entities, which result from its direct investment in their debt a nd / or equity and which have been assessed for control. These other entities’ investments include but are not limited to investments in infrastructure, energy, private equity, real estate and agriculture, organized as limited partnerships and limited liability companies. Most of these other entities are not sponsored by the Company. The Company’s involvement with these other entities is not individually significant. As such, the Company neither provides summary financial data for these entities nor individually assesses whether they are SEs. The Company’s maximum exposure to losses because of its involvement with these other entities is limited to its investment in them and amounts committed to be invested but not yet funded. The Company records its income from these entities in net investment income and AOCI. The Company does not provide guarantees to other parties against the risk of loss from their investments in these other entities. Interest in securitized assets The Company invests in mortgage/asset-backed securities issued by securitization vehicles sponsored by other parties, including private issuers and government sponsored issuers, to generate investment income. The Company does not own a controlling financial interest in any of the issuers. These securitization vehicles are SEs based on their narrow scope of activities and highly leveraged capital structures. Investments in mortgage/asset-backed securities are reported on the Consolidated Statements of Financial Position as debt securities and private placements, and their fair value and carrying value are disclosed in note 3. The Company’s maximum loss from these investments is limited to amounts invested. Commercial mortgage-backed securities (“CMBS”) are secured by commercial mortgages and residential mortgage backed securities (“RMBS”) are secured by residential mortgages. Asset-backed securities (“ABS”) may be secured by various underlying assets including credit card receivables, automobile loans and aviation leases. The mortgage/asset-backed securities that the Company invests in primarily originate in North America. 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 (III) Mutual funds The Company sponsors and may invest in a range of public mutual funds with a broad range of investment styles. As sponsor, the Company organizes mutual funds that implement investment strategies on behalf of current and future investors. The Company earns fees which are at market rates for providing advisory and administrative services to these mutual funds. Generally, the Company does not control its sponsored mutual funds because either the Company does not have power to govern their financial and operating policies, or its returns in the form of fees and ownership interests are not significant, or both. Certain mutual funds are SEs because their decision-making rights are not vested in voting equity interests and their investors are provided with redemption rights . The Company’s relationships with these mutual funds are not individually significant. As such, the Company neither provides summary financial data for these mutual funds nor individually assesses whether they are SEs. The Company’s interest in mutual funds is limited to its investment and fees earned, if any. The Company’s investments in mutual funds are recorded as part of its investment in public equities within the Consolidated Statements of Financial Position. For information regarding the Company’s invested assets, refer to note 3. The Company does not provide guarantees to other parties against the risk of loss from these mutual funds. As sponsor, the Company’s investment in (“seed”) startup capital of mutual funds as at December 31, 2024 was $1,149 ( 2023 – $1,319 ). The Company’s retail mutual fund assets under management as at December 31, 2024 were $333,598 ( 2023 – $277,365 ).

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal proceedings The Company is regularly involved in legal actions, both as a defendant and as a plaintiff. The legal actions where the Company is a party ordinarily relate to its activities as a provider of insurance protection or wealth management products, reinsurance, or in its capacity as an investment adviser, employer, or taxpayer. Other life insurers and asset managers, operating in the jurisdictions in which the Company does business, have been subject to a wide variety of other types of actions, some of which resulted in substantial judgments or settlements against the defendants; it is possible that the Company may become involved in similar actions in the future. In addition, government and regulatory bodies in Canada, the United States, Asia and other jurisdictions where the Company conducts business regularly make inquiries and, from time to time, require the production of information or conduct examinations concerning the Company’s compliance with, among other things, insurance laws, securities laws, and laws governing the activities of broker-dealers. In September 2023, a lawsuit was initiated against the Company in the U.S. District Court of the Southern District of New York as a putative class action on behalf of all current and former owners of universal life insurance policies issued by the Company that state that “cost of insurance rates will be based on future expectations that include taxes.” The Plaintiff’s theory is that the Company impermissibly failed to decrease the cost of insurance rates charged to these policy owners after the implementation of the Tax Cuts and Jobs Act of 2018. It is too early in the litigation to offer any reliable opinion about the scope of the class policies that may be at issue or the likely outcome. Investment commitments In the normal course of business, various investment commitments are outstanding which are not reflected in the Consolidated Financial Statements. There were $15,367 ( 2023 – $15,117 ) of outstanding investment commitments as at December 31, 2024 , of which $1,143 ( 2023 – $781 ) mature in 30 days, $3,217 ( 2023 – $4,627 ) mature in 31 to 365 days and $11,007 ( 2023 – $9,709 ) mature after one year. Letters of credit In the normal course of business, third-party relationship banks issue letters of credit on the Company’s behalf. The Company’s businesses utilize letters of credit for which third parties are the beneficiaries, as well as for affiliate reinsurance transactions between its subsidiaries. As at December 31, 2024 , letters of credit for which third parties are beneficiaries, in the amount of $271 ( 2023 – $466 ), were outstanding. Guarantees (I) Guarantees regarding Manulife Finance (Delaware), L.P. (“MFLP”) MFC has guaranteed the payment of amounts on the $650 subordinated debentures due on December 15, 2041 issued by MFLP, a wholly owned unconsolidated financing entity. The following tables present certain condensed consolidated financial information for MFC and MFLP. Condensed Consolidated Statements of Income Information For the year ended December 31, 2024 MFC (Guarantor) Subsidiaries on a combined basis Consolidation adjustments Total consolidated amounts MFLP Insurance service result $ - $ 4,001 $ - $ 4,001 $ - Investment result 871 4,329 (1,679) 3,521 52 Other revenue (34) 7,620 2 7,588 20 Net income (loss) attributed to shareholders and other equity holders 5,385 4,910 (4,910) 5,385 26 For the year ended December 31, 2023 MFC (Guarantor) Subsidiaries on a combined basis Consolidation adjustments Total consolidated amounts MFLP Insurance service result $ - $ 3,977 $ - $ 3,977 $ - Investment result 638 3,646 (1,326) 2,958 51 Other revenue 14 6,736 (4) 6,746 (7) Net income (loss) attributed to shareholders and other equity holders 5,103 4,785 (4,785) 5,103 1 Condensed Consolidated Statements of Financial Position As at December 31, 2024 MFC (Guarantor) Subsidiaries on a combined basis Consolidation adjustments Total consolidated amounts MFLP Invested assets $ 126 $ 442,371 $ - $ 442,497 $ 16 Insurance contract assets - 102 - 102 - Reinsurance contract held assets - 59,015 - 59,015 - Total other assets 65,898 46,450 (71,132) 41,216 995 Segregated funds net assets - 435,988 - 435,988 - Insurance contract liabilities, excluding those for account of segregated fund holders - 396,401 - 396,401 - Reinsurance contract held liabilities - 2,669 - 2,669 - Investment contract liabilities - 13,498 - 13,498 - Total other liabilities 15,052 63,825 (1,575) 77,302 726 Insurance contract liabilities for account of segregated fund holders - 126,545 - 126,545 - Investment contract liabilities for account of segregated fund holders - 309,443 - 309,443 - As at December 31, 2023 MFC (Guarantor) Subsidiaries on a combined basis Consolidation adjustments Total consolidated amounts MFLP Invested assets $ 86 $ 417,124 $ - $ 417,210 $ 9 Insurance contract assets - 145 - 145 - Reinsurance contract held assets - 42,651 - 42,651 - Total other assets 59,023 42,411 (63,410) 38,024 969 Segregated funds net assets - 377,544 - 377,544 - Insurance contract liabilities, excluding those for account of segregated fund holders - 367,996 - 367,996 - Reinsurance contract held liabilities - 2,831 - 2,831 - Investment contract liabilities - 11,816 - 11,816 - Total other liabilities 12,070 55,129 (539) 66,660 718 Insurance contract liabilities for account of segregated fund holders - 114,143 - 114,143 - Investment contract liabilities for account of segregated fund holders - 263,401 - 263,401 - (II) Guarantees regarding John Hancock Life Insurance Company (U.S.A.) (“JHUSA”) Details of guarantees regarding certain securities issued or to be issued by JHUSA are outlined in note 23. Pledged assets In the normal course of business, the Company pledges its assets in respect of liabilities incurred, strictly for providing collateral to the counterparty. In the event of the Company’s default, the counterparty is entitled to apply the collateral to settle the liability. Where pledged assets have been delivered to a counterparty, the pledged assets are returned to the Company if the underlying transaction is terminated or, in the case of derivatives and Manulife Bank securitized mortgages, are partially returned if there is a decrease in the net exposure due to market value changes. The amounts pledged are as follows. 2024 2023 As at December 31, Debt securities Other Debt securities Other In respect of: Derivatives $ 14,517 $ 25 $ 10,431 $ 26 Secured borrowings (1) - 2,216 - 2,220 Regulatory requirements 303 91 307 74 Repurchase agreements 658 - 201 - Mortgages on ALDA properties - 284 - 278 Manulife Bank securitized mortgages (2) - 7,603 - 6,990 Non-registered retirement plans in trust - 286 - 298 Other - 289 - 283 Total $ 15,478 $ 10,794 $ 10,939 $ 10,169 (1) During the year, the Company pledged certain of its mortgage loans with the FHLBI . Of this amount, $1,098 (2023 – $998 ) is required collateral for the US$500 outstanding borrowing to JHUSA under the FHLBI facility; and $1,118 (2023 – $1,222 ) is excess collateral that can be called back by JHUSA at any time. (2) The Manulife Bank mortgage securitization program includes CMB securitization of $3,274 (2023 – $2,900 ), HELOC securitization, which includes restricted cash and short-term securities, of $3,163 (2023 – $2,912 ), and additional encumbrances of mortgages and cash required by the securitization program's operations of $1,166 (2023 – $1,178 ). Participating business In some markets where the Company maintains participating accounts, there are regulatory restrictions on the amounts of profit that can be transferred to shareholders . Where applicable, these restrictions generally take the form of a fixed percentage of policyholder dividends. For participating businesses operating as separate “closed blocks”, transfers are governed by the terms of MLI’s and John Hancock Mutual Life Insurance Company’s plans of demutualization. Fixed surplus notes A third party contractually provides standby financing arrangements for the Company’s U.S. operations under which, in certain circumstances, funds may be provided in exchange for the issuance of fixed surplus notes. As at December 31, 2024 and 2023 , the Company had no fixed surplus notes outstanding.

Segmented Information

Segmented Information	12 Months Ended
	Dec. 31, 2024
Segmented Information [Abstract]
Segmented Information	Segmented Information The Company’s reporting segments are Asia, Canada, U.S., Global WAM and Corporate and Other. Each reporting segment is responsible for managing its operating results, developing products, defining strategies for services and distribution based on the profile and needs of its business and market. The Company’s significant product and service offerings by the reporting segments are mentioned below. Wealth and asset management businesses (Global WAM) – branded as Manulife Investment Management, provides investment advice and innovative solutions to retirement, retail, and institutional clients. Products and services are distributed through multiple distribution channels, including agents and brokers affiliated with the Company, independent securities brokerage firms and financial advisors pension plan consultants and banks. Insurance and annuity products (Asia, Canada and U.S.) – include a variety of individual life insurance, individual and group long-term care insurance and guaranteed and partially guaranteed annuity products. Products are distributed through multiple distribution channels, including insurance agents, brokers, banks, financial planners and direct marketing. Manulife Bank of Canada offers a variety of deposit and credit products to Canadian customers. Corporate and Other segment – comprised of investment performance of assets backing capital, net of amounts allocated to operating segments; costs incurred by the corporate office related to shareholder activities (not allocated to the operating segments); financing costs; Property and Casualty Reinsurance Business; and run-off reinsurance operations including variable annuities and accident and health. In addition, consolidations and eliminations of transactions between operating segments are also included. Reporting segments The following tables present results by reporting segments. For the year ended December 31, 2024 Asia Canada U.S. Global WAM Corporate and Other Total Insurance service result Life, health and property and casualty insurance $ 2,228 $ 1,081 $ 241 $ - $ 164 $ 3,714 Annuities and pensions (68) 239 116 - - 287 Total insurance service result 2,160 1,320 357 - 164 4,001 Net investment income (loss) 7,987 5,169 4,962 (655) 1,648 19,111 Insurance finance income (expenses) Life, health and property and casualty insurance (5,495) (3,846) (5,450) - 43 (14,748) Annuities and pensions (1,839) 196 172 - - (1,471) Total insurance finance income (expenses) (7,334) (3,650) (5,278) - 43 (16,219) Reinsurance finance income (expenses) Life, health and property and casualty insurance (65) 347 705 - (2) 985 Annuities and pensions 669 (1) (520) - - 148 Total reinsurance finance income (expenses) 604 346 185 - (2) 1,133 Decrease (increase) in investment contract liabilities (9) (76) (87) (327) (5) (504) Net segregated fund investment result - - - - - - Total investment result 1,248 1,789 (218) (982) 1,684 3,521 Other revenue 155 294 137 7,439 (437) 7,588 Other expenses (338) (677) (131) (4,703) (490) (6,339) Interest expenses (28) (1,047) (13) (7) (586) (1,681) Net income (loss) before income taxes 3,197 1,679 132 1,747 335 7,090 Income tax (expenses) recoveries (460) (353) 3 (148) (254) (1,212) Net income (loss) 2,737 1,326 135 1,599 81 5,878 Less net income (loss) attributed to: Non-controlling interests 241 - - 2 4 247 Participating policyholders 141 105 - - - 246 Net income (loss) attributed to shareholders and other equity holders $ 2,355 $ 1,221 $ 135 $ 1,597 $ 77 $ 5,385 Total assets $ 209,623 $ 158,803 $ 263,736 $ 305,968 $ 40,688 $ 978,818 For the year ended December 31, 2023 Asia Canada U.S. Global WAM Corporate and Other Total Insurance service result Life, health and property and casualty insurance $ 2,070 $ 995 $ 526 $ - $ 236 $ 3,827 Annuities and pensions (129) 198 81 - - 150 Total insurance service result 1,941 1,193 607 - 236 3,977 Net investment income (loss) 7,057 5,048 5,236 (771) 1,451 18,021 Insurance finance income (expenses) Life, health and property and casualty insurance (4,970) (3,288) (4,815) - 723 (12,350) Annuities and pensions (1,466) (27) (51) - - (1,544) Total insurance finance income (expenses) (6,436) (3,315) (4,866) - 723 (13,894) Reinsurance finance income (expenses) Life, health and property and casualty insurance (106) 58 385 - (697) (360) Annuities and pensions 1 (1) (374) - - (374) Total reinsurance finance income (expenses) (105) 57 11 - (697) (734) Decrease (increase) in investment contract liabilities (38) (73) (148) (175) (1) (435) Net segregated fund investment result - - - - - - Total investment result 478 1,717 233 (946) 1,476 2,958 Other revenue 67 272 79 6,709 (381) 6,746 Other expenses (231) (569) (153) (4,252) (470) (5,675) Interest expenses (11) (1,004) (15) (14) (510) (1,554) Net income (loss) before income taxes 2,244 1,609 751 1,497 351 6,452 Income tax (expenses) recoveries (440) (373) (112) (198) 278 (845) Net income (loss) 1,804 1,236 639 1,299 629 5,607 Less net income (loss) attributed to: Non-controlling interests 141 - - 2 1 144 Participating policyholders 315 45 - - - 360 Net income (loss) attributed to shareholders and other equity holders $ 1,348 $ 1,191 $ 639 $ 1,297 $ 628 $ 5,103 Total assets $ 177,623 $ 157,111 $ 244,659 $ 257,764 $ 38,417 $ 875,574 Geographical location The results of the Company’s reporting segments differ from its results by geographical location primarily due to the allocation of Global WAM and Corporate and Other segments into the geographical location to which its businesses relate. The following tables present results by geographical location. For the year ended December 31, 2024 Asia Canada U.S. Other Total Insurance service result Life, health and property and casualty insurance $ 2,230 $ 1,075 $ 235 $ 174 $ 3,714 Annuities and pensions (68) 239 116 - 287 Total insurance service result 2,162 1,314 351 174 4,001 Net investment income (loss) 8,052 5,882 5,118 59 19,111 Insurance finance income (expenses) Life, health and property and casualty insurance (5,495) (3,844) (5,409) - (14,748) Annuities and pensions (1,839) 196 172 - (1,471) Total insurance finance income (expenses) (7,334) (3,648) (5,237) - (16,219) Reinsurance finance income (expenses) Life, health and property and casualty insurance (65) 344 706 - 985 Annuities and pensions 669 (1) (520) - 148 Total reinsurance finance income (expenses) 604 343 186 - 1,133 Decrease (increase) in investment contract liabilities (187) (163) (149) (5) (504) Net segregated fund investment result - - - - - Total investment result $ 1,135 $ 2,414 $ (82) $ 54 $ 3,521 Other revenue $ 1,790 $ 2,325 $ 3,616 $ (143) $ 7,588 For the year ended December 31, 2023 Asia Canada U.S. Other Total Insurance service result Life, health and property and casualty insurance $ 2,087 $ 981 $ 511 $ 248 $ 3,827 Annuities and pensions (128) 198 80 - 150 Total insurance service result 1,959 1,179 591 248 3,977 Net investment income (loss) 7,259 5,724 4,975 63 18,021 Insurance finance income (expenses) Life, health and property and casualty insurance (4,971) (2,606) (4,793) 20 (12,350) Annuities and pensions (1,466) (27) (51) - (1,544) Total insurance finance income (expenses) (6,437) (2,633) (4,844) 20 (13,894) Reinsurance finance income (expenses) Life, health and property and casualty insurance (121) (623) 384 - (360) Annuities and pensions 1 (1) (374) - (374) Total reinsurance finance income (expenses) (120) (624) 10 - (734) Decrease (increase) in investment contract liabilities (220) (130) (79) (6) (435) Net segregated fund investment result - - - - - Total investment result $ 482 $ 2,337 $ 62 $ 77 $ 2,958 Other revenue $ 1,332 $ 2,147 $ 3,239 $ 28 $ 6,746

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2024
Related Party [Abstract]
Related Parties	Related Parties The Company enters into transactions with related parties in the normal course of business and at terms that would exist in arm’s-length transactions. Transactions with certain related parties Transactions with MFLP, a wholly owned unconsolidated partnership, are described in notes 10, 17 and 18. Compensation of key management personnel The Company’s key management personnel are those personnel who have the authority and responsibility for planning, directing and controlling the activities of the Company. Directors (both executive and non-executive) and senior management are considered key management personnel. A summary of compensation of key management personnel is as follows. For the years ended December 31, 2024 2023 Short-term employee benefits $ 99 $ 83 Post-employment benefits 7 6 Share-based payments 79 73 Termination benefits 2 3 Other long-term benefits 3 3 Total $ 190 $ 168

Subsidiaries

Subsidiaries	12 Months Ended
	Dec. 31, 2024
Disclosure of subsidiaries [abstract]
Subsidiaries	Subsidiaries The following is a list of Manulife’s directly and indirectly held major operating subsidiaries. As at December 31, 2024 ( 100% owned unless otherwise noted in brackets beside company name) Equity interest Address Description The Manufacturers Life Insurance Company $ 65,338 Toronto, Canada A leading financial services group with principal operations in Asia, Canada and the United States that offers a diverse range of financial protection products and wealth management services Manulife Holdings (Alberta) Limited $ 22,118 Calgary, Canada Holding company John Hancock Financial Corporation Boston, U.S.A. Holding company The Manufacturers Investment Corporation Boston, U.S.A. Holding company John Hancock Reassurance Company Ltd. Boston, U.S.A. Captive insurance subsidiary that provides life, annuity and long-term care reinsurance to affiliates John Hancock Life Insurance Company (U.S.A.) Boston, U.S.A. U.S. life insurance company licensed in all states, except New York John Hancock Subsidiaries LLC Boston, U.S.A. Holding company John Hancock Financial Network, Inc. Boston, U.S.A. Financial services distribution organization John Hancock Investment Management LLC Boston, U.S.A. Investment advisor John Hancock Investment Management Distributors LLC Boston, U.S.A. Broker-dealer Manulife Investment Management (US) LLC Boston, U.S.A. Investment advisor Manulife Investment Management Timberland and Agriculture Inc. Boston, U.S.A. Manager of globally diversified timberland and agricultural portfolios John Hancock Life Insurance Company of New York New York, U.S.A. U.S. life insurance company licensed in New York John Hancock Variable Trust Advisers LLC Boston, U.S.A. Investment advisor for open-end mutual funds John Hancock Life & Health Insurance Company Boston, U.S.A. U.S. life insurance company licensed in all states John Hancock Distributors LLC Boston, U.S.A. Broker-dealer John Hancock Insurance Agency, Inc. Boston, U.S.A. Insurance agency Manulife Reinsurance Limited Hamilton, Bermuda Provides life and financial reinsurance to affiliates Manulife Reinsurance (Bermuda) Limited Hamilton, Bermuda Provides life and financial reinsurance to affiliates Manulife Bank of Canada $ 1,882 Waterloo, Canada Provides integrated banking products and service options not available from an insurance company Manulife Investment Management Holdings (Canada) Inc. $ 1,477 Toronto, Canada Holding company Manulife Investment Management Limited Toronto, Canada Provides investment counseling, portfolio and mutual fund management in Canada First North American Insurance Company $ 8 Toronto, Canada Property and casualty insurance company Manulife Holdings (Bermuda) Limited $ 21,658 Hamilton, Bermuda Holding company Manufacturers P&C Limited St. Michael, Barbados Provides property and casualty reinsurance Manufacturers Life Reinsurance Limited St. Michael, Barbados Provides life and annuity reinsurance to affiliates Manulife Financial Asia Limited Hong Kong, China Holding company Manulife (Cambodia) PLC Phnom Penh, Cambodia Life insurance company Manulife Myanmar Life Insurance Company Limited Yangon, Myanmar Life insurance company Manulife (Vietnam) Limited Ho Chi Minh City, Vietnam Life insurance company Manulife Investment Fund Management (Vietnam) Company Limited Ho Chi Minh City, Vietnam Fund management company Manulife International Holdings Limited Hong Kong, China Holding company Manulife (International) Limited Hong Kong, China Life insurance company Manulife-Sinochem Life Insurance Co. Ltd. ( 51% ) Shanghai, China Life insurance company As at December 31, 2024 ( 100% owned unless otherwise noted in brackets beside company name) Equity interest Address Description Manulife Investment Management International Holdings Limited Hong Kong, China Holding company Manulife Investment Management (Hong Kong) Limited Hong Kong, China Investment management and advisory company marketing mutual funds Manulife Investment Management (Taiwan) Co., Ltd. Taipei, Taiwan (China) Investment management company Manulife Life Insurance Company (Japan) Tokyo, Japan Life insurance company Manulife Investment Management (Japan) Limited Tokyo, Japan Investment management and advisory company and mutual fund business Manulife Holdings Berhad ( 62.6% ) Kuala Lumpur, Malaysia Holding company Manulife Insurance Berhad ( 62.6% ) Kuala Lumpur, Malaysia Life insurance company Manulife Investment Management (Malaysia) Berhad ( 62.6% ) Kuala Lumpur, Malaysia Asset management company Manulife (Singapore) Pte. Ltd. Singapore Life insurance company Manulife Investment Management (Singapore) Pte. Ltd. Singapore Asset management company Manulife Fund Management Co., Ltd. Beijing, China Mutual fund company in China The Manufacturers Life Insurance Co. (Phils.), Inc. Makati City, Philippines Life insurance company Manulife Chinabank Life Assurance Corporation ( 60% ) Makati City, Philippines Life insurance company PT Asuransi Jiwa Manulife Indonesia Jakarta, Indonesia Life insurance company PT Manulife Aset Manajemen Indonesia Jakarta, Indonesia Investment management and investment advisor Manulife Investment Management (Europe) Limited $ 456 London, England Investment management company providing advisory services for Manulife Investment Management’s funds, internationally Manulife Assurance Company of Canada $ 55 Toronto, Canada Life insurance company EIS Services (Bermuda) Limited $ 1,235 Hamilton, Bermuda Investment holding company Berkshire Insurance Services Inc. $ 2,343 Toronto, Canada Investment holding company JH Investments (Delaware) LLC Boston, U.S.A. Investment holding company Manulife Wealth Inc. $ 349 Oakville, Canada Investment dealer Manulife Investment Management (North America) Limited $ 5 Toronto, Canada Investment advisor

Segregated Funds

Segregated Funds	12 Months Ended
	Dec. 31, 2024
Segregated Funds [Abstract]
Segregated Funds	Segregated Funds The Company manages a number of segregated funds on behalf of policyholders. Policyholders are provided with the opportunity to invest in different categories of segregated funds that hold a range of underlying investments. The underlying investments consist of both individual securities and mutual funds. Segregated funds’ underlying investments may be exposed to a variety of financial and other risks. These risks are primarily mitigated by investment guidelines that are actively monitored by professional and experienced portfolio advisors. The Company is not exposed to these risks beyond the liabilities related to the guarantees associated with certain variable life and annuity products included in segregated funds. Accordingly, the Company’s exposure to loss from segregated fund products is limited to the value of these guarantees. These guarantees are recorded within the Company’s insurance contract liabilities and amount to $1,886 ( 2023 – $2,675 ), of which $530 are reinsured ( 2023 – $980 ). Assets supporting these guarantees, net of reinsurance, are recognized in invested assets according to their investment type. Insurance contract liabilities for account of segregated fund holders on the Consolidated Statements of Financial Position exclude these guarantees and are considered to be a non-distinct investment component of insurance contract liabilities. Note 8 provides information regarding market risk sensitivities associated with variable annuity and segregated fund guarantees.

Information Provided in Connect

Information Provided in Connection with Investments in Deferred Annuity Contracts and SignatureNotes Issued or Assumed by John Hancock Life Insurance Company (U.S.A.)	12 Months Ended
	Dec. 31, 2024
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract]
Information Provided in Connection with Investments in Deferred Annuity Contracts and SignatureNotes Issued or Assumed by John Hancock Life Insurance Company (U.S.A.)	Information Provided in Connection with Investments in Deferred Annuity Contracts and Signature Notes Issued or Assumed by John Hancock Life Insurance Company (U.S.A.) The following condensed consolidated financial information, presented in accordance with IFRS, and the related disclosure have been included in these Consolidated Financial Statements with respect to JHUSA in compliance with Regulation S-X and Rule 12h-5 of the United States Securities and Exchange Commission (the “Commission”). These financial statements are incorporated by reference in certain of the MFC and its subsidiaries registration statements that are described below and relate to MFC’s guarantee of certain securities to be issued by its subsidiaries. JHUSA maintains a book of deferred annuity contracts that feature a market value adjustment, some of which are registered with the Commission. The deferred annuity contracts may contain variable investment options along with fixed investment period options, or may offer only fixed investment period options. The fixed investment period options enable the participant to invest fixed amounts of money for fixed terms at fixed interest rates, subject to a market value adjustment if the participant desires to terminate a fixed investment period before its maturity date. The annuity contract provides for the market value adjustment to keep the parties whole with respect to the fixed interest bargain for the entire fixed investment period. These fixed investment period options that contain a market value adjustment feature are referred to as “MVAs”. JHUSA has sold medium-term notes to retail investors under its Signature Notes program. Effective December 31, 2009, John Hancock Variable Life Insurance Company (the “Variable Company”) and John Hancock Life Insurance Company (the “Life Company”) merged with and into JHUSA. In connection with the mergers, JHUSA assumed the Variable Company’s rights and obligations with respect to the MVAs issued by the Variable Company and the Life Company’s rights and obligations with respect to the Signature Notes issued by the Life Company. MFC fully and unconditionally guaranteed the payment of JHUSA’s obligations under the MVAs and under the Signature Notes (including the MVAs and Signature Notes assumed by JHUSA in the merger), and such MVAs and the Signature Notes were registered with the Commission. The Signature Notes and MVAs assumed or issued by JHUSA are collectively referred to in this note as the “Guaranteed Securities”. JHUSA is, and each of the Variable Company and the Life Company was, a wholly owned subsidiary of MFC. MFC’s guarantees of the Guaranteed Securities are unsecured obligations of MFC and are subordinated in right of payment to the prior payment in full of all other obligations of MFC, except for other guarantees or obligations of MFC which by their terms are designated as ranking equally in right of payment with or subordinate to MFC’s guarantees of the Guaranteed Securities. The laws of the State of New York govern MFC’s guarantees of the Signature Notes issued or assumed by JHUSA and the laws of the Commonwealth of Massachusetts govern MFC’s guarantees of the MVAs issued or assumed by JHUSA. MFC has consented to the jurisdiction of the courts of New York and Massachusetts. However, because a substantial portion of MFC’s assets is located outside the United States, the assets of MFC located in the United States may not be sufficient to satisfy a judgment given by a federal or state court in the United States to enforce the subordinate guarantees. In general, the federal laws of Canada and the laws of the Province of Ontario, where MFC’s principal executive offices are located, permit an action to be brought in Ontario to enforce such a judgment provided that such judgment is subsisting and unsatisfied for a fixed sum of money and not void or voidable in the United States and a Canadian court will render a judgment against MFC in a certain dollar amount, expressed in Canadian dollars, subject to customary qualifications regarding fraud, violations of public policy, laws limiting the enforcement of creditor’s rights and applicable statutes of limitations on judgments. There is currently no public policy in effect in the Province of Ontario that would support avoiding the recognition and enforcement in Ontario of a judgment of a New York or Massachusetts court on MFC’s guarantees of the Signature Notes issued or assumed by JHUSA or a Massachusetts court on guarantees of the MVAs issued or assumed by JHUSA. MFC is a holding company. MFC’s assets primarily consist of investments in its subsidiaries. MFC’s cash flows primarily consist of dividends and interest payments from its operating subsidiaries, offset by expenses and shareholder dividends and MFC stock repurchases. As a holding company, MFC’s ability to meet its cash requirements, including, but not limited to, paying any amounts due under its guarantees, substantially depends upon dividends from its operating subsidiaries. These subsidiaries are subject to certain regulatory restrictions under laws in Canada, the United States and certain other countries, which may limit their ability to pay dividends or make contributions or loans to MFC. For example, some of MFC’s subsidiaries are subject to restrictions prescribed by the ICA on their ability to declare and pay dividends. The restrictions related to dividends imposed by the ICA are described in note 12. In the United States, insurance laws in Michigan, New York, and Massachusetts, the jurisdictions in which certain of MFC’s U.S. insurance company subsidiaries are domiciled, impose general limitations on the payment of dividends and other upstream distributions or loans by these insurance subsidiaries. These limitations are described in note 12. In Asia, the insurance laws of the jurisdictions in which MFC operates either provide for specific restrictions on the payment of dividends or other distributions or loans by subsidiaries or impose solvency or other financial tests, which could affect the ability of subsidiaries to pay dividends in certain circumstances. There can be no assurance that any current or future regulatory restrictions in Canada, the United States or Asia will not impair MFC’s ability to meet its cash requirements, including, but not limited to, paying any amounts due under its guarantees. The following condensed consolidated financial information, presented in accordance with IFRS, reflects the effects of the mergers and is provided in compliance with Regulation S-X and in accordance with Rule 12h-5 of the Commission. Condensed Consolidated Statement of Financial Position As at December 31, 2024 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Assets Invested assets $ 126 $ 112,444 $ 330,044 $ (117) $ 442,497 Investments in unconsolidated subsidiaries 65,350 9,393 21,510 (96,253) - Insurance contract assets - - 177 (75) 102 Reinsurance contract held assets - 46,811 22,440 (10,236) 59,015 Other assets 548 11,182 34,660 (5,174) 41,216 Segregated funds net assets - 218,909 218,681 (1,602) 435,988 Total assets $ 66,024 $ 398,739 $ 627,512 $ (113,457) $ 978,818 Liabilities and equity Insurance contract liabilities, excluding those for account of segregated fund holders $ - $ 148,828 $ 258,007 $ (10,434) $ 396,401 Reinsurance contract held liabilities - - 2,669 - 2,669 Investment contract liabilities - 5,260 8,854 (616) 13,498 Other liabilities 1,539 8,432 58,333 (5,163) 63,141 Long-term debt 6,629 - - - 6,629 Capital instruments 6,884 - 648 - 7,532 Insurance contract liabilities for account of segregated fund holders - 58,137 68,408 - 126,545 Investment contract liabilities for account of segregated fund holders - 160,772 150,273 (1,602) 309,443 Shareholders’ and other equity 50,972 17,357 78,285 (95,642) 50,972 Participating policyholders’ equity - (47) 614 - 567 Non-controlling interests - - 1,421 - 1,421 Total liabilities and equity $ 66,024 $ 398,739 $ 627,512 $ (113,457) $ 978,818 Condensed Consolidated Statement of Financial Position As at December 31, 2023 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Assets Invested assets $ 86 $ 109,433 $ 307,930 $ (239) $ 417,210 Investments in unconsolidated subsidiaries 58,694 8,674 17,916 (85,284) - Insurance contract assets - - 217 (72) 145 Reinsurance contract held assets - 42,418 10,380 (10,147) 42,651 Other assets 329 8,731 32,700 (3,736) 38,024 Segregated funds net assets - 188,067 191,241 (1,764) 377,544 Total assets $ 59,109 $ 357,323 $ 560,384 $ (101,242) $ 875,574 Liabilities and equity Insurance contract liabilities, excluding those for account of segregated fund holders $ - $ 145,589 $ 232,972 $ (10,565) $ 367,996 Reinsurance contract held liabilities - - 2,831 - 2,831 Investment contract liabilities - 3,487 8,928 (599) 11,816 Other liabilities 573 5,869 51,266 (3,786) 53,922 Long-term debt 6,071 - - - 6,071 Capital instruments 5,426 594 647 - 6,667 Insurance contract liabilities for account of segregated fund holders - 51,719 62,424 - 114,143 Investment contract liabilities for account of segregated fund holders - 136,348 128,817 (1,764) 263,401 Shareholders’ and other equity 47,039 13,773 70,755 (84,528) 47,039 Participating policyholders’ equity - (56) 313 - 257 Non-controlling interests - - 1,431 - 1,431 Total liabilities and equity $ 59,109 $ 357,323 $ 560,384 $ (101,242) $ 875,574 Condensed Consolidated Statement of Income For the year ended December 31, 2024 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Insurance service result Insurance revenue $ - $ 11,022 $ 16,654 $ (1,084) $ 26,592 Insurance service expenses - (10,501) (12,384) 1,063 (21,822) Net expenses from reinsurance contracts held - (309) (499) 39 (769) Total insurance service result - 212 3,771 18 4,001 Investment result Net investment income (loss) 871 4,548 14,880 (1,188) 19,111 Insurance / reinsurance finance income (expenses) - (3,894) (11,022) (170) (15,086) Other investment result - (34) (367) (103) (504) Total investment result 871 620 3,491 (1,461) 3,521 Other revenue (34) 853 7,257 (488) 7,588 Other expenses (45) (1,209) (5,359) 274 (6,339) Interest expenses (494) (19) (2,825) 1,657 (1,681) Net income (loss) before income taxes 298 457 6,335 - 7,090 Income tax (expenses) recoveries (30) 52 (1,234) - (1,212) Net income (loss) after income taxes 268 509 5,101 - 5,878 Equity in net income (loss) of unconsolidated subsidiaries 5,117 550 1,059 (6,726) - Net income (loss) $ 5,385 $ 1,059 $ 6,160 $ (6,726) $ 5,878 Net income (loss) attributed to: Non-controlling interests $ - $ - $ 247 $ - $ 247 Participating policyholders - 135 246 (135) 246 Shareholders and other equity holders 5,385 924 5,667 (6,591) 5,385 $ 5,385 $ 1,059 $ 6,160 $ (6,726) $ 5,878 Condensed Consolidated Statement of Income For the year ended December 31, 2023 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Insurance service result Insurance revenue $ - $ 9,858 $ 15,754 $ (1,640) $ 23,972 Insurance service expenses - (8,928) (12,195) 1,741 (19,382) Net expenses from reinsurance contracts held - (315) (175) (123) (613) Total insurance service result - 615 3,384 (22) 3,977 Investment result Net investment income (loss) 638 4,232 14,179 (1,028) 18,021 Insurance / reinsurance finance income (expenses) - (4,723) (9,993) 88 (14,628) Other investment result - 100 (432) (103) (435) Total investment result 638 (391) 3,754 (1,043) 2,958 Other revenue 14 790 6,384 (442) 6,746 Other expenses (55) (1,112) (4,776) 268 (5,675) Interest expenses (433) (79) (2,281) 1,239 (1,554) Net income (loss) before income taxes 164 (177) 6,465 - 6,452 Income tax (expenses) recoveries 7 175 (1,027) - (845) Net income (loss) after income taxes 171 (2) 5,438 - 5,607 Equity in net income (loss) of unconsolidated subsidiaries 4,932 811 809 (6,552) - Net income (loss) $ 5,103 $ 809 $ 6,247 $ (6,552) $ 5,607 Net income (loss) attributed to: Non-controlling interests $ - $ - $ 144 $ - $ 144 Participating policyholders - (74) 360 74 360 Shareholders and other equity holders 5,103 883 5,743 (6,626) 5,103 $ 5,103 $ 809 $ 6,247 $ (6,552) $ 5,607 Consolidated Statement of Cash Flows For the year ended December 31, 2024 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Operating activities Net income (loss) $ 5,385 $ 1,059 $ 6,160 $ (6,726) $ 5,878 Adjustments: Equity in net income of unconsolidated subsidiaries (5,117) (550) (1,059) 6,726 - Increase (decrease) in insurance contract net liabilities - 441 8,994 - 9,435 Increase (decrease) in investment contract liabilities - 70 434 - 504 (Increase) decrease in reinsurance contract assets, excluding reinsurance transactions - (136) (477) - (613) Amortization of (premium) discount on invested assets - 37 (327) - (290) Contractual service margin (“CSM”) amortization - (441) (1,935) - (2,376) Other amortization 11 147 711 - 869 Net realized and unrealized (gains) losses and impairment on assets (38) 587 (1,409) - (860) Deferred income tax expenses (recoveries) 22 49 240 - 311 Net loss on reinsurance transactions (pre-tax) - 33 38 - 71 Cash provided by (used in) operating activities before undernoted items 263 1,296 11,370 - 12,929 Dividends from unconsolidated subsidiaries 7,150 689 (595) (7,244) - Changes in policy related and operating receivables and payables 221 1,387 11,957 - 13,565 Cash provided by (used in) operating activities 7,634 3,372 22,732 (7,244) 26,494 Investing activities Purchases and mortgage advances - (19,159) (111,964) - (131,123) Disposals and repayments - 16,485 96,186 - 112,671 Changes in investment broker net receivables and payables - (22) 312 - 290 Net cash increase (decrease) from sale (purchase) of subsidiaries - - (297) - (297) Investment in common shares of subsidiaries (3,432) - - 3,432 - Capital contribution to unconsolidated subsidiaries - (2) - 2 - Return of capital from unconsolidated subsidiaries - 17 - (17) - Notes receivable from parent - - (938) 938 - Notes receivable from subsidiaries (135) - - 135 - Cash provided by (used in) investing activities (3,567) (2,681) (16,701) 4,490 (18,459) Financing activities Change in repurchase agreements and securities sold but not yet purchased - - 460 - 460 Issue of capital instruments, net 2,591 - - - 2,591 Redemption of capital instruments (1,277) (609) - - (1,886) Secured borrowing from securitization transactions - - 667 - 667 Changes in deposits from Bank clients, net - - 413 - 413 Lease payments - (3) (115) - (118) Shareholders’ dividends and other equity distributions (3,159) - - - (3,159) Common shares repurchased (3,272) - - - (3,272) Common shares issued, net 144 - 3,432 (3,432) 144 Contributions from (distributions to) non-controlling interests, net - - (14) - (14) Dividends paid to parent - 595 (7,839) 7,244 - Capital contributions by parent - - 2 (2) - Return of capital to parent - - (17) 17 - Notes payable to parent - - 135 (135) - Notes payable to subsidiaries 938 - - (938) - Cash provided by (used in) financing activities (4,035) (17) (2,876) 2,754 (4,174) Cash and short-term securities Increase (decrease) during the year 32 674 3,155 - 3,861 Effect of foreign exchange rate changes on cash and short-term securities 8 363 826 - 1,197 Balance, beginning of year 86 4,004 15,794 - 19,884 Balance, end of year 126 5,041 19,775 - 24,942 Cash and short-term securities Beginning of year Gross cash and short-term securities 86 4,329 15,923 - 20,338 Net payments in transit, included in other liabilities - (325) (129) - (454) Net cash and short-term securities, beginning of year 86 4,004 15,794 - 19,884 End of year Gross cash and short-term securities 126 5,436 20,227 - 25,789 Net payments in transit, included in other liabilities - (395) (452) - (847) Net cash and short-term securities, end of year $ 126 $ 5,041 $ 19,775 $ - $ 24,942 Supplemental disclosures on cash flow information: Interest received $ 831 $ 3,872 $ 10,582 $ (1,789) $ 13,496 Interest paid 475 69 2,819 (1,789) 1,574 Income taxes paid (refund) 8 1 746 - 755 Consolidated Statement of Cash Flows For the year ended December 31, 2023 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Operating activities Net income (loss) $ 5,103 $ 809 $ 6,247 $ (6,552) $ 5,607 Adjustments: Equity in net income of unconsolidated subsidiaries (4,932) (811) (809) 6,552 - Increase (decrease) in insurance contract net liabilities - 455 10,242 - 10,697 Increase (decrease) in investment contract liabilities - (112) 547 - 435 (Increase) decrease in reinsurance contract assets, excluding reinsurance transactions - 28 946 - 974 Amortization of (premium) discount on invested assets - 30 (171) - (141) Contractual service margin (“CSM”) amortization - (455) (1,543) - (1,998) Other amortization 10 147 424 - 581 Net realized and unrealized (gains) losses and impairment on assets 3 471 (3,319) - (2,845) Deferred income tax expenses (recoveries) (11) (141) 622 - 470 Stock option expense - (3) 5 - 2 Cash provided by (used in) operating activities before undernoted items 173 418 13,191 - 13,782 Dividends from unconsolidated subsidiaries 5,600 386 (679) (5,307) - Changes in policy related and operating receivables and payables (4) (649) 7,294 - 6,641 Cash provided by (used in) operating activities 5,769 155 19,806 (5,307) 20,423 Investing activities Purchases and mortgage advances - (15,165) (68,856) - (84,021) Disposals and repayments - 16,159 54,122 - 70,281 Changes in investment broker net receivables and payables - 12 9 - 21 Net cash increase (decrease) from sale (purchase) of subsidiaries - - (1) - (1) Investment in common shares of subsidiaries (1,843) - - 1,843 - Capital contribution to unconsolidated subsidiaries - (1) - 1 - Return of capital from unconsolidated subsidiaries - 5 - (5) - Notes receivable from parent - - (4) 4 - Notes receivable from subsidiaries (25) - - 25 - Cash provided by (used in) investing activities (1,868) 1,010 (14,730) 1,868 (13,720) Financing activities Change in repurchase agreements and securities sold but not yet purchased - - (693) - (693) Issue of capital instruments, net 1,194 - - - 1,194 Redemption of capital instruments (600) - - - (600) Secured borrowing from securitization transactions - - 537 - 537 Changes in deposits from Bank clients, net - - (895) - (895) Lease payments - (3) (95) - (98) Shareholders’ dividends and other equity distributions (2,972) - - - (2,972) Common shares repurchased (1,595) - - - (1,595) Common shares issued, net 94 - 1,843 (1,843) 94 Contributions from (distributions to) non-controlling interests, net - - (14) - (14) Dividends paid to parent - 679 (5,986) 5,307 - Capital contributions by parent - - 1 (1) - Return of capital to parent - - (5) 5 - Notes payable to parent - - 25 (25) - Notes payable to subsidiaries 4 - - (4) - Cash provided by (used in) financing activities (3,875) 676 (5,282) 3,439 (5,042) Cash and short-term securities Increase (decrease) during the year 26 1,841 (206) - 1,661 Effect of foreign exchange rate changes on cash and short-term securities (3) (52) (357) - (412) Balance, beginning of year 63 2,215 16,357 - 18,635 Balance, end of year 86 4,004 15,794 - 19,884 Cash and short-term securities Beginning of year Gross cash and short-term securities 63 2,614 16,476 - 19,153 Net payments in transit, included in other liabilities - (399) (119) - (518) Net cash and short-term securities, beginning of year 63 2,215 16,357 - 18,635 End of year Gross cash and short-term securities 86 4,329 15,923 - 20,338 Net payments in transit, included in other liabilities - (325) (129) - (454) Net cash and short-term securities, end of year $ 86 $ 4,004 $ 15,794 $ - $ 19,884 Supplemental disclosures on cash flow information: Interest received $ 650 $ 3,369 $ 10,166 $ (1,417) $ 12,768 Interest paid 418 115 2,432 (1,417) 1,548 Income taxes paid (refund) 2 (1) 435 - 436

Comparatives

Comparatives	12 Months Ended
	Dec. 31, 2024
Comparatives [Abstract]
Comparatives	Comparatives Certain comparative amounts have been reclassified to conform to the current year’s presentation.

Nature of Operations and Mate_2

Nature of Operations and Material Accounting Policy Information (Policies)	12 Months Ended
	Dec. 31, 2024
Disclosure Of Material Accounting Policy Information [Abstract]
Reporting entity	Reporting entity Manulife Financial Corporation (“MFC”) is a publicly tr aded company and the holding company of The Manufacturers Life Insurance Company (“MLI ”) , a Canadian life insurance company . MFC, including its subsidiaries (collectively, “Manulife” or the “Company”) is a leading financial services group with principal operations in Asia, Canada and the United States. Manulife’s international network of employees, agents and distribution partners offers financial protection and wealth management products and services to personal and business clients as well as asset management services to institutional customers. The Company operates as Manulife in Asia and Canada and as John Hancock and Manulife in the United States. MFC is domiciled in Canada and incorporated under the Insurance Companies Act (Canada) (“ICA”). These Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB” ). These Consolidated Financial Statements as at and for the year ended December 31, 2024 were authorized for issue by MFC ’s Board of Directors on February 19, 2025 .
Basis of preparation	Basis of preparation The preparation of Consolidated Financial Statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as at the date of the Consolidated Financial Statements, and the reported amounts of insurance service, investment result, and other revenue and expenses during the reporting periods. Actual results may differ from these estimates. The most significant estimation processes relate to evaluating assumptions used in measuring insurance and investment contract liabilities and reinsurance contracts held liabilities, assessing assets for impairment, determining pension and other post-employment benefit obligation and expense assumptions, determining income taxes and uncertain tax positions, and estimating fair values of certain invested assets. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimates are revised and in any future years affected. Although some variability is inherent in these estimates, management believes that the amounts recorded are appropriate. The material accounting policies used and the most significant judgments made by management in applying these accounting policies in the preparation of these Consolidated Financial Statements are summarized below. The Company’s results and operations have been and may continue to be adversely impacted by the economic environment. The adverse effects include but are not limited to recessionary economic trends in markets the Company operates in, significant market volatility, increase in credit risk, strain on commodity markets and alternative long duration asset (“ALDA”) prices, foreign currency exchange rate volatility, increases in insurance claims, persistency and redemptions, and disruption of business operations. The breadth and depth of these events and their duration contribute additional uncertainty around estimates used in determining the carrying value of certain assets and liabilities included in these Consolidated Financial Statements. The Company has applied appropriate fair value measurement techniques using reasonable judgment and estimates from the perspective of a market participant to reflect current economic conditions. The impact of these techniques has been reflected in these Consolidated Financial Statements. Changes in the inputs used could materially impact the respective carrying values.
Fair value measurement	Fair value measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction (not a forced liquidation or distress sale) between market participants at the measurement date; fair value is an exit value. When available, quoted market prices are used to determine fair value. If quoted market prices are not available, fair value is typically based upon alternative valuation techniques such as discounted cash flows, matrix pricing, consensus pricing services and other techniques. Broker quotes are generally used when external public vendor prices are not available. The Company has a valuation process in place that includes a review of price movements relative to the market, a comparison of prices between vendors, and a comparison to internal matrix pricing which uses predominantly external observable data. Judgment is applied in adjusting external observable data for items including liquidity and credit factors. The Company categorizes its fair value measurement results according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company’s valuation techniques based on their reliability. A level is assigned to each fair value measurement based on the lowest level input significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are defined as follows: Level 1 – Fair value measurements that reflect unadjusted, quoted prices in active markets for identical assets and liabilities that the Company can access at the measurement date, reflecting market transactions. Level 2 – Fair value measurements using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in inactive markets, inputs that are observable that are not prices (such as interest rates, credit risks, etc.) and inputs that are derived from or corroborated by observable market data. Most debt investments are classified within Level 2. Also, included in the Level 2 category are derivative instruments that are priced using models with observable market inputs, including interest rate swaps, equity swaps, credit default swaps and foreign currency forward contracts. Level 3 – Fair value measurements using significant non-market observable inputs. These include valuations for assets and liabilities that are derived using data, some or all of which is not market observable, including assumptions about risk. Level 3 security valuations include less liquid investments such as real estate, other invested assets, timber investments held within segregated funds, certain long-duration bonds and other investments that have little or no price transparency. Certain derivative financial instrument valuations are also included in Level 3.
Basis of consolidation	Basis of consolidation MFC consolidates the financial statements of all entities it controls, including certain structured entities. Subsidiaries are entities controlled by the Company. The Company has control over an entity when the Company has the power to govern the financial and operating policies of the entity and is exposed to variable returns from its activities which are significant in relation to the total variable returns of the entity and the Company is able to use its power over the entity to affect the Company’s share of variable returns of the entity. In assessing control, significant judgment is applied while considering all relevant facts and circumstances. When assessing decision making power over an entity, the Company considers the extent of its rights relative to the management of the entity, the level of voting rights held over the entity which are potentially or presently exercisable, the existence of any contractual management agreements which may provide the Company with power over the entity’s financial and operating policies, and to the extent of other parties’ ownership in the entity, if any, the possibility for de facto control being present. When assessing variable returns from an entity, the Company considers the significance of direct and indirect financial and non-financial variable returns to the Company from the entity’s activities in addition to the proportionate significance of such returns to the total variability of the entity. The Company also considers the degree to which its interests are aligned with those of other parties investing in the entity and the degree to which the Company may act in its own interest while interacting with the entity. The financial statements of subsidiaries are included in MFC’s consolidated results from the date control is established and are excluded from consolidation from the date control ceases. The initial control assessment is performed at the inception of the Company’s involvement with the entity and is reconsidered if the Company acquires or loses power over key operating and financial policies of the entity; acquires additional interests or disposes of interests in the entity; the contractual arrangements of the entity are amended such that the Company’s proportionate exposure to variable returns changes; or if the Company’s ability to use its power to affect its variable returns from the entity changes. A change in control may lead to gains or losses on derecognition of a subsidiary when losing control, or on derecognition of previous interests in a subsidiary when gaining control. The Company’s Consolidated Financial Statements have been prepared using uniform accounting policies for like transactions and events in similar circumstances. Intercompany balances, and revenue and expenses arising from intercompany transactions, have been eliminated in preparing the Consolidated Financial Statements. Non-controlling interests are interests of other parties in the equity of MFC’s subsidiaries and are presented within total equity, separate from the equity of MFC’s participating policyholders and shareholders . Non-controlling interests in the net income and other comprehensive income (“OCI”) of MFC’s subsidiaries are included in total net income and total OCI, respectively. An exception to this occurs where the subsidiary’s shares are either puttable by the other parties or are redeemable for cash on a fixed or determinable date, in which case other parties’ interests in the subsidiary’s capital are presented as liabilities of the Company and other parties’ interests in the subsidiary’s net income and OCI are recorded as expenses of the Company. The equity method of accounting is used to account for entities over which the Company has significant influence or joint control (“associates” or “joint ventures”), whereby the Company records its share of the associate’s or joint venture’s net assets and financial results using uniform accounting policies for similar transactions and events. Significant judgment is used to determine whether voting rights, contractual management rights and other relationships with the entity, if any, provide the Company with significant influence or joint control over the entity. Gains and losses on the sale of associates or joint ventures are included in income when realized, while impairment losses are recognized immediately when there is objective evidence of impairment. Gains and losses on commercial transactions with associates or joint ventures are eliminated to the extent of the Company’s interest in the equity of the associate or joint venture. Investments in associates and joint ventures are included in other invested assets on the Company’s Consolidated Statements of Financial Position.
Invested assets	Invested assets Invested assets are recognized initially at fair value plus, in the case of investments not classified as fair value through profit or loss (“FVTPL”), directly attributable transaction costs. Invested assets that are considered financial instruments are classified as fair value through other comprehensive income (“FVOCI”), FVTPL or as amortized cost. The Company determines the classification of its financial assets at initial recognition. The classification of invested assets which are financial instruments depends on their contractual terms and the Company’s business model for managing the assets. The Company assesses the contractual terms of the assets to determine whether their terms give rise on specified dates to cash flows that are solely payments of principal and interest (“SPPI”) on the principal amount outstanding. Only debt instruments may have SPPI cash flows. The most significant elements of interest within a lending arrangement are typically the consideration for the time value of money and credit risk. To make the SPPI assessment, the Company applies judgement and considers relevant factors such as prepayment and redemption rights, conversion features, and subordination of the instrument to other instruments of the issuer. An asset with contractual terms that introduce a more than de minimis exposure to risks of not collecting principal or interest would not meet the SPPI test. Debt instruments which qualify as having SPPI cash flows are classified as amortized cost or FVOCI based on the business model under which they are held. If held within a business model whose objective is to hold the assets in order to collect contractual cash flows, they are classified as amortized cost. If held within a business model whose objective is achieved by both collecting contractual cash flows and selling the assets, they are classified as FVOCI. In either case, the Company may designate them as FVTPL in order to reduce accounting mismatches with FVTPL liabilities they support. Debt instruments which fail the SPPI test are required to be measured at FVTPL. To identify the business model financial assets are held within, considerations include the business purpose of the portfolio they are held within, the risks that are being managed and the business activities which manage the risks, the basis on which performance of the portfolio is being evaluated, and the frequency and significance of sales activity within the portfolio. Realized and unrealized gains and losses on debt instruments classified as FVTPL and realized gains and losses on debt instruments held at FVOCI or amortized cost are recognized in investment income immediately. Unrealized gains and losses on FVOCI debt investments are recorded in OCI, except for unrealized gains and losses on foreign currency translation which are included in income. Investments in equities which are accounted for as financial instruments are not subject to the SPPI test and are accounted for as FVTPL. Valuation methods for the Company’s invested assets are described above in note 1 (c). All fair value valuations are performed in accordance with IFRS 13 “Fair Value Measurement”. Disclosure of financial instruments carried at fair value within the three levels of the fair value hierarchy and disclosure of the fair value for financial instruments not carried at fair value on the Consolidated Statements of Financial Position are presented in note 3. Fair value valuations are performed by the Company and by third-party service providers. When third-party service providers are engaged, the Company performs a variety of procedures to corroborate pricing information. These procedures may include, but are not limited to, inquiry and review of valuation techniques, and of inputs to the valuation and vendor controls reports. Cash and short-term securities comprise cash, current operating accounts, overnight bank and term deposits, and debt instruments held for meeting short-term cash commitments. Short-term securities are carried at fair value. Short-term securities comprise investments due to mature within one year of the date of purchase. Commercial paper and discount notes are classified as Level 2 for fair value purposes because these instruments are typically not actively traded. Net payments in transit and overdraft bank balances are included in other liabilities. Debt securities are carried at fair value or amortized cost. Debt investments are generally valued by independent pricing vendors using proprietary pricing models incorporating current market inputs for similar investments with comparable terms and credit quality (matrix pricing). The significant inputs include, but are not limited to, yield curves, credit risks and spreads, prepayment rates and volatility of these inputs. Debt investments are classified as Level 2 but can be Level 3 if significant inputs are not market observable. Public equities comprise of common and preferred equities and shares or units of mutual funds and are carried at fair value. Public equities are generally classified as Level 1, as fair values are normally based on quoted market prices. Realized and unrealized gains and losses on equities designated as FVTPL are recognized in investment income immediately. The Company’s risk management policies and procedures related to equities can be found in the denoted components of the “Risk Management and Risk Factors” section of the Company’s 2024 Management’s Discussion and Analysis (“MD&A”). Mortgages are classified as Level 3 for fair value purposes due to the lack of market observability of certain significant valuation inputs. The Company accounts for insured and uninsured mortgage securitizations as secured financing transactions since the criteria for sale accounting of securitized mortgages are not met. For these transactions, the Company continues to recognize the mortgages and records a liability in other liabilities for the amounts owed at maturity. Interest income from these mortgages and interest expense on the borrowings are recorded using the effective interest rate (“EIR”) method. Private placements, which include corporate loans for which there is no active market, are generally classified as Level 2 for fair value disclosure purposes or as Level 3 if significant inputs are not market observable. Loans to Manulife Bank of Canada (“Manulife Bank” or “Bank”) clients are carried at amortized cost and are classified as Level 2 for fair value disclosure purposes. Interest income is recognized on all debt instruments including securities, private placements, mortgages, and loans to Bank clients as it accrues and is calculated using the EIR m ethod. Premiums, discounts and transaction costs are amortized over the life of the underlying investment using the effective yield method for all debt securities as well as private placements and mortgages. The Company records purchases and sales of invested assets on a trade date basis. Loans originated by the Company are recognized on a settlement date basis. Real estate consists of both own use and investment property. Own use property is carried at cost less accumulated depreciation and any accumulated impairment losses, or at revalued amount which is the fair value as at the most recent revaluation date minus accumulated amortization and any accumulated impairment losses. Depreciation is calculated based on the cost of an asset less its residual value and is recognized in income on a straight-line basis over the estimated useful life ranging from 30 to 60 years . Impairment losses are recorded in income to the extent the recoverable amount is less than the carrying amount. Own use property is classified as Level 3 for fair value disclosure purposes. Own use real estate properties which are underlying items for insurance contracts with direct participating features are measured at fair value as if they were investment properties, as permitted by International Accounting Standards (“IAS”) 16 “Property, Plant and Equipment” which was amended by IFRS 17 “Insurance Contracts” (“IFRS 17”). An investment property is a property held to earn rental income, for capital appreciation, or both. Investment properties are measured at fair value, with changes in fair value recognized in income. Fair value of own use properties and investment properties is determined using the same processes. Fair value for all properties is determined using external appraisals that are based on the highest and best use of the property. The valuation techniques include discounted cash flows, the direct capitalization method as well as comparable sales analysis and employ both observable and non-market observable inputs. Inputs include existing and assumed tenancies, market data from recent comparable transactions, future economic outlook and market risk assumptions, capitalization rates and internal rates of return. Investment properties are classified as Level 3 for fair value disclosure purposes. When a property transfers from own use held at cost to investment property, any gain or loss arising on the re-measurement of the property and any associated leases to fair value as at the date of change in use is recognized in OCI, to the extent that it is not reversing a previous impairment loss. Reversals of impairment losses are recognized in income. When a property changes from investment property to own use held at cost, the property’s deemed cost for subsequent accounting is its fair value as at the date of change in use. Other invested assets include private equity and debt investments and property investments held in infrastructure, timber, agriculture and energy sectors. Private equity investments which are associates or joint ventures are accounted for using the equity method (as described in note 1 (d) above) or are classified as FVTPL and carried at fair value. Timber and agriculture properties which are own use properties are carried at cost less accumulated depreciation and any accumulated impairment losses, except for their biological assets which are measured at fair value. Timber and agriculture properties which are investment properties are measured at fair value with changes in fair value recognized in income. The fair value of other invested assets is determined using a variety of valuation techniques as described in note 3. Other invested assets that are measured or disclosed at fair value are classified as Level 3 for fair value disclosure purposes. Other invested assets also include investments in leveraged leases, which are accounted for using the equity method. The carrying value under the equity method reflects the amortized cost of the unconsolidated lease entity’s lease receivable and related non-recourse debt using the effective yield method. Expected Credit Loss Impairment The expected credit loss (“ECL”) impairment allowance model applies to invested assets which are debt instruments and measured at FVOCI or amortized cost. ECL allowances are measured under four probability-weighted macroeconomic scenarios, which measure the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the Company expects to receive, discounted at the original EIR. This process includes consideration of past events, current market conditions and reasonable supportable information about future economic conditions. Forward-looking macroeconomic variables used within the estimation models represent variables that are the most closely related with credit losses in the relevant portfolio. The estimation and measurement of impairment losses requires significant judgement. These estimates are driven by many elements, changes in which can result in different levels of allowances. Elements include the estimation of the amount and timing of future cash flows, the Company’s criteria for assessing if there has been a significant increase in credit risk (“SICR”), the selection of forward-looking macroeconomic scenarios and their probability weights, the application of expert credit judgment in the development of the models, inputs and, when applicable, overlay adjustments. It is the Company’s practice to regularly review its models in the context of actual loss experience and adjust when necessary. The Company has implemented formal policies, procedures, and controls over all significant impairment processes. The Company’s definitions of default and credit-impaired are based on quantitative and qualitative factors. A financial instrument is considered to be in default when significant payments of interest, principal or fees are past due for more than 90 days, unless remedial arrangements with the issuer are in place. A financial instrument may be credit impaired as a result of one or more loss events that occurred after the date of initial recognition of the instrument and the loss event has a negative impact on the estimated future cash flows of the instrument. This includes events that indicate or include: significant financial difficulty of the counterparty; a breach of contract; for economic or contractual reasons relating to the counterparty’s financial difficulty, concessions are granted that would not otherwise be considered; it is becoming probable that the counterparty will enter bankruptcy or other financial reorganization; the disappearance of an active market for that financial asset because of the counterparty’s financial difficulties; or the counterparty is considered to be in default by any of the major rating agencies such as S&P, Moody’s and Fitch . The ECL calculations include the following elements: • Probability of default (“PD”) is an estimate of the lik elihood of default over a given time horizon. • Loss given default (“LGD”) is an estimate of the loss arising on a future default. This is based on the difference between the contractual cash flows due and those that the Company expects to receive, including from collateral. It is based on credit default studies performed based on internal credit experience. • Exposure at default (“EAD”), is an estimate of the exposure at a future default date, considering both the period of exposure and the amount of exposure at a given reporting date. The EADs are determined by modelling the range of possible exposure outcomes at various points in time, corresponding to the multiple economic scenarios. The probabilities are then assigned to each economic scenario based on the outcome of the models. The Company measures ECLs using a three-stage approach: • Stage 1 comprise all performing financial instruments that have not experienced a SICR since initial recognition. The determination of SICR varies by instrument and considers the relative change in the risk of default since origination. 12- month ECLs are recognized for all Stage 1 financial instruments. 12-month ECLs represent the portion of lifetime ECLs that result from default events possible within 12 months of the reporting date. These expected 12-month default probabilities are applied to a forecast EAD, multiplied by the expected LGD, and discounted by the original EIR. This calculation is made for each of four macroeconomic scenarios. • Stage 2 comprise all performing financial instruments that have experienced a SICR since original recognition or have become 30 days in arrears for principal or interest payments, whichever happens first. When assets move to Stage 2, full lifetime ECLs are recognized, which represent ECLs that result from all possible default events over the remaining lifetime of the financial instrument. The mechanics are consistent with Stage 1, except PDs and LGDs are estimated over the remaining lifetime of the instrument instead of over the coming year. In subsequent reporting periods, if the credit risk of a financial instrument improves such that there is no longer a SICR compared to credit risk at initial recognition, the financial instrument will migrate back to Stage 1 and 12-month ECLs will be recognized. • Stage 3 comprise financial instruments identified as credit impaired. Similar to Stage 2 assets, full lifetime ECLs are recognized for Stage 3 financial instruments, but the PD is set at 100% . A Stage 3 ECL is calculated using the unpaid principal balance multiplied by LGD which reflects the difference between the asset’s carrying amount and its discounted expected future cash flows. Interest income is calculated based on the gross carrying amount for both Stage 1 and 2 exposures. Interest income on Stage 3 financial instruments is determined by applying the EIR to the amortized cost of the instrument, which represents the gross carrying amount adjusted for the credit loss allowance. For Stage 1 and Stage 2 exposures, an ECL is generated for each individual exposure; however, the relevant parameters are modelled on a collective basis with all collective parameters captured by the individual security level. The exposures are grouped into smaller homogeneous portfolios, based on a combination of internal and external characteristics, such as origination details, balance history, sector, geographic location, and credit history. Stage 3 ECLs are either individually or collectively assessed, depending on the nature of the instrument and impairment. In assessing whether credit risk has increased significantly, the risk of default occurring is compared over the remaining expected life from the reporting date and as at the date of initial recognition. The assessment varies by instrument and risk segment. The assessment incorporates internal credit risk ratings and a combination of security-specific and portfolio-level assessments, including the incorporation of forward-looking macroeconomic data. The assessment of SICR considers both absolute and relative thresholds. If contractual payments are more than 30 days past due, the credit risk is automatically deemed to have increased significantly since initial recognition. When estimating ECLs, the four probability-weighted macroeconomic scenarios are considered. Economic forward-looking inputs vary by market. Depending on their usage in the models, macroeconomic inputs are projected at the country, province, or more granular level. Each macroeconomic scenario used includes a projection of all relevant macroeconomic variables for a five- year period, subsequently reverting to long-run averages. In order to achieve an unbiased estimate, economic data used in the models is supplied by an external source. This information is compared to other publicly available forecasts, and the scenarios are assigned a probability weighting based on statistical analysis and management judgment. Refer to note 8 (c). The inputs and models used for calculating ECLs may not always capture all characteristics of the market at the date of the Consolidated Financial Statements. Changes in the required ECL allowance are recorded in the provision for credit losses within Investment income in the Consolidated Statements of Income. Invested assets are written off, either partially or in full, against the related allowance for credit losses when there is no realistic prospect of recovery in respect of those amounts. This is considered a partial or full derecognition of the financial asset. In subsequent periods, any recoveries of amounts previously written off are credited to the provision for credit losses.
Goodwill and intangible assets	Goodwill and intangible assets Goodwill represents the difference between the fair value of purchase consideration of an acquired business and the Company’s proportionate share of the net identifiable assets acquired. It is initially recorded at cost and subsequently measured at cost less any accumulated impairment. Goodwill is tested for impairment at least annually and whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable at the cash generating unit (“CGU”) or group of CGUs level. The Company allocates goodwill to CGUs or group of CGUs for impairment testing at the lowest level within the Company where the goodwill is monitored for internal management purposes. The allocation is made to those CGUs or group of CGUs that are expected to benefit from the business combination in which the goodwill arose. Any potential impairment of goodwill is identified by comparing the recoverable amount with the carrying value of a CGU or group of CGUs. Goodwill is reduced by the amount of deficiency, if any. If the deficiency exceeds the carrying amount of goodwill, the carrying values of the remaining assets in the CGU or group of CGUs are subject to being reduced by the remaining deficiency on a pro-rata basis. The recoverable amount of a CGU or group of CGUs is the higher of the estimated fair value less costs to sell or the value-in-use of the CGU or group of CGUs. In assessing value-in-use, estimated future cash flows are discounted using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the CGU or group of CGUs. In some cases, the most recent detailed calculation made in a prior period of a recoverable amount is used in the current period impairment testing. This is the case only if there are no significant changes to the CGU or group of CGUs, the likelihood of impairment is remote based on the analysis of current events and circumstances, and the most recently calculated recoverable amount substantially exceeded the current carrying amount of the CGU or group of CGUs. Intangible assets with indefinite useful lives include the John Hancock brand name, certain investment management contracts and certain agricultural water rights. The indefinite useful life assessment for the John Hancock brand name is based on the brand name being protected by indefinitely renewable trademarks in markets where branded products are sold, and for certain investment management contracts based on the ability to renew these contracts indefinitely. In addition, there are no legal, regulatory or contractual provisions that limit the useful lives of these intangible assets. Certain agricultural water rights are held in perpetuity. An intangible asset with an indefinite useful life is not amortized but is subject to an annual impairment test which is performed more frequently if an indication that it is not recoverable arises. Intangible assets with finite useful lives include acquired distribution networks, customer relationships, capitalized software, and certain investment management contracts and other contractual rights. Distribution networks, customer relationships, and other finite life intangible assets are amortized over their estimated useful lives, six to 68 years , either based on the passage of time or in relation to asset consumption metrics. Software intangible assets are amortized on a straight-line basis over their estimated useful lives of three to 10 years . Finite life intangible assets are assessed for indicators of impairment at each reporting period. If an indication of impairment arises, these assets are tested for impairment.
Miscellaneous assets	Miscellaneous assets Miscellaneous assets include assets held in a rabbi trust with respect to unfunded defined benefit obligations, defined benefit assets and capital assets. Rabbi trust assets are carried at fair value. Defined benefit assets’ carrying value is explained in note 1 (o). Capital assets are carried at cost less accumulated amortization computed on a straight-line basis over their estimated useful lives, which vary from two to 10 years .
Segregated funds	Segregated funds The Company manages segregated funds on behalf of policyholders, which are presented as segregated funds net assets with offsetting insurance and investment contract liabilities for account of segregated fund holders in the amount of their account balances. The investment returns on these funds are passed directly to policyholders. In some cases, the Company has provided guarantees associated with these funds. Amounts invested by the Company in segregated funds for seed purposes are presented within invested asset categories based on the nature of the underlying investments. Segregated funds net assets are measured at fair value and include investments in mutual funds, debt securities, equities, cash, short-term investments and other investments. With respect to the consolidation requirement of IFRS, in assessing the Company’s degree of control over the underlying investments, the Company considers the scope of its decision-making rights, the rights held by other parties, its remuneration as an investment manager and its exposure to variability of returns from the investments. The Company has determined that it does not have control over the underlying investments as it acts as an agent on behalf of segregated fund policyholders. The methodology applied to determine the fair value of investments held in segregated funds is consistent with that applied to invested assets held by the general fund, as described above in note 1 (e). Segregated funds liabilities are measured based on the value of the segregated funds net assets. Investment returns on segregated funds assets are passed directly to policyholders and the Company does not bear the risk associated with these assets outside of guarantees offered on certain variable life and annuity products, for which the underlying investments are held within segregated funds. Some of the Company’s liabilities for account of segregated fund holders arise from insurance contracts that it issues. These are reported as Insurance contract liabilities for account of segregated fund holders, representing the Company’s obligation to pay the policyholder an amount equal to the fair value of the underlying items, and are measured at the aggregate of policyholder account balances. Changes in fair value of these liabilities are reported as Financial changes related to insurance and investment contract liabilities for account of segregated fund holders in the Consolidated Statements of Income. Other liabilities associated with these insurance contracts, such as those associated with guarantees provided by the Company as a result of certain variable life and annuity contracts, are included in Insurance contract assets or Insurance contract liabilities, excluding those for account of segregated fund holders on the Consolidated Statements of Financial Position. The Company holds assets supporting these guarantees in the general fund, which are included in invested assets according to their investment type. The remaining liabilities for account of segregated fund holders do not arise from insurance contracts that the Company issues, and are reported as Investment contract liabilities for account of segregated fund holders on the Consolidated Statements of Financial Position. These are also measured at the aggregate of policyholder account balances and changes in fair value of these liabilities are reported as Financial changes related to insurance and investment contract liabilities for account of segregated fund holders in the Consolidated Statements of Income.
Insurance contract liabilities and reinsurance contract assets	Insurance contract liabilities and reinsurance contract assets Scope and Classification Contracts issued by the Company are classified as insurance, investment, or service contracts at initial recognition. Insurance contracts are contracts under which the Company accepts significant insurance risk from a policyholder. A contract is considered to have significant insurance risk if an insured event could cause the Company to pay significant additional amounts in any single scenario with commercial substance. The additional amounts refer to the present value of amounts that exceed those that would be payable if no insured event had occurred. Reinsurance contracts held are contracts held by the Company under which it transfers significant insurance risk related to underlying insurance contracts to other parties, along with the associated premiums. The purpose of the reinsurance contracts held is to mitigate the significant insurance risk that the Company may have from the underlying insurance contracts. Both insurance and reinsurance contracts are accounted for in accordance with IFRS 17 . Contracts under which the Company does not accept significant insurance risk are either classified as investment contracts or considered service contracts and are accounted for in accordance with IFRS 9 “Financial Instruments” (“IFRS 9”) or IFRS 15 “Revenue from Contracts with Customers” (“IFRS 15”), respectively. Insurance contracts are classified as direct participation contracts or contracts without direct participation features based on specific criteria. Insurance contracts with direct participation features are insurance contracts that are substantially investment- related service contracts under which the Company promises an investment return based on underlying items. They are viewed as creating an obligation to pay policyholders an amount that is equal to the fair value of the underlying items, less a variable fee for service. Separation of components At inception of insurance and reinsurance contracts held, the Company analyses whether they contain the following components that are separated and accounted for under other IFRS standards: • Derivatives embedded within insurance contracts which contain risks and characteristics that are not closely related to those of the host contract unless the embedded derivative itself meets the definition of an insurance contract; • Distinct investment components which represent cash flows paid (received) in all circumstances regardless of whether an insured event has occurred or not. Investment components are distinct if they are not highly interrelated with insurance component cash flows and if they could be issued on a stand-alone basis; and • Distinct service components which are promises to transfer goods or non-insurance services if the policyholder can benefit from it either on its own or with other resources that are readily available to the policyholder. The service components are distinct if they are not highly interrelated with the insurance components and the Company provides no significant service in integrating the service component with the insurance component. The Company applies IFRS 17 to all remaining components of the insurance and reinsurance contracts held. Level of aggregation Insurance contracts are aggregated into portfolios of insurance contracts which are managed together and are subject to similar risks. The Company has defined portfolios by considering various factors such as the issuing subsidiary, measurement model, major product line and type of insurance risk. The portfolios of insurance contracts are further grouped by: • Date of issue: the period cannot be longer than one year. Most of the Company’s insurance contracts are aggregated into annual cohorts; and • Expected profitability at inception into one of three categories: onerous contracts, contracts with no significant risk of becoming onerous and other remaining contracts. Onerous contracts are those contracts that at initial inception, the Company expects to generate net outflow, without considering investment returns or the benefit of any reinsurance contracts held. The Company establishes the groups at initial recognition and may add contracts to the groups after the end of a reporting period, however, the Company does not subsequently reassess the composition of the groups. For reinsurance contracts held, the portfolios align with the direct insurance contract portfolios. Groups of reinsurance contracts typically comprise a single reinsurance contract, and similar to direct groups they do not contain contracts issued more than one year apart. Cash flows within the contract boundaries The Company includes in the measurement of a group of insurance contracts and reinsurance contracts held, all future cash flows within the boundary of the contracts in the group. Cash flows are within the boundary of an insurance contract (and a reinsurance contract held) if they arise from substantive rights and obligations that exist in which the Company can compel the policyholder to pay the premiums (or is compelled to pay amounts to a reinsurer) or has a substantive obligation to provide services to the policyholder (or a substantive right to receive services from a reinsurer). For insurance contracts, a substantive obligation to provide services ends when the Company has the practical ability to reassess the risks and as a result, can set a new price or level of benefits that fully reflects those risks. For reinsurance contracts held, a substantive right to receive services ends when the reinsurer has the practical ability to reassess the risk transferred to it and can set a new price or level of benefits that fully reflects those risks, or the reinsurer can terminate the coverage. Measurement models There are three measurement models for insurance contracts: • Variable fee approach (“VFA”): The Company applies this approach to insurance contracts with direct participation features such as participating life insurance contracts, unit linked contracts and variable annuity contracts. The direct participating feature is identified at inception, where the Company has the obligation to pay the policyholder an amount equal to the fair value of the underlying items less a variable fee in exchange for investment services provided. • Premium allocation approach (“PAA”): The Company applies this simplified approach for certain insurance contracts and reinsurance contracts with a duration of typically one year or less, such as Canadian Group Benefit products, some Canadian Affinity products, and some Asia short-term individual and group products. • General measurement model (“GMM”): The Company applies this model to the remaining insurance contracts and reinsurance contracts not measured using the VFA or the PAA. Recognition of insurance contracts The Company recognizes groups of insurance contracts that it issues from the earliest of the following: • The beginning of the coverage period of the group of contracts, • The date when the first payment from a policyholder in the group is due or when the first payment is received if there is no due date, and • For a group of onerous contracts, as soon as facts and circumstances indicate that the group is onerous. Insurance contracts measured under the GMM and VFA measurement model Initial measurement The measurement of insurance contracts at initial recognition is the same for GMM or VFA. At initial recognition, the Company measures a group of insurance contracts as the total of: (a) fulfilment cash flows, and (b) a contractual service margin (“CSM”). Fulfilment cash flows comprise estimates of future cash flows, adjusted to reflect the time value of money and financial risks, and a risk adjustment for non-financial risk. In determining the fulfilment cash flows, the Company uses estimates and assumptions considering a range of scenarios which have commercial substance and give a fair representation of possible outcomes. If fulfilment cash flows generate a total of net cash inflows at initial recognition, a CSM is set up to fully offset the fulfilment cash flows, and results in no impact on income at initial recognition. The CSM represents the unearned profit the Company will recognize as it provides services under the insurance contracts. However, if fulfilment cash flows generate a total of net cash outflows at initial recognition, a loss is recognized in income or expenses immediately and the group of contracts is considered to be onerous. For contracts with fulfilment cash flows in multiple foreign currencies, the group of insurance contracts, including the contractual service margin, is considered to be denominated in a single currency. If a group of insurance contracts has cash flows in more than one currency, on initial recognition the Company determines a single currency in which the multicurrency group of contracts is denominated. The Company determines the single currency to be the currency of the predominant cash flows. The unit of account for CSM or loss is on a group of contracts basis consistent with the level of aggregation specified above. Subsequent measurement of fulfilment cash flows The fulfilment cash flows at each reporting date are measured using the current estimates of expected cash flows and current discount rates. In the subsequent periods, the carrying amount of a group of insurance contracts at each reporting date is the sum of: • The liability for remaining coverage (“LRC”), which comprises the fulfilment cash flows that relate to services to be provided in the future and any remaining CSM at that date; and • The liability for incurred claims (“LIC”), which comprises the fulfilment cash flows for incurred claims and expenses that have not yet been paid. For onerous contracts, the LRC is further divided into a loss component, which represents the remaining net outflow for the group of insurance contracts; and the LRC excluding the loss component, which represents the amount of liability with offsetting inflows. Premiums received increases the LRC. Where a third-party administrator is involved in the collection and remittance of premiums, amounts receivable from the third party are included in the measurement of insurance contract liabilities until actual cash is remitted to the Company. Subsequent measurement of the CSM under the GMM measurement model For contracts without direct participation features, when applying the GMM measurement model, the carrying amount of the CSM at the end of reporting period is adjusted to reflect the following changes: (a) effect of new contracts added to the group; (b) interest accreted on the carrying amount of CSM, measured at the locked-in discount rate. The locked-in discount rate is the weighted average of the rates applicable at the date of initial recognition of contracts that joined a group over a 12- month period, and is determined using the bottom-up approach; (c) changes in fulfilment cash flows that relate to future services such as: • Experience differences between actual and expected premiums and related cash flows at the beginning of the period measured at the locked-in rate. • Non-financial changes in estimates of the present value of future cash flows measured at the locked-in rate. • Changes in the risk adjustment for non-financial risk that relate to future service measured at the locked-in rate. • Differences between actual and expected investment component that becomes payable in the period. The same applies to a policyholder loan that becomes repayable; (d) effect of any currency exchange differences on the CSM; (e) CSM amortization, which is the recognition of unearned profit into insurance revenue for services provided in the period. The CSM is recognized into insurance revenue over the duration of the group of insurance contracts based on the respective coverage units as insurance services are provided. The number of coverage units is the quantity of services provided by the contracts in the group, determined by considering the quantity of benefits provided and its expected coverage period. The coverage units are reviewed and updated at each reporting date. The Company allocates the CSM equally to each coverage unit and recognizes the amount allocated to coverage units provided and expected to be provided in each period. When measuring the fulfilment cash flows, changes that relate to future services are measured using the current discount rate; however, the CSM is adjusted for these changes using the locked-in rate at initial recognition. The application of the two different discount rates gives rise to a gain or loss that is recognized as part of insurance finance income or expense. Subsequent measurement of the CSM under the VFA measurement model For contracts with direct participation features applying the VFA measurement model, subsequent measurement of the CSM is similar to the GMM model with the following exceptions or modifications: For changes in fulfilment cash flows that do not vary with the underlying items: • Non-financial changes adjust the CSM at the current discount rate, there is no interest accretion on CSM at the locked-in rate, • Changes in the effect of time value of money and financial risks such as the effect of financial guarantees adjust the CSM, however, income or expenses would be impacted if the risk mitigation option is elected. For changes in fulfilment cash flows that vary with the fair value of the underlying items: • Changes in the shareholders’ share adjust the CSM, however, income or expenses would be impacted if the risk mitigation option is elected, • Changes in the policyholders’ share are recognized in income or expenses or OCI. The Company uses derivatives, non-derivative financial instruments measured at fair value through profit or loss, and reinsurance contracts to mitigate the financial risk arising from direct participation contracts applying the VFA measurement model. The Company may elect the risk mitigation option to recognize some or all changes of financial guarantees and shareholders’ share of the underlying items in income or expenses instead of adjusting CSM. Groups of GMM or VFA insurance contracts with a CSM at initial recognition can subsequently become onerous when increases in fulfilment cash flows that do not vary with the underlying items or declines in the shareholder’s share of the underlying items exceed the carrying amount of the CSM. The excess establishes a loss which is recognized in income or expenses immediately, and the LRC is then divided into the loss component and the LRC excluding the loss component. Subsequent measurement of the loss component The loss component represents the net outflow attributable to each group of onerous insurance contracts (or contracts profitable at inception that have subsequently become onerous), any subsequent decrease relating to future service in estimates of future cash flows and risk adjustment for non-financial risk or any subsequent increase in the shareholders’ share of the fair value of underlying items will reverse the loss component. Any remaining loss component will be reversed systematically as actual cash flows are incurred. When actual cash flows are incurred, the LIC is recognized and the LRC is derecognized accordingly. The Company uses the proportion on initial recognition to determine the systematic allocation of LRC release between the loss component and the LRC excluding the loss component, resulting in both components being equal to zero by the end of the coverage period. Insurance contracts measured under the PAA measurement The Company applies the PAA to all insurance contracts it issues if the coverage period of the contract is one year or less; or the coverage period is longer than one year and the measurement of the LRC for the contracts under the PAA does not differ materially from the measurement that would be produced applying the GMM approach under possible future scenarios. The LRC is initially measured as the premium received at initial recognition minus any insurance acquisition cash flows at that date. There is generally no allowance for the time value of money as the premiums are mostly received within one year of the coverage period. For acquisition cash flows allocated to recognized groups of contracts applying the PAA, the Company is permitted to defer and amortize the amount over the coverage period or recognize the amount as an expense as incurred provided that the coverage period of the contracts in the group is no more than one year. This election can be made at the level of each group of insurance contracts. For the majority of the Company’s insurance contracts applying the PAA, such as Canadian Group Benefit products, some Canadian Affinity products, and some Asia short-term individual and group products, the Company has elected to defer directly attributable acquisition costs and recognize them in net income over the coverage period in a systematic way based on the passage of time. In these lines of business, directly attributable insurance acquisition cash flows paid are to acquire the current contract with an expectation of a number of renewals over future years. As such, directly attributable insurance acquisition cash flows are allocated to the group in which the current contract belongs to as well as to future groups that will include expected renewals applying a systematic methodology. If facts and circumstances indicate that there is an onerous group of contracts at initial measurement, a loss is immediately recognized in the income or expenses for the net outflow and a loss component of the LRC is created for the group. Subsequent measurement Subsequently, the Company measures the carrying amount of the LRC at the end of each reporting period as: • The LRC at the beginning of the period; plus • Premium received in the period; minus • Directly attributable acquisition costs net of related amortization (unless expensed as incurred); minus • Amount recognized as insurance revenue for the period; minus • Investment component paid or transferred to the LIC. The amount recognized as insurance revenue for the period is typically based on the passage of time. For the Company’s property & casualty reinsurance business, the expected pattern of release of risk during the coverage period differs significantly from the passage of time, and as such the amount recognized as insurance revenue is on the basis of the expected timing of incurred service expenses. If at any time during the coverage period, facts and circumstances indicate that a group of contracts is onerous, the Company will recognize a loss in income or expenses and an increase in the LRC to the extent that the current estimate of the fulfilment cash flows that relate to remaining coverage (including the risk adjustment for non-financial risk) exceed the carrying amount of the LRC. The Company estimates the LIC as the fulfilment cash flows related to incurred claims. The Company does not adjust the future cash flows for the time value of money, except when claims are expected to settle more than one year after the actual claim occurs. Assets for insurance acquisition cash flows Insurance acquisition cash flows arise from the costs of selling, underwriting and starting a group of insurance contracts (issued or expected to be issued) that are directly attributable to the portfolio of insurance contracts to which the group belongs. Insurance acquisition cash flows paid or incurred before the recognition of the related group of contracts are recognized as an asset within the portfolio of insurance contract liabilities in which the group of contracts is expected to be included. The Company applies a systematic basis to allocate these costs, which includes: • Insurance acquisition cash flows directly attributable to a group of contracts that will include future expected renewals of in- force contracts; and • Insurance acquisition cash flows directly attributable to a portfolio of insurance contracts, which will include future new business. When facts and circumstances indicate the assets for insurance acquisition cash flows might be impaired, the Company conducts impairment tests. If an asset is impaired, an impairment loss will be recognized in income or expenses, which can be subsequently reversed when the impairment condition no longer exists. Recognition of reinsurance contracts held The Company recognizes a group of reinsurance contracts held from the earliest of the following: • The beginning of the coverage period of the group of reinsurance contracts held. However, the Company delays the recognition of a group of reinsurance contracts held that provide proportionate coverage until the date when any underlying insurance contract is initially recognized, if that date is later than the beginning of the coverage period of the group of reinsurance contracts held; and • The date the Company recognizes an onerous group of underlying insurance contracts if the Company entered into the related reinsurance contract held in the group of reinsurance contracts held at or before that date. Reinsurance contracts held measured under the GMM model Initial measurement The measurement of reinsurance contracts held follows the same principles as the GMM for insurance contracts issued, with the following exceptions or modifications specified in this section below. Reinsurance contracts held and assumed cannot use the VFA measurement model. At initial recognition, the Company recognizes any net gain or net cost as a CSM in the consolidated statement of financial position, with some exceptions. If any net cost of obtaining reinsurance contracts held relates to insured events that occurred before initial recognition of any insurance contracts, it is recognized immediately in income or expenses. In addition, if the underlying insurance contracts are in an onerous position, the Company is required to recognize a reinsurance gain immediately in income for the portion of claims that the Company expects to recover from the reinsurance, if the reinsurance contract held was entered into prior to or at the same time as the onerous contracts. For contracts with fulfilment cash flows in multiple foreign currencies, the group is denominated in a single currency as defined by the predominant cash flows. Measurement of reinsurance contract cash flows is consistent with the underlying insurance contracts, but with an adjustment for any risk of non-performance by the reinsurer. The risk adjustment for non-financial risk represents the amount of risk being transferred by the Company to the reinsurer. Subsequent measurement Subsequently, the carrying amount of a group of reinsurance contracts held at each reporting date is the sum of: • The asset for remaining coverage (“ARC”), which comprises the fulfilment cash flows that relate to services to be received under the contracts in future periods, and any remaining CSM at that date; and • The asset for incurred claims (“AIC”), which comprises the fulfilment cash flows for incurred claims and expenses that have not yet been received. If the underlying insurance contracts are onerous at inception and a reinsurance gain is recognized in income as described above, the asset for remaining coverage is made up of a loss-recovery component and the ARC excluding the loss-recovery component. The loss-recovery component reflects changes in the loss component of the underlying onerous insurance contracts and determines the amounts that are subsequently presented in income or expenses as reversals of recoveries of losses from the reinsurance contracts held and are excluded from the allocation of reinsurance premiums paid. The Company adjusts the carrying amount of the CSM of a group of reinsurance contracts held to reflect changes in the fulfilment cash flows applying the same approach as for insurance contracts issued, except: • Income recognized to cover the losses from onerous underlying contracts also adjusts the carrying amount of CSM; • Reversals of the loss-recovery component, to the extent that those reversals are not changes in fulfilment cash flows of the group of reinsurance contracts held, also adjust the carrying amount of CSM; and • Changes in fulfilment cash flows related to future services also adjust the carrying amount of CSM provided that changes in fulfilment cash flows related to the group of underlying insurance contracts also adjust the CSM. Where a loss component has been set up subsequent to initial recognition of a group of underlying insurance contracts, the reinsurance gain that has been recognized adjusts the loss-recovery component of the reinsurance asset for remaining coverage. The carrying amount of the loss-recovery component must not exceed the portion of the carrying amount of the loss component of the onerous group of underlying insurance contracts that the Company expects to recover from the group of reinsurance contracts. On this basis, the loss-recovery component is reduced to zero when the loss component of underlying insurance contracts is reduced to zero. Reinsurance contracts held measured under the PAA model Reinsurance contracts held may be classified and measured under the PAA model if they meet the eligibility requirements, which are similar to the PAA requirements for direct insurance contracts. For reinsurance contracts held applying the PAA model, the Company measures them on the same basis as insurance contracts that it issues, adapted to reflect the features of reinsurance contracts held that differ from insurance contracts issued. If a loss-recovery is created for a group of reinsurance contracts measured under the PAA, the Company adjusts the carrying amount of the ARC as there is no CSM to adjust under PAA. Derecognition of insurance contracts The Company derecognizes insurance contracts when the rights and obligations relating to the contract are extinguished (i.e., discharged, cancelled, or expired) or the contract is modified such that the modification results in a change in the measurement model, or the applicable standard for measuring a component of the contract. In the case of modification, the Company derecognizes the initial contract and recognizes the modified contract as a new contract. Presentation and Disclosure The Company has presented the carrying amount of portfolios of insurance contracts that are in a net asset or liability position, and portfolios of reinsurance contracts that are in a net asset or liability position separately in the consolidated statements of financial position. The Company separately presents the insurance service result, which comprises insurance revenue and insurance service expenses, from the investment result, which comprises insurance finance income or expenses in the Consolidated Statements of Income. IFRS 17 provides an option to disaggregate the changes in risk adjustment between insurance service results and insurance finance income. The Company disaggregates the change in risk adjustment for non-financial risk between the insurance service expenses and insurance finance income or expenses. Net insurance service result The insurance revenue depicts the performance of insurance services and excludes investment components. For the GMM and the VFA contracts, the insurance revenue represents the change in the LRC relating to insurance services for which the Company expects to receive consideration. This insurance revenue comprises: (a) expected claims and other insurance expenses including policyholder taxes where applicable; (b) changes in risk adjustment for non-financial risk; (c) release of CSM based on coverage units; and (d) portion of premiums that relate to recovering of insurance acquisition cash flows. For contracts measured under the PAA, the insurance revenue for each period is the amount of expected premium receipts for providing insurance services in the period. The insurance service expenses arising from insurance contracts are recognized in income or expenses generally as they are incurred and exclude repayment of investment components. The insurance service expenses comprise: (a) incurred claims and other insurance service expenses; (b) losses on onerous contracts and reversal of such losses; (c) adjustments to LIC; (d) amortization of insurance acquisition cash flows; and (e) impairment losses on assets for insurance acquisition cash flows, if any, and reversals of such impairment losses. The amortization of insurance acquisition cash flows within insurance service expense is equal to the recovery of insurance acquisition cash flows in insurance revenue for contracts measured under the GMM and VFA. For contracts measured under the PAA with deferred acquisition cash flows, the Company amortizes insurance acquisition cash flows over the duration of the group of insurance contracts based on the respective coverage units. Net expenses from reinsurance contracts held comprise allocation of reinsurance premiums paid and the amounts expected to be recovered from reinsurers. Reinsurance cash flows that are contingent on claims on the underlying contracts are treated as part of the claims expected to be recovered from reinsurers, whereas reinsurance cash flows that are not contingent on claims on the underlying contracts (for example, some types of ceding commissions) are treated as a reduction in reinsurance premiums paid. For reinsurance contracts measured under the GMM, the allocation of reinsurance premiums paid represents the total of the changes in the asset for remaining coverage that relate to services for which the Company expects to pay consideration. For reinsurance contracts measured under the PAA, the allocation of reinsurance premiums paid is the amount of expected premium payments for receiving services in the period. Insurance finance income or expenses Insurance finance income or expenses comprise the change in the carrying amount of the group of insurance contracts arising from: (a) the effect of the time value of money and changes in the time value of money; and (b) the effect of financial risk and changes in financial risk. The Company disaggregates insurance finance income or expenses on insurance contracts issued for most of its groups of insurance contracts between income or expenses and OCI. The impact of changes in market interest rates on the value of the life insurance and related reinsurance assets and liabilities are reflected in OCI in order to minimize accounting mismatches between the accounting for insurance assets and liabilities and the supporting financial assets. The impacts from differences between current period rates and locked-in rates are presented in OCI. The Company’s invested assets which are debt instruments (including bonds, private placements, mortgages, and loans) are predominantly measured at FVOCI. As a result, the effect of the time value of money for the groups of insurance contracts and supporting fixed maturity assets is reflected in income or expenses and the effect of financial risk and changes in financial risk is reflected in OCI. The systematic allocation of expected total insurance finance income or expenses depends on whether changes in assumptions that relate to financial risk have a substantial effect on the expected amounts paid to the policyholders. • For groups of insurance contracts for which changes in assumptions that relate to financial risk do not have a substantial effect on the amounts paid to the policyholders, the Company systematically allocates expected total insurance finance income or expenses over the duration of the group of contracts to income or expenses using discount rates determined on initial recognition of the group of contracts. • For groups of insurance contracts for which changes in assumptions that relate to financial risk have a substantial effect on the amounts paid to the policyholders, the Company systematically allocates expected total insurance finance income or expenses over the duration of the group of contracts to income or expenses using either a constant rate, or an allocation that is based on the amounts credited in the period and expected to be credited in future periods for fulfilment cash flows. The CSM accretion rate would use the discount rates determined on initial recognition of the group of contracts for contractual service margin. In the event of a transfer of a group of insurance contracts or derecognition of an insurance contract, the Company reclassifies any amounts that were previously recognized in OCI to income or expenses as insurance finance income or expense. There are no changes
Investment contract liabilities	Investment contract liabilities Investment contract liabilities include contracts issued to retail and institutional investors that do not contain significant insurance risk. Investment contract liabilities and deposits are measured at amortized cost or at FVTPL by election. The election is made when these liabilities, as well as the related assets are managed, and their performance is evaluated, on a fair value basis or when doing so reduces the accounting mismatches between assets supporting these contracts and the related policy liabilities. Investment contract liabilities are derecognized when the contracts expire, are discharged or are cancelled.
Other financial instruments accounted for as liabilities	Other financial instruments accounted for as liabilities The Company issues a variety of other financial instruments classified as liabilities, including notes payable, term notes, senior notes, senior debentures, subordinated notes, surplus notes, and preferred shares. These financial liabilities are measured at amortized cost, with issuance costs deferred and amortized using the effective interest rate method.
Income taxes	Income taxes Th e provision for income taxes is calculated based on income tax laws and income tax rates substantively enacted as at the date of the Consolidated Statements of Financial Position. The income tax provision is comprised of current income taxes and deferred income taxes. Current and deferred income taxes relating to items recognized in OCI and directly in equity are similarly recognized in OCI and directly in equity, respectively. Current income taxes are amounts expected to be receivable or payable for the current year and any adjustments to taxes payable in respect of previous years. Deferred income taxes are provided for using the liability method and result from temporary differences between the carrying values of assets and liabilities and their respective tax bases. Deferred income taxes are measured at the substantively enacted tax rates that are expected to be applied to temporary differences when they reverse. A deferred tax asset is recognized to the extent that future realization of the tax benefit is probable. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the tax benefit will be realized. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities and they relate to income taxes levied by the same tax authority on the same taxable entity. Deferred tax liabilities are recognized for all taxable temporary differences, except in respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. The Company records liabilities for uncertain tax positions if it is probable that the Company will make a payment on tax positions due to examinations by tax authorities. These provisions are measured at the Company’s best estimate of the amount expected to be paid. Provisions are reversed to income in the period in which management assesses they are no longer required or determined by statute . The Company is subject to income tax laws in various jurisdictions. Tax laws are complex and potentially subject to different interpretations by the taxpayer and the relevant tax authority. The provision for current income taxes and deferred income taxes represents management’s interpretation of the relevant tax laws and its estimate of current and future income tax implications of the transactions and events during the year. The Company may be required to change its provision for income taxes or deferred income tax balances when the ultimate deductibility of certain items is successfully challenged by taxing authorities, or if estimates used in determining the amount of deferred tax balances to recognize change significantly, or when receipt of new information indicates the need for adjustment in the amount of deferred income taxes to be recognized. Additionally, future events, such as changes in tax laws, tax regulations, or interpretations of such laws or regulations, could have an impact on the provision for income taxes, deferred tax balances and the effective tax rate. Any such changes could materially affect the amounts reported in the Consolidated Financial Statements in the period these changes occur.
Foreign currency translation	Foreign currency translation Items included in the financial statements of each of the Company’s subsidiaries, joint ventures and associates are measured by each entity using the currency of the primary economic environment in which the entity operates (the “functional currency”). If their functional currency is other than the Canadian dollar, these entities are foreign operations of the Company. Transactions in a foreign currency are translated to the functional currency at the exchange rate prevailing at the date of the transaction. Assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate in effect at the reporting date. Revenue and expenses denominated in foreign currencies are translated at the average exchange rate prevailing during the quarter reported. Exchange gains and losses are recognized in income except for translation of net investments in foreign operations and the results of hedging these positions, and for non-monetary items designated as amortized cost or FVOCI. These foreign exchange gains and losses are recognized in OCI until such time that the foreign operation or non-monetary item is disposed of or control or significant influence over it is lost, when they are reclassified to income. The Consolidated Financial Statements are presented in Canadian dollars. The financial statements of the Company’s foreign operations are translated from their functional currencies to Canadian dollars; assets and liabilities are translated at the exchange rate at the reporting date, and revenue and expenses are translated using the average exchange rates for the period.
Stock-based compensation	Stock-based compensation The Company provides stock-based compensation to certain employees and directors as described in note 14 . Compensation expense of equity instruments granted is accrued based on the best estimate of the number of instruments expected to vest, with revisions made to that estimate if subsequent information indicates that actual forfeitures are likely to differ from initial forfeiture estimates, unless forfeitures are due to market-based conditions. Stock options are expensed with a corresponding increase in contributed surplus. Restricted share units and deferred share units are expensed with a corresponding liability accrued based on the market value of MFC’s common shares at the end of each quarter. Performance share units are expensed with a corresponding liability accrued based on specific performance conditions and the market value of MFC’s common shares at the end of each quarter. The change in the value of the awards resulting from changes in the market value of MFC’s common shares or changes in the specific performance conditions and credited dividends is recognized in income, offset by the impact of total return swaps used to manage the variability of the related liabilities. Stock-based compensation cost is recognized over the applicable vesting period, unless the employee is eligible to retire at the time of grant or will be eligible to retire during the vesting period. Compensation costs attributable to stock options, restricted share units, and performance share units granted to employees who are eligible to retire on the grant date or who will become eligible to retire during the vesting period, are recognized at the grant date or over the period from the grant date to the date of retirement eligibility, respectively. The Company’s contributions to the Global Share Ownership Plan (“GSOP”) (refer to note 14 (d) ), are expensed as incurred. Under the GSOP, subject to certain conditions, the Company will match a percentage of an employee’s eligible contributions to certain maximums. All contributions are used by the plan’s trustee to purchase MFC common shares in the open market on behalf of participating employees.
Employee future benefits	Employee future benefits The Company maintains defined contribution and defined benefit pension plans and other post-employment plans for employees and agents including registered (tax qualified) pension plans that are typically funded as well as supplemental non-registered (non-qualified) pension plans for executives, and retiree and disability welfare plans that are typically not funded. The Company’s obligation in respect of defined benefit pension and other post-employment benefits is calculated for each plan as the estimated present value of future benefits that eligible employees have earned in return for their service up to the reporting date using the projected benefit method. The discount rate used is based on the yield, as at the reporting date, of high- quality corporate debt securities that have approximately the same term as the benefit obligations and that are denominated in the same currency in which the benefits are expected to be paid. To determine the Company’s net defined benefit asset or liability, the defined benefit obligations are deducted from the fair value of plan assets. When this calculation results in a surplus, the asset that can be recognized is limited to the present value of future economic benefit available in the form of future refunds from the plan or reductions in future contributions to the plan (the asset limit). Defined benefit assets are included in other assets and defined benefit liabilities are included in other liabilities. Changes in the net defined benefit asset or liability due to re-measurement of pension and retiree welfare plans are recorded in OCI in the period in which they occur and are not reclassified to income in subsequent periods. They consist of actuarial gains and losses, changes in the effect of the asset limit, if any, and the return on plan assets, excluding amounts included in net interest income or expense. Changes in the net defined benefit asset or liability due to re-measurement of disability welfare plans are recorded in income in the period in which they occur. The cost of defined benefit pension plans is recognized over the employees’ years of service to retirement while the cost of retiree welfare plans is recognized over the employees’ years of service to their date of full eligibility. The net benefit cost for the year is recorded in income and is calculated as the sum of the service cost in respect of the fiscal year, the net interest income or expense and any applicable administration expenses, plus past service costs or credits resulting from plan amendments or curtailments. The net interest income or expense is determined by applying the discount rate to the net defined benefit asset or liability. The current year cost of disability welfare plans is the year-over-year change in the defined benefit obligation, including any actuarial gains or losses. The cost of defined contribution plans is the contribution provided by the Company and is recorded in income in the periods during which services are rendered by employees.
Derivative and hedging instruments	Derivative and hedging instruments The Company uses derivative financial instruments (“derivatives”) including swaps, forward and futures agreements, and options to manage current and anticipated exposures to changes in interest rates, foreign exchange rates, commodity prices and equity market prices, and to replicate exposure to different types of investments. Derivatives embedded in other financial instruments are separately recorded as derivatives when their economic characteristics and risks are not closely related to those of the host instrument, the terms of the embedded derivative are the same as those of a stand-alone derivative and the host instrument itself is not recorded at FVTPL. Derivatives which are separate financial instruments are recorded at fair value, and those with unrealized gains are reported as derivative assets and those with unrealized losses are reported as derivative liabilities. A determination is made for each derivative as to whether to apply hedge accounting. Where hedge accounting is not applied, changes in the fair value of derivatives are recorded in investment income. Where the Company has elected to apply hedge accounting, a hedging relationship is designated and documented at inception. Hedge effectiveness is evaluated at inception and throughout the term of the hedge. Hedge accounting is only applied when the Company expects that the risk management objective will be met, and that the hedging relationship will qualify for hedge accounting requirements both at inception and throughout the hedging period. The assessment of hedge effectiveness is performed at the end of each reporting period prospectively. When it is determined that the risk management objective is no longer met, a hedging relationship is no longer effective, or the hedging instrument or the hedged item ceases to exist, the Company discontinues hedge accounting prospectively. In such cases, if the derivatives are not sold or terminated, any subsequent changes in fair value of the derivatives are recognized in investment income. For derivatives that are designated as hedging instruments, changes in fair value are recorded according to the nature of the risks being hedged, as discussed below. In a fair value hedging relationship, changes in fair value of the hedging instruments are recorded in total investment result, offsetting changes in fair value of the hedged items attributable to the hedged risk, which would otherwise not be carried at fair value through profit or loss. Hedge ineffectiveness is recognized in total investment result and arises from differences between changes in the fair values of hedging instruments and hedged items. When hedge accounting is discontinued, the carrying value of the hedged item is no longer adjusted and the cumulative fair value adjustments are amortized to total investment result over the remaining term of the hedged item unless the hedged item ceases to exist, at which time the balance is recognized immediately in total investment result. In a cash flow hedging relationship, the effective portion of the change in the fair value of the hedging instrument is recorded in OCI while the ineffective portion is recognized in total investment result. Gains and losses in AOCI are recognized in income during the same periods that the variability in the hedged cash flows or the hedged forecasted transactions are recognized in income. The reclassifications from AOCI are made to total investment result, except for total return swaps that hedge stock- based compensation awards, which are reclassified to general expenses. Gains and losses on cash flow hedges in AOCI are reclassified immediately to total investment result when the hedged item ceases to exist or the forecasted transaction is no longer expected to occur. When a hedge is discontinued, but the hedged forecasted transaction is expected to occur, the amounts in AOCI are reclassified to total investment result in the periods during which variability in the cash flows hedged or the hedged forecasted transaction is recognized in income. In a net investment in foreign operation hedging relationship, gains and losses relating to the effective portion of the hedge are recorded in OCI. Gains and losses in AOCI are recognized in income during the periods when gains or losses on the underlying hedged net investment in foreign operation are recognized in income upon disposal of the foreign operation or upon loss of control or significant influence over it.
Revenue from service contracts	Revenue from service contracts The Company recognizes revenue from service contracts in accordance with IFRS 15. The Company’s service contracts generally impose single performance obligations, each consisting of a series of similar related services for each customer. Revenue is recorded as performance obligations are satisfied over time because the customers simultaneously receive and consume the benefits of the services rendered, measured using an output method. Revenue for variable consideration is recognized to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty is subsequently resolved. Refer to note 13.
Future accounting and reporting changes	Future accounting and reporting changes (I) Annual Improvements to IFRS Accounting Standards – Volume 11 Annual Improvements to IFRS Accounting Standards – Volume 11 was issued in July 2024 and is effective on or after January 1, 2026. The IASB issued eight minor amendments to different standards as part of the Annual Improvements process, to be applied retrospectively except for amendments to IFRS 1 “First-Time Adoption of International Financial Reporting Standards” for first time adopters and to IFRS 9 “Financial Instruments” (“IFRS 9”) for derecognition of lease liabilities. Adoption of these amendments is not expected to have a significant impact on the Company’s Consolidated Financial Statements. (II) Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 “Financial Instruments” and IFRS 7 “Financial Instruments: Disclosures” (“IFRS 7”)) were issued in May 2024 to be effective for years beginning on January 2026 and to be applied retrospectively. The amendments clarify guidance on timing of derecognition of financial liabilities, on the assessment of cash flow characteristics and resulting classification and disclosure of financial assets with terms referencing contingent events including environmental, social and corporate governance events, and of the treatment of non- recourse assets and contractually linked instruments. The Company is assessing the impact of these amendments on the Company’s Consolidated Financial Statements. (III) IFRS 18 “Presentation and Disclosure in the Financial Statements” IFRS 18 “Presentation and Disclosure in Financial Statements” (“IFRS 18”) was issued in April 2024 to be effective for years beginning on January 1, 2027 and to be applied retrospectively. The standard replaces IAS 1 “Presentation of Financial Statements” (“IAS 1”) while carrying forward many elements of IAS 1 unchanged. IFRS 18 introduces three sets of new requirements for presentation of financial statements and disclosures within financial statements: • Introduction of five defined categories of income and expenses: operating, investing, financing, income taxes and discontinued operations, with defined subtotals and totals for “operating income (loss)”, “income or loss before financing and income taxes” and “income (loss)”, • disclosure within a note to financial statements of management-defined performance measures (“MPMs”) with a reconciliation between MPMs and IFRS performance measures. MPMs are defined as subtotals of income and expenses not specified by IFRS Accounting Standards, which are used in public communications outside financial statements to communicate management’s view of the Company’s financial performance, and • enhanced guidance on organizing information and determining whether to provide the information in the financial statements or in the notes. IFRS 18 also requires enhanced disclosure of operating expenses based on their characteristics, including their nature, function or both . The Company is assessing the impact of this standard on the Company’s Consolidated Financial Statements. (IV) Amendments to IAS 12 “Income Taxes” Amendments to IAS 12 “Income Taxes” were issued in May 2023. The amendments relate to the Organization for Economic Co- operation and Development’s International Pillar Two tax reform, which seeks to establish a global minimum income tax rate of 15% and addresses inter-jurisdictional base erosion and profit shifting, targeting larger international companies. Most jurisdictions have agreed to participate and effective dates for Global Minimum Taxes (“GMT”) vary by jurisdiction based on local legislation. The amendments require that, effective for years beginning on or after January 1, 2023, disclosure of current tax expense or recovery related to GMT is required along with, to the extent that GMT legislation is enacted or substantively enacted but not yet in effect, disclosure of known or reasonably estimable information that helps users of financial statements understand the Company’s exposure to GMT arising from that legislation. The amendments introduce a temporary mandatory exception in IAS 12 from recognizing and disclosing deferred tax assets and liabilities related to GMT. The Company has applied the temporary exception from accounting for deferred taxes in respect of GMT. On June 20, 2024, Canada enacted the Global Minimum Tax Act, retrospective to fiscal periods commencing on or after December 31, 2023. The Company is in scope of this legislation because it is located in Canada and will be required to pay additional GMT in Canada in respect of its global entities whose effective tax rate is below 15% . The Company’s entities will also be subject to GMT in those jurisdictions where a Qualifying Domestic Minimum Top-up Tax (“QDMTT”) is in effect. The Company expects to pay GMT of $231 for the year ended December 31, 2024 arising from its operations in Hong Kong, China, Macau and Barbados. GMT arising from the Company’s operations in Hong Kong, China, and Macau, is expected to be payable in Canada for 2024 as these jurisdictions do not have a QDMTT in effect for 2024. Barbados passed legislation on May 28, 2024, introducing a QDMTT retrospective to January 1, 2024. As such, GMT arising from the Company’s operations in Barbados will be payable in Barbados. As at December 31, 2024 , certain other jurisdictions in which the Company operates, including Australia, Belgium, Brazil, Germany, Ireland, Luxembourg, Malaysia, Netherlands, Singapore, Switzerland, Thailand, the United Kingdom, and Vietnam, have enacted legislation to adopt GMT. The assessment of the Company’s potential exposure to GMT in these jurisdictions is based on the most recent information available regarding the financial performance of the constituent entities and the associated statutory income tax rate. Based on the assessment, the Company’s operations within these jurisdictions do not have a material exposure to GMT and therefore no disclosure of current tax expense or recovery related to GMT is provided. The United States adopted a Corporate Alternative Minimum Tax (“CAMT”) of 15% , with an effective date of January 1, 2023. CAMT is not a QDMTT for the purposes of GMT. In response to GMT, Bermuda enacted the Corporate Income Tax 2023 Act on December 27, 2023. The Company’s Bermuda tax-resident subsidiaries and branches became subject to this new tax regime effective January 1, 2025, at a rate of 15% . The Bermuda corporate income tax is not a QDMTT for the purposes of GMT.

Invested Assets and Investmen_2

Invested Assets and Investment Income (Tables)	12 Months Ended
	Dec. 31, 2024
Analysis of income and expense [abstract]
Summary of Carrying Values and Fair Values of Invested Assets	Carrying values and fair values of invested assets As at December 31, 2024 FVTPL (1) FVOCI (2) Other (3) Total carrying value Total fair value (4) Cash and short-term securities (5) $ 25 $ 19,909 $ 5,855 $ 25,789 $ 25,789 Debt securities (6) Canadian government and agency 1,056 18,671 - 19,727 19,727 U.S. government and agency 58 27,628 968 28,654 28,366 Other government and agency 68 35,402 - 35,470 35,470 Corporate 2,761 121,674 527 124,962 124,762 Mortgage / asset-backed securities 17 1,791 - 1,808 1,808 Public equities (FVTPL mandatory) 33,725 - - 33,725 33,725 Mortgages 1,239 28,792 24,416 54,447 54,812 Private placements 866 48,802 - 49,668 49,668 Loans to Bank clients - - 2,310 2,310 2,285 Real estate Own use property (7),(8) - - 2,674 2,674 2,798 Investment property - - 10,589 10,589 10,589 Other invested assets Alternative long-duration assets (9) 34,334 389 13,140 47,863 48,875 Various other (10) 140 - 4,671 4,811 4,811 Total invested assets $ 74,289 $ 303,058 $ 65,150 $ 442,497 $ 443,485 As at December 31, 2023 FVTPL (1) FVOCI (2) Other (3) Total carrying value Total fair value (4) Cash and short-term securities (5) $ 1 $ 13,993 $ 6,344 $ 20,338 $ 20,338 Debt securities (6) Canadian government and agency 1,219 19,769 - 20,988 20,988 U.S. government and agency 1,303 26,287 888 28,478 28,251 Other government and agency 90 30,576 - 30,666 30,666 Corporate 2,372 127,190 484 130,046 129,899 Mortgage / asset-backed securities 16 1,955 - 1,971 1,971 Public equities (FVTPL mandatory) 25,531 - - 25,531 25,531 Mortgages 1,055 28,473 22,893 52,421 52,310 Private placements 654 44,952 - 45,606 45,606 Loans to Bank clients - - 2,436 2,436 2,411 Real estate Own use property (7),(8) - - 2,591 2,591 2,716 Investment property - - 10,458 10,458 10,458 Other invested assets Alternative long-duration assets (9) 29,671 360 11,403 41,434 42,313 Various other (10) 126 - 4,120 4,246 4,246 Total invested assets $ 62,038 $ 293,555 $ 61,617 $ 417,210 $ 417,704 (1) FVTPL classification was elected for debt instruments backing certain insurance contract liabilities to substantially reduce any accounting mismatch arising from changes in the fair value of these assets, or changes in the carrying value of the related insurance contract liabilities. (2) FVOCI classification for debt instruments backing certain insurance contract liabilities inherently reduces any accounting mismatch arising from changes in the fair value of these assets, or changes in the carrying value of the related insurance contract liabilities. (3) Other includes mortgages and loans to Bank clients held at amortized cost, own use properties held at fair value or cost, investment properties held at fair value, and equity method accounted investments (including leveraged leases). Also includes debt securities, which qualify as having SPPI, are held to collect contractual cash flows and are carried at amortized cost. (4) Invested assets above include debt securities, mortgages, private placements and approximately $389 ( 2023 – $360 ) of other invested assets, which primarily qualify as having SPPI qualifying cash flows. Invested assets which do not have SPPI qualifying cash flows as at December 31, 2024 include debt securities, private placements and other invested assets with fair values of $nil , $132 and $547 , respectively ( 2023 – $nil , $115 and $539 , respectively). The change in the fair value of these non-SPPI invested assets for the year ended December 31, 2024 was an increase of $25 ( 2023 – an increase of $49 ). The methodologies used in determining fair values of invested assets are described in note 1 (c) and note 3 (g). (5) Includes short-term securities with maturities of less than one year at acquisition amounting to $10,121 ( 2023 – $6,162 ), cash equivalents with maturities of less than 90 days at acquisition amounting to $9,813 ( 2023 – $7,832 ) and cash of $5,855 ( 2023 – $6,344 ). (6) Debt securities include securities which were acquired with remaining maturities of less than one year and less than 90 days of $1,266 and $145 , respectively ( 2023 – $1,294 and $1,413 , respectively). (7) Includes accumulated depreciation of $65 ( 2023 – $57 ). (8) Own use property of $2,500 as at December 31, 2024 ( December 31, 2023 – $2,430 ), are underlying items for insurance contracts with direct participating features and are measured at fair value as if they were investment properties, as permitted by IAS 16. Own use property of $174 ( December 31, 2023 – $161 ) is carried at cost less accumulated depreciation and any accumulated impairment losses. (9) ALDA include investments in private equity of $18,343 , infrastructure of $17,804 , timber and agriculture of $5,917 , energy of $1,916 and various other ALDA of $3,883 ( 2023 – $15,445 , $14,950 , $5,719 , $1,859 and $3,461 , respectively). (10) Includes $4,300 ( 2023 – $3,790 ) of leveraged leases. Refer to note 1 (e).
Summary of Investment Income	Investment income For the year ended December 31, 2024 FVTPL FVOCI Other (1) Total Cash and short-term securities Interest income $ 1 $ 978 $ - $ 979 Gains (losses) (2) - 72 - 72 Debt securities Interest income 156 7,914 29 8,099 Gains (losses) (2) (44) (1,621) - (1,665) Impairment (loss) / recovery, net - 92 - 92 Public equities Dividend income 814 - - 814 Gains (losses) (2) 4,324 - - 4,324 Mortgages Interest income 47 1,203 1,154 2,404 Gains (losses) (2) 32 (165) 5 (128) Impairment (loss) / recovery, net - 104 1 105 Private placements Interest income 36 2,473 - 2,509 Gains (losses) (2) 25 284 - 309 Impairment (loss) / recovery, net - (47) - (47) Loans to Bank clients Interest income - - 176 176 Impairment (loss) / recovery, net - - (3) (3) Real estate Rental income, net of depreciation (3) - - 460 460 Gains (losses) (2) - - (596) (596) Impairment (loss) / recovery, net - - - - Derivatives Interest income, net (438) - - (438) Gains (losses) (2) (675) - - (675) Other invested assets Interest income 20 12 - 32 Timber, agriculture and other income 1,675 - 770 2,445 Gains (losses) (2) 1,098 8 123 1,229 Impairment (loss) / recovery, net - (8) (30) (38) Total investment income (loss) $ 7,071 $ 11,299 $ 2,089 $ 20,459 Investment income Interest income $ (178) $ 12,580 $ 1,359 $ 13,761 Dividends, rental income and other income 2,489 - 1,230 3,719 Impairment (loss) / recovery, net - 141 (32) 109 Other 354 309 (3) 660 2,665 13,030 2,554 18,249 Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities Debt securities (45) (1,812) - (1,857) Public equities 4,178 - - 4,178 Mortgages 32 (188) 5 (151) Private placements 25 210 - 235 Real estate - - (592) (592) Other invested assets 1,075 59 122 1,256 Derivatives (859) - - (859) 4,406 (1,731) (465) 2,210 Total investment income (loss) $ 7,071 $ 11,299 $ 2,089 $ 20,459 Investment expenses (1,348) Net investment income (loss) $ 19,111 (1) Includes investment income on debt securities, mortgages and loans carried at amortized cost, own use real estate properties, investment real estate properties, equity method accounted investments, energy investments and leveraged leases. (2) Includes net realized and unrealized gains (losses) for financial instruments at FVTPL, investment real estate properties, and other invested assets measured at fair value. Also includes net realized gains (losses) for financial instruments at FVOCI and other invested assets carried at amortized cost. (3) Rental income from investment real estate properties is net of direct operating expenses. For the year ended December 31, 2023 FVTPL FVOCI Other (1) Total Cash and short-term securities Interest income $ - $ 837 $ - $ 837 Gains (losses) (2) - 10 - 10 Debt securities Interest income 212 7,437 28 7,677 Gains (losses) (2) 152 262 - 414 Impairment (loss) / recovery, net - (4) - (4) Public equities Dividend income 625 - - 625 Gains (losses) (2) 2,255 - - 2,255 Mortgages Interest income - 2,290 - 2,290 Gains (losses) (2) 99 - - 99 Impairment (loss) / recovery, net - - (150) (150) Private placements Interest income - 2,318 - 2,318 Gains (losses) (2) 20 355 - 375 Impairment (loss) / recovery, net - (72) - (72) Loans to Bank clients Interest income - - 201 201 Impairment (loss) / recovery, net - - (3) (3) Real estate Rental income, net of depreciation (3) - - 496 496 Gains (losses) (2) - - (1,286) (1,286) Impairment (loss) / recovery, net - - - - Derivatives Interest income, net (561) - - (561) Gains (losses) (2) 1,147 - - 1,147 Other invested assets Interest income 17 23 - 40 Timber, agriculture and other income 2,197 - - 2,197 Gains (losses) (2) 487 - 1 488 Impairment (loss) / recovery, net (74) - (1) (75) Total investment income (loss) $ 6,576 $ 13,456 $ (714) $ 19,318 Investment income Interest income $ (332) $ 12,905 $ 229 $ 12,802 Dividends, rental income and other income 2,822 - 496 3,318 Impairment (loss) / recovery, net (74) (76) (154) (304) Other 372 (12) 4 364 2,788 12,817 575 16,180 Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities Debt securities 153 277 - 430 Public equities 2,157 - - 2,157 Mortgages 99 - - 99 Private placements 20 355 - 375 Real estate - - (1,289) (1,289) Other invested assets 484 7 - 491 Derivatives 875 - - 875 3,788 639 (1,289) 3,138 Total investment income (loss) $ 6,576 $ 13,456 $ (714) $ 19,318 Investment expenses (1,297) Net investment income (loss) $ 18,021 Note: For footnotes (1) to (3), refer to the “Investment income” table for the year ended December 31, 2024 above.
Summary of Other Invested Assets Include Investments in Associates and Joint Ventures Accounted Using Equity Method	Equity method accounted invested assets Other invested assets include investments in associates and joint ventures which are accounted for using the equity method of accounting as presented in the following table. 2024 2023 As at December 31, Carrying value % of total Carrying value % of total Leveraged leases $ 4,300 34% $ 3,790 35% Infrastructure 4,848 38% 3,942 37% Timber and agriculture 837 7% 854 8% Real estate 2,098 16% 1,704 16% Other 673 5% 443 4% Total $ 12,756 100% $ 10,733 100%
Summary of Investment Expenses	Investment expenses The following table presents total investment expenses. For the years ended December 31, 2024 2023 Related to invested assets $ 731 $ 720 Related to segregated, mutual and other funds 617 577 Total investment expenses $ 1,348 $ 1,297
Summary of Investment Properties Rental Income	Investment properties rental income The following table presents the rental income and direct operating expenses of investment properties . For the years ended December 31, 2024 2023 Rental income from investment properties $ 859 $ 840 Direct operating expenses of rental investment properties (483) (473) Total $ 376 $ 367
Summary of Securitized Assets and Secured Borrowing Liabilities	Securitized assets and secured borrowing liabilities As at December 31, 2024 Securitized assets Securitization program Securitized mortgages Restricted cash and short-term securities Total Secured borrowing liabilities (1) Net HELOC securitization (2) $ 3,141 $ 22 $ 3,163 $ 3,000 $ 163 CMB securitization (3) 3,274 - 3,274 3,217 57 Total $ 6,415 $ 22 $ 6,437 $ 6,217 $ 220 As at December 31, 2023 Securitized assets Securitization program Securitized mortgages Restricted cash and short-term securities Total Secured borrowing liabilities (1) Net HELOC securitization (2) $ 2,880 $ 32 $ 2,912 $ 2,750 $ 162 CMB securitization (3) 2,900 - 2,900 2,806 94 Total $ 5,780 $ 32 $ 5,812 $ 5,556 $ 256 (1) The PCMT II notes payable have floating rates of interest and are secured by the PCMT II assets. Under the terms of the agreements, principal of $nil is expected to be repaid within one year, $1,036 within 1-3 years, $1,964 within 3-5 years and $nil beyond 5 years ( 2023 – $27 , $1,973 , $750 and $nil , respectively). There is no specific maturity date for the contractual agreements. Under the terms of the notes, additional collateral must be provided to the series as added credit protection and the Series Purchase Agreements govern the amount of over-collateralization for each of the term notes outstanding. (2) Manulife Bank securitizes a portion of its HELOC receivables through PCMT II. PCMT II funds the purchase of the co-ownership interests from Manulife Bank by issuing term notes collateralized by an underlying pool of uninsured HELOCs to institutional investors. The restricted cash balance for the HELOC securitization reflects a cash reserve fund established in relation to the transactions. The reserve will be drawn upon only in the event of insufficient cash flows from the underlying HELOCs to satisfy the secured borrowing liabilities. (3) Manulife Bank also securitizes insured amortizing mortgages under the National Housing Act Mortgage-Backed Securities (“NHA MBS”) program sponsored by CMHC. Manulife Bank participates in CMB programs by selling NHA MBS securities to Canada Housing Trust (“CHT”), as a source of fixed-rate funding.
Summary of Invested Assets and Segregated Funds Net Assets, Measured at Fair Value	The following tables present fair values and the fair value hierarchy of invested assets and segregated funds net assets measured at fair value in the Consolidated Statements of Financial Position. As at December 31, 2024 Total fair value Level 1 Level 2 Level 3 Cash and short-term securities FVOCI $ 19,909 $ - $ 19,909 $ - FVTPL 25 - 25 - Other 5,855 5,855 - - Debt securities FVOCI Canadian government and agency 18,671 - 18,671 - U.S. government and agency 27,628 - 27,628 - Other government and agency 35,402 - 35,392 10 Corporate 121,674 - 121,630 44 Residential mortgage-backed securities 5 - 5 - Commercial mortgage-backed securities 270 - 270 - Other asset-backed securities 1,516 - 1,516 - FVTPL Canadian government and agency 1,056 - 1,056 - U.S. government and agency 58 - 58 - Other government and agency 68 - 68 - Corporate 2,761 - 2,761 - Commercial mortgage-backed securities 2 - 2 - Other asset-backed securities 15 - 15 - Private placements (1) FVOCI 48,802 - 40,038 8,764 FVTPL 866 - 730 136 Mortgages FVOCI 28,792 - - 28,792 FVTPL 1,239 - - 1,239 Public equities FVTPL 33,725 33,650 75 - Real estate (2) Investment property 10,589 - - 10,589 Own use property 2,500 - - 2,500 Other invested assets (3) 38,543 77 - 38,466 Segregated funds net assets (4) 435,988 399,043 33,611 3,334 Total $ 835,959 $ 438,625 $ 303,460 $ 93,874 (1) Fair value of private placements is determined through an internal valuation methodology using both observable and non-market observable inputs. Non-market observable inputs include credit assumptions and liquidity spread adjustments. Private placements are classified within Level 2 unless the liquidity spread adjustment constitutes a significant price impact, in which case they are classified as Level 3. (2) For real estate properties, the significant non-market observable inputs are capitalization rates ranging from 3.10% to 9.50% during the year ended December 31, 2024 ( 2023 – ranging from 2.72% to 10.75% ), terminal capitalization rates ranging from 3.10% to 10.00% during the year ended December 31, 2024 ( 2023 – ranging from 3.00% to 10.00% ) and discount rates ranging from 3.60% to 13.75% during the year ended December 31, 2024 ( 2023 – ranging from 3.20% to 14.00% ). Holding other factors constant, a lower capitalization or terminal capitalization rate will tend to increase the fair value of an investment property. Changes in fair value based on variations in non-market observable inputs generally cannot be extrapolated because the relationship between the directional changes of each input is not usually linear. (3) Other invested assets measured at fair value are held in infrastructure and timberland sectors and include fund investments of $31,435 (2023 – $27,532 ) recorded at net asset value. The significant inputs used in the valuation of the Company’s infrastructure investments are primarily future distributable cash flows, terminal values and discount rates. Holding other factors constant, an increase to future distributable cash flows or terminal values would tend to increase the fair value of an infrastructure investment, while an increase in the discount rate would have the opposite effect. Discount rates during the year ended December 31, 2024 ranged from 7.42% to 20.00% ( 2023 – ranged from 7.35% to 15.60% ). Disclosure of distributable cash flow and terminal value ranges are not meaningful given the disparity in estimates by project. The significant inputs used in the valuation of the Company’s investments in timberland properties are timber prices and discount rates. Holding other factors constant, an increase to timber prices would tend to increase the fair value of a timberland investment, while an increase in the discount rates would have the opposite effect. Discount rates during the year ended December 31, 2024 ranged from 3.25% to 6.25% ( 2023 – ranged from 4.00% to 7.00% ). A range of prices for timber is not meaningful as the market price depends on factors such as property location and proximity to markets and export yards. (4) Segregated funds net assets are measured at fair value. The Company’s Level 3 segregated funds underlying assets are predominantly investment properties and timberland properties valued as described above. As at December 31, 2023 Total fair value Level 1 Level 2 Level 3 Cash and short-term securities FVOCI $ 13,993 $ - $ 13,993 $ - FVTPL 1 - 1 - Other 6,343 6,343 - - Debt securities FVOCI Canadian government and agency 19,769 - 19,769 - U.S. government and agency 26,287 - 26,287 - Other government and agency 30,576 - 30,566 10 Corporate 127,190 - 126,959 231 Residential mortgage-backed securities 6 - 6 - Commercial mortgage-backed securities 370 - 370 - Other asset-backed securities 1,579 - 1,558 21 FVTPL Canadian government and agency 1,219 - 1,219 - U.S. government and agency 1,303 - 1,303 - Other government and agency 90 - 90 - Corporate 2,372 - 2,372 - Commercial mortgage-backed securities 1 - 1 - Other asset-backed securities 15 - 15 - Private placements (1) FVOCI 44,952 - 37,270 7,682 FVTPL 654 - 575 79 Mortgages FVOCI 28,473 - - 28,473 FVTPL 1,055 - - 1,055 Public equities FVTPL 25,531 25,423 67 41 Real estate (2) Investment property 10,458 - - 10,458 Own use property 2,430 - - 2,430 Other invested assets (3) 33,653 68 - 33,585 Segregated funds net assets (4) 377,544 343,061 30,991 3,492 Total $ 755,864 $ 374,895 $ 293,412 $ 87,557 Note: For footnotes (1) to (4), refer to the “Fair value measurement” table as at December 31, 2024 above.
Summary of Fair Values and the Fair Value Hierarchy	The following tables present fair value of invested assets not measured at fair value by the fair value hierarchy. As at December 31, 2024 Carrying value Total fair value Level 1 Level 2 Level 3 Mortgages (1) $ 24,416 $ 24,781 $ - $ - $ 24,781 Loans to Bank clients (2) 2,310 2,285 - 2,285 - Real estate - own use property (3) 174 298 - - 298 Public bonds held at amortized cost 1,495 1,007 - 1,007 - Other invested assets (4) 14,131 15,143 542 - 14,601 Total invested assets disclosed at fair value $ 42,526 $ 43,514 $ 542 $ 3,292 $ 39,680 As at December 31, 2023 Carrying value Total fair value Level 1 Level 2 Level 3 Short-term securities $ 1 $ 1 $ - $ 1 $ - Mortgages (1) 22,893 22,782 - - 22,782 Loans to Bank clients (2) 2,436 2,411 - 2,411 - Real estate - own use property (3) 161 286 - - 286 Public bonds held at amortized cost 1,372 998 - 998 - Other invested assets (4) 12,027 12,906 240 - 12,666 Total invested assets disclosed at fair value $ 38,890 $ 39,384 $ 240 $ 3,410 $ 35,734 (1) Fair value of commercial mortgages is determined through an internal valuation methodology using both observable and non-market observable inputs. Non- market observable inputs include credit assumptions and liquidity spread adjustments. Fair value of fixed-rate residential mortgages is determined using the discounted cash flow method. Inputs used for valuation are primarily comprised of prevailing interest rates and prepayment rates, if applicable. Fair value of variable-rate residential mortgages is assumed to be their carrying value. (2) Fair value of fixed-rate loans to Bank clients is determined using the discounted cash flow method. Inputs used for valuation are primarily comprised of current interest rates. Fair value of variable-rate loans is assumed to be their carrying value. (3) Fair value of own use real estate and the fair value hierarchy are determined in accordance with the methodologies described for real estate – investment property in note 1 (e). (4) The carrying value of other invested assets includes leveraged leases of $4,300 ( 2023 – $3,790 ), other equity method accounted investments and other invested assets of $9,831 ( 2023 – $8,237 ). Fair value of leveraged leases is disclosed at its carrying value as fair value is not routinely calculated on these investments. Fair value of equity method accounted investments and other invested assets is determined using a variety of valuation techniques including discounted cash flows and market comparable approaches. Inputs vary based on the specific investment.
Summary of Invested Assets and Segregated Funds Net Assets Measured at Fair Value Using Significant Non-market Unobservable Inputs (Level 3)	T he following tables present the movement in invested assets, net derivatives and segregated funds net assets measure d at fair value using significant non-market observable inputs (Level 3) for the year ended December 31, 2024 and 2023 . For the year ended December 31, 2024 Balance, January 1, 2024 Total gains (losses) included in net income (1) Total gains (losses) included in OCI (2) Purchases Sales Settlements Transfer in (3) Transfer out (3) Currency movement Balance, December 31, 2024 Change in unrealized gains (losses) on assets still held Debt securities FVOCI Other government & agency $ 10 $ - $ - $ - $ - $ (5) $ 4 $ - $ 1 $ 10 $ - Corporate 231 - (33) - - (7) - (151) 4 44 - Other securitized assets 21 - 33 - - (22) - (33) 1 - - Public equities FVTPL 41 (3) - - (1) - - (36) (1) - (3) Private placements FVOCI 7,682 (47) 50 3,039 (1,115) (1,040) 254 (624) 565 8,764 - FVTPL 79 1 - 49 - (13) 29 (14) 5 136 1 Mortgages FVOCI 28,473 (73) 109 2,243 (2,834) (763) - - 1,637 28,792 - FVTPL 1,055 32 - 339 (152) (38) - - 3 1,239 - Investment property 10,458 (504) - 222 (66) - - - 479 10,589 (514) Own use property 2,430 (82) - 19 - - - - 133 2,500 (82) Other invested assets 33,585 1,502 14 4,308 (2,007) (1,187) - - 2,251 38,466 1,251 Total invested assets 84,065 826 173 10,219 (6,175) (3,075) 287 (858) 5,078 90,540 653 Derivatives, net (2,166) (2,248) - - - (166) - 1,509 (164) (3,235) (2,065) Segregated funds net assets 3,492 119 (67) 148 (527) 17 - - 152 3,334 (76) Total $ 85,391 $ (1,303) $ 106 $ 10,367 $ (6,702) $ (3,224) $ 287 $ 651 $ 5,066 $ 90,639 $ (1,488) (1) These amounts are included in net investment income on the Consolidated Statements of Income except for the amount related to segregated funds net assets, where the amount is recorded in Investment income related to segregated funds net assets. Refer to notes 1 (h) and 22. (2) These amounts are included in OCI on the Consolidated Statements of Comprehensive Income. (3) The Company uses fair value of the assets at the beginning of the year for assets transferred into and out of Level 3 except for derivatives, where the Company uses fair value at the end of the year and at the beginning of the year, respectively. For the year ended December 31, 2023 Balance, January 1, 2023 Total gains (losses) included in net income (1) Total gains (losses) included in OCI (2) Purchases Sales Settlements Transfer in (3) Transfer out (3),(4) Currency movement Balance, December 31, 2023 Change in unrealized gains (losses) on assets still held Debt securities FVOCI Other government & agency $ 9 $ - $ - $ 2 $ - $ - $ - $ - $ (1) $ 10 $ - Corporate 32 - 3 178 - (7) 25 - - 231 - Other securitized assets 26 - 1 - - (5) - - (1) 21 - Public equities FVTPL 71 - - 37 - - - (67) - 41 - Private placements FVOCI 7,828 (4) 258 1,942 (497) (1,172) 2,546 (2,907) (312) 7,682 - FVTPL 31 44 - 17 - (1) 34 (47) 1 79 44 Mortgages FVOCI 28,621 65 830 1,984 (1,626) (856) - - (545) 28,473 - FVTPL 1,138 37 - 160 (239) (39) - - (2) 1,055 - Investment property 11,417 (1,054) - 416 (122) - - - (199) 10,458 (1,055) Own use property 2,682 (234) - 20 - - - - (38) 2,430 (234) Other invested assets 31,069 423 7 4,760 (522) (1,219) - (68) (865) 33,585 647 Total invested assets 82,924 (723) 1,099 9,516 (3,006) (3,299) 2,605 (3,089) (1,962) 84,065 (598) Derivatives, net (3,188) (144) - - - 960 - 165 41 (2,166) 17 Segregated funds net assets 3,985 (97) - 110 (466) 24 - (15) (49) 3,492 32 Total $ 83,721 $ (964) $ 1,099 $ 9,626 $ (3,472) $ (2,315) $ 2,605 $ (2,939) $ (1,970) $ 85,391 $ (549) (1) These amounts are included in net investment income on the Consolidated Statements of Income except for the amount related to segregated funds net assets, where the amount is recorded in Investment income related to segregated funds net assets. Refer to notes 1 (h) and 22 . (2) These amounts are included in OCI on the Consolidated Statements of Comprehensive Income. (3) The Company uses fair value of the assets at the beginning of the year for assets transferred into and out of Level 3 except for derivatives, where the Company uses fair value at the end of the year and at the beginning of the year, respectively. (4) Private placement bonds of $1,771 with maturity dates beyond 30 years were reclassified from Level 3 to Level 2 in 2023 to align with the fair value leveling treatment of public bonds.
Summary of Remaining Term to Maturity for Invested Assets	The following tables present remaining term to maturity for invested assets. Remaining term to maturity (1) As at December 31, 2024 Less than 1 year 1 to 3 years 3 to 5 years 5 to 10 years Over 10 years With no specific maturity Total Cash and short-term securities $ 25,789 $ - $ - $ - $ - $ - $ 25,789 Debt securities Canadian government and agency 543 2,282 678 3,339 12,885 - 19,727 U.S. government and agency 644 640 1,473 4,699 21,198 - 28,654 Other government and agency 372 1,208 1,056 3,566 29,268 - 35,470 Corporate 7,810 15,763 15,817 33,818 51,754 - 124,962 Mortgage / asset-backed securities 60 260 213 450 825 - 1,808 Public equities - - - - - 33,725 33,725 Mortgages 4,741 11,944 10,478 7,617 9,876 9,791 54,447 Private placements 1,534 5,093 4,986 10,463 27,500 92 49,668 Loans to Bank clients 47 13 3 - - 2,247 2,310 Real estate Own use property - - - - - 2,674 2,674 Investment property - - - - - 10,589 10,589 Other invested assets Alternative long-duration assets 67 - 85 276 524 46,911 47,863 Various other - 20 - 3,623 657 511 4,811 Total invested assets $ 41,607 $ 37,223 $ 34,789 $ 67,851 $ 154,487 $ 106,540 $ 442,497 Remaining term to maturity (1) As at December 31, 2023 Less than 1 year 1 to 3 years 3 to 5 years 5 to 10 years Over 10 years With no specific maturity Total Cash and short-term securities $ 20,338 $ - $ - $ - $ - $ - $ 20,338 Debt securities Canadian government and agency 657 1,435 1,580 3,656 13,660 - 20,988 U.S. government and agency 297 725 744 4,504 22,208 - 28,478 Other government and agency 412 1,052 1,892 3,864 23,446 - 30,666 Corporate 8,475 15,512 18,548 33,361 54,100 50 130,046 Mortgage / asset-backed securities 106 153 279 556 877 - 1,971 Public equities - - - - - 25,531 25,531 Mortgages 3,363 12,076 10,181 7,690 9,644 9,467 52,421 Private placements 1,418 3,486 4,704 9,137 26,790 71 45,606 Loans to Bank clients 39 23 1 - - 2,373 2,436 Real estate Own use property - - - - - 2,591 2,591 Investment property - - - - - 10,458 10,458 Other invested assets Alternative long-duration assets - 67 22 82 732 40,531 41,434 Various other - - 19 1,528 2,242 457 4,246 Total invested assets $ 35,105 $ 34,529 $ 37,970 $ 64,378 $ 153,699 $ 91,529 $ 417,210 (1) Represents contractual maturities. Actual maturities may differ due to prepayment privileges in the applicable contract.

Derivative and Hedging Instru_2

Derivative and Hedging Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative And Hedging Instruments [Abstract]
Summary of Gross Notional Amount and Fair Value of Derivative Instruments	The following table presents gross notional amount and fair value of derivative instruments by the underlying risk exposure. As at December 31, 2024 2023 Notional amount Fair value Notional amount Fair value Type of hedge Instrument type Assets Liabilities Assets Liabilities Qualifying hedge accounting relationships Fair value hedges Interest rate swaps $ 206,181 $ 2,734 $ 3,533 $ 184,309 $ 2,627 $ 3,044 Foreign currency swaps 14,121 145 2,114 9,055 78 1,518 Forward contracts 25,692 74 3,420 23,461 165 2,672 Cash flow hedges Interest rate swaps 9,036 24 48 8,372 20 48 Foreign currency swaps 650 - 216 1,150 35 181 Forward contracts - - - - - - Equity contracts 324 6 - 240 3 - Net investment hedges Forward contracts 602 18 - 654 - 16 Total derivatives in qualifying hedge accounting relationships 256,606 3,001 9,331 227,241 2,928 7,479 Derivatives not designated in qualifying hedge accounting relationships Interest rate swaps 110,114 2,188 2,906 103,806 2,361 3,098 Interest rate futures 9,054 - - 9,449 - - Interest rate options 5,633 16 - 5,841 33 - Foreign currency swaps 33,924 1,854 272 33,148 1,873 398 Currency rate futures 2,238 - - 2,581 - - Forward contracts 52,044 882 1,675 34,080 769 597 Equity contracts 25,290 724 63 19,760 579 115 Credit default swaps 114 2 - 131 3 - Equity futures 4,004 - - 4,040 - - Total derivatives not designated in qualifying hedge accounting relationships 242,415 5,666 4,916 212,836 5,618 4,208 Total derivatives $ 499,021 $ 8,667 $ 14,247 $ 440,077 $ 8,546 $ 11,687
Summary of Fair Values of Derivative Instruments by Remaining Term to Maturity	The following tables present the fair values of the derivative instruments by the remaining term to maturity. Fair values disclosed below do not incorporate the impact of master netting agreements (refer to note 8 (g)). Remaining term to maturity As at December 31, 2024 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total Derivative assets $ 1,171 $ 578 $ 635 $ 6,283 $ 8,667 Derivative liabilities 2,320 2,304 1,244 8,379 14,247 Remaining term to maturity As at December 31, 2023 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total Derivative assets $ 1,189 $ 603 $ 573 $ 6,181 $ 8,546 Derivative liabilities 1,561 1,982 717 7,427 11,687
Summary of Maturity Analysis for Derivative Financial Assets	The following tables present the fair values of the derivative instruments by the remaining term to maturity. Fair values disclosed below do not incorporate the impact of master netting agreements (refer to note 8 (g)). Remaining term to maturity As at December 31, 2024 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total Derivative assets $ 1,171 $ 578 $ 635 $ 6,283 $ 8,667 Derivative liabilities 2,320 2,304 1,244 8,379 14,247 Remaining term to maturity As at December 31, 2023 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total Derivative assets $ 1,189 $ 603 $ 573 $ 6,181 $ 8,546 Derivative liabilities 1,561 1,982 717 7,427 11,687
Summary of Gross Notional Amount by Remaining Term to Maturity	The following tables present gross notional amount by the remaining term to maturity, total fair value (including accrued interest), credit equivalent amount and capital requirement by contract type. Remaining term to maturity (notional amounts) Fair value As at December 31, 2024 Less than 1 year 1 to 5 years Over 5 years Total Positive Negative Net Credit equivalent amount (1) Capital requirement (2) Interest rate contracts OTC swap contracts $ 6,999 $ 25,019 $ 112,685 $ 144,703 $ 5,103 $ (6,976) $ (1,873) $ 323 $ 9 Cleared swap contracts 9,507 31,033 140,088 180,628 240 (189) 51 - - Forward contracts 20,661 21,028 - 41,689 231 (4,467) (4,236) 36 1 Futures 9,054 - - 9,054 - - - - - Options purchased 863 1,086 3,684 5,633 16 - 16 17 - Subtotal 47,084 78,166 256,457 381,707 5,590 (11,632) (6,042) 376 10 Foreign exchange Swap contracts 2,044 13,733 32,918 48,695 1,983 (2,709) (726) 1,028 19 Forward contracts 29,423 1,105 6,121 36,649 743 (628) 115 698 17 Futures 2,238 - - 2,238 - - - - - Subtotal 33,705 14,838 39,039 87,582 2,726 (3,337) (611) 1,726 36 Credit derivatives - 114 - 114 2 - 2 - - Equity contracts Swap contracts 1,926 762 - 2,688 31 (14) 17 27 - Futures 4,004 - - 4,004 - - - - - Options purchased 19,437 3,489 - 22,926 699 (43) 656 375 3 Subtotal 25,367 4,365 - 29,732 732 (57) 675 402 3 Subtotal including accrued interest 106,156 97,369 295,496 499,021 9,048 (15,026) (5,978) 2,504 49 Less accrued interest - - - - 381 (779) (398) - - Total $ 106,156 $ 97,369 $ 295,496 $ 499,021 $ 8,667 $ (14,247) $ (5,580) $ 2,504 $ 49 Remaining term to maturity (notional amounts) Fair value As at December 31, 2023 Less than 1 year 1 to 5 years Over 5 years Total Positive Negative Net Credit equivalent amount (1) Capital requirement (2) Interest rate contracts OTC swap contracts $ 4,645 $ 20,923 $ 106,445 $ 132,013 $ 5,295 $ (6,850) $ (1,555) $ 300 $ 7 Cleared swap contracts 4,634 33,082 126,758 164,474 220 (180) 40 - - Forward contracts 17,809 16,182 - 33,991 771 (2,986) (2,215) - - Futures 9,449 - - 9,449 - - - - - Options purchased 795 1,362 3,684 5,841 33 - 33 8 - Subtotal 37,332 71,549 236,887 345,768 6,319 (10,016) (3,697) 308 7 Foreign exchange Swap contracts 2,110 11,782 29,461 43,353 1,978 (2,179) (201) 1,087 19 Forward contracts 24,204 - - 24,204 163 (299) (136) 19 - Futures 2,581 - - 2,581 - - - - - Subtotal 28,895 11,782 29,461 70,138 2,141 (2,478) (337) 1,106 19 Credit derivatives 14 117 - 131 4 - 4 - - Equity contracts Swap contracts 1,452 723 - 2,175 18 (78) (60) 32 - Futures 4,040 - - 4,040 - - - - - Options purchased 14,830 2,995 - 17,825 562 (28) 534 215 2 Subtotal 20,336 3,835 - 24,171 584 (106) 478 247 2 Subtotal including accrued interest 86,563 87,166 266,348 440,077 9,044 (12,600) (3,556) 1,661 28 Less accrued interest - - - - 498 (913) (415) - - Total $ 86,563 $ 87,166 $ 266,348 $ 440,077 $ 8,546 $ (11,687) $ (3,141) $ 1,661 $ 28 (1) Credit equivalent amount is the sum of replacement cost and the potential future credit exposure less any collateral held. Replacement cost represents the current cost of replacing all contracts with a positive fair value. The amounts take into consideration legal contracts that permit offsetting of positions. The potential future credit exposure is calculated based on a formula prescribed by the Office of the Superintendent of Financial Institutions (“OSFI”). (2) Capital requirement represents the credit equivalent amount, weighted according to the creditworthiness of the counterparty, as prescribed by OSFI.
Summary of Average Rate of Hedging Instruments in Hedge Relationships That Do Not Frequently Reset	The following tables present the average rate of the hedging instruments in key hedge relationships that do not frequently reset. As at December 31, 2024 Remaining term to maturity (notional amounts) Fair value Hedged item Hedging instrument Average rate Less than 1 year 1 to 5 years Over 5 years Total Positive Negative Net Inflation risk Inflation linked insurance liabilities Interest rate swaps CPI rate: 290.22 $ 92 $ 568 $ 8,376 $ 9,036 $ 24 $ (48) $ (24) Foreign exchange risk Foreign currency assets Foreign currency swaps CAD/EUR: 0.66703 - 160 1,311 1,471 16 - 16 Foreign currency assets Foreign currency swaps CAD/GBP: 0.56259 - 115 434 549 22 - 22 Foreign currency assets Foreign currency swaps CAD/USD: 0.73009 165 407 1,067 1,639 9 (27) (18) Foreign exchange and interest rate risk Floating rate foreign currency liabilities Foreign currency swaps CAD/USD: 0.86655 - - 650 650 - (216) (216) Debt securities at fair value through OCI Foreign currency swaps CAD/USD: 1.22914 42 9 - 51 7 - 7 Equity risk Stock-based compensation Equity contracts MFC price: $30.12 20 304 - 324 6 - 6 Total $ 319 $ 1,563 $ 11,838 $ 13,720 $ 84 $ (291) $ (207) As at December 31, 2023 Remaining term to maturity (notional amounts) Fair value Hedged item Hedging instrument Average rate Less than 1 year 1 to 5 years Over 5 years Total Positive Negative Net Inflation risk Inflation linked insurance liabilities Interest rate swaps CPI rate: 290.13 $ 87 $ 459 $ 7,826 $ 8,372 $ 20 $ (48) $ (28) Foreign exchange risk Fixed rate liabilities Foreign currency swaps SGD/CAD: 0.93503 500 - - 500 35 - 35 Foreign exchange and interest rate risk Floating rate foreign currency liabilities Foreign currency swaps CAD/USD: 0.86655 - - 650 650 - (181) (181) Debt securities at fair value through OCI Foreign currency swaps CAD/USD: 1.22914 - 46 - 46 5 - 5 Equity risk Stock-based compensation Equity contracts MFC price: $26.28 11 229 - 240 3 - 3 Total $ 598 $ 734 $ 8,476 $ 9,808 $ 63 $ (229) $ (166)
Summary of Fair Value Contracts Categorized by Hierarchy Explanatory	Fair value and the fair value hierarchy of derivative instruments As at December 31, 2024 Fair value Level 1 Level 2 Level 3 Derivative assets Interest rate contracts $ 5,193 $ - $ 5,026 $ 167 Foreign exchange contracts 2,742 - 2,742 - Equity contracts 730 - 730 - Credit default swaps 2 - 2 - Total derivative assets $ 8,667 $ - $ 8,500 $ 167 Derivative liabilities Interest rate contracts $ 10,954 $ - $ 7,571 $ 3,383 Foreign exchange contracts 3,230 - 3,227 3 Equity contracts 63 - 47 16 Total derivative liabilities $ 14,247 $ - $ 10,845 $ 3,402 As at December 31, 2023 Fair value Level 1 Level 2 Level 3 Derivative assets Interest rate contracts $ 5,813 $ - $ 5,262 $ 551 Foreign exchange contracts 2,148 - 2,148 - Equity contracts 582 - 572 10 Credit default swaps 3 - 3 - Total derivative assets $ 8,546 $ - $ 7,985 $ 561 Derivative liabilities Interest rate contracts $ 9,176 $ - $ 6,451 $ 2,725 Foreign exchange contracts 2,396 - 2,395 1 Equity contracts 115 - 114 1 Total derivative liabilities $ 11,687 $ - $ 8,960 $ 2,727 Movement in net derivatives measured at fair value using significant non-market observable inputs (Level 3) is presented in note 3 (g).
Summary of Recognizes Gains and (Losses) on Derivatives and Related Hedged Items in Fair Value Hedges in Total Investment	The Company recognizes gains and losses on derivatives and the related hedged items in fair value hedges in total investment result. These investment gains (losses) are shown in the following tables. For the year ended December 31, 2024 Change in value of the hedged item for ineffectiveness measurement Change in value of the hedging instrument for ineffectiveness measurement Ineffectiveness recognized in Total investment result Carrying amount for hedged items (1) Accumulated fair value adjustments on hedged items Accumulated fair value adjustments on de-designated hedged items Assets Interest rate risk Debt securities at FVOCI $ (833) $ 812 $ (21) $ 117,538 $ (1) $ (601) Foreign currency risk Debt securities at FVOCI (80) 80 - 3,561 - - Foreign currency and interest rate risk Debt securities at FVOCI 451 (559) (108) 11,130 (367) 196 Total assets $ (462) $ 333 $ (129) $ 132,229 $ (368) $ (405) Liabilities Interest rate risk Insurance contract liabilities $ 3,591 $ (3,329) $ 262 $ 47,747 $ 3,386 $ 237 Foreign currency and interest rate risk Insurance contract liabilities 55 (17) 38 3,167 137 - Total liabilities $ 3,646 $ (3,346) $ 300 $ 50,914 $ 3,523 $ 237 For the year ended December 31, 2023 Change in value of the hedged item for ineffectiveness measurement Change in value of the hedging instrument for ineffectiveness measurement Ineffectiveness recognized in Total investment result Carrying amount for hedged items (1) Accumulated fair value adjustments on hedged items Accumulated fair value adjustments on de-designated hedged items Assets Interest rate risk Debt securities at FVOCI $ - $ - $ - $ - $ - $ 241 Foreign currency and interest rate risk Debt securities at FVOCI 742 (778) (36) 9,191 576 (405) Total assets $ 742 $ (778) $ (36) $ 9,191 $ 576 $ (164) Liabilities Interest rate risk Insurance contract liabilities $ (53) $ 185 $ 132 $ 29,133 $ (2,658) $ 2,642 Total liabilities $ (53) $ 185 $ 132 $ 29,133 $ (2,658) $ 2,642 (1) The carrying amounts for hedged items presented are related to hedged items in active hedging relationships as at the reporting date. For the year ended December 31, 2024 Hedged items in qualifying cash flow hedging relationships Change in fair value of hedged items for ineffectiveness measurement Change in fair value of hedging instruments for ineffectiveness measurement Gains (losses) deferred in AOCI on derivatives Gains (losses) reclassified from AOCI into Total investment result Ineffectiveness recognized in Total investment result Interest rate risk Treasury locks Forecasted liability issuance $ 3 $ (3) $ (3) $ - $ - Foreign exchange risk Foreign currency swaps Fixed rate liabilities (23) 23 23 26 - Interest and foreign exchange risk Foreign currency swaps Floating rate liabilities 32 (32) (32) (75) - Equity price risk Equity contracts Stock-based compensation (145) 145 145 66 - CPI risk Interest rate swaps (1) Inflation linked insurance liabilities (60) 60 60 17 - Total $ (193) $ 193 $ 193 $ 34 $ - For the year ended December 31, 2023 Hedged items in qualifying cash flow hedging relationships Change in fair value of hedged items for ineffectiveness measurement Change in fair value of hedging instruments for ineffectiveness measurement Gains (losses) deferred in AOCI on derivatives Gains (losses) reclassified from AOCI into Total investment result Ineffectiveness recognized in Total investment result Interest rate risk Treasury locks Forecasted liability issuance $ (1) $ 1 $ 1 $ - $ - Foreign exchange risk Foreign currency swaps Fixed rate liabilities 10 (10) (10) (8) - Interest and foreign exchange risk Foreign currency swaps Floating rate liabilities (23) 23 23 16 - Equity price risk Equity contracts Stock-based compensation (40) 40 40 3 - CPI risk Interest rate swaps (1) Inflation linked insurance liabilities 4 (4) (4) 81 - Total $ (50) $ 50 $ 50 $ 92 $ - (1) Gains (losses) deferred in AOCI on derivatives are presented in AOCI under Insurance finance income (expenses).
Summary of Balances in the Company’s Cash Flow Hedge Reserve	The table below details the balances in the Company’s cash flow hedge reserve. As at December 31, 2024 2023 Balances in the cash flow hedge reserve for continuing hedges $ 10 $ (149) Balances remaining in the cash flow hedge reserve on de-designated hedges - - Total $ 10 $ (149)
Summary of Investment Hedging Relationships on Consolidated Statements of Income and Consolidated Statements of Other Comprehensive Income	The effects of net investment hedging relationships on the Consolidated Statements of Income and the Consolidated Statements of Other Comprehensive Income are shown in the following tables. For the year ended December 31, 2024 Change in fair value of hedged items for ineffectiveness measurement Change in fair value of hedging instruments for ineffectiveness measurement Gains (losses) deferred in AOCI Gains (losses) reclassified from AOCI into Total investment result Ineffectiveness recognized in Total investment result Non-functional currency denominated debt $ 665 $ (665) $ (665) $ - $ - Forward currency contracts (45) 45 45 - - Total $ 620 $ (620) $ (620) $ - $ - For the year ended December 31, 2023 Change in fair value of hedged items for ineffectiveness measurement Change in fair value of hedging instruments for ineffectiveness measurement Gains (losses) deferred in AOCI Gains (losses) reclassified from AOCI into Total investment result Ineffectiveness recognized in Total investment result Non-functional currency denominated debt $ (195) $ 195 $ 195 $ - $ - Forward currency contracts (1) 1 1 - - Total $ (196) $ 196 $ 196 $ - $ -
Summary of Balances in Company’s Net Investment Hedge Reserve	The table below details the balances in the Company’s net investment hedge reserve. As at December 31, 2024 2023 Balances in the foreign currency translation reserve for continuing hedges $ (561) $ 59 Balances remaining in the net investment hedge reserve on de-designated hedges - - Total $ (561) $ 59
Summary of Reconciliation of Accumulated Other Comprehensive Income (Loss) Related to Cash Flow Hedges	Reconciliation of accumulated other comprehensive income (loss) related to cash flow hedges For the year ended December 31, 2024 Accumulated other comprehensive income (loss), beginning of year Hedging gains (losses) recognized in AOCI during the year Reclassification from AOCI to income Accumulated other comprehensive income (loss), end of year Reclassification adjustment related to de-designated hedges as hedged item affects income Reclassification adjustment related to items for which the hedged future cash flows are no longer expected to occur Interest rate risk $ 1 $ (3) $ - $ (2) $ - $ - Interest rate and foreign exchange risk (107) (32) (75) (64) - - Foreign exchange translation risk 3 23 26 - - - CPI risk (85) 60 17 (42) - - Equity price risk 39 145 66 118 - - Total $ (149) $ 193 $ 34 $ 10 $ - $ - For the year ended December 31, 2023 Accumulated other comprehensive income (loss), beginning of year Hedging gains (losses) recognized in AOCI during the year Reclassification from AOCI to income Accumulated other comprehensive income (loss), end of year Reclassification adjustment related to de-designated hedges as hedged item affects income Reclassification adjustment related to items for which the hedged future cash flows are no longer expected to occur Interest rate risk $ - $ 1 $ - $ 1 $ - $ - Interest rate and foreign exchange risk (114) 23 16 (107) - - Foreign exchange translation risk 5 (10) (8) 3 - - CPI risk - (4) 81 (85) - - Equity price risk 2 40 3 39 - - Total $ (107) $ 50 $ 92 $ (149) $ - $ -
Summary of Reconciliation of Accumulated Other Comprehensible Income (Loss) Related to Net Investment Hedges	Reconciliation of accumulated other comprehensive income (loss) related to net investment hedges For the year ended December 31, 2024 Accumulated other comprehensive income (loss), beginning of year Hedging gains (losses) recognized in AOCI during the year Reclassification from AOCI to income Accumulated other comprehensive income (loss), end of year Reclassification adjustment related to de-designated hedges as hedged item affects income Reclassification adjustment related to items for which the hedged future cash flows are no longer expected to occur Foreign exchange translation risk $ 59 $ (620) $ - $ (561) $ - $ - For the year ended December 31, 2023 Accumulated other comprehensive income (loss), beginning of year Hedging gains (losses) recognized in AOCI during the year Reclassification from AOCI to income Accumulated other comprehensive income (loss), end of year Reclassification adjustment related to de-designated hedges as hedged item affects income Reclassification adjustment related to items for which the hedged future cash flows are no longer expected to occur Foreign exchange translation risk $ (137) $ 196 $ - $ 59 $ - $ -
Summary of Movement in Cost of Hedging by Hedged Risk Category	The following table provides details of the movement in the cost of hedging by hedged risk category. For the year ended December 31, 2024 2023 Foreign exchange risk Balance, beginning of year $ - $ (3) Changes in fair value 111 5 Amount reclassified to profit or loss - 2 Balance, end of year $ 111 $ - Foreign exchange and interest rate risk Balance, beginning of year $ 18 $ 25 Changes in fair value (10) (8) Amount reclassified to profit or loss - (1) Balance, end of year $ 8 $ 18
Summary of Investment Income (Loss) on Derivatives Not Designated in Qualifying Hedge Accounting Relationships	Investment income (loss) on derivatives not designated in qualifying hedge accounting relationships For the years ended December 31, 2024 2023 Interest rate swaps $ (116) $ 667 Interest rate futures 52 57 Interest rate options (20) (13) Foreign currency swaps 108 (4) Currency rate futures (137) (22) Forward contracts (626) 612 Equity futures (423) (449) Equity contracts 437 325 Credit default swaps (1) - Total $ (726) $ 1,173

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill And Intangible Assets [Abstract]
Summary of Changes in Carrying Value of Goodwill and Intangible Assets	The following tables present the changes in carrying value of goodwill and intangible assets. For the year ended December 31, 2024 Balance, January 1, 2024 Net additions / (disposals) (1) Amortization expense Effect of changes in foreign exchange rates Balance, December 31, 2024 Goodwill $ 5,919 $ 150 $ n/a $ 206 $ 6,275 Indefinite life intangible assets Brand 791 3 n/a 72 866 Fund management contracts and other (2) 1,034 156 n/a 68 1,258 1,825 159 n/a 140 2,124 Finite life intangible assets (3) Distribution networks 834 13 (56) 49 840 Customer relationships 582 - (52) 12 542 Software 1,102 329 (257) 38 1,212 Other 48 7 (9) 13 59 2,566 349 (374) 112 2,653 Total intangible assets 4,391 508 (374) 252 4,777 Total goodwill and intangible assets $ 10,310 $ 658 $ (374) $ 458 $ 11,052 For the year ended December 31, 2023 Balance, January 1, 2023 Net additions / (disposals) Amortization expense Effect of changes in foreign exchange rates Balance, December 31, 2023 Goodwill $ 6,014 $ - $ n/a $ (95) $ 5,919 Indefinite life intangible assets Brand 813 - n/a (22) 791 Fund management contracts and other (2) 1,048 - n/a (14) 1,034 1,861 - n/a (36) 1,825 Finite life intangible assets (3) Distribution networks 881 31 (53) (25) 834 Customer relationships 643 (4) (53) (4) 582 Software 1,068 274 (217) (23) 1,102 Other 52 11 (5) (10) 48 2,644 312 (328) (62) 2,566 Total intangible assets 4,505 312 (328) (98) 4,391 Total goodwill and intangible assets $ 10,519 $ 312 $ (328) $ (193) $ 10,310 (1) In April 2024, the Company acquired control of CQS Management Limited, the London-based alternative credit investment manager, through purchase of 100% of its shares outstanding. The transaction included cash consideration of $334 and contingent consideration of $8 . Goodwill, brand, indefinite lived and definite lived management contracts of $150 , $3 , $153 and $7 were recognized. (2) Fund management contracts are mostly allocated to Canada WAM and U.S. WAM CGUs with carrying values of $273 ( 2023 – $273 ) and $421 ( 2023 – $386 ), respectively. (3) Gross carrying amount of finite life intangible assets was $3,408 for software, $1,617 for distribution networks, $1,156 for customer relationships and $156 for other ( 2023 – $2,955 , $1,511 , $1,136 and $138 ), respectively.
Summary of Impairment Testing of Goodwill	The following tables present the carrying value of goodwill by CGU or group of CGUs. For the year ended December 31, 2024 Balance, January 1, 2024 Net additions/ (disposals) Effect of changes in foreign exchange rates Balance, December 31, 2024 CGU or group of CGUs Asia Asia Insurance (excluding Japan) $ 159 $ - $ 11 $ 170 Japan Insurance 328 - (7) 321 Canada Insurance 1,958 - 8 1,966 U.S. Insurance 350 - 32 382 Global Wealth and Asset Management Asia WAM 438 - 41 479 Canada WAM 1,436 - - 1,436 U.S. WAM 1,250 150 121 1,521 Total $ 5,919 $ 150 $ 206 $ 6,275 For the year ended December 31, 2023 Balance, January 1, 2023 Net additions/ (disposals) Effect of changes in foreign exchange rates Balance, December 31, 2023 CGU or group of CGUs Asia Asia Insurance (excluding Japan) $ 162 $ - $ (3) $ 159 Japan Insurance 360 - (32) 328 Canada Insurance 1,960 - (2) 1,958 U.S. Insurance 360 - (10) 350 Global Wealth and Asset Management Asia WAM 450 - (12) 438 Canada WAM 1,436 - - 1,436 U.S. WAM 1,286 - (36) 1,250 Total $ 6,014 $ - $ (95) $ 5,919

Insurance and Reinsurance Con_2

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 ) 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

Investment Contract Liabiliti_2

Investment Contract Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Investment Contract Liabilities [Abstract]
Summary of Movement in Investment Contract Liabilities Measured at Fair Value	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
Summary of Investment Contract Liabilities Measured at Amortized Cost and Fair Value Associated with these Contracts	The following table presents carrying and fair values of investment contract liabilities measured at amortized cost, by reporting segment. 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
Summary of Changes in Investment Contract Liabilities Measured at Amortized Cost	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
Summary of Contractual Obligations and Commitments Relating to Investment Contracts	The following table presents the Company’s contractual obligations and commitments relating to these investment contracts as at December 31, 2024 and 2023 . Investment contract liabilities (1) 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. (2) Includes amounts which have no specific maturity, being payable on demand.

Risk Management (Tables)

Risk Management (Tables)	12 Months Ended
	Dec. 31, 2024
Disclosure of credit risk exposure [line items]
Summary of Market Risks and Risk Management Strategies	Risk Management Strategy Key Market & Liquidity Risk Public Equity Risk Interest Rate and Spread Risk ALDA Risk Foreign Currency Exchange Risk Liquidity Risk Product design and pricing ü ü ü ü ü Variable annuity guarantee dynamic hedging ü ü ü ü Macro equity risk hedging ü ü ü Asset liability management ü ü ü ü ü Foreign currency exchange management ü ü Liquidity risk management ü
Summary of Investment Categories for Variable Contracts with Guarantees	Variable contracts with guarantees, including variable annuities and variable life, are invested at the policyholder’s discretion subject to contract limitations, in various fund types within the segregated fund accounts and other investments. The account balances by investment category are set out below. As at December 31, 2024 2023 Investment category Equity funds $ 51,457 $ 45,593 Balanced funds 37,381 35,801 Bond funds 9,017 8,906 Money market funds 1,712 1,559 Other debt investments 2,082 1,907 Total $ 101,649 $ 93,766
Summary of Potential Immediate Impact on Contractual Service Margin, Other Comprehensive Income to Shareholders and Total Comprehensive Income to Shareholders	Potential impacts on contractual service margin, net income attributed to shareholders , other comprehensive income attributed to shareholders , and total comprehensive income attributed to shareholders of an immediate parallel change in interest rates, corporate spreads or swap spreads relative to current rates (1),(2),(3) As at December 31, 2024 Interest rates Corporate spreads Swap spreads (post-tax except CSM) -50bp +50bp -50bp +50bp -20bp +20bp CSM $ 100 $ (200) $ - $ (100) $ - $ - Net income attributed to shareholders 100 (100) 100 (100) 100 (100) Other comprehensive income attributed to shareholders (100) 200 (200) 300 (100) 100 Total comprehensive income attributed to shareholders - 100 (100) 200 - - As at December 31, 2023 Interest rates Corporate spreads Swap spreads (post-tax except CSM) -50bp +50bp -50bp +50bp -20bp +20bp CSM $ - $ (100) $ - $ (100) $ - $ - Net income attributed to shareholders 100 (100) - - 100 (100) Other comprehensive income attributed to shareholders (300) 300 (200) 300 (100) 100 Total comprehensive income attributed to shareholders (200) 200 (200) 300 - - (1) See “Caution related to sensitivities” above. (2) Estimates include changes to the net actuarial gains/losses with respect to the Company’s pension obligations as a result of changes in interest rates. (3) Includes guaranteed insurance and annuity products, including variable annuity contracts as well as adjustable benefit products where benefits are generally adjusted as interest rates and investment returns change, a portion of which have minimum credited rate guarantees. For adjustable benefit products subject to minimum rate guarantees, the sensitivities are based on the assumption that credited rates will be floored at the minimum.
Summary of Potential Immediate Impacts on Contractual Service Margin, Net Income Attributed to Shareholders, Other Comprehensive Income Attributed to Shareholders, and Total Comprehensive Income Attributed to Shareholders from Changes in ALDA Market Values	Potential immediate impacts on contractual service margin, net income attributed to shareholders , other comprehensive income attributed to shareholders , and total comprehensive income attributed to shareholders from changes in ALDA market values (1) As at December 31, 2024 December 31, 2023 (post-tax except CSM) -10% +10% -10% +10% CSM excluding NCI $ (200) $ 200 $ (100) $ 100 Net income attributed to shareholders (2) (2,500) 2,500 (2,400) 2,400 Other comprehensive income attributed to shareholders (200) 200 (200) 200 Total comprehensive income attributed to shareholders (2,700) 2,700 (2,600) 2,600 (1) See “Caution related to sensitivities” above. (2) Net income attributed to shareholders includes core earnings and the amounts excluded from core earnings.
Summary of Gross Carrying Amount of Financial Instruments Subject to Credit Exposure	Credit quality The following tables present financial instruments subject to credit exposure, without considering any collateral held or other credit enhancements, and other significant credit risk exposures from loan commitments, with allowances, presenting separately Stage 1, Stage 2, and Stage 3 credit risk profiles. For each asset type presented in the table, amortized cost and FVOCI financial instruments are presented together. Amortized cost financial instruments are shown gross of the allowance for credit losses, which is shown separately. FVOCI financial instruments are shown at fair value with the allowance for credit losses shown separately. As at December 31, 2024 Stage 1 Stage 2 Stage 3 Total Debt securities, measured at FVOCI Investment grade $ 197,840 $ 1,338 $ - $ 199,178 Non-investment grade 5,625 363 - 5,988 Total carrying value 203,465 1,701 - 205,166 Allowance for credit losses 228 42 - 270 Debt securities, measured at amortized cost Investment grade 1,496 - - 1,496 Non-investment grade - - - - Total 1,496 - - 1,496 Allowance for credit losses 1 - - 1 Total carrying value, net of allowance 1,495 - - 1,495 Private placements, measured at FVOCI Investment grade 41,796 721 - 42,517 Non-investment grade 5,004 1,133 148 6,285 Total carrying value 46,800 1,854 148 48,802 Allowance for credit losses 126 127 123 376 Commercial mortgages, measured at FVOCI AAA 205 - - 205 AA 7,234 - - 7,234 A 14,035 - - 14,035 BBB 5,679 873 - 6,552 BB 11 663 - 674 B and lower - 21 71 92 Total carrying value 27,164 1,557 71 28,792 Allowance for credit losses 41 39 55 135 Commercial mortgages, measured at amortized cost AAA - - - - AA - - - - A 225 15 - 240 BBB - - - - BB - - - - B and lower 112 5 5 122 Total 337 20 5 362 Allowance for credit losses 1 1 - 2 Total carrying value, net of allowance 336 19 5 360 Residential mortgages, measured at amortized cost Performing 22,870 1,151 - 24,021 Non-performing - - 41 41 Total 22,870 1,151 41 24,062 Allowance for credit losses 3 2 1 6 Total carrying value, net of allowance 22,867 1,149 40 24,056 Loans to Bank clients, measured at amortized cost Performing 2,265 38 - 2,303 Non-performing - - 10 10 Total 2,265 38 10 2,313 Allowance for credit losses 1 1 1 3 Total carrying value, net of allowance 2,264 37 9 2,310 Other invested assets, measured at FVOCI Investment grade - - - - Non-investment grade 389 - - 389 Total carrying value 389 - - 389 Allowance for credit losses 22 - - 22 Other invested assets, measured at amortized cost Investment grade 4,302 - - 4,302 Non-investment grade - - - - Total 4,302 - - 4,302 Allowance for credit losses 2 - - 2 Total carrying value, net of allowance 4,300 - - 4,300 Loan commitments Allowance for credit losses 9 1 1 11 Total carrying value, net of allowance $ 309,080 $ 6,317 $ 273 $ 315,670 As at December 31, 2023 Stage 1 Stage 2 Stage 3 Total Debt securities, measured at FVOCI Investment grade $ 197,562 $ 2,252 $ - $ 199,814 Non-investment grade 5,367 596 - 5,963 Total carrying value 202,929 2,848 - 205,777 Allowance for credit losses 283 54 6 343 Debt securities, measured at amortized cost Investment grade 1,373 - - 1,373 Non-investment grade - - - - Total 1,373 - - 1,373 Allowance for credit losses 1 - - 1 Total carrying value, net of allowance 1,372 - - 1,372 Private placements, measured at FVOCI Investment grade 37,722 1,644 - 39,366 Non-investment grade 5,210 295 81 5,586 Total carrying value 42,932 1,939 81 44,952 Allowance for credit losses 126 108 83 317 Commercial mortgages, measured at FVOCI AAA 279 - - 279 AA 6,815 - - 6,815 A 14,111 86 - 14,197 BBB 5,513 984 - 6,497 BB 10 532 - 542 B and lower - 36 107 143 Total carrying value 26,728 1,638 107 28,473 Allowance for credit losses 40 42 143 225 Commercial mortgages, measured at amortized cost AAA - - - - AA - - - - A 148 48 - 196 BBB - - - - BB - - - - B and lower 145 35 - 180 Total 293 83 - 376 Allowance for credit losses 1 2 - 3 Total carrying value, net of allowance 292 81 - 373 Residential mortgages, measured at amortized cost Performing 20,898 1,570 - 22,468 Non-performing - - 60 60 Total 20,898 1,570 60 22,528 Allowance for credit losses 4 2 2 8 Total carrying value, net of allowance 20,894 1,568 58 22,520 Loans to Bank clients, measured at amortized cost Performing 2,387 44 - 2,431 Non-performing - - 8 8 Total 2,387 44 8 2,439 Allowance for credit losses 2 - 1 3 Total carrying value, net of allowance 2,385 44 7 2,436 Other invested assets, measured at FVOCI Investment grade - - - - Non-investment grade 360 - - 360 Total carrying value 360 - - 360 Allowance for credit losses 16 - - 16 Other invested assets, measured at amortized cost Investment grade 3,791 - - 3,791 Non-investment grade - - - - Total 3,791 - - 3,791 Allowance for credit losses 1 - - 1 Total carrying value, net of allowance 3,790 - - 3,790 Loan commitments Allowance for credit losses 9 1 2 12 Total carrying value, net of allowance $ 301,682 $ 8,118 $ 253 $ 310,053
Summary of Allowance for Credit Losses by Stage	Allowance for credit losses The following tables provide details on the allowance for credit losses by stage as at and for the year ended December 31, 2024 and 2023 . As at December 31, 2024 Stage 1 Stage 2 Stage 3 Total Balance, beginning of year $ 483 $ 209 $ 237 $ 929 Net re-measurement due to transfers 4 (22) 18 - Transfer to stage 1 12 (12) - - Transfer to stage 2 (7) 7 - - Transfer to stage 3 (1) (17) 18 - Net originations, purchases, disposals and repayments 36 (8) (159) (131) Changes to risk, parameters, and models (107) 21 81 (5) Foreign exchange and other adjustments 18 13 4 35 Balance, end of year $ 434 $ 213 $ 181 $ 828 As at December 31, 2023 Stage 1 Stage 2 Stage 3 Total Balance, beginning of year $ 511 $ 141 $ 72 $ 724 Net re-measurement due to transfers 4 6 (10) - Transfer to stage 1 12 (11) (1) - Transfer to stage 2 (6) 28 (22) - Transfer to stage 3 (2) (11) 13 - Net originations, purchases, disposals and repayments 45 8 (23) 30 Changes to risk, parameters, and models (71) 48 233 210 Foreign exchange and other adjustments (6) 6 (35) (35) Balance, end of year $ 483 $ 209 $ 237 $ 929
Summary of Macroeconomic Variables Used to Measure Allowance for Credit Losses	Significant judgements and estimates The following tables show certain key macroeconomic variables used to estimate the ECL allowances by market. For the base case, upside and downside scenarios, the projections are provided for the next 12 months and then for the remaining forecast period, which represents a medium-term view. Base case scenario Upside scenario Downside scenario 1 Downside scenario 2 As at December 31, 2024 Current quarter Next 12 months Ensuing 4 years Next 12 months Ensuing 4 years Next 12 months Ensuing 4 years Next 12 months Ensuing 4 years Canada Gross Domestic Product (GDP), in U.S. $ billions $ 1,983 1.8 % 2.0 % 3.3 % 2.3 % (2.0) % 2.3 % (3.9) % 2.2 % Unemployment rate 6.7 % 6.8 % 6.3 % 6.5 % 5.8 % 8.1 % 8.2 % 8.5 % 10.0 % NYMEX Light Sweet Crude Oil, in U.S. dollars, per barrel $ 76.0 $ 75.0 $ 72.0 $ 79.0 $ 74.0 $ 59.0 $ 66.0 $ 50.0 $ 61.0 U.S. Gross Domestic Product (GDP), in U.S. $ billions $ 23,534 2.1 % 2.2 % 3.6 % 2.3 % (2.0) % 2.7 % (4.2) % 2.5 % Unemployment rate 4.2% 4.1 % 4.0 % 3.3 % 3.3 % 7.3 % 6.1 % 7.8 % 8.1 % 7-10 Year BBB U.S. Corporate Index 5.5% 6.1 % 6.1 % 5.9 % 6.2 % 5.4 % 5.6 % 6.0 % 5.4 % Japan Gross Domestic Product (GDP), in JPY billions ¥ 563,281 0.9 % 0.7 % 2.8 % 0.8 % (3.6) % 1.0 % (7.1) % 1.6 % Unemployment rate 2.5% 2.5 % 2.2 % 2.4 % 2.1 % 3.1 % 2.9 % 3.2 % 3.5 % Hong Kong Unemployment rate 3.0% 2.9 % 3.0 % 2.5 % 2.7 % 4.1 % 3.8 % 4.6 % 4.6 % Hang Seng Index 19,448 7.0 % 4.1 % 18.1 % 3.7 % (19.7) % 9.9 % (37.0) % 13.5 % China Gross Domestic Product (GDP), in CNY billions ¥ 114,931 4.0 % 4.1 % 6.5 % 4.3 % (3.0) % 4.6 % (5.7) % 3.9 % FTSE Xinhua A200 Index 10,938 (0.6) % 4.8 % 13.8 % 2.8 % (31.1) % 11.7 % (40.5) % 13.5 % (IV)
Summary of Estimated Expected Credit Losses From All Macroeconomic Scenarios	Sensitivity to changes in economic assumptions The following table shows the ECL allowance balance which resulted from all four macroeconomic scenarios (including the more heavily weighted best estimate baseline scenario, one upside and two downside scenarios) weighted by probability of occurrence and shows an ECL allowance resulting from only the baseline scenario. As at December 31, 2024 2023 Probability-weighted ECL $ 828 $ 929 Baseline ECL $ 629 $ 659 Difference - in amount $ 199 $ 270 Difference - in percentage 24.03% 29.06%
Summary of Effect of Conditional Master Netting and Similar Arrangements	The following tables presents the effect of conditional master netting and similar arrangements. Similar arrangements may include global master repurchase agreements, global master securities lending agreements, and any related rights to financial collateral pledged or received. Related amounts not set off in the Consolidated Statements of Financial Position As at December 31, 2024 Gross amounts of financial instruments (1) Amounts subject to an enforceable master netting arrangement or similar agreements Financial and cash collateral pledged (received) (2) Net amounts including financing entity (3) Net amounts excluding financing entity Financial assets Derivative assets $ 9,048 $ (6,633) $ (1,986) $ 429 $ 429 Securities lending 1,021 - (1,021) - - Reverse repurchase agreements 1,594 (569) (1,025) - - Total financial assets $ 11,663 $ (7,202) $ (4,032) $ 429 $ 429 Financial liabilities Derivative liabilities $ (15,026) $ 6,633 $ 8,305 $ (88) $ (15) Repurchase agreements (668) 569 99 - - Total financial liabilities $ (15,694) $ 7,202 $ 8,404 $ (88) $ (15) Related amounts not set off in the Consolidated Statements of Financial Position As at December 31, 2023 Gross amounts of financial instruments (1) Amounts subject to an enforceable master netting arrangement or similar agreements Financial and cash collateral pledged (received) (2) Net amounts including financing entity (3) Net amounts excluding financing entity Financial assets Derivative assets $ 9,044 $ (6,516) $ (2,374) $ 154 $ 154 Securities lending 626 - (626) - - Reverse repurchase agreements 466 (202) (264) - - Total financial assets $ 10,136 $ (6,718) $ (3,264) $ 154 $ 154 Financial liabilities Derivative liabilities $ (12,600) $ 6,516 $ 5,958 $ (126) $ (57) Repurchase agreements (202) 202 - - - Total financial liabilities $ (12,802) $ 6,718 $ 5,958 $ (126) $ (57) (1) Financial assets and liabilities include accrued interest of $388 and $779 respectively ( 2023 – $502 and $913 respectively). (2) Financial and cash collateral exclude over-collateralization. As at December 31, 2024 , the Company was over-collateralized on OTC derivative assets, OTC derivative liabilities, securities lending and reverse repurchase agreements and repurchase agreements in the amounts of $641 , $2,472 , $35 and $nil respectively ( 2023 – $424 , $1,420 , $20 and $nil respectively). As at December 31, 2024 , collateral pledged (received) does not include collateral-in-transit on OTC instruments or initial margin on exchange-traded contracts or cleared contracts. (3) Includes derivative contracts entered between the Company and its unconsolidated financing entity. The Company does not exchange collateral on derivative contracts entered with this entity. Refer to note 17 .
Summary of the Effect of Unconditional Netting	The following tables present the effect of unconditional netting. As at December 31, 2024 Gross amounts of financial instruments Amounts subject to an enforceable netting arrangement Net amounts of financial instruments Credit linked note (1) $ 1,392 $ (1,392) $ - Variable surplus note (1,392) 1,392 - As at December 31, 2023 Gross amounts of financial instruments Amounts subject to an enforceable netting arrangement Net amounts of financial instruments Credit linked note (1) $ 1,276 $ (1,276) $ - Variable surplus note (1,276) 1,276 - (1) As at December 31, 2024 and 2023 , the Company had no fixed surplus notes outstanding. Refer to note 18 (g) .
Summary of Debt Securities and Private Placements Portfolio by Sector and Industry Explanatory	The following table presents debt securities and private placements portfolio by sector and industry. 2024 2023 As at December 31, Carrying value % of total Carrying value % of total Government and agency $ 88,376 34 % $ 84,739 33 % Utilities 45,812 18 % 45,952 18 % Financial 38,656 15 % 39,069 15 % Consumer 31,529 12 % 31,181 12 % Energy 15,840 6 % 15,782 6 % Industrial 24,233 9 % 24,209 9 % Other 15,843 6 % 16,823 7 % Total $ 260,289 100 % $ 257,755 100 %
Summary of Geographic Concentration of Insurance and Investment Contract Liabilities, Including Embedded Derivatives	The geographic concentration of the Company’s insurance and investment contract liabilities, including embedded derivatives, is shown below. The disclosure is based on the countries in which the business is written. As at December 31, 2024 Insurance contract liabilities Investment contract liabilities Reinsurance assets Net liabilities U.S. and Canada $ 342,146 $ 305,563 $ (52,055) $ 595,654 Asia and Other 180,698 17,378 (6,294) 191,782 Total $ 522,844 $ 322,941 $ (58,349) $ 787,436 As at December 31, 2023 Insurance contract liabilities Investment contract liabilities Reinsurance assets Net liabilities U.S. and Canada $ 327,458 $ 260,046 $ (39,080) $ 548,424 Asia and Other 154,536 15,171 (1,169) 168,538 Total $ 481,994 $ 275,217 $ (40,249) $ 716,962
Asset classes and individual investment risks
Disclosure of credit risk exposure [line items]
Schedule of Risk Concentrations	As at December 31, 2024 2023 Debt securities and private placements rated as investment grade BBB or higher (1) 96 % 95 % Government debt securities as a per cent of total debt securities 40 % 38 % Government private placements as a per cent of total private placements 9 % 10 % Highest exposure to a single non-government debt security or private placement issuer $ 1,121 $ 1,131 Largest single issuer as a per cent of the total equity portfolio 2 % 2 % Income producing commercial office properties (2024 – 35% of real estate, 2023 – 37% ) $ 4,696 $ 4,829 Largest concentration of mortgages and real estate (2) – Ontario Canada (2024 – 28% , 2023 – 29% ) $ 19,052 $ 19,003 (1) Investment grade debt securities and private placements include 37% rated A, 17% rated AA and 15% rated AAA (2023 – 38% , 17% and 15% ) investments based on external ratings where available. (2) Mortgages and real estate investments are diversified geographically and by property type.
AA
Disclosure of credit risk exposure [line items]
Summary of Credit Default Swap Protection Sold	The following tables present details of the credit default swap protection sold by type of contract and external agency rating for the underlying reference security. As at December 31, 2024 Notional amount (1) Fair value Weighted average maturity (in years) (2) Single name CDS (3),(4) – Corporate debt AA $ 23 $ 1 3 A 68 1 3 BBB 23 - 2 Total single name CDS $ 114 $ 2 3 Total CDS protection sold $ 114 $ 2 3 As at December 31, 2023 Notional amount (1) Fair value Weighted average maturity (in years) (2) Single name CDS (3),(4) – Corporate debt AA $ 23 $ 1 4 A 94 2 3 BBB 14 - 1 Total single name CDS $ 131 $ 3 3 Total CDS protection sold $ 131 $ 3 3 (1) Notional amounts represent the maximum future payments the Company would have to pay its counterparties assuming a default of the underlying credit and zero recovery on the underlying issuer obligations. (2) The weighted average maturity of the CDS is weighted based on notional amounts. (3) Ratings are based on S&P where available followed by Moody’s, Morningstar DBRS, and Fitch. If no rating is available from a rating agency, an internally developed rating is used. (4) The Company held no purchased credit protection as at December 31, 2024 and 2023 .
IFRS 7
Disclosure of credit risk exposure [line items]
Summary of Significant Financial Liabilities	Maturity of financial liabilities (1) As at December 31, 2024 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total Long-term debt $ - $ 2,829 $ - $ 3,800 $ 6,629 Capital instruments - - - 7,532 7,532 Derivatives 2,320 2,304 1,244 8,379 14,247 Deposits from Bank clients (2) 15,690 3,774 2,599 - 22,063 Lease liabilities 105 151 52 47 355 (1) The amounts shown above are net of the related unamortized deferred issue costs. (2) Carrying value and fair value of deposits from Bank clients as at December 31, 2024 were $22,063 and $22,270 , respectively ( 2023 – $21,616 and $21,518 respectively). Fair value is determined by discounting contractual cash flows, using market interest rates currently offered for deposits with similar terms and conditions. All deposits from Bank clients were categorized in Level 2 of the fair value hierarchy ( 2023 – Level 2).
Summary of Variable Annuity and Segregated Fund Investment-Related Guarantees Gross and Net of Reinsurance	Variable annuity and segregated fund guarantees, net of reinsurance 2024 2023 As at December 31, Guarantee value (1) Fund value Net amount at risk (1),(2),(3) Guarantee value (1) Fund value Net amount at risk (1),(2),(3) Guaranteed minimum income benefit $ 3,628 $ 2,780 $ 918 $ 3,864 $ 2,735 $ 1,156 Guaranteed minimum withdrawal benefit 33,473 33,539 3,339 34,833 33,198 4,093 Guaranteed minimum accumulation benefit 18,987 19,097 70 18,996 19,025 116 Gross living benefits (4) 56,088 55,416 4,327 57,693 54,958 5,365 Gross death benefits (5) 8,612 19,851 644 9,133 17,279 975 Total gross of reinsurance 64,700 75,267 4,971 66,826 72,237 6,340 Living benefits reinsured 23,768 23,965 3,016 24,208 23,146 3,395 Death benefits reinsured 3,430 2,776 289 3,400 2,576 482 Total reinsured 27,198 26,741 3,305 27,608 25,722 3,877 Total, net of reinsurance $ 37,502 $ 48,526 $ 1,666 $ 39,218 $ 46,515 $ 2,463 (1) Guarantee Value and Net Amount at Risk in respect of guaranteed minimum withdrawal business in Canada and the U.S. reflect the time value of money of these claims. (2) Amount at risk (in-the-money amount) is the excess of guarantee values over fund values on all policies where the guarantee value exceeds the fund value. For guaranteed minimum death benefit, the amount at risk is defined as the current guaranteed minimum death benefit in excess of the current account balance and assumes that all claims are immediately payable. In practice, guaranteed death benefits are contingent and only payable upon the eventual death of policyholders if fund values remain below guarantee values. For guaranteed minimum withdrawal benefit, the amount at risk assumes that the benefit is paid as a lifetime annuity commencing at the earliest contractual income start age. These benefits are also contingent and only payable at scheduled maturity/income start dates in the future, if the policyholders are still living and have not terminated their policies and fund values remain below guarantee values. For all guarantees, the amount at risk is floored at zero at the single contract level. (3) The amount at risk net of reinsurance at December 31, 2024 was $1,666 ( December 31, 2023 – $2,463 ) of which: US$293 ( December 31, 2023 – US$391 ) was on the Company’s U.S. business, $1,021 ( December 31, 2023 – $1,559 ) was on the Company’s Canadian business, US$100 ( December 31, 2023 – US$140 ) was on the Company’s Japan business, and US$56 ( December 31, 2023 – US$155 ) was related to Asia (other than Japan) and the Company’s run-off reinsurance business. (4) Where a policy includes both living and death benefits, the guarantee in excess of the living benefit is included in the death benefit category as outlined in footnote 5. (5) Death benefits include stand-alone guarantees and guarantees in excess of living benefit guarantees where both death and living benefits are provided on a policy.
Summary of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns Explanatory	Potential immediate impact on net income attributed to shareholders arising from changes to public equity returns (1) Net income attributed to shareholders As at December 31, 2024 -30% -20% -10% +10% +20% +30% Underlying sensitivity Variable annuity and segregated fund guarantees (2) $ (2,050) $ (1,240) $ (560) $ 470 $ 860 $ 1,190 General fund equity investments (3) (1,240) (820) (400) 390 780 1,180 Total underlying sensitivity before hedging (3,290) (2,060) (960) 860 1,640 2,370 Impact of macro and dynamic hedge assets (4) 720 430 190 (150) (260) (360) Net potential impact on net income attributed to shareholders after impact of hedging and before impact of reinsurance (2,570) (1,630) (770) 710 1,380 2,010 Impact of reinsurance 1,320 810 370 (320) (590) (830) Net potential impact on net income attributed to shareholders after impact of hedging and reinsurance $ (1,250) $ (820) $ (400) $ 390 $ 790 $ 1,180 Net income attributed to shareholders As at December 31, 2023 -30% -20% -10% +10% +20% +30% Underlying sensitivity Variable annuity and segregated fund guarantees (2) $ (2,370) $ (1,460) $ (670) $ 550 $ 1,010 $ 1,390 General fund equity investments (3) (1,170) (770) (390) 380 760 1,140 Total underlying sensitivity before hedging (3,540) (2,230) (1,060) 930 1,770 2,530 Impact of macro and dynamic hedge assets (4) 880 530 240 (190) (340) (460) Net potential impact on net income attributed to shareholders after impact of hedging and before impact of reinsurance (2,660) (1,700) (820) 740 1,430 2,070 Impact of reinsurance 1,470 900 420 (350) (650) (910) Net potential impact on net income attributed to shareholders after impact of hedging and reinsurance $ (1,190) $ (800) $ (400) $ 390 $ 780 $ 1,160 (1) See “Caution related to sensitivities” above. (2) For variable annuity contracts measured under the VFA approach , the impact of financial risk and changes in interest rates adjusts CSM, unless the risk mitigation option applies. The Company has elected to apply risk mitigation and therefore, a portion of the impact is reported in net income attributed to shareholders instead of adjusting the CSM. If the CSM for a group of variable annuity contracts is exhausted, the full impact is reported in net income attributed to shareholders . (3) This impact for general fund equity investments includes general fund investments supporting the Company’s insurance contract liabilities, investment in seed money investments (in segregated and mutual funds made by Global WAM segment), and the impact on insurance contract liabilities related to the projected future fee income on variable universal life and other unit-linked products. The impact does not include any potential impact on public equity weightings. The participating policy funds are largely self-supporting and generate no material impact on net income attributed to shareholders as a result of changes in equity markets. (4) Includes the impact of assumed rebalancing of equity hedges in the macro and dynamic hedging program. The impact of dynamic hedging represents the impact of equity hedges offsetting 95% of the dynamically hedged variable annuity liability movement that occurs as a result of market changes, but does not include any impact in respect of other sources of hedge accounting ineffectiveness (e.g., fund tracking, realized volatility, and equity and interest rate correlations different from expected among other factors).
Summary of Potential Immediate Impact on Contractual Service Margin, Other Comprehensive Income to Shareholders and Total Comprehensive Income to Shareholders	Potential immediate impact on contractual service margin, other comprehensive income to shareholders and total comprehensive income to shareholders from changes to public equity market values (1),(2),(3) As at December 31, 2024 -30% -20% -10% +10% +20% +30% Variable annuity and segregated fund guarantees reported in CSM $ (3,420) $ (2,110) $ (970) $ 840 $ 1,580 $ 2,250 Impact of risk mitigation - hedging (4) 940 560 250 (190) (350) (470) Impact of risk mitigation - reinsurance (4) 1,670 1,020 470 (400) (740) (1,050) VA net of risk mitigation (810) (530) (250) 250 490 730 General fund equity (1,140) (740) (370) 370 750 1,110 Contractual service margin (pre-tax) $ (1,950) $ (1,270) $ (620) $ 620 $ 1,240 $ 1,840 Other comprehensive income attributed to shareholders (post-tax) (5) $ (840) $ (560) $ (280) $ 270 $ 530 $ 790 Total comprehensive income attributed to shareholders (post-tax) $ (2,090) $ (1,380) $ (680) $ 660 $ 1,320 $ 1,970 As at December 31, 2023 -30% -20% -10% +10% +20% +30% Variable annuity and segregated fund guarantees reported in CSM $ (3,810) $ (2,370) $ (1,100) $ 940 $ 1,760 $ 2,470 Impact of risk mitigation - hedging (4) 1,150 700 310 (250) (450) (600) Impact of risk mitigation - reinsurance (4) 1,850 1,140 530 (450) (830) (1,150) VA net of risk mitigation (810) (530) (260) 240 480 720 General fund equity (940) (610) (300) 290 590 870 Contractual service margin (pre-tax) $ (1,750) $ (1,140) $ (560) $ 530 $ 1,070 $ 1,590 Other comprehensive income attributed to shareholders (post-tax) (5) $ (730) $ (490) $ (240) $ 230 $ 460 $ 680 Total comprehensive income attributed to shareholders (post-tax) $ (1,920) $ (1,290) $ (640) $ 620 $ 1,240 $ 1,840 (1) See “Caution related to sensitivities” above. (2) This estimate assumes that the performance of the dynamic hedging program would not completely offset the gain/loss from the dynamically hedged variable annuity and segregated fund guarantee liabilities. It assumes that the hedge assets are based on the actual position at the period end, and that equity hedges in the dynamic program offset 95% of the hedged variable annuity liability movement that occur as a result of market changes. (3) OSFI rules for segregated fund guarantees reflect full capital impacts of shocks over 20 quarters within a prescribed range. As such, the deterioration in equity markets could lead to further increases in capital requirements after the initial shock. (4) For variable annuity contracts measured under VFA the impact of financial risk and changes in interest rates adjusts CSM, unless the risk mitigation option applies. The Company has elected to apply risk mitigation and therefore a portion of the impact is reported in net income attributed to shareholders instead of adjusting the CSM. If the CSM for a group of variable annuity contracts is exhausted the full impact is reported in net income attributed to shareholders . (5) The impact of financial risk and changes to interest rates for variable annuity contracts is not expected to generate sensitivity in Other Comprehensive Income.

Long Term Debt (Tables)

Long Term Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Long Term Debts [Abstract]
Summary of Carrying Value of Long Term Debt Instruments	As at December 31, Issue date Maturity date Par value 2024 2023 3.050% Senior notes (1),(2) August 27, 2020 August 27, 2060 US$ 1,155 $ 1,659 $ 1,519 5.375% Senior notes (1),(3) March 4, 2016 March 4, 2046 US$ 750 1,067 977 3.703% Senior notes (1),(4) March 16, 2022 March 16, 2032 US$ 750 1,074 983 2.396% Senior notes (1),(5) June 1, 2020 June 1, 2027 US$ 200 287 263 2.484% Senior notes (1),(5) May 19, 2020 May 19, 2027 US$ 500 717 657 3.527% Senior notes (1),(3) December 2, 2016 December 2, 2026 US$ 270 388 356 4.150% Senior notes (1),(3) March 4, 2016 March 4, 2026 US$ 1,000 1,437 1,316 Total $ 6,629 $ 6,071 (1) These U.S. dollar senior notes have been designated as hedges of the Company’s net investment in its U.S. operations which reduces the earnings volatility that would otherwise arise from the re-measurement of these senior notes into Canadian dollars. (2) MFC may redeem the notes in whole, but not in part, on August 27, 2025, and thereafter on every August 27 at a redemption price equal to par, together with accrued and unpaid interest. Issuance costs are amortized to the earliest par redemption date. (3) MFC may redeem the senior notes in whole or in part, at any time, at a redemption price equal to the greater of par and a price based on the yield of a comparable U.S. Treasury bond with a tenor approximately equal to the period, from the redemption date to the respective maturity date, plus a specified number of basis points, together with accrued and unpaid interest. The specified number of basis points is as follows: 5.375% notes – 40 bps, 3.527% notes – 20 bps, and 4.150% notes – 35 bps. Issuance costs are amortized over the term of the debt. (4) MFC may redeem the senior notes in whole or in part, at any time, at a redemption price equal to the greater of par and a price based on the yield of a comparable U.S. Treasury bond with a tenor approximately equal to the period, from the redemption date to December 16, 2031, plus 25 bps, together with accrued and unpaid interest. Issuance costs are amortized over the term of the debt. (5) MFC may redeem the senior notes in whole or in part, at any time, at a redemption price equal to the greater of par and a price based on the yield of a comparable U.S. Treasury bond with a tenor approximately equal to the period, from the redemption date to two months before the respective maturity date, plus a specified number of basis points, together with accrued and unpaid interest. The specified number of basis points is as follows: 2.396% notes – 30 bps, and 2.484% notes – 30 bps. For the period from two months before the respective maturity date, MFC may redeem the senior notes, in whole or in part, at a redemption price equal to par, together with accrued and unpaid interest. Issuance costs are amortized over the term of the debt.
Summary of Aggregate Maturities of Long-term Debt	As at December 31, Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total 2024 $ - $ 2,829 $ - $ 3,800 $ 6,629 2023 - 1,672 920 3,479 6,071

Capital Instruments (Tables)

Capital Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Capital Instruments [Abstract]
Schedule of Carrying Value of Capital Instruments	As at December 31, Issuance date Earliest par redemption date Maturity date Par value 2024 2023 JHFC Subordinated notes (1),(2) December 14, 2006 n/a December 15, 2036 $ 650 $ 648 $ 647 2.818% MFC Subordinated debentures (1),(3) May 12, 2020 May 13, 2030 May 13, 2035 $ 1,000 997 996 4.064% MFC Subordinated debentures (4) December 6, 2024 December 6, 2029 December 6, 2034 $ 1,000 995 - 4.275% MFC Subordinated notes (5),(6) June 19, 2024 June 19, 2029 June 19, 2034 S$ 500 524 - 5.054% MFC Subordinated debentures (7) February 23, 2024 February 23, 2029 February 23, 2034 $ 1,100 1,095 - 5.409% MFC Subordinated debentures (8) March 10, 2023 March 10, 2028 March 10, 2033 $ 1,200 1,196 1,195 4.061% MFC Subordinated notes (1),(9),(10) February 24, 2017 February 24, 2027 February 24, 2032 US$ 750 1,077 987 2.237% MFC Subordinated debentures (1),(11) May 12, 2020 May 12, 2025 May 12, 2030 $ 1,000 1,000 999 3.00% MFC Subordinated notes (1),(12),(13) November 21, 2017 November 21, 2024 November 21, 2029 S$ 500 - 499 3.049% MFC Subordinated debentures (1)(13) August 18, 2017 August 20, 2024 August 20, 2029 $ 750 - 750 7.375% JHUSA Surplus notes (13) February 25, 1994 n/a February 15, 2024 US$ 450 - 594 Total $ 7,532 $ 6,667 (1) The Canadian Dollar Offered Rate (“CDOR”) was decommissioned on June 28, 2024. On July 1, 2024, capital instruments of $648 ( 2023 – $647 ) which had an interest rate referencing CDOR, transitioned to an interest rate referencing CORRA. In addition, capital instruments with interest rates resetting in the future that reference CDOR and the U.S. Dollar Mid-Swap rate (based on London Interbank Offered Rate (LIBOR)) amount to $1,997 and $1,077 , respectively ( 2023 – $2,745 and $987 , respectively). Future rate resets for these capital instruments may rely on alternative reference rates such as CORRA, the alternative rate for CDOR, and the Secured Overnight Financing Rate (SOFR) and the alternative rate for USD LIBOR. As at December 31, 2024, the interest rate benchmark reform has not resulted in material changes in the Company's risk management strategy. (2) Issued by Manulife Holdings (Delaware) LLC (“MHDLL”), now John Hancock Financial Corporation (“JHFC”), a wholly owned subsidiary of MFC, to Manulife Finance (Delaware) LLC (“MFLLC”), a subsidiary of Manulife Finance (Delaware) L.P. (“MFLP”). MFLP and its subsidiaries are wholly owned unconsolidated related parties of the Company. Effective July 1, 2024, the notes bear interest at a floating rate equal to CORRA, plus a spread adjustment of 0.32138% , plus 0.72% . With regulatory approval, JHFC may redeem the note, in whole or in part, at any time, at par, together with accrued and unpaid interest. Refer to note 17. (3) After May 13, 2030, the interest rate will reset to equal 3-month CDOR plus 1.82% . With regulatory approval, MFC may redeem the debentures, in whole or in part, on or after May 13, 2025, at a redemption price together with accrued and unpaid interest. If the redemption date is on or after May 13, 2025, but prior to May 13, 2030, the redemption price shall be the greater of: (i) the Canada yield price as defined in the prospectus; and (ii) par. If the redemption date is on or after May 13, 2030, the redemption price shall be equal to par. (4) Issued by MFC during the fourth quarter of 2024, interest is payable semi-annually. After December 6, 2029, the interest rate will reset to equal the Daily Compounded CORRA plus 1.25% . With regulatory approval, MFC may redeem the notes, in whole or in part, on or after December 6, 2029 at a redemption price equal to par, together with accrued and unpaid interest to, but excluding, the date fixed for redemption. (5) Designated as a hedge of the Company's net investment in its Singapore operations which reduces the earnings volatility that would otherwise arise from the re- measurement of the subordinated notes into Canadian dollars. (6) Issued by MFC during the second quarter of 2024, interest is payable semi-annually. After June 19, 2029, the interest rate will reset to equal the prevailing 5-year SORA Overnight Indexed Swap (SORA OIS) Rate plus 1.201% . With regulatory approval, MFC may redeem the notes, in whole, but not in part, on June 19, 2029 and on any interest payment date thereafter, at a redemption price equal to par, together with accrued and unpaid interest to, but excluding, the date fixed for redemption. (7) Issued by MFC during the first quarter of 2024, interest is payable semi-annually. After February 23, 2029, the interest rate will reset to equal the Daily Compounded CORRA plus 1.44% . With regulatory approval, MFC may redeem the debentures, in whole, but not in part, on or after February 23, 2029 at a redemption price equal to par, together with accrued and unpaid interest to, but excluding, the date fixed for redemption. (8) Issued by MFC, interest is payable semi-annually. After March 10, 2028, the interest rate will reset to equal the Daily Compounded CORRA plus 1.85% . With regulatory approval, MFC may redeem the debentures, in whole or in part, on or after March 10, 2028, at a redemption price equal to par, together with accrued and unpaid interest. (9) On the earliest par redemption date, the interest rate will reset to equal the 5-Year U.S. Dollar Mid-Swap Rate plus 1.647% . With regulatory approval, MFC may redeem the debentures, in whole, but not in part, on the earliest par redemption date, at a redemption price equal to par, together with accrued and unpaid interest. (10) Designated as a hedge of the Company’s net investment in its U.S. operations which reduces the earnings volatility that would otherwise arise from the re- measurement of the subordinated notes into Canadian dollars. (11) Issued by MFC, interest is payable semi-annually. After May 12, 2025, the interest rate will reset to equal 3-month CDOR plus 1.49% . With regulatory approval, MFC may redeem the debentures, in whole or in part, on or after May 12, 2025, at a redemption price equal to par, together with accrued and unpaid interest. (12) On the earliest par redemption date, the interest rate will reset to equal the 5-Year Singapore Dollar Swap Rate plus 0.832% . With regulatory approval, MFC may redeem the debentures, in whole, but not in part, on the earliest par redemption date and thereafter on each interest payment date, at a redemption price equal to par, together with accrued and unpaid interest. (13) The 3.00% MFC Subordinated notes and 3.049% MFC Subordinated debentures were redeemed at par. The 7.375% JHUSA Surplus notes matured and were redeemed .

Equity Capital and Earnings P_2

Equity Capital and Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Equity Capital and Earnings Per Share [Abstract]
Summary of Additional Information on Preferred Shares and Other Equity Instruments Outstanding	The following table presents information about the outstanding preferred shares and other equity instruments as at December 31, 2024 and December 31, 2023 . Annual dividend / distribution rate (1) Earliest redemption date (2),(3) Number of shares (in millions) Face amount Net amount (4) as at December 31, Issue date 2024 2023 Preferred shares Class A preferred shares Series 2 February 18, 2005 4.650 % n/a 14 $ 350 $ 344 $ 344 Series 3 January 3, 2006 4.500 % n/a 12 300 294 294 Class 1 preferred shares Series 3 (5),(6) March 11, 2011 2.348 % June 19, 2026 7 163 160 160 Series 4 (7) June 20, 2016 floating June 19, 2026 1 37 36 36 Series 9 (5),(6) May 24, 2012 5.978 % September 19, 2027 10 250 244 244 Series 11 (5),(6) December 4, 2012 6.159 % March 19, 2028 8 200 196 196 Series 13 (5),(6) June 21, 2013 6.350 % September 19, 2028 8 200 196 196 Series 15 (5),(6),(8) February 25, 2014 5.775 % June 19, 2029 8 200 195 195 Series 17 (5),(6),(9) August 15, 2014 5.542 % December 19, 2029 14 350 343 343 Series 19 (5),(6) December 3, 2014 3.675 % March 19, 2025 10 250 246 246 Series 25 (5),(6) February 20, 2018 5.942 % June 19, 2028 10 250 245 245 Other equity instruments Limited recourse capital notes (LRCN) (10) Series 1 (11) February 19, 2021 3.375 % May 19, 2026 n/a 2,000 1,982 1,982 Series 2 (11) November 12, 2021 4.100 % February 19, 2027 n/a 1,200 1,189 1,189 Series 3 (11) June 16, 2022 7.117 % June 19, 2027 n/a 1,000 990 990 Total 102 $ 6,750 $ 6,660 $ 6,660 (1) Holders of Class A and Class 1 preferred shares are entitled to receive non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors. Non-deferrable distributions are payable to all LRCN holders semi-annually at the Company’s discretion. (2) Redemption of all preferred shares is subject to regulatory approval. MFC may redeem each series, in whole or in part, at par, on the earliest redemption dates or every five years thereafter, except for Class A Series 2, Class A Series 3 and Class 1 Series 4 preferred shares. Class A Series 2 and Series 3 preferred shares are past their respective earliest redemption date and MFC may redeem these preferred shares, in whole or in part, at par at any time, subject to regulatory approval. MFC may redeem the Class 1 Series 4 preferred shares, in whole or in part, at any time, at $25.00 per share if redeemed on June 19, 2026 (the earliest redemption date) and on June 19 every five years thereafter, or at $25.50 per share if redeemed on any other date after June 19, 2021, subject to regulatory approval. (3) Red emption of all LRCN series is subject to regulatory approval. MFC may at its option redeem each series in whole or in part, at a redemption price equal to par, together with accrued and unpaid interest. The redemption period for Series 1 is every five years during the period from May 19 and including June 19, commencing in 2026. The redemption period for Series 2 is every five years during the period from February 19 to and including March 19, commencing in 2027. After the first redemption date, the redemption period for Series 3 is every five years during the period from May 19 to and including June 19, commencing in 2 032 . (4) Net of after-tax issuance costs . (5) On the earliest redemption date and every five years thereafter, the annual dividend rate will be reset to the five-year Government of Canada bond yield plus a yield specified for each series. The specified yield for Class 1 preferred shares is: Series 3 – 1.41% , Series 9 – 2.86% , Series 11 – 2.61% , Series 13 – 2.22% , Series 15 – 2.16% , Series 17 – 2.36% , Series 19 – 2.30% , and Series 25 – 2.55% . (6) On the earliest redemption date and every five years thereafter, Class 1 preferred shares are convertible at the option of the holder into a new series that is one number higher than their existing series, and the holders are entitled to non-cumulative preferential cash dividends, payable quarterly if and when declared by the Board of Directors, at a rate equal to the three-month Government of Canada Treasury bill yield plus the rate specified in footnote 5 above. (7) The floating dividend rate for the Class 1 Series 4 shares equals the three-month Government of Canada Treasury bill yield plus 1.41% . (8) MFC did not exercise its right to redeem the outstanding Class 1 Shares Series 15 on June 19, 2024, which was the earliest redemption date. The dividend rate was reset as specified in footnote 5 above to an annual fixed rate of 5.775% , for a five-year period commencing on June 20, 2024. (9) MFC did not exercise its right to redeem the outstanding Class 1 Shares Series 17 on December 19, 2024, which was the earliest redemption date. The dividend rate was reset as specified in footnote 5 above to an annual fixed rate of 5.542% , for a five -year period commencing on December 20, 2024. (10) Non-payment of distributions or principal on any LRCN series when due will result in a recourse event. The recourse of each noteholder will be limited to their proportionate amount of the Limited Recourse Trust’s assets which comprise of Class 1 Series 27 preferred shares for LRCN Series 1, Class 1 Series 28 preferred shares for LRCN Series 2, and Class 1 Series 29 preferred shares for LRCN Series 3. All claims of the holders of LRCN series against MFC will be extinguished upon receipt of the corresponding trust assets. The Class 1 Series 27, Class 1 Series 28 and Class 1 Series 29 preferred shares are eliminated on consolidation while being held in the Limited Recourse Trust. (11) The LRCN Series 1 pay a distribution at a fixed rate of 3.375% payable semi-annually, until June 18, 2026; on June 19, 2026 and every five years thereafter until June 19, 2076, the rate will be reset at a rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 2.839% . The LRCN Series 2 pay a distribution at a fixed rate of 4.10% payable semi-annually, until March 18, 2027; on March 19, 2027 and every five years thereafter until March 19, 2077, the rate will be reset at a rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 2.704% . The LRCN Series 3 pay a distribution at a fixed rate of 7.117% payable semi-annually, until June 18, 2027; on June 19, 2027 and every five years thereafter until June 19, 2077, the rate will be reset at a rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 3.95% .
Summary of Changes in Issued and Outstanding Shares	The following table presents changes in common shares issued and outstanding. For the years ended December 31, 2024 2023 Number of shares (in millions) Amount Number of shares (in millions) Amount Balance, beginning of year 1,806 $ 21,527 1,865 $ 22,178 Repurchased for cancellation (83) (989) (63) (745) Issued on exercise of stock options and deferred share units 6 143 4 94 Balance, end of year 1,729 $ 20,681 1,806 $ 21,527
Summary of Basic and Diluted Earnings Per Common Share	The following table presents basic and diluted earnings per common share of the Company. For the years ended December 31, 2024 2023 Basic earnings per common share $ 2.85 $ 2.62 Diluted earnings per common share 2.84 2.61
Summary of Reconciliation of Denominator (Numbers of Shares) in Calculation of Basic and Diluted Earnings Per Share	The following is a reconciliation of the denominator (number of shares) in the calculation of basic and diluted earnings per common share. For the years ended December 31, 2024 2023 Weighted average number of common shares (in millions) 1,779 1,834 Dilutive stock-based awards (1) (in millions) 6 4 Weighted average number of diluted common shares (in millions) 1,785 1,838 (1) The dilutive effect of stock-based awards was calculated using the treasury stock method. This method calculates the number of incremental shares by assuming the outstanding stock-based awards are (i) exercised and (ii) then reduced by the number of shares assumed to be repurchased from the issuance proceeds, using the average market price of MFC common shares for the year. Excluded from the calculation was a weighted average of nil ( 2023 – nil ) anti-dilutive stock- based awards.
Summary of Dividends Payable on Non-cumulative Preferred Shares	Class A Shares Series 2 - $0.290630 per share Class 1 Shares Series 13 - $0.396875 per share Class A Shares Series 3 - $0.281250 per share Class 1 Shares Series 15 - $0.360938 per share Class 1 Shares Series 3 - $0.146750 per share Class 1 Shares Series 17 - $0.346375 per share Class 1 Shares Series 4 - $0.301500 per share Class 1 Shares Series 19 - $0.229688 per share Class 1 Shares Series 9 - $0.373625 per share Class 1 Shares Series 25 - $0.371375 per share Class 1 Shares Series 11 - $0.384938 per share

Capital Management (Tables)

Capital Management (Tables)	12 Months Ended
	Dec. 31, 2024
Capital Management [Abstract]
Summary of of Consolidated Capital	Consolidated capital As at December 31, 2024 2023 Total equity $ 52,960 $ 48,727 Exclude AOCI gain / (loss) on cash flow hedges 119 26 Total equity excluding AOCI on cash flow hedges 52,841 48,701 Post-tax CSM 20,826 18,503 Qualifying capital instruments 7,532 6,667 Consolidated capital $ 81,199 $ 73,871

Revenue from Service Contracts

Revenue from Service Contracts (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue From Service Contracts [Abstract]
Summary of Revenue from Service Contracts by Service Lines and Reporting Segments	The following tables present revenue from service contracts by service lines and reporting segments as disclosed in note 19 . For the year ended December 31, 2024 Global WAM Asia, Canada, U.S., and Corporate and Other Total Investment management and other related fees $ 3,612 $ (489) $ 3,123 Transaction processing, administration and service fees 2,908 298 3,206 Distribution fees and other 918 46 964 Total included in other revenue 7,438 (145) 7,293 Revenue from non-service lines 1 294 295 Total other revenue $ 7,439 $ 149 $ 7,588 Real estate management services included in net investment income $ - $ 317 $ 317 For the year ended December 31, 2023 Global WAM Asia, Canada, U.S., and Corporate and Other Total Investment management and other related fees $ 3,298 $ (412) $ 2,886 Transaction processing, administration and service fees 2,566 269 2,835 Distribution fees and other 842 54 896 Total included in other revenue 6,706 (89) 6,617 Revenue from non-service lines 3 126 129 Total other revenue $ 6,709 $ 37 $ 6,746 Real estate management services included in net investment income $ - $ 303 $ 303

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Stock-Based Compensation [Abstract]
Summary of Options Outstanding	Options outstanding For the years ended December 31, 2024 2023 Number of options (in millions) Weighted average exercise price Number of options (in millions) Weighted average exercise price Outstanding, January 1 16 $ 22.73 20 $ 22.42 Forfeited - - - 24.27 Exercised (5) 21.56 (4) 21.02 Outstanding, December 31 11 $ 23.35 16 $ 22.73 Exercisable, December 31 6 $ 22.66 9 $ 21.99
Summary of Range of Exercise Prices of Outstanding Share Options	Options outstanding Options exercisable For the year ended December 31, 2024 Number of options (in millions) Weighted average exercise price Weighted average remaining contractual life (in years) Number of options (in millions) Weighted average exercise price Weighted average remaining contractual life (in years) $17.59 - $20.99 1 $ 17.59 1.15 1 $ 17.59 1.15 $21.00 - $24.73 10 $ 23.93 4.04 5 $ 23.58 3.21 Total 11 $ 23.35 3.78 6 $ 22.66 2.89
Summary of Deferred Share Units	For the years ended December 31, Number of DSUs (in thousands) 2024 2023 Outstanding, January 1 1,963 2,373 Issued 193 206 Reinvested 86 131 Redeemed (191) (744) Forfeitures and cancellations (1) (3) Outstanding, December 31 2,050 1,963

Employee Future Benefits (Table

Employee Future Benefits (Tables)	12 Months Ended
	Dec. 31, 2024
Employee Future Benefits [Abstract]
Summary of Pension and Retiree Welfare Plans	The following tables present the reconciliation of defined benefit obligation and fair value of plan assets for the pension plans and retiree welfare plans. Pension plans Retiree welfare plans For the years ended December 31, 2024 2023 2024 2023 Changes in defined benefit obligation: Opening balance, January 1 $ 3,789 $ 3,794 $ 450 $ 466 Current service cost 44 41 - - Past service cost – amendment - - - - Interest cost 176 184 21 22 Plan participants’ contributions - - 2 3 Actuarial losses (gains) due to: Experience 2 11 (16) (10) Demographic assumption changes - 14 - 1 Economic assumption changes (101) 119 (19) 16 Benefits paid (303) (308) (40) (38) Impact of changes in foreign exchange rates 219 (66) 30 (10) Defined benefit obligation, December 31 $ 3,826 $ 3,789 $ 428 $ 450 Pension plans Retiree welfare plans For the years ended December 31, 2024 2023 2024 2023 Changes in plan assets: Fair value of plan assets, opening balance, January 1 $ 3,706 $ 3,722 $ 526 $ 523 Interest income 174 181 26 25 Return on plan assets (excluding interest income) (31) 129 (19) 17 Employer contributions 57 59 12 12 Plan participants’ contributions - - 2 3 Benefits paid (303) (308) (40) (38) Administration costs (8) (10) (2) (1) Impact of changes in foreign exchange rates 225 (67) 48 (15) Fair value of plan assets, December 31 $ 3,820 $ 3,706 $ 553 $ 526
Summary of Amounts Recognized in Consolidated Statements of Financial Position	The following table presents the deficit (surplus) and net defined benefit liability (asset) for the pension plans and retiree welfare plans. Pension plans Retiree welfare plans As at December 31, 2024 2023 2024 2023 Development of net defined benefit liability Defined benefit obligation $ 3,826 $ 3,789 $ 428 $ 450 Fair value of plan assets 3,820 3,706 553 526 Deficit (surplus) 6 83 (125) (76) Effect of asset limit (1) 44 41 - - Deficit (surplus) and net defined benefit liability (asset) 50 124 (125) (76) Deficit (surplus) is comprised of: Funded or partially funded plans (483) (422) (221) (190) Unfunded plans 533 546 96 114 Deficit (surplus) and net defined benefit liability (asset) $ 50 $ 124 $ (125) $ (76) (1) The asset limit relates to a registered pension plan in Canada. The surplus in that plan is above the present value of economic benefits that can be derived by the Company through reductions in future contributions. For other funded pension plans in surplus position, the present value of the economic benefits available in the form of reductions in future contributions to the plans remains greater than the current surplus.
Summary of Disaggregation of Defined Benefit Obligation	The following table presents components of the defined benefit obligation between active members and inactive and retired members. U.S. plans Canadian plans Pension plans Retiree welfare plans Pension plans Retiree welfare plans As at December 31, 2024 2023 2024 2023 2024 2023 2024 2023 Active members $ 578 $ 526 $ 8 $ 9 $ 106 $ 116 $ - $ - Inactive and retired members 1,922 1,907 324 327 1,220 1,240 96 114 Total $ 2,500 $ 2,433 $ 332 $ 336 $ 1,326 $ 1,356 $ 96 $ 114
Summary of Major Categories of Plan Assets and Actual Per Cent Allocation to Each Category	The following tables present major categories of plan assets and the allocation to each category. U.S. plans (1) Canadian plans (2) Pension plans Retiree welfare plans Pension plans Retiree welfare plans As at December 31, 2024 Fair value % of total Fair value % of total Fair value % of total Fair value % of total Cash and cash equivalents $ 35 1% $ 23 4% $ 11 1% $ - -% Public equity securities (3) 346 14% 41 7% 205 17% - -% Public debt securities 1,513 57% 476 87% 968 82% - -% Other investments (4) 741 28% 13 2% 1 -% - -% Total $ 2,635 100% $ 553 100% $ 1,185 100% $ - -% (1) The U.S. pension and retiree welfare plan assets have daily quoted prices in active markets, except for the private debt, infrastructure, private equity, real estate, timberland and agriculture assets. In the aggregate, the latter assets represent approximately 16% of all U.S. pension and retiree welfare plan assets as at December 31, 2024 ( 2023 – 16% ). (2) All the Canadian pension plan assets have daily quoted prices in active markets, except for group annuity contract assets that represent approximately 0.1% of all Canadian pension plan assets as at December 31, 2024 ( 2023 – 0.1% ). (3) Equity securities include direct investments in Manulife common shares of $2.1 ( 2023 – $1.4 ) in the U.S. retiree welfare plan. (4) Other U.S. plan assets include investments in private debt, infrastructure, private equity, real estate, timberland and agriculture assets and managed futures. Other Canadian pension plan assets include investments in the group annuity contracts. U.S. plans (1) Canadian plans (2) Pension plans Retiree welfare plans Pension plans Retiree welfare plans As at December 31, 2023 Fair value % of total Fair value % of total Fair value % of total Fair value % of total Cash and cash equivalents $ 28 1% $ 25 5% $ 15 1% $ - -% Public equity securities (3) 315 13% 39 7% 195 17% - -% Public debt securities 1,437 57% 448 85% 974 82% - -% Other investments (4) 741 29% 14 3% 1 -% - -% Total $ 2,521 100% $ 526 100% $ 1,185 100% $ - -%
Summary of Components of Net Benefit Cost for Pension Plans and Retiree Welfare Plans	The following table presents components of the net benefit cost for the pension plans and retiree welfare plans. Pension plans Retiree welfare plans For the years ended December 31, 2024 2023 2024 2023 Defined benefit current service cost (1) $ 44 $ 41 $ - $ - Defined benefit administrative expenses 8 10 2 1 Past service cost – plan amendments and curtailments - - - - Service cost 52 51 2 1 Interest on net defined benefit (asset) liability 4 5 (5) (3) Defined benefit cost 56 56 (3) (2) Defined contribution cost 97 93 - - Net benefit cost $ 153 $ 149 $ (3) $ (2) (1) There are no significant current service costs for the retiree welfare plans as they are closed and mostly frozen. The re-measurement gain or loss on these plans is due to the volatility of discount rates and investment returns.
Summary of Re-measurement Effects Recognized in Other Comprehensive Income	The following table presents components of the re-measurement effects recognized in Other Comprehensive Income for the pension plans and retiree welfare plans. Pension plans Retiree welfare plans For the years ended December 31, 2024 2023 2024 2023 Actuarial gains (losses) on defined benefit obligations due to: Experience $ (2) $ (11) $ 16 $ 10 Demographic assumption changes - (14) - (1) Economic assumption changes 101 (119) 19 (16) Return on plan assets (excluding interest income) (31) 129 (19) 17 Change in effect of asset limit (excluding interest) (1) 10 - - Total re-measurement effects $ 67 $ (5) $ 16 $ 10
Summary of Key Assumptions Used by to Determine Defined Benefit Obligation and Net Benefit Cost for Defined Benefit Pension Plans and Retiree Welfare Plans	The following table presents key assumptions used by the Company to determine the defined benefit obligation and net benefit cost for the defined benefit pension plans and retiree welfare plans. U.S. Plans Canadian Plans Pension plans Retiree welfare plans Pension plans Retiree welfare plans For the years ended December 31, 2024 2023 2024 2023 2024 2023 2024 2023 To determine the defined benefit obligation at end of year (1) : Discount rate 5.5 % 4.8 % 5.4 % 4.8 % 4.6 % 4.6 % 4.7 % 4.7 % Initial health care cost trend rate (2) n/a n/a 8.8 % 9.0 % n/a n/a 3.9 % 3.9 % To determine the net defined benefit cost for the year (1) : Discount rate 4.8 % 5.0 % 4.8 % 5.0 % 4.6 % 5.3 % 4.7 % 5.3 % Initial health care cost trend rate (2) n/a n/a 9.0 % 7.8 % n/a n/a 3.9 % 5.3 % (1) Inflation and salary increase assumptions are not shown as they do not materially affect obligations and costs. (2) The health care cost trend rate used to measure the U.S. based retiree welfare obligation was 8.8% grading to 4.8% for 2041 and years thereafter ( 2023 – 9.0% grading to 4.8% for 2041 and years thereafter) and to measure the net benefit cost was 9.0% grading to 4.8% for 2041 and years thereafter ( 2023 – 7.8% grading to 4.8% for 2035 and years thereafter). In Canada, the rate used to measure the retiree welfare obligation was 3.9% grading to 4.0% for 2029 and years thereafter ( 2023 – 5.1% in 2023 and 3.9% in 2024, grading to 4.0% for 2029 and years thereafter) and to measure the net benefit cost was 5.1% in 2023 and 3.9% in 2024, grading to 4% for 2029 and years thereafter ( 2023 – 5.3% grading to 4.8% for 2026 and years thereafter).
Summary of Life Expectancies Underlying Values of Obligations in Defined Benefit Pension and Retiree Welfare Plans	The following table presents current life expectancies underlying the values of the obligations in the defined benefit pension and retiree welfare plans . U.S. Canada As at December 31, 2024 2023 2024 2023 Life expectancy (in years) for those currently age 65 Males 22.2 22.2 24.4 24.3 Females 23.7 23.7 26.2 26.2 Life expectancy (in years) at age 65 for those currently age 45 Males 23.6 23.6 25.3 25.3 Females 25.1 25.0 27.1 27.1
Summary of Potential Impact on Obligations Arising From Changes in Key Assumptions	The following table sets out the potential impact on the obligations arising from changes in the key assumptions. Each sensitivity assumes that all other assumptions are held constant. In actuality, inter-relationships among assumptions may exist . Pension plans Retiree welfare plans As at December 31, 2024 2023 2024 2023 Discount rate: Impact of a 1% increase $ (260) $ (274) $ (34) $ (38) Impact of a 1% decrease 305 316 40 44 Health care cost trend rate: Impact of a 1% increase n/a n/a 9 11 Impact of a 1% decrease n/a n/a (8) (10) Mortality rates (1) : Impact of a 10% decrease 89 89 9 6 (1) If the actuarial estimates of mortality are adjusted in the future to reflect unexpected decreases in mortality, the effect of a 10% decrease in mortality rates at each future age would be an increase in life expectancy at age 65 of 0.8 years for U.S. and Canadian males and females.
Summary of Weighted Average Duration of the Defined Benefit Obligations	The following table presents the weighted average duration (in years) of the defined benefit obligations. Pension plans Retiree welfare plans As at December 31, 2024 2023 2024 2023 U.S. plans 8.0 8.4 7.7 8.2 Canadian plans 10.1 9.9 10.9 11.1
Summary of Cash Payments	The following table presents total cash payments for all employee future benefits, comprised of cash contributed by the Company to fund defined benefit pension and retiree welfare plans, cash payments made directly to beneficiaries in respect of unfunded pension and retiree welfare plans, and cash contributed to defined contribution pension plans. Pension plans Retiree welfare plans For the years ended December 31, 2024 2023 2024 2023 Defined benefit plans $ 57 $ 59 $ 12 $ 12 Defined contribution plans 97 93 - - Total $ 154 $ 152 $ 12 $ 12

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Taxes [Abstract]
Summary of Components of Income Tax Expense (Recovery) Recognized	The following table presents income tax expenses (recoveries) recognized in the Consolidated Statements of Income. For the years ended December 31, 2024 2023 Current tax Current year $ 655 $ 568 Global Minimum Taxes 231 - Adjustments related to prior years 15 (193) Total current tax 901 375 Deferred tax Origination and reversal of temporary differences 424 489 Adjustments related to prior years (113) (19) Total deferred tax 311 470 Income tax expenses (recoveries) $ 1,212 $ 845 The following table discloses income tax expenses (recoveries) recognized directly in equity. For the years ended December 31, 2024 2023 Recognized in other comprehensive income Current income tax expenses (recoveries) $ 174 $ 320 Deferred income tax expenses (recoveries) 885 (326) Total recognized in other comprehensive income $ 1,059 $ (6) Recognized in equity, other than other comprehensive income Current income tax expenses (recoveries) $ 4 $ 5 Deferred income tax expenses (recoveries) (5) (4) Total income tax recognized directly in equity $ (1) $ 1
Summary of Reconciliation of Income Tax Expense	For the years ended December 31, 2024 2023 Net income (loss) before income taxes $ 7,090 $ 6,452 Income tax expenses (recoveries) at Canadian statutory tax rate $ 1,971 $ 1,794 Increase (decrease) in income taxes due to: Tax-exempt investment income (306) (199) Differences in tax rate on income not subject to tax in Canada (938) (770) Adjustments to taxes related to prior years (98) (212) Tax losses and temporary differences not recognized as deferred taxes 94 (38) Global Minimum Taxes 231 - Other differences 258 270 Income tax expenses (recoveries) $ 1,212 $ 845
Summary of Deferred Tax Assets and Liabilities	The following table presents the Company’s deferred tax assets and liabilities reflected on the Consolidated Statements of Financial Position. As at December 31, 2024 2023 Deferred tax assets $ 5,884 $ 6,739 Deferred tax liabilities (1,890) (1,697) Net deferred tax assets (liabilities) $ 3,994 $ 5,042
Summary of Movement of Deferred Tax Assets and Liabilities	The following tables present movement of deferred tax assets and liabilities. For the year ended December 31, Balance, January 1, 2024 Acquired in business combination Disposals Recognized in income Recognized in other comprehensive income Recognized in equity Translation and other Balance, December 31, 2024 Loss carryforwards $ 670 $ - $ - $ 180 $ - $ (13) $ 14 $ 851 Actuarial liabilities 5,813 - - (972) (1,059) (1) 383 4,164 Pensions and post-employment benefits 171 - - 1 (20) - 1 153 Tax credits 122 - - 109 - - 7 238 Accrued interest 1 - - 4 - - - 5 Real estate (1,135) - - 214 1 - (50) (970) Lease liability 38 - - 7 - 1 (1) 45 Right of use asset and sublease receivable (34) - - (8) - (1) - (43) Securities and other investments 86 - - 276 197 2 (171) 390 Sale of investments (18) - - 10 - - - (8) Goodwill and intangible assets (822) - - 24 - - (31) (829) Other 150 4 - (156) (4) 17 (13) (2) Total $ 5,042 $ 4 $ - $ (311) $ (885) $ 5 $ 139 $ 3,994 For the year ended December 31, Balance, January 1, 2023 Acquired in business combination Disposals Recognized in income Recognized in other comprehensive income Recognized in equity Translation and other Balance, December 31, 2023 Loss carryforwards $ 701 $ - $ - $ (18) $ - $ (8) $ (5) $ 670 Actuarial liabilities 4,507 - - 188 1,198 - (80) 5,813 Pensions and post-employment benefits 142 - - 4 26 - (1) 171 Tax credits 109 - - 15 - - (2) 122 Accrued interest 1 - - - - - - 1 Real estate (1,317) - - 168 - - 14 (1,135) Lease liability 47 - - (7) - - (2) 38 Right of use asset and sublease receivable (41) - - 7 - - - (34) Securities and other investments 1,560 - - (293) (1,245) 2 62 86 Sale of investments (30) - - 12 - - - (18) Goodwill and intangible assets (828) - - (12) - - 18 (822) Other 321 - - (534) 347 10 6 150 Total $ 5,172 $ - $ - $ (470) $ 326 $ 4 $ 10 $ 5,042

Interests in Structured Entit_2

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 note s 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

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies [Abstract]
Summary of Condensed Consolidated Statements of Income Information for MFC and MFLP	Condensed Consolidated Statements of Income Information For the year ended December 31, 2024 MFC (Guarantor) Subsidiaries on a combined basis Consolidation adjustments Total consolidated amounts MFLP Insurance service result $ - $ 4,001 $ - $ 4,001 $ - Investment result 871 4,329 (1,679) 3,521 52 Other revenue (34) 7,620 2 7,588 20 Net income (loss) attributed to shareholders and other equity holders 5,385 4,910 (4,910) 5,385 26 For the year ended December 31, 2023 MFC (Guarantor) Subsidiaries on a combined basis Consolidation adjustments Total consolidated amounts MFLP Insurance service result $ - $ 3,977 $ - $ 3,977 $ - Investment result 638 3,646 (1,326) 2,958 51 Other revenue 14 6,736 (4) 6,746 (7) Net income (loss) attributed to shareholders and other equity holders 5,103 4,785 (4,785) 5,103 1
Summary of Condensed Consolidated Statements of Financial Position for MFC and MFLP	Condensed Consolidated Statements of Financial Position As at December 31, 2024 MFC (Guarantor) Subsidiaries on a combined basis Consolidation adjustments Total consolidated amounts MFLP Invested assets $ 126 $ 442,371 $ - $ 442,497 $ 16 Insurance contract assets - 102 - 102 - Reinsurance contract held assets - 59,015 - 59,015 - Total other assets 65,898 46,450 (71,132) 41,216 995 Segregated funds net assets - 435,988 - 435,988 - Insurance contract liabilities, excluding those for account of segregated fund holders - 396,401 - 396,401 - Reinsurance contract held liabilities - 2,669 - 2,669 - Investment contract liabilities - 13,498 - 13,498 - Total other liabilities 15,052 63,825 (1,575) 77,302 726 Insurance contract liabilities for account of segregated fund holders - 126,545 - 126,545 - Investment contract liabilities for account of segregated fund holders - 309,443 - 309,443 - As at December 31, 2023 MFC (Guarantor) Subsidiaries on a combined basis Consolidation adjustments Total consolidated amounts MFLP Invested assets $ 86 $ 417,124 $ - $ 417,210 $ 9 Insurance contract assets - 145 - 145 - Reinsurance contract held assets - 42,651 - 42,651 - Total other assets 59,023 42,411 (63,410) 38,024 969 Segregated funds net assets - 377,544 - 377,544 - Insurance contract liabilities, excluding those for account of segregated fund holders - 367,996 - 367,996 - Reinsurance contract held liabilities - 2,831 - 2,831 - Investment contract liabilities - 11,816 - 11,816 - Total other liabilities 12,070 55,129 (539) 66,660 718 Insurance contract liabilities for account of segregated fund holders - 114,143 - 114,143 - Investment contract liabilities for account of segregated fund holders - 263,401 - 263,401 -
Schedule of Pledged Assets	The amounts pledged are as follows. 2024 2023 As at December 31, Debt securities Other Debt securities Other In respect of: Derivatives $ 14,517 $ 25 $ 10,431 $ 26 Secured borrowings (1) - 2,216 - 2,220 Regulatory requirements 303 91 307 74 Repurchase agreements 658 - 201 - Mortgages on ALDA properties - 284 - 278 Manulife Bank securitized mortgages (2) - 7,603 - 6,990 Non-registered retirement plans in trust - 286 - 298 Other - 289 - 283 Total $ 15,478 $ 10,794 $ 10,939 $ 10,169 (1) During the year, the Company pledged certain of its mortgage loans with the FHLBI . Of this amount, $1,098 (2023 – $998 ) is required collateral for the US$500 outstanding borrowing to JHUSA under the FHLBI facility; and $1,118 (2023 – $1,222 ) is excess collateral that can be called back by JHUSA at any time. (2) The Manulife Bank mortgage securitization program includes CMB securitization of $3,274 (2023 – $2,900 ), HELOC securitization, which includes restricted cash and short-term securities, of $3,163 (2023 – $2,912 ), and additional encumbrances of mortgages and cash required by the securitization program's operations of $1,166 (2023 – $1,178 ).

Segmented Information (Tables)

Segmented Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segmented Information [Abstract]
Summary of Results by Segments	The following tables present results by reporting segments. For the year ended December 31, 2024 Asia Canada U.S. Global WAM Corporate and Other Total Insurance service result Life, health and property and casualty insurance $ 2,228 $ 1,081 $ 241 $ - $ 164 $ 3,714 Annuities and pensions (68) 239 116 - - 287 Total insurance service result 2,160 1,320 357 - 164 4,001 Net investment income (loss) 7,987 5,169 4,962 (655) 1,648 19,111 Insurance finance income (expenses) Life, health and property and casualty insurance (5,495) (3,846) (5,450) - 43 (14,748) Annuities and pensions (1,839) 196 172 - - (1,471) Total insurance finance income (expenses) (7,334) (3,650) (5,278) - 43 (16,219) Reinsurance finance income (expenses) Life, health and property and casualty insurance (65) 347 705 - (2) 985 Annuities and pensions 669 (1) (520) - - 148 Total reinsurance finance income (expenses) 604 346 185 - (2) 1,133 Decrease (increase) in investment contract liabilities (9) (76) (87) (327) (5) (504) Net segregated fund investment result - - - - - - Total investment result 1,248 1,789 (218) (982) 1,684 3,521 Other revenue 155 294 137 7,439 (437) 7,588 Other expenses (338) (677) (131) (4,703) (490) (6,339) Interest expenses (28) (1,047) (13) (7) (586) (1,681) Net income (loss) before income taxes 3,197 1,679 132 1,747 335 7,090 Income tax (expenses) recoveries (460) (353) 3 (148) (254) (1,212) Net income (loss) 2,737 1,326 135 1,599 81 5,878 Less net income (loss) attributed to: Non-controlling interests 241 - - 2 4 247 Participating policyholders 141 105 - - - 246 Net income (loss) attributed to shareholders and other equity holders $ 2,355 $ 1,221 $ 135 $ 1,597 $ 77 $ 5,385 Total assets $ 209,623 $ 158,803 $ 263,736 $ 305,968 $ 40,688 $ 978,818 For the year ended December 31, 2023 Asia Canada U.S. Global WAM Corporate and Other Total Insurance service result Life, health and property and casualty insurance $ 2,070 $ 995 $ 526 $ - $ 236 $ 3,827 Annuities and pensions (129) 198 81 - - 150 Total insurance service result 1,941 1,193 607 - 236 3,977 Net investment income (loss) 7,057 5,048 5,236 (771) 1,451 18,021 Insurance finance income (expenses) Life, health and property and casualty insurance (4,970) (3,288) (4,815) - 723 (12,350) Annuities and pensions (1,466) (27) (51) - - (1,544) Total insurance finance income (expenses) (6,436) (3,315) (4,866) - 723 (13,894) Reinsurance finance income (expenses) Life, health and property and casualty insurance (106) 58 385 - (697) (360) Annuities and pensions 1 (1) (374) - - (374) Total reinsurance finance income (expenses) (105) 57 11 - (697) (734) Decrease (increase) in investment contract liabilities (38) (73) (148) (175) (1) (435) Net segregated fund investment result - - - - - - Total investment result 478 1,717 233 (946) 1,476 2,958 Other revenue 67 272 79 6,709 (381) 6,746 Other expenses (231) (569) (153) (4,252) (470) (5,675) Interest expenses (11) (1,004) (15) (14) (510) (1,554) Net income (loss) before income taxes 2,244 1,609 751 1,497 351 6,452 Income tax (expenses) recoveries (440) (373) (112) (198) 278 (845) Net income (loss) 1,804 1,236 639 1,299 629 5,607 Less net income (loss) attributed to: Non-controlling interests 141 - - 2 1 144 Participating policyholders 315 45 - - - 360 Net income (loss) attributed to shareholders and other equity holders $ 1,348 $ 1,191 $ 639 $ 1,297 $ 628 $ 5,103 Total assets $ 177,623 $ 157,111 $ 244,659 $ 257,764 $ 38,417 $ 875,574
Summary of Results by Geographic Location	The following tables present results by geographical location. For the year ended December 31, 2024 Asia Canada U.S. Other Total Insurance service result Life, health and property and casualty insurance $ 2,230 $ 1,075 $ 235 $ 174 $ 3,714 Annuities and pensions (68) 239 116 - 287 Total insurance service result 2,162 1,314 351 174 4,001 Net investment income (loss) 8,052 5,882 5,118 59 19,111 Insurance finance income (expenses) Life, health and property and casualty insurance (5,495) (3,844) (5,409) - (14,748) Annuities and pensions (1,839) 196 172 - (1,471) Total insurance finance income (expenses) (7,334) (3,648) (5,237) - (16,219) Reinsurance finance income (expenses) Life, health and property and casualty insurance (65) 344 706 - 985 Annuities and pensions 669 (1) (520) - 148 Total reinsurance finance income (expenses) 604 343 186 - 1,133 Decrease (increase) in investment contract liabilities (187) (163) (149) (5) (504) Net segregated fund investment result - - - - - Total investment result $ 1,135 $ 2,414 $ (82) $ 54 $ 3,521 Other revenue $ 1,790 $ 2,325 $ 3,616 $ (143) $ 7,588 For the year ended December 31, 2023 Asia Canada U.S. Other Total Insurance service result Life, health and property and casualty insurance $ 2,087 $ 981 $ 511 $ 248 $ 3,827 Annuities and pensions (128) 198 80 - 150 Total insurance service result 1,959 1,179 591 248 3,977 Net investment income (loss) 7,259 5,724 4,975 63 18,021 Insurance finance income (expenses) Life, health and property and casualty insurance (4,971) (2,606) (4,793) 20 (12,350) Annuities and pensions (1,466) (27) (51) - (1,544) Total insurance finance income (expenses) (6,437) (2,633) (4,844) 20 (13,894) Reinsurance finance income (expenses) Life, health and property and casualty insurance (121) (623) 384 - (360) Annuities and pensions 1 (1) (374) - (374) Total reinsurance finance income (expenses) (120) (624) 10 - (734) Decrease (increase) in investment contract liabilities (220) (130) (79) (6) (435) Net segregated fund investment result - - - - - Total investment result $ 482 $ 2,337 $ 62 $ 77 $ 2,958 Other revenue $ 1,332 $ 2,147 $ 3,239 $ 28 $ 6,746

Related Parties (Tables)

Related Parties (Tables)	12 Months Ended
	Dec. 31, 2024
Related Party [Abstract]
Summary of Compensation of Key Management Personnel	A summary of compensation of key management personnel is as follows. For the years ended December 31, 2024 2023 Short-term employee benefits $ 99 $ 83 Post-employment benefits 7 6 Share-based payments 79 73 Termination benefits 2 3 Other long-term benefits 3 3 Total $ 190 $ 168

Subsidiaries (Tables)

Subsidiaries (Tables)	12 Months Ended
	Dec. 31, 2024
Disclosure of subsidiaries [abstract]
Summary of Directly and Indirectly Held Major Operating Subsidiaries	The following is a list of Manulife’s directly and indirectly held major operating subsidiaries. As at December 31, 2024 ( 100% owned unless otherwise noted in brackets beside company name) Equity interest Address Description The Manufacturers Life Insurance Company $ 65,338 Toronto, Canada A leading financial services group with principal operations in Asia, Canada and the United States that offers a diverse range of financial protection products and wealth management services Manulife Holdings (Alberta) Limited $ 22,118 Calgary, Canada Holding company John Hancock Financial Corporation Boston, U.S.A. Holding company The Manufacturers Investment Corporation Boston, U.S.A. Holding company John Hancock Reassurance Company Ltd. Boston, U.S.A. Captive insurance subsidiary that provides life, annuity and long-term care reinsurance to affiliates John Hancock Life Insurance Company (U.S.A.) Boston, U.S.A. U.S. life insurance company licensed in all states, except New York John Hancock Subsidiaries LLC Boston, U.S.A. Holding company John Hancock Financial Network, Inc. Boston, U.S.A. Financial services distribution organization John Hancock Investment Management LLC Boston, U.S.A. Investment advisor John Hancock Investment Management Distributors LLC Boston, U.S.A. Broker-dealer Manulife Investment Management (US) LLC Boston, U.S.A. Investment advisor Manulife Investment Management Timberland and Agriculture Inc. Boston, U.S.A. Manager of globally diversified timberland and agricultural portfolios John Hancock Life Insurance Company of New York New York, U.S.A. U.S. life insurance company licensed in New York John Hancock Variable Trust Advisers LLC Boston, U.S.A. Investment advisor for open-end mutual funds John Hancock Life & Health Insurance Company Boston, U.S.A. U.S. life insurance company licensed in all states John Hancock Distributors LLC Boston, U.S.A. Broker-dealer John Hancock Insurance Agency, Inc. Boston, U.S.A. Insurance agency Manulife Reinsurance Limited Hamilton, Bermuda Provides life and financial reinsurance to affiliates Manulife Reinsurance (Bermuda) Limited Hamilton, Bermuda Provides life and financial reinsurance to affiliates Manulife Bank of Canada $ 1,882 Waterloo, Canada Provides integrated banking products and service options not available from an insurance company Manulife Investment Management Holdings (Canada) Inc. $ 1,477 Toronto, Canada Holding company Manulife Investment Management Limited Toronto, Canada Provides investment counseling, portfolio and mutual fund management in Canada First North American Insurance Company $ 8 Toronto, Canada Property and casualty insurance company Manulife Holdings (Bermuda) Limited $ 21,658 Hamilton, Bermuda Holding company Manufacturers P&C Limited St. Michael, Barbados Provides property and casualty reinsurance Manufacturers Life Reinsurance Limited St. Michael, Barbados Provides life and annuity reinsurance to affiliates Manulife Financial Asia Limited Hong Kong, China Holding company Manulife (Cambodia) PLC Phnom Penh, Cambodia Life insurance company Manulife Myanmar Life Insurance Company Limited Yangon, Myanmar Life insurance company Manulife (Vietnam) Limited Ho Chi Minh City, Vietnam Life insurance company Manulife Investment Fund Management (Vietnam) Company Limited Ho Chi Minh City, Vietnam Fund management company Manulife International Holdings Limited Hong Kong, China Holding company Manulife (International) Limited Hong Kong, China Life insurance company Manulife-Sinochem Life Insurance Co. Ltd. ( 51% ) Shanghai, China Life insurance company As at December 31, 2024 ( 100% owned unless otherwise noted in brackets beside company name) Equity interest Address Description Manulife Investment Management International Holdings Limited Hong Kong, China Holding company Manulife Investment Management (Hong Kong) Limited Hong Kong, China Investment management and advisory company marketing mutual funds Manulife Investment Management (Taiwan) Co., Ltd. Taipei, Taiwan (China) Investment management company Manulife Life Insurance Company (Japan) Tokyo, Japan Life insurance company Manulife Investment Management (Japan) Limited Tokyo, Japan Investment management and advisory company and mutual fund business Manulife Holdings Berhad ( 62.6% ) Kuala Lumpur, Malaysia Holding company Manulife Insurance Berhad ( 62.6% ) Kuala Lumpur, Malaysia Life insurance company Manulife Investment Management (Malaysia) Berhad ( 62.6% ) Kuala Lumpur, Malaysia Asset management company Manulife (Singapore) Pte. Ltd. Singapore Life insurance company Manulife Investment Management (Singapore) Pte. Ltd. Singapore Asset management company Manulife Fund Management Co., Ltd. Beijing, China Mutual fund company in China The Manufacturers Life Insurance Co. (Phils.), Inc. Makati City, Philippines Life insurance company Manulife Chinabank Life Assurance Corporation ( 60% ) Makati City, Philippines Life insurance company PT Asuransi Jiwa Manulife Indonesia Jakarta, Indonesia Life insurance company PT Manulife Aset Manajemen Indonesia Jakarta, Indonesia Investment management and investment advisor Manulife Investment Management (Europe) Limited $ 456 London, England Investment management company providing advisory services for Manulife Investment Management’s funds, internationally Manulife Assurance Company of Canada $ 55 Toronto, Canada Life insurance company EIS Services (Bermuda) Limited $ 1,235 Hamilton, Bermuda Investment holding company Berkshire Insurance Services Inc. $ 2,343 Toronto, Canada Investment holding company JH Investments (Delaware) LLC Boston, U.S.A. Investment holding company Manulife Wealth Inc. $ 349 Oakville, Canada Investment dealer Manulife Investment Management (North America) Limited $ 5 Toronto, Canada Investment advisor

Information Provided in Conne_2

Information Provided in Connection with Investments in Deferred Annuity Contracts and SignatureNotes Issued or Assumed by John Hancock Life Insurance Company (U.S.A.) (Tables)	12 Months Ended
	Dec. 31, 2024
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract]
Summary of Condensed Consolidated Statement of Financial Position	Condensed Consolidated Statement of Financial Position As at December 31, 2024 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Assets Invested assets $ 126 $ 112,444 $ 330,044 $ (117) $ 442,497 Investments in unconsolidated subsidiaries 65,350 9,393 21,510 (96,253) - Insurance contract assets - - 177 (75) 102 Reinsurance contract held assets - 46,811 22,440 (10,236) 59,015 Other assets 548 11,182 34,660 (5,174) 41,216 Segregated funds net assets - 218,909 218,681 (1,602) 435,988 Total assets $ 66,024 $ 398,739 $ 627,512 $ (113,457) $ 978,818 Liabilities and equity Insurance contract liabilities, excluding those for account of segregated fund holders $ - $ 148,828 $ 258,007 $ (10,434) $ 396,401 Reinsurance contract held liabilities - - 2,669 - 2,669 Investment contract liabilities - 5,260 8,854 (616) 13,498 Other liabilities 1,539 8,432 58,333 (5,163) 63,141 Long-term debt 6,629 - - - 6,629 Capital instruments 6,884 - 648 - 7,532 Insurance contract liabilities for account of segregated fund holders - 58,137 68,408 - 126,545 Investment contract liabilities for account of segregated fund holders - 160,772 150,273 (1,602) 309,443 Shareholders’ and other equity 50,972 17,357 78,285 (95,642) 50,972 Participating policyholders’ equity - (47) 614 - 567 Non-controlling interests - - 1,421 - 1,421 Total liabilities and equity $ 66,024 $ 398,739 $ 627,512 $ (113,457) $ 978,818 Condensed Consolidated Statement of Financial Position As at December 31, 2023 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Assets Invested assets $ 86 $ 109,433 $ 307,930 $ (239) $ 417,210 Investments in unconsolidated subsidiaries 58,694 8,674 17,916 (85,284) - Insurance contract assets - - 217 (72) 145 Reinsurance contract held assets - 42,418 10,380 (10,147) 42,651 Other assets 329 8,731 32,700 (3,736) 38,024 Segregated funds net assets - 188,067 191,241 (1,764) 377,544 Total assets $ 59,109 $ 357,323 $ 560,384 $ (101,242) $ 875,574 Liabilities and equity Insurance contract liabilities, excluding those for account of segregated fund holders $ - $ 145,589 $ 232,972 $ (10,565) $ 367,996 Reinsurance contract held liabilities - - 2,831 - 2,831 Investment contract liabilities - 3,487 8,928 (599) 11,816 Other liabilities 573 5,869 51,266 (3,786) 53,922 Long-term debt 6,071 - - - 6,071 Capital instruments 5,426 594 647 - 6,667 Insurance contract liabilities for account of segregated fund holders - 51,719 62,424 - 114,143 Investment contract liabilities for account of segregated fund holders - 136,348 128,817 (1,764) 263,401 Shareholders’ and other equity 47,039 13,773 70,755 (84,528) 47,039 Participating policyholders’ equity - (56) 313 - 257 Non-controlling interests - - 1,431 - 1,431 Total liabilities and equity $ 59,109 $ 357,323 $ 560,384 $ (101,242) $ 875,574
Summary of Condensed Consolidated Statement of Income	Condensed Consolidated Statement of Income For the year ended December 31, 2024 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Insurance service result Insurance revenue $ - $ 11,022 $ 16,654 $ (1,084) $ 26,592 Insurance service expenses - (10,501) (12,384) 1,063 (21,822) Net expenses from reinsurance contracts held - (309) (499) 39 (769) Total insurance service result - 212 3,771 18 4,001 Investment result Net investment income (loss) 871 4,548 14,880 (1,188) 19,111 Insurance / reinsurance finance income (expenses) - (3,894) (11,022) (170) (15,086) Other investment result - (34) (367) (103) (504) Total investment result 871 620 3,491 (1,461) 3,521 Other revenue (34) 853 7,257 (488) 7,588 Other expenses (45) (1,209) (5,359) 274 (6,339) Interest expenses (494) (19) (2,825) 1,657 (1,681) Net income (loss) before income taxes 298 457 6,335 - 7,090 Income tax (expenses) recoveries (30) 52 (1,234) - (1,212) Net income (loss) after income taxes 268 509 5,101 - 5,878 Equity in net income (loss) of unconsolidated subsidiaries 5,117 550 1,059 (6,726) - Net income (loss) $ 5,385 $ 1,059 $ 6,160 $ (6,726) $ 5,878 Net income (loss) attributed to: Non-controlling interests $ - $ - $ 247 $ - $ 247 Participating policyholders - 135 246 (135) 246 Shareholders and other equity holders 5,385 924 5,667 (6,591) 5,385 $ 5,385 $ 1,059 $ 6,160 $ (6,726) $ 5,878 Condensed Consolidated Statement of Income For the year ended December 31, 2023 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Insurance service result Insurance revenue $ - $ 9,858 $ 15,754 $ (1,640) $ 23,972 Insurance service expenses - (8,928) (12,195) 1,741 (19,382) Net expenses from reinsurance contracts held - (315) (175) (123) (613) Total insurance service result - 615 3,384 (22) 3,977 Investment result Net investment income (loss) 638 4,232 14,179 (1,028) 18,021 Insurance / reinsurance finance income (expenses) - (4,723) (9,993) 88 (14,628) Other investment result - 100 (432) (103) (435) Total investment result 638 (391) 3,754 (1,043) 2,958 Other revenue 14 790 6,384 (442) 6,746 Other expenses (55) (1,112) (4,776) 268 (5,675) Interest expenses (433) (79) (2,281) 1,239 (1,554) Net income (loss) before income taxes 164 (177) 6,465 - 6,452 Income tax (expenses) recoveries 7 175 (1,027) - (845) Net income (loss) after income taxes 171 (2) 5,438 - 5,607 Equity in net income (loss) of unconsolidated subsidiaries 4,932 811 809 (6,552) - Net income (loss) $ 5,103 $ 809 $ 6,247 $ (6,552) $ 5,607 Net income (loss) attributed to: Non-controlling interests $ - $ - $ 144 $ - $ 144 Participating policyholders - (74) 360 74 360 Shareholders and other equity holders 5,103 883 5,743 (6,626) 5,103 $ 5,103 $ 809 $ 6,247 $ (6,552) $ 5,607
Summary of Consolidated Statement of Cash Flows	Consolidated Statement of Cash Flows For the year ended December 31, 2024 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Operating activities Net income (loss) $ 5,385 $ 1,059 $ 6,160 $ (6,726) $ 5,878 Adjustments: Equity in net income of unconsolidated subsidiaries (5,117) (550) (1,059) 6,726 - Increase (decrease) in insurance contract net liabilities - 441 8,994 - 9,435 Increase (decrease) in investment contract liabilities - 70 434 - 504 (Increase) decrease in reinsurance contract assets, excluding reinsurance transactions - (136) (477) - (613) Amortization of (premium) discount on invested assets - 37 (327) - (290) Contractual service margin (“CSM”) amortization - (441) (1,935) - (2,376) Other amortization 11 147 711 - 869 Net realized and unrealized (gains) losses and impairment on assets (38) 587 (1,409) - (860) Deferred income tax expenses (recoveries) 22 49 240 - 311 Net loss on reinsurance transactions (pre-tax) - 33 38 - 71 Cash provided by (used in) operating activities before undernoted items 263 1,296 11,370 - 12,929 Dividends from unconsolidated subsidiaries 7,150 689 (595) (7,244) - Changes in policy related and operating receivables and payables 221 1,387 11,957 - 13,565 Cash provided by (used in) operating activities 7,634 3,372 22,732 (7,244) 26,494 Investing activities Purchases and mortgage advances - (19,159) (111,964) - (131,123) Disposals and repayments - 16,485 96,186 - 112,671 Changes in investment broker net receivables and payables - (22) 312 - 290 Net cash increase (decrease) from sale (purchase) of subsidiaries - - (297) - (297) Investment in common shares of subsidiaries (3,432) - - 3,432 - Capital contribution to unconsolidated subsidiaries - (2) - 2 - Return of capital from unconsolidated subsidiaries - 17 - (17) - Notes receivable from parent - - (938) 938 - Notes receivable from subsidiaries (135) - - 135 - Cash provided by (used in) investing activities (3,567) (2,681) (16,701) 4,490 (18,459) Financing activities Change in repurchase agreements and securities sold but not yet purchased - - 460 - 460 Issue of capital instruments, net 2,591 - - - 2,591 Redemption of capital instruments (1,277) (609) - - (1,886) Secured borrowing from securitization transactions - - 667 - 667 Changes in deposits from Bank clients, net - - 413 - 413 Lease payments - (3) (115) - (118) Shareholders’ dividends and other equity distributions (3,159) - - - (3,159) Common shares repurchased (3,272) - - - (3,272) Common shares issued, net 144 - 3,432 (3,432) 144 Contributions from (distributions to) non-controlling interests, net - - (14) - (14) Dividends paid to parent - 595 (7,839) 7,244 - Capital contributions by parent - - 2 (2) - Return of capital to parent - - (17) 17 - Notes payable to parent - - 135 (135) - Notes payable to subsidiaries 938 - - (938) - Cash provided by (used in) financing activities (4,035) (17) (2,876) 2,754 (4,174) Cash and short-term securities Increase (decrease) during the year 32 674 3,155 - 3,861 Effect of foreign exchange rate changes on cash and short-term securities 8 363 826 - 1,197 Balance, beginning of year 86 4,004 15,794 - 19,884 Balance, end of year 126 5,041 19,775 - 24,942 Cash and short-term securities Beginning of year Gross cash and short-term securities 86 4,329 15,923 - 20,338 Net payments in transit, included in other liabilities - (325) (129) - (454) Net cash and short-term securities, beginning of year 86 4,004 15,794 - 19,884 End of year Gross cash and short-term securities 126 5,436 20,227 - 25,789 Net payments in transit, included in other liabilities - (395) (452) - (847) Net cash and short-term securities, end of year $ 126 $ 5,041 $ 19,775 $ - $ 24,942 Supplemental disclosures on cash flow information: Interest received $ 831 $ 3,872 $ 10,582 $ (1,789) $ 13,496 Interest paid 475 69 2,819 (1,789) 1,574 Income taxes paid (refund) 8 1 746 - 755 Consolidated Statement of Cash Flows For the year ended December 31, 2023 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Operating activities Net income (loss) $ 5,103 $ 809 $ 6,247 $ (6,552) $ 5,607 Adjustments: Equity in net income of unconsolidated subsidiaries (4,932) (811) (809) 6,552 - Increase (decrease) in insurance contract net liabilities - 455 10,242 - 10,697 Increase (decrease) in investment contract liabilities - (112) 547 - 435 (Increase) decrease in reinsurance contract assets, excluding reinsurance transactions - 28 946 - 974 Amortization of (premium) discount on invested assets - 30 (171) - (141) Contractual service margin (“CSM”) amortization - (455) (1,543) - (1,998) Other amortization 10 147 424 - 581 Net realized and unrealized (gains) losses and impairment on assets 3 471 (3,319) - (2,845) Deferred income tax expenses (recoveries) (11) (141) 622 - 470 Stock option expense - (3) 5 - 2 Cash provided by (used in) operating activities before undernoted items 173 418 13,191 - 13,782 Dividends from unconsolidated subsidiaries 5,600 386 (679) (5,307) - Changes in policy related and operating receivables and payables (4) (649) 7,294 - 6,641 Cash provided by (used in) operating activities 5,769 155 19,806 (5,307) 20,423 Investing activities Purchases and mortgage advances - (15,165) (68,856) - (84,021) Disposals and repayments - 16,159 54,122 - 70,281 Changes in investment broker net receivables and payables - 12 9 - 21 Net cash increase (decrease) from sale (purchase) of subsidiaries - - (1) - (1) Investment in common shares of subsidiaries (1,843) - - 1,843 - Capital contribution to unconsolidated subsidiaries - (1) - 1 - Return of capital from unconsolidated subsidiaries - 5 - (5) - Notes receivable from parent - - (4) 4 - Notes receivable from subsidiaries (25) - - 25 - Cash provided by (used in) investing activities (1,868) 1,010 (14,730) 1,868 (13,720) Financing activities Change in repurchase agreements and securities sold but not yet purchased - - (693) - (693) Issue of capital instruments, net 1,194 - - - 1,194 Redemption of capital instruments (600) - - - (600) Secured borrowing from securitization transactions - - 537 - 537 Changes in deposits from Bank clients, net - - (895) - (895) Lease payments - (3) (95) - (98) Shareholders’ dividends and other equity distributions (2,972) - - - (2,972) Common shares repurchased (1,595) - - - (1,595) Common shares issued, net 94 - 1,843 (1,843) 94 Contributions from (distributions to) non-controlling interests, net - - (14) - (14) Dividends paid to parent - 679 (5,986) 5,307 - Capital contributions by parent - - 1 (1) - Return of capital to parent - - (5) 5 - Notes payable to parent - - 25 (25) - Notes payable to subsidiaries 4 - - (4) - Cash provided by (used in) financing activities (3,875) 676 (5,282) 3,439 (5,042) Cash and short-term securities Increase (decrease) during the year 26 1,841 (206) - 1,661 Effect of foreign exchange rate changes on cash and short-term securities (3) (52) (357) - (412) Balance, beginning of year 63 2,215 16,357 - 18,635 Balance, end of year 86 4,004 15,794 - 19,884 Cash and short-term securities Beginning of year Gross cash and short-term securities 63 2,614 16,476 - 19,153 Net payments in transit, included in other liabilities - (399) (119) - (518) Net cash and short-term securities, beginning of year 63 2,215 16,357 - 18,635 End of year Gross cash and short-term securities 86 4,329 15,923 - 20,338 Net payments in transit, included in other liabilities - (325) (129) - (454) Net cash and short-term securities, end of year $ 86 $ 4,004 $ 15,794 $ - $ 19,884 Supplemental disclosures on cash flow information: Interest received $ 650 $ 3,369 $ 10,166 $ (1,417) $ 12,768 Interest paid 418 115 2,432 (1,417) 1,548 Income taxes paid (refund) 2 (1) 435 - 436

Nature of Operations and Mate_3

Nature of Operations and Material Accounting Policy Information (Details)	12 Months Ended
	Dec. 31, 2024
Financial instruments credit-impaired | Probability of default, measurement input
Disclosure of detailed information about property, plant and equipment [line items]
Percentage of probability of default of financial instrument	1
Bottom of range
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life of property	30 years
Bottom of range | Distribution Networks, Customer Relationships, and Other Finite Life Intangible Assets
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of intangible assets	6 years
Bottom of range | Software
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of intangible assets	3 years
Bottom of range | Defined Benefit Assets
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of intangible assets	2 years
Top of range
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life of property	60 years
Top of range | Distribution Networks, Customer Relationships, and Other Finite Life Intangible Assets
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of intangible assets	68 years
Top of range | Software
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of intangible assets	10 years
Top of range | Defined Benefit Assets
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of intangible assets	10 years

Accounting and Reporting Chan_2

Accounting and Reporting Changes (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($)
Accounting And Reporting Changes [Abstract]
Global minimum tax, expected payment	$ 231

Invested Assets and Investmen_3

Invested Assets and Investment Income - Carrying Values and Fair Values of Invested Assets (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial assets [line items]
Cash and short-term securities	$ 25,789	$ 20,338	$ 19,153
Debt securities	210,621	212,149
Public equities	33,725	25,531
Mortgages	54,447	52,421
Private placements	49,668	45,606
Loans to Bank clients	2,310	2,436
Real estate	13,263	13,049
Other invested assets	52,674	45,680
Total invested assets	442,497	417,210
Less than 1 year
Disclosure of financial assets [line items]
Cash and short-term securities	25,789	20,338
Debt securities	1,266	1,294
Public equities	0	0
Mortgages	4,741	3,363
Private placements	1,534	1,418
Loans to Bank clients	47	39
Total invested assets	41,607	35,105
Not later than ninety days
Disclosure of financial assets [line items]
Debt securities	145	1,413
Total fair value
Disclosure of financial assets [line items]
Cash and short-term securities	25,789	20,338
Public equities	33,725	25,531
Mortgages	54,812	52,310
Private placements	49,668	45,606
Loans to Bank clients	2,285	2,411
Total invested assets	443,485	417,704
Canadian government and agency
Disclosure of financial assets [line items]
Debt securities	19,727	20,988
Canadian government and agency | Less than 1 year
Disclosure of financial assets [line items]
Debt securities	543	657
Canadian government and agency | Total fair value
Disclosure of financial assets [line items]
Debt securities	19,727	20,988
U.S. government and agency
Disclosure of financial assets [line items]
Debt securities	28,654	28,478
U.S. government and agency | Less than 1 year
Disclosure of financial assets [line items]
Debt securities	644	297
U.S. government and agency | Total fair value
Disclosure of financial assets [line items]
Debt securities	28,366	28,251
Other government and agency
Disclosure of financial assets [line items]
Debt securities	35,470	30,666
Other government and agency | Less than 1 year
Disclosure of financial assets [line items]
Debt securities	372	412
Other government and agency | Total fair value
Disclosure of financial assets [line items]
Debt securities	35,470	30,666
Corporate
Disclosure of financial assets [line items]
Debt securities	124,962	130,046
Corporate | Less than 1 year
Disclosure of financial assets [line items]
Debt securities	7,810	8,475
Corporate | Total fair value
Disclosure of financial assets [line items]
Debt securities	124,762	129,899
Mortgage / asset-backed securities
Disclosure of financial assets [line items]
Debt securities	1,808	1,971
Mortgage / asset-backed securities | Less than 1 year
Disclosure of financial assets [line items]
Debt securities	60	106
Mortgage / asset-backed securities | Total fair value
Disclosure of financial assets [line items]
Debt securities	1,808	1,971
Own use property
Disclosure of financial assets [line items]
Real estate	2,674	2,591
Own use property | Accumulated depreciation
Disclosure of financial assets [line items]
Real estate	(65)	(57)
Own use property | Less than 1 year
Disclosure of financial assets [line items]
Real estate	0	0
Own use property | Total fair value
Disclosure of financial assets [line items]
Real estate	2,798	2,716
Own use property | Total fair value | Insurance contracts with direct participating features
Disclosure of financial assets [line items]
Real estate	2,500	2,430
Own use property | Carrying amount | Insurance contracts with direct participating features
Disclosure of financial assets [line items]
Real estate	174	161
Investment property
Disclosure of financial assets [line items]
Real estate	10,589	10,458
Investment property | Less than 1 year
Disclosure of financial assets [line items]
Real estate	0	0
Investment property | Total fair value
Disclosure of financial assets [line items]
Real estate	10,589	10,458
Alternative long-duration assets
Disclosure of financial assets [line items]
Other invested assets	47,863	41,434
Alternative long-duration assets | Private equity investments
Disclosure of financial assets [line items]
Carrying value	18,343	15,445
Alternative long-duration assets | Infrastructure
Disclosure of financial assets [line items]
Carrying value	17,804	14,950
Alternative long-duration assets | Timber and agriculture
Disclosure of financial assets [line items]
Carrying value	5,917	5,719
Alternative long-duration assets | Energy
Disclosure of financial assets [line items]
Carrying value	1,916	1,859
Alternative long-duration assets | Various other
Disclosure of financial assets [line items]
Carrying value	3,883	3,461
Alternative long-duration assets | Less than 1 year
Disclosure of financial assets [line items]
Other invested assets	67	0
Alternative long-duration assets | Total fair value
Disclosure of financial assets [line items]
Other invested assets	48,875	42,313
Various other
Disclosure of financial assets [line items]
Other invested assets	4,811	4,246
Various other | Less than 1 year
Disclosure of financial assets [line items]
Other invested assets	0	0
Various other | Total fair value
Disclosure of financial assets [line items]
Other invested assets	4,811	4,246
SPPI Nonqualifying | Total fair value
Disclosure of financial assets [line items]
Debt securities	0	0
Private placements	132	115
Other invested assets	547	539
Change in the fair value of invested assets	25	49
Cash, cash equivalents and short term securities
Disclosure of financial assets [line items]
Short-term securities	10,121	6,162
Cash equivalents	9,813	7,832
Other
Disclosure of financial assets [line items]
Leveraged leases	4,300	3,790
FVTPL
Disclosure of financial assets [line items]
Cash and short-term securities	25	1
Public equities	33,725	25,531
Mortgages	1,239	1,055
Private placements	866	654
Loans to Bank clients	0	0
Total invested assets	74,289	62,038
FVTPL | Canadian government and agency
Disclosure of financial assets [line items]
Debt securities	1,056	1,219
FVTPL | U.S. government and agency
Disclosure of financial assets [line items]
Debt securities	58	1,303
FVTPL | Other government and agency
Disclosure of financial assets [line items]
Debt securities	68	90
FVTPL | Corporate
Disclosure of financial assets [line items]
Debt securities	2,761	2,372
FVTPL | Mortgage / asset-backed securities
Disclosure of financial assets [line items]
Debt securities	17	16
FVTPL | Own use property
Disclosure of financial assets [line items]
Real estate	0	0
FVTPL | Investment property
Disclosure of financial assets [line items]
Real estate	0	0
FVTPL | Alternative long-duration assets
Disclosure of financial assets [line items]
Other invested assets	34,334	29,671
FVTPL | Various other
Disclosure of financial assets [line items]
Other invested assets	140	126
FVOCI
Disclosure of financial assets [line items]
Cash and short-term securities	19,909	13,993
Public equities	0	0
Mortgages	28,792	28,473
Private placements	48,802	44,952
Loans to Bank clients	0	0
Total invested assets	303,058	293,555
FVOCI | Canadian government and agency
Disclosure of financial assets [line items]
Debt securities	18,671	19,769
FVOCI | U.S. government and agency
Disclosure of financial assets [line items]
Debt securities	27,628	26,287
FVOCI | Other government and agency
Disclosure of financial assets [line items]
Debt securities	35,402	30,576
FVOCI | Corporate
Disclosure of financial assets [line items]
Debt securities	121,674	127,190
FVOCI | Mortgage / asset-backed securities
Disclosure of financial assets [line items]
Debt securities	1,791	1,955
FVOCI | Own use property
Disclosure of financial assets [line items]
Real estate	0	0
FVOCI | Investment property
Disclosure of financial assets [line items]
Real estate	0	0
FVOCI | Alternative long-duration assets
Disclosure of financial assets [line items]
Other invested assets	389	360
FVOCI | Various other
Disclosure of financial assets [line items]
Other invested assets	0	0
Other
Disclosure of financial assets [line items]
Cash and short-term securities	5,855	6,344
Public equities	0	0
Mortgages	24,416	22,893
Private placements	0	0
Loans to Bank clients	2,310	2,436
Total invested assets	65,150	61,617
Other | Canadian government and agency
Disclosure of financial assets [line items]
Debt securities	0	0
Other | U.S. government and agency
Disclosure of financial assets [line items]
Debt securities	968	888
Other | Other government and agency
Disclosure of financial assets [line items]
Debt securities	0	0
Other | Corporate
Disclosure of financial assets [line items]
Debt securities	527	484
Other | Mortgage / asset-backed securities
Disclosure of financial assets [line items]
Debt securities	0	0
Other | Own use property
Disclosure of financial assets [line items]
Real estate	2,674	2,591
Other | Investment property
Disclosure of financial assets [line items]
Real estate	10,589	10,458
Other | Alternative long-duration assets
Disclosure of financial assets [line items]
Other invested assets	13,140	11,403
Other | Various other
Disclosure of financial assets [line items]
Other invested assets	$ 4,671	$ 4,120

Invested Assets and Investmen_4

Invested Assets and Investment Income - Investment Income (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of financial assets [line items]
Impairment (loss) / recovery, net	$ 109	$ (304)
Rental income from investment properties	859	840
Total investment income (loss)	20,459	19,318
Investment income	18,249	16,180
Investment expenses	(1,348)	(1,297)
Net investment income (loss)	19,111	18,021
Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	2,210	3,138
Interest income
Disclosure of financial assets [line items]
Investment income	13,761	12,802
Dividends, rental income and other income
Disclosure of financial assets [line items]
Investment income	3,719	3,318
Impairment loss, net
Disclosure of financial assets [line items]
Investment income	109	304
Other
Disclosure of financial assets [line items]
Investment income	660	364
Cash and short-term securities
Disclosure of financial assets [line items]
Interest income	979	837
Gains (losses)	72	10
Debt securities
Disclosure of financial assets [line items]
Interest income	8,099	7,677
Gains (losses)	(1,665)	414
Impairment (loss) / recovery, net	92	(4)
Debt securities | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	(1,857)	430
Public equities
Disclosure of financial assets [line items]
Gains (losses)	4,324	2,255
Dividend income	814	625
Public equities | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	4,178	2,157
Mortgages
Disclosure of financial assets [line items]
Interest income	2,404	2,290
Gains (losses)	(128)	99
Impairment loss, net	105	(150)
Mortgages | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	(151)	99
Private placements
Disclosure of financial assets [line items]
Interest income	2,509	2,318
Gains (losses)	309	375
Impairment (loss) / recovery, net	(47)	(72)
Private placements | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	235	375
Loans to Bank clients
Disclosure of financial assets [line items]
Interest income	176	201
Impairment loss, net	(3)	(3)
Real estate
Disclosure of financial assets [line items]
Gains (losses)	(596)	(1,286)
Impairment (loss) / recovery, net	0	0
Rental income from investment properties	460	496
Real estate | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	(592)	(1,289)
Derivatives
Disclosure of financial assets [line items]
Interest income	(438)	(561)
Gains (losses)	(675)	1,147
Derivatives | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	(859)	875
Other invested assets
Disclosure of financial assets [line items]
Interest income	32	40
Gains (losses)	1,229	488
Impairment (loss) / recovery, net	(38)	(75)
Timber, agriculture and other income	2,445	2,197
Other invested assets | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	1,256	491
FVTPL
Disclosure of financial assets [line items]
Total investment income (loss)	7,071	6,576
Investment income	2,665	2,788
FVTPL | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	4,406	3,788
FVTPL | Interest income
Disclosure of financial assets [line items]
Investment income	(178)	(332)
FVTPL | Dividends, rental income and other income
Disclosure of financial assets [line items]
Investment income	2,489	2,822
FVTPL | Impairment loss, net
Disclosure of financial assets [line items]
Investment income	0	74
FVTPL | Other
Disclosure of financial assets [line items]
Investment income	354	372
FVTPL | Cash and short-term securities
Disclosure of financial assets [line items]
Interest income	1	0
Gains (losses)	0	0
FVTPL | Debt securities
Disclosure of financial assets [line items]
Interest income	156	212
Gains (losses)	(44)	152
Impairment (loss) / recovery, net	0	0
FVTPL | Debt securities | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	(45)	153
FVTPL | Public equities
Disclosure of financial assets [line items]
Gains (losses)	4,324	2,255
Dividend income	814	625
FVTPL | Public equities | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	4,178	2,157
FVTPL | Mortgages
Disclosure of financial assets [line items]
Interest income	47	0
Gains (losses)	32	99
Impairment loss, net	0	0
FVTPL | Mortgages | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	32	99
FVTPL | Private placements
Disclosure of financial assets [line items]
Interest income	36	0
Gains (losses)	25	20
Impairment (loss) / recovery, net	0	0
FVTPL | Private placements | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	25	20
FVTPL | Loans to Bank clients
Disclosure of financial assets [line items]
Interest income	0	0
Impairment loss, net	0	0
FVTPL | Real estate
Disclosure of financial assets [line items]
Gains (losses)	0	0
Impairment (loss) / recovery, net	0	0
Rental income from investment properties	0	0
FVTPL | Real estate | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	0	0
FVTPL | Derivatives
Disclosure of financial assets [line items]
Interest income	(438)	(561)
Gains (losses)	(675)	1,147
FVTPL | Derivatives | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	(859)	875
FVTPL | Other invested assets
Disclosure of financial assets [line items]
Interest income	20	17
Gains (losses)	1,098	487
Impairment (loss) / recovery, net	0	(74)
Timber, agriculture and other income	1,675	2,197
FVTPL | Other invested assets | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	1,075	484
FVOCI
Disclosure of financial assets [line items]
Total investment income (loss)	11,299	13,456
Investment income	13,030	12,817
FVOCI | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	(1,731)	639
FVOCI | Interest income
Disclosure of financial assets [line items]
Investment income	12,580	12,905
FVOCI | Dividends, rental income and other income
Disclosure of financial assets [line items]
Investment income	0	0
FVOCI | Impairment loss, net
Disclosure of financial assets [line items]
Investment income	141	76
FVOCI | Other
Disclosure of financial assets [line items]
Investment income	309	(12)
FVOCI | Cash and short-term securities
Disclosure of financial assets [line items]
Interest income	978	837
Gains (losses)	72	10
FVOCI | Debt securities
Disclosure of financial assets [line items]
Interest income	7,914	7,437
Gains (losses)	(1,621)	262
Impairment (loss) / recovery, net	92	(4)
FVOCI | Debt securities | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	(1,812)	277
FVOCI | Public equities
Disclosure of financial assets [line items]
Gains (losses)	0	0
Dividend income	0	0
FVOCI | Public equities | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	0	0
FVOCI | Mortgages
Disclosure of financial assets [line items]
Interest income	1,203	2,290
Gains (losses)	(165)	0
Impairment loss, net	104	0
FVOCI | Mortgages | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	(188)	0
FVOCI | Private placements
Disclosure of financial assets [line items]
Interest income	2,473	2,318
Gains (losses)	284	355
Impairment (loss) / recovery, net	(47)	(72)
FVOCI | Private placements | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	210	355
FVOCI | Loans to Bank clients
Disclosure of financial assets [line items]
Interest income	0	0
Impairment loss, net	0	0
FVOCI | Real estate
Disclosure of financial assets [line items]
Gains (losses)	0	0
Impairment (loss) / recovery, net	0	0
Rental income from investment properties	0	0
FVOCI | Real estate | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	0	0
FVOCI | Derivatives
Disclosure of financial assets [line items]
Interest income	0	0
Gains (losses)	0	0
FVOCI | Derivatives | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	0	0
FVOCI | Other invested assets
Disclosure of financial assets [line items]
Interest income	12	23
Gains (losses)	8	0
Impairment (loss) / recovery, net	(8)	0
Timber, agriculture and other income	0	0
FVOCI | Other invested assets | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	59	7
Other invested assets
Disclosure of financial assets [line items]
Total investment income (loss)	2,089	(714)
Investment income	2,554	575
Other invested assets | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	(465)	(1,289)
Other invested assets | Interest income
Disclosure of financial assets [line items]
Investment income	1,359	229
Other invested assets | Dividends, rental income and other income
Disclosure of financial assets [line items]
Investment income	1,230	496
Other invested assets | Impairment loss, net
Disclosure of financial assets [line items]
Investment income	(32)	154
Other invested assets | Other
Disclosure of financial assets [line items]
Investment income	(3)	4
Other invested assets | Cash and short-term securities
Disclosure of financial assets [line items]
Interest income	0	0
Gains (losses)	0	0
Other invested assets | Debt securities
Disclosure of financial assets [line items]
Interest income	29	28
Gains (losses)	0	0
Impairment (loss) / recovery, net	0	0
Other invested assets | Debt securities | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	0	0
Other invested assets | Public equities
Disclosure of financial assets [line items]
Gains (losses)	0	0
Dividend income	0	0
Other invested assets | Public equities | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	0	0
Other invested assets | Mortgages
Disclosure of financial assets [line items]
Interest income	1,154	0
Gains (losses)	5	0
Impairment loss, net	1	(150)
Other invested assets | Mortgages | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	5	0
Other invested assets | Private placements
Disclosure of financial assets [line items]
Interest income	0	0
Gains (losses)	0	0
Impairment (loss) / recovery, net	0	0
Other invested assets | Private placements | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	0	0
Other invested assets | Loans to Bank clients
Disclosure of financial assets [line items]
Interest income	176	201
Impairment loss, net	(3)	(3)
Other invested assets | Real estate
Disclosure of financial assets [line items]
Gains (losses)	(596)	(1,286)
Impairment (loss) / recovery, net	0	0
Rental income from investment properties	460	496
Other invested assets | Real estate | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	(592)	(1,289)
Other invested assets | Derivatives
Disclosure of financial assets [line items]
Interest income	0	0
Gains (losses)	0	0
Other invested assets | Derivatives | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	0	0
Other invested assets | Other invested assets
Disclosure of financial assets [line items]
Interest income	0	0
Gains (losses)	123	1
Impairment (loss) / recovery, net	(30)	(1)
Timber, agriculture and other income	770	0
Other invested assets | Other invested assets | Insurance and Investment Contract
Disclosure of financial assets [line items]
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	$ 122	$ 0

Invested Assets and Investmen_5

Invested Assets and Investment Income - Equity Method Accounted Invested Assets (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of financial assets [line items]
Carrying value	$ 12,756	$ 10,733
% of total	100%	100%
Leveraged leases
Disclosure of financial assets [line items]
Carrying value	$ 4,300	$ 3,790
% of total	34%	35%
Infrastructure
Disclosure of financial assets [line items]
Carrying value	$ 4,848	$ 3,942
% of total	38%	37%
Timber and agriculture
Disclosure of financial assets [line items]
Carrying value	$ 837	$ 854
% of total	7%	8%
Real estate
Disclosure of financial assets [line items]
Carrying value	$ 2,098	$ 1,704
% of total	16%	16%
Other
Disclosure of financial assets [line items]
Carrying value	$ 673	$ 443
% of total	5%	4%

Invested Assets and Investmen_6

Invested Assets and Investment Income - Additional Information (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of financial assets [line items]
Assets	$ 978,818	$ 875,574
Liabilities	925,858	826,847
Transfers out of level 1 and level 2 of fair value hierarchy assets	0	0
Segregated Funds Member
Disclosure of financial assets [line items]
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period	0	0
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period	0	0
Other
Disclosure of financial assets [line items]
Equity method income	398	399
Securitized Assets | Total fair value
Disclosure of financial assets [line items]
Assets	6,521	5,782
Liabilities	$ 6,182	$ 5,456

Invested Assets and Investmen_7

Invested Assets and Investment Income - Investment Expenses (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of financial assets [line items]
Investment expenses	$ 1,348	$ 1,297
Related to invested assets
Disclosure of financial assets [line items]
Investment expenses	731	720
Related to segregated, mutual and other funds
Disclosure of financial assets [line items]
Investment expenses	$ 617	$ 577

Invested Assets and Investmen_8

Invested Assets and Investment Income - Investment Properties Rental Income (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Analysis of income and expense [abstract]
Rental income from investment properties	$ 859	$ 840
Direct operating expenses of rental investment properties	(483)	(473)
Total	$ 376	$ 367

Invested Assets and Investmen_9

Invested Assets and Investment Income - Mortgage Securitization (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of financial assets [line items]
Securitized assets	$ 6,437	$ 5,812
Secured borrowing liabilities	6,217	5,556
Net	220	256
Platinum Canadian Mortgage Trust II | Less than 1 year
Disclosure of financial assets [line items]
Secured borrowing liabilities	0	27
Platinum Canadian Mortgage Trust II | 1 to 3 years
Disclosure of financial assets [line items]
Secured borrowing liabilities	1,036	1,973
Platinum Canadian Mortgage Trust II | 3 to 5 years
Disclosure of financial assets [line items]
Secured borrowing liabilities	1,964	750
Platinum Canadian Mortgage Trust II | Over 5 years
Disclosure of financial assets [line items]
Secured borrowing liabilities	0	0
Securitized mortgages
Disclosure of financial assets [line items]
Securitized assets	6,415	5,780
Restricted cash and short-term securities
Disclosure of financial assets [line items]
Securitized assets	22	32
HELOC securitization
Disclosure of financial assets [line items]
Securitized assets	3,163	2,912
Secured borrowing liabilities	3,000	2,750
Net	163	162
HELOC securitization | Securitized mortgages
Disclosure of financial assets [line items]
Securitized assets	3,141	2,880
HELOC securitization | Restricted cash and short-term securities
Disclosure of financial assets [line items]
Securitized assets	22	32
CMB Securitization
Disclosure of financial assets [line items]
Securitized assets	3,274	2,900
Secured borrowing liabilities	3,217	2,806
Net	57	94
CMB Securitization | Securitized mortgages
Disclosure of financial assets [line items]
Securitized assets	3,274	2,900
CMB Securitization | Restricted cash and short-term securities
Disclosure of financial assets [line items]
Securitized assets	$ 0	$ 0

Invested Assets and Investme_10

Invested Assets and Investment Income - Fair Values and the Fair Value Hierarchy of Invested Assets and Segregated Funds Net Assets Measured at Fair Value (Details) $ in Millions	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)
Disclosure of financial assets [line items]
Cash and short-term securities	$ 25,789	$ 20,338	$ 19,153
Debt securities	210,621	212,149
Private placements	49,668	45,606
Mortgages	54,447	52,421
Public equities	33,725	25,531
Real estate	13,263	13,049
Other invested assets	52,674	45,680
Segregated funds net assets	435,988	377,544
Total assets	835,959	755,864
Net asset value
Disclosure of financial assets [line items]
Other invested assets	$ 31,435	$ 27,532
Bottom of range | Power and Infrastructure Investments | Discount rate, measurement input
Disclosure of financial assets [line items]
Percentage of probability of default of financial instrument	0.0742	0.0735
Bottom of range | Timberland | Discount rate, measurement input
Disclosure of financial assets [line items]
Percentage of probability of default of financial instrument	0.0325	0.0400
Top of range | Power and Infrastructure Investments | Discount rate, measurement input
Disclosure of financial assets [line items]
Percentage of probability of default of financial instrument	0.2000	0.1560
Top of range | Timberland | Discount rate, measurement input
Disclosure of financial assets [line items]
Percentage of probability of default of financial instrument	0.0625	0.0700
Other
Disclosure of financial assets [line items]
Other invested assets	$ 38,543	$ 33,653
FVOCI
Disclosure of financial assets [line items]
Cash and short-term securities	19,909	13,993
Private placements	48,802	44,952
Mortgages	28,792	28,473
Public equities	0	0
FVTPL
Disclosure of financial assets [line items]
Cash and short-term securities	25	1
Private placements	866	654
Mortgages	1,239	1,055
Public equities	33,725	25,531
Other
Disclosure of financial assets [line items]
Cash and short-term securities	5,855	6,343
Canadian government and agency
Disclosure of financial assets [line items]
Debt securities	19,727	20,988
Canadian government and agency | FVOCI
Disclosure of financial assets [line items]
Debt securities	18,671	19,769
Canadian government and agency | FVTPL
Disclosure of financial assets [line items]
Debt securities	1,056	1,219
U.S. government and agency
Disclosure of financial assets [line items]
Debt securities	28,654	28,478
U.S. government and agency | FVOCI
Disclosure of financial assets [line items]
Debt securities	27,628	26,287
U.S. government and agency | FVTPL
Disclosure of financial assets [line items]
Debt securities	58	1,303
Other government and agency
Disclosure of financial assets [line items]
Debt securities	35,470	30,666
Other government and agency | FVOCI
Disclosure of financial assets [line items]
Debt securities	35,402	30,576
Other government and agency | FVTPL
Disclosure of financial assets [line items]
Debt securities	68	90
Corporate
Disclosure of financial assets [line items]
Debt securities	124,962	130,046
Corporate | FVOCI
Disclosure of financial assets [line items]
Debt securities	121,674	127,190
Corporate | FVTPL
Disclosure of financial assets [line items]
Debt securities	2,761	2,372
Residential mortgage-backed securities | FVOCI
Disclosure of financial assets [line items]
Debt securities	5	6
Commercial mortgage-backed securities | FVOCI
Disclosure of financial assets [line items]
Debt securities	270	370
Commercial mortgage-backed securities | FVTPL
Disclosure of financial assets [line items]
Debt securities	2	1
Other securitized assets | FVOCI
Disclosure of financial assets [line items]
Debt securities	1,516	1,579
Other securitized assets | FVTPL
Disclosure of financial assets [line items]
Debt securities	15	15
Investment property
Disclosure of financial assets [line items]
Real estate	10,589	10,458
Investment property | FVOCI
Disclosure of financial assets [line items]
Real estate	0	0
Investment property | FVTPL
Disclosure of financial assets [line items]
Real estate	0	0
Real estate - own use property
Disclosure of financial assets [line items]
Real estate	$ 2,500	$ 2,430
Real Estate Properties | Bottom of range | Capitalisation rate, measurement input
Disclosure of financial assets [line items]
Percentage of probability of default of financial instrument	0.0310	0.0272
Real Estate Properties | Bottom of range | Terminal capitalization rate, measurement input
Disclosure of financial assets [line items]
Percentage of probability of default of financial instrument	0.0310	0.0300
Real Estate Properties | Bottom of range | Discount rate, measurement input
Disclosure of financial assets [line items]
Percentage of probability of default of financial instrument	0.0360	0.0320
Real Estate Properties | Top of range | Capitalisation rate, measurement input
Disclosure of financial assets [line items]
Percentage of probability of default of financial instrument	0.0950	0.1075
Real Estate Properties | Top of range | Terminal capitalization rate, measurement input
Disclosure of financial assets [line items]
Percentage of probability of default of financial instrument	0.1000	0.1000
Real Estate Properties | Top of range | Discount rate, measurement input
Disclosure of financial assets [line items]
Percentage of probability of default of financial instrument	0.1375	0.1400
Level 1
Disclosure of financial assets [line items]
Segregated funds net assets	$ 399,043	$ 343,061
Total assets	438,625	374,895
Level 1 | Other
Disclosure of financial assets [line items]
Other invested assets	77	68
Level 1 | FVOCI
Disclosure of financial assets [line items]
Cash and short-term securities	0	0
Private placements	0	0
Mortgages	0	0
Level 1 | FVTPL
Disclosure of financial assets [line items]
Cash and short-term securities	0	0
Private placements	0	0
Mortgages	0	0
Public equities	33,650	25,423
Level 1 | Other
Disclosure of financial assets [line items]
Cash and short-term securities	5,855	6,343
Level 1 | Canadian government and agency | FVOCI
Disclosure of financial assets [line items]
Debt securities	0	0
Level 1 | Canadian government and agency | FVTPL
Disclosure of financial assets [line items]
Debt securities	0	0
Level 1 | U.S. government and agency | FVOCI
Disclosure of financial assets [line items]
Debt securities	0	0
Level 1 | U.S. government and agency | FVTPL
Disclosure of financial assets [line items]
Debt securities	0	0
Level 1 | Other government and agency | FVOCI
Disclosure of financial assets [line items]
Debt securities	0	0
Level 1 | Other government and agency | FVTPL
Disclosure of financial assets [line items]
Debt securities	0	0
Level 1 | Corporate | FVOCI
Disclosure of financial assets [line items]
Debt securities	0	0
Level 1 | Corporate | FVTPL
Disclosure of financial assets [line items]
Debt securities	0	0
Level 1 | Residential mortgage-backed securities | FVOCI
Disclosure of financial assets [line items]
Debt securities	0	0
Level 1 | Commercial mortgage-backed securities | FVOCI
Disclosure of financial assets [line items]
Debt securities	0	0
Level 1 | Commercial mortgage-backed securities | FVTPL
Disclosure of financial assets [line items]
Debt securities	0	0
Level 1 | Other securitized assets | FVOCI
Disclosure of financial assets [line items]
Debt securities	0	0
Level 1 | Other securitized assets | FVTPL
Disclosure of financial assets [line items]
Debt securities	0	0
Level 1 | Investment property
Disclosure of financial assets [line items]
Real estate	0	0
Level 1 | Real estate - own use property
Disclosure of financial assets [line items]
Real estate	0	0
Level 2
Disclosure of financial assets [line items]
Segregated funds net assets	33,611	30,991
Total assets	303,460	293,412
Level 2 | Other
Disclosure of financial assets [line items]
Other invested assets	0	0
Level 2 | FVOCI
Disclosure of financial assets [line items]
Cash and short-term securities	19,909	13,993
Private placements	40,038	37,270
Mortgages	0	0
Level 2 | FVTPL
Disclosure of financial assets [line items]
Cash and short-term securities	25	1
Private placements	730	575
Mortgages	0	0
Public equities	75	67
Level 2 | Other
Disclosure of financial assets [line items]
Cash and short-term securities	0	0
Level 2 | Canadian government and agency | FVOCI
Disclosure of financial assets [line items]
Debt securities	18,671	19,769
Level 2 | Canadian government and agency | FVTPL
Disclosure of financial assets [line items]
Debt securities	1,056	1,219
Level 2 | U.S. government and agency | FVOCI
Disclosure of financial assets [line items]
Debt securities	27,628	26,287
Level 2 | U.S. government and agency | FVTPL
Disclosure of financial assets [line items]
Debt securities	58	1,303
Level 2 | Other government and agency | FVOCI
Disclosure of financial assets [line items]
Debt securities	35,392	30,566
Level 2 | Other government and agency | FVTPL
Disclosure of financial assets [line items]
Debt securities	68	90
Level 2 | Corporate | FVOCI
Disclosure of financial assets [line items]
Debt securities	121,630	126,959
Level 2 | Corporate | FVTPL
Disclosure of financial assets [line items]
Debt securities	2,761	2,372
Level 2 | Residential mortgage-backed securities | FVOCI
Disclosure of financial assets [line items]
Debt securities	5	6
Level 2 | Commercial mortgage-backed securities | FVOCI
Disclosure of financial assets [line items]
Debt securities	270	370
Level 2 | Commercial mortgage-backed securities | FVTPL
Disclosure of financial assets [line items]
Debt securities	2	1
Level 2 | Other securitized assets | FVOCI
Disclosure of financial assets [line items]
Debt securities	1,516	1,558
Level 2 | Other securitized assets | FVTPL
Disclosure of financial assets [line items]
Debt securities	15	15
Level 2 | Investment property
Disclosure of financial assets [line items]
Real estate	0	0
Level 2 | Real estate - own use property
Disclosure of financial assets [line items]
Real estate	0	0
Level 3
Disclosure of financial assets [line items]
Segregated funds net assets	3,334	3,492
Total assets	93,874	87,557
Level 3 | Other
Disclosure of financial assets [line items]
Other invested assets	38,466	33,585
Level 3 | FVOCI
Disclosure of financial assets [line items]
Cash and short-term securities	0	0
Private placements	8,764	7,682
Mortgages	28,792	28,473
Level 3 | FVTPL
Disclosure of financial assets [line items]
Cash and short-term securities	0	0
Private placements	136	79
Mortgages	1,239	1,055
Public equities	0	41
Level 3 | Other
Disclosure of financial assets [line items]
Cash and short-term securities	0	0
Level 3 | Canadian government and agency | FVOCI
Disclosure of financial assets [line items]
Debt securities	0	0
Level 3 | Canadian government and agency | FVTPL
Disclosure of financial assets [line items]
Debt securities	0	0
Level 3 | U.S. government and agency | FVOCI
Disclosure of financial assets [line items]
Debt securities	0	0
Level 3 | U.S. government and agency | FVTPL
Disclosure of financial assets [line items]
Debt securities	0	0
Level 3 | Other government and agency | FVOCI
Disclosure of financial assets [line items]
Debt securities	10	10
Level 3 | Other government and agency | FVTPL
Disclosure of financial assets [line items]
Debt securities	0	0
Level 3 | Corporate | FVOCI
Disclosure of financial assets [line items]
Debt securities	44	231
Level 3 | Corporate | FVTPL
Disclosure of financial assets [line items]
Debt securities	0	0
Level 3 | Residential mortgage-backed securities | FVOCI
Disclosure of financial assets [line items]
Debt securities	0	0
Level 3 | Commercial mortgage-backed securities | FVOCI
Disclosure of financial assets [line items]
Debt securities	0	0
Level 3 | Commercial mortgage-backed securities | FVTPL
Disclosure of financial assets [line items]
Debt securities	0	0
Level 3 | Other securitized assets | FVOCI
Disclosure of financial assets [line items]
Debt securities	0	21
Level 3 | Other securitized assets | FVTPL
Disclosure of financial assets [line items]
Debt securities	0	0
Level 3 | Investment property
Disclosure of financial assets [line items]
Real estate	10,589	10,458
Level 3 | Real estate - own use property
Disclosure of financial assets [line items]
Real estate	$ 2,500	$ 2,430

Invested Assets and Investme_11

Invested Assets and Investment Income - Fair Value of Invested Assets Not Measured at Fair Value by the Fair Value Hierarchy (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Carrying value
Disclosure of financial assets [line items]
Other equity method investments	$ 9,831	$ 8,237
Other
Disclosure of financial assets [line items]
Leveraged leases	4,300	3,790
Carrying value
Disclosure of financial assets [line items]
Carrying value	42,526	38,890
Carrying value | Short-term securities
Disclosure of financial assets [line items]
Carrying value		1
Carrying value | Mortgages
Disclosure of financial assets [line items]
Carrying value	24,416	22,893
Carrying value | Loans to Bank clients
Disclosure of financial assets [line items]
Carrying value	2,310	2,436
Carrying value | Real estate - own use property
Disclosure of financial assets [line items]
Carrying value	174	161
Carrying value | Public bonds held at amortized cost
Disclosure of financial assets [line items]
Carrying value	1,495	1,372
Carrying value | Other invested assets
Disclosure of financial assets [line items]
Carrying value	14,131	12,027
Total fair value
Disclosure of financial assets [line items]
Total fair value	43,514	39,384
Total fair value | Short-term securities
Disclosure of financial assets [line items]
Total fair value		1
Total fair value | Mortgages
Disclosure of financial assets [line items]
Total fair value	24,781	22,782
Total fair value | Loans to Bank clients
Disclosure of financial assets [line items]
Total fair value	2,285	2,411
Total fair value | Real estate - own use property
Disclosure of financial assets [line items]
Total fair value	298	286
Total fair value | Public bonds held at amortized cost
Disclosure of financial assets [line items]
Total fair value	1,007	998
Total fair value | Other invested assets
Disclosure of financial assets [line items]
Total fair value	15,143	12,906
Level 1
Disclosure of financial assets [line items]
Total fair value	542	240
Level 1 | Short-term securities
Disclosure of financial assets [line items]
Total fair value		0
Level 1 | Mortgages
Disclosure of financial assets [line items]
Total fair value	0	0
Level 1 | Loans to Bank clients
Disclosure of financial assets [line items]
Total fair value	0	0
Level 1 | Real estate - own use property
Disclosure of financial assets [line items]
Total fair value	0	0
Level 1 | Public bonds held at amortized cost
Disclosure of financial assets [line items]
Total fair value	0	0
Level 1 | Other invested assets
Disclosure of financial assets [line items]
Total fair value	542	240
Level 2
Disclosure of financial assets [line items]
Total fair value	3,292	3,410
Level 2 | Short-term securities
Disclosure of financial assets [line items]
Total fair value		1
Level 2 | Mortgages
Disclosure of financial assets [line items]
Total fair value	0	0
Level 2 | Loans to Bank clients
Disclosure of financial assets [line items]
Total fair value	2,285	2,411
Level 2 | Real estate - own use property
Disclosure of financial assets [line items]
Total fair value	0	0
Level 2 | Public bonds held at amortized cost
Disclosure of financial assets [line items]
Total fair value	1,007	998
Level 2 | Other invested assets
Disclosure of financial assets [line items]
Total fair value	0	0
Level 3
Disclosure of financial assets [line items]
Total fair value	39,680	35,734
Level 3 | Short-term securities
Disclosure of financial assets [line items]
Total fair value		0
Level 3 | Mortgages
Disclosure of financial assets [line items]
Total fair value	24,781	22,782
Level 3 | Loans to Bank clients
Disclosure of financial assets [line items]
Total fair value	0	0
Level 3 | Real estate - own use property
Disclosure of financial assets [line items]
Total fair value	298	286
Level 3 | Public bonds held at amortized cost
Disclosure of financial assets [line items]
Total fair value	0	0
Level 3 | Other invested assets
Disclosure of financial assets [line items]
Total fair value	$ 14,601	$ 12,666

Invested Assets and Investme_12

Invested Assets and Investment Income - Movement in Invested Assets, Net Derivatives and Segregated Funds Net Assets Measured at Fair Value (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Level 3
Disclosure of financial assets [line items]
Assets at beginning of period	$ 85,391	$ 83,721
Total gains (losses) included in net income	(1,303)	(964)
Total gains (losses) included in AOCI	106	1,099
Purchases	10,367	9,626
Sales	(6,702)	(3,472)
Settlements	(3,224)	(2,315)
Transfer in	287	2,605
Transfer out	651	(2,939)
Currency movement	5,066	(1,970)
Assets at end of period	90,639	85,391
Change in unrealized gains (losses) on assets still held	(1,488)	(549)
Level 3 | Other invested assets
Disclosure of financial assets [line items]
Assets at beginning of period	33,585	31,069
Total gains (losses) included in net income	1,502	423
Total gains (losses) included in AOCI	14	7
Purchases	4,308	4,760
Sales	(2,007)	(522)
Settlements	(1,187)	(1,219)
Transfer in	0	0
Transfer out	0	(68)
Currency movement	2,251	(865)
Assets at end of period	38,466	33,585
Change in unrealized gains (losses) on assets still held	1,251	647
Level 3 | Derivatives
Disclosure of financial assets [line items]
Assets at beginning of period	(2,166)	(3,188)
Total gains (losses) included in net income	(2,248)	(144)
Total gains (losses) included in AOCI	0	0
Purchases	0	0
Sales	0	0
Settlements	(166)	960
Transfer in	0	0
Transfer out	1,509	165
Currency movement	(164)	41
Assets at end of period	(3,235)	(2,166)
Change in unrealized gains (losses) on assets still held	(2,065)	17
Level 3 | Segregated Funds Net Assets
Disclosure of financial assets [line items]
Assets at beginning of period	3,492	3,985
Total gains (losses) included in net income	119	(97)
Total gains (losses) included in AOCI	(67)	0
Purchases	148	110
Sales	(527)	(466)
Settlements	17	24
Transfer in	0	0
Transfer out	0	(15)
Currency movement	152	(49)
Assets at end of period	3,334	3,492
Change in unrealized gains (losses) on assets still held	(76)	32
Level 3 | FVOCI | Private placements
Disclosure of financial assets [line items]
Assets at beginning of period	7,682	7,828
Total gains (losses) included in net income	(47)	(4)
Total gains (losses) included in AOCI	50	258
Purchases	3,039	1,942
Sales	(1,115)	(497)
Settlements	(1,040)	(1,172)
Transfer in	254	2,546
Transfer out	(624)	(2,907)
Currency movement	565	(312)
Assets at end of period	8,764	7,682
Change in unrealized gains (losses) on assets still held	0	0
Level 3 | FVOCI | Mortgages
Disclosure of financial assets [line items]
Assets at beginning of period	28,473	28,621
Total gains (losses) included in net income	(73)	65
Total gains (losses) included in AOCI	109	830
Purchases	2,243	1,984
Sales	(2,834)	(1,626)
Settlements	(763)	(856)
Transfer in	0	0
Transfer out	0	0
Currency movement	1,637	(545)
Assets at end of period	28,792	28,473
Change in unrealized gains (losses) on assets still held	0	0
Level 3 | FVTPL | Public equities
Disclosure of financial assets [line items]
Assets at beginning of period	41	71
Total gains (losses) included in net income	(3)	0
Total gains (losses) included in AOCI	0	0
Purchases	0	37
Sales	(1)	0
Settlements	0	0
Transfer in	0	0
Transfer out	(36)	(67)
Currency movement	(1)	0
Assets at end of period	0	41
Change in unrealized gains (losses) on assets still held	(3)	0
Level 3 | FVTPL | Private placements
Disclosure of financial assets [line items]
Assets at beginning of period	79	31
Total gains (losses) included in net income	1	44
Total gains (losses) included in AOCI	0	0
Purchases	49	17
Sales	0	0
Settlements	(13)	(1)
Transfer in	29	34
Transfer out	(14)	(47)
Currency movement	5	1
Assets at end of period	136	79
Change in unrealized gains (losses) on assets still held	1	44
Level 3 | FVTPL | Mortgages
Disclosure of financial assets [line items]
Assets at beginning of period	1,055	1,138
Total gains (losses) included in net income	32	37
Total gains (losses) included in AOCI	0	0
Purchases	339	160
Sales	(152)	(239)
Settlements	(38)	(39)
Transfer in	0	0
Transfer out	0	0
Currency movement	3	(2)
Assets at end of period	1,239	1,055
Change in unrealized gains (losses) on assets still held	0	0
Other government and agency | Level 3 | FVOCI | Debt securities
Disclosure of financial assets [line items]
Assets at beginning of period	10	9
Total gains (losses) included in net income	0	0
Total gains (losses) included in AOCI	0	0
Purchases	0	2
Sales	0	0
Settlements	(5)	0
Transfer in	4	0
Transfer out	0	0
Currency movement	1	(1)
Assets at end of period	10	10
Change in unrealized gains (losses) on assets still held	0	0
Corporate | Level 3 | FVOCI | Debt securities
Disclosure of financial assets [line items]
Assets at beginning of period	231	32
Total gains (losses) included in net income	0	0
Total gains (losses) included in AOCI	(33)	3
Purchases	0	178
Sales	0	0
Settlements	(7)	(7)
Transfer in	0	25
Transfer out	(151)	0
Currency movement	4	0
Assets at end of period	44	231
Change in unrealized gains (losses) on assets still held	0	0
Other securitized assets | Level 3 | FVOCI | Debt securities
Disclosure of financial assets [line items]
Assets at beginning of period	21	26
Total gains (losses) included in net income	0	0
Total gains (losses) included in AOCI	33	1
Purchases	0	0
Sales	0	0
Settlements	(22)	(5)
Transfer in	0	0
Transfer out	(33)	0
Currency movement	1	(1)
Assets at end of period	0	21
Change in unrealized gains (losses) on assets still held	0	0
Investment property | Level 3
Disclosure of financial assets [line items]
Assets at beginning of period	10,458	11,417
Total gains (losses) included in net income	(504)	(1,054)
Total gains (losses) included in AOCI	0	0
Purchases	222	416
Sales	(66)	(122)
Settlements	0	0
Transfer in	0	0
Transfer out	0	0
Currency movement	479	(199)
Assets at end of period	10,589	10,458
Change in unrealized gains (losses) on assets still held	(514)	(1,055)
Own use property | Level 3
Disclosure of financial assets [line items]
Assets at beginning of period	2,430	2,682
Total gains (losses) included in net income	(82)	(234)
Total gains (losses) included in AOCI	0	0
Purchases	19	20
Sales	0	0
Settlements	0	0
Transfer in	0	0
Transfer out	0	0
Currency movement	133	(38)
Assets at end of period	2,500	2,430
Change in unrealized gains (losses) on assets still held	(82)	(234)
Invested Assets | Level 3
Disclosure of financial assets [line items]
Assets at beginning of period	84,065	82,924
Total gains (losses) included in net income	826	(723)
Total gains (losses) included in AOCI	173	1,099
Purchases	10,219	9,516
Sales	(6,175)	(3,006)
Settlements	(3,075)	(3,299)
Transfer in	287	2,605
Transfer out	(858)	(3,089)
Currency movement	5,078	(1,962)
Assets at end of period	90,540	84,065
Change in unrealized gains (losses) on assets still held	$ 653	(598)
Private Placement Bonds | Beyond Thirty Years | Level 2
Disclosure of financial assets [line items]
Transfer out		$ (1,771)

Invested Assets and Investme_13

Invested Assets and Investment Income - Remaining Term to Maturity (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial assets [line items]
Cash and short-term securities	$ 25,789	$ 20,338	$ 19,153
Debt securities	210,621	212,149
Public equities	33,725	25,531
Mortgages	54,447	52,421
Private placements	49,668	45,606
Loans to Bank clients	2,310	2,436
Real estate	13,263	13,049
Other invested assets	52,674	45,680
Total invested assets	442,497	417,210
Canadian government and agency
Disclosure of financial assets [line items]
Debt securities	19,727	20,988
U.S. government and agency
Disclosure of financial assets [line items]
Debt securities	28,654	28,478
Other government and agency
Disclosure of financial assets [line items]
Debt securities	35,470	30,666
Corporate
Disclosure of financial assets [line items]
Debt securities	124,962	130,046
Mortgage / asset-backed securities
Disclosure of financial assets [line items]
Debt securities	1,808	1,971
Own use property
Disclosure of financial assets [line items]
Real estate	2,674	2,591
Investment property
Disclosure of financial assets [line items]
Real estate	10,589	10,458
Alternative long-duration assets
Disclosure of financial assets [line items]
Other invested assets	47,863	41,434
Various other
Disclosure of financial assets [line items]
Other invested assets	4,811	4,246
Less than 1 year
Disclosure of financial assets [line items]
Cash and short-term securities	25,789	20,338
Debt securities	1,266	1,294
Public equities	0	0
Mortgages	4,741	3,363
Private placements	1,534	1,418
Loans to Bank clients	47	39
Total invested assets	41,607	35,105
Less than 1 year | Canadian government and agency
Disclosure of financial assets [line items]
Debt securities	543	657
Less than 1 year | U.S. government and agency
Disclosure of financial assets [line items]
Debt securities	644	297
Less than 1 year | Other government and agency
Disclosure of financial assets [line items]
Debt securities	372	412
Less than 1 year | Corporate
Disclosure of financial assets [line items]
Debt securities	7,810	8,475
Less than 1 year | Mortgage / asset-backed securities
Disclosure of financial assets [line items]
Debt securities	60	106
Less than 1 year | Own use property
Disclosure of financial assets [line items]
Real estate	0	0
Less than 1 year | Investment property
Disclosure of financial assets [line items]
Real estate	0	0
Less than 1 year | Alternative long-duration assets
Disclosure of financial assets [line items]
Other invested assets	67	0
Less than 1 year | Various other
Disclosure of financial assets [line items]
Other invested assets	0	0
1 to 3 years
Disclosure of financial assets [line items]
Cash and short-term securities	0	0
Public equities	0	0
Mortgages	11,944	12,076
Private placements	5,093	3,486
Loans to Bank clients	13	23
Total invested assets	37,223	34,529
1 to 3 years | Canadian government and agency
Disclosure of financial assets [line items]
Debt securities	2,282	1,435
1 to 3 years | U.S. government and agency
Disclosure of financial assets [line items]
Debt securities	640	725
1 to 3 years | Other government and agency
Disclosure of financial assets [line items]
Debt securities	1,208	1,052
1 to 3 years | Corporate
Disclosure of financial assets [line items]
Debt securities	15,763	15,512
1 to 3 years | Mortgage / asset-backed securities
Disclosure of financial assets [line items]
Debt securities	260	153
1 to 3 years | Own use property
Disclosure of financial assets [line items]
Real estate	0	0
1 to 3 years | Investment property
Disclosure of financial assets [line items]
Real estate	0	0
1 to 3 years | Alternative long-duration assets
Disclosure of financial assets [line items]
Other invested assets	0	67
1 to 3 years | Various other
Disclosure of financial assets [line items]
Other invested assets	20	0
3 to 5 years
Disclosure of financial assets [line items]
Cash and short-term securities	0	0
Public equities	0	0
Mortgages	10,478	10,181
Private placements	4,986	4,704
Loans to Bank clients	3	1
Total invested assets	34,789	37,970
3 to 5 years | Canadian government and agency
Disclosure of financial assets [line items]
Debt securities	678	1,580
3 to 5 years | U.S. government and agency
Disclosure of financial assets [line items]
Debt securities	1,473	744
3 to 5 years | Other government and agency
Disclosure of financial assets [line items]
Debt securities	1,056	1,892
3 to 5 years | Corporate
Disclosure of financial assets [line items]
Debt securities	15,817	18,548
3 to 5 years | Mortgage / asset-backed securities
Disclosure of financial assets [line items]
Debt securities	213	279
3 to 5 years | Own use property
Disclosure of financial assets [line items]
Real estate	0	0
3 to 5 years | Investment property
Disclosure of financial assets [line items]
Real estate	0	0
3 to 5 years | Alternative long-duration assets
Disclosure of financial assets [line items]
Other invested assets	85	22
3 to 5 years | Various other
Disclosure of financial assets [line items]
Other invested assets	0	19
5 to 10 years
Disclosure of financial assets [line items]
Cash and short-term securities	0	0
Public equities	0	0
Mortgages	7,617	7,690
Private placements	10,463	9,137
Loans to Bank clients	0	0
Total invested assets	67,851	64,378
5 to 10 years | Canadian government and agency
Disclosure of financial assets [line items]
Debt securities	3,339	3,656
5 to 10 years | U.S. government and agency
Disclosure of financial assets [line items]
Debt securities	4,699	4,504
5 to 10 years | Other government and agency
Disclosure of financial assets [line items]
Debt securities	3,566	3,864
5 to 10 years | Corporate
Disclosure of financial assets [line items]
Debt securities	33,818	33,361
5 to 10 years | Mortgage / asset-backed securities
Disclosure of financial assets [line items]
Debt securities	450	556
5 to 10 years | Own use property
Disclosure of financial assets [line items]
Real estate	0	0
5 to 10 years | Investment property
Disclosure of financial assets [line items]
Real estate	0	0
5 to 10 years | Alternative long-duration assets
Disclosure of financial assets [line items]
Other invested assets	276	82
5 to 10 years | Various other
Disclosure of financial assets [line items]
Other invested assets	3,623	1,528
Over 10 years
Disclosure of financial assets [line items]
Cash and short-term securities	0	0
Public equities	0	0
Mortgages	9,876	9,644
Private placements	27,500	26,790
Loans to Bank clients	0	0
Total invested assets	154,487	153,699
Over 10 years | Canadian government and agency
Disclosure of financial assets [line items]
Debt securities	12,885	13,660
Over 10 years | U.S. government and agency
Disclosure of financial assets [line items]
Debt securities	21,198	22,208
Over 10 years | Other government and agency
Disclosure of financial assets [line items]
Debt securities	29,268	23,446
Over 10 years | Corporate
Disclosure of financial assets [line items]
Debt securities	51,754	54,100
Over 10 years | Mortgage / asset-backed securities
Disclosure of financial assets [line items]
Debt securities	825	877
Over 10 years | Own use property
Disclosure of financial assets [line items]
Real estate	0	0
Over 10 years | Investment property
Disclosure of financial assets [line items]
Real estate	0	0
Over 10 years | Alternative long-duration assets
Disclosure of financial assets [line items]
Other invested assets	524	732
Over 10 years | Various other
Disclosure of financial assets [line items]
Other invested assets	657	2,242
With no specific maturity
Disclosure of financial assets [line items]
Cash and short-term securities	0	0
Public equities	33,725	25,531
Mortgages	9,791	9,467
Private placements	92	71
Loans to Bank clients	2,247	2,373
Total invested assets	106,540	91,529
With no specific maturity | Canadian government and agency
Disclosure of financial assets [line items]
Debt securities	0	0
With no specific maturity | U.S. government and agency
Disclosure of financial assets [line items]
Debt securities	0	0
With no specific maturity | Other government and agency
Disclosure of financial assets [line items]
Debt securities	0	0
With no specific maturity | Corporate
Disclosure of financial assets [line items]
Debt securities	0	50
With no specific maturity | Mortgage / asset-backed securities
Disclosure of financial assets [line items]
Debt securities	0	0
With no specific maturity | Own use property
Disclosure of financial assets [line items]
Real estate	2,674	2,591
With no specific maturity | Investment property
Disclosure of financial assets [line items]
Real estate	10,589	10,458
With no specific maturity | Alternative long-duration assets
Disclosure of financial assets [line items]
Other invested assets	46,911	40,531
With no specific maturity | Various other
Disclosure of financial assets [line items]
Other invested assets	$ 511	$ 457

Derivative and Hedging Instru_3

Derivative and Hedging Instruments - Gross Notional Amount and Fair Value of Derivative Instruments (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about hedging instruments [line items]
Notional amount	$ 499,021	$ 440,077
Fair value, assets	8,667	8,546
Fair value, liabilities	14,247	11,687
Interest rate swaps
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	10,954	9,176
Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	3,230	2,396
Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	63	115
Interest rate swaps
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	5,193	5,813
Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	2,742	2,148
Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	29,732	24,171
Fair value, assets	732	584
Fair value, liabilities	57	106
Qualifying hedge accounting relationships
Disclosure of detailed information about hedging instruments [line items]
Notional amount	256,606	227,241
Fair value, assets	3,001	2,928
Fair value, liabilities	9,331	7,479
Derivatives not designated in qualifying hedge accounting relationships
Disclosure of detailed information about hedging instruments [line items]
Notional amount	242,415	212,836
Fair value, assets	5,666	5,618
Fair value, liabilities	4,916	4,208
Derivatives not designated in qualifying hedge accounting relationships | Interest rate swaps
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	2,906	3,098
Derivatives not designated in qualifying hedge accounting relationships | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	272	398
Derivatives not designated in qualifying hedge accounting relationships | Forward contracts
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	1,675	597
Derivatives not designated in qualifying hedge accounting relationships | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	63	115
Derivatives not designated in qualifying hedge accounting relationships | Interest rate futures
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	0	0
Derivatives not designated in qualifying hedge accounting relationships | Interest rate options
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	0	0
Derivatives not designated in qualifying hedge accounting relationships | Currency rate futures
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	0	0
Derivatives not designated in qualifying hedge accounting relationships | Credit default swaps
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	0	0
Derivatives not designated in qualifying hedge accounting relationships | Equity futures
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	0	0
Derivatives not designated in qualifying hedge accounting relationships | Interest rate swaps
Disclosure of detailed information about hedging instruments [line items]
Notional amount	110,114	103,806
Fair value, assets	2,188	2,361
Derivatives not designated in qualifying hedge accounting relationships | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Notional amount	33,924	33,148
Fair value, assets	1,854	1,873
Derivatives not designated in qualifying hedge accounting relationships | Forward contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	52,044	34,080
Fair value, assets	882	769
Derivatives not designated in qualifying hedge accounting relationships | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	25,290	19,760
Fair value, assets	724	579
Derivatives not designated in qualifying hedge accounting relationships | Interest rate futures
Disclosure of detailed information about hedging instruments [line items]
Notional amount	9,054	9,449
Fair value, assets	0	0
Derivatives not designated in qualifying hedge accounting relationships | Interest rate options
Disclosure of detailed information about hedging instruments [line items]
Notional amount	5,633	5,841
Fair value, assets	16	33
Derivatives not designated in qualifying hedge accounting relationships | Currency rate futures
Disclosure of detailed information about hedging instruments [line items]
Notional amount	2,238	2,581
Fair value, assets	0	0
Derivatives not designated in qualifying hedge accounting relationships | Credit default swaps
Disclosure of detailed information about hedging instruments [line items]
Notional amount	114	131
Fair value, assets	2	3
Derivatives not designated in qualifying hedge accounting relationships | Equity futures
Disclosure of detailed information about hedging instruments [line items]
Notional amount	4,004	4,040
Fair value, assets	0	0
Fair value hedges | Qualifying hedge accounting relationships | Interest rate swaps
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	3,533	3,044
Fair value hedges | Qualifying hedge accounting relationships | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	2,114	1,518
Fair value hedges | Qualifying hedge accounting relationships | Forward contracts
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	3,420	2,672
Fair value hedges | Qualifying hedge accounting relationships | Interest rate swaps
Disclosure of detailed information about hedging instruments [line items]
Notional amount	206,181	184,309
Fair value, assets	2,734	2,627
Fair value hedges | Qualifying hedge accounting relationships | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Notional amount	14,121	9,055
Fair value, assets	145	78
Fair value hedges | Qualifying hedge accounting relationships | Forward contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	25,692	23,461
Fair value, assets	74	165
Cash flow hedges | Qualifying hedge accounting relationships | Interest rate swaps
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	48	48
Cash flow hedges | Qualifying hedge accounting relationships | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	216	181
Cash flow hedges | Qualifying hedge accounting relationships | Forward contracts
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	0	0
Cash flow hedges | Qualifying hedge accounting relationships | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	0	0
Cash flow hedges | Qualifying hedge accounting relationships | Interest rate swaps
Disclosure of detailed information about hedging instruments [line items]
Notional amount	9,036	8,372
Fair value, assets	24	20
Cash flow hedges | Qualifying hedge accounting relationships | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Notional amount	650	1,150
Fair value, assets	0	35
Cash flow hedges | Qualifying hedge accounting relationships | Forward contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	0	0
Fair value, assets	0	0
Cash flow hedges | Qualifying hedge accounting relationships | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	324	240
Fair value, assets	6	3
Net investment hedges | Qualifying hedge accounting relationships | Forward contracts
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	0	16
Net investment hedges | Qualifying hedge accounting relationships | Forward contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	602	654
Fair value, assets	$ 18	$ 0

Derivative and Hedging Instru_4

Derivative and Hedging Instruments - Fair Values of Derivative Instruments by Remaining Term to Maturity (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about hedging instruments [line items]
Derivative assets	$ 8,667	$ 8,546
Derivative liabilities	14,247	11,687
Less than 1 year
Disclosure of detailed information about hedging instruments [line items]
Derivative assets	1,171	1,189
Derivative liabilities	2,320	1,561
1 to 3 years
Disclosure of detailed information about hedging instruments [line items]
Derivative assets	578	603
Derivative liabilities	2,304	1,982
3 to 5 years
Disclosure of detailed information about hedging instruments [line items]
Derivative assets	635	573
Derivative liabilities	1,244	717
Over 5 years
Disclosure of detailed information about hedging instruments [line items]
Derivative assets	6,283	6,181
Derivative liabilities	$ 8,379	$ 7,427

Derivative and Hedging Instru_5

Derivative and Hedging Instruments - Gross Notional Amount by Remaining Term to Maturity (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about hedging instruments [line items]
Notional amount	$ 499,021	$ 440,077
Fair value, assets	8,667	8,546
Fair value, negative	(14,247)	(11,687)
Fair value, net	(5,580)	(3,141)
Credit equivalent amount	2,504	1,661
Capital requirement	49	28
Interest rate contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	381,707	345,768
Fair value, assets	5,590	6,319
Fair value, negative	(11,632)	(10,016)
Fair value, net	(6,042)	(3,697)
Credit equivalent amount	376	308
Capital requirement	10	7
Foreign exchange
Disclosure of detailed information about hedging instruments [line items]
Notional amount	87,582	70,138
Fair value, assets	2,726	2,141
Fair value, negative	(3,337)	(2,478)
Fair value, net	(611)	(337)
Credit equivalent amount	1,726	1,106
Capital requirement	36	19
Credit derivatives
Disclosure of detailed information about hedging instruments [line items]
Notional amount	114	131
Fair value, assets	2	4
Fair value, negative	0	0
Fair value, net	2	4
Credit equivalent amount	0	0
Capital requirement	0	0
Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	29,732	24,171
Fair value, assets	732	584
Fair value, negative	(57)	(106)
Fair value, net	675	478
Credit equivalent amount	402	247
Capital requirement	3	2
OTC swap contracts | Interest rate contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	144,703	132,013
Fair value, assets	5,103	5,295
Fair value, negative	(6,976)	(6,850)
Fair value, net	(1,873)	(1,555)
Credit equivalent amount	323	300
Capital requirement	9	7
Cleared swap contracts | Interest rate contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	180,628	164,474
Fair value, assets	240	220
Fair value, negative	(189)	(180)
Fair value, net	51	40
Credit equivalent amount	0	0
Capital requirement	0	0
Forward contracts | Interest rate contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	41,689	33,991
Fair value, assets	231	771
Fair value, negative	(4,467)	(2,986)
Fair value, net	(4,236)	(2,215)
Credit equivalent amount	36	0
Capital requirement	1	0
Forward contracts | Foreign exchange
Disclosure of detailed information about hedging instruments [line items]
Notional amount	36,649	24,204
Fair value, assets	743	163
Fair value, negative	(628)	(299)
Fair value, net	115	(136)
Credit equivalent amount	698	19
Capital requirement	17	0
Futures | Interest rate contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	9,054	9,449
Fair value, assets	0	0
Fair value, negative	0	0
Fair value, net	0	0
Credit equivalent amount	0	0
Capital requirement	0	0
Futures | Foreign exchange
Disclosure of detailed information about hedging instruments [line items]
Notional amount	2,238	2,581
Fair value, assets	0	0
Fair value, negative	0	0
Fair value, net	0	0
Credit equivalent amount	0	0
Capital requirement	0	0
Futures | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	4,004	4,040
Fair value, assets	0	0
Fair value, negative	0	0
Fair value, net	0	0
Credit equivalent amount	0	0
Capital requirement	0	0
Options purchased | Interest rate contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	5,633	5,841
Fair value, assets	16	33
Fair value, negative	0	0
Fair value, net	16	33
Credit equivalent amount	17	8
Capital requirement	0	0
Options purchased | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	22,926	17,825
Fair value, assets	699	562
Fair value, negative	(43)	(28)
Fair value, net	656	534
Credit equivalent amount	375	215
Capital requirement	3	2
Swap contracts | Foreign exchange
Disclosure of detailed information about hedging instruments [line items]
Notional amount	48,695	43,353
Fair value, assets	1,983	1,978
Fair value, negative	(2,709)	(2,179)
Fair value, net	(726)	(201)
Credit equivalent amount	1,028	1,087
Capital requirement	19	19
Swap contracts | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	2,688	2,175
Fair value, assets	31	18
Fair value, negative	(14)	(78)
Fair value, net	17	(60)
Credit equivalent amount	27	32
Capital requirement	0	0
Subtotal including accrued interest
Disclosure of detailed information about hedging instruments [line items]
Notional amount	499,021	440,077
Fair value, assets	9,048	9,044
Fair value, negative	(15,026)	(12,600)
Fair value, net	(5,978)	(3,556)
Credit equivalent amount	2,504	1,661
Capital requirement	49	28
Less accrued interest
Disclosure of detailed information about hedging instruments [line items]
Notional amount	0	0
Fair value, assets	381	498
Fair value, negative	(779)	(913)
Fair value, net	(398)	(415)
Credit equivalent amount	0	0
Capital requirement	0	0
Less than 1 year
Disclosure of detailed information about hedging instruments [line items]
Notional amount	106,156	86,563
Fair value, assets	1,171	1,189
Fair value, negative	(2,320)	(1,561)
Less than 1 year | Interest rate contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	47,084	37,332
Less than 1 year | Foreign exchange
Disclosure of detailed information about hedging instruments [line items]
Notional amount	33,705	28,895
Less than 1 year | Credit derivatives
Disclosure of detailed information about hedging instruments [line items]
Notional amount	0	14
Less than 1 year | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	25,367	20,336
Less than 1 year | OTC swap contracts | Interest rate contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	6,999	4,645
Less than 1 year | Cleared swap contracts | Interest rate contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	9,507	4,634
Less than 1 year | Forward contracts | Interest rate contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	20,661	17,809
Less than 1 year | Forward contracts | Foreign exchange
Disclosure of detailed information about hedging instruments [line items]
Notional amount	29,423	24,204
Less than 1 year | Futures | Interest rate contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	9,054	9,449
Less than 1 year | Futures | Foreign exchange
Disclosure of detailed information about hedging instruments [line items]
Notional amount	2,238	2,581
Less than 1 year | Futures | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	4,004	4,040
Less than 1 year | Options purchased | Interest rate contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	863	795
Less than 1 year | Options purchased | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	19,437	14,830
Less than 1 year | Swap contracts | Foreign exchange
Disclosure of detailed information about hedging instruments [line items]
Notional amount	2,044	2,110
Less than 1 year | Swap contracts | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	1,926	1,452
Less than 1 year | Subtotal including accrued interest
Disclosure of detailed information about hedging instruments [line items]
Notional amount	106,156	86,563
Less than 1 year | Less accrued interest
Disclosure of detailed information about hedging instruments [line items]
Notional amount	0	0
1 to 5 years
Disclosure of detailed information about hedging instruments [line items]
Notional amount	97,369	87,166
1 to 5 years | Interest rate contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	78,166	71,549
1 to 5 years | Foreign exchange
Disclosure of detailed information about hedging instruments [line items]
Notional amount	14,838	11,782
1 to 5 years | Credit derivatives
Disclosure of detailed information about hedging instruments [line items]
Notional amount	114	117
1 to 5 years | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	4,365	3,835
1 to 5 years | OTC swap contracts | Interest rate contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	25,019	20,923
1 to 5 years | Cleared swap contracts | Interest rate contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	31,033	33,082
1 to 5 years | Forward contracts | Interest rate contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	21,028	16,182
1 to 5 years | Forward contracts | Foreign exchange
Disclosure of detailed information about hedging instruments [line items]
Notional amount	1,105	0
1 to 5 years | Futures | Interest rate contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	0	0
1 to 5 years | Futures | Foreign exchange
Disclosure of detailed information about hedging instruments [line items]
Notional amount	0	0
1 to 5 years | Futures | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	0	0
1 to 5 years | Options purchased | Interest rate contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	1,086	1,362
1 to 5 years | Options purchased | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	3,489	2,995
1 to 5 years | Swap contracts | Foreign exchange
Disclosure of detailed information about hedging instruments [line items]
Notional amount	13,733	11,782
1 to 5 years | Swap contracts | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	762	723
1 to 5 years | Subtotal including accrued interest
Disclosure of detailed information about hedging instruments [line items]
Notional amount	97,369	87,166
1 to 5 years | Less accrued interest
Disclosure of detailed information about hedging instruments [line items]
Notional amount	0	0
Over 5 years
Disclosure of detailed information about hedging instruments [line items]
Notional amount	295,496	266,348
Fair value, assets	6,283	6,181
Fair value, negative	(8,379)	(7,427)
Over 5 years | Interest rate contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	256,457	236,887
Over 5 years | Foreign exchange
Disclosure of detailed information about hedging instruments [line items]
Notional amount	39,039	29,461
Over 5 years | Credit derivatives
Disclosure of detailed information about hedging instruments [line items]
Notional amount	0	0
Over 5 years | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	0	0
Over 5 years | OTC swap contracts | Interest rate contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	112,685	106,445
Over 5 years | Cleared swap contracts | Interest rate contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	140,088	126,758
Over 5 years | Forward contracts | Interest rate contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	0	0
Over 5 years | Forward contracts | Foreign exchange
Disclosure of detailed information about hedging instruments [line items]
Notional amount	6,121	0
Over 5 years | Futures | Interest rate contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	0	0
Over 5 years | Futures | Foreign exchange
Disclosure of detailed information about hedging instruments [line items]
Notional amount	0	0
Over 5 years | Futures | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	0	0
Over 5 years | Options purchased | Interest rate contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	3,684	3,684
Over 5 years | Options purchased | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	0	0
Over 5 years | Swap contracts | Foreign exchange
Disclosure of detailed information about hedging instruments [line items]
Notional amount	32,918	29,461
Over 5 years | Swap contracts | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Notional amount	0	0
Over 5 years | Subtotal including accrued interest
Disclosure of detailed information about hedging instruments [line items]
Notional amount	295,496	266,348
Over 5 years | Less accrued interest
Disclosure of detailed information about hedging instruments [line items]
Notional amount	$ 0	$ 0

Derivative and Hedging Instru_6

Derivative and Hedging Instruments - Additional Information (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about hedging instruments [line items]
Notional amount	$ 499,021	$ 440,077
Fair value of reinsurance ceded guaranteed minimum income benefits	281	402
Fair value of reinsurance assumed guaranteed minimum income benefits	0	46
Fair value of credit and interest rate embedded derivatives	265	487
Shareholders and other equity holders’ accumulated other comprehensive income (loss) (“AOCI”):
Disclosure of detailed information about hedging instruments [line items]
Net losses reclassified from AOCI to net income	$ 14
Maximum time frame for which variable cash flows are hedged	28 years
Continuing Cash Flow Hedges
Disclosure of detailed information about hedging instruments [line items]
Changes in fair value	$ 10	(149)
CPI Cash Flow hedges
Disclosure of detailed information about hedging instruments [line items]
Changes in fair value	$ (42)	(85)
CPI Cash Flow hedges | Shareholders and other equity holders’ accumulated other comprehensive income (loss) (“AOCI”):
Disclosure of detailed information about hedging instruments [line items]
Maximum time frame for which variable cash flows are hedged	12 years
De-Designated Hedges
Disclosure of detailed information about hedging instruments [line items]
Changes in fair value	$ 0	0
Variable Annuity
Disclosure of detailed information about hedging instruments [line items]
Notional amount	$ 90,000	$ 82,000

Derivative and Hedging Instru_7

Derivative and Hedging Instruments - Average Rate of Hedging Instruments in Hedge Relationships That Do Not Frequently Reset (Details) - CAD ($)	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	13,720,000,000	9,808,000,000
Inflation risk | Inflation linked insurance liabilities | Interest rate swaps
Disclosure of detailed information about hedging instruments [line items]
Average rate of hedging instrument	29,022%	29,013%
Nominal amount of hedging instrument	9,036,000,000	8,372,000,000
Foreign exchange risk | Foreign currency assets, CAD/EURO | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Average rate of hedging instrument	66.703%
Nominal amount of hedging instrument	1,471,000,000
Foreign exchange risk | Foreign currency assets, CAD/GBP | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Average rate of hedging instrument	56.259%
Nominal amount of hedging instrument	549,000,000
Foreign exchange risk | Foreign currency assets, CAD/USD | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Average rate of hedging instrument	73.009%
Nominal amount of hedging instrument	1,639,000,000
Foreign exchange risk | Fixed rate liabilities | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Average rate of hedging instrument		93.503%
Nominal amount of hedging instrument		500,000,000
Foreign exchange and interest rate risk | Floating rate foreign currency liabilities | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Average rate of hedging instrument	86.655%	86.655%
Nominal amount of hedging instrument	650,000,000	650,000,000
Foreign exchange and interest rate risk | Debt securities at fair value through OCI | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Average rate of hedging instrument	122.914%	122.914%
Nominal amount of hedging instrument	51,000,000	46,000,000
Equity risk | Stock-based compensation | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Average rate of hedging instrument	3,012%	2,628%
Nominal amount of hedging instrument	324,000,000	240,000,000
Fair value
Disclosure of detailed information about hedging instruments [line items]
Hedging instrument, assets	$ 84,000,000	$ 63,000,000
Hedging instrument, liabilities	(291,000,000)	(229,000,000)
Fair value, net	(207,000,000)	(166,000,000)
Fair value | Inflation risk | Inflation linked insurance liabilities | Interest rate swaps
Disclosure of detailed information about hedging instruments [line items]
Hedging instrument, assets	24,000,000	20,000,000
Hedging instrument, liabilities	(48,000,000)	(48,000,000)
Fair value, net	(24,000,000)	(28,000,000)
Fair value | Foreign exchange risk | Foreign currency assets, CAD/EURO | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Hedging instrument, assets	16,000,000
Hedging instrument, liabilities	0
Fair value, net	16,000,000
Fair value | Foreign exchange risk | Foreign currency assets, CAD/GBP | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Hedging instrument, assets	22,000,000
Hedging instrument, liabilities	0
Fair value, net	22,000,000
Fair value | Foreign exchange risk | Foreign currency assets, CAD/USD | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Hedging instrument, assets	9,000,000
Hedging instrument, liabilities	(27,000,000)
Fair value, net	(18,000,000)
Fair value | Foreign exchange risk | Fixed rate liabilities | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Hedging instrument, assets		35,000,000
Hedging instrument, liabilities		0
Fair value, net		35,000,000
Fair value | Foreign exchange and interest rate risk | Floating rate foreign currency liabilities | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Hedging instrument, assets	0	0
Hedging instrument, liabilities	(216,000,000)	(181,000,000)
Fair value, net	(216,000,000)	(181,000,000)
Fair value | Foreign exchange and interest rate risk | Debt securities at fair value through OCI | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Hedging instrument, assets	7,000,000	5,000,000
Hedging instrument, liabilities	0	0
Fair value, net	7,000,000	5,000,000
Fair value | Equity risk | Stock-based compensation | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Hedging instrument, assets	6,000,000	3,000,000
Hedging instrument, liabilities	0	0
Fair value, net	$ 6,000,000	$ 3,000,000
Less than 1 year
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	319,000,000	598,000,000
Less than 1 year | Inflation risk | Inflation linked insurance liabilities | Interest rate swaps
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	92,000,000	87,000,000
Less than 1 year | Foreign exchange risk | Foreign currency assets, CAD/EURO | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	0
Less than 1 year | Foreign exchange risk | Foreign currency assets, CAD/GBP | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	0
Less than 1 year | Foreign exchange risk | Foreign currency assets, CAD/USD | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	165,000,000
Less than 1 year | Foreign exchange risk | Fixed rate liabilities | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument		500,000,000
Less than 1 year | Foreign exchange and interest rate risk | Floating rate foreign currency liabilities | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	0	0
Less than 1 year | Foreign exchange and interest rate risk | Debt securities at fair value through OCI | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	42,000,000	0
Less than 1 year | Equity risk | Stock-based compensation | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	20,000,000	11,000,000
1 to 5 years
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	1,563,000,000	734,000,000
1 to 5 years | Inflation risk | Inflation linked insurance liabilities | Interest rate swaps
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	568,000,000	459,000,000
1 to 5 years | Foreign exchange risk | Foreign currency assets, CAD/EURO | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	160,000,000
1 to 5 years | Foreign exchange risk | Foreign currency assets, CAD/GBP | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	115,000,000
1 to 5 years | Foreign exchange risk | Foreign currency assets, CAD/USD | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	407,000,000
1 to 5 years | Foreign exchange risk | Fixed rate liabilities | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument		0
1 to 5 years | Foreign exchange and interest rate risk | Floating rate foreign currency liabilities | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	0	0
1 to 5 years | Foreign exchange and interest rate risk | Debt securities at fair value through OCI | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	9,000,000	46,000,000
1 to 5 years | Equity risk | Stock-based compensation | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	304,000,000	229,000,000
Over 5 years
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	11,838,000,000	8,476,000,000
Over 5 years | Inflation risk | Inflation linked insurance liabilities | Interest rate swaps
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	8,376,000,000	7,826,000,000
Over 5 years | Foreign exchange risk | Foreign currency assets, CAD/EURO | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	1,311,000,000
Over 5 years | Foreign exchange risk | Foreign currency assets, CAD/GBP | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	434,000,000
Over 5 years | Foreign exchange risk | Foreign currency assets, CAD/USD | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	1,067,000,000
Over 5 years | Foreign exchange risk | Fixed rate liabilities | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument		0
Over 5 years | Foreign exchange and interest rate risk | Floating rate foreign currency liabilities | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	650,000,000	650,000,000
Over 5 years | Foreign exchange and interest rate risk | Debt securities at fair value through OCI | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	0	0
Over 5 years | Equity risk | Stock-based compensation | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Nominal amount of hedging instrument	0	0

Derivative and Hedging Instru_8

Derivative and Hedging Instruments - Fair Value Hierarchy of Derivative Instruments (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	$ 8,667	$ 8,546
Fair value, liabilities	14,247	11,687
Interest rate swaps
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	10,954	9,176
Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	3,230	2,396
Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	63	115
Level 1
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	0	0
Fair value, liabilities	0	0
Level 1 | Interest rate swaps
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	0	0
Level 1 | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	0	0
Level 1 | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	0	0
Level 2
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	8,500	7,985
Fair value, liabilities	10,845	8,960
Level 2 | Interest rate swaps
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	7,571	6,451
Level 2 | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	3,227	2,395
Level 2 | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	47	114
Level 3
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	167	561
Fair value, liabilities	3,402	2,727
Level 3 | Interest rate swaps
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	3,383	2,725
Level 3 | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	3	1
Level 3 | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	16	1
Interest rate swaps
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	5,193	5,813
Interest rate swaps | Level 1
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	0	0
Interest rate swaps | Level 2
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	5,026	5,262
Interest rate swaps | Level 3
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	167	551
Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	2,742	2,148
Foreign currency swaps | Level 1
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	0	0
Foreign currency swaps | Level 2
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	2,742	2,148
Foreign currency swaps | Level 3
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	0	0
Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	730	582
Equity contracts | Level 1
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	0	0
Equity contracts | Level 2
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	730	572
Equity contracts | Level 3
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	0	10
Credit default swaps
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	2	3
Credit default swaps | Level 1
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	0	0
Credit default swaps | Level 2
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	2	3
Credit default swaps | Level 3
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	0	0
Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	732	584
Fair value, liabilities	$ 57	$ 106

Derivative and Hedging Instru_9

Derivative and Hedging Instruments - Gains and (Losses) on Derivatives and Related Hedged Items in Fair Value Hedges in Total Investment (Details) - Qualifying hedge accounting relationships - Fair value hedges - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about hedging instruments [line items]
Change in value of the hedged item for ineffectiveness measurement	$ 3,646	$ (53)
Change in value of the hedging instrument for ineffectiveness measurement	(3,346)	185
Ineffectiveness recognized in Total investment result	300	132
Carrying amount for hedged items, liabilities	50,914	29,133
Accumulated fair value adjustments on hedged items, liabilities	3,523	(2,658)
Accumulated fair value adjustments on de-designated hedged items, liabilities	237	2,642
Assets
Disclosure of detailed information about hedging instruments [line items]
Change in value of the hedged item for ineffectiveness measurement	(462)	742
Change in value of the hedging instrument for ineffectiveness measurement	333	(778)
Ineffectiveness recognized in Total investment result	(129)	(36)
Carrying amount for hedged items, assets	132,229	9,191
Accumulated fair value adjustments on hedged items, assets	(368)	576
Accumulated fair value adjustments on de-designated hedged items, assets	(405)	(164)
Interest rate risk | Assets | Debt securities at FVOCI
Disclosure of detailed information about hedging instruments [line items]
Change in value of the hedged item for ineffectiveness measurement	(833)	0
Change in value of the hedging instrument for ineffectiveness measurement	812	0
Ineffectiveness recognized in Total investment result	(21)	0
Carrying amount for hedged items, assets	117,538	0
Accumulated fair value adjustments on hedged items, assets	(1)	0
Accumulated fair value adjustments on de-designated hedged items, assets	(601)	241
Interest rate risk | Liabilities | Insurance contract liabilities
Disclosure of detailed information about hedging instruments [line items]
Change in value of the hedged item for ineffectiveness measurement	3,591	(53)
Change in value of the hedging instrument for ineffectiveness measurement	(3,329)	185
Ineffectiveness recognized in Total investment result	262	132
Carrying amount for hedged items, liabilities	47,747	29,133
Accumulated fair value adjustments on hedged items, liabilities	3,386	(2,658)
Accumulated fair value adjustments on de-designated hedged items, liabilities	237	2,642
Foreign currency risk | Assets | Debt securities at FVOCI
Disclosure of detailed information about hedging instruments [line items]
Change in value of the hedged item for ineffectiveness measurement	(80)
Change in value of the hedging instrument for ineffectiveness measurement	80
Ineffectiveness recognized in Total investment result	0
Carrying amount for hedged items, assets	3,561
Accumulated fair value adjustments on hedged items, assets	0
Accumulated fair value adjustments on de-designated hedged items, assets	0
Foreign exchange and interest rate risk | Assets | Debt securities at FVOCI
Disclosure of detailed information about hedging instruments [line items]
Change in value of the hedged item for ineffectiveness measurement	451	742
Change in value of the hedging instrument for ineffectiveness measurement	(559)	(778)
Ineffectiveness recognized in Total investment result	(108)	(36)
Carrying amount for hedged items, assets	11,130	9,191
Accumulated fair value adjustments on hedged items, assets	(367)	576
Accumulated fair value adjustments on de-designated hedged items, assets	196	$ (405)
Foreign exchange and interest rate risk | Liabilities | Insurance contract liabilities
Disclosure of detailed information about hedging instruments [line items]
Change in value of the hedged item for ineffectiveness measurement	55
Change in value of the hedging instrument for ineffectiveness measurement	(17)
Ineffectiveness recognized in Total investment result	38
Carrying amount for hedged items, liabilities	3,167
Accumulated fair value adjustments on hedged items, liabilities	137
Accumulated fair value adjustments on de-designated hedged items, liabilities	$ 0

Derivative and Hedging Instr_10

Derivative and Hedging Instruments - Cash Flow Hedges (Details) - Cash flow hedges - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about hedging instruments [line items]
Change in value of the hedged item for ineffectiveness measurement	$ (193)	$ (50)
Change in value of the hedging instrument for ineffectiveness measurement	193	50
Gains (losses) deferred in AOCI on derivatives	193	50
Gains (losses) reclassified from AOCI into Total investment result	34	92
Ineffectiveness recognized in Total investment result	0	0
Interest rate risk | Forecasted liability issuance | Treasury locks
Disclosure of detailed information about hedging instruments [line items]
Change in value of the hedged item for ineffectiveness measurement	3	(1)
Change in value of the hedging instrument for ineffectiveness measurement	(3)	1
Gains (losses) deferred in AOCI on derivatives	(3)	1
Gains (losses) reclassified from AOCI into Total investment result	0	0
Ineffectiveness recognized in Total investment result	0	0
Foreign exchange risk | Fixed rate liabilities | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Change in value of the hedged item for ineffectiveness measurement	(23)	10
Change in value of the hedging instrument for ineffectiveness measurement	23	(10)
Gains (losses) deferred in AOCI on derivatives	23	(10)
Gains (losses) reclassified from AOCI into Total investment result	26	(8)
Ineffectiveness recognized in Total investment result	0	0
Interest and foreign exchange risk | Floating rate liabilities | Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Change in value of the hedged item for ineffectiveness measurement	32	(23)
Change in value of the hedging instrument for ineffectiveness measurement	(32)	23
Gains (losses) deferred in AOCI on derivatives	(32)	23
Gains (losses) reclassified from AOCI into Total investment result	(75)	16
Ineffectiveness recognized in Total investment result	0	0
Equity risk | Stock-based compensation | Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Change in value of the hedged item for ineffectiveness measurement	(145)	(40)
Change in value of the hedging instrument for ineffectiveness measurement	145	40
Gains (losses) deferred in AOCI on derivatives	145	40
Gains (losses) reclassified from AOCI into Total investment result	66	3
Ineffectiveness recognized in Total investment result	0	0
CPI risk | Inflation linked insurance liabilities | Interest rate swaps
Disclosure of detailed information about hedging instruments [line items]
Change in value of the hedged item for ineffectiveness measurement	(60)	4
Change in value of the hedging instrument for ineffectiveness measurement	60	(4)
Gains (losses) deferred in AOCI on derivatives	60	(4)
Gains (losses) reclassified from AOCI into Total investment result	17	81
Ineffectiveness recognized in Total investment result	$ 0	$ 0

Derivative and Hedging Instr_11

Derivative and Hedging Instruments - Balances in Cash Flow Hedge Reserve (Details) - Cash flow hedges - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about hedging instruments [line items]
Balances in the cash flow hedge reserve for continuing hedges	$ 10	$ (149)
Balances remaining in the cash flow hedge reserve on de-designated hedges	0	0
Total	$ 10	$ (149)

Derivative and Hedging Instr_12

Derivative and Hedging Instruments - Hedges of Net Investments in Foreign Operations (Details) - Net investment hedges - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about hedging instruments [line items]
Change in value of the hedged item for ineffectiveness measurement	$ 620	$ (196)
Change in value of the hedging instrument for ineffectiveness measurement	(620)	196
Gains (losses) deferred in AOCI on derivatives	(620)	196
Gains (losses) reclassified from AOCI into Total investment result	0	0
Ineffectiveness recognized in Total investment result	0	0
Non-functional currency denominated debt
Disclosure of detailed information about hedging instruments [line items]
Change in value of the hedged item for ineffectiveness measurement	665	(195)
Change in value of the hedging instrument for ineffectiveness measurement	(665)	195
Gains (losses) deferred in AOCI on derivatives	(665)	195
Gains (losses) reclassified from AOCI into Total investment result	0	0
Ineffectiveness recognized in Total investment result	0	0
Forward contracts
Disclosure of detailed information about hedging instruments [line items]
Change in value of the hedged item for ineffectiveness measurement	(45)	(1)
Change in value of the hedging instrument for ineffectiveness measurement	45	1
Gains (losses) deferred in AOCI on derivatives	45	1
Gains (losses) reclassified from AOCI into Total investment result	0	0
Ineffectiveness recognized in Total investment result	$ 0	$ 0

Derivative and Hedging Instr_13

Derivative and Hedging Instruments - Balances in Net Investment Hedge Reserve (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about hedging instruments [line items]
Total	$ 7,327	$ 4,801
Net investment hedges
Disclosure of detailed information about hedging instruments [line items]
Balances in the foreign currency translation reserve for continuing hedges	(561)	59
Balances remaining in the net investment hedge reserve on de-designated hedges	0	0
Total	$ (561)	$ 59

Derivative and Hedging Instr_14

Derivative and Hedging Instruments - Reconciliation Of Accumulated Other Comprehensive Income (Loss) Related To Cash Flow Hedges (Details) - Cash flow hedges - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accumulated other comprehensive income (loss) [Roll Forward]
Accumulated other comprehensive income (loss), beginning of year	$ (149)	$ (107)
Hedging gains (losses) recognized in AOCI during the year	193	50
Reclassification from AOCI to income	34	92
Accumulated other comprehensive income (loss), end of year	10	(149)
Reclassification adjustment related to de-designated hedges as hedged item affects income	0	0
Reclassification adjustment related to items for which the hedged future cash flows are no longer expected to occur	0	0
Interest rate risk
Accumulated other comprehensive income (loss) [Roll Forward]
Accumulated other comprehensive income (loss), beginning of year	1	0
Hedging gains (losses) recognized in AOCI during the year	(3)	1
Reclassification from AOCI to income	0	0
Accumulated other comprehensive income (loss), end of year	(2)	1
Reclassification adjustment related to de-designated hedges as hedged item affects income	0	0
Reclassification adjustment related to items for which the hedged future cash flows are no longer expected to occur	0	0
Foreign exchange and interest rate risk
Accumulated other comprehensive income (loss) [Roll Forward]
Accumulated other comprehensive income (loss), beginning of year	(107)	(114)
Hedging gains (losses) recognized in AOCI during the year	(32)	23
Reclassification from AOCI to income	(75)	16
Accumulated other comprehensive income (loss), end of year	(64)	(107)
Reclassification adjustment related to de-designated hedges as hedged item affects income	0	0
Reclassification adjustment related to items for which the hedged future cash flows are no longer expected to occur	0	0
Foreign exchange translation risk
Accumulated other comprehensive income (loss) [Roll Forward]
Accumulated other comprehensive income (loss), beginning of year	3	5
Hedging gains (losses) recognized in AOCI during the year	23	(10)
Reclassification from AOCI to income	26	(8)
Accumulated other comprehensive income (loss), end of year	0	3
Reclassification adjustment related to de-designated hedges as hedged item affects income	0	0
Reclassification adjustment related to items for which the hedged future cash flows are no longer expected to occur	0	0
CPI risk
Accumulated other comprehensive income (loss) [Roll Forward]
Accumulated other comprehensive income (loss), beginning of year	(85)	0
Hedging gains (losses) recognized in AOCI during the year	60	(4)
Reclassification from AOCI to income	17	81
Accumulated other comprehensive income (loss), end of year	(42)	(85)
Reclassification adjustment related to de-designated hedges as hedged item affects income	0	0
Reclassification adjustment related to items for which the hedged future cash flows are no longer expected to occur	0	0
Equity risk
Accumulated other comprehensive income (loss) [Roll Forward]
Accumulated other comprehensive income (loss), beginning of year	39	2
Hedging gains (losses) recognized in AOCI during the year	145	40
Reclassification from AOCI to income	66	3
Accumulated other comprehensive income (loss), end of year	118	39
Reclassification adjustment related to de-designated hedges as hedged item affects income	0	0
Reclassification adjustment related to items for which the hedged future cash flows are no longer expected to occur	$ 0	$ 0

Derivative and Hedging Instr_15

Derivative and Hedging Instruments - Reconciliation of Accumulated Other Comprehensive Income (Loss) Related to Net Investment Hedges (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accumulated other comprehensive income (loss) [Roll Forward]
Hedging gains (losses) recognized in AOCI during the year	$ (583)	$ 183
Foreign exchange translation risk | Net investment hedges
Accumulated other comprehensive income (loss) [Roll Forward]
Accumulated other comprehensive income (loss), beginning of year	59	(137)
Hedging gains (losses) recognized in AOCI during the year	(620)	196
Reclassification from AOCI to income	0	0
Accumulated other comprehensive income (loss), end of year	(561)	59
Reclassification adjustment related to de-designated hedges as hedged item affects income	0	0
Reclassification adjustment related to items for which the hedged future cash flows are no longer expected to occur	$ 0	$ 0

Derivative and Hedging Instr_16

Derivative and Hedging Instruments - Cost of Hedging (Details) - IFRS 9 - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Foreign exchange risk
Accumulated other comprehensive income (loss) [Roll Forward]
Accumulated other comprehensive income (loss), beginning of year	$ 0	$ (3)
Changes in fair value	111	5
Amount reclassified to profit or loss	0	2
Accumulated other comprehensive income (loss), end of year	111	0
Foreign exchange and interest rate risk
Accumulated other comprehensive income (loss) [Roll Forward]
Accumulated other comprehensive income (loss), beginning of year	18	25
Changes in fair value	(10)	(8)
Amount reclassified to profit or loss	0	(1)
Accumulated other comprehensive income (loss), end of year	$ 8	$ 18

Derivative and Hedging Instr_17

Derivative and Hedging Instruments - Investment Income (Loss) on Derivatives Not Designated in Qualifying Hedge Accounting Relationships (Details) - Derivatives not designated in qualifying hedge accounting relationships - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about hedging instruments [line items]
Derivative investment income (loss)	$ (726)	$ 1,173
Interest rate swaps
Disclosure of detailed information about hedging instruments [line items]
Derivative investment income (loss)	(116)	667
Interest rate futures
Disclosure of detailed information about hedging instruments [line items]
Derivative investment income (loss)	52	57
Interest rate options
Disclosure of detailed information about hedging instruments [line items]
Derivative investment income (loss)	(20)	(13)
Foreign currency swaps
Disclosure of detailed information about hedging instruments [line items]
Derivative investment income (loss)	108	(4)
Currency rate futures
Disclosure of detailed information about hedging instruments [line items]
Derivative investment income (loss)	(137)	(22)
Forward contracts
Disclosure of detailed information about hedging instruments [line items]
Derivative investment income (loss)	(626)	612
Equity futures
Disclosure of detailed information about hedging instruments [line items]
Derivative investment income (loss)	(423)	(449)
Equity contracts
Disclosure of detailed information about hedging instruments [line items]
Derivative investment income (loss)	437	325
Derivatives not designated in qualifying hedge accounting relationships | Credit default swaps
Disclosure of detailed information about hedging instruments [line items]
Derivative investment income (loss)	$ (1)	$ 0

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Change in Carrying Value of Goodwill and Intangible Assets (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Apr. 30, 2024
Reconciliation of changes in intangible assets and goodwill [abstract]
Goodwill at beginning of period	$ 5,919	$ 6,014
Intangible assets at beginning of period	4,391	4,505
Intangible assets and goodwill at beginning of period	10,310	10,519
Net additions / (disposals), goodwill	150	0
Net additions / (disposals), intangible assets	508	312
Net additions / (disposals), goodwill and intangible assets	658	312
Amortization expense	(374)	(328)
Effect of changes in foreign exchange rates	206	(95)
Effect of changes in foreign exchange rates, intangible assets	252	(98)
Effect of changes in foreign exchange rates, goodwill and intangible assets	458	(193)
Goodwill at end of period	6,275	5,919
Intangible assets at end of period	4,777	4,391
Goodwill and intangible assets at end of period	11,052	10,310
CQS Management Limited
Reconciliation of changes in intangible assets and goodwill [abstract]
Percentage of voting equity interests acquired			100%
Cash consideration			$ 334
Contingent consideration			8
Goodwill			150
Canada WAM
Reconciliation of changes in intangible assets and goodwill [abstract]
Goodwill at beginning of period	1,436	1,436
Net additions / (disposals), goodwill	0	0
Effect of changes in foreign exchange rates	0	0
Goodwill at end of period	1,436	1,436
U.S. WAM
Reconciliation of changes in intangible assets and goodwill [abstract]
Goodwill at beginning of period	1,250	1,286
Net additions / (disposals), goodwill	150	0
Effect of changes in foreign exchange rates	121	(36)
Goodwill at end of period	1,521	1,250
Distribution networks
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets at beginning of period	834	881
Net additions / (disposals), intangible assets	13	31
Amortization expense	(56)	(53)
Effect of changes in foreign exchange rates, intangible assets	49	(25)
Intangible assets at end of period	840	834
Gross carrying amount of finite life intangible assets	1,617	1,511
Customer relationships
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets at beginning of period	582	643
Net additions / (disposals), intangible assets	0	(4)
Amortization expense	(52)	(53)
Effect of changes in foreign exchange rates, intangible assets	12	(4)
Intangible assets at end of period	542	582
Gross carrying amount of finite life intangible assets	1,156	1,136
Software
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets at beginning of period	1,102	1,068
Net additions / (disposals), intangible assets	329	274
Amortization expense	(257)	(217)
Effect of changes in foreign exchange rates, intangible assets	38	(23)
Intangible assets at end of period	1,212	1,102
Gross carrying amount of finite life intangible assets	3,408	2,955
Other
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets at beginning of period	48	52
Net additions / (disposals), intangible assets	7	11
Amortization expense	(9)	(5)
Effect of changes in foreign exchange rates, intangible assets	13	(10)
Intangible assets at end of period	59	48
Gross carrying amount of finite life intangible assets	156	138
Finite life intangible assets
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets at beginning of period	2,566	2,644
Net additions / (disposals), intangible assets	349	312
Amortization expense	(374)	(328)
Effect of changes in foreign exchange rates, intangible assets	112	(62)
Intangible assets at end of period	2,653	2,566
Finite life intangible assets | CQS Management Limited
Reconciliation of changes in intangible assets and goodwill [abstract]
Identifiable intangible assets recognised as of acquisition date			7
Brand
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets at beginning of period	791	813
Net additions / (disposals), intangible assets	3	0
Effect of changes in foreign exchange rates, intangible assets	72	(22)
Intangible assets at end of period	866	791
Brand | CQS Management Limited
Reconciliation of changes in intangible assets and goodwill [abstract]
Identifiable intangible assets recognised as of acquisition date			3
Fund management contracts and other
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets at beginning of period	1,034	1,048
Net additions / (disposals), intangible assets	156	0
Effect of changes in foreign exchange rates, intangible assets	68	(14)
Intangible assets at end of period	1,258	1,034
Fund management contracts and other | Canada WAM
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets at beginning of period	273
Intangible assets at end of period	273	273
Fund management contracts and other | U.S. WAM
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets at beginning of period	386
Intangible assets at end of period	421	386
Indefinite life intangible assets
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets at beginning of period	1,825	1,861
Net additions / (disposals), intangible assets	159	0
Effect of changes in foreign exchange rates, intangible assets	140	(36)
Intangible assets at end of period	$ 2,124	$ 1,825
Indefinite life intangible assets | CQS Management Limited
Reconciliation of changes in intangible assets and goodwill [abstract]
Identifiable intangible assets recognised as of acquisition date			$ 153

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($) earningsMultiple	Dec. 31, 2023 CAD ($) earningsMultiple
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Impairment loss recognised in profit or loss, goodwill | $	$ 0	$ 0
Japan
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Tax rate applied to cash flow projections	28%	28%
Canada
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Tax rate applied to cash flow projections	27.80%	27.80%
U.S.
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Tax rate applied to cash flow projections	21%	21%
Bottom of range
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Price to earnings multiple	6.7	5.1
Growth rate used to extrapolate cash flow projections	0%	0%
Discount rate applied to cash flow projections	10%	10%
Discount rate applied to cash flow projections, pre-tax basis	12.50%	12.50%
Top of range
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Price to earnings multiple	13.6	12.7
Growth rate used to extrapolate cash flow projections	13%	13%
Discount rate applied to cash flow projections	13%	13%
Discount rate applied to cash flow projections, pre-tax basis	16.30%	16.30%

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Goodwill Impairment Testing (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill at beginning of period	$ 5,919	$ 6,014
Net additions/(disposals)	150	0
Effect of changes in foreign exchange rates	206	(95)
Goodwill at end of period	6,275	5,919
Asia Insurance (excluding Japan)
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill at beginning of period	159	162
Net additions/(disposals)	0	0
Effect of changes in foreign exchange rates	11	(3)
Goodwill at end of period	170	159
Japan Insurance
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill at beginning of period	328	360
Net additions/(disposals)	0	0
Effect of changes in foreign exchange rates	(7)	(32)
Goodwill at end of period	321	328
Canada Insurance
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill at beginning of period	1,958	1,960
Net additions/(disposals)	0	0
Effect of changes in foreign exchange rates	8	(2)
Goodwill at end of period	1,966	1,958
U.S. Insurance
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill at beginning of period	350	360
Net additions/(disposals)	0	0
Effect of changes in foreign exchange rates	32	(10)
Goodwill at end of period	382	350
Asia WAM
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill at beginning of period	438	450
Net additions/(disposals)	0	0
Effect of changes in foreign exchange rates	41	(12)
Goodwill at end of period	479	438
Canada WAM
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill at beginning of period	1,436	1,436
Net additions/(disposals)	0	0
Effect of changes in foreign exchange rates	0	0
Goodwill at end of period	1,436	1,436
U.S. WAM
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill at beginning of period	1,250	1,286
Net additions/(disposals)	150	0
Effect of changes in foreign exchange rates	121	(36)
Goodwill at end of period	$ 1,521	$ 1,250

Insurance and Reinsurance Con_3

Insurance and Reinsurance Contract Assets and Liabilities - Insurance and Reinsurance Contract Held Assets and Liabilities (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Insurance contract assets and liabilities
Insurance contract assets (note 6)	$ (102)	$ (145)
Insurance contract liabilities	396,401	367,996
Insurance contract liabilities for account of segregated fund holders	126,545	114,143
Reinsurance contract held assets and liabilities
Assets	59,015	42,651
Reinsurance contract held liabilities	(2,669)	(2,831)
Net insurance and reinsurance contract held liabilities	466,498	442,174
Insurance contracts issued
Insurance contract assets and liabilities
Insurance contract assets (note 6)	(102)	(145)	$ (673)
Insurance contract liabilities	396,401	367,996	354,849
Insurance contract liabilities for account of segregated fund holders	126,545	114,143	110,216
Net insurance contract liabilities	522,844	481,994	464,392
Reinsurance contract held assets and liabilities
Net insurance contract held liabilities	522,844	481,994	464,392
Insurance contracts issued | Insurance contract balances
Insurance contract assets and liabilities
Insurance contract assets (note 6)	(91)	(145)
Insurance contract liabilities	397,268	368,816
Insurance contract liabilities for account of segregated fund holders	126,545	114,143
Net insurance contract liabilities	523,722	482,814
Reinsurance contract held assets and liabilities
Net insurance contract held liabilities	523,722	482,814
Insurance contracts issued | Assets for insurance acquisition cash flows
Insurance contract assets and liabilities
Insurance contract assets (note 6)	(11)	0
Insurance contract liabilities	(867)	(820)
Insurance contract liabilities for account of segregated fund holders	0	0
Net insurance contract liabilities	(878)	(820)
Reinsurance contract held assets and liabilities
Net insurance contract held liabilities	(878)	(820)
Insurance contracts issued | Asia
Insurance contract assets and liabilities
Insurance contract assets (note 6)	(53)	(108)
Insurance contract liabilities	154,222	131,729
Insurance contract liabilities for account of segregated fund holders	26,367	22,696
Net insurance contract liabilities	180,536	154,317
Reinsurance contract held assets and liabilities
Net insurance contract held liabilities	180,536	154,317
Insurance contracts issued | Asia | Assets for insurance acquisition cash flows
Insurance contract assets and liabilities
Net insurance contract liabilities	(290)	(271)
Reinsurance contract held assets and liabilities
Net insurance contract held liabilities	(290)	(271)
Insurance contracts issued | Canada
Insurance contract assets and liabilities
Insurance contract assets (note 6)	(32)	(33)
Insurance contract liabilities	82,459	80,169
Insurance contract liabilities for account of segregated fund holders	38,099	36,085
Net insurance contract liabilities	120,526	116,221
Reinsurance contract held assets and liabilities
Net insurance contract held liabilities	120,526	116,221
Insurance contracts issued | Canada | Assets for insurance acquisition cash flows
Insurance contract assets and liabilities
Net insurance contract liabilities	(588)	(549)
Reinsurance contract held assets and liabilities
Net insurance contract held liabilities	(588)	(549)
Insurance contracts issued | U.S.
Insurance contract assets and liabilities
Insurance contract assets (note 6)	0	0
Insurance contract liabilities	161,484	157,699
Insurance contract liabilities for account of segregated fund holders	62,079	55,362
Net insurance contract liabilities	223,563	213,061
Reinsurance contract held assets and liabilities
Net insurance contract held liabilities	223,563	213,061
Insurance contracts issued | U.S. | Assets for insurance acquisition cash flows
Insurance contract assets and liabilities
Net insurance contract liabilities	0	0
Reinsurance contract held assets and liabilities
Net insurance contract held liabilities	0	0
Insurance contracts issued | Corporate and Other
Insurance contract assets and liabilities
Insurance contract assets (note 6)	(6)	(4)
Insurance contract liabilities	(897)	(781)
Insurance contract liabilities for account of segregated fund holders	0	0
Net insurance contract liabilities	(903)	(785)
Reinsurance contract held assets and liabilities
Net insurance contract held liabilities	(903)	(785)
Insurance contracts issued | Corporate and Other | Assets for insurance acquisition cash flows
Insurance contract assets and liabilities
Net insurance contract liabilities	0	0
Reinsurance contract held assets and liabilities
Net insurance contract held liabilities	0	0
Reinsurance contracts held
Insurance contract assets and liabilities
Net insurance contract liabilities	56,346	39,820
Reinsurance contract held assets and liabilities
Assets	59,015	42,651	45,871
Reinsurance contract held liabilities	(2,669)	(2,831)	(2,391)
Net reinsurance contract held assets	56,346	39,820	43,480
Net insurance contract held liabilities	56,346	39,820
Net reinsurance contract held assets	56,346	39,820	$ 43,480
Reinsurance contracts held | Asia
Insurance contract assets and liabilities
Net insurance contract liabilities	6,810	1,631
Reinsurance contract held assets and liabilities
Assets	9,204	3,540
Reinsurance contract held liabilities	(2,394)	(1,909)
Net reinsurance contract held assets	6,810	1,631
Net insurance contract held liabilities	6,810	1,631
Net reinsurance contract held assets	6,810	1,631
Reinsurance contracts held | Canada
Insurance contract assets and liabilities
Net insurance contract liabilities	6,759	1,009
Reinsurance contract held assets and liabilities
Assets	7,021	1,922
Reinsurance contract held liabilities	(262)	(913)
Net reinsurance contract held assets	6,759	1,009
Net insurance contract held liabilities	6,759	1,009
Net reinsurance contract held assets	6,759	1,009
Reinsurance contracts held | U.S.
Insurance contract assets and liabilities
Net insurance contract liabilities	43,030	37,423
Reinsurance contract held assets and liabilities
Assets	43,043	37,437
Reinsurance contract held liabilities	(13)	(14)
Net reinsurance contract held assets	43,030	37,423
Net insurance contract held liabilities	43,030	37,423
Net reinsurance contract held assets	43,030	37,423
Reinsurance contracts held | Corporate and Other
Insurance contract assets and liabilities
Net insurance contract liabilities	(253)	(243)
Reinsurance contract held assets and liabilities
Assets	(253)	(248)
Reinsurance contract held liabilities	0	5
Net reinsurance contract held assets	(253)	(243)
Net insurance contract held liabilities	(253)	(243)
Net reinsurance contract held assets	$ (253)	$ (243)

Insurance and Reinsurance con_4

Insurance and Reinsurance contract Assets and Liabilities - Insurance Contracts in Analysis by Remaining Coverage and Incurred Claims (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Opening insurance contract assets, beginning balance	$ (145)
Opening insurance contract liabilities, beginning balance	367,996
Opening insurance contract liabilities for account of segregated fund holders, beginning balance	114,143
Insurance revenue
Insurance revenue	(26,592)	$ (23,972)
Cash flows
Acquisition cash flows incurred in the year	(878)	(820)
Closing insurance contract assets, ending balance	(102)	(145)
Closing insurance contract liabilities, ending balance	396,401	367,996
Closing insurance contract liabilities for account of segregated fund holders, ending balance	126,545	114,143
Insurance contracts issued
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Opening insurance contract assets, beginning balance	(145)	(673)
Opening insurance contract liabilities, beginning balance	367,996	354,849
Opening insurance contract liabilities for account of segregated fund holders, beginning balance	114,143	110,216
Net opening balance, beginning balance	481,994	464,392
Insurance revenue
Expected incurred claims and other insurance service expenses	(14,340)	(13,165)
Change in risk adjustment for non-financial risk expired	(1,414)	(1,497)
CSM recognized for services provided	(2,697)	(2,162)
Recovery of insurance acquisition cash flows	(1,351)	(853)
Contracts under PAA	(6,790)	(6,295)
Insurance revenue	(26,592)	(23,972)
Insurance service expense
Incurred claims and other insurance service expenses	21,397	19,516
Losses and reversal of losses on onerous contracts (future service)	882	90
Changes to liabilities for incurred claims (past service)	(2,605)	(1,878)
Amortization of insurance acquisition cash flows	2,148	1,654
Net impairment of assets for insurance acquisition cash flows	0	0
Insurance service expense	21,822	19,382
Investment components and premium refunds	0	0
Insurance service result	(4,770)	(4,590)
Insurance finance (income) expenses	3,337	25,174
Effects of movements in foreign exchange rates	25,357	(9,771)
Total changes in income and OCI	23,924	10,813
Cash flows
Premiums and premium tax received	55,437	48,381
Claims and other insurance service expenses paid, including investment components	(42,433)	(38,425)
Insurance acquisition cash flows	(8,287)	(6,920)
Total cash flows	4,717	3,036
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts	0	0
Acquisition cash flows incurred in the year	(193)	(174)
Movements related to insurance contract liabilities for account of segregated fund holders	12,402	3,927
Net closing balance, ending balance	522,844	481,994
Closing insurance contract assets, ending balance	(102)	(145)
Closing insurance contract liabilities, ending balance	396,401	367,996
Closing insurance contract liabilities for account of segregated fund holders, ending balance	126,545	114,143
Insurance finance (income) expenses
Insurance finance (income) expenses, per disclosure above	3,337	25,174
Insurance finance (income) expenses, per disclosure in note 6 (f)	6,631	24,992
Insurance contracts issued | Assets for insurance acquisition cash flows
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Opening insurance contract assets, beginning balance	0
Opening insurance contract liabilities, beginning balance	(820)
Opening insurance contract liabilities for account of segregated fund holders, beginning balance	0
Net opening balance, beginning balance	(820)
Cash flows
Net closing balance, ending balance	(878)	(820)
Closing insurance contract assets, ending balance	(11)	0
Closing insurance contract liabilities, ending balance	(867)	(820)
Closing insurance contract liabilities for account of segregated fund holders, ending balance	0	0
Insurance contracts issued | Cash flow hedges
Insurance finance (income) expenses
Reclassification of derivative	(52)	3
Insurance contracts issued | Fair value hedges
Insurance finance (income) expenses
Reclassification of derivative	3,346	(185)
Insurance contracts issued | Liabilities for remaining coverage, excluding loss component
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Opening insurance contract assets, beginning balance	(201)	(659)
Opening insurance contract liabilities, beginning balance	351,045	336,981
Opening insurance contract liabilities for account of segregated fund holders, beginning balance	114,143	110,216
Net opening balance, beginning balance	464,987	446,538
Insurance revenue
Expected incurred claims and other insurance service expenses	(14,340)	(13,165)
Change in risk adjustment for non-financial risk expired	(1,414)	(1,497)
CSM recognized for services provided	(2,697)	(2,162)
Recovery of insurance acquisition cash flows	(1,351)	(853)
Contracts under PAA	(6,790)	(6,295)
Insurance revenue	(26,592)	(23,972)
Insurance service expense
Incurred claims and other insurance service expenses	0	0
Losses and reversal of losses on onerous contracts (future service)	0	0
Changes to liabilities for incurred claims (past service)	0	0
Amortization of insurance acquisition cash flows	2,148	1,654
Net impairment of assets for insurance acquisition cash flows	0	0
Insurance service expense	2,148	1,654
Investment components and premium refunds	(23,554)	(19,080)
Insurance service result	(47,998)	(41,398)
Insurance finance (income) expenses	2,645	24,268
Effects of movements in foreign exchange rates	24,962	(9,657)
Total changes in income and OCI	(20,391)	(26,787)
Cash flows
Premiums and premium tax received	55,437	48,381
Claims and other insurance service expenses paid, including investment components	0	0
Insurance acquisition cash flows	(8,287)	(6,920)
Total cash flows	47,150	41,461
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts	(156)	(152)
Acquisition cash flows incurred in the year	0	0
Movements related to insurance contract liabilities for account of segregated fund holders	12,402	3,927
Net closing balance, ending balance	503,992	464,987
Closing insurance contract assets, ending balance	(153)	(201)
Closing insurance contract liabilities, ending balance	377,600	351,045
Closing insurance contract liabilities for account of segregated fund holders, ending balance	126,545	114,143
Insurance finance (income) expenses
Insurance finance (income) expenses, per disclosure above	2,645	24,268
Insurance contracts issued | Liabilities for remaining coverage, loss component
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Opening insurance contract assets, beginning balance	0	0
Opening insurance contract liabilities, beginning balance	1,092	1,328
Opening insurance contract liabilities for account of segregated fund holders, beginning balance	0	0
Net opening balance, beginning balance	1,092	1,328
Insurance revenue
Expected incurred claims and other insurance service expenses	0	0
Change in risk adjustment for non-financial risk expired	0	0
CSM recognized for services provided	0	0
Recovery of insurance acquisition cash flows	0	0
Contracts under PAA	0	0
Insurance revenue	0	0
Insurance service expense
Incurred claims and other insurance service expenses	(105)	(320)
Losses and reversal of losses on onerous contracts (future service)	882	90
Changes to liabilities for incurred claims (past service)	0	0
Amortization of insurance acquisition cash flows	0	0
Net impairment of assets for insurance acquisition cash flows	0	0
Insurance service expense	777	(230)
Investment components and premium refunds	0	0
Insurance service result	777	(230)
Insurance finance (income) expenses	44	32
Effects of movements in foreign exchange rates	115	(38)
Total changes in income and OCI	936	(236)
Cash flows
Premiums and premium tax received	0	0
Claims and other insurance service expenses paid, including investment components	0	0
Insurance acquisition cash flows	0	0
Total cash flows	0	0
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts	0	0
Acquisition cash flows incurred in the year	0	0
Movements related to insurance contract liabilities for account of segregated fund holders	0	0
Net closing balance, ending balance	2,028	1,092
Closing insurance contract assets, ending balance	5	0
Closing insurance contract liabilities, ending balance	2,023	1,092
Closing insurance contract liabilities for account of segregated fund holders, ending balance	0	0
Insurance finance (income) expenses
Insurance finance (income) expenses, per disclosure above	44	32
Insurance contracts issued | Liabilities for incurred claims | Products not under PAA
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Opening insurance contract assets, beginning balance	56	7
Opening insurance contract liabilities, beginning balance	5,609	5,857
Opening insurance contract liabilities for account of segregated fund holders, beginning balance	0	0
Net opening balance, beginning balance	5,665	5,864
Insurance revenue
Expected incurred claims and other insurance service expenses	0	0
Change in risk adjustment for non-financial risk expired	0	0
CSM recognized for services provided	0	0
Recovery of insurance acquisition cash flows	0	0
Contracts under PAA	0	0
Insurance revenue	0	0
Insurance service expense
Incurred claims and other insurance service expenses	13,855	13,446
Losses and reversal of losses on onerous contracts (future service)	0	0
Changes to liabilities for incurred claims (past service)	(12)	(31)
Amortization of insurance acquisition cash flows	0	0
Net impairment of assets for insurance acquisition cash flows	0	0
Insurance service expense	13,843	13,415
Investment components and premium refunds	20,835	17,148
Insurance service result	34,678	30,563
Insurance finance (income) expenses	(85)	15
Effects of movements in foreign exchange rates	272	(71)
Total changes in income and OCI	34,865	30,507
Cash flows
Premiums and premium tax received	0	0
Claims and other insurance service expenses paid, including investment components	(34,776)	(30,706)
Insurance acquisition cash flows	0	0
Total cash flows	(34,776)	(30,706)
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts	0	0
Acquisition cash flows incurred in the year	0	0
Movements related to insurance contract liabilities for account of segregated fund holders	0	0
Net closing balance, ending balance	5,754	5,665
Closing insurance contract assets, ending balance	56	56
Closing insurance contract liabilities, ending balance	5,698	5,609
Closing insurance contract liabilities for account of segregated fund holders, ending balance	0	0
Insurance finance (income) expenses
Insurance finance (income) expenses, per disclosure above	(85)	15
Insurance contracts issued | Liabilities for incurred claims | PAA | PAA Estimates of PV of future cash flows
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Opening insurance contract assets, beginning balance	0	(12)
Opening insurance contract liabilities, beginning balance	10,445	10,877
Opening insurance contract liabilities for account of segregated fund holders, beginning balance	0	0
Net opening balance, beginning balance	10,445	10,865
Insurance revenue
Expected incurred claims and other insurance service expenses	0	0
Change in risk adjustment for non-financial risk expired	0	0
CSM recognized for services provided	0	0
Recovery of insurance acquisition cash flows	0	0
Contracts under PAA	0	0
Insurance revenue	0	0
Insurance service expense
Incurred claims and other insurance service expenses	7,423	6,136
Losses and reversal of losses on onerous contracts (future service)	0	0
Changes to liabilities for incurred claims (past service)	(2,391)	(1,605)
Amortization of insurance acquisition cash flows	0	0
Net impairment of assets for insurance acquisition cash flows	0	0
Insurance service expense	5,032	4,531
Investment components and premium refunds	2,719	1,932
Insurance service result	7,751	6,463
Insurance finance (income) expenses	689	848
Effects of movements in foreign exchange rates	29	(12)
Total changes in income and OCI	8,469	7,299
Cash flows
Premiums and premium tax received	0	0
Claims and other insurance service expenses paid, including investment components	(7,657)	(7,719)
Insurance acquisition cash flows	0	0
Total cash flows	(7,657)	(7,719)
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts	0	0
Acquisition cash flows incurred in the year	0	0
Movements related to insurance contract liabilities for account of segregated fund holders	0	0
Net closing balance, ending balance	11,257	10,445
Closing insurance contract assets, ending balance	1	0
Closing insurance contract liabilities, ending balance	11,256	10,445
Closing insurance contract liabilities for account of segregated fund holders, ending balance	0	0
Insurance finance (income) expenses
Insurance finance (income) expenses, per disclosure above	689	848
Insurance contracts issued | Liabilities for incurred claims | PAA | PAA Risk adjustment for non-financial risk
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Opening insurance contract assets, beginning balance	0	0
Opening insurance contract liabilities, beginning balance	625	602
Opening insurance contract liabilities for account of segregated fund holders, beginning balance	0	0
Net opening balance, beginning balance	625	602
Insurance revenue
Expected incurred claims and other insurance service expenses	0	0
Change in risk adjustment for non-financial risk expired	0	0
CSM recognized for services provided	0	0
Recovery of insurance acquisition cash flows	0	0
Contracts under PAA	0	0
Insurance revenue	0	0
Insurance service expense
Incurred claims and other insurance service expenses	224	254
Losses and reversal of losses on onerous contracts (future service)	0	0
Changes to liabilities for incurred claims (past service)	(202)	(242)
Amortization of insurance acquisition cash flows	0	0
Net impairment of assets for insurance acquisition cash flows	0	0
Insurance service expense	22	12
Investment components and premium refunds	0	0
Insurance service result	22	12
Insurance finance (income) expenses	44	11
Effects of movements in foreign exchange rates	0	0
Total changes in income and OCI	66	23
Cash flows
Premiums and premium tax received	0	0
Claims and other insurance service expenses paid, including investment components	0	0
Insurance acquisition cash flows	0	0
Total cash flows	0	0
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts	0	0
Acquisition cash flows incurred in the year	0	0
Movements related to insurance contract liabilities for account of segregated fund holders	0	0
Net closing balance, ending balance	691	625
Closing insurance contract assets, ending balance	0	0
Closing insurance contract liabilities, ending balance	691	625
Closing insurance contract liabilities for account of segregated fund holders, ending balance	0	0
Insurance finance (income) expenses
Insurance finance (income) expenses, per disclosure above	44	11
Insurance contracts issued | Liabilities for incurred claims | PAA | Assets for insurance acquisition cash flows
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Opening insurance contract assets, beginning balance	0	(9)
Opening insurance contract liabilities, beginning balance	(820)	(796)
Opening insurance contract liabilities for account of segregated fund holders, beginning balance	0	0
Net opening balance, beginning balance	(820)	(805)
Insurance revenue
Expected incurred claims and other insurance service expenses	0	0
Change in risk adjustment for non-financial risk expired	0	0
CSM recognized for services provided	0	0
Recovery of insurance acquisition cash flows	0	0
Contracts under PAA	0	0
Insurance revenue	0	0
Insurance service expense
Incurred claims and other insurance service expenses	0	0
Losses and reversal of losses on onerous contracts (future service)	0	0
Changes to liabilities for incurred claims (past service)	0	0
Amortization of insurance acquisition cash flows	0	0
Net impairment of assets for insurance acquisition cash flows	0	0
Insurance service expense	0	0
Investment components and premium refunds	0	0
Insurance service result	0	0
Insurance finance (income) expenses	0	0
Effects of movements in foreign exchange rates	(21)	7
Total changes in income and OCI	(21)	7
Cash flows
Premiums and premium tax received	0	0
Claims and other insurance service expenses paid, including investment components	0	0
Insurance acquisition cash flows	0	0
Total cash flows	0	0
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts	156	152
Acquisition cash flows incurred in the year	(193)	(174)
Movements related to insurance contract liabilities for account of segregated fund holders	0	0
Net closing balance, ending balance	(878)	(820)
Closing insurance contract assets, ending balance	(11)	0
Closing insurance contract liabilities, ending balance	(867)	(820)
Closing insurance contract liabilities for account of segregated fund holders, ending balance	0	0
Insurance finance (income) expenses
Insurance finance (income) expenses, per disclosure above	$ 0	$ 0

Insurance and Reinsurance con_5

Insurance and Reinsurance contract Assets and Liabilities - Insurance Contracts in Analysis by Measurement Components (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Changes in insurance contracts for reconciliation by components [abstract]
Opening insurance contract assets, beginning balance	$ (145)
Opening insurance contract liabilities, beginning balance	367,996
Opening insurance contract liabilities for account of segregated fund holders, beginning balance	114,143
Acquisition cash flows incurred in the year	(878)	$ (820)
Closing insurance contract assets, ending balance	(102)	(145)
Closing insurance contract liabilities, ending balance	396,401	367,996
Closing insurance contract liabilities for account of segregated fund holders, ending balance	126,545	114,143
Insurance contracts issued
Changes in insurance contracts for reconciliation by components [abstract]
Opening insurance contract assets, beginning balance	(145)	(673)
Opening insurance contract liabilities, beginning balance	367,996	354,849
Opening insurance contract liabilities for account of segregated fund holders, beginning balance	114,143	110,216
Net opening balance, beginning balance	481,994	464,392
Changes that relate to future services	882	90
Changes that relate to past services	(2,605)	(1,878)
Insurance service result	(4,770)	(4,590)
Insurance finance (income) expenses	3,337	25,174
Effects of movements in foreign exchange rates	25,357	(9,771)
Total changes in income and OCI	23,924	10,813
Total cash flows	4,717	3,036
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts	0	0
Acquisition cash flows incurred in the year	(193)	(174)
Movements related to insurance contract liabilities for account of segregated fund holders	12,402	3,927
Net closing balance, ending balance	522,844	481,994
Closing insurance contract assets, ending balance	(102)	(145)
Closing insurance contract liabilities, ending balance	396,401	367,996
Closing insurance contract liabilities for account of segregated fund holders, ending balance	126,545	114,143
Insurance finance (income) expenses
Insurance finance (income) expenses, per disclosure above	3,337	25,174
Insurance finance (income) expenses, per disclosure in note 6 (f)	(6,631)	(24,992)
Insurance contracts issued | Cash flow hedges
Insurance finance (income) expenses
Reclassification of derivative	(52)	3
Insurance contracts issued | Fair value hedges
Insurance finance (income) expenses
Reclassification of derivative	3,346	(185)
Insurance contracts issued | CSM, Fair value
Changes in insurance contracts for reconciliation by components [abstract]
Net opening balance, beginning balance	17,413
Net closing balance, ending balance	19,007	17,413
Insurance contracts issued | Assets for insurance acquisition cash flows
Changes in insurance contracts for reconciliation by components [abstract]
Opening insurance contract assets, beginning balance	0
Opening insurance contract liabilities, beginning balance	(820)
Opening insurance contract liabilities for account of segregated fund holders, beginning balance	0
Net opening balance, beginning balance	(820)
Net closing balance, ending balance	(878)	(820)
Closing insurance contract assets, ending balance	(11)	0
Closing insurance contract liabilities, ending balance	(867)	(820)
Closing insurance contract liabilities for account of segregated fund holders, ending balance	0	0
Analysis by measurement components | Insurance contracts issued
Changes in insurance contracts for reconciliation by components [abstract]
Opening insurance contract assets, beginning balance	(144)	(658)
Opening insurance contract liabilities, beginning balance	355,418	342,853
Opening PAA insurance contract net liabilities, beginning balance	12,577	11,981
Opening insurance contract liabilities for account of segregated fund holders, beginning balance	114,143	110,216
Net opening balance, beginning balance	481,994	464,392
CSM recognized for services provided	(2,697)	(2,162)
Change in risk adjustment for non-financial risk for risk expired	(1,430)	(1,620)
Experience adjustments	(532)	152
Changes that relate to current services	(4,659)	(3,630)
Contracts initially recognized during the year	104	253
Changes in estimates that adjust the CSM	0	0
Changes in estimates that relate to losses and reversal of losses on onerous contracts	777	(162)
Changes that relate to future services	881	91
Adjustments to liabilities for incurred claims	(12)	(32)
Changes that relate to past services	(12)	(32)
Insurance service result	(3,790)	(3,571)
Insurance finance (income) expenses	2,612	24,306
Effects of movements in foreign exchange rates	25,296	(9,729)
Total changes in income and OCI	24,118	11,006
Total cash flows	3,840	2,081
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts	0	0
Acquisition cash flows incurred in the year	(8)	(8)
Change in PAA balance	498	596
Movements related to insurance contract liabilities for account of segregated fund holders	12,402	3,927
Net closing balance, ending balance	522,844	481,994
Closing insurance contract assets, ending balance	(98)	(144)
Closing insurance contract liabilities, ending balance	383,322	355,418
Closing PAA insurance contract net liabilities, ending balance	13,075	12,577
Closing insurance contract liabilities for account of segregated fund holders, ending balance	126,545	114,143
Insurance finance (income) expenses
Insurance finance (income) expenses, per disclosure above	2,612	24,306
Analysis by measurement components | Insurance contracts issued | PAA
Changes in insurance contracts for reconciliation by components [abstract]
Insurance finance (income) expenses	725	868
Insurance finance (income) expenses
Insurance finance (income) expenses, per disclosure above	725	868
Insurance finance (income) expenses, per disclosure in note 6 (f)	6,631	24,992
Analysis by measurement components | Insurance contracts issued | Cash flow hedges
Insurance finance (income) expenses
Reclassification of derivative	(52)	3
Analysis by measurement components | Insurance contracts issued | Cash flow hedges | PAA
Insurance finance (income) expenses
Reclassification of derivative	0	0
Analysis by measurement components | Insurance contracts issued | Fair value hedges
Insurance finance (income) expenses
Reclassification of derivative	3,333	(120)
Analysis by measurement components | Insurance contracts issued | Fair value hedges | PAA
Insurance finance (income) expenses
Reclassification of derivative	13	(65)
Analysis by measurement components | Insurance contracts issued | Estimates of PV of future cash flows
Changes in insurance contracts for reconciliation by components [abstract]
Opening insurance contract assets, beginning balance	(416)	(1,827)
Opening insurance contract liabilities, beginning balance	310,807	297,967
Opening PAA insurance contract net liabilities, beginning balance	12,712	12,125
Opening insurance contract liabilities for account of segregated fund holders, beginning balance	114,143	110,216
Net opening balance, beginning balance	437,246	418,481
CSM recognized for services provided	0	0
Change in risk adjustment for non-financial risk for risk expired	0	0
Experience adjustments	(532)	152
Changes that relate to current services	(532)	152
Contracts initially recognized during the year	(4,043)	(3,295)
Changes in estimates that adjust the CSM	(459)	1,585
Changes in estimates that relate to losses and reversal of losses on onerous contracts	770	(174)
Changes that relate to future services	(3,732)	(1,884)
Adjustments to liabilities for incurred claims	(8)	(28)
Changes that relate to past services	(8)	(28)
Insurance service result	(4,272)	(1,760)
Insurance finance (income) expenses	2,317	22,340
Effects of movements in foreign exchange rates	21,946	(8,405)
Total changes in income and OCI	19,991	12,175
Total cash flows	3,840	2,081
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts	(6)	(5)
Acquisition cash flows incurred in the year	0	0
Change in PAA balance	489	587
Movements related to insurance contract liabilities for account of segregated fund holders	12,402	3,927
Net closing balance, ending balance	473,962	437,246
Closing insurance contract assets, ending balance	(490)	(416)
Closing insurance contract liabilities, ending balance	334,706	310,807
Closing PAA insurance contract net liabilities, ending balance	13,201	12,712
Closing insurance contract liabilities for account of segregated fund holders, ending balance	126,545	114,143
Insurance finance (income) expenses
Insurance finance (income) expenses, per disclosure above	2,317	22,340
Analysis by measurement components | Insurance contracts issued | Risk adjustment for non-financial risk
Changes in insurance contracts for reconciliation by components [abstract]
Opening insurance contract assets, beginning balance	141	512
Opening insurance contract liabilities, beginning balance	22,697	25,750
Opening PAA insurance contract net liabilities, beginning balance	626	605
Opening insurance contract liabilities for account of segregated fund holders, beginning balance	0	0
Net opening balance, beginning balance	23,464	26,867
CSM recognized for services provided	0	0
Change in risk adjustment for non-financial risk for risk expired	(1,430)	(1,620)
Experience adjustments	0	0
Changes that relate to current services	(1,430)	(1,620)
Contracts initially recognized during the year	952	1,180
Changes in estimates that adjust the CSM	(1,866)	(3,859)
Changes in estimates that relate to losses and reversal of losses on onerous contracts	7	12
Changes that relate to future services	(907)	(2,667)
Adjustments to liabilities for incurred claims	(4)	(4)
Changes that relate to past services	(4)	(4)
Insurance service result	(2,341)	(4,291)
Insurance finance (income) expenses	(59)	1,646
Effects of movements in foreign exchange rates	1,866	(779)
Total changes in income and OCI	(534)	(3,424)
Total cash flows	0	0
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts	0	0
Acquisition cash flows incurred in the year	0	0
Change in PAA balance	65	21
Movements related to insurance contract liabilities for account of segregated fund holders	0	0
Net closing balance, ending balance	22,995	23,464
Closing insurance contract assets, ending balance	144	141
Closing insurance contract liabilities, ending balance	22,160	22,697
Closing PAA insurance contract net liabilities, ending balance	691	626
Closing insurance contract liabilities for account of segregated fund holders, ending balance	0	0
Insurance finance (income) expenses
Insurance finance (income) expenses, per disclosure above	(59)	1,646
Analysis by measurement components | Insurance contracts issued | CSM, Fair value
Changes in insurance contracts for reconciliation by components [abstract]
Opening insurance contract assets, beginning balance	32	100
Opening insurance contract liabilities, beginning balance	17,381	17,105
Opening PAA insurance contract net liabilities, beginning balance	0	0
Opening insurance contract liabilities for account of segregated fund holders, beginning balance	0	0
Net opening balance, beginning balance	17,413	17,205
CSM recognized for services provided	(2,097)	(1,812)
Change in risk adjustment for non-financial risk for risk expired	0	0
Experience adjustments	0	0
Changes that relate to current services	(2,097)	(1,812)
Contracts initially recognized during the year	2	0
Changes in estimates that adjust the CSM	2,388	2,214
Changes in estimates that relate to losses and reversal of losses on onerous contracts	0	0
Changes that relate to future services	2,390	2,214
Adjustments to liabilities for incurred claims	0	0
Changes that relate to past services	0	0
Insurance service result	293	402
Insurance finance (income) expenses	233	244
Effects of movements in foreign exchange rates	1,068	(438)
Total changes in income and OCI	1,594	208
Total cash flows	0	0
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts	0	0
Acquisition cash flows incurred in the year	0	0
Change in PAA balance	0	0
Movements related to insurance contract liabilities for account of segregated fund holders	0	0
Net closing balance, ending balance	19,007	17,413
Closing insurance contract assets, ending balance	100	32
Closing insurance contract liabilities, ending balance	18,907	17,381
Closing PAA insurance contract net liabilities, ending balance	0	0
Closing insurance contract liabilities for account of segregated fund holders, ending balance	0	0
Insurance finance (income) expenses
Insurance finance (income) expenses, per disclosure above	233	244
Analysis by measurement components | Insurance contracts issued | CSM, Other
Changes in insurance contracts for reconciliation by components [abstract]
Opening insurance contract assets, beginning balance	99	557
Opening insurance contract liabilities, beginning balance	4,592	2,087
Opening PAA insurance contract net liabilities, beginning balance	0	0
Opening insurance contract liabilities for account of segregated fund holders, beginning balance	0	0
Net opening balance, beginning balance	4,691	2,644
CSM recognized for services provided	(600)	(350)
Change in risk adjustment for non-financial risk for risk expired	0	0
Experience adjustments	0	0
Changes that relate to current services	(600)	(350)
Contracts initially recognized during the year	3,193	2,368
Changes in estimates that adjust the CSM	(63)	60
Changes in estimates that relate to losses and reversal of losses on onerous contracts	0	0
Changes that relate to future services	3,130	2,428
Adjustments to liabilities for incurred claims	0	0
Changes that relate to past services	0	0
Insurance service result	2,530	2,078
Insurance finance (income) expenses	121	76
Effects of movements in foreign exchange rates	416	(107)
Total changes in income and OCI	3,067	2,047
Total cash flows	0	0
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts	0	0
Acquisition cash flows incurred in the year	0	0
Change in PAA balance	0	0
Movements related to insurance contract liabilities for account of segregated fund holders	0	0
Net closing balance, ending balance	7,758	4,691
Closing insurance contract assets, ending balance	148	99
Closing insurance contract liabilities, ending balance	7,610	4,592
Closing PAA insurance contract net liabilities, ending balance	0	0
Closing insurance contract liabilities for account of segregated fund holders, ending balance	0	0
Insurance finance (income) expenses
Insurance finance (income) expenses, per disclosure above	121	76
Analysis by measurement components | Insurance contracts issued | Assets for insurance acquisition cash flows
Changes in insurance contracts for reconciliation by components [abstract]
Opening insurance contract assets, beginning balance	0	0
Opening insurance contract liabilities, beginning balance	(59)	(56)
Opening PAA insurance contract net liabilities, beginning balance	(761)	(749)
Opening insurance contract liabilities for account of segregated fund holders, beginning balance	0	0
Net opening balance, beginning balance	(820)	(805)
CSM recognized for services provided	0	0
Change in risk adjustment for non-financial risk for risk expired	0	0
Experience adjustments	0	0
Changes that relate to current services	0	0
Contracts initially recognized during the year	0	0
Changes in estimates that adjust the CSM	0	0
Changes in estimates that relate to losses and reversal of losses on onerous contracts	0	0
Changes that relate to future services	0	0
Adjustments to liabilities for incurred claims	0	0
Changes that relate to past services	0	0
Insurance service result	0	0
Insurance finance (income) expenses	0	0
Effects of movements in foreign exchange rates	0	0
Total changes in income and OCI	0	0
Total cash flows	0	0
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts	6	5
Acquisition cash flows incurred in the year	(8)	(8)
Change in PAA balance	(56)	(12)
Movements related to insurance contract liabilities for account of segregated fund holders	0	0
Net closing balance, ending balance	(878)	(820)
Closing insurance contract assets, ending balance	0	0
Closing insurance contract liabilities, ending balance	(61)	(59)
Closing PAA insurance contract net liabilities, ending balance	(817)	(761)
Closing insurance contract liabilities for account of segregated fund holders, ending balance	0	0
Insurance finance (income) expenses
Insurance finance (income) expenses, per disclosure above	$ 0	$ 0

Insurance and Reinsurance con_6

Insurance and Reinsurance contract Assets and Liabilities - Reinsurance Contracts Held in Analysis by Remaining Coverage and Incurred Claims (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Opening reinsurance contract held assets, beginning balance	$ 42,651
Opening reinsurance contract held liabilities, beginning balance	(2,831)
Amounts recoverable from reinsurers
Net expenses from reinsurance contracts held	(769)	$ (613)
Effect of changes in non-performance risk of reinsurers	57	15
Cash flows
Closing reinsurance contract held assets, ending balance	59,015	42,651
Reinsurance contracts held that are liabilities	(2,669)	(2,831)
Reinsurance contracts held
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Opening reinsurance contract held assets, beginning balance	42,651	45,871
Opening reinsurance contract held liabilities, beginning balance	(2,831)	(2,391)
Net opening balance, beginning balance	39,820	43,480
Changes in income and OCI
Allocation of reinsurance premium paid	(7,709)	(6,430)
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service expenses	6,578	5,751
Recoveries and reversals of recoveries of losses on onerous underlying contracts	372	77
Adjustments to assets for incurred claims	(10)	(11)
Insurance service result	(769)	(613)
Investment components and premium refunds	0	0
Net expenses from reinsurance contracts held	(769)	(613)
Net finance (income) expenses from reinsurance contracts	(1,836)	639
Effect of changes in non-performance risk of reinsurers	(58)	(14)
Effects of movements in foreign exchange rates	4,632	(1,098)
Contracts measured under PAA	0	0
Total changes in income and OCI	1,969	(1,086)
Cash flows
Premiums paid	23,130	4,956
Amounts received	(8,573)	(7,530)
Total cash flows	14,557	(2,574)
Net closing balance, ending balance	56,346	39,820
Closing reinsurance contract held assets, ending balance	59,015	42,651
Reinsurance contracts held that are liabilities	(2,669)	(2,831)
Reinsurance contract held assets from reinsurance transactions	18,600	0
Reinsurance contracts held | Liabilities for remaining coverage, excluding loss component
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Opening reinsurance contract held assets, beginning balance	35,079	37,853
Opening reinsurance contract held liabilities, beginning balance	(2,634)	(2,196)
Net opening balance, beginning balance	32,445	35,657
Changes in income and OCI
Allocation of reinsurance premium paid	(7,709)	(6,430)
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service expenses	0	0
Recoveries and reversals of recoveries of losses on onerous underlying contracts	0	0
Adjustments to assets for incurred claims	0	0
Insurance service result	(7,709)	(6,430)
Investment components and premium refunds	(1,939)	1,519
Net expenses from reinsurance contracts held	(9,648)	(7,949)
Net finance (income) expenses from reinsurance contracts	(1,859)	719
Effect of changes in non-performance risk of reinsurers	(58)	(14)
Effects of movements in foreign exchange rates	4,021	(924)
Contracts measured under PAA	0	0
Total changes in income and OCI	(7,544)	(8,168)
Cash flows
Premiums paid	23,130	4,956
Amounts received	0	0
Total cash flows	23,130	4,956
Net closing balance, ending balance	48,031	32,445
Closing reinsurance contract held assets, ending balance	50,723	35,079
Reinsurance contracts held that are liabilities	(2,692)	(2,634)
Reinsurance contracts held | Liabilities for remaining coverage, loss component
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Opening reinsurance contract held assets, beginning balance	246	209
Opening reinsurance contract held liabilities, beginning balance	2	4
Net opening balance, beginning balance	248	213
Changes in income and OCI
Allocation of reinsurance premium paid	0	0
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service expenses	(32)	(45)
Recoveries and reversals of recoveries of losses on onerous underlying contracts	372	77
Adjustments to assets for incurred claims	0	0
Insurance service result	340	32
Investment components and premium refunds	0	0
Net expenses from reinsurance contracts held	340	32
Net finance (income) expenses from reinsurance contracts	12	8
Effect of changes in non-performance risk of reinsurers	0	0
Effects of movements in foreign exchange rates	36	(5)
Contracts measured under PAA	0	0
Total changes in income and OCI	388	35
Cash flows
Premiums paid	0	0
Amounts received	0	0
Total cash flows	0	0
Net closing balance, ending balance	636	248
Closing reinsurance contract held assets, ending balance	631	246
Reinsurance contracts held that are liabilities	5	2
Reinsurance contracts held | Liabilities for incurred claims | Products not under PAA
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Opening reinsurance contract held assets, beginning balance	7,035	7,521
Opening reinsurance contract held liabilities, beginning balance	(136)	(137)
Net opening balance, beginning balance	6,899	7,384
Changes in income and OCI
Allocation of reinsurance premium paid	0	0
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service expenses	6,002	5,228
Recoveries and reversals of recoveries of losses on onerous underlying contracts	0	0
Adjustments to assets for incurred claims	11	5
Insurance service result	6,013	5,233
Investment components and premium refunds	1,939	(1,519)
Net expenses from reinsurance contracts held	7,952	6,752
Net finance (income) expenses from reinsurance contracts	4	(97)
Effect of changes in non-performance risk of reinsurers	0	0
Effects of movements in foreign exchange rates	575	(169)
Contracts measured under PAA	0	0
Total changes in income and OCI	8,531	6,486
Cash flows
Premiums paid	0	0
Amounts received	(7,991)	(6,971)
Total cash flows	(7,991)	(6,971)
Net closing balance, ending balance	7,439	6,899
Closing reinsurance contract held assets, ending balance	7,395	7,035
Reinsurance contracts held that are liabilities	44	(136)
Reinsurance contracts held | Liabilities for incurred claims | PAA | Estimates of PV of future cash flows
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Opening reinsurance contract held assets, beginning balance	275	280
Opening reinsurance contract held liabilities, beginning balance	(63)	(62)
Net opening balance, beginning balance	212	218
Changes in income and OCI
Allocation of reinsurance premium paid	0	0
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service expenses	607	568
Recoveries and reversals of recoveries of losses on onerous underlying contracts	0	0
Adjustments to assets for incurred claims	(14)	(24)
Insurance service result	593	544
Investment components and premium refunds	0	0
Net expenses from reinsurance contracts held	593	544
Net finance (income) expenses from reinsurance contracts	3	9
Effect of changes in non-performance risk of reinsurers	0	0
Effects of movements in foreign exchange rates	0	0
Contracts measured under PAA	0	0
Total changes in income and OCI	596	553
Cash flows
Premiums paid	0	0
Amounts received	(582)	(559)
Total cash flows	(582)	(559)
Net closing balance, ending balance	226	212
Closing reinsurance contract held assets, ending balance	252	275
Reinsurance contracts held that are liabilities	(26)	(63)
Reinsurance contracts held | Liabilities for incurred claims | PAA | Risk adjustment for non-financial risk
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Opening reinsurance contract held assets, beginning balance	16	8
Opening reinsurance contract held liabilities, beginning balance	0	0
Net opening balance, beginning balance	16	8
Changes in income and OCI
Allocation of reinsurance premium paid	0	0
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service expenses	1	0
Recoveries and reversals of recoveries of losses on onerous underlying contracts	0	0
Adjustments to assets for incurred claims	(7)	8
Insurance service result	(6)	8
Investment components and premium refunds	0	0
Net expenses from reinsurance contracts held	(6)	8
Net finance (income) expenses from reinsurance contracts	4	0
Effect of changes in non-performance risk of reinsurers	0	0
Effects of movements in foreign exchange rates	0	0
Contracts measured under PAA	0	0
Total changes in income and OCI	(2)	8
Cash flows
Premiums paid	0	0
Amounts received	0	0
Total cash flows	0	0
Net closing balance, ending balance	14	16
Closing reinsurance contract held assets, ending balance	14	16
Reinsurance contracts held that are liabilities	$ 0	$ 0

Insurance and Reinsurance con_7

Insurance and Reinsurance contract Assets and Liabilities - Reinsurance Contracts Held in Analysis by Measurement Components (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Opening reinsurance contract held assets, beginning balance	$ 42,651
Opening reinsurance contract held liabilities, beginning balance	(2,831)
Effects of changes in non-performance risk of reinsurers	57	$ 15
Closing reinsurance contract held assets, ending balance	59,015	42,651
Reinsurance contracts held that are liabilities	(2,669)	(2,831)
Reinsurance contracts held
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Opening reinsurance contract held assets, beginning balance	42,651	45,871
Opening reinsurance contract held liabilities, beginning balance	(2,831)	(2,391)
Net opening balance, beginning balance	39,820	43,480
Contracts initially recognized during the year	57	72
Effects of changes in non-performance risk of reinsurers	(58)	(14)
Effects of movements in foreign exchange rates	(4,632)	1,098
Total changes in income and OCI	(1,969)	1,086
Total cash flows	14,557	(2,574)
Net closing balance, ending balance	56,346	39,820
Closing reinsurance contract held assets, ending balance	59,015	42,651
Reinsurance contracts held that are liabilities	(2,669)	(2,831)
Reinsurance contracts held | PAA Estimates of PV of future cash flows
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Contracts initially recognized during the year	18,990	1,933
Reinsurance contracts held | PAA Risk adjustment for non-financial risk
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Contracts initially recognized during the year	1,261	399
Analysis by measurement components | Reinsurance contracts held
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Opening reinsurance contract held assets, beginning balance	42,355	45,578
Opening reinsurance contract held liabilities, beginning balance	(2,790)	(2,346)
Opening PAA reinsurance contract net assets, beginning balance	255	248
Net opening balance, beginning balance	39,820	43,480
CSM recognized for services received	(321)	(164)
Change in risk adjustment for non-financial risk for risk expired	(536)	(478)
Experience adjustments	(265)	(19)
Changes that relate to current services	(1,122)	(661)
Contracts initially recognized during the year	57	72
Changes in recoveries of losses on onerous underlying contracts that adjust the CSM	142	(19)
Changes in estimates that adjust the CSM	0	0
Changes in estimates that relate to losses and reversal of losses on onerous contracts	172	23
Changes that relate to future services	371	76
Adjustments to liabilities for incurred claims	11	5
Changes that relate to past services	11	5
Insurance service result	(740)	(580)
Insurance finance (income) expenses from reinsurance contracts	(1,842)	630
Effects of changes in non-performance risk of reinsurers	(58)	(14)
Effects of movements in foreign exchange rates	4,630	(1,097)
Total changes in income and OCI	1,990	(1,061)
Total cash flows	14,528	(2,606)
Change in PAA balance	8	7
Net closing balance, ending balance	56,346	39,820
Closing reinsurance contract held assets, ending balance	58,725	42,355
Reinsurance contracts held that are liabilities	(2,642)	(2,790)
Opening PAA reinsurance contract net assets, ending balance	263	255
Analysis by measurement components | Reinsurance contracts held | PAA Estimates of PV of future cash flows
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Opening reinsurance contract held assets, beginning balance	38,156	39,656
Opening reinsurance contract held liabilities, beginning balance	(4,384)	(3,919)
Opening PAA reinsurance contract net assets, beginning balance	239	240
Net opening balance, beginning balance	34,011	35,977
CSM recognized for services received	0	0
Change in risk adjustment for non-financial risk for risk expired	0	0
Experience adjustments	(265)	(19)
Changes that relate to current services	(265)	(19)
Contracts initially recognized during the year	(1,826)	(64)
Changes in recoveries of losses on onerous underlying contracts that adjust the CSM	0	0
Changes in estimates that adjust the CSM	(1,577)	1,433
Changes in estimates that relate to losses and reversal of losses on onerous contracts	171	43
Changes that relate to future services	(3,232)	1,412
Adjustments to liabilities for incurred claims	11	5
Changes that relate to past services	11	5
Insurance service result	(3,486)	1,398
Insurance finance (income) expenses from reinsurance contracts	(1,858)	173
Effects of changes in non-performance risk of reinsurers	(58)	(14)
Effects of movements in foreign exchange rates	4,069	(916)
Total changes in income and OCI	(1,333)	641
Total cash flows	14,528	(2,606)
Change in PAA balance	10	(1)
Net closing balance, ending balance	47,216	34,011
Closing reinsurance contract held assets, ending balance	50,275	38,156
Reinsurance contracts held that are liabilities	(3,308)	(4,384)
Opening PAA reinsurance contract net assets, ending balance	249	239
Analysis by measurement components | Reinsurance contracts held | PAA Risk adjustment for non-financial risk
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Opening reinsurance contract held assets, beginning balance	3,685	4,049
Opening reinsurance contract held liabilities, beginning balance	1,305	1,574
Opening PAA reinsurance contract net assets, beginning balance	16	8
Net opening balance, beginning balance	5,006	5,631
CSM recognized for services received	0	0
Change in risk adjustment for non-financial risk for risk expired	(536)	(478)
Experience adjustments	0	0
Changes that relate to current services	(536)	(478)
Contracts initially recognized during the year	1,261	399
Changes in recoveries of losses on onerous underlying contracts that adjust the CSM	0	0
Changes in estimates that adjust the CSM	(290)	(821)
Changes in estimates that relate to losses and reversal of losses on onerous contracts	1	(20)
Changes that relate to future services	972	(442)
Adjustments to liabilities for incurred claims	0	0
Changes that relate to past services	0	0
Insurance service result	436	(920)
Insurance finance (income) expenses from reinsurance contracts	(62)	447
Effects of changes in non-performance risk of reinsurers	0	0
Effects of movements in foreign exchange rates	411	(160)
Total changes in income and OCI	785	(633)
Total cash flows	0	0
Change in PAA balance	(2)	8
Net closing balance, ending balance	5,789	5,006
Closing reinsurance contract held assets, ending balance	5,442	3,685
Reinsurance contracts held that are liabilities	333	1,305
Opening PAA reinsurance contract net assets, ending balance	14	16
Analysis by measurement components | Reinsurance contracts held | CSM, Fair value
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Opening reinsurance contract held assets, beginning balance	565	1,774
Opening reinsurance contract held liabilities, beginning balance	116	(39)
Opening PAA reinsurance contract net assets, beginning balance	0	0
Net opening balance, beginning balance	681	1,735
CSM recognized for services received	(62)	(217)
Change in risk adjustment for non-financial risk for risk expired	0	0
Experience adjustments	0	0
Changes that relate to current services	(62)	(217)
Contracts initially recognized during the year	2	0
Changes in recoveries of losses on onerous underlying contracts that adjust the CSM	110	(36)
Changes in estimates that adjust the CSM	1,657	(821)
Changes in estimates that relate to losses and reversal of losses on onerous contracts	0	0
Changes that relate to future services	1,769	(857)
Adjustments to liabilities for incurred claims	0	0
Changes that relate to past services	0	0
Insurance service result	1,707	(1,074)
Insurance finance (income) expenses from reinsurance contracts	16	41
Effects of changes in non-performance risk of reinsurers	0	0
Effects of movements in foreign exchange rates	103	(21)
Total changes in income and OCI	1,826	(1,054)
Total cash flows	0	0
Change in PAA balance	0	0
Net closing balance, ending balance	2,507	681
Closing reinsurance contract held assets, ending balance	2,619	565
Reinsurance contracts held that are liabilities	(112)	116
Opening PAA reinsurance contract net assets, ending balance	0	0
Analysis by measurement components | Reinsurance contracts held | CSM, Other
Changes in insurance contracts for reconciliation by remaining coverage and incurred claims [abstract]
Opening reinsurance contract held assets, beginning balance	(51)	99
Opening reinsurance contract held liabilities, beginning balance	173	38
Opening PAA reinsurance contract net assets, beginning balance	0	0
Net opening balance, beginning balance	122	137
CSM recognized for services received	(259)	53
Change in risk adjustment for non-financial risk for risk expired	0	0
Experience adjustments	0	0
Changes that relate to current services	(259)	53
Contracts initially recognized during the year	620	(263)
Changes in recoveries of losses on onerous underlying contracts that adjust the CSM	32	17
Changes in estimates that adjust the CSM	210	209
Changes in estimates that relate to losses and reversal of losses on onerous contracts	0	0
Changes that relate to future services	862	(37)
Adjustments to liabilities for incurred claims	0	0
Changes that relate to past services	0	0
Insurance service result	603	16
Insurance finance (income) expenses from reinsurance contracts	62	(31)
Effects of changes in non-performance risk of reinsurers	0	0
Effects of movements in foreign exchange rates	47	0
Total changes in income and OCI	712	(15)
Total cash flows	0	0
Change in PAA balance	0	0
Net closing balance, ending balance	834	122
Closing reinsurance contract held assets, ending balance	389	(51)
Reinsurance contracts held that are liabilities	445	173
Opening PAA reinsurance contract net assets, ending balance	$ 0	$ 0

Insurance and Reinsurance Con_8

Insurance and Reinsurance Contract Assets and Liabilities - Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts Held by Measurement Components (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Insurance contracts issued
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	$ 522,844	$ 481,994	$ 464,392
Insurance contracts issued | Asia
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	180,536	154,317
Insurance contracts issued | Canada
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	120,526	116,221
Insurance contracts issued | U.S.
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	223,563	213,061
Insurance contracts issued | Corporate and Other
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	(903)	(785)
Reinsurance contracts held
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	56,346	39,820
Reinsurance contracts held | Asia
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	6,810	1,631
Reinsurance contracts held | Canada
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	6,759	1,009
Reinsurance contracts held | U.S.
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	43,030	37,423
Reinsurance contracts held | Corporate and Other
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	(253)	(243)
Assets for insurance acquisition cash flows | Insurance contracts issued
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	(878)	(820)
Assets for insurance acquisition cash flows | Insurance contracts issued | Asia
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	(290)	(271)
Assets for insurance acquisition cash flows | Insurance contracts issued | Canada
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	(588)	(549)
Assets for insurance acquisition cash flows | Insurance contracts issued | U.S.
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	0	0
Assets for insurance acquisition cash flows | Insurance contracts issued | Corporate and Other
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	0	0
CSM, Fair value | Insurance contracts issued
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	19,007	17,413
CSM, Fair value | Insurance contracts issued | Asia
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	11,338	10,431
CSM, Fair value | Insurance contracts issued | Canada
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	3,986	3,851
CSM, Fair value | Insurance contracts issued | U.S.
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	3,823	3,243
CSM, Fair value | Insurance contracts issued | Corporate and Other
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	(140)	(112)
CSM, Fair value | Reinsurance contracts held
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	2,507	681
CSM, Fair value | Reinsurance contracts held | Asia
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	627	623
CSM, Fair value | Reinsurance contracts held | Canada
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	426	338
CSM, Fair value | Reinsurance contracts held | U.S.
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	1,603	(143)
CSM, Fair value | Reinsurance contracts held | Corporate and Other
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	(149)	(137)
CSM, Other | Insurance contracts issued
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	7,758	4,691
CSM, Other | Insurance contracts issued | Asia
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	6,267	3,740
CSM, Other | Insurance contracts issued | Canada
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	753	492
CSM, Other | Insurance contracts issued | U.S.
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	738	459
CSM, Other | Insurance contracts issued | Corporate and Other
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	0	0
CSM, Other | Reinsurance contracts held
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	834	122
CSM, Other | Reinsurance contracts held | Asia
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	141	70
CSM, Other | Reinsurance contracts held | Canada
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	203	(56)
CSM, Other | Reinsurance contracts held | U.S.
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	490	108
CSM, Other | Reinsurance contracts held | Corporate and Other
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	0	0
Total Excluding Assets For Insurance Acquisition Cash Flows [Member] | Insurance contracts issued
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	522,843	481,994
Total Excluding Assets For Insurance Acquisition Cash Flows [Member] | Insurance contracts issued | Asia
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	180,246	154,046
Total Excluding Assets For Insurance Acquisition Cash Flows [Member] | Insurance contracts issued | Canada
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	119,937	115,672
Total Excluding Assets For Insurance Acquisition Cash Flows [Member] | Insurance contracts issued | U.S.
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	223,563	213,061
Total Excluding Assets For Insurance Acquisition Cash Flows [Member] | Insurance contracts issued | Corporate and Other
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	(903)	(785)
PAA | Assets for insurance acquisition cash flows | Insurance contracts issued
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	460,761	424,534
PAA | Assets for insurance acquisition cash flows | Insurance contracts issued | Asia
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	153,801	132,135
PAA | Assets for insurance acquisition cash flows | Insurance contracts issued | Canada
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	100,296	96,455
PAA | Assets for insurance acquisition cash flows | Insurance contracts issued | U.S.
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	207,665	196,921
PAA | Assets for insurance acquisition cash flows | Insurance contracts issued | Corporate and Other
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	(1,001)	(977)
PAA | Assets for insurance acquisition cash flows | Reinsurance contracts held
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	46,967	33,772
PAA | Assets for insurance acquisition cash flows | Reinsurance contracts held | Asia
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	4,462	(351)
PAA | Assets for insurance acquisition cash flows | Reinsurance contracts held | Canada
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	4,308	(1,238)
PAA | Assets for insurance acquisition cash flows | Reinsurance contracts held | U.S.
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	38,295	35,461
PAA | Assets for insurance acquisition cash flows | Reinsurance contracts held | Corporate and Other
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	(98)	(100)
PAA | PAA Risk adjustment for non-financial risk | Insurance contracts issued
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	22,303	22,838
PAA | PAA Risk adjustment for non-financial risk | Insurance contracts issued | Asia
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	7,630	6,764
PAA | PAA Risk adjustment for non-financial risk | Insurance contracts issued | Canada
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	3,350	3,649
PAA | PAA Risk adjustment for non-financial risk | Insurance contracts issued | U.S.
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	11,337	12,438
PAA | PAA Risk adjustment for non-financial risk | Insurance contracts issued | Corporate and Other
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	(14)	(13)
PAA | PAA Risk adjustment for non-financial risk | Reinsurance contracts held
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	5,775	4,990
PAA | PAA Risk adjustment for non-financial risk | Reinsurance contracts held | Asia
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	1,580	1,326
PAA | PAA Risk adjustment for non-financial risk | Reinsurance contracts held | Canada
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	1,561	1,674
PAA | PAA Risk adjustment for non-financial risk | Reinsurance contracts held | U.S.
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	2,641	1,997
PAA | PAA Risk adjustment for non-financial risk | Reinsurance contracts held | Corporate and Other
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	(7)	(7)
Products not under PAA | Assets for insurance acquisition cash flows | Insurance contracts issued
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	13,201	12,712
Products not under PAA | Assets for insurance acquisition cash flows | Insurance contracts issued | Asia
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	1,497	1,242
Products not under PAA | Assets for insurance acquisition cash flows | Insurance contracts issued | Canada
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	11,452	11,153
Products not under PAA | Assets for insurance acquisition cash flows | Insurance contracts issued | U.S.
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	0	0
Products not under PAA | Assets for insurance acquisition cash flows | Insurance contracts issued | Corporate and Other
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	252	317
Products not under PAA | Assets for insurance acquisition cash flows | Reinsurance contracts held
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	249	239
Products not under PAA | Assets for insurance acquisition cash flows | Reinsurance contracts held | Asia
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	0	(37)
Products not under PAA | Assets for insurance acquisition cash flows | Reinsurance contracts held | Canada
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	248	275
Products not under PAA | Assets for insurance acquisition cash flows | Reinsurance contracts held | U.S.
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	0	0
Products not under PAA | Assets for insurance acquisition cash flows | Reinsurance contracts held | Corporate and Other
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	1	1
Products not under PAA | PAA Risk adjustment for non-financial risk | Insurance contracts issued
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	691	626
Products not under PAA | PAA Risk adjustment for non-financial risk | Insurance contracts issued | Asia
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	3	5
Products not under PAA | PAA Risk adjustment for non-financial risk | Insurance contracts issued | Canada
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	688	621
Products not under PAA | PAA Risk adjustment for non-financial risk | Insurance contracts issued | U.S.
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	0	0
Products not under PAA | PAA Risk adjustment for non-financial risk | Insurance contracts issued | Corporate and Other
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	0	0
Products not under PAA | PAA Risk adjustment for non-financial risk | Reinsurance contracts held
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	14	16
Products not under PAA | PAA Risk adjustment for non-financial risk | Reinsurance contracts held | Asia
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	0	0
Products not under PAA | PAA Risk adjustment for non-financial risk | Reinsurance contracts held | Canada
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	13	16
Products not under PAA | PAA Risk adjustment for non-financial risk | Reinsurance contracts held | U.S.
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	1	0
Products not under PAA | PAA Risk adjustment for non-financial risk | Reinsurance contracts held | Corporate and Other
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items]
Net insurance contract liabilities	$ 0	$ 0

Insurance and Reinsurance Con_9

Insurance and Reinsurance Contract Assets and Liabilities - Insurance Revenue By Transition Method (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of analysis of insurance revenue [line items]
Insurance revenue	$ 26,592	$ 23,972
Asia
Disclosure of analysis of insurance revenue [line items]
Insurance revenue	5,809	5,056
Canada
Disclosure of analysis of insurance revenue [line items]
Insurance revenue	9,296	8,619
U.S.
Disclosure of analysis of insurance revenue [line items]
Insurance revenue	11,403	10,194
Corporate and Other
Disclosure of analysis of insurance revenue [line items]
Insurance revenue	84	103
Contracts under the fair value method
Disclosure of analysis of insurance revenue [line items]
Insurance revenue	16,912	15,892
Contracts under the fair value method | Asia
Disclosure of analysis of insurance revenue [line items]
Insurance revenue	2,629	2,499
Contracts under the fair value method | Canada
Disclosure of analysis of insurance revenue [line items]
Insurance revenue	3,322	3,288
Contracts under the fair value method | U.S.
Disclosure of analysis of insurance revenue [line items]
Insurance revenue	10,975	10,123
Contracts under the fair value method | Corporate and Other
Disclosure of analysis of insurance revenue [line items]
Insurance revenue	(14)	(18)
Contracts under the full retrospective method
Disclosure of analysis of insurance revenue [line items]
Insurance revenue	692	731
Contracts under the full retrospective method | Asia
Disclosure of analysis of insurance revenue [line items]
Insurance revenue	489	531
Contracts under the full retrospective method | Canada
Disclosure of analysis of insurance revenue [line items]
Insurance revenue	62	48
Contracts under the full retrospective method | U.S.
Disclosure of analysis of insurance revenue [line items]
Insurance revenue	141	152
Contracts under the full retrospective method | Corporate and Other
Disclosure of analysis of insurance revenue [line items]
Insurance revenue	0	0
Other contracts
Disclosure of analysis of insurance revenue [line items]
Insurance revenue	8,988	7,349
Other contracts | Asia
Disclosure of analysis of insurance revenue [line items]
Insurance revenue	2,691	2,026
Other contracts | Canada
Disclosure of analysis of insurance revenue [line items]
Insurance revenue	5,912	5,283
Other contracts | U.S.
Disclosure of analysis of insurance revenue [line items]
Insurance revenue	287	(81)
Other contracts | Corporate and Other
Disclosure of analysis of insurance revenue [line items]
Insurance revenue	$ 98	$ 121

Insurance and Reinsurance Co_10

Insurance and Reinsurance Contract Assets and Liabilities - Effect of New Business Recognized in the Year (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Reinsurance contracts held
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	$ (372)	$ (77)
Amount included in reinsurance assets for the year	57	72
Estimates of present value of cash outflows | Reinsurance contracts held
Disclosure of effect of insurance contracts initially recognised [line items]
Amount included in reinsurance assets for the year	(20,816)	(1,997)
Estimates of PV of future cash flows | Reinsurance contracts held
Disclosure of effect of insurance contracts initially recognised [line items]
Amount included in reinsurance assets for the year	18,990	1,933
Risk adjustment for non-financial risk | Reinsurance contracts held
Disclosure of effect of insurance contracts initially recognised [line items]
Amount included in reinsurance assets for the year	1,261	399
Contractual service margin | Reinsurance contracts held
Disclosure of effect of insurance contracts initially recognised [line items]
Amount included in reinsurance assets for the year	622	(263)
Non-Onerous | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	0	0
Non-Onerous | Estimates of present value of cash outflows | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	35,333	22,211
Non-Onerous | Insurance acquisition cash flows | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	6,426	4,295
Non-Onerous | Claims and other insurance service expenses payable | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	28,907	17,916
Non-Onerous | Estimates of PV of future cash flows | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	(39,381)	(25,541)
Non-Onerous | Risk adjustment for non-financial risk | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	853	962
Non-Onerous | Contractual service margin | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	3,195	2,368
Onerous | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	104	253
Onerous | Estimates of present value of cash outflows | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	2,170	3,796
Onerous | Insurance acquisition cash flows | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	398	623
Onerous | Claims and other insurance service expenses payable | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	1,772	3,173
Onerous | Estimates of PV of future cash flows | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	(2,165)	(3,761)
Onerous | Risk adjustment for non-financial risk | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	99	218
Onerous | Contractual service margin | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	0	0
Asia | Reinsurance contracts held
Disclosure of effect of insurance contracts initially recognised [line items]
Amount included in reinsurance assets for the year	16	12
Asia | Estimates of present value of cash outflows | Reinsurance contracts held
Disclosure of effect of insurance contracts initially recognised [line items]
Amount included in reinsurance assets for the year	(7,144)	(916)
Asia | Estimates of PV of future cash flows | Reinsurance contracts held
Disclosure of effect of insurance contracts initially recognised [line items]
Amount included in reinsurance assets for the year	6,950	815
Asia | Risk adjustment for non-financial risk | Reinsurance contracts held
Disclosure of effect of insurance contracts initially recognised [line items]
Amount included in reinsurance assets for the year	189	170
Asia | Contractual service margin | Reinsurance contracts held
Disclosure of effect of insurance contracts initially recognised [line items]
Amount included in reinsurance assets for the year	21	(57)
Asia | Non-Onerous | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	0	0
Asia | Non-Onerous | Estimates of present value of cash outflows | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	26,508	16,209
Asia | Non-Onerous | Insurance acquisition cash flows | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	4,764	3,011
Asia | Non-Onerous | Claims and other insurance service expenses payable | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	21,744	13,198
Asia | Non-Onerous | Estimates of PV of future cash flows | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	(29,664)	(18,765)
Asia | Non-Onerous | Risk adjustment for non-financial risk | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	600	679
Asia | Non-Onerous | Contractual service margin | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	2,556	1,877
Asia | Onerous | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	44	158
Asia | Onerous | Estimates of present value of cash outflows | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	1,019	2,399
Asia | Onerous | Insurance acquisition cash flows | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	147	322
Asia | Onerous | Claims and other insurance service expenses payable | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	872	2,077
Asia | Onerous | Estimates of PV of future cash flows | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	(1,002)	(2,330)
Asia | Onerous | Risk adjustment for non-financial risk | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	27	89
Asia | Onerous | Contractual service margin | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	0	0
Canada | Reinsurance contracts held
Disclosure of effect of insurance contracts initially recognised [line items]
Amount included in reinsurance assets for the year	8	13
Canada | Estimates of present value of cash outflows | Reinsurance contracts held
Disclosure of effect of insurance contracts initially recognised [line items]
Amount included in reinsurance assets for the year	(6,153)	(331)
Canada | Estimates of PV of future cash flows | Reinsurance contracts held
Disclosure of effect of insurance contracts initially recognised [line items]
Amount included in reinsurance assets for the year	5,876	319
Canada | Risk adjustment for non-financial risk | Reinsurance contracts held
Disclosure of effect of insurance contracts initially recognised [line items]
Amount included in reinsurance assets for the year	68	76
Canada | Contractual service margin | Reinsurance contracts held
Disclosure of effect of insurance contracts initially recognised [line items]
Amount included in reinsurance assets for the year	217	(51)
Canada | Non-Onerous | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	0	0
Canada | Non-Onerous | Estimates of present value of cash outflows | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	5,386	3,478
Canada | Non-Onerous | Insurance acquisition cash flows | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	860	608
Canada | Non-Onerous | Claims and other insurance service expenses payable | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	4,526	2,870
Canada | Non-Onerous | Estimates of PV of future cash flows | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	(5,876)	(3,823)
Canada | Non-Onerous | Risk adjustment for non-financial risk | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	117	115
Canada | Non-Onerous | Contractual service margin | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	373	230
Canada | Onerous | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	16	26
Canada | Onerous | Estimates of present value of cash outflows | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	193	271
Canada | Onerous | Insurance acquisition cash flows | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	40	68
Canada | Onerous | Claims and other insurance service expenses payable | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	153	203
Canada | Onerous | Estimates of PV of future cash flows | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	(203)	(286)
Canada | Onerous | Risk adjustment for non-financial risk | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	26	41
Canada | Onerous | Contractual service margin | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	0	0
U.S. | Reinsurance contracts held
Disclosure of effect of insurance contracts initially recognised [line items]
Amount included in reinsurance assets for the year	33	47
U.S. | Estimates of present value of cash outflows | Reinsurance contracts held
Disclosure of effect of insurance contracts initially recognised [line items]
Amount included in reinsurance assets for the year	(7,519)	(750)
U.S. | Estimates of PV of future cash flows | Reinsurance contracts held
Disclosure of effect of insurance contracts initially recognised [line items]
Amount included in reinsurance assets for the year	6,164	799
U.S. | Risk adjustment for non-financial risk | Reinsurance contracts held
Disclosure of effect of insurance contracts initially recognised [line items]
Amount included in reinsurance assets for the year	1,004	153
U.S. | Contractual service margin | Reinsurance contracts held
Disclosure of effect of insurance contracts initially recognised [line items]
Amount included in reinsurance assets for the year	384	(155)
U.S. | Non-Onerous | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	0	0
U.S. | Non-Onerous | Estimates of present value of cash outflows | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	3,439	2,524
U.S. | Non-Onerous | Insurance acquisition cash flows | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	802	676
U.S. | Non-Onerous | Claims and other insurance service expenses payable | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	2,637	1,848
U.S. | Non-Onerous | Estimates of PV of future cash flows | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	(3,841)	(2,953)
U.S. | Non-Onerous | Risk adjustment for non-financial risk | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	136	168
U.S. | Non-Onerous | Contractual service margin | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Contracts initially recognized during the year	266	261
U.S. | Onerous | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	44	69
U.S. | Onerous | Estimates of present value of cash outflows | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	958	1,126
U.S. | Onerous | Insurance acquisition cash flows | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	211	233
U.S. | Onerous | Claims and other insurance service expenses payable | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	747	893
U.S. | Onerous | Estimates of PV of future cash flows | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	(960)	(1,145)
U.S. | Onerous | Risk adjustment for non-financial risk | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	46	88
U.S. | Onerous | Contractual service margin | Insurance contracts issued
Disclosure of effect of insurance contracts initially recognised [line items]
Recoveries and reversals of recoveries of losses on onerous underlying contracts	$ 0	$ 0

Insurance and Reinsurance Co_11

Insurance and Reinsurance Contract Assets and Liabilities - Expected Recognition of Contractual Service Margin (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	$ 23,424	$ 21,301
Less than 1 year
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	2,027	1,912
1 to 5 years
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	6,614	6,113
5 to 10 years
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	4,306	5,069
10 to 20 years
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	4,397	5,139
More than 20 years
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	6,080	3,068
Canada
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	4,110	4,061
Canada | Insurance contracts issued
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	4,739	4,343
Canada | Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(629)	(282)
Canada | Less than 1 year
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	373	343
Canada | Less than 1 year | Insurance contracts issued
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	426	379
Canada | Less than 1 year | Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(53)	(36)
Canada | 1 to 5 years
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	1,197	1,130
Canada | 1 to 5 years | Insurance contracts issued
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	1,347	1,213
Canada | 1 to 5 years | Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(150)	(83)
Canada | 5 to 10 years
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	990	964
Canada | 5 to 10 years | Insurance contracts issued
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	1,116	1,016
Canada | 5 to 10 years | Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(126)	(52)
Canada | 10 to 20 years
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	1,029	1,038
Canada | 10 to 20 years | Insurance contracts issued
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	1,173	1,084
Canada | 10 to 20 years | Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(144)	(46)
Canada | More than 20 years
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	521	586
Canada | More than 20 years | Insurance contracts issued
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	677	651
Canada | More than 20 years | Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(156)	(65)
U.S.
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	2,468	3,737
U.S. | Insurance contracts issued
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	4,561	3,702
U.S. | Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(2,093)	35
U.S. | Less than 1 year
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	196	338
U.S. | Less than 1 year | Insurance contracts issued
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	474	388
U.S. | Less than 1 year | Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(278)	(50)
U.S. | 1 to 5 years
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	675	1,096
U.S. | 1 to 5 years | Insurance contracts issued
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	1,510	1,235
U.S. | 1 to 5 years | Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(835)	(139)
U.S. | 5 to 10 years
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	625	933
U.S. | 5 to 10 years | Insurance contracts issued
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	1,194	968
U.S. | 5 to 10 years | Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(569)	(35)
U.S. | 10 to 20 years
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	642	913
U.S. | 10 to 20 years | Insurance contracts issued
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	1,023	823
U.S. | 10 to 20 years | Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(381)	90
U.S. | More than 20 years
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	330	457
U.S. | More than 20 years | Insurance contracts issued
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	360	288
U.S. | More than 20 years | Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(30)	169
Asia
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	16,837	13,478
Asia | Insurance contracts issued
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	17,605	14,171
Asia | Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(768)	(693)
Asia | Less than 1 year
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	1,455	1,229
Asia | Less than 1 year | Insurance contracts issued
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	1,527	1,273
Asia | Less than 1 year | Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(72)	(44)
Asia | 1 to 5 years
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	4,711	3,864
Asia | 1 to 5 years | Insurance contracts issued
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	5,006	4,066
Asia | 1 to 5 years | Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(295)	(202)
Asia | 5 to 10 years
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	2,667	3,147
Asia | 5 to 10 years | Insurance contracts issued
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	2,861	3,320
Asia | 5 to 10 years | Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(194)	(173)
Asia | 10 to 20 years
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	2,757	3,203
Asia | 10 to 20 years | Insurance contracts issued
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	2,815	3,308
Asia | 10 to 20 years | Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(58)	(105)
Asia | More than 20 years
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	5,247	2,035
Asia | More than 20 years | Insurance contracts issued
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	5,396	2,204
Asia | More than 20 years | Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(149)	(169)
Corporate and Other
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	9	25
Corporate and Other | Insurance contracts issued
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(140)	(112)
Corporate and Other | Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	149	137
Corporate and Other | Less than 1 year
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	3	2
Corporate and Other | Less than 1 year | Insurance contracts issued
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(10)	(8)
Corporate and Other | Less than 1 year | Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	13	10
Corporate and Other | 1 to 5 years
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	31	23
Corporate and Other | 1 to 5 years | Insurance contracts issued
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(36)	(28)
Corporate and Other | 1 to 5 years | Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	67	51
Corporate and Other | 5 to 10 years
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	24	25
Corporate and Other | 5 to 10 years | Insurance contracts issued
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(35)	(28)
Corporate and Other | 5 to 10 years | Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	59	53
Corporate and Other | 10 to 20 years
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(31)	(15)
Corporate and Other | 10 to 20 years | Insurance contracts issued
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(42)	(34)
Corporate and Other | 10 to 20 years | Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	11	19
Corporate and Other | More than 20 years
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(18)	(10)
Corporate and Other | More than 20 years | Insurance contracts issued
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	(17)	(14)
Corporate and Other | More than 20 years | Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contractual service margin	$ (1)	$ 4

Insurance and Reinsurance Co_12

Insurance and Reinsurance Contract Assets and Liabilities - Investment Income and Insurance Finance Income and Expense (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Investment return
Investment-related income	$ 17,482	$ 16,115
Net gains (losses) on financial assets at FVTPL	1,851	2,682
Unrealized gains (losses) on FVOCI assets	(1,213)	12,230
Impairment and recovery (loss) on financial assets	109	(304)
Investment expenses	(1,348)	(1,297)
Interest on required surplus	0	0
Total investment return	16,881	29,426
Portion recognized in income (expenses)	19,111	18,021
Portion recognized in OCI	(2,230)	11,405
Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates
Interest accreted to insurance contracts	(10,257)	(8,186)
Due to changes in interest rates and other financial assumptions	10,132	(10,987)
Changes in fair value of underlying items of direct participation contracts	(5,231)	(7,384)
Effects of risk mitigation option	1,755	1,267
Net foreign exchange income (expenses)	(2)	(80)
Hedge accounting offset from insurance contracts issued	(128)	(41)
Other	394	237
Total insurance finance income (expenses) from insurance contracts issued	(6,631)	(24,992)
Effects of movements in foreign exchange rates	(1,417)	(952)
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates	(8,048)	(25,944)
Portion recognized in income (expenses), including effects of exchange rates	(16,219)	(13,894)
Portion recognized in OCI, including effects of exchange rates	8,171	(12,050)
Reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates
Interest accreted to insurance contracts	2,135	229
Due to changes in interest rates and other financial assumptions	(3,882)	570
Effect of changes in non-performance risk of reinsurers	(57)	(15)
Other	(88)	(159)
Total reinsurance finance income (expenses) from reinsurance contracts held	(1,892)	625
Effect of movements in foreign exchange rates	243	(120)
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates	(1,649)	505
Portion recognized in income (expenses), including effects of foreign exchange rates	1,133	(734)
Portion recognized in OCI, including effects of exchange rates	(2,782)	1,239
Decrease (increase) in investment contract liabilities	(504)	(435)
Total net investment income (loss), insurance finance income (expenses) and reinsurance finance income (expenses)	6,680	3,552
Amounts recognized in income (expenses)	3,521	2,958
Amounts recognized in OCI	3,159	594
Cash flow hedges
Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates
Reclassification of derivative OCI to IFIE – cash flow hedges	52	(3)
Fair value hedges
Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates
Reclassification of derivative income (loss) changes to IFIE – fair value hedge	(3,346)	185
Insurance contracts issued
Investment return
Investment-related income	14,214	13,036
Net gains (losses) on financial assets at FVTPL	1,788	2,176
Unrealized gains (losses) on FVOCI assets	5,590	11,212
Impairment and recovery (loss) on financial assets	137	(247)
Investment expenses	(644)	(540)
Interest on required surplus	672	521
Total investment return	21,757	26,158
Portion recognized in income (expenses)	16,489	15,830
Portion recognized in OCI	5,268	10,328
Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates
Interest accreted to insurance contracts	(10,283)	(8,214)
Due to changes in interest rates and other financial assumptions	10,199	(11,008)
Changes in fair value of underlying items of direct participation contracts	(5,231)	(7,384)
Effects of risk mitigation option	1,755	1,267
Net foreign exchange income (expenses)	(2)	(80)
Hedge accounting offset from insurance contracts issued	(128)	(41)
Other	394	237
Total insurance finance income (expenses) from insurance contracts issued	(6,590)	(25,041)
Effects of movements in foreign exchange rates	(1,417)	(952)
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates	(8,007)	(25,993)
Portion recognized in income (expenses), including effects of exchange rates	(16,252)	(13,930)
Portion recognized in OCI, including effects of exchange rates	8,245	(12,063)
Reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates
Interest accreted to insurance contracts	2,135	241
Due to changes in interest rates and other financial assumptions	(3,886)	598
Effect of changes in non-performance risk of reinsurers	(57)	(15)
Other	(88)	(159)
Total reinsurance finance income (expenses) from reinsurance contracts held	(1,896)	665
Effect of movements in foreign exchange rates	243	(120)
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates	(1,653)	545
Portion recognized in income (expenses), including effects of foreign exchange rates	1,133	(719)
Portion recognized in OCI, including effects of exchange rates	(2,786)	1,264
Decrease (increase) in investment contract liabilities	(6)	(17)
Total net investment income (loss), insurance finance income (expenses) and reinsurance finance income (expenses)	12,091	693
Amounts recognized in income (expenses)	1,364	1,164
Amounts recognized in OCI	10,727	(471)
Insurance contracts issued | Cash flow hedges
Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates
Reclassification of derivative OCI to IFIE – cash flow hedges	52	(3)
Insurance contracts issued | Fair value hedges
Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates
Reclassification of derivative income (loss) changes to IFIE – fair value hedge	(3,346)	185
Non-insurance
Investment return
Investment-related income	3,268	3,079
Net gains (losses) on financial assets at FVTPL	63	506
Unrealized gains (losses) on FVOCI assets	(6,803)	1,018
Impairment and recovery (loss) on financial assets	(28)	(57)
Investment expenses	(704)	(757)
Interest on required surplus	(672)	(521)
Total investment return	(4,876)	3,268
Portion recognized in income (expenses)	2,622	2,191
Portion recognized in OCI	(7,498)	1,077
Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates
Interest accreted to insurance contracts	26	28
Due to changes in interest rates and other financial assumptions	(67)	21
Changes in fair value of underlying items of direct participation contracts	0	0
Effects of risk mitigation option	0	0
Net foreign exchange income (expenses)	0	0
Hedge accounting offset from insurance contracts issued	0	0
Other	0	0
Total insurance finance income (expenses) from insurance contracts issued	(41)	49
Effects of movements in foreign exchange rates	0	0
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates	(41)	49
Portion recognized in income (expenses), including effects of exchange rates	33	36
Portion recognized in OCI, including effects of exchange rates	(74)	13
Reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates
Interest accreted to insurance contracts	0	(12)
Due to changes in interest rates and other financial assumptions	4	(28)
Effect of changes in non-performance risk of reinsurers	0	0
Other	0	0
Total reinsurance finance income (expenses) from reinsurance contracts held	4	(40)
Effect of movements in foreign exchange rates	0	0
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates	4	(40)
Portion recognized in income (expenses), including effects of foreign exchange rates	0	(15)
Portion recognized in OCI, including effects of exchange rates	4	(25)
Decrease (increase) in investment contract liabilities	(498)	(418)
Total net investment income (loss), insurance finance income (expenses) and reinsurance finance income (expenses)	(5,411)	2,859
Amounts recognized in income (expenses)	2,157	1,794
Amounts recognized in OCI	(7,568)	1,065
Non-insurance | Cash flow hedges
Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates
Reclassification of derivative OCI to IFIE – cash flow hedges	0	0
Non-insurance | Fair value hedges
Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates
Reclassification of derivative income (loss) changes to IFIE – fair value hedge	0	0
Asia
Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates
Portion recognized in income (expenses), including effects of exchange rates	(7,334)	(6,436)
Asia | Insurance contracts issued
Investment return
Total investment return	8,795	11,770
Portion recognized in income (expenses)	7,994	7,095
Portion recognized in OCI	801	4,675
Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates	(8,311)	(11,037)
Portion recognized in income (expenses), including effects of exchange rates	(7,334)	(6,436)
Portion recognized in OCI, including effects of exchange rates	(977)	(4,601)
Reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates	436	12
Portion recognized in income (expenses), including effects of foreign exchange rates	604	(105)
Portion recognized in OCI, including effects of exchange rates	(168)	117
Canada
Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates
Portion recognized in income (expenses), including effects of exchange rates	(3,650)	(3,315)
Canada | Insurance contracts issued
Investment return
Total investment return	9,405	5,968
Portion recognized in income (expenses)	3,529	3,514
Portion recognized in OCI	5,876	2,454
Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates	(3,177)	(5,709)
Portion recognized in income (expenses), including effects of exchange rates	(3,650)	(3,315)
Portion recognized in OCI, including effects of exchange rates	473	(2,394)
Reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates	406	90
Portion recognized in income (expenses), including effects of foreign exchange rates	347	57
Portion recognized in OCI, including effects of exchange rates	59	33
U.S.
Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates
Portion recognized in income (expenses), including effects of exchange rates	(5,278)	(4,866)
U.S. | Insurance contracts issued
Investment return
Total investment return	3,532	8,390
Portion recognized in income (expenses)	4,943	5,193
Portion recognized in OCI	(1,411)	3,197
Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates	3,471	(9,936)
Portion recognized in income (expenses), including effects of exchange rates	(5,278)	(4,868)
Portion recognized in OCI, including effects of exchange rates	8,749	(5,068)
Reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates	(2,492)	1,125
Portion recognized in income (expenses), including effects of foreign exchange rates	185	11
Portion recognized in OCI, including effects of exchange rates	(2,677)	1,114
Corporate and Other
Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates
Portion recognized in income (expenses), including effects of exchange rates	43	723
Corporate and Other | Insurance contracts issued
Investment return
Total investment return	25	30
Portion recognized in income (expenses)	23	28
Portion recognized in OCI	2	2
Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates	10	689
Portion recognized in income (expenses), including effects of exchange rates	10	689
Portion recognized in OCI, including effects of exchange rates	0	0
Reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates	(3)	(682)
Portion recognized in income (expenses), including effects of foreign exchange rates	(3)	(682)
Portion recognized in OCI, including effects of exchange rates	0	0
Corporate and Other | Non-insurance
Investment return
Total investment return	(4,876)	3,268
Portion recognized in income (expenses)	2,622	2,191
Portion recognized in OCI	(7,498)	1,077
Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates	(41)	49
Portion recognized in income (expenses), including effects of exchange rates	33	36
Portion recognized in OCI, including effects of exchange rates	(74)	13
Reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates	4	(40)
Portion recognized in income (expenses), including effects of foreign exchange rates	0	(15)
Portion recognized in OCI, including effects of exchange rates	$ 4	$ (25)

Insurance and Reinsurance Co_13

Insurance and Reinsurance Contract Assets and Liabilities - Significant Judgements and Estimates (Detail)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Canada | CAD | Illiquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Observable years	30 years	30 years
Ultimate year	70 years	70 years
Canada | CAD | Somewhat liquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Observable years	30 years	30 years
Ultimate year	70 years	70 years
U.S. | USD | Illiquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Observable years	30 years	30 years
Ultimate year	70 years	70 years
U.S. | USD | Somewhat liquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Observable years	30 years	30 years
Ultimate year	70 years	70 years
Japan | JPY | Somewhat liquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Observable years	30 years	30 years
Ultimate year	70 years	70 years
Hong Kong | HKD | Illiquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Observable years	15 years	15 years
Ultimate year	55 years	55 years
Less than 1 year | Canada | CAD | Illiquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	3.46%	5.17%
Less than 1 year | Canada | CAD | Somewhat liquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	3.44%	5.14%
Less than 1 year | U.S. | USD | Illiquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	4.48%	5.38%
Less than 1 year | U.S. | USD | Somewhat liquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	4.56%	5.32%
Less than 1 year | Japan | JPY | Somewhat liquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	0.82%	0.53%
Less than 1 year | Hong Kong | HKD | Illiquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	3.73%	4.20%
5 years | Canada | CAD | Illiquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	3.93%	4.33%
5 years | Canada | CAD | Somewhat liquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	3.89%	4.22%
5 years | U.S. | USD | Illiquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	5.05%	4.54%
5 years | U.S. | USD | Somewhat liquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	5.09%	4.57%
5 years | Japan | JPY | Somewhat liquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	1.17%	0.77%
5 years | Hong Kong | HKD | Illiquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	4.36%	4.01%
10 years | Canada | CAD | Illiquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	4.86%	4.92%
10 years | Canada | CAD | Somewhat liquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	4.76%	4.69%
10 years | U.S. | USD | Illiquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	6.01%	5.37%
10 years | U.S. | USD | Somewhat liquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	5.91%	5.25%
10 years | Japan | JPY | Somewhat liquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	1.55%	1.08%
10 years | Hong Kong | HKD | Illiquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	5.23%	4.98%
20 years | Canada | CAD | Illiquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	5%	4.86%
20 years | Canada | CAD | Somewhat liquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	4.98%	4.72%
20 years | U.S. | USD | Illiquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	6.33%	5.65%
20 years | U.S. | USD | Somewhat liquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	6.33%	5.56%
20 years | Japan | JPY | Somewhat liquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	2.33%	1.75%
20 years | Hong Kong | HKD | Illiquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	4.70%	4.61%
30 years | Canada | CAD | Illiquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	5.32%	4.80%
30 years | Canada | CAD | Somewhat liquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	5.21%	4.69%
30 years | U.S. | USD | Illiquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	6.15%	5.27%
30 years | U.S. | USD | Somewhat liquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	6.14%	5.18%
30 years | Japan | JPY | Somewhat liquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	2.97%	2.24%
30 years | Hong Kong | HKD | Illiquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	4.17%	4.19%
Ultimate | Canada | CAD | Illiquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	4.40%	4.40%
Ultimate | Canada | CAD | Somewhat liquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	4.40%	4.40%
Ultimate | U.S. | USD | Illiquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	5.15%	5%
Ultimate | U.S. | USD | Somewhat liquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	5.03%	4.88%
Ultimate | Japan | JPY | Somewhat liquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	1.60%	1.60%
Ultimate | Hong Kong | HKD | Illiquid
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Years	3.70%	3.80%

Insurance and Reinsurance Co_14

Insurance and Reinsurance Contract Assets and Liabilities - Additional Information (Detail) - CAD ($) $ in Millions			3 Months Ended		9 Months Ended	12 Months Ended
	Apr. 02, 2024	Feb. 22, 2024	Dec. 31, 2023	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Jan. 02, 2025	Nov. 20, 2024	Mar. 25, 2024	Dec. 11, 2023
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase (decrease) in pre-tax fulfilment cash flows				$ (347)		$ (174)	$ (3,197)
Decrease in pre tax other comprehensive income due to changes in acturial assumptions			$ 47
Decrease in post tax other comprehensive income due to changes in acturial assumptions			$ 37
Bottom of range | With effect from the fourth quarter
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Confidence level used to determine risk adjustment for non-financial risk			95%				95%
Insurance risk
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase (decrease) in pre-tax net income attributed to shareholders				27		(250)	$ 171
Increase (decrease) in net income attributed to shareholders after tax				(14)		(199)	105
Increase (decrease) in pre-tax net income attributed to participating policyholders				58		29	173
Increase (decrease) in post-tax net income attributed to participating policyholders				74		21	165
Increase (decrease) in contractual service margin			$ 2,638	116		(421)	2,754
Increase in pre-tax other comprehensive income				146		771	99
Increase in post-tax other comprehensive income				110		632	$ 73
Increase in pre-tax other comprehensive income attributed to participating policyholders						45
Increase in post-tax other comprehensive income attributed to participating policyholders						32
Reduction in pre-tax fulfillment cash flows due to changes in actuarial methods and assumptions			2,850
Increase in pre tax net income attributable to the shareholders due to changes in acturial methods and assumptions			144
Increase in post tax net income attributable to the shareholders due to changes in acturial methods and assumptions			119
Increase in pre tax net income attributable to policyholders due to changes in acturial assumptions			115
Increase in post tax net income attributable to policyholders due to changes in acturial assumptions			$ 91
Insurance risk | Canada
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase (decrease) in impact of changes in pre fulfilment cash flows				(159)		(266)
Increase (decrease) in impact of changes in net income attributed to shareholder pre-tax				52		3
Increase (decrease) in impact of changes in net income attributed to shareholders after tax				37		2
Increase (decrease) in impact of changes in contractual service margin flows				142		222
Increase (decrease) in impact of changes in other comprehensive income attributed to shareholder pre-tax				2		(15)
Increase (decrease) in impact of changes in other comprehensive income attributed to shareholder post-tax				1		(10)
Insurance risk | U.S.
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase (decrease) in impact of changes in pre fulfilment cash flows					$ 270	895
Increase (decrease) in impact of changes in net income attributed to shareholder pre-tax					134	(256)
Increase (decrease) in impact of changes in net income attributed to shareholders after tax					106	(202)
Increase (decrease) in impact of changes in contractual service margin flows					(600)	(1,228)
Increase (decrease) in impact of changes in other comprehensive income attributed to shareholder pre-tax					196	589
Increase (decrease) in impact of changes in other comprehensive income attributed to shareholder post-tax					$ 155	466
Insurance risk | Asia
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase (decrease) in contractual service margin						591
Reduction in pre-tax fulfillment cash flows due to changes in actuarial methods and assumptions						818
Decrease in pre-tax income attributable to shareholders due to updates in incidence rates						4
Decrease in after-tax income attributable to shareholders due to updates in incidence rates						5
Increase (decrease) in pre-tax other comprehensive income attributable to shareholders due to updates in incidence rates						213
Increase (decrease) in after tax other comprehensive income attributable to shareholders due to updates in incidence rates						190
Insurance risk | Corporate and Other
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Reduction in pre-tax fulfillment cash flows due to changes in actuarial methods and assumptions				1
Increase in pre-tax fulfilment cash flows due to changes in actuarial methods and assumptions						15
Increase in pre-tax net income attributable to shareholders due to changes in actuarial methods and assumptions						7
Increase in post-tax net income attributable to shareholders due to changes in actuarial methods and assumptions						6
Decrease in contractual service margin flows due to changes in actuarial methods and assumptions						6
Increase (decrease) in pre tax other comprehensive income due to changes in acturial methods and assumptions				1		(16)
Increase (decrease) in post tax other comprehensive income due to changes in acturial methods and assumptions				1		$ (14)
Insurance risk | Bottom of range
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Confidence level used to determine risk adjustment for non-financial risk			90%			90%	90%
Insurance risk | Top of range
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Confidence level used to determine risk adjustment for non-financial risk			95%			95%	95%
Lapse and policyholder behaviour updates
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase (decrease) in pre-tax fulfilment cash flows						$ 620	$ 98
Reinsurance contract and other risk adjustment review
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase (decrease) in pre-tax fulfilment cash flows						$ 427
Reinsurance contract and other risk adjustment review | Bottom of range
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Confidence level used to determine risk adjustment for non-financial risk						90%
Reinsurance contract and other risk adjustment review | Top of range
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Confidence level used to determine risk adjustment for non-financial risk						95%
Expense updates
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase (decrease) in pre-tax fulfilment cash flows						$ (406)
Financial related updates
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase (decrease) in pre-tax fulfilment cash flows						(386)
Mortality and morbidity updates
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase (decrease) in pre-tax fulfilment cash flows						(273)	265
Methodology and other updates
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase (decrease) in pre-tax fulfilment cash flows			$ (2,850)	(577)		$ (156)	(3,427)
Canada variable annuity product review
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase (decrease) in pre-tax fulfilment cash flows							$ (133)
Asia | Insurance risk
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase (decrease) in contractual service margin			2,348
Reduction in pre-tax fulfillment cash flows due to changes in actuarial methods and assumptions			2,513
Increase in pre tax net income attributable to the shareholders due to changes in acturial methods and assumptions			107
Increase in post tax net income attributable to the shareholders due to changes in acturial methods and assumptions			90
Increase in pre tax net income attributable to policyholders due to changes in acturial assumptions			75
Increase in post tax net income attributable to policyholders due to changes in acturial assumptions			62
Decrease in pre tax other comprehensive income due to changes in acturial assumptions			17
Decrease in post tax other comprehensive income due to changes in acturial assumptions			14
Canada | Insurance risk
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase (decrease) in contractual service margin			213
Reduction in pre-tax fulfillment cash flows due to changes in actuarial methods and assumptions			246
Increase in pre tax net income attributable to the shareholders due to changes in acturial methods and assumptions			4
Increase in post tax net income attributable to the shareholders due to changes in acturial methods and assumptions			3
Increase in pre tax net income attributable to policyholders due to changes in acturial assumptions			40
Increase in post tax net income attributable to policyholders due to changes in acturial assumptions			29
Decrease in pre tax other comprehensive income due to changes in acturial assumptions			11
Decrease in post tax other comprehensive income due to changes in acturial assumptions			8
U.S. | Insurance risk
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase (decrease) in contractual service margin			78
Reduction in pre-tax fulfillment cash flows due to changes in actuarial methods and assumptions			91
Increase in pre tax net income attributable to the shareholders due to changes in acturial methods and assumptions			33
Increase in post tax net income attributable to the shareholders due to changes in acturial methods and assumptions			26
Decrease in pre tax other comprehensive income due to changes in acturial assumptions			20
Decrease in post tax other comprehensive income due to changes in acturial assumptions			$ 15
Market Movements And Updates In Morbidity Assumption In Other Geographies | Asia | Insurance risk | Asia
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase (decrease) in contractual service margin				574
Reduction in pre-tax fulfillment cash flows due to changes in actuarial methods and assumptions				457
Decrease in pre-tax income attributable to shareholders due to updates in incidence rates				159
Decrease in after-tax income attributable to shareholders due to updates in incidence rates				157
Increase (decrease) in pre-tax other comprehensive income attributable to shareholders due to updates in incidence rates				(53)
Increase (decrease) in after tax other comprehensive income attributable to shareholders due to updates in incidence rates				$ (47)
Global Atlantic Financial Group | Reinsurance contracts held
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Invested assets transferred		$ 13,400
Insurance and investment contract net liabilities		13,200
Reinsurance contractual service margin		308
Financial assets		$ 134
RGA Life Reinsurance Company of Canada | Reinsurance contracts held
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Invested assets transferred	$ 5,500
Insurance and investment contract net liabilities	5,400
Reinsurance contractual service margin	$ 213
Reinsurance Group of America, Incorporated | Reinsurance contracts held
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Invested assets transferred								$ 5,400
Reinsurance Group of America, Incorporated | Reinsurance contracts held | Forecast
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Insurance and investment contract net liabilities								$ 5,400
Transaction Has Closed | Administering The Insurance Contracts | RGA Life Reinsurance Company of Canada | Reinsurance contracts held
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Percentage share in the insurance contracts										100%
Transaction Has Closed | LTC Block | Administering The Insurance Contracts | Global Atlantic Financial Group | Reinsurance contracts held
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Percentage share in the insurance contracts											80%
Transaction Has Closed | Other Block | Administering The Insurance Contracts | Global Atlantic Financial Group | Reinsurance contracts held
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Percentage share in the insurance contracts											100%
Transaction Expected To Close | LTC And Structured Settlements Blocks | Administering The Insurance Contracts | Reinsurance Group of America, Incorporated | Reinsurance contracts held
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Percentage share in the insurance contracts									75%

Insurance and Reinsurance Co_15

Insurance and Reinsurance Contract Assets and Liabilities - Potential Impact Arising from Changes to Non-Economic Assumptions (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
2% adverse change in future mortality rates for portfolios where an increase in rates increases insurance contract liabilities, gross
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI, increase	$ (700)	$ (800)
Net income attributed to shareholders, increase	(700)	(400)
Other comprehensive income attributed to shareholders, increase	200	0
Total comprehensive income attributed to shareholders, increase	(500)	(400)
2% adverse change in future mortality rates for portfolios where an increase in rates increases insurance contract liabilities, net
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI, increase	(200)	(200)
Net income attributed to shareholders, increase	(300)	(200)
Other comprehensive income attributed to shareholders, increase	100	0
Total comprehensive income attributed to shareholders, increase	(200)	(200)
2% adverse change in future mortality rates for portfolios where a decrease in rates increases insurance contract liabilities, gross
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI, decrease	(100)	0
Net income attributed to shareholders, decrease	0	0
Other comprehensive income attributed to shareholders, decrease	100	0
Total comprehensive income attributed to shareholders, decrease	100	0
2% adverse change in future mortality rates for portfolios where a decrease in rates increases insurance contract liabilities, net
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI, decrease	(600)	(500)
Net income attributed to shareholders, decrease	0	0
Other comprehensive income attributed to shareholders, decrease	200	100
Total comprehensive income attributed to shareholders, decrease	200	100
5% adverse change in future morbidity rates (incidence and termination), gross
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI, increase	(2,200)	(1,500)
Net income attributed to shareholders, increase	(3,000)	(3,300)
Other comprehensive income attributed to shareholders, increase	700	500
Total comprehensive income attributed to shareholders, increase	(2,300)	(2,800)
5% adverse change in future morbidity rates (incidence and termination), net
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI, increase	(1,800)	(1,300)
Net income attributed to shareholders, increase	(2,700)	(3,300)
Other comprehensive income attributed to shareholders, increase	600	400
Total comprehensive income attributed to shareholders, increase	(2,100)	(2,900)
10% change in future policy termination rates for portfolios where an increase in rates increases insurance contract liabilities, gross
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI, increase	(700)	(600)
Net income attributed to shareholders, increase	(100)	(100)
Other comprehensive income attributed to shareholders, increase	(200)	(100)
Total comprehensive income attributed to shareholders, increase	(300)	(200)
10% change in future policy termination rates for portfolios where an increase in rates increases insurance contract liabilities, net
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI, increase	(600)	(500)
Net income attributed to shareholders, increase	(100)	(100)
Other comprehensive income attributed to shareholders, increase	(200)	(100)
Total comprehensive income attributed to shareholders, increase	(300)	(200)
10% change in future policy termination rates for portfolios where a decrease in rates increases insurance contract liabilities, gross
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI, decrease	(900)	(1,200)
Net income attributed to shareholders, decrease	(700)	(400)
Other comprehensive income attributed to shareholders, decrease	400	300
Total comprehensive income attributed to shareholders, decrease	(300)	(100)
10% change in future policy termination rates for portfolios where a decrease in rates increases insurance contract liabilities, net
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI, decrease	(700)	(800)
Net income attributed to shareholders, decrease	(400)	(300)
Other comprehensive income attributed to shareholders, decrease	300	200
Total comprehensive income attributed to shareholders, decrease	(100)	(100)
5% increase in future expense levels, gross
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI, increase	(600)	(600)
Net income attributed to shareholders, increase	(100)	0
Other comprehensive income attributed to shareholders, increase	100	0
Total comprehensive income attributed to shareholders, increase	0	0
5% increase in future expense levels, net
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI, increase	(600)	(600)
Net income attributed to shareholders, increase	(100)	0
Other comprehensive income attributed to shareholders, increase	100	0
Total comprehensive income attributed to shareholders, increase	$ 0	$ 0
5% deterioration in incidence rates
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Risk variable percentage	5%
5% deterioration in claim termination rates
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Risk variable percentage	5%

Insurance and Reinsurance Co_16

Insurance and Reinsurance Contract Assets and Liabilities - Potential Impact Arising from Changes to Non-Economic Assumptions on Long Term Care (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 CAD ($)
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Translation rate	1.4382	1.3186
Translation rate potential impacts on net income, OCI and total comprehensive OCI	1.3987	1.3612
2% adverse change in future mortality rates, gross
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI	$ (300)	$ (300)
Net income attributed to shareholders	0	0
Other comprehensive income attributed to shareholders	0	0
Total comprehensive income attributed to shareholders	0	0
2% adverse change in future mortality rates, net
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI	(300)	(300)
Net income attributed to shareholders	0	0
Other comprehensive income attributed to shareholders	0	0
Total comprehensive income attributed to shareholders	0	0
5% adverse change in future morbidity incidence rates, gross
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI	(1,400)	(900)
Net income attributed to shareholders	(500)	(800)
Other comprehensive income attributed to shareholders	200	100
Total comprehensive income attributed to shareholders	(300)	(700)
5% adverse change in future morbidity incidence rates, net
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI	(1,300)	(900)
Net income attributed to shareholders	(400)	(800)
Other comprehensive income attributed to shareholders	200	100
Total comprehensive income attributed to shareholders	(200)	(700)
5% adverse change in future morbidity claims termination rates, gross
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI	(1,400)	(900)
Net income attributed to shareholders	(1,300)	(1,600)
Other comprehensive income attributed to shareholders	500	200
Total comprehensive income attributed to shareholders	(800)	(1,400)
5% adverse change in future morbidity claims termination rates, net
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI	(1,300)	(900)
Net income attributed to shareholders	(1,100)	(1,600)
Other comprehensive income attributed to shareholders	400	200
Total comprehensive income attributed to shareholders	(700)	(1,400)
10% adverse change in future policy termination rates, gross
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI	(400)	(400)
Net income attributed to shareholders	0	0
Other comprehensive income attributed to shareholders	100	0
Total comprehensive income attributed to shareholders	100	0
10% adverse change in future policy termination rates, net
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI	(400)	(400)
Net income attributed to shareholders	0	0
Other comprehensive income attributed to shareholders	100	0
Total comprehensive income attributed to shareholders	100	0
5% increase in future expense levels, gross
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI	(100)	(100)
Net income attributed to shareholders	0	0
Other comprehensive income attributed to shareholders	0	0
Total comprehensive income attributed to shareholders	0	0
5% increase in future expense levels, net
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI	(100)	(100)
Net income attributed to shareholders	0	0
Other comprehensive income attributed to shareholders	0	0
Total comprehensive income attributed to shareholders	$ 0	$ 0

Insurance and Reinsurance Co_17

Insurance and Reinsurance Contract Assets and Liabilities - Potential Impact Arising From Changes To Certain Economic Financial Assumptions Used In The Determination Of Insurance Contract Liabilities (Detail) - Financial assumptions - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
10 basis point reduction in ultimate spot rate
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI	$ (300)	$ (200)
Net income attributed to shareholders	0	0
Other comprehensive income attributed to shareholders	(200)	(300)
Total comprehensive income attributed to shareholders	(200)	(300)
50 basis point increase in interest rate volatility
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI	(100)	0
Net income attributed to shareholders	0	0
Other comprehensive income attributed to shareholders	0	0
Total comprehensive income attributed to shareholders	0	0
50 basis point increase in non-fixed income return volatility
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
CSM net of NCI	(100)	(100)
Net income attributed to shareholders	0	0
Other comprehensive income attributed to shareholders	0	0
Total comprehensive income attributed to shareholders	$ 0	$ 0

Insurance and Reinsurance Co_18

Insurance and Reinsurance Contract Assets and Liabilities - Actuarial Methods and Assumptions (Detail) - CAD ($) $ in Millions	3 Months Ended		9 Months Ended	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Increase decrease in impact of changes in actuarial methods and assumption pre tax	$ (2,850)	$ (347)	$ (347)	$ (174)	$ (3,197)
Impact of changes in actuarial methods and assumptions, pre-tax	2,850	347	347	174	3,197
Non-controlling interests
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Increase decrease in impact of changes in actuarial methods and assumption pre tax	(97)	(103)	(103)	(215)
Impact of changes in actuarial methods and assumptions, pre-tax	97	103	103	215
Increase in impact of changes in pre fulfilment cash flows				(389)	(389)
Increase in impact of changes in pre fulfilment cash flows				389	389
Non-controlling interests | CSM
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Increase decrease in impact of changes in actuarial methods and assumption pre tax	(87)	(72)	(72)	(215)
Impact of changes in actuarial methods and assumptions, pre-tax	87	72	72	215
Lapse and policyholder behaviour updates
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Increase decrease in impact of changes in actuarial methods and assumption pre tax	0	98	98	(620)	98
Impact of changes in actuarial methods and assumptions, pre-tax	0	(98)	(98)	620	(98)
Reinsurance contract and other risk adjustment review
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Increase decrease in impact of changes in actuarial methods and assumption pre tax				(427)
Impact of changes in actuarial methods and assumptions, pre-tax				427
Expense updates
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Increase decrease in impact of changes in actuarial methods and assumption pre tax				406
Impact of changes in actuarial methods and assumptions, pre-tax				(406)
Financial related updates
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Increase decrease in impact of changes in actuarial methods and assumption pre tax				386
Impact of changes in actuarial methods and assumptions, pre-tax				(386)
Mortality and morbidity updates
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Increase decrease in impact of changes in actuarial methods and assumption pre tax	0	265	265	273	265
Impact of changes in actuarial methods and assumptions, pre-tax	0	(265)	(265)	(273)	(265)
Methodology and other updates
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Increase decrease in impact of changes in actuarial methods and assumption pre tax	0	(577)	(577)	156	(577)
Impact of changes in actuarial methods and assumptions, pre-tax	0	577	577	(156)	577
Portion recognized in net income (loss) attributed to:
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Increase decrease in impact of changes in actuarial methods and assumption pre tax	(259)	(85)	(85)	221	(344)
Impact of changes in actuarial methods and assumptions, pre-tax	259	85	85	(221)	344
Portion recognized in OCI attributed to:
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Increase decrease in impact of changes in actuarial methods and assumption pre tax	47	(146)	(146)	(816)	(99)
Impact of changes in actuarial methods and assumptions, pre-tax	(47)	146	146	816	99
Portion recognized in CSM
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Increase decrease in impact of changes in actuarial methods and assumption pre tax	(2,638)	(116)	(116)	421	(2,754)
Impact of changes in actuarial methods and assumptions, pre-tax	2,638	116	116	(421)	2,754
Canada variable annuity product review
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Increase decrease in impact of changes in actuarial methods and assumption pre tax	0	(133)	(133)		(133)
Impact of changes in actuarial methods and assumptions, pre-tax	0	133	133		133
Risk adjustment review
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Increase decrease in impact of changes in actuarial methods and assumption pre tax	(2,850)	0	0		(2,850)
Impact of changes in actuarial methods and assumptions, pre-tax	2,850	0	0		2,850
Participating policyholders | Portion recognized in net income (loss) attributed to:
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Increase decrease in impact of changes in actuarial methods and assumption pre tax	(115)	(58)	(58)	(29)	(173)
Impact of changes in actuarial methods and assumptions, pre-tax	115	58	58	29	173
Participating policyholders | Portion recognized in OCI attributed to:
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Increase decrease in impact of changes in actuarial methods and assumption pre tax	21	0	0	(45)	21
Impact of changes in actuarial methods and assumptions, pre-tax	(21)	0	0	45	(21)
Shareholders | Portion recognized in net income (loss) attributed to:
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Increase decrease in impact of changes in actuarial methods and assumption pre tax	(144)	(27)	(27)	250	(171)
Impact of changes in actuarial methods and assumptions, pre-tax	144	27	27	(250)	171
Shareholders | Portion recognized in OCI attributed to:
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Increase decrease in impact of changes in actuarial methods and assumption pre tax	26	(146)	(146)	(771)	(120)
Impact of changes in actuarial methods and assumptions, pre-tax	$ (26)	$ 146	$ 146	$ 771	$ 120

Insurance and Reinsurance Co_19

Insurance and Reinsurance Contract Assets and Liabilities - Composition of Underlying Items (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Participating
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items]
Underlying assets	$ 123,494	$ 101,217
Participating | Debt securities
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items]
Underlying assets	54,238	44,682
Participating | Public equities
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items]
Underlying assets	19,846	14,442
Participating | Mortgages
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items]
Underlying assets	4,535	4,449
Participating | Private placements
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items]
Underlying assets	8,398	6,720
Participating | Real estate
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items]
Underlying assets	4,525	3,907
Participating | Other
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items]
Underlying assets	31,952	27,017
Variable annuity
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items]
Underlying assets	72,061	68,749
Variable annuity | Debt securities
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items]
Underlying assets	0	0
Variable annuity | Public equities
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items]
Underlying assets	0	0
Variable annuity | Mortgages
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items]
Underlying assets	0	0
Variable annuity | Private placements
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items]
Underlying assets	0	0
Variable annuity | Real estate
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items]
Underlying assets	0	0
Variable annuity | Other
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items]
Underlying assets	72,061	68,749
Unit linked
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items]
Underlying assets	18,771	15,539
Unit linked | Debt securities
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items]
Underlying assets	0	0
Unit linked | Public equities
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items]
Underlying assets	0	0
Unit linked | Mortgages
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items]
Underlying assets	0	0
Unit linked | Private placements
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items]
Underlying assets	0	0
Unit linked | Real estate
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items]
Underlying assets	0	0
Unit linked | Other
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items]
Underlying assets	$ 18,771	$ 15,539

Insurance and Reinsurance Co_20

Insurance and Reinsurance Contract Assets and Liabilities - Asset for Acquisition Cash Flow (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of information about expected derecognition of assets for insurance acquisition cash flows [line items]
Acquisition cash flows incurred in the year	$ 878	$ 820
Less than 1 year
Disclosure of information about expected derecognition of assets for insurance acquisition cash flows [line items]
Acquisition cash flows incurred in the year	137	131
1 to 5 years
Disclosure of information about expected derecognition of assets for insurance acquisition cash flows [line items]
Acquisition cash flows incurred in the year	381	355
Over 5 years
Disclosure of information about expected derecognition of assets for insurance acquisition cash flows [line items]
Acquisition cash flows incurred in the year	360	334
Asia
Disclosure of information about expected derecognition of assets for insurance acquisition cash flows [line items]
Acquisition cash flows incurred in the year	290	271
Asia | Less than 1 year
Disclosure of information about expected derecognition of assets for insurance acquisition cash flows [line items]
Acquisition cash flows incurred in the year	65	59
Asia | 1 to 5 years
Disclosure of information about expected derecognition of assets for insurance acquisition cash flows [line items]
Acquisition cash flows incurred in the year	168	150
Asia | Over 5 years
Disclosure of information about expected derecognition of assets for insurance acquisition cash flows [line items]
Acquisition cash flows incurred in the year	57	62
Canada
Disclosure of information about expected derecognition of assets for insurance acquisition cash flows [line items]
Acquisition cash flows incurred in the year	588	549
Canada | Less than 1 year
Disclosure of information about expected derecognition of assets for insurance acquisition cash flows [line items]
Acquisition cash flows incurred in the year	72	72
Canada | 1 to 5 years
Disclosure of information about expected derecognition of assets for insurance acquisition cash flows [line items]
Acquisition cash flows incurred in the year	213	205
Canada | Over 5 years
Disclosure of information about expected derecognition of assets for insurance acquisition cash flows [line items]
Acquisition cash flows incurred in the year	$ 303	$ 272

Insurance and Reinsurance Co_21

Insurance and Reinsurance Contract Assets and Liabilities - Maturity Analysis and Amounts Payable on Demand (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items]
Amounts payable on demand	$ 201,215	$ 172,684
Carrying amount	251,577	249,096
Asia
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items]
Amounts payable on demand	121,197	100,060
Carrying amount	131,829	129,117
Canada
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items]
Amounts payable on demand	31,100	28,264
Carrying amount	53,224	56,887
U.S.
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items]
Amounts payable on demand	48,918	44,360
Carrying amount	66,524	63,092
Insurance contract liabilities
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items]
Payments due by period	1,383,939	1,110,645
Insurance contract liabilities | Less than 1 year
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items]
Payments due by period	4,223	3,400
Insurance contract liabilities | 1 to 2 years
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items]
Payments due by period	3,711	5,546
Insurance contract liabilities | 2 to 3 years
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items]
Payments due by period	6,266	6,766
Insurance contract liabilities | 3 to 4 years
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items]
Payments due by period	8,741	8,849
Insurance contract liabilities | 4 to 5 years
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items]
Payments due by period	12,644	11,320
Insurance contract liabilities | Over 5 years
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items]
Payments due by period	1,348,354	1,074,764
Reinsurance contract held liabilities
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items]
Payments due by period	(9,483)	8,448
Reinsurance contract held liabilities | Less than 1 year
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items]
Payments due by period	250	332
Reinsurance contract held liabilities | 1 to 2 years
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items]
Payments due by period	395	460
Reinsurance contract held liabilities | 2 to 3 years
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items]
Payments due by period	530	492
Reinsurance contract held liabilities | 3 to 4 years
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items]
Payments due by period	419	592
Reinsurance contract held liabilities | 4 to 5 years
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items]
Payments due by period	373	475
Reinsurance contract held liabilities | Over 5 years
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items]
Payments due by period	$ (11,450)	$ 6,097

Investment Contract Liabiliti_3

Investment Contract Liabilities - Investment Contract Liabilities Measured at Fair Value (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of fair value measurement of liabilities [line items]
Investment contracts liabilities	$ 13,498	$ 11,816
Total fair value
Disclosure of fair value measurement of liabilities [line items]
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
Investment contracts liabilities	$ 310,251	$ 264,150

Investment Contract Liabiliti_4

Investment Contract Liabilities - Investment Contract Liabilities Measured at Amortized Cost, By Reporting Segment (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial liabilities [line items]
Investment contract liabilities	$ 13,498	$ 11,816
Amortized cost
Disclosure of financial liabilities [line items]
Investment contract liabilities	12,690	11,067	$ 9,281
Amortized cost | Asia
Disclosure of financial liabilities [line items]
Investment contract liabilities	325	451
Amortized cost | Canada
Disclosure of financial liabilities [line items]
Investment contract liabilities	7,571	7,642
Amortized cost | U.S.
Disclosure of financial liabilities [line items]
Investment contract liabilities	1,406	1,381
Amortized cost | Global WAM
Disclosure of financial liabilities [line items]
Investment contract liabilities	3,388	1,593
Fair value
Disclosure of financial liabilities [line items]
Investment contract liabilities	12,795	10,994
Fair value | Asia
Disclosure of financial liabilities [line items]
Investment contract liabilities	315	438
Fair value | Canada
Disclosure of financial liabilities [line items]
Investment contract liabilities	7,548	7,534
Fair value | U.S.
Disclosure of financial liabilities [line items]
Investment contract liabilities	1,375	1,440
Fair value | Global WAM
Disclosure of financial liabilities [line items]
Investment contract liabilities	$ 3,557	$ 1,582

Investment Contract Liabiliti_5

Investment Contract Liabilities - Investment Contract Liabilities Measured at Amortized Cost (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of financial liabilities [line items]
Investment contracts liabilities, beginning balance	$ 11,816
Investment contracts liabilities, ending balance	13,498	$ 11,816
Amortized cost
Disclosure of financial liabilities [line items]
Investment contracts liabilities, beginning balance	11,067	9,281
Policy deposits	3,218	3,365
Interest	316	218
Withdrawals	(2,240)	(1,629)
Fees	0	1
Impact of changes in foreign exchange rates	351	(108)
Other	(22)	(61)
Investment contracts liabilities, ending balance	$ 12,690	$ 11,067

Investment Contract Liabiliti_6

Investment Contract Liabilities - Investment Contracts Contractual Obligations (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of performance obligations [line items]
Investment contracts contractual obligations	$ 322,793	$ 276,411
Less than 1 year
Disclosure of performance obligations [line items]
Investment contracts contractual obligations	316,119	268,537
1 to 3 years
Disclosure of performance obligations [line items]
Investment contracts contractual obligations	2,766	2,978
3 to 5 years
Disclosure of performance obligations [line items]
Investment contracts contractual obligations	1,170	1,408
Over 5 years
Disclosure of performance obligations [line items]
Investment contracts contractual obligations	$ 2,738	$ 3,488

Investment Contract Liabiliti_7

Investment Contract Liabilities - Additional Information (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of performance obligations [line items]
Reinsurance contract held liabilities	$ 2,669	$ 2,831
Total fair value
Disclosure of performance obligations [line items]
Reinsurance contract held liabilities	978	27
Carrying amount
Disclosure of performance obligations [line items]
Reinsurance contract held liabilities	1,052	27
FVTPL | Total fair value
Disclosure of performance obligations [line items]
Fair value of reinsurance contract assets backing investment contract liabilities		0
FVOCI
Disclosure of performance obligations [line items]
Interest income from contracts	29	0
Changes in contract fair value	24	0
FVOCI | Total fair value
Disclosure of performance obligations [line items]
Fair value of reinsurance contract assets backing investment contract liabilities	669
Amortized cost
Disclosure of performance obligations [line items]
Interest income from contracts	$ 41	$ 2

Risk Management - Additional In

Risk Management - Additional Information (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Disclosure of credit risk exposure [line items]
Unencumbered assets	$ 516,600		$ 470,200
Percentage of equity hedges in the dynamic program offset against hedged variable annuity liability	95%		95%	95%	95%
Loaned securities included in invested assets	$ 11,663		$ 10,136
Reverse repurchase transactions recorded as short-term receivables	1,594		466
Repurchase agreements and cash collateral on securities lent	$ 668		202
Term of credit default swaps	5 years	5 years
Largest single counterparty exposure without master netting agreements or the benefit of collateral held	$ 7,202		6,718
Net amounts excluding financing entity	$ 429		$ 154
Percentage ceded to reinsurers	93%		91%	93%	91%
Exposure to credit risk	$ 40,753		$ 22,264
Net exposure after offsetting agreements and benefit of fair value of collateral held	$ 17,595		17,984
+10%
Disclosure of credit risk exposure [line items]
Percentage of expected changes in market values of publicly traded equities	10%	10%
+20%
Disclosure of credit risk exposure [line items]
Percentage of expected changes in market values of publicly traded equities	20%	20%
+30%
Disclosure of credit risk exposure [line items]
Percentage of expected changes in market values of publicly traded equities	30%	30%
Reinsurance contracts held
Disclosure of credit risk exposure [line items]
Reinsurance assets	$ 58,349		40,249
Bottom of range
Disclosure of credit risk exposure [line items]
Global retention limit		$ 30
Top of range
Disclosure of credit risk exposure [line items]
Global retention limit		$ 35
Derivatives
Disclosure of credit risk exposure [line items]
Largest single counterparty exposure without master netting agreements or the benefit of collateral held	1,319		1,357
Net amounts excluding financing entity	$ 0		$ 0
AA Credit Grades Or Higher
Disclosure of credit risk exposure [line items]
Derivative exposure with counterparties, percentage	30%	30%	33%
Securities lending
Disclosure of credit risk exposure [line items]
Loaned securities included in invested assets	$ 1,021		$ 626
Largest single counterparty exposure without master netting agreements or the benefit of collateral held	0		0
Net amounts excluding financing entity	$ 0		0
0.5% Decrease in Interest Rates
Disclosure of credit risk exposure [line items]
Sensitivity of net income attributed to shareholders	0.50%	0.50%
Sensitivity of our net income attributed to shareholders due to change in interest rate	$ 100
0.5% Increase in Interest Rates
Disclosure of credit risk exposure [line items]
Sensitivity of net income attributed to shareholders	0.50%	0.50%
Sensitivity of our net income attributed to shareholders due to change in interest rate	$ 100
0.5% Parallel Move in Interest Rates on CSM
Disclosure of credit risk exposure [line items]
Sensitivity of net income attributed to shareholders	0.50%	0.50%
0.5% Parallel Move in Corporate Spread
Disclosure of credit risk exposure [line items]
Sensitivity of net income attributed to shareholders	0.50%	0.50%
0.2% Percentage Parallel Move in Swap Spread
Disclosure of credit risk exposure [line items]
Sensitivity of net income attributed to shareholders	0.20%	0.20%
Banks
Disclosure of credit risk exposure [line items]
Estimated maximum borrowing capacity				$ 500
Unsecured revolving credit facility
Disclosure of credit risk exposure [line items]
Amounts outstanding	$ 0		$ 0
Unsecured revolving credit facility | Canadian Chartered Banks
Disclosure of credit risk exposure [line items]
Estimated maximum borrowing capacity	$ 500
Federal Home Loan Bank of Indianapolis
Disclosure of credit risk exposure [line items]
Estimated maximum borrowing capacity				3,800	$ 4,300
Amounts outstanding				$ 500	$ 500

Risk Management - Maturity of F

Risk Management - Maturity of Financial Liabilities (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of credit risk exposure [line items]
Long-term debt	$ 6,629	$ 6,071
Capital instruments	7,532	6,667
Derivatives	14,247	11,687
Deposits from Bank clients	22,063	21,616
Lease liabilities	355
Fair value of deposits from Bank clients	22,270	21,518
Less than 1 year
Disclosure of credit risk exposure [line items]
Long-term debt	0	0
Capital instruments	0
Derivatives	2,320	1,561
Deposits from Bank clients	15,690
Lease liabilities	105
1 to 3 years
Disclosure of credit risk exposure [line items]
Long-term debt	2,829	1,672
Capital instruments	0
Derivatives	2,304	1,982
Deposits from Bank clients	3,774
Lease liabilities	151
3 to 5 years
Disclosure of credit risk exposure [line items]
Long-term debt	0	920
Capital instruments	0
Derivatives	1,244	717
Deposits from Bank clients	2,599
Lease liabilities	52
Over 5 years
Disclosure of credit risk exposure [line items]
Long-term debt	3,800	3,479
Capital instruments	7,532
Derivatives	8,379	$ 7,427
Deposits from Bank clients	0
Lease liabilities	$ 47

Risk Management - Variable Annu

Risk Management - Variable Annuity and Segregated Fund Guarantees, Net of Reinsurance (Details) $ in Millions, $ in Millions	Dec. 31, 2024 CAD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)
Disclosure of credit risk exposure [line items]
Guarantee value, gross of reinsurance	$ 64,700		$ 66,826
Guarantee value, reinsured	27,198		27,608
Guarantee value, total, net of reinsurance	37,502		39,218
Fund value, gross of reinsurance	75,267		72,237
Fund value, reinsured	26,741		25,722
Fund value, total, net of reinsurance	48,526		46,515
Net amount at risk, gross of reinsurance	4,971		6,340
Net amount at risk, reinsured	3,305		3,877
Net amount at risk, total, net of reinsurance	1,666		2,463
U.S.
Disclosure of credit risk exposure [line items]
Net amount at risk, total, net of reinsurance		$ 293		$ 391
Canada
Disclosure of credit risk exposure [line items]
Net amount at risk, total, net of reinsurance	1,021		1,559
Japan
Disclosure of credit risk exposure [line items]
Net amount at risk, total, net of reinsurance		100		140
Asia
Disclosure of credit risk exposure [line items]
Net amount at risk, total, net of reinsurance		$ 56		$ 155
Guaranteed minimum income benefit
Disclosure of credit risk exposure [line items]
Guarantee value, gross of reinsurance	3,628		3,864
Fund value, gross of reinsurance	2,780		2,735
Net amount at risk, gross of reinsurance	918		1,156
Guaranteed minimum withdrawal benefit
Disclosure of credit risk exposure [line items]
Guarantee value, gross of reinsurance	33,473		34,833
Fund value, gross of reinsurance	33,539		33,198
Net amount at risk, gross of reinsurance	3,339		4,093
Guaranteed minimum accumulation benefit
Disclosure of credit risk exposure [line items]
Guarantee value, gross of reinsurance	18,987		18,996
Fund value, gross of reinsurance	19,097		19,025
Net amount at risk, gross of reinsurance	70		116
Living benefits
Disclosure of credit risk exposure [line items]
Guarantee value, gross of reinsurance	56,088		57,693
Guarantee value, reinsured	23,768		24,208
Fund value, gross of reinsurance	55,416		54,958
Fund value, reinsured	23,965		23,146
Net amount at risk, gross of reinsurance	4,327		5,365
Net amount at risk, reinsured	3,016		3,395
Death benefit
Disclosure of credit risk exposure [line items]
Guarantee value, gross of reinsurance	8,612		9,133
Guarantee value, reinsured	3,430		3,400
Fund value, gross of reinsurance	19,851		17,279
Fund value, reinsured	2,776		2,576
Net amount at risk, gross of reinsurance	644		975
Net amount at risk, reinsured	$ 289		$ 482

Risk Management - Investment Ca

Risk Management - Investment Categories for Variable Contracts with Guarantees (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of credit risk exposure [line items]
Investments for variable contracts with guarantees	$ 101,649	$ 93,766
Equity funds
Disclosure of credit risk exposure [line items]
Investments for variable contracts with guarantees	51,457	45,593
Balanced funds
Disclosure of credit risk exposure [line items]
Investments for variable contracts with guarantees	37,381	35,801
Bond funds
Disclosure of credit risk exposure [line items]
Investments for variable contracts with guarantees	9,017	8,906
Money market funds
Disclosure of credit risk exposure [line items]
Investments for variable contracts with guarantees	1,712	1,559
Other debt investments
Disclosure of credit risk exposure [line items]
Investments for variable contracts with guarantees	$ 2,082	$ 1,907

Risk Management - Potential Imm

Risk Management - Potential Immediate Impact on Net Income Attributed to Shareholders Arising from Changes to Public Equity Returns (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of credit risk exposure [line items]
Percentage of equity hedges in the dynamic program offset against hedged variable annuity liability	95%	95%
-30%
Disclosure of credit risk exposure [line items]
Variable annuity and segregated fund guarantees	$ (2,050)	$ (2,370)
General fund equity investments	(1,240)	(1,170)
Total underlying sensitivity before hedging	(3,290)	(3,540)
Impact of macro and dynamic hedge assets	720	880
Net potential impact on net income attributed to shareholders after impact of hedging and before impact of reinsurance	(2,570)	(2,660)
Impact of reinsurance	1,320	1,470
Net potential impact on net income attributed to shareholders after impact of hedging and reinsurance	(1,250)	(1,190)
-20%
Disclosure of credit risk exposure [line items]
Variable annuity and segregated fund guarantees	(1,240)	(1,460)
General fund equity investments	(820)	(770)
Total underlying sensitivity before hedging	(2,060)	(2,230)
Impact of macro and dynamic hedge assets	430	530
Net potential impact on net income attributed to shareholders after impact of hedging and before impact of reinsurance	(1,630)	(1,700)
Impact of reinsurance	810	900
Net potential impact on net income attributed to shareholders after impact of hedging and reinsurance	(820)	(800)
-10%
Disclosure of credit risk exposure [line items]
Variable annuity and segregated fund guarantees	(560)	(670)
General fund equity investments	(400)	(390)
Total underlying sensitivity before hedging	(960)	(1,060)
Impact of macro and dynamic hedge assets	190	240
Net potential impact on net income attributed to shareholders after impact of hedging and before impact of reinsurance	(770)	(820)
Impact of reinsurance	370	420
Net potential impact on net income attributed to shareholders after impact of hedging and reinsurance	(400)	(400)
+10%
Disclosure of credit risk exposure [line items]
Variable annuity and segregated fund guarantees	470	550
General fund equity investments	390	380
Total underlying sensitivity before hedging	860	930
Impact of macro and dynamic hedge assets	(150)	(190)
Net potential impact on net income attributed to shareholders after impact of hedging and before impact of reinsurance	710	740
Impact of reinsurance	(320)	(350)
Net potential impact on net income attributed to shareholders after impact of hedging and reinsurance	390	390
+20%
Disclosure of credit risk exposure [line items]
Variable annuity and segregated fund guarantees	860	1,010
General fund equity investments	780	760
Total underlying sensitivity before hedging	1,640	1,770
Impact of macro and dynamic hedge assets	(260)	(340)
Net potential impact on net income attributed to shareholders after impact of hedging and before impact of reinsurance	1,380	1,430
Impact of reinsurance	(590)	(650)
Net potential impact on net income attributed to shareholders after impact of hedging and reinsurance	790	780
+30%
Disclosure of credit risk exposure [line items]
Variable annuity and segregated fund guarantees	1,190	1,390
General fund equity investments	1,180	1,140
Total underlying sensitivity before hedging	2,370	2,530
Impact of macro and dynamic hedge assets	(360)	(460)
Net potential impact on net income attributed to shareholders after impact of hedging and before impact of reinsurance	2,010	2,070
Impact of reinsurance	(830)	(910)
Net potential impact on net income attributed to shareholders after impact of hedging and reinsurance	$ 1,180	$ 1,160

Risk Management - Potential I_2

Risk Management - Potential Immediate Impact on Contractual Service Margin, Other Comprehensive Income to Shareholders and Total Comprehensive Income to Shareholders (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of credit risk exposure [line items]
Percentage of equity hedges in the dynamic program offset against hedged variable annuity liability	95%	95%
-30%
Disclosure of credit risk exposure [line items]
Variable annuity and segregated fund guarantees reported in CSM	$ (3,420)	$ (3,810)
Impact of risk mitigation - hedging	940	1,150
Impact of risk mitigation - reinsurance	1,670	1,850
VA net of risk mitigation	(810)	(810)
General fund equity	(1,140)	(940)
Contractual service margin (pre-tax)	(1,950)	(1,750)
Other comprehensive income attributed to shareholders (post-tax)	(840)	(730)
Total comprehensive income attributed to shareholders (post-tax)	(2,090)	(1,920)
-20%
Disclosure of credit risk exposure [line items]
Variable annuity and segregated fund guarantees reported in CSM	(2,110)	(2,370)
Impact of risk mitigation - hedging	560	700
Impact of risk mitigation - reinsurance	1,020	1,140
VA net of risk mitigation	(530)	(530)
General fund equity	(740)	(610)
Contractual service margin (pre-tax)	(1,270)	(1,140)
Other comprehensive income attributed to shareholders (post-tax)	(560)	(490)
Total comprehensive income attributed to shareholders (post-tax)	(1,380)	(1,290)
-10%
Disclosure of credit risk exposure [line items]
Variable annuity and segregated fund guarantees reported in CSM	(970)	(1,100)
Impact of risk mitigation - hedging	250	310
Impact of risk mitigation - reinsurance	470	530
VA net of risk mitigation	(250)	(260)
General fund equity	(370)	(300)
Contractual service margin (pre-tax)	(620)	(560)
Other comprehensive income attributed to shareholders (post-tax)	(280)	(240)
Total comprehensive income attributed to shareholders (post-tax)	(680)	(640)
+10%
Disclosure of credit risk exposure [line items]
Variable annuity and segregated fund guarantees reported in CSM	840	940
Impact of risk mitigation - hedging	(190)	(250)
Impact of risk mitigation - reinsurance	(400)	(450)
VA net of risk mitigation	250	240
General fund equity	370	290
Contractual service margin (pre-tax)	620	530
Other comprehensive income attributed to shareholders (post-tax)	270	230
Total comprehensive income attributed to shareholders (post-tax)	660	620
+20%
Disclosure of credit risk exposure [line items]
Variable annuity and segregated fund guarantees reported in CSM	1,580	1,760
Impact of risk mitigation - hedging	(350)	(450)
Impact of risk mitigation - reinsurance	(740)	(830)
VA net of risk mitigation	490	480
General fund equity	750	590
Contractual service margin (pre-tax)	1,240	1,070
Other comprehensive income attributed to shareholders (post-tax)	530	460
Total comprehensive income attributed to shareholders (post-tax)	1,320	1,240
+30%
Disclosure of credit risk exposure [line items]
Variable annuity and segregated fund guarantees reported in CSM	2,250	2,470
Impact of risk mitigation - hedging	(470)	(600)
Impact of risk mitigation - reinsurance	(1,050)	(1,150)
VA net of risk mitigation	730	720
General fund equity	1,110	870
Contractual service margin (pre-tax)	1,840	1,590
Other comprehensive income attributed to shareholders (post-tax)	790	680
Total comprehensive income attributed to shareholders (post-tax)	$ 1,970	$ 1,840

Risk Management - Potential Imp

Risk Management - Potential Impacts on Interest Rates, Corporate Spreads or Swap Spreads Relative to Current Rates (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
-50bp
Disclosure of credit risk exposure [line items]
Interest rates, CSM	$ 100	$ 0
Interest rates, net income attributed to shareholders	100	100
Interest rates, other comprehensive income attributed to shareholders	(100)	(300)
Interest rates, total comprehensive income attributed to shareholders	0	(200)
Corporate spreads, CSM	0	0
Corporate spreads, net income attributed to shareholders	100	0
Corporate spreads, other comprehensive income attributed to shareholders	(200)	(200)
Corporate spreads, total comprehensive income attributed to shareholders	(100)	(200)
+50bp
Disclosure of credit risk exposure [line items]
Interest rates, CSM	(200)	(100)
Interest rates, net income attributed to shareholders	(100)	(100)
Interest rates, other comprehensive income attributed to shareholders	200	300
Interest rates, total comprehensive income attributed to shareholders	100	200
Corporate spreads, CSM	(100)	(100)
Corporate spreads, net income attributed to shareholders	(100)	0
Corporate spreads, other comprehensive income attributed to shareholders	300	300
Corporate spreads, total comprehensive income attributed to shareholders	200	300
-20bp
Disclosure of credit risk exposure [line items]
Swap spreads, CSM	0	0
Swap spreads, net income attributed to shareholders	100	100
Swap spreads, other comprehensive income attributed to shareholders	(100)	(100)
Swap spreads, total comprehensive income attributed to shareholders	0	0
+20bp
Disclosure of credit risk exposure [line items]
Swap spreads, CSM	0	0
Swap spreads, net income attributed to shareholders	(100)	(100)
Swap spreads, other comprehensive income attributed to shareholders	100	100
Swap spreads, total comprehensive income attributed to shareholders	$ 0	$ 0

Risk Management - Potential I_3

Risk Management - Potential Immediate Impacts Total Comprehensive Income Attributed to Shareholders from Changes in ALDA Market Values (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
-10%
Disclosure of credit risk exposure [line items]
CSM excluding NCI	$ (200)	$ (100)
Net income attributed to shareholders	(2,500)	(2,400)
Other comprehensive income attributed to shareholders	(200)	(200)
Other comprehensive income attributed to shareholders	(2,700)	(2,600)
+10%
Disclosure of credit risk exposure [line items]
CSM excluding NCI	200	100
Net income attributed to shareholders	2,500	2,400
Other comprehensive income attributed to shareholders	200	200
Other comprehensive income attributed to shareholders	$ 2,700	$ 2,600

Risk Management - Financial Ins

Risk Management - Financial Instruments Subject to Credit Exposure (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Loan commitments
Disclosure of credit risk exposure [line items]
Credit exposure	$ 315,670	$ 310,053
Amortized cost | Debt securities
Disclosure of credit risk exposure [line items]
Credit exposure	1,495	1,372
Amortized cost | Commercial mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	360	373
Amortized cost | Residential mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	24,056	22,520
Amortized cost | Loans to Bank clients
Disclosure of credit risk exposure [line items]
Credit exposure	2,310	2,436
Amortized cost | Other invested assets
Disclosure of credit risk exposure [line items]
Credit exposure	4,300	3,790
Gross carrying amount | FVOCI | Debt securities
Disclosure of credit risk exposure [line items]
Credit exposure	205,166	205,777
Gross carrying amount | FVOCI | Debt securities | Investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	199,178	199,814
Gross carrying amount | FVOCI | Debt securities | Non-investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	5,988	5,963
Gross carrying amount | FVOCI | Private placements
Disclosure of credit risk exposure [line items]
Credit exposure	48,802	44,952
Gross carrying amount | FVOCI | Private placements | Investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	42,517	39,366
Gross carrying amount | FVOCI | Private placements | Non-investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	6,285	5,586
Gross carrying amount | FVOCI | Commercial mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	28,792	28,473
Gross carrying amount | FVOCI | Commercial mortgages | AAA
Disclosure of credit risk exposure [line items]
Credit exposure	205	279
Gross carrying amount | FVOCI | Commercial mortgages | AA
Disclosure of credit risk exposure [line items]
Credit exposure	7,234	6,815
Gross carrying amount | FVOCI | Commercial mortgages | A
Disclosure of credit risk exposure [line items]
Credit exposure	14,035	14,197
Gross carrying amount | FVOCI | Commercial mortgages | BBB
Disclosure of credit risk exposure [line items]
Credit exposure	6,552	6,497
Gross carrying amount | FVOCI | Commercial mortgages | BB
Disclosure of credit risk exposure [line items]
Credit exposure	674	542
Gross carrying amount | FVOCI | Commercial mortgages | B and lower
Disclosure of credit risk exposure [line items]
Credit exposure	92	143
Gross carrying amount | FVOCI | Other invested assets
Disclosure of credit risk exposure [line items]
Credit exposure	389	360
Gross carrying amount | FVOCI | Other invested assets | Investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Gross carrying amount | FVOCI | Other invested assets | Non-investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	389	360
Gross carrying amount | Amortized cost | Debt securities
Disclosure of credit risk exposure [line items]
Credit exposure	1,496	1,373
Gross carrying amount | Amortized cost | Debt securities | Investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	1,496	1,373
Gross carrying amount | Amortized cost | Debt securities | Non-investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Gross carrying amount | Amortized cost | Commercial mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	362	376
Gross carrying amount | Amortized cost | Commercial mortgages | AAA
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Gross carrying amount | Amortized cost | Commercial mortgages | AA
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Gross carrying amount | Amortized cost | Commercial mortgages | A
Disclosure of credit risk exposure [line items]
Credit exposure	240	196
Gross carrying amount | Amortized cost | Commercial mortgages | BBB
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Gross carrying amount | Amortized cost | Commercial mortgages | BB
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Gross carrying amount | Amortized cost | Commercial mortgages | B and lower
Disclosure of credit risk exposure [line items]
Credit exposure	122	180
Gross carrying amount | Amortized cost | Residential mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	24,062	22,528
Gross carrying amount | Amortized cost | Residential mortgages | Performing
Disclosure of credit risk exposure [line items]
Credit exposure	24,021	22,468
Gross carrying amount | Amortized cost | Residential mortgages | Non-performing
Disclosure of credit risk exposure [line items]
Credit exposure	41	60
Gross carrying amount | Amortized cost | Loans to Bank clients
Disclosure of credit risk exposure [line items]
Credit exposure	2,313	2,439
Gross carrying amount | Amortized cost | Loans to Bank clients | Performing
Disclosure of credit risk exposure [line items]
Credit exposure	2,303	2,431
Gross carrying amount | Amortized cost | Loans to Bank clients | Non-performing
Disclosure of credit risk exposure [line items]
Credit exposure	10	8
Gross carrying amount | Amortized cost | Other invested assets
Disclosure of credit risk exposure [line items]
Credit exposure	4,302	3,791
Gross carrying amount | Amortized cost | Other invested assets | Investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	4,302	3,791
Gross carrying amount | Amortized cost | Other invested assets | Non-investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Accumulated impairment | Loan commitments
Disclosure of credit risk exposure [line items]
Credit exposure	11	12
Accumulated impairment | FVOCI | Debt securities
Disclosure of credit risk exposure [line items]
Credit exposure	270	343
Accumulated impairment | FVOCI | Private placements
Disclosure of credit risk exposure [line items]
Credit exposure	376	317
Accumulated impairment | FVOCI | Commercial mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	135	225
Accumulated impairment | FVOCI | Other invested assets
Disclosure of credit risk exposure [line items]
Credit exposure	22	16
Accumulated impairment | Amortized cost | Debt securities
Disclosure of credit risk exposure [line items]
Credit exposure	1	1
Accumulated impairment | Amortized cost | Commercial mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	2	3
Accumulated impairment | Amortized cost | Residential mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	6	8
Accumulated impairment | Amortized cost | Loans to Bank clients
Disclosure of credit risk exposure [line items]
Credit exposure	3	3
Accumulated impairment | Amortized cost | Other invested assets
Disclosure of credit risk exposure [line items]
Credit exposure	2	1
Stage 1 | Loan commitments
Disclosure of credit risk exposure [line items]
Credit exposure	309,080	301,682
Stage 1 | Amortized cost | Debt securities
Disclosure of credit risk exposure [line items]
Credit exposure	1,495	1,372
Stage 1 | Amortized cost | Commercial mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	336	292
Stage 1 | Amortized cost | Residential mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	22,867	20,894
Stage 1 | Amortized cost | Loans to Bank clients
Disclosure of credit risk exposure [line items]
Credit exposure	2,264	2,385
Stage 1 | Amortized cost | Other invested assets
Disclosure of credit risk exposure [line items]
Credit exposure	4,300	3,790
Stage 1 | Gross carrying amount | FVOCI | Debt securities
Disclosure of credit risk exposure [line items]
Credit exposure	203,465	202,929
Stage 1 | Gross carrying amount | FVOCI | Debt securities | Investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	197,840	197,562
Stage 1 | Gross carrying amount | FVOCI | Debt securities | Non-investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	5,625	5,367
Stage 1 | Gross carrying amount | FVOCI | Private placements
Disclosure of credit risk exposure [line items]
Credit exposure	46,800	42,932
Stage 1 | Gross carrying amount | FVOCI | Private placements | Investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	41,796	37,722
Stage 1 | Gross carrying amount | FVOCI | Private placements | Non-investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	5,004	5,210
Stage 1 | Gross carrying amount | FVOCI | Commercial mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	27,164	26,728
Stage 1 | Gross carrying amount | FVOCI | Commercial mortgages | AAA
Disclosure of credit risk exposure [line items]
Credit exposure	205	279
Stage 1 | Gross carrying amount | FVOCI | Commercial mortgages | AA
Disclosure of credit risk exposure [line items]
Credit exposure	7,234	6,815
Stage 1 | Gross carrying amount | FVOCI | Commercial mortgages | A
Disclosure of credit risk exposure [line items]
Credit exposure	14,035	14,111
Stage 1 | Gross carrying amount | FVOCI | Commercial mortgages | BBB
Disclosure of credit risk exposure [line items]
Credit exposure	5,679	5,513
Stage 1 | Gross carrying amount | FVOCI | Commercial mortgages | BB
Disclosure of credit risk exposure [line items]
Credit exposure	11	10
Stage 1 | Gross carrying amount | FVOCI | Commercial mortgages | B and lower
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 1 | Gross carrying amount | FVOCI | Other invested assets
Disclosure of credit risk exposure [line items]
Credit exposure	389	360
Stage 1 | Gross carrying amount | FVOCI | Other invested assets | Investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 1 | Gross carrying amount | FVOCI | Other invested assets | Non-investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	389	360
Stage 1 | Gross carrying amount | Amortized cost | Debt securities
Disclosure of credit risk exposure [line items]
Credit exposure	1,496	1,373
Stage 1 | Gross carrying amount | Amortized cost | Debt securities | Investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	1,496	1,373
Stage 1 | Gross carrying amount | Amortized cost | Debt securities | Non-investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 1 | Gross carrying amount | Amortized cost | Commercial mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	337	293
Stage 1 | Gross carrying amount | Amortized cost | Commercial mortgages | AAA
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 1 | Gross carrying amount | Amortized cost | Commercial mortgages | AA
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 1 | Gross carrying amount | Amortized cost | Commercial mortgages | A
Disclosure of credit risk exposure [line items]
Credit exposure	225	148
Stage 1 | Gross carrying amount | Amortized cost | Commercial mortgages | BBB
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 1 | Gross carrying amount | Amortized cost | Commercial mortgages | BB
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 1 | Gross carrying amount | Amortized cost | Commercial mortgages | B and lower
Disclosure of credit risk exposure [line items]
Credit exposure	112	145
Stage 1 | Gross carrying amount | Amortized cost | Residential mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	22,870	20,898
Stage 1 | Gross carrying amount | Amortized cost | Residential mortgages | Performing
Disclosure of credit risk exposure [line items]
Credit exposure	22,870	20,898
Stage 1 | Gross carrying amount | Amortized cost | Residential mortgages | Non-performing
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 1 | Gross carrying amount | Amortized cost | Loans to Bank clients
Disclosure of credit risk exposure [line items]
Credit exposure	2,265	2,387
Stage 1 | Gross carrying amount | Amortized cost | Loans to Bank clients | Performing
Disclosure of credit risk exposure [line items]
Credit exposure	2,265	2,387
Stage 1 | Gross carrying amount | Amortized cost | Loans to Bank clients | Non-performing
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 1 | Gross carrying amount | Amortized cost | Other invested assets
Disclosure of credit risk exposure [line items]
Credit exposure	4,302	3,791
Stage 1 | Gross carrying amount | Amortized cost | Other invested assets | Investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	4,302	3,791
Stage 1 | Gross carrying amount | Amortized cost | Other invested assets | Non-investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 1 | Accumulated impairment | Loan commitments
Disclosure of credit risk exposure [line items]
Credit exposure	9	9
Stage 1 | Accumulated impairment | FVOCI | Debt securities
Disclosure of credit risk exposure [line items]
Credit exposure	228	283
Stage 1 | Accumulated impairment | FVOCI | Private placements
Disclosure of credit risk exposure [line items]
Credit exposure	126	126
Stage 1 | Accumulated impairment | FVOCI | Commercial mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	41	40
Stage 1 | Accumulated impairment | FVOCI | Other invested assets
Disclosure of credit risk exposure [line items]
Credit exposure	22	16
Stage 1 | Accumulated impairment | Amortized cost | Debt securities
Disclosure of credit risk exposure [line items]
Credit exposure	1	1
Stage 1 | Accumulated impairment | Amortized cost | Commercial mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	1	1
Stage 1 | Accumulated impairment | Amortized cost | Residential mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	3	4
Stage 1 | Accumulated impairment | Amortized cost | Loans to Bank clients
Disclosure of credit risk exposure [line items]
Credit exposure	1	2
Stage 1 | Accumulated impairment | Amortized cost | Other invested assets
Disclosure of credit risk exposure [line items]
Credit exposure	2	1
Stage 2 | Loan commitments
Disclosure of credit risk exposure [line items]
Credit exposure	6,317	8,118
Stage 2 | Amortized cost | Debt securities
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 2 | Amortized cost | Commercial mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	19	81
Stage 2 | Amortized cost | Residential mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	1,149	1,568
Stage 2 | Amortized cost | Loans to Bank clients
Disclosure of credit risk exposure [line items]
Credit exposure	37	44
Stage 2 | Amortized cost | Other invested assets
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 2 | Gross carrying amount | FVOCI | Debt securities
Disclosure of credit risk exposure [line items]
Credit exposure	1,701	2,848
Stage 2 | Gross carrying amount | FVOCI | Debt securities | Investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	1,338	2,252
Stage 2 | Gross carrying amount | FVOCI | Debt securities | Non-investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	363	596
Stage 2 | Gross carrying amount | FVOCI | Private placements
Disclosure of credit risk exposure [line items]
Credit exposure	1,854	1,939
Stage 2 | Gross carrying amount | FVOCI | Private placements | Investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	721	1,644
Stage 2 | Gross carrying amount | FVOCI | Private placements | Non-investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	1,133	295
Stage 2 | Gross carrying amount | FVOCI | Commercial mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	1,557	1,638
Stage 2 | Gross carrying amount | FVOCI | Commercial mortgages | AAA
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 2 | Gross carrying amount | FVOCI | Commercial mortgages | AA
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 2 | Gross carrying amount | FVOCI | Commercial mortgages | A
Disclosure of credit risk exposure [line items]
Credit exposure	0	86
Stage 2 | Gross carrying amount | FVOCI | Commercial mortgages | BBB
Disclosure of credit risk exposure [line items]
Credit exposure	873	984
Stage 2 | Gross carrying amount | FVOCI | Commercial mortgages | BB
Disclosure of credit risk exposure [line items]
Credit exposure	663	532
Stage 2 | Gross carrying amount | FVOCI | Commercial mortgages | B and lower
Disclosure of credit risk exposure [line items]
Credit exposure	21	36
Stage 2 | Gross carrying amount | FVOCI | Other invested assets
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 2 | Gross carrying amount | FVOCI | Other invested assets | Investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 2 | Gross carrying amount | FVOCI | Other invested assets | Non-investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 2 | Gross carrying amount | Amortized cost | Debt securities
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 2 | Gross carrying amount | Amortized cost | Debt securities | Investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 2 | Gross carrying amount | Amortized cost | Debt securities | Non-investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 2 | Gross carrying amount | Amortized cost | Commercial mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	20	83
Stage 2 | Gross carrying amount | Amortized cost | Commercial mortgages | AAA
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 2 | Gross carrying amount | Amortized cost | Commercial mortgages | AA
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 2 | Gross carrying amount | Amortized cost | Commercial mortgages | A
Disclosure of credit risk exposure [line items]
Credit exposure	15	48
Stage 2 | Gross carrying amount | Amortized cost | Commercial mortgages | BBB
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 2 | Gross carrying amount | Amortized cost | Commercial mortgages | BB
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 2 | Gross carrying amount | Amortized cost | Commercial mortgages | B and lower
Disclosure of credit risk exposure [line items]
Credit exposure	5	35
Stage 2 | Gross carrying amount | Amortized cost | Residential mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	1,151	1,570
Stage 2 | Gross carrying amount | Amortized cost | Residential mortgages | Performing
Disclosure of credit risk exposure [line items]
Credit exposure	1,151	1,570
Stage 2 | Gross carrying amount | Amortized cost | Residential mortgages | Non-performing
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 2 | Gross carrying amount | Amortized cost | Loans to Bank clients
Disclosure of credit risk exposure [line items]
Credit exposure	38	44
Stage 2 | Gross carrying amount | Amortized cost | Loans to Bank clients | Performing
Disclosure of credit risk exposure [line items]
Credit exposure	38	44
Stage 2 | Gross carrying amount | Amortized cost | Loans to Bank clients | Non-performing
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 2 | Gross carrying amount | Amortized cost | Other invested assets
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 2 | Gross carrying amount | Amortized cost | Other invested assets | Investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 2 | Gross carrying amount | Amortized cost | Other invested assets | Non-investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 2 | Accumulated impairment | Loan commitments
Disclosure of credit risk exposure [line items]
Credit exposure	1	1
Stage 2 | Accumulated impairment | FVOCI | Debt securities
Disclosure of credit risk exposure [line items]
Credit exposure	42	54
Stage 2 | Accumulated impairment | FVOCI | Private placements
Disclosure of credit risk exposure [line items]
Credit exposure	127	108
Stage 2 | Accumulated impairment | FVOCI | Commercial mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	39	42
Stage 2 | Accumulated impairment | FVOCI | Other invested assets
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 2 | Accumulated impairment | Amortized cost | Debt securities
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 2 | Accumulated impairment | Amortized cost | Commercial mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	1	2
Stage 2 | Accumulated impairment | Amortized cost | Residential mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	2	2
Stage 2 | Accumulated impairment | Amortized cost | Loans to Bank clients
Disclosure of credit risk exposure [line items]
Credit exposure	1	0
Stage 2 | Accumulated impairment | Amortized cost | Other invested assets
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Loan commitments
Disclosure of credit risk exposure [line items]
Credit exposure	273	253
Stage 3 | Amortized cost | Debt securities
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Amortized cost | Commercial mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	5	0
Stage 3 | Amortized cost | Residential mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	40	58
Stage 3 | Amortized cost | Loans to Bank clients
Disclosure of credit risk exposure [line items]
Credit exposure	9	7
Stage 3 | Amortized cost | Other invested assets
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | FVOCI | Debt securities
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | FVOCI | Debt securities | Investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | FVOCI | Debt securities | Non-investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | FVOCI | Private placements
Disclosure of credit risk exposure [line items]
Credit exposure	148	81
Stage 3 | Gross carrying amount | FVOCI | Private placements | Investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | FVOCI | Private placements | Non-investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	148	81
Stage 3 | Gross carrying amount | FVOCI | Commercial mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	71	107
Stage 3 | Gross carrying amount | FVOCI | Commercial mortgages | AAA
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | FVOCI | Commercial mortgages | AA
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | FVOCI | Commercial mortgages | A
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | FVOCI | Commercial mortgages | BBB
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | FVOCI | Commercial mortgages | BB
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | FVOCI | Commercial mortgages | B and lower
Disclosure of credit risk exposure [line items]
Credit exposure	71	107
Stage 3 | Gross carrying amount | FVOCI | Other invested assets
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | FVOCI | Other invested assets | Investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | FVOCI | Other invested assets | Non-investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | Amortized cost | Debt securities
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | Amortized cost | Debt securities | Investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | Amortized cost | Debt securities | Non-investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | Amortized cost | Commercial mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	5	0
Stage 3 | Gross carrying amount | Amortized cost | Commercial mortgages | AAA
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | Amortized cost | Commercial mortgages | AA
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | Amortized cost | Commercial mortgages | A
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | Amortized cost | Commercial mortgages | BBB
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | Amortized cost | Commercial mortgages | BB
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | Amortized cost | Commercial mortgages | B and lower
Disclosure of credit risk exposure [line items]
Credit exposure	5	0
Stage 3 | Gross carrying amount | Amortized cost | Residential mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	41	60
Stage 3 | Gross carrying amount | Amortized cost | Residential mortgages | Performing
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | Amortized cost | Residential mortgages | Non-performing
Disclosure of credit risk exposure [line items]
Credit exposure	41	60
Stage 3 | Gross carrying amount | Amortized cost | Loans to Bank clients
Disclosure of credit risk exposure [line items]
Credit exposure	10	8
Stage 3 | Gross carrying amount | Amortized cost | Loans to Bank clients | Performing
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | Amortized cost | Loans to Bank clients | Non-performing
Disclosure of credit risk exposure [line items]
Credit exposure	10	8
Stage 3 | Gross carrying amount | Amortized cost | Other invested assets
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | Amortized cost | Other invested assets | Investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Gross carrying amount | Amortized cost | Other invested assets | Non-investment grade
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Accumulated impairment | Loan commitments
Disclosure of credit risk exposure [line items]
Credit exposure	1	2
Stage 3 | Accumulated impairment | FVOCI | Debt securities
Disclosure of credit risk exposure [line items]
Credit exposure	0	6
Stage 3 | Accumulated impairment | FVOCI | Private placements
Disclosure of credit risk exposure [line items]
Credit exposure	123	83
Stage 3 | Accumulated impairment | FVOCI | Commercial mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	55	143
Stage 3 | Accumulated impairment | FVOCI | Other invested assets
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Accumulated impairment | Amortized cost | Debt securities
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Accumulated impairment | Amortized cost | Commercial mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	0	0
Stage 3 | Accumulated impairment | Amortized cost | Residential mortgages
Disclosure of credit risk exposure [line items]
Credit exposure	1	2
Stage 3 | Accumulated impairment | Amortized cost | Loans to Bank clients
Disclosure of credit risk exposure [line items]
Credit exposure	1	1
Stage 3 | Accumulated impairment | Amortized cost | Other invested assets
Disclosure of credit risk exposure [line items]
Credit exposure	$ 0	$ 0

Risk Management - Allowance for

Risk Management - Allowance for Credit Losses by Stage (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of credit risk exposure [line items]
Balance, beginning of year	$ 929	$ 724
Net re-measurement due to transfers	0	0
Transfer to stage 1	0	0
Transfer to stage 2	0	0
Transfer to stage 3	0	0
Net originations, purchases, disposals and repayments	(131)	30
Changes to risk, parameters, and models	(5)	210
Foreign exchange and other adjustments	35	(35)
Balance, end of year	828	929
Stage 1
Disclosure of credit risk exposure [line items]
Balance, beginning of year	483	511
Net re-measurement due to transfers	4	4
Transfer to stage 1	12	12
Transfer to stage 2	(7)	(6)
Transfer to stage 3	(1)	(2)
Net originations, purchases, disposals and repayments	36	45
Changes to risk, parameters, and models	(107)	(71)
Foreign exchange and other adjustments	18	(6)
Balance, end of year	434	483
Stage 2
Disclosure of credit risk exposure [line items]
Balance, beginning of year	209	141
Net re-measurement due to transfers	(22)	6
Transfer to stage 1	(12)	(11)
Transfer to stage 2	7	28
Transfer to stage 3	(17)	(11)
Net originations, purchases, disposals and repayments	(8)	8
Changes to risk, parameters, and models	21	48
Foreign exchange and other adjustments	13	6
Balance, end of year	213	209
Stage 3
Disclosure of credit risk exposure [line items]
Balance, beginning of year	237	72
Net re-measurement due to transfers	18	(10)
Transfer to stage 1	0	(1)
Transfer to stage 2	0	(22)
Transfer to stage 3	18	13
Net originations, purchases, disposals and repayments	(159)	(23)
Changes to risk, parameters, and models	81	233
Foreign exchange and other adjustments	4	(35)
Balance, end of year	$ 181	$ 237

Risk Management - Significant J

Risk Management - Significant Judgements and Estimates (Details) - 12 months ended Dec. 31, 2024 ¥ in Millions, ¥ in Millions, $ in Millions, $ in Millions	CAD ($) $ / bbl	USD ($) $ / bbl	JPY (¥) $ / bbl	CNY (¥) $ / bbl
Canada
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions | $	$ 1,983
Unemployment rate	6.70%	6.70%	6.70%	6.70%
NYMEX Light Sweet Crude Oil, in U.S. dollars, per barrel	76	76	76	76
Canada | Base case scenario | Next 12 months
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	1.80%	1.80%	1.80%	1.80%
Unemployment rate	6.80%	6.80%	6.80%	6.80%
NYMEX Light Sweet Crude Oil, in U.S. dollars, per barrel	75	75	75	75
Canada | Base case scenario | 1 to 5 years
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	2%	2%	2%	2%
Unemployment rate	6.30%	6.30%	6.30%	6.30%
NYMEX Light Sweet Crude Oil, in U.S. dollars, per barrel	72	72	72	72
Canada | Upside scenario | Next 12 months
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	3.30%	3.30%	3.30%	3.30%
Unemployment rate	6.50%	6.50%	6.50%	6.50%
NYMEX Light Sweet Crude Oil, in U.S. dollars, per barrel	79	79	79	79
Canada | Upside scenario | 1 to 5 years
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	2.30%	2.30%	2.30%	2.30%
Unemployment rate	5.80%	5.80%	5.80%	5.80%
NYMEX Light Sweet Crude Oil, in U.S. dollars, per barrel	74	74	74	74
Canada | Downside scenario 1 | Next 12 months
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	(2.00%)	(2.00%)	(2.00%)	(2.00%)
Unemployment rate	8.10%	8.10%	8.10%	8.10%
NYMEX Light Sweet Crude Oil, in U.S. dollars, per barrel	59	59	59	59
Canada | Downside scenario 1 | 1 to 5 years
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	2.30%	2.30%	2.30%	2.30%
Unemployment rate	8.20%	8.20%	8.20%	8.20%
NYMEX Light Sweet Crude Oil, in U.S. dollars, per barrel	66	66	66	66
Canada | Downside scenario 2 | Next 12 months
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	(3.90%)	(3.90%)	(3.90%)	(3.90%)
Unemployment rate	8.50%	8.50%	8.50%	8.50%
NYMEX Light Sweet Crude Oil, in U.S. dollars, per barrel	50	50	50	50
Canada | Downside scenario 2 | 1 to 5 years
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	2.20%	2.20%	2.20%	2.20%
Unemployment rate	10%	10%	10%	10%
NYMEX Light Sweet Crude Oil, in U.S. dollars, per barrel	61	61	61	61
U.S.
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions | $		$ 23,534
Unemployment rate	4.20%	4.20%	4.20%	4.20%
7-10 Year BBB U.S. Corporate Index	5.50%	5.50%	5.50%	5.50%
U.S. | Base case scenario | Next 12 months
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	2.10%	2.10%	2.10%	2.10%
Unemployment rate	4.10%	4.10%	4.10%	4.10%
7-10 Year BBB U.S. Corporate Index	6.10%	6.10%	6.10%	6.10%
U.S. | Base case scenario | 1 to 5 years
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	2.20%	2.20%	2.20%	2.20%
Unemployment rate	4%	4%	4%	4%
7-10 Year BBB U.S. Corporate Index	6.10%	6.10%	6.10%	6.10%
U.S. | Upside scenario | Next 12 months
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	3.60%	3.60%	3.60%	3.60%
Unemployment rate	3.30%	3.30%	3.30%	3.30%
7-10 Year BBB U.S. Corporate Index	5.90%	5.90%	5.90%	5.90%
U.S. | Upside scenario | 1 to 5 years
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	2.30%	2.30%	2.30%	2.30%
Unemployment rate	3.30%	3.30%	3.30%	3.30%
7-10 Year BBB U.S. Corporate Index	6.20%	6.20%	6.20%	6.20%
U.S. | Downside scenario 1 | Next 12 months
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	(2.00%)	(2.00%)	(2.00%)	(2.00%)
Unemployment rate	7.30%	7.30%	7.30%	7.30%
7-10 Year BBB U.S. Corporate Index	5.40%	5.40%	5.40%	5.40%
U.S. | Downside scenario 1 | 1 to 5 years
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	2.70%	2.70%	2.70%	2.70%
Unemployment rate	6.10%	6.10%	6.10%	6.10%
7-10 Year BBB U.S. Corporate Index	5.60%	5.60%	5.60%	5.60%
U.S. | Downside scenario 2 | Next 12 months
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	(4.20%)	(4.20%)	(4.20%)	(4.20%)
Unemployment rate	7.80%	7.80%	7.80%	7.80%
7-10 Year BBB U.S. Corporate Index	6%	6%	6%	6%
U.S. | Downside scenario 2 | 1 to 5 years
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	2.50%	2.50%	2.50%	2.50%
Unemployment rate	8.10%	8.10%	8.10%	8.10%
7-10 Year BBB U.S. Corporate Index	5.40%	5.40%	5.40%	5.40%
Japan
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions | ¥			¥ 563,281
Unemployment rate	2.50%	2.50%	2.50%	2.50%
Japan | Base case scenario | Next 12 months
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	0.90%	0.90%	0.90%	0.90%
Unemployment rate	2.50%	2.50%	2.50%	2.50%
Japan | Base case scenario | 1 to 5 years
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	0.70%	0.70%	0.70%	0.70%
Unemployment rate	2.20%	2.20%	2.20%	2.20%
Japan | Upside scenario | Next 12 months
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	2.80%	2.80%	2.80%	2.80%
Unemployment rate	2.40%	2.40%	2.40%	2.40%
Japan | Upside scenario | 1 to 5 years
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	0.80%	0.80%	0.80%	0.80%
Unemployment rate	2.10%	2.10%	2.10%	2.10%
Japan | Downside scenario 1 | Next 12 months
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	(3.60%)	(3.60%)	(3.60%)	(3.60%)
Unemployment rate	3.10%	3.10%	3.10%	3.10%
Japan | Downside scenario 1 | 1 to 5 years
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	1%	1%	1%	1%
Unemployment rate	2.90%	2.90%	2.90%	2.90%
Japan | Downside scenario 2 | Next 12 months
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	(7.10%)	(7.10%)	(7.10%)	(7.10%)
Unemployment rate	3.20%	3.20%	3.20%	3.20%
Japan | Downside scenario 2 | 1 to 5 years
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	1.60%	1.60%	1.60%	1.60%
Unemployment rate	3.50%	3.50%	3.50%	3.50%
Hong Kong
Disclosure of credit risk exposure [line items]
Unemployment rate	3%	3%	3%	3%
Hang Seng Index and FTSE Xinhua A200 Index	19,448	19,448	19,448	19,448
Hong Kong | Base case scenario | Next 12 months
Disclosure of credit risk exposure [line items]
Unemployment rate	2.90%	2.90%	2.90%	2.90%
Hang Seng Index and FTSE Xinhua A200 Index	7%	7%	7%	7%
Hong Kong | Base case scenario | 1 to 5 years
Disclosure of credit risk exposure [line items]
Unemployment rate	3%	3%	3%	3%
Hang Seng Index and FTSE Xinhua A200 Index	4.10%	4.10%	4.10%	4.10%
Hong Kong | Upside scenario | Next 12 months
Disclosure of credit risk exposure [line items]
Unemployment rate	2.50%	2.50%	2.50%	2.50%
Hang Seng Index and FTSE Xinhua A200 Index	18.10%	18.10%	18.10%	18.10%
Hong Kong | Upside scenario | 1 to 5 years
Disclosure of credit risk exposure [line items]
Unemployment rate	2.70%	2.70%	2.70%	2.70%
Hang Seng Index and FTSE Xinhua A200 Index	3.70%	3.70%	3.70%	3.70%
Hong Kong | Downside scenario 1 | Next 12 months
Disclosure of credit risk exposure [line items]
Unemployment rate	4.10%	4.10%	4.10%	4.10%
Hang Seng Index and FTSE Xinhua A200 Index	(19.70%)	(19.70%)	(19.70%)	(19.70%)
Hong Kong | Downside scenario 1 | 1 to 5 years
Disclosure of credit risk exposure [line items]
Unemployment rate	3.80%	3.80%	3.80%	3.80%
Hang Seng Index and FTSE Xinhua A200 Index	9.90%	9.90%	9.90%	9.90%
Hong Kong | Downside scenario 2 | Next 12 months
Disclosure of credit risk exposure [line items]
Unemployment rate	4.60%	4.60%	4.60%	4.60%
Hang Seng Index and FTSE Xinhua A200 Index	(37.00%)	(37.00%)	(37.00%)	(37.00%)
Hong Kong | Downside scenario 2 | 1 to 5 years
Disclosure of credit risk exposure [line items]
Unemployment rate	4.60%	4.60%	4.60%	4.60%
Hang Seng Index and FTSE Xinhua A200 Index	13.50%	13.50%	13.50%	13.50%
China
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions | ¥				¥ 114,931
Hang Seng Index and FTSE Xinhua A200 Index	10,938	10,938	10,938	10,938
China | Base case scenario | Next 12 months
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	4%	4%	4%	4%
Hang Seng Index and FTSE Xinhua A200 Index	(0.60%)	(0.60%)	(0.60%)	(0.60%)
China | Base case scenario | 1 to 5 years
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	4.10%	4.10%	4.10%	4.10%
Hang Seng Index and FTSE Xinhua A200 Index	4.80%	4.80%	4.80%	4.80%
China | Upside scenario | Next 12 months
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	6.50%	6.50%	6.50%	6.50%
Hang Seng Index and FTSE Xinhua A200 Index	13.80%	13.80%	13.80%	13.80%
China | Upside scenario | 1 to 5 years
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	4.30%	4.30%	4.30%	4.30%
Hang Seng Index and FTSE Xinhua A200 Index	2.80%	2.80%	2.80%	2.80%
China | Downside scenario 1 | Next 12 months
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	(3.00%)	(3.00%)	(3.00%)	(3.00%)
Hang Seng Index and FTSE Xinhua A200 Index	(31.10%)	(31.10%)	(31.10%)	(31.10%)
China | Downside scenario 1 | 1 to 5 years
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	4.60%	4.60%	4.60%	4.60%
Hang Seng Index and FTSE Xinhua A200 Index	11.70%	11.70%	11.70%	11.70%
China | Downside scenario 2 | Next 12 months
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	(5.70%)	(5.70%)	(5.70%)	(5.70%)
Hang Seng Index and FTSE Xinhua A200 Index	(40.50%)	(40.50%)	(40.50%)	(40.50%)
China | Downside scenario 2 | 1 to 5 years
Disclosure of credit risk exposure [line items]
Gross Domestic Product (GDP), in U.S. $ billions	3.90%	3.90%	3.90%	3.90%
Hang Seng Index and FTSE Xinhua A200 Index	13.50%	13.50%	13.50%	13.50%

Risk Management - Sensitivity t

Risk Management - Sensitivity to Changes in Economic Assumptions (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Risk Management [Abstract]
Probability-weighted ECL	$ 828	$ 929
Baseline ECL	629	659
Difference - in amount	$ 199	$ 270
Difference - in percentage	24.03%	29.06%

Risk Management - Credit Defaul

Risk Management - Credit Default Swaps (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of credit risk exposure [line items]
Notional amount	$ 499,021	$ 440,077
Credit protection purchased	0	0
Credit default swaps
Disclosure of credit risk exposure [line items]
Notional amount	114	131
Total fair value	$ 2	$ 3
Weighted average maturity	3 years	3 years
Credit default swaps | AA
Disclosure of credit risk exposure [line items]
Notional amount	$ 23	$ 23
Total fair value	$ 1	$ 1
Weighted average maturity	3 years	4 years
Credit default swaps | A
Disclosure of credit risk exposure [line items]
Notional amount	$ 68	$ 94
Total fair value	$ 1	$ 2
Weighted average maturity	3 years	3 years
Credit default swaps | BBB
Disclosure of credit risk exposure [line items]
Notional amount	$ 23	$ 14
Total fair value	$ 0	$ 0
Weighted average maturity	2 years	1 year
Credit default swaps | CDS Credit
Disclosure of credit risk exposure [line items]
Notional amount	$ 114	$ 131
Total fair value	$ 2	$ 3
Weighted average maturity	3 years	3 years

Risk Management - Effect of Con

Risk Management - Effect of Conditional Master Netting and Similar Arrangements (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Financial assets
Gross amounts of financial instruments	$ 11,663	$ 10,136
Amounts subject to an enforceable master netting arrangement or similar agreements	(7,202)	(6,718)
Financial and cash collateral pledged (received)	(4,032)	(3,264)
Net amounts including financing entity	429	154
Net amounts excluding financing entity	429	154
Financial liabilities
Gross amounts of financial instruments	(15,694)	(12,802)
Amounts subject to an enforceable master netting arrangement or similar agreements	7,202	6,718
Financial and cash collateral pledged (received)	8,404	5,958
Net amounts including financing entity	(88)	(126)
Net amounts excluding financing entity	(15)	(57)
Accrued interest receivable	388	502
Accrued interest payable	779	913
Over-collateralized on securities lending and reverse purchase agreements	641	424
Over-collateralized on OTC derivative liabilities	2,472	1,420
Over-collateralized on OTC derivative assets	35	20
Over-collateralized on repurchase agreements	0	0
Derivative liabilities
Financial liabilities
Gross amounts of financial instruments	(15,026)	(12,600)
Amounts subject to an enforceable master netting arrangement or similar agreements	6,633	6,516
Financial and cash collateral pledged (received)	8,305	5,958
Net amounts including financing entity	(88)	(126)
Net amounts excluding financing entity	(15)	(57)
Repurchase agreements
Financial liabilities
Gross amounts of financial instruments	(668)	(202)
Amounts subject to an enforceable master netting arrangement or similar agreements	569	202
Financial and cash collateral pledged (received)	99	0
Net amounts including financing entity	0	0
Net amounts excluding financing entity	0	0
Derivative assets
Financial assets
Gross amounts of financial instruments	9,048	9,044
Amounts subject to an enforceable master netting arrangement or similar agreements	(6,633)	(6,516)
Financial and cash collateral pledged (received)	(1,986)	(2,374)
Net amounts including financing entity	429	154
Net amounts excluding financing entity	429	154
Securities lending
Financial assets
Gross amounts of financial instruments	1,021	626
Amounts subject to an enforceable master netting arrangement or similar agreements	0	0
Financial and cash collateral pledged (received)	(1,021)	(626)
Net amounts including financing entity	0	0
Net amounts excluding financing entity	0	0
Reverse repurchase agreements
Financial assets
Gross amounts of financial instruments	1,594	466
Amounts subject to an enforceable master netting arrangement or similar agreements	(569)	(202)
Financial and cash collateral pledged (received)	(1,025)	(264)
Net amounts including financing entity	0	0
Net amounts excluding financing entity	$ 0	$ 0

Risk Management - Effect of Unc

Risk Management - Effect of Unconditional Netting (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Credit linked note
Disclosure of credit risk exposure [line items]
Gross amounts of financial instruments	$ 1,392	$ 1,276
Amounts subject to an enforceable netting arrangement	(1,392)	(1,276)
Net amounts of financial instruments	0	0
Variable surplus note
Disclosure of credit risk exposure [line items]
Gross amounts of financial instruments	(1,392)	(1,276)
Amounts subject to an enforceable netting arrangement	1,392	1,276
Net amounts of financial instruments	0	0
Fixed Surplus Note
Disclosure of credit risk exposure [line items]
Net amounts of financial instruments presented in the Consolidated Statements of Financial Position	$ 0	$ 0

Risk Management - Risk Concentr

Risk Management - Risk Concentrations (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
A
Disclosure of credit risk exposure [line items]
Investment grade debt securities and private placements rate	37%	38%
AA
Disclosure of credit risk exposure [line items]
Investment grade debt securities and private placements rate	17%	17%
AAA
Disclosure of credit risk exposure [line items]
Investment grade debt securities and private placements rate	15%	15%
Asset classes and individual investment risks
Disclosure of credit risk exposure [line items]
Debt securities and private placements rated as investment grade BBB or higher	96%	95%
Government debt securities as a per cent of total debt securities	40%	38%
Government private placements as a per cent of total private placements	9%	10%
Highest exposure to a single non-government debt security or private placement issuer	$ 1,121	$ 1,131
Largest single issuer as a per cent of the total equity portfolio	2%	2%
Income producing commercial office properties (2024 – 35% of real estate, 2023 – 37%)	$ 4,696	$ 4,829
Largest concentration of mortgages and real estate – Ontario Canada (2024 – 28%, 2023 – 29%)	$ 19,052	$ 19,003
Income producing commercial office properties percentage	35%	37%
Asset classes and individual investment risks | Ontario, Canada
Disclosure of credit risk exposure [line items]
Maximum concentration of mortgages and real estate, percentage	28%	29%

Risk Management - Debt Securiti

Risk Management - Debt Securities and Private Placements Portfolio by Sector and Industry (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of credit risk exposure [line items]
Carrying value	$ 260,289	$ 257,755
% of total	100%	100%
Government and agency
Disclosure of credit risk exposure [line items]
Carrying value	$ 88,376	$ 84,739
% of total	34%	33%
Utilities
Disclosure of credit risk exposure [line items]
Carrying value	$ 45,812	$ 45,952
% of total	18%	18%
Financial
Disclosure of credit risk exposure [line items]
Carrying value	$ 38,656	$ 39,069
% of total	15%	15%
Consumer
Disclosure of credit risk exposure [line items]
Carrying value	$ 31,529	$ 31,181
% of total	12%	12%
Energy
Disclosure of credit risk exposure [line items]
Carrying value	$ 15,840	$ 15,782
% of total	6%	6%
Industrial
Disclosure of credit risk exposure [line items]
Carrying value	$ 24,233	$ 24,209
% of total	9%	9%
Other
Disclosure of credit risk exposure [line items]
Carrying value	$ 15,843	$ 16,823
% of total	6%	7%

Risk Management - Concentration

Risk Management - Concentration Risk (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of credit risk exposure [line items]
Concentration risk of liabilities	$ 787,436	$ 716,962
U.S. and Canada
Disclosure of credit risk exposure [line items]
Concentration risk of liabilities	595,654	548,424
Asia and Other
Disclosure of credit risk exposure [line items]
Concentration risk of liabilities	191,782	168,538
Insurance contract liabilities
Disclosure of credit risk exposure [line items]
Concentration risk of liabilities	522,844	481,994
Insurance contract liabilities | U.S. and Canada
Disclosure of credit risk exposure [line items]
Concentration risk of liabilities	342,146	327,458
Insurance contract liabilities | Asia and Other
Disclosure of credit risk exposure [line items]
Concentration risk of liabilities	180,698	154,536
Investment contract liabilities
Disclosure of credit risk exposure [line items]
Concentration risk of liabilities	322,941	275,217
Investment contract liabilities | U.S. and Canada
Disclosure of credit risk exposure [line items]
Concentration risk of liabilities	305,563	260,046
Investment contract liabilities | Asia and Other
Disclosure of credit risk exposure [line items]
Concentration risk of liabilities	17,378	15,171
Reinsurance assets
Disclosure of credit risk exposure [line items]
Concentration risk of liabilities	58,349	40,249
Reinsurance assets | U.S. and Canada
Disclosure of credit risk exposure [line items]
Concentration risk of liabilities	(52,055)	(39,080)
Reinsurance assets | Asia and Other
Disclosure of credit risk exposure [line items]
Concentration risk of liabilities	$ (6,294)	$ (1,169)

Long Term Debt - Carrying Value

Long Term Debt - Carrying Value of Long-Term Debt Instruments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($)	Dec. 31, 2024 $ / shares	Dec. 31, 2023 CAD ($)
Disclosure of detailed information about borrowings [line items]
Long-term debt	$ 6,629		$ 6,071
3.050% Senior notes
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	3.05%
Issue date	Aug. 27, 2020
Maturity date	Aug. 27, 2060
Debt instrument, par value | $ / shares		$ 1,155
Long-term debt	$ 1,659		1,519
5.375% Senior notes
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	5.375%
Issue date	Mar. 04, 2016
Maturity date	Mar. 04, 2046
Debt instrument, par value | $ / shares		750
Long-term debt	$ 1,067		977
Debt instrument basis points	0.40%
3.703% Senior notes
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	3.703%
Issue date	Mar. 16, 2022
Maturity date	Mar. 16, 2032
Debt instrument, par value | $ / shares		750
Long-term debt	$ 1,074		983
Debt instrument basis points	0.25%
2.396% Senior notes
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	2.396%
Issue date	Jun. 01, 2020
Maturity date	Jun. 01, 2027
Debt instrument, par value | $ / shares		200
Long-term debt	$ 287		263
Debt instrument basis points	0.30%
2.484% Senior notes
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	2.484%
Issue date	May 19, 2020
Maturity date	May 19, 2027
Debt instrument, par value | $ / shares		500
Long-term debt	$ 717		657
Debt instrument basis points	0.30%
3.527% Senior notes
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	3.527%
Issue date	Dec. 02, 2016
Maturity date	Dec. 02, 2026
Debt instrument, par value | $ / shares		270
Long-term debt	$ 388		356
Debt instrument basis points	0.20%
4.150% Senior notes
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	4.15%
Issue date	Mar. 04, 2016
Maturity date	Mar. 04, 2026
Debt instrument, par value | $ / shares		$ 1,000
Long-term debt	$ 1,437		$ 1,316
Debt instrument basis points	0.35%

Long Term Debt - Additional Inf

Long Term Debt - Additional Information (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about borrowings [line items]
Interest expense on borrowings	$ 233	$ 231
Level 2
Disclosure of detailed information about borrowings [line items]
Long term borrowings fair value	$ 5,741	$ 5,525

Long Term Debt - Aggregate Matu

Long Term Debt - Aggregate Maturities of Long-Term Debt (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about borrowings [line items]
Long-term debt	$ 6,629	$ 6,071
Less than 1 year
Disclosure of detailed information about borrowings [line items]
Long-term debt	0	0
1 to 3 years
Disclosure of detailed information about borrowings [line items]
Long-term debt	2,829	1,672
3 to 5 years
Disclosure of detailed information about borrowings [line items]
Long-term debt	0	920
Over 5 years
Disclosure of detailed information about borrowings [line items]
Long-term debt	$ 3,800	$ 3,479

Capital Instruments - Carrying

Capital Instruments - Carrying Value of Capital Instruments (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($) $ / shares	Dec. 31, 2024 $ / shares	Dec. 31, 2024 $ / shares	Dec. 31, 2023 CAD ($)
Carrying Value Of Capital Instruments [Line Items]
Capital instruments	$ 7,532			$ 6,667
John Hancock Financial Corporation
Carrying Value Of Capital Instruments [Line Items]
Borrowings, interest rate	0.72%
Canadian Dollar Offered Rate
Carrying Value Of Capital Instruments [Line Items]
Capital instruments	$ 1,997			2,745
US Dollar Mid-Swap Rate
Carrying Value Of Capital Instruments [Line Items]
Capital instruments	$ 1,077			987
SORA Overnight Indexed Swap
Carrying Value Of Capital Instruments [Line Items]
Borrowings, adjustment to interest rate basis	1.201%
Singapore Dollar Swap Rate
Carrying Value Of Capital Instruments [Line Items]
Borrowings, adjustment to interest rate basis	0.832%
JHFC Subordinated notes
Carrying Value Of Capital Instruments [Line Items]
Issuance date	Dec. 14, 2006
Maturity date	Dec. 15, 2036
Par value | $ / shares	$ 650
Capital instruments	$ 648			647
JHFC Subordinated notes | Canadian Dollar Offered Rate
Carrying Value Of Capital Instruments [Line Items]
Capital instruments	$ 648			647
JHFC Subordinated notes | Daily Compounded CORRA Plus
Carrying Value Of Capital Instruments [Line Items]
Borrowings, adjustment to interest rate basis	0.32138%
2.818% MFC Subordinated debentures
Carrying Value Of Capital Instruments [Line Items]
Borrowings, interest rate	2.818%
Issuance date	May 12, 2020
Earliest par redemption date	May 13, 2030
Maturity date	May 13, 2035
Par value | $ / shares	$ 1,000
Capital instruments	$ 997			996
2.818% MFC Subordinated debentures | Canadian Dollar Offered Rate
Carrying Value Of Capital Instruments [Line Items]
Borrowings, adjustment to interest rate basis	1.82%
4.064% MFC Subordinated debentures
Carrying Value Of Capital Instruments [Line Items]
Borrowings, interest rate	4.064%
Issuance date	Dec. 06, 2024
Earliest par redemption date	Dec. 06, 2029
Maturity date	Dec. 06, 2034
Par value | $ / shares	$ 1,000
Capital instruments	$ 995			0
4.064% MFC Subordinated debentures | Daily Compounded CORRA Plus
Carrying Value Of Capital Instruments [Line Items]
Borrowings, adjustment to interest rate basis	1.25%
4.275% MFC Subordinated notes
Carrying Value Of Capital Instruments [Line Items]
Borrowings, interest rate	4.275%
Issuance date	Jun. 19, 2024
Earliest par redemption date	Jun. 19, 2029
Maturity date	Jun. 19, 2034
Par value | $ / shares		$ 500
Capital instruments	$ 524			0
5.054% MFC Subordinated debentures
Carrying Value Of Capital Instruments [Line Items]
Borrowings, interest rate	5.054%
Issuance date	Feb. 23, 2024
Earliest par redemption date	Feb. 23, 2029
Maturity date	Feb. 23, 2034
Par value | $ / shares	$ 1,100
Capital instruments	$ 1,095			0
5.054% MFC Subordinated debentures | Daily Compounded CORRA Plus
Carrying Value Of Capital Instruments [Line Items]
Borrowings, adjustment to interest rate basis	1.44%
5.409% MFC Subordinated debentures
Carrying Value Of Capital Instruments [Line Items]
Borrowings, interest rate	5.409%
Issuance date	Mar. 10, 2023
Earliest par redemption date	Mar. 10, 2028
Maturity date	Mar. 10, 2033
Par value | $ / shares	$ 1,200
Capital instruments	$ 1,196			1,195
5.409% MFC Subordinated debentures | Daily Compounded CORRA Plus
Carrying Value Of Capital Instruments [Line Items]
Borrowings, adjustment to interest rate basis	1.85%
4.061% MFC Subordinated notes
Carrying Value Of Capital Instruments [Line Items]
Borrowings, interest rate	4.061%
Issuance date	Feb. 24, 2017
Earliest par redemption date	Feb. 24, 2027
Maturity date	Feb. 24, 2032
Par value | $ / shares			$ 750
Capital instruments	$ 1,077			987
4.061% MFC Subordinated notes | US Dollar Mid-Swap Rate
Carrying Value Of Capital Instruments [Line Items]
Borrowings, adjustment to interest rate basis	1.647%
2.237% MFC Subordinated debentures
Carrying Value Of Capital Instruments [Line Items]
Borrowings, interest rate	2.237%
Issuance date	May 12, 2020
Earliest par redemption date	May 12, 2025
Maturity date	May 12, 2030
Par value | $ / shares	$ 1,000
Capital instruments	$ 1,000			999
2.237% MFC Subordinated debentures | Canadian Dollar Offered Rate
Carrying Value Of Capital Instruments [Line Items]
Borrowings, adjustment to interest rate basis	1.49%
3.00% MFC Subordinated notes
Carrying Value Of Capital Instruments [Line Items]
Borrowings, interest rate	3%
Issuance date	Nov. 21, 2017
Earliest par redemption date	Nov. 21, 2024
Maturity date	Nov. 21, 2029
Par value | $ / shares		$ 500
Capital instruments	$ 0			499
3.049% MFC Subordinated debentures
Carrying Value Of Capital Instruments [Line Items]
Borrowings, interest rate	3.049%
Issuance date	Aug. 18, 2017
Earliest par redemption date	Aug. 20, 2024
Maturity date	Aug. 20, 2029
Par value | $ / shares	$ 750
Capital instruments	$ 0			750
7.375% JHUSA Surplus notes
Carrying Value Of Capital Instruments [Line Items]
Borrowings, interest rate	7.375%
Issuance date	Feb. 25, 1994
Maturity date	Feb. 15, 2024
Par value | $ / shares			$ 450
Capital instruments	$ 0			$ 594

Capital Instruments - Additiona

Capital Instruments - Additional Information (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Level 2
Fair Value Of Capital Instruments [Line Items]
Financial liabilities, at fair value	$ 7,575	$ 6,483

Equity Capital and Earnings P_3

Equity Capital and Earnings Per Share - Preferred Shares and Other Equity Instruments (Detail) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of classes of share capital [Line Items]
Face amount	$ 499,021	$ 440,077
LRCN, Series 1 | On June 19, 2026 and every five years thereafter until June 19, 2076
Disclosure of classes of share capital [Line Items]
Borrowings, adjustment to interest rate basis	2.839%
Other equity instruments | LRCN, Series 1
Disclosure of classes of share capital [Line Items]
Limited recourse capital notes, issue date	Feb. 19, 2021
Limited recourse capital notes, annual dividend / distribution rate	3.375%
Limited recourse capital notes, earliest redemption date	May 19, 2026
Face amount	$ 2,000
Net amount	$ 1,982	1,982
Other equity instruments | LRCN, Series 1 | Before June 18, 2026
Disclosure of classes of share capital [Line Items]
Borrowings, interest rate	3.375%
Other equity instruments | LRCN, Series 2
Disclosure of classes of share capital [Line Items]
Limited recourse capital notes, issue date	Nov. 12, 2021
Limited recourse capital notes, annual dividend / distribution rate	4.10%
Limited recourse capital notes, earliest redemption date	Feb. 19, 2027
Face amount	$ 1,200
Net amount	$ 1,189	1,189
Other equity instruments | LRCN, Series 2 | Before March 18, 2027
Disclosure of classes of share capital [Line Items]
Borrowings, interest rate	4.10%
Other equity instruments | LRCN, Series 2 | On March 19, 2027 and every five years thereafter until March 19, 2077
Disclosure of classes of share capital [Line Items]
Borrowings, adjustment to interest rate basis	2.704%
Other equity instruments | LRCN, Series 3
Disclosure of classes of share capital [Line Items]
Limited recourse capital notes, issue date	Jun. 16, 2022
Limited recourse capital notes, annual dividend / distribution rate	7.117%
Limited recourse capital notes, earliest redemption date	Jun. 19, 2027
Face amount	$ 1,000
Net amount	$ 990	990
Borrowings, interest rate	7.117%
Borrowings, adjustment to interest rate basis	3.95%
Class A preferred shares, Series 2
Disclosure of classes of share capital [Line Items]
Preferred shares, issue date	Feb. 18, 2005
Preferred shares, annual dividend / distribution rate	4.65%
Number of shares	14
Face amount	$ 350
Net amount	$ 344	344
Class A preferred shares, Series 3
Disclosure of classes of share capital [Line Items]
Preferred shares, issue date	Jan. 03, 2006
Preferred shares, annual dividend / distribution rate	4.50%
Number of shares	12
Face amount	$ 300
Net amount	$ 294	294
Class 1 preferred shares, Series 3
Disclosure of classes of share capital [Line Items]
Preferred shares, issue date	Mar. 11, 2011
Preferred shares, annual dividend / distribution rate	2.348%
Preferred shares, earliest redemption date	Jun. 19, 2026
Number of shares	7
Face amount	$ 163
Net amount	$ 160	160
Specified yield percentage	1.41%
Class 1 preferred shares, Series 4
Disclosure of classes of share capital [Line Items]
Preferred shares, issue date	Jun. 20, 2016
Preferred shares, earliest redemption date	Jun. 19, 2026
Number of shares	1
Face amount	$ 37
Net amount	$ 36	36
Basis spread on dividend rate	1.41%
Class 1 preferred shares, Series 4 | If redeemed on June 19, 2021
Disclosure of classes of share capital [Line Items]
Price per share	$ 25
Class 1 preferred shares, Series 4 | If redeemed after June 19, 2021
Disclosure of classes of share capital [Line Items]
Price per share	$ 25.50
Class 1 preferred shares, Series 9
Disclosure of classes of share capital [Line Items]
Preferred shares, issue date	May 24, 2012
Preferred shares, annual dividend / distribution rate	5.978%
Preferred shares, earliest redemption date	Sep. 19, 2027
Number of shares	10
Face amount	$ 250
Net amount	$ 244	244
Specified yield percentage	2.86%
Class 1 preferred shares, Series 11
Disclosure of classes of share capital [Line Items]
Preferred shares, issue date	Dec. 04, 2012
Preferred shares, annual dividend / distribution rate	6.159%
Preferred shares, earliest redemption date	Mar. 19, 2028
Number of shares	8
Face amount	$ 200
Net amount	$ 196	196
Specified yield percentage	2.61%
Class 1 preferred shares, Series 13
Disclosure of classes of share capital [Line Items]
Preferred shares, issue date	Jun. 21, 2013
Preferred shares, annual dividend / distribution rate	6.35%
Preferred shares, earliest redemption date	Sep. 19, 2028
Number of shares	8
Face amount	$ 200
Net amount	$ 196	196
Specified yield percentage	2.22%
Class 1 preferred shares, Series 15
Disclosure of classes of share capital [Line Items]
Preferred shares, issue date	Feb. 25, 2014
Preferred shares, annual dividend / distribution rate	5.775%
Preferred shares, earliest redemption date	Jun. 19, 2029
Number of shares	8
Face amount	$ 200
Net amount	$ 195	195
Specified yield percentage	2.16%
Class 1 preferred shares, Series 15 | After June 2024 for 5-Years
Disclosure of classes of share capital [Line Items]
Annual dividend rate	5.775%
Class 1 preferred shares, Series 17
Disclosure of classes of share capital [Line Items]
Preferred shares, issue date	Aug. 15, 2014
Preferred shares, annual dividend / distribution rate	5.542%
Preferred shares, earliest redemption date	Dec. 19, 2029
Number of shares	14
Face amount	$ 350
Net amount	$ 343	343
Specified yield percentage	2.36%
Class 1 preferred shares, Series 17 | After December 2024 for 5-Years
Disclosure of classes of share capital [Line Items]
Annual dividend rate	5.542%
Class 1 preferred shares, Series 19
Disclosure of classes of share capital [Line Items]
Preferred shares, issue date	Dec. 03, 2014
Preferred shares, annual dividend / distribution rate	3.675%
Preferred shares, earliest redemption date	Mar. 19, 2025
Number of shares	10
Face amount	$ 250
Net amount	$ 246	246
Specified yield percentage	2.30%
Class 1 preferred shares, Series 25
Disclosure of classes of share capital [Line Items]
Preferred shares, issue date	Feb. 20, 2018
Preferred shares, annual dividend / distribution rate	5.942%
Preferred shares, earliest redemption date	Jun. 19, 2028
Number of shares	10
Face amount	$ 250
Net amount	$ 245	245
Specified yield percentage	2.55%
Preferred shares
Disclosure of classes of share capital [Line Items]
Number of shares	102
Face amount	$ 6,750
Net amount	$ 6,660	$ 6,660

Equity Capital and Earnings P_4

Equity Capital and Earnings Per share - Additional Information (Detail) - CAD ($) $ / shares in Units, $ in Millions				12 Months Ended
	Feb. 19, 2025	May 07, 2024	Feb. 20, 2024	Dec. 31, 2024	Dec. 31, 2023
NCIB
Disclosure of Dividends [line items]
Stock repurchased and retired during period shares				82,800,000	62,600,000
Total cost of shares				$ 3,212	$ 1,595
Tax incurred on repurchases shares				$ 60
Options and Deferred Share Units
Disclosure of Dividends [line items]
Number of instruments outstanding in a share based payment arrangement				12,000,000	17,000,000
Common shares | Major ordinary share transactions
Disclosure of Dividends [line items]
Dividend declared but not paid	$ 0.44
NCIB 2024
Disclosure of Dividends [line items]
Common stock shares authorized for repurchase			50,000,000
NCIB 2024 | Top of range
Disclosure of Dividends [line items]
Common stock shares authorized for repurchase		90,000,000
NCIB 2024 | Major ordinary share transactions
Disclosure of Dividends [line items]
Percentage of the companys issued and outstanding common shares			2.80%
NCIB 2024 | Major ordinary share transactions | Top of range
Disclosure of Dividends [line items]
Percentage of the companys issued and outstanding common shares		5%
NCIB 2023 and NCIB 2024 | Issued capital
Disclosure of Dividends [line items]
Increase decrease through treasury share transactions				$ 990	$ 745
NCIB 2023 and NCIB 2024 | Retained earnings
Disclosure of Dividends [line items]
Increase decrease through treasury share transactions				$ 2,282	$ 850
NCIB 2022 | NCIB
Disclosure of Dividends [line items]
Stock repurchased and retired during period shares					6,900,000
Total cost of shares					$ 175
NCIB 2025
Disclosure of Dividends [line items]
Common stock shares authorized for repurchase	51,500,000
NCIB 2025 | Major ordinary share transactions
Disclosure of Dividends [line items]
Percentage of the companys issued and outstanding common shares	3%

Equity Capital and Earnings P_5

Equity Capital and Earnings Per Share - Changes in Common Shares Issued and Outstanding (Detail) - CAD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of classes of share capital [Line Items]
Balance, beginning of year	$ 48,727
Balance, end of year	$ 52,960	$ 48,727
Common shares
Disclosure of classes of share capital [Line Items]
Balance, beginning of year	1,806	1,865
Repurchased for cancellation	(83)	(63)
Issued on exercise of stock options and deferred share units	6	4
Balance, end of year	1,729	1,806
Balance, beginning of year	$ 21,527	$ 22,178
Repurchased for cancellation	(989)	(745)
Issued on exercise of stock options and deferred share units	143	94
Balance, end of year	$ 20,681	$ 21,527

Equity Capital and Earnings P_6

Equity Capital and Earnings Per Share - Basic and Diluted Earnings Per Common Share (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Equity Capital and Earnings Per Share [Abstract]
Basic earnings per common share (in dollars per share)	$ 2.85	$ 2.62
Diluted earnings per common share (in dollars per share)	$ 2.84	$ 2.61

Equity Capital and Earnings P_7

Equity Capital and Earnings Per Share - Reconciliation of Denominator (Numbers of Shares) in Calculation of Basic and Diluted Earnings Per Share (Detail) - shares shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Earnings per share [line items]
Weighted average number of common shares (in millions)	1,779	1,834
Dilutive stock-based awards (in millions)	6	4
Weighted average number of diluted common shares (in millions)	1,785	1,838
Share based payments arrangements
Earnings per share [line items]
Antidilutive securities	0	0

Equity Capital and Earnings P_8

Equity Capital and Earnings Per share - Dividends Payable on Non-cumulative Preferred Shares (Detail)	12 Months Ended
	Dec. 31, 2024 $ / shares
Class A preferred shares, Series 2
Disclosure of Dividends [line items]
Dividend declared but not paid	$ 0.290630
Class A preferred shares, Series 3
Disclosure of Dividends [line items]
Dividend declared but not paid	0.281250
Class 1 preferred shares, Series 3
Disclosure of Dividends [line items]
Dividend declared but not paid	0.146750
Class 1 preferred shares, Series 4
Disclosure of Dividends [line items]
Dividend declared but not paid	0.301500
Class 1 preferred shares, Series 9
Disclosure of Dividends [line items]
Dividend declared but not paid	0.373625
Class 1 preferred shares, Series 11
Disclosure of Dividends [line items]
Dividend declared but not paid	0.384938
Class 1 preferred shares, Series 13
Disclosure of Dividends [line items]
Dividend declared but not paid	0.396875
Class 1 preferred shares, Series 15
Disclosure of Dividends [line items]
Dividend declared but not paid	0.360938
Class 1 preferred shares, Series 17
Disclosure of Dividends [line items]
Dividend declared but not paid	0.346375
Class 1 preferred shares, Series 19
Disclosure of Dividends [line items]
Dividend declared but not paid	0.229688
Class 1 preferred shares, Series 25
Disclosure of Dividends [line items]
Dividend declared but not paid	$ 0.371375

Capital Management - Consolidat

Capital Management - Consolidated Capital (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Capital Management [Abstract]
Total equity	$ 52,960	$ 48,727
Exclude AOCI gain / (loss) on cash flow hedges	119	26
Total equity excluding AOCI on cash flow hedges	52,841	48,701
Post-tax CSM	20,826	18,503
Qualifying capital instruments	7,532	6,667
Consolidated capital	$ 81,199	$ 73,871

Revenue from Service Contract_2

Revenue from Service Contracts - Revenue from Service Contracts by Service Lines and Reporting Segments (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	$ 7,588	$ 6,746
Asia, Canada, U.S., and Corporate and Other
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	149	37
Global WAM
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	7,439	6,709
Real estate management services included in net investment income
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	317	303
Real estate management services included in net investment income | Asia, Canada, U.S., and Corporate and Other
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	317	303
Real estate management services included in net investment income | Global WAM
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	0	0
Other revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	7,293	6,617
Other revenue | Asia, Canada, U.S., and Corporate and Other
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	(145)	(89)
Other revenue | Global WAM
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	7,438	6,706
Other revenue | Investment management and other related fees
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	3,123	2,886
Other revenue | Investment management and other related fees | Asia, Canada, U.S., and Corporate and Other
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	(489)	(412)
Other revenue | Investment management and other related fees | Global WAM
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	3,612	3,298
Other revenue | Transaction processing, administration and service fees
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	3,206	2,835
Other revenue | Transaction processing, administration and service fees | Asia, Canada, U.S., and Corporate and Other
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	298	269
Other revenue | Transaction processing, administration and service fees | Global WAM
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	2,908	2,566
Other revenue | Distribution fees and other
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	964	896
Other revenue | Distribution fees and other | Asia, Canada, U.S., and Corporate and Other
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	46	54
Other revenue | Distribution fees and other | Global WAM
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	918	842
Revenue from non-service lines
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	295	129
Revenue from non-service lines | Asia, Canada, U.S., and Corporate and Other
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	294	126
Revenue from non-service lines | Global WAM
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	$ 1	$ 3

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, number in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($) shares $ / shares	Dec. 31, 2023 CAD ($) shares $ / shares	Dec. 31, 2022 shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Option vesting period	4 years
Expiration period	10 years
Number of options granted (in shares)	0	0
Executive stock option plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares reserved for issue under ESOP (in shares)	73,600,000
Stock options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Compensation expense related to stock options | $	$ 0	$ 2
Deferred share units plans under ESOP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	3 years
Number of common shares to be received on retirement or termination (in shares)	1
Number of deferred share units outstanding allowing holders to receive common shares (in shares)	149,000	143,000
Deferred share units plans
Disclosure of terms and conditions of share-based payment arrangement [line items]
Compensation expense related to stock options | $	$ 10	$ 9
Vesting period	36 months
Number of common shares to be received on retirement or termination (in shares)	1,000,000
Number of deferred share units outstanding (in shares)	149,000	143,000
Number of deferred share units granted (in shares)	45,000	38,000
Number of deferred share units granted under ESOP (in shares)	85,000	117,000
Number of deferred share units outstanding allowing holders to receive payment in cash (in shares)	867,000	913,000
Number of deferred share units outstanding allowing holders to receive payment in cash or common shares, at the option of the holder (in shares)	1,034,000	907,000
Carrying and fair value of the DSUs liability | $	$ 84	$ 62
Deferred share units plans | Board of director
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of deferred share units issued (in shares)	193,000	206,000
Issued deferred share units price per share (in dollars per share) | $ / shares	$ 44.16	$ 29.28
Number of deferred share units outstanding allowing holders to receive common shares (in shares)	2,050,000	1,963,000	2,373,000
Deferred share units plans | Defer Receipt Of All Or Part Of Annual Bonus
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of deferred share units granted (in shares)	44,000	33,000
Deferred share units plans | Defer Payment Of All Or Part Of RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of deferred share units granted (in shares)	19,000	18,000
Restricted share units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Compensation expense related to stock options | $	$ 215	$ 207
Vesting period	36 months
Number of deferred share units granted (in shares)	6,700,000	8,500,000
Fair value of the RSUs and PSUs granted (in dollars per share) | $ / shares	$ 44.16	$ 29.28
Performance share units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Compensation expense related to stock options | $	$ 96	$ 45
Vesting period	36 months
Number of deferred share units granted (in shares)	1,500,000	1,600,000
Restricted share units and performance share units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Carrying and fair value of the DSUs liability | $	$ 910	$ 514

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Options Outstanding (Details) number in Millions	12 Months Ended
	Dec. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares
Stock-Based Compensation [Abstract]
Outstanding, beginning balance (in shares)	16	20
Forfeited (in shares)	0	0
Exercised (in shares)	(5)	(4)
Outstanding, ending balance (in shares)	11	16
Exercisable (in shares)	6	9
Outstanding, beginning balance (in dollars per share)	$ 22.73	$ 22.42
Forfeited (in dollars per share)	0	24.27
Exercised (in dollars per share)	21.56	21.02
Outstanding, ending balance (in dollars per share)	23.35	22.73
Exercisable (in dollars per share)	$ 22.66	$ 21.99

Stock-Based Compensation - Rang

Stock-Based Compensation - Range of Exercise Prices of Outstanding Share Options (Details) number in Millions	12 Months Ended
	Dec. 31, 2024 yr $ / shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding (in shares)	11	16	20
Options outstanding, weighted average exercise price (in dollars per share)	$ 23.35	$ 22.73	$ 22.42
Options outstanding, weighted average remaining contractual life	3 years 9 months 10 days
Number of options exercisable (in shares)	6	9
Options exercisable, weighted average exercise price (in dollars per share)	$ 22.66	$ 21.99
Options exercisable, Weighted average remaining contractual life | yr	2,890,000
Exercise Prices Range One
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding (in shares)	1
Options outstanding, weighted average exercise price (in dollars per share)	$ 17.59
Options outstanding, weighted average remaining contractual life	1 year 1 month 24 days
Number of options exercisable (in shares)	1
Options exercisable, weighted average exercise price (in dollars per share)	$ 17.59
Options exercisable, Weighted average remaining contractual life | yr	1,150,000
Exercise Prices Range One | Bottom of range
Disclosure of range of exercise prices of outstanding share options [line items]
Weighted average share price	$ 17.59
Exercise Prices Range One | Top of range
Disclosure of range of exercise prices of outstanding share options [line items]
Weighted average share price	$ 20.99
Exercise Prices Range Two
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding (in shares)	10
Options outstanding, weighted average exercise price (in dollars per share)	$ 23.93
Options outstanding, weighted average remaining contractual life	4 years 14 days
Number of options exercisable (in shares)	5
Options exercisable, weighted average exercise price (in dollars per share)	$ 23.58
Options exercisable, Weighted average remaining contractual life | yr	3,210,000
Exercise Prices Range Two | Bottom of range
Disclosure of range of exercise prices of outstanding share options [line items]
Weighted average share price	$ 21
Exercise Prices Range Two | Top of range
Disclosure of range of exercise prices of outstanding share options [line items]
Weighted average share price	$ 24.73

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Other Equity Instruments (Details) - Board of director - Deferred share units plans - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Number Of Other Equity Instruments Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	1,963,000	2,373,000
Issued (in shares)	193,000	206,000
Reinvested (in shares)	86,000	131,000
Redeemed (in shares)	(191,000)	(744,000)
Forfeitures and cancellations (in shares)	(1,000)	(3,000)
Outstanding, ending balance (in shares)	2,050,000	1,963,000

Employee Future Benefits - Addi

Employee Future Benefits - Additional Information (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disclosure of defined benefit plans [line items]
Assets set aside for plan		$ 0
Pension plans
Disclosure of defined benefit plans [line items]
Estimate of expected cash payments for employee future benefits for the year ending December 31, 2024	$ 64
Defined contribution plans
Disclosure of defined benefit plans [line items]
Estimate of expected cash payments for employee future benefits for the year ending December 31, 2024	102
Retiree welfare plans
Disclosure of defined benefit plans [line items]
Estimate of expected cash payments for employee future benefits for the year ending December 31, 2024	$ 18
Canadian plans
Disclosure of defined benefit plans [line items]
Estimate of expected cash payments for employee future benefits for the year ending December 31, 2024		$ 2
Return-Seeking Assets
Disclosure of defined benefit plans [line items]
Target asset allocation for plan		30%	30%
Return-Seeking Assets | Canada
Disclosure of defined benefit plans [line items]
Target asset allocation for plan		17%	17%
Liability-Hedging Assets
Disclosure of defined benefit plans [line items]
Target asset allocation for plan		70%	70%
Liability-Hedging Assets | Canada
Disclosure of defined benefit plans [line items]
Target asset allocation for plan		83%	83%

Employee Future Benefits - Pens

Employee Future Benefits - Pension and Retiree Welfare Plans (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pension plans
Disclosure of defined benefit plans [line items]
Opening balance, January 1	$ 124
Return on plan assets (excluding interest income)	(31)	$ 129
Actuarial losses (gains) due to:
Experience	2	11
Demographic assumption changes	0	14
Economic assumption changes	(101)	119
Defined benefit obligation, December 31	50	124
Pension plans | Present value of defined benefit obligation
Disclosure of defined benefit plans [line items]
Opening balance, January 1	3,789	3,794
Current service cost	44	41
Past service cost – amendment	0	0
Interest cost	176	184
Plan participants’ contributions	0	0
Actuarial losses (gains) due to:
Experience	2	11
Demographic assumption changes	0	14
Economic assumption changes	(101)	119
Benefits paid	303	308
Impact of changes in foreign exchange rates	219	(66)
Defined benefit obligation, December 31	3,826	3,789
Pension plans | Plan assets
Disclosure of defined benefit plans [line items]
Opening balance, January 1	(3,706)	(3,722)
Interest cost	(174)	(181)
Plan participants’ contributions	0	0
Return on plan assets (excluding interest income)	(31)	129
Employer contributions	57	59
Actuarial losses (gains) due to:
Benefits paid	(303)	(308)
Impact of changes in foreign exchange rates	(225)	67
Administration costs	(8)	(10)
Defined benefit obligation, December 31	(3,820)	(3,706)
Retiree welfare plans
Disclosure of defined benefit plans [line items]
Opening balance, January 1	(76)
Return on plan assets (excluding interest income)	(19)	17
Actuarial losses (gains) due to:
Experience	(16)	(10)
Demographic assumption changes	0	1
Economic assumption changes	(19)	16
Defined benefit obligation, December 31	(125)	(76)
Retiree welfare plans | Present value of defined benefit obligation
Disclosure of defined benefit plans [line items]
Opening balance, January 1	450	466
Current service cost	0	0
Past service cost – amendment	0	0
Interest cost	21	22
Plan participants’ contributions	2	3
Actuarial losses (gains) due to:
Experience	(16)	(10)
Demographic assumption changes	0	1
Economic assumption changes	(19)	16
Benefits paid	40	38
Impact of changes in foreign exchange rates	30	(10)
Defined benefit obligation, December 31	428	450
Retiree welfare plans | Plan assets
Disclosure of defined benefit plans [line items]
Opening balance, January 1	(526)	(523)
Interest cost	(26)	(25)
Plan participants’ contributions	2	3
Return on plan assets (excluding interest income)	(19)	17
Employer contributions	12	12
Actuarial losses (gains) due to:
Benefits paid	(40)	(38)
Impact of changes in foreign exchange rates	(48)	15
Administration costs	(2)	(1)
Defined benefit obligation, December 31	$ (553)	$ (526)

Employee Future Benefits - Amou

Employee Future Benefits - Amounts Recognized in Consolidated Statements of Financial Position (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pension plans
Disclosure of defined benefit plans [line items]
Defined benefit obligation	$ 3,826	$ 3,789
Fair value of plan assets	3,820	3,706
Deficit (surplus)	6	83
Effect of asset limit	44	41
Deficit (surplus) and net defined benefit liability (asset)	50	124
Pension plans | Funded or partially funded plans
Disclosure of defined benefit plans [line items]
Deficit (surplus) and net defined benefit liability (asset)	(483)	(422)
Pension plans | Unfunded plans
Disclosure of defined benefit plans [line items]
Deficit (surplus) and net defined benefit liability (asset)	533	546
Retiree welfare plans
Disclosure of defined benefit plans [line items]
Defined benefit obligation	428	450
Fair value of plan assets	553	526
Deficit (surplus)	(125)	(76)
Effect of asset limit	0	0
Deficit (surplus) and net defined benefit liability (asset)	(125)	(76)
Retiree welfare plans | Funded or partially funded plans
Disclosure of defined benefit plans [line items]
Deficit (surplus) and net defined benefit liability (asset)	(221)	(190)
Retiree welfare plans | Unfunded plans
Disclosure of defined benefit plans [line items]
Deficit (surplus) and net defined benefit liability (asset)	$ 96	$ 114

Employee Future Benefits - Disa

Employee Future Benefits - Disaggregation of Defined Benefit Obligation (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Pension plans
Disclosure of defined benefit plans [line items]
Defined benefit obligation	$ 3,826	$ 3,789
Retiree welfare plans
Disclosure of defined benefit plans [line items]
Defined benefit obligation	428	450
U.S. plans | Pension plans
Disclosure of defined benefit plans [line items]
Defined benefit obligation	2,500	2,433
U.S. plans | Pension plans | Active members
Disclosure of defined benefit plans [line items]
Defined benefit obligation	578	526
U.S. plans | Pension plans | Inactive and retired members
Disclosure of defined benefit plans [line items]
Defined benefit obligation	1,922	1,907
U.S. plans | Retiree welfare plans
Disclosure of defined benefit plans [line items]
Defined benefit obligation	332	336
U.S. plans | Retiree welfare plans | Active members
Disclosure of defined benefit plans [line items]
Defined benefit obligation	8	9
U.S. plans | Retiree welfare plans | Inactive and retired members
Disclosure of defined benefit plans [line items]
Defined benefit obligation	324	327
Canadian plans | Pension plans
Disclosure of defined benefit plans [line items]
Defined benefit obligation	1,326	1,356
Canadian plans | Pension plans | Active members
Disclosure of defined benefit plans [line items]
Defined benefit obligation	106	116
Canadian plans | Pension plans | Inactive and retired members
Disclosure of defined benefit plans [line items]
Defined benefit obligation	1,220	1,240
Canadian plans | Retiree welfare plans
Disclosure of defined benefit plans [line items]
Defined benefit obligation	96	114
Canadian plans | Retiree welfare plans | Active members
Disclosure of defined benefit plans [line items]
Defined benefit obligation	0	0
Canadian plans | Retiree welfare plans | Inactive and retired members
Disclosure of defined benefit plans [line items]
Defined benefit obligation	$ 96	$ 114

Employee Future Benefits - Majo

Employee Future Benefits - Major Categories of Plan Assets and Actual Percent Allocation (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pension plans
Disclosure of fair value of plan assets [Line Items]
Total	$ 3,820	$ 3,706
Retiree welfare plans
Disclosure of fair value of plan assets [Line Items]
Total	553	526
U.S. plans
Disclosure of fair value of plan assets [Line Items]
Public equity securities	$ 2.1	$ 1.4
Percentage of plan assets	16%	16%
U.S. plans | Pension plans
Disclosure of fair value of plan assets [Line Items]
Total	$ 2,635	$ 2,521
Percentage of fair value measurements	100%	100%
U.S. plans | Pension plans | Cash and cash equivalents
Disclosure of fair value of plan assets [Line Items]
Cash and cash equivalents	$ 35	$ 28
Percentage of fair value measurements	1%	1%
U.S. plans | Pension plans | Public equities
Disclosure of fair value of plan assets [Line Items]
Public equity securities	$ 346	$ 315
Percentage of fair value measurements	14%	13%
U.S. plans | Pension plans | Debt securities
Disclosure of fair value of plan assets [Line Items]
Public debt securities	$ 1,513	$ 1,437
Percentage of fair value measurements	57%	57%
U.S. plans | Pension plans | Other invested assets
Disclosure of fair value of plan assets [Line Items]
Other investments	$ 741	$ 741
Percentage of fair value measurements	28%	29%
U.S. plans | Retiree welfare plans
Disclosure of fair value of plan assets [Line Items]
Total	$ 553	$ 526
Percentage of fair value measurements	100%	100%
U.S. plans | Retiree welfare plans | Cash and cash equivalents
Disclosure of fair value of plan assets [Line Items]
Cash and cash equivalents	$ 23	$ 25
Percentage of fair value measurements	4%	5%
U.S. plans | Retiree welfare plans | Public equities
Disclosure of fair value of plan assets [Line Items]
Public equity securities	$ 41	$ 39
Percentage of fair value measurements	7%	7%
U.S. plans | Retiree welfare plans | Debt securities
Disclosure of fair value of plan assets [Line Items]
Public debt securities	$ 476	$ 448
Percentage of fair value measurements	87%	85%
U.S. plans | Retiree welfare plans | Other invested assets
Disclosure of fair value of plan assets [Line Items]
Other investments	$ 13	$ 14
Percentage of fair value measurements	2%	3%
Canadian plans
Disclosure of fair value of plan assets [Line Items]
Percentage of plan assets	0.10%	0.10%
Canadian plans | Pension plans
Disclosure of fair value of plan assets [Line Items]
Total	$ 1,185	$ 1,185
Percentage of fair value measurements	100%	100%
Canadian plans | Pension plans | Cash and cash equivalents
Disclosure of fair value of plan assets [Line Items]
Cash and cash equivalents	$ 11	$ 15
Percentage of fair value measurements	1%	1%
Canadian plans | Pension plans | Public equities
Disclosure of fair value of plan assets [Line Items]
Public equity securities	$ 205	$ 195
Percentage of fair value measurements	17%	17%
Canadian plans | Pension plans | Debt securities
Disclosure of fair value of plan assets [Line Items]
Public debt securities	$ 968	$ 974
Percentage of fair value measurements	82%	82%
Canadian plans | Pension plans | Other invested assets
Disclosure of fair value of plan assets [Line Items]
Other investments	$ 1	$ 1
Percentage of fair value measurements	0%	0%
Canadian plans | Retiree welfare plans
Disclosure of fair value of plan assets [Line Items]
Total	$ 0	$ 0
Percentage of fair value measurements	0%	0%
Canadian plans | Retiree welfare plans | Cash and cash equivalents
Disclosure of fair value of plan assets [Line Items]
Cash and cash equivalents	$ 0	$ 0
Percentage of fair value measurements	0%	0%
Canadian plans | Retiree welfare plans | Public equities
Disclosure of fair value of plan assets [Line Items]
Public equity securities	$ 0	$ 0
Percentage of fair value measurements	0%	0%
Canadian plans | Retiree welfare plans | Debt securities
Disclosure of fair value of plan assets [Line Items]
Public debt securities	$ 0	$ 0
Percentage of fair value measurements	0%	0%
Canadian plans | Retiree welfare plans | Other invested assets
Disclosure of fair value of plan assets [Line Items]
Other investments	$ 0	$ 0
Percentage of fair value measurements	0%	0%

Employee Future Benefits - Comp

Employee Future Benefits - Components of Net Benefit Cost for Pension Plans and Retiree Welfare Plans (Detail) - Net Benefit Cost Recognized in the Consolidated Statements of Income - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pension plans
Disclosure of defined benefit plans [line items]
Defined benefit current service cost	$ 44	$ 41
Defined benefit administrative expenses	8	10
Past service cost – plan amendments and curtailments	0	0
Service cost	52	51
Interest on net defined benefit (asset) liability	4	5
Defined benefit cost	56	56
Defined contribution cost	97	93
Net benefit cost	153	149
Retiree welfare plans
Disclosure of defined benefit plans [line items]
Defined benefit current service cost	0	0
Defined benefit administrative expenses	2	1
Past service cost – plan amendments and curtailments	0	0
Service cost	2	1
Interest on net defined benefit (asset) liability	(5)	(3)
Defined benefit cost	(3)	(2)
Defined contribution cost	0	0
Net benefit cost	$ (3)	$ (2)

Employee Future Benefits - Re-m

Employee Future Benefits - Re-measurement Effects Recognized in Other Comprehensive Income (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pension plans
Disclosure of defined benefit plans [line items]
Experience	$ (2)	$ (11)
Demographic assumption changes	0	(14)
Economic assumption changes	101	(119)
Return on plan assets (excluding interest income)	(31)	129
Change in effect of asset limit (excluding interest)	(1)	10
Total re-measurement effects	67	(5)
Retiree welfare plans
Disclosure of defined benefit plans [line items]
Experience	16	10
Demographic assumption changes	0	(1)
Economic assumption changes	19	(16)
Return on plan assets (excluding interest income)	(19)	17
Change in effect of asset limit (excluding interest)	0	0
Total re-measurement effects	$ 16	$ 10

Employee Future Benefits - Key

Employee Future Benefits - Key Assumptions Used to Determine Defined Benefit Obligation and Net Benefit Cost for Defined Benefit Pension Plans and Retiree Welfare Plans (Parenthetical) (Detail)	Dec. 31, 2024	Dec. 31, 2023
2041 | Top of range | Defined benefit cost
Disclosure of defined benefit plans [line items]
Health care cost trend rate	9%
2041 | Bottom of range | Defined benefit cost
Disclosure of defined benefit plans [line items]
Health care cost trend rate	4.80%
2035 | Top of range | Defined benefit cost
Disclosure of defined benefit plans [line items]
Health care cost trend rate		7.80%
2035 | Bottom of range | Defined benefit cost
Disclosure of defined benefit plans [line items]
Health care cost trend rate		4.80%
Retiree welfare plans | 2041 | Top of range
Disclosure of defined benefit plans [line items]
Health care cost trend rate	8.80%	9%
Retiree welfare plans | 2041 | Bottom of range
Disclosure of defined benefit plans [line items]
Health care cost trend rate	4.80%	4.80%
Retiree welfare plans | 2029 | Bottom of range
Disclosure of defined benefit plans [line items]
Health care cost trend rate		4%
U.S. plans | Pension plans | Defined benefit obligation
Disclosure of defined benefit plans [line items]
Discount rate	5.50%	4.80%
U.S. plans | Pension plans | Defined benefit cost
Disclosure of defined benefit plans [line items]
Discount rate	4.80%	5%
U.S. plans | Retiree welfare plans | Defined benefit obligation
Disclosure of defined benefit plans [line items]
Discount rate	5.40%	4.80%
Health care cost trend rate	8.80%	9%
U.S. plans | Retiree welfare plans | Defined benefit cost
Disclosure of defined benefit plans [line items]
Discount rate	4.80%	5%
Health care cost trend rate	9%	7.80%
Canadian plans | 2029 | Bottom of range | Defined benefit cost
Disclosure of defined benefit plans [line items]
Health care cost trend rate	4%
Canadian plans | 2023 | Top of range | Defined benefit cost
Disclosure of defined benefit plans [line items]
Health care cost trend rate	5.10%	5.30%
Canadian plans | 2024 | Top of range | Defined benefit cost
Disclosure of defined benefit plans [line items]
Health care cost trend rate	3.90%
Canadian plans | 2026 | Bottom of range | Defined benefit cost
Disclosure of defined benefit plans [line items]
Health care cost trend rate		4.80%
Canadian plans | Pension plans | Defined benefit obligation
Disclosure of defined benefit plans [line items]
Discount rate	4.60%	4.60%
Canadian plans | Pension plans | Defined benefit cost
Disclosure of defined benefit plans [line items]
Discount rate	4.60%	5.30%
Canadian plans | Retiree welfare plans | Defined benefit obligation
Disclosure of defined benefit plans [line items]
Discount rate	4.70%	4.70%
Health care cost trend rate	3.90%	3.90%
Canadian plans | Retiree welfare plans | Defined benefit cost
Disclosure of defined benefit plans [line items]
Discount rate	4.70%	5.30%
Health care cost trend rate	3.90%	5.30%
Canadian plans | Retiree welfare plans | 2029 | Top of range
Disclosure of defined benefit plans [line items]
Health care cost trend rate	3.90%
Canadian plans | Retiree welfare plans | 2029 | Bottom of range
Disclosure of defined benefit plans [line items]
Health care cost trend rate	4%
Canadian plans | Retiree welfare plans | 2023 | Top of range
Disclosure of defined benefit plans [line items]
Health care cost trend rate		5.10%
Canadian plans | Retiree welfare plans | 2024 | Top of range
Disclosure of defined benefit plans [line items]
Health care cost trend rate		3.90%

Employee Future Benefits - Life

Employee Future Benefits - Life Expectancies (Detail) - yr	Dec. 31, 2024	Dec. 31, 2023
U.S. | Life expectancy (in years) for those currently age 65 | Males
Disclosure of defined benefit plans [line items]
Life expectancy (in years)	22,200,000	22,200,000
U.S. | Life expectancy (in years) for those currently age 65 | Females
Disclosure of defined benefit plans [line items]
Life expectancy (in years)	23,700,000	23,700,000
U.S. | Life expectancy (in years) at age 65 for those currently age 45 | Males
Disclosure of defined benefit plans [line items]
Life expectancy (in years)	23,600,000	23,600,000
U.S. | Life expectancy (in years) at age 65 for those currently age 45 | Females
Disclosure of defined benefit plans [line items]
Life expectancy (in years)	25,100,000	25,000,000
Canada | Life expectancy (in years) for those currently age 65 | Males
Disclosure of defined benefit plans [line items]
Life expectancy (in years)	24,400,000	24,300,000
Canada | Life expectancy (in years) for those currently age 65 | Females
Disclosure of defined benefit plans [line items]
Life expectancy (in years)	26,200,000	26,200,000
Canada | Life expectancy (in years) at age 65 for those currently age 45 | Males
Disclosure of defined benefit plans [line items]
Life expectancy (in years)	25,300,000	25,300,000
Canada | Life expectancy (in years) at age 65 for those currently age 45 | Females
Disclosure of defined benefit plans [line items]
Life expectancy (in years)	27,100,000	27,100,000

Employee Future Benefits - Pote

Employee Future Benefits - Potential Impact on Obligations Arising From Changes in Key Assumptions (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
U.S.
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Decrease in mortality rate	10%
U.S. | Males
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase in life expectancy due to decrease in mortality rate	9 months 18 days
U.S. | Females
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase in life expectancy due to decrease in mortality rate	9 months 18 days
Discount rate | Pension plans
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Impact of increase in actuarial assumption	$ (260)	$ (274)
Impact of decrease in actuarial assumption	305	316
Discount rate | Retiree welfare plans
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Impact of increase in actuarial assumption	(34)	(38)
Impact of decrease in actuarial assumption	40	44
Health care cost trend rate | Retiree welfare plans
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Impact of increase in actuarial assumption	9	11
Impact of decrease in actuarial assumption	(8)	(10)
Mortality rates | Pension plans
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Impact of decrease in actuarial assumption	89	89
Mortality rates | Retiree welfare plans
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Impact of decrease in actuarial assumption	$ 9	$ 6

Employee Future Benefits - Weig

Employee Future Benefits - Weighted Average Duration of the Defined Benefit Obligations (Detail) - yr	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pension plans | U.S. plans
Disclosure of defined benefit plans [line items]
Weighted average duration (in years) of the defined benefit obligations	8	8.4
Pension plans | Canadian plans
Disclosure of defined benefit plans [line items]
Weighted average duration (in years) of the defined benefit obligations	10.1	9.9
Retiree welfare plans | U.S. plans
Disclosure of defined benefit plans [line items]
Weighted average duration (in years) of the defined benefit obligations	7.7	8.2
Retiree welfare plans | Canadian plans
Disclosure of defined benefit plans [line items]
Weighted average duration (in years) of the defined benefit obligations	10.9	11.1

Employee Future Benefits - Cash

Employee Future Benefits - Cash Payments (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pension plans
Disclosure of net defined benefit liability (asset) [Line Items]
Cash payment for future benefit plans	$ 154	$ 152
Retiree welfare plans
Disclosure of net defined benefit liability (asset) [Line Items]
Cash payment for future benefit plans	12	12
Defined benefit plans | Pension plans
Disclosure of net defined benefit liability (asset) [Line Items]
Cash payment for future benefit plans	57	59
Defined benefit plans | Retiree welfare plans
Disclosure of net defined benefit liability (asset) [Line Items]
Cash payment for future benefit plans	12	12
Defined contribution plans | Pension plans
Disclosure of net defined benefit liability (asset) [Line Items]
Cash payment for future benefit plans	97	93
Defined contribution plans | Retiree welfare plans
Disclosure of net defined benefit liability (asset) [Line Items]
Cash payment for future benefit plans	$ 0	$ 0

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expenses (Recoveries) Recognized in the Consolidated Statements of Income (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Current tax
Current year	$ 655	$ 568
Global Minimum Taxes	231	0
Adjustments related to prior years	15	(193)
Total current tax	901	375
Deferred tax
Origination and reversal of temporary differences	424	489
Adjustments related to prior years	(113)	(19)
Total deferred tax	311	470
Income tax expenses (recoveries)	$ 1,212	$ 845

Income Taxes - Income Tax Exp_2

Income Taxes - Income Tax Expenses (Recoveries) Recognized Directly in Equity (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Recognized in other comprehensive income
Current income tax expenses (recoveries)	$ 174	$ 320
Deferred income tax expenses (recoveries)	885	(326)
Total recognized in other comprehensive income	1,059	(6)
Recognized in equity, other than other comprehensive income
Current income tax expenses (recoveries)	4	5
Deferred income tax expenses (recoveries)	(5)	(4)
Total income tax recognized directly in equity	$ (1)	$ 1

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Current tax assets	$ 1,070	$ 1,056
Current tax liabilities	$ 453	$ 147
Average effective tax rate	27.80%	27.80%
Deferred tax assets	$ 5,884	$ 6,739
Deferred tax assets, recognition dependent on future taxable profits	27	6,136
Operating tax loss carry forward	4,837	3,549
Operating tax loss carry forward expired in future	4,068
Operating tax loss carry forward without expiration date	769
Capital tax loss carry forward	27	5
Tax benefit on loss carry forwards for which deferred tax asset recognized	851	670
Tax benefit of loss carry forwards for which no deferred tax asset recognized	356	222
Tax credit carry forwards which expire in future	412	282
Tax credit carryforwards of which benefit not recognized	174	160
Deferred tax liabilities	1,890	1,697
Aggregate amount of taxable temporary differences associated with the Company's own investments in subsidiaries, not included in financial statements	14,955	10,908
Tax credits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognised deferred tax asset for deductible temporary differences	1,152	1,171
Temporary differences [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	$ 5,341	$ 5,333

Income Taxes - Tax Reconciliati

Income Taxes - Tax Reconciliation (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Taxes [Abstract]
Net income (loss) before income taxes	$ 7,090	$ 6,452
Income tax expenses (recoveries) at Canadian statutory tax rate	1,971	1,794
Increase (decrease) in income taxes due to:
Tax-exempt investment income	(306)	(199)
Differences in tax rate on income not subject to tax in Canada	(938)	(770)
Adjustments to taxes related to prior years	(98)	(212)
Tax losses and temporary differences not recognized as deferred taxes	94	(38)
Global Minimum Taxes	231	0
Other differences	258	270
Income tax expenses (recoveries)	$ 1,212	$ 845

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities Reflected on the Consolidated Statements of Financial Position (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Abstract]
Deferred tax assets	$ 5,884	$ 6,739
Deferred tax liabilities	(1,890)	(1,697)
Net deferred tax assets (liabilities)	$ 3,994	$ 5,042	$ 5,172

Income Taxes - Movement of Defe

Income Taxes - Movement of Deferred Tax Assets and Liabilities (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets And Liabilities [Roll Forward]
Beginning balance	$ 5,042	$ 5,172
Acquired in business combination	4	0
Disposals	0	0
Recognized in income	(311)	(470)
Deferred income tax expenses (recoveries)	(885)	326
Recognized in equity	5	4
Translation and other	139	10
Ending balance	3,994	5,042
Loss carryforwards
Deferred Tax Assets And Liabilities [Roll Forward]
Beginning balance	670	701
Acquired in business combination	0	0
Disposals	0	0
Recognized in income	180	(18)
Deferred income tax expenses (recoveries)	0	0
Recognized in equity	(13)	(8)
Translation and other	14	(5)
Ending balance	851	670
Actuarial liabilities
Deferred Tax Assets And Liabilities [Roll Forward]
Beginning balance	5,813	4,507
Acquired in business combination	0	0
Disposals	0	0
Recognized in income	(972)	188
Deferred income tax expenses (recoveries)	(1,059)	1,198
Recognized in equity	(1)	0
Translation and other	383	(80)
Ending balance	4,164	5,813
Pensions and post-employment benefits
Deferred Tax Assets And Liabilities [Roll Forward]
Beginning balance	171	142
Acquired in business combination	0	0
Disposals	0	0
Recognized in income	1	4
Deferred income tax expenses (recoveries)	(20)	26
Recognized in equity	0	0
Translation and other	1	(1)
Ending balance	153	171
Tax credits
Deferred Tax Assets And Liabilities [Roll Forward]
Beginning balance	122	109
Acquired in business combination	0	0
Disposals	0	0
Recognized in income	109	15
Deferred income tax expenses (recoveries)	0	0
Recognized in equity	0	0
Translation and other	7	(2)
Ending balance	238	122
Accrued interest
Deferred Tax Assets And Liabilities [Roll Forward]
Beginning balance	1	1
Acquired in business combination	0	0
Disposals	0	0
Recognized in income	4	0
Deferred income tax expenses (recoveries)	0	0
Recognized in equity	0	0
Translation and other	0	0
Ending balance	5	1
Real estate
Deferred Tax Assets And Liabilities [Roll Forward]
Beginning balance	(1,135)	(1,317)
Acquired in business combination	0	0
Disposals	0	0
Recognized in income	214	168
Deferred income tax expenses (recoveries)	1	0
Recognized in equity	0	0
Translation and other	(50)	14
Ending balance	(970)	(1,135)
Lease liability
Deferred Tax Assets And Liabilities [Roll Forward]
Beginning balance	38	47
Acquired in business combination	0	0
Disposals	0	0
Recognized in income	7	(7)
Deferred income tax expenses (recoveries)	0	0
Recognized in equity	1	0
Translation and other	(1)	(2)
Ending balance	45	38
Right of use asset and sublease receivable
Deferred Tax Assets And Liabilities [Roll Forward]
Beginning balance	(34)	(41)
Acquired in business combination	0	0
Disposals	0	0
Recognized in income	(8)	7
Deferred income tax expenses (recoveries)	0	0
Recognized in equity	(1)	0
Translation and other	0	0
Ending balance	(43)	(34)
Securities and other investments
Deferred Tax Assets And Liabilities [Roll Forward]
Beginning balance	86	1,560
Acquired in business combination	0	0
Disposals	0	0
Recognized in income	276	(293)
Deferred income tax expenses (recoveries)	197	(1,245)
Recognized in equity	2	2
Translation and other	(171)	62
Ending balance	390	86
Sale of investments
Deferred Tax Assets And Liabilities [Roll Forward]
Beginning balance	(18)	(30)
Acquired in business combination	0	0
Disposals	0	0
Recognized in income	10	12
Deferred income tax expenses (recoveries)	0	0
Recognized in equity	0	0
Translation and other	0	0
Ending balance	(8)	(18)
Goodwill and intangible assets
Deferred Tax Assets And Liabilities [Roll Forward]
Beginning balance	(822)	(828)
Acquired in business combination	0	0
Disposals	0	0
Recognized in income	24	(12)
Deferred income tax expenses (recoveries)	0	0
Recognized in equity	0	0
Translation and other	(31)	18
Ending balance	(829)	(822)
Other
Deferred Tax Assets And Liabilities [Roll Forward]
Beginning balance	150	321
Acquired in business combination	4	0
Disposals	0	0
Recognized in income	(156)	(534)
Deferred income tax expenses (recoveries)	(4)	347
Recognized in equity	17	10
Translation and other	(13)	6
Ending balance	$ (2)	$ 150

Interests in Structured Entit_3

Interests in Structured Entities - Additional Information (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of unconsolidated structured entities [Line Items]
Investment in startup capital of mutual funds	$ 1,149	$ 1,319
Retail mutual fund assets under management	333,598	277,365
Hancock Victoria Plantations Holdings PTY Limited
Disclosure of unconsolidated structured entities [Line Items]
Consolidated timber assets	$ 1,273	$ 1,236

Interests in Structured Entit_4

Interests in Structured Entities - Investment and Maximum Exposure to Loss Related to Significant Unconsolidated Structured Entities (Detail) - Unconsolidated structured entities - Investment SEs - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of unconsolidated structured entities [Line Items]
Company’s investment	$ 8,942	$ 7,745
Company’s maximum exposure to loss	9,834	8,312
Leveraged leases
Disclosure of unconsolidated structured entities [Line Items]
Company’s investment	4,300	3,790
Company’s maximum exposure to loss	4,300	3,790
Infrastructure entities
Disclosure of unconsolidated structured entities [Line Items]
Company’s investment	3,282	2,468
Company’s maximum exposure to loss	4,174	3,035
Timberland entities
Disclosure of unconsolidated structured entities [Line Items]
Company’s investment	759	811
Company’s maximum exposure to loss	759	811
Real estate entities
Disclosure of unconsolidated structured entities [Line Items]
Company’s investment	601	676
Company’s maximum exposure to loss	$ 601	$ 676

Interests in Structured Entit_5

Interests in Structured Entities - Interests and Maximum Exposure to Loss from Significant Unconsolidated Financing Structured Entities (Detail) - Unconsolidated structured entities - Financing SEs - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of unconsolidated structured entities [Line Items]
Company's interests	$ 710	$ 709
Manulife Finance (Delaware), L.P.
Disclosure of unconsolidated structured entities [Line Items]
Company's interests	$ 710	$ 709

Interests in Structured Entit_6

Interests in Structured Entities - Securitized Holdings by the Type and Asset Quality (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	$ 1,972	$ 2,154
AAA
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	1,181	1,375
AA
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	319	227
A
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	378	438
BBB
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	41	107
BB and below
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	53	$ 7
CMBS
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	309
CMBS | AAA
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	309
CMBS | AA
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	0
CMBS | A
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	0
CMBS | BBB
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	0
CMBS | BB and below
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	0
RMBS
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	5
RMBS | AAA
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	2
RMBS | AA
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	0
RMBS | A
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	3
RMBS | BBB
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	0
RMBS | BB and below
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	0
ABS
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	1,658
ABS | AAA
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	870
ABS | AA
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	319
ABS | A
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	375
ABS | BBB
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	41
ABS | BB and below
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	$ 53

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of contingent liabilities [line items]
Investment commitments outstanding	$ 15,367	$ 15,117
Letters of credit outstanding	271	466
Subordinated Debentures Due On December | The Manufacturers Life Insurance Company
Disclosure of contingent liabilities [line items]
Guaranteed payment of amounts on subordinated debenture	650
Mature in 30 days
Disclosure of contingent liabilities [line items]
Investment commitments outstanding	1,143	781
Less than 1 year
Disclosure of contingent liabilities [line items]
Investment commitments outstanding	3,217	4,627
Mature after 1 year
Disclosure of contingent liabilities [line items]
Investment commitments outstanding	$ 11,007	$ 9,709

Commitments and Contingencies_2

Commitments and Contingencies - Condensed Consolidated Statements of Income Information (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of other provisions [line items]
Insurance service result	$ 4,001	$ 3,977
Investment result	3,521	2,958
Other revenue	7,588	6,746
Net income (loss) attributed to shareholders and other equity holders	5,385	5,103
MFC (Guarantor)
Disclosure of other provisions [line items]
Insurance service result	0	0
Investment result	871	638
Other revenue	(34)	14
Net income (loss) attributed to shareholders and other equity holders	5,385	5,103
Subsidiaries on a combined basis
Disclosure of other provisions [line items]
Insurance service result	4,001	3,977
Investment result	4,329	3,646
Other revenue	7,620	6,736
Net income (loss) attributed to shareholders and other equity holders	4,910	4,785
Consolidation adjustments
Disclosure of other provisions [line items]
Insurance service result	0	0
Investment result	(1,679)	(1,326)
Other revenue	2	(4)
Net income (loss) attributed to shareholders and other equity holders	(4,910)	(4,785)
MFLP
Disclosure of other provisions [line items]
Insurance service result	0	0
Investment result	52	51
Other revenue	20	(7)
Net income (loss) attributed to shareholders and other equity holders	$ 26	$ 1

Commitments and Contingencies_3

Commitments and Contingencies - Condensed Consolidated Statements of Financial Position (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of other provisions [line items]
Invested assets	$ 442,497	$ 417,210
Insurance contract assets	102	145
Reinsurance contract held assets (note 6)	59,015	42,651
Total other assets	41,216	38,024
Segregated funds net assets	435,988	377,544
Insurance contract liabilities, excluding those for account of segregated fund holders	396,401	367,996
Reinsurance contract held liabilities	2,669	2,831
Investment contract liabilities	13,498	11,816
Total other liabilities	77,302	66,660
Insurance contract liabilities for account of segregated fund holders	126,545	114,143
Investment contract liabilities for account of segregated fund holders	309,443	263,401
MFC (Guarantor)
Disclosure of other provisions [line items]
Invested assets	126	86
Insurance contract assets	0	0
Reinsurance contract held assets (note 6)	0	0
Total other assets	65,898	59,023
Segregated funds net assets	0	0
Insurance contract liabilities, excluding those for account of segregated fund holders	0	0
Reinsurance contract held liabilities	0	0
Investment contract liabilities	0	0
Total other liabilities	15,052	12,070
Insurance contract liabilities for account of segregated fund holders	0	0
Investment contract liabilities for account of segregated fund holders	0	0
Subsidiaries on a combined basis
Disclosure of other provisions [line items]
Invested assets	442,371	417,124
Insurance contract assets	102	145
Reinsurance contract held assets (note 6)	59,015	42,651
Total other assets	46,450	42,411
Segregated funds net assets	435,988	377,544
Insurance contract liabilities, excluding those for account of segregated fund holders	396,401	367,996
Reinsurance contract held liabilities	2,669	2,831
Investment contract liabilities	13,498	11,816
Total other liabilities	63,825	55,129
Insurance contract liabilities for account of segregated fund holders	126,545	114,143
Investment contract liabilities for account of segregated fund holders	309,443	263,401
Consolidation adjustments
Disclosure of other provisions [line items]
Invested assets	0	0
Insurance contract assets	0	0
Reinsurance contract held assets (note 6)	0	0
Total other assets	(71,132)	(63,410)
Segregated funds net assets	0	0
Insurance contract liabilities, excluding those for account of segregated fund holders	0	0
Reinsurance contract held liabilities	0	0
Investment contract liabilities	0	0
Total other liabilities	(1,575)	(539)
Insurance contract liabilities for account of segregated fund holders	0	0
Investment contract liabilities for account of segregated fund holders	0	0
MFLP
Disclosure of other provisions [line items]
Invested assets	16	9
Insurance contract assets	0	0
Reinsurance contract held assets (note 6)	0	0
Total other assets	995	969
Segregated funds net assets	0	0
Insurance contract liabilities, excluding those for account of segregated fund holders	0	0
Reinsurance contract held liabilities	0	0
Investment contract liabilities	0	0
Total other liabilities	726	718
Insurance contract liabilities for account of segregated fund holders	0	0
Investment contract liabilities for account of segregated fund holders	$ 0	$ 0

Commitments and Contingencies_4

Commitments and Contingencies - Pledged Assets (Details) $ in Millions, $ in Millions	Dec. 31, 2024 CAD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)
Federal Home Loan Bank of Indianapolis
Disclosure of other provisions [line items]
Amounts outstanding		$ 500		$ 500
Federal Home Loan Bank of Indianapolis | JHUSA
Disclosure of other provisions [line items]
Amounts outstanding		$ 500
Debt securities
Disclosure of other provisions [line items]
Pledged assets	$ 15,478		$ 10,939
Debt securities | Derivatives
Disclosure of other provisions [line items]
Pledged assets	14,517		10,431
Debt securities | Secured borrowings
Disclosure of other provisions [line items]
Pledged assets	0		0
Debt securities | Regulatory requirements
Disclosure of other provisions [line items]
Pledged assets	303		307
Debt securities | Repurchase agreements
Disclosure of other provisions [line items]
Pledged assets	658		201
Debt securities | Mortgages on ALDA properties
Disclosure of other provisions [line items]
Pledged assets	0		0
Debt securities | Manulife Bank securitized mortgages
Disclosure of other provisions [line items]
Pledged assets	0		0
Debt securities | Non-registered retirement plans in trust
Disclosure of other provisions [line items]
Pledged assets	0		0
Debt securities | Other
Disclosure of other provisions [line items]
Pledged assets	0		0
Other
Disclosure of other provisions [line items]
Pledged assets	10,794		10,169
Other | Derivatives
Disclosure of other provisions [line items]
Pledged assets	25		26
Other | Secured borrowings
Disclosure of other provisions [line items]
Pledged assets	2,216		2,220
Other | Secured borrowings, required collateral | Federal Home Loan Bank of Indianapolis
Disclosure of other provisions [line items]
Pledged assets	1,098		998
Other | Secured borrowings, excess collateral | Federal Home Loan Bank of Indianapolis
Disclosure of other provisions [line items]
Pledged assets	1,118		1,222
Other | Regulatory requirements
Disclosure of other provisions [line items]
Pledged assets	91		74
Other | Repurchase agreements
Disclosure of other provisions [line items]
Pledged assets	0		0
Other | Mortgages on ALDA properties
Disclosure of other provisions [line items]
Pledged assets	284		278
Other | Manulife Bank securitized mortgages
Disclosure of other provisions [line items]
Pledged assets	7,603		6,990
Other | Manulife Bank securitized mortgages | CMB Securitization
Disclosure of other provisions [line items]
Pledged assets	3,274		2,900
Other | Manulife Bank securitized mortgages | HELOC securitization | Restricted cash and short-term securities
Disclosure of other provisions [line items]
Pledged assets	3,163		2,912
Other | Manulife Bank securitized mortgages | HELOC securitization | Additional encumbrances of mortgages and cash
Disclosure of other provisions [line items]
Pledged assets	1,166		1,178
Other | Non-registered retirement plans in trust
Disclosure of other provisions [line items]
Pledged assets	286		298
Other | Other
Disclosure of other provisions [line items]
Pledged assets	$ 289		$ 283

Segmented Information - Reporti

Segmented Information - Reporting Segments (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of operating segments [line items]
Insurance service result	$ 4,001	$ 3,977
Net investment income (loss)	19,111	18,021
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(16,219)	(13,894)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	1,133	(734)
Decrease (increase) in investment contract liabilities	(504)	(435)
Net segregated fund investment result	0	0
Total investment result	3,521	2,958
Other revenue	7,588	6,746
Other expenses	(6,339)	(5,675)
Interest expenses	(1,681)	(1,554)
Net income (loss) before income taxes	7,090	6,452
Income tax (expenses) recoveries	(1,212)	(845)
Net income (loss)	5,878	5,607
Non-controlling interests	247	144
Participating policyholders	246	360
Net income (loss) attributed to shareholders	5,385	5,103
Total assets	978,818	875,574
Asia
Disclosure of operating segments [line items]
Insurance service result	2,160	1,941
Net investment income (loss)	7,987	7,057
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(7,334)	(6,436)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	604	(105)
Decrease (increase) in investment contract liabilities	(9)	(38)
Net segregated fund investment result	0	0
Total investment result	1,248	478
Other revenue	155	67
Other expenses	(338)	(231)
Interest expenses	(28)	(11)
Net income (loss) before income taxes	3,197	2,244
Income tax (expenses) recoveries	(460)	(440)
Net income (loss)	2,737	1,804
Non-controlling interests	241	141
Participating policyholders	141	315
Net income (loss) attributed to shareholders	2,355	1,348
Total assets	209,623	177,623
Canada
Disclosure of operating segments [line items]
Insurance service result	1,320	1,193
Net investment income (loss)	5,169	5,048
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(3,650)	(3,315)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	346	57
Decrease (increase) in investment contract liabilities	(76)	(73)
Net segregated fund investment result	0	0
Total investment result	1,789	1,717
Other revenue	294	272
Other expenses	(677)	(569)
Interest expenses	(1,047)	(1,004)
Net income (loss) before income taxes	1,679	1,609
Income tax (expenses) recoveries	(353)	(373)
Net income (loss)	1,326	1,236
Non-controlling interests	0	0
Participating policyholders	105	45
Net income (loss) attributed to shareholders	1,221	1,191
Total assets	158,803	157,111
U.S.
Disclosure of operating segments [line items]
Insurance service result	357	607
Net investment income (loss)	4,962	5,236
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(5,278)	(4,866)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	185	11
Decrease (increase) in investment contract liabilities	(87)	(148)
Net segregated fund investment result	0	0
Total investment result	(218)	233
Other revenue	137	79
Other expenses	(131)	(153)
Interest expenses	(13)	(15)
Net income (loss) before income taxes	132	751
Income tax (expenses) recoveries	3	(112)
Net income (loss)	135	639
Non-controlling interests	0	0
Participating policyholders	0	0
Net income (loss) attributed to shareholders	135	639
Total assets	263,736	244,659
Global WAM
Disclosure of operating segments [line items]
Insurance service result	0	0
Net investment income (loss)	(655)	(771)
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	0	0
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	0	0
Decrease (increase) in investment contract liabilities	(327)	(175)
Net segregated fund investment result	0	0
Total investment result	(982)	(946)
Other revenue	7,439	6,709
Other expenses	(4,703)	(4,252)
Interest expenses	(7)	(14)
Net income (loss) before income taxes	1,747	1,497
Income tax (expenses) recoveries	(148)	(198)
Net income (loss)	1,599	1,299
Non-controlling interests	2	2
Participating policyholders	0	0
Net income (loss) attributed to shareholders	1,597	1,297
Total assets	305,968	257,764
Corporate and Other
Disclosure of operating segments [line items]
Insurance service result	164	236
Net investment income (loss)	1,648	1,451
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	43	723
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(2)	(697)
Decrease (increase) in investment contract liabilities	(5)	(1)
Net segregated fund investment result	0	0
Total investment result	1,684	1,476
Other revenue	(437)	(381)
Other expenses	(490)	(470)
Interest expenses	(586)	(510)
Net income (loss) before income taxes	335	351
Income tax (expenses) recoveries	(254)	278
Net income (loss)	81	629
Non-controlling interests	4	1
Participating policyholders	0	0
Net income (loss) attributed to shareholders	77	628
Total assets	40,688	38,417
Life, health and property and casualty insurance
Disclosure of operating segments [line items]
Insurance service result	3,714	3,827
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(14,748)	(12,350)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	985	(360)
Life, health and property and casualty insurance | Asia
Disclosure of operating segments [line items]
Insurance service result	2,228	2,070
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(5,495)	(4,970)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(65)	(106)
Life, health and property and casualty insurance | Canada
Disclosure of operating segments [line items]
Insurance service result	1,081	995
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(3,846)	(3,288)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	347	58
Life, health and property and casualty insurance | U.S.
Disclosure of operating segments [line items]
Insurance service result	241	526
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(5,450)	(4,815)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	705	385
Life, health and property and casualty insurance | Global WAM
Disclosure of operating segments [line items]
Insurance service result	0	0
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	0	0
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	0	0
Life, health and property and casualty insurance | Corporate and Other
Disclosure of operating segments [line items]
Insurance service result	164	236
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	43	723
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(2)	(697)
Annuities and pensions
Disclosure of operating segments [line items]
Insurance service result	287	150
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(1,471)	(1,544)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	148	(374)
Annuities and pensions | Asia
Disclosure of operating segments [line items]
Insurance service result	(68)	(129)
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(1,839)	(1,466)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	669	1
Annuities and pensions | Canada
Disclosure of operating segments [line items]
Insurance service result	239	198
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	196	(27)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(1)	(1)
Annuities and pensions | U.S.
Disclosure of operating segments [line items]
Insurance service result	116	81
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	172	(51)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(520)	(374)
Annuities and pensions | Global WAM
Disclosure of operating segments [line items]
Insurance service result	0	0
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	0	0
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	0	0
Annuities and pensions | Corporate and Other
Disclosure of operating segments [line items]
Insurance service result	0	0
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	0	0
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	$ 0	$ 0

Segmented Information - Geograp

Segmented Information - Geographical Location (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of operating segments [line items]
Insurance service result	$ 4,001	$ 3,977
Net investment income (loss)	19,111	18,021
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(16,219)	(13,894)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	1,133	(734)
Decrease (increase) in investment contract liabilities	(504)	(435)
Net segregated fund investment result	0	0
Total investment result	3,521	2,958
Other revenue	7,588	6,746
Asia
Disclosure of operating segments [line items]
Insurance service result	2,162	1,959
Net investment income (loss)	8,052	7,259
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(7,334)	(6,437)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	604	(120)
Decrease (increase) in investment contract liabilities	(187)	(220)
Net segregated fund investment result	0	0
Total investment result	1,135	482
Other revenue	1,790	1,332
Canada
Disclosure of operating segments [line items]
Insurance service result	1,314	1,179
Net investment income (loss)	5,882	5,724
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(3,648)	(2,633)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	343	(624)
Decrease (increase) in investment contract liabilities	(163)	(130)
Net segregated fund investment result	0	0
Total investment result	2,414	2,337
Other revenue	2,325	2,147
U.S.
Disclosure of operating segments [line items]
Insurance service result	351	591
Net investment income (loss)	5,118	4,975
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(5,237)	(4,844)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	186	10
Decrease (increase) in investment contract liabilities	(149)	(79)
Net segregated fund investment result	0	0
Total investment result	(82)	62
Other revenue	3,616	3,239
Other
Disclosure of operating segments [line items]
Insurance service result	174	248
Net investment income (loss)	59	63
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	0	20
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	0	0
Decrease (increase) in investment contract liabilities	(5)	(6)
Net segregated fund investment result	0	0
Total investment result	54	77
Other revenue	(143)	28
Life, health and property and casualty insurance
Disclosure of operating segments [line items]
Insurance service result	3,714	3,827
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(14,748)	(12,350)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	985	(360)
Life, health and property and casualty insurance | Asia
Disclosure of operating segments [line items]
Insurance service result	2,230	2,087
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(5,495)	(4,971)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(65)	(121)
Life, health and property and casualty insurance | Canada
Disclosure of operating segments [line items]
Insurance service result	1,075	981
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(3,844)	(2,606)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	344	(623)
Life, health and property and casualty insurance | U.S.
Disclosure of operating segments [line items]
Insurance service result	235	511
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(5,409)	(4,793)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	706	384
Life, health and property and casualty insurance | Other
Disclosure of operating segments [line items]
Insurance service result	174	248
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	0	20
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	0	0
Annuities and pensions
Disclosure of operating segments [line items]
Insurance service result	287	150
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(1,471)	(1,544)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	148	(374)
Annuities and pensions | Asia
Disclosure of operating segments [line items]
Insurance service result	(68)	(128)
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(1,839)	(1,466)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	669	1
Annuities and pensions | Canada
Disclosure of operating segments [line items]
Insurance service result	239	198
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	196	(27)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(1)	(1)
Annuities and pensions | U.S.
Disclosure of operating segments [line items]
Insurance service result	116	80
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	172	(51)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(520)	(374)
Annuities and pensions | Other
Disclosure of operating segments [line items]
Insurance service result	0	0
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	0	0
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	$ 0	$ 0

Related Parties (Details)

Related Parties (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Related Party [Abstract]
Short-term employee benefits	$ 99	$ 83
Post-employment benefits	7	6
Share-based payments	79	73
Termination benefits	2	3
Other long-term benefits	3	3
Total	$ 190	$ 168

Subsidiaries (Details)

Subsidiaries (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of subsidiaries [line items]
Equity interest	$ 0	$ 0
The Manufacturers Life Insurance Company
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Equity interest	$ 65,338
Manulife Holdings (Alberta) Limited
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Equity interest	$ 22,118
John Hancock Financial Corporation
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
The Manufacturers Investment Corporation
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
John Hancock Reassurance Company Ltd.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
John Hancock Life Insurance Company (U.S.A.)
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
John Hancock Subsidiaries LLC
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
John Hancock Financial Network, Inc.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
John Hancock Investment Management LLC
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
John Hancock Investment Management Distributors LLC
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Manulife Investment Management (US) LLC
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Manulife Investment Management Timberland and Agriculture Inc.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
John Hancock Life Insurance Company of New York
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
John Hancock Variable Trust Advisers LLC
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
John Hancock Life & Health Insurance Company
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
John Hancock Distributors LLC
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
John Hancock Insurance Agency, Inc.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Manulife Reinsurance Limited
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Manulife Reinsurance (Bermuda) Limited
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Manulife Bank of Canada
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Equity interest	$ 1,882
Manulife Investment Management Holdings (Canada) Inc.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Equity interest	$ 1,477
Manulife Investment Management Limited
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
First North American Insurance Company
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Equity interest	$ 8
Manulife Holdings (Bermuda) Limited
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Equity interest	$ 21,658
Manufacturers P&C Limited
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Manufacturers Life Reinsurance Limited
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Manulife Financial Asia Limited
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Manulife (Cambodia) PLC
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Manulife Myanmar Life Insurance Company Limited
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Manulife (Vietnam) Limited
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Manulife Investment Fund Management (Vietnam) Company Limited
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Manulife International Holdings Limited
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Manulife (International) Limited
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Manulife-Sinochem Life Insurance Co. Ltd. (51%)
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	51%
Manulife Investment Management International Holdings Limited
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Manulife Investment Management (Hong Kong) Limited
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Manulife Investment Management (Taiwan) Co., Ltd.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Manulife Life Insurance Company (Japan)
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Manulife Investment Management (Japan) Limited
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Manulife Holdings Berhad (62.6%)
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	62.60%
Manulife Insurance Berhad (62.6%)
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	62.60%
Manulife Investment Management (Malaysia) Berhad (62.6%)
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	62.60%
Manulife (Singapore) Pte. Ltd.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Manulife Investment Management (Singapore) Pte. Ltd.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Manulife Fund Management Co., Ltd.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
The Manufacturers Life Insurance Co. (Phils.), Inc.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Manulife Chinabank Life Assurance Corporation (60%)
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	60%
PT Asuransi Jiwa Manulife Indonesia
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
PT Manulife Aset Manajemen Indonesia
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Manulife Investment Management (Europe) Limited
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Equity interest	$ 456
Manulife Assurance Company of Canada
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Equity interest	$ 55
EIS Services (Bermuda) Limited
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Equity interest	$ 1,235
Berkshire Insurance Services Inc.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Equity interest	$ 2,343
JH Investments (Delaware) LLC
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Manulife Wealth Inc.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Equity interest	$ 349
Manulife Investment Management (North America) Limited
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Equity interest	$ 5

Segregated Funds (Details)

Segregated Funds (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Segregated Funds [Abstract]
Guarantees included in insurance contract liabilities	$ 1,886	$ 2,675
Reinsured guarantees	$ 530	$ 980

Information Provided in Conne_3

Information Provided in Connection with Investments in Deferred Annuity Contracts and SignatureNotes Issued or Assumed by John Hancock Life Insurance Company (U.S.A.) - Condensed Consolidated Statement of Financial Position (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets
Invested assets	$ 442,497	$ 417,210
Investments in unconsolidated subsidiaries	0	0
Insurance contract assets	102	145
Reinsurance contract held assets	59,015	42,651
Other assets	41,216	38,024
Segregated funds net assets	435,988	377,544
Total assets	978,818	875,574
Liabilities and Equity
Insurance contract liabilities, excluding those for account of segregated fund holders	396,401	367,996
Reinsurance contract held liabilities	2,669	2,831
Investment contract liabilities	13,498	11,816
Other liabilities	63,141	53,922
Long-term debt	6,629	6,071
Capital instruments	7,532	6,667
Insurance contract liabilities for account of segregated fund holders	126,545	114,143
Investment contract liabilities for account of segregated fund holders	309,443	263,401
Shareholders’ and other equity	50,972	47,039
Participating policyholders’ equity	567	257
Non-controlling interests	1,421	1,431
Total liabilities and equity	978,818	875,574
MFC (Guarantor)
Assets
Invested assets	126	86
Investments in unconsolidated subsidiaries	65,350	58,694
Insurance contract assets	0	0
Reinsurance contract held assets	0	0
Other assets	548	329
Segregated funds net assets	0	0
Total assets	66,024	59,109
Liabilities and Equity
Insurance contract liabilities, excluding those for account of segregated fund holders	0	0
Reinsurance contract held liabilities	0	0
Investment contract liabilities	0	0
Other liabilities	1,539	573
Long-term debt	6,629	6,071
Capital instruments	6,884	5,426
Insurance contract liabilities for account of segregated fund holders	0	0
Investment contract liabilities for account of segregated fund holders	0	0
Shareholders’ and other equity	50,972	47,039
Participating policyholders’ equity	0	0
Non-controlling interests	0	0
Total liabilities and equity	66,024	59,109
JHUSA (Issuer)
Assets
Invested assets	112,444	109,433
Investments in unconsolidated subsidiaries	9,393	8,674
Insurance contract assets	0	0
Reinsurance contract held assets	46,811	42,418
Other assets	11,182	8,731
Segregated funds net assets	218,909	188,067
Total assets	398,739	357,323
Liabilities and Equity
Insurance contract liabilities, excluding those for account of segregated fund holders	148,828	145,589
Reinsurance contract held liabilities	0	0
Investment contract liabilities	5,260	3,487
Other liabilities	8,432	5,869
Long-term debt	0	0
Capital instruments	0	594
Insurance contract liabilities for account of segregated fund holders	58,137	51,719
Investment contract liabilities for account of segregated fund holders	160,772	136,348
Shareholders’ and other equity	17,357	13,773
Participating policyholders’ equity	(47)	(56)
Non-controlling interests	0	0
Total liabilities and equity	398,739	357,323
Other subsidiaries
Assets
Invested assets	330,044	307,930
Investments in unconsolidated subsidiaries	21,510	17,916
Insurance contract assets	177	217
Reinsurance contract held assets	22,440	10,380
Other assets	34,660	32,700
Segregated funds net assets	218,681	191,241
Total assets	627,512	560,384
Liabilities and Equity
Insurance contract liabilities, excluding those for account of segregated fund holders	258,007	232,972
Reinsurance contract held liabilities	2,669	2,831
Investment contract liabilities	8,854	8,928
Other liabilities	58,333	51,266
Long-term debt	0	0
Capital instruments	648	647
Insurance contract liabilities for account of segregated fund holders	68,408	62,424
Investment contract liabilities for account of segregated fund holders	150,273	128,817
Shareholders’ and other equity	78,285	70,755
Participating policyholders’ equity	614	313
Non-controlling interests	1,421	1,431
Total liabilities and equity	627,512	560,384
Consolidation adjustments
Assets
Invested assets	(117)	(239)
Investments in unconsolidated subsidiaries	(96,253)	(85,284)
Insurance contract assets	(75)	(72)
Reinsurance contract held assets	(10,236)	(10,147)
Other assets	(5,174)	(3,736)
Segregated funds net assets	(1,602)	(1,764)
Total assets	(113,457)	(101,242)
Liabilities and Equity
Insurance contract liabilities, excluding those for account of segregated fund holders	(10,434)	(10,565)
Reinsurance contract held liabilities	0	0
Investment contract liabilities	(616)	(599)
Other liabilities	(5,163)	(3,786)
Long-term debt	0	0
Capital instruments	0	0
Insurance contract liabilities for account of segregated fund holders	0	0
Investment contract liabilities for account of segregated fund holders	(1,602)	(1,764)
Shareholders’ and other equity	(95,642)	(84,528)
Participating policyholders’ equity	0	0
Non-controlling interests	0	0
Total liabilities and equity	$ (113,457)	$ (101,242)

Information Provided in Conne_4

Information Provided in Connection with Investments in Deferred Annuity Contracts and SignatureNotes Issued or Assumed by John Hancock Life Insurance Company (U.S.A.) - Condensed Consolidated Statement of Income (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Insurance service result
Insurance revenue	$ 26,592	$ 23,972
Insurance service expenses	(21,822)	(19,382)
Net expenses from reinsurance contracts held	(769)	(613)
Total insurance service result	4,001	3,977
Investment result
Net investment income (loss)	19,111	18,021
Changes in insurance / reinsurance finance income (expenses)	(15,086)	(14,628)
Other investment result	(504)	(435)
Total investment result	3,521	2,958
Other revenue	7,588	6,746
Other expenses	(6,339)	(5,675)
Interest expenses	(1,681)	(1,554)
Net income (loss) before income taxes	7,090	6,452
Income tax (expenses) recoveries	(1,212)	(845)
Net income (loss) after income taxes	5,878	5,607
Equity in net income (loss) of unconsolidated subsidiaries	0	0
Net income (loss)	5,878	5,607
Net income (loss) attributed to:
Non-controlling interests	247	144
Participating policyholders	246	360
Shareholders and other equity holders	5,385	5,103
MFC (Guarantor)
Insurance service result
Insurance revenue	0	0
Insurance service expenses	0	0
Net expenses from reinsurance contracts held	0	0
Total insurance service result	0	0
Investment result
Net investment income (loss)	871	638
Changes in insurance / reinsurance finance income (expenses)	0	0
Other investment result	0	0
Total investment result	871	638
Other revenue	(34)	14
Other expenses	(45)	(55)
Interest expenses	(494)	(433)
Net income (loss) before income taxes	298	164
Income tax (expenses) recoveries	(30)	7
Net income (loss) after income taxes	268	171
Equity in net income (loss) of unconsolidated subsidiaries	5,117	4,932
Net income (loss)	5,385	5,103
Net income (loss) attributed to:
Non-controlling interests	0	0
Participating policyholders	0	0
Shareholders and other equity holders	5,385	5,103
JHUSA (Issuer)
Insurance service result
Insurance revenue	11,022	9,858
Insurance service expenses	(10,501)	(8,928)
Net expenses from reinsurance contracts held	(309)	(315)
Total insurance service result	212	615
Investment result
Net investment income (loss)	4,548	4,232
Changes in insurance / reinsurance finance income (expenses)	(3,894)	(4,723)
Other investment result	(34)	100
Total investment result	620	(391)
Other revenue	853	790
Other expenses	(1,209)	(1,112)
Interest expenses	(19)	(79)
Net income (loss) before income taxes	457	(177)
Income tax (expenses) recoveries	52	175
Net income (loss) after income taxes	509	(2)
Equity in net income (loss) of unconsolidated subsidiaries	550	811
Net income (loss)	1,059	809
Net income (loss) attributed to:
Non-controlling interests	0	0
Participating policyholders	135	(74)
Shareholders and other equity holders	924	883
Other subsidiaries
Insurance service result
Insurance revenue	16,654	15,754
Insurance service expenses	(12,384)	(12,195)
Net expenses from reinsurance contracts held	(499)	(175)
Total insurance service result	3,771	3,384
Investment result
Net investment income (loss)	14,880	14,179
Changes in insurance / reinsurance finance income (expenses)	(11,022)	(9,993)
Other investment result	(367)	(432)
Total investment result	3,491	3,754
Other revenue	7,257	6,384
Other expenses	(5,359)	(4,776)
Interest expenses	(2,825)	(2,281)
Net income (loss) before income taxes	6,335	6,465
Income tax (expenses) recoveries	(1,234)	(1,027)
Net income (loss) after income taxes	5,101	5,438
Equity in net income (loss) of unconsolidated subsidiaries	1,059	809
Net income (loss)	6,160	6,247
Net income (loss) attributed to:
Non-controlling interests	247	144
Participating policyholders	246	360
Shareholders and other equity holders	5,667	5,743
Consolidation adjustments
Insurance service result
Insurance revenue	(1,084)	(1,640)
Insurance service expenses	1,063	1,741
Net expenses from reinsurance contracts held	39	(123)
Total insurance service result	18	(22)
Investment result
Net investment income (loss)	(1,188)	(1,028)
Changes in insurance / reinsurance finance income (expenses)	(170)	88
Other investment result	(103)	(103)
Total investment result	(1,461)	(1,043)
Other revenue	(488)	(442)
Other expenses	274	268
Interest expenses	1,657	1,239
Net income (loss) before income taxes	0	0
Income tax (expenses) recoveries	0	0
Net income (loss) after income taxes	0	0
Equity in net income (loss) of unconsolidated subsidiaries	(6,726)	(6,552)
Net income (loss)	(6,726)	(6,552)
Net income (loss) attributed to:
Non-controlling interests	0	0
Participating policyholders	(135)	74
Shareholders and other equity holders	$ (6,591)	$ (6,626)

Information Provided in Conne_5

Information Provided in Connection with Investments in Deferred Annuity Contracts and SignatureNotes Issued or Assumed by John Hancock Life Insurance Company (U.S.A.) - Consolidated Statement of Cash Flows (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Net income (loss)	$ 5,878	$ 5,607
Adjustments:
Equity in net income of unconsolidated subsidiaries	0	0
Increase (decrease) in insurance contract net liabilities	9,435	10,697
Decrease (increase) in investment contract liabilities	504	435
(Increase) decrease in reinsurance contract assets, excluding reinsurance transactions	(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
Dividends from unconsolidated subsidiaries	0	0
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)
Investment in common shares of subsidiaries	0	0
Capital contribution to unconsolidated subsidiaries	0	0
Return of capital from unconsolidated subsidiaries	0	0
Notes receivable from parent	0	0
Notes receivable from subsidiaries	0	0
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	2,591	1,194
Redemption of capital instruments	(1,886)	(600)
Secured borrowing from securitization transactions	667	537
Changes in deposits from Bank clients, net	413	(895)
Lease payments	(118)	(98)
Shareholders’ dividends and other equity distributions	(3,159)	(2,972)
Common shares repurchased	(3,272)	(1,595)
Common shares issued, net	144	94
Contributions from (distributions to) non-controlling interests, net	(14)	(14)
Dividends paid to parent	0	0
Capital contributions by parent	0	0
Return of capital to parent	0	0
Notes payable to parent	0	0
Notes payable to subsidiaries	0	0
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 (refund)	755	436
MFC (Guarantor)
Operating activities
Net income (loss)	5,385	5,103
Adjustments:
Equity in net income of unconsolidated subsidiaries	(5,117)	(4,932)
Increase (decrease) in insurance contract net liabilities	0	0
Decrease (increase) in investment contract liabilities	0	0
(Increase) decrease in reinsurance contract assets, excluding reinsurance transactions	0	0
Amortization of (premium) discount on invested assets	0	0
Contractual service margin (“CSM”) amortization	0	0
Other amortization	11	10
Net realized and unrealized (gains) losses and impairment on assets	(38)	3
Deferred income tax expenses (recoveries)	22	(11)
Net loss on reinsurance transactions (pre-tax) (note 6)	0
Stock option expense		0
Cash provided by operating activities before undernoted items	263	173
Dividends from unconsolidated subsidiaries	7,150	5,600
Changes in policy related and operating receivables and payables	221	(4)
Cash provided by (used in) operating activities	7,634	5,769
Investing activities
Purchases and mortgage advances	0	0
Disposals and repayments	0	0
Change in investment broker net receivables and payables	0	0
Net cash increase (decrease) from sale (purchase) of subsidiaries	0	0
Investment in common shares of subsidiaries	(3,432)	(1,843)
Capital contribution to unconsolidated subsidiaries	0	0
Return of capital from unconsolidated subsidiaries	0	0
Notes receivable from parent	0	0
Notes receivable from subsidiaries	(135)	(25)
Cash provided by (used in) investing activities	(3,567)	(1,868)
Financing activities
Change in repurchase agreements and securities sold but not yet purchased	0	0
Issue of capital instruments, net	2,591	1,194
Redemption of capital instruments	(1,277)	(600)
Secured borrowing from securitization transactions	0	0
Changes in deposits from Bank clients, net	0	0
Lease payments	0	0
Shareholders’ dividends and other equity distributions	(3,159)	(2,972)
Common shares repurchased	(3,272)	(1,595)
Common shares issued, net	144	94
Contributions from (distributions to) non-controlling interests, net	0	0
Dividends paid to parent	0	0
Capital contributions by parent	0	0
Return of capital to parent	0	0
Notes payable to parent	0	0
Notes payable to subsidiaries	938	4
Cash provided by (used in) financing activities	(4,035)	(3,875)
Cash and short-term securities
Increase (decrease) during the year	32	26
Effect of foreign exchange rate changes on cash and short-term securities	8	(3)
Balance, beginning of year	86	63
Balance, end of year	126	86
Cash and short-term securities
Gross cash and short-term securities at beginning of period	86	63
Net payments in transit, included in other liabilities beginning balance	0	0
Balance, beginning of year	86	63
Gross cash and short-term securities at end of year	126	86
Net payments in transit, included in other liabilities ending balance	0	0
Balance, end of year	126	86
Supplemental disclosures on cash flow information
Interest received	831	650
Interest paid	475	418
Income taxes paid (refund)	8	2
JHUSA (Issuer)
Operating activities
Net income (loss)	1,059	809
Adjustments:
Equity in net income of unconsolidated subsidiaries	(550)	(811)
Increase (decrease) in insurance contract net liabilities	441	455
Decrease (increase) in investment contract liabilities	70	(112)
(Increase) decrease in reinsurance contract assets, excluding reinsurance transactions	(136)	28
Amortization of (premium) discount on invested assets	37	30
Contractual service margin (“CSM”) amortization	(441)	(455)
Other amortization	147	147
Net realized and unrealized (gains) losses and impairment on assets	587	471
Deferred income tax expenses (recoveries)	49	(141)
Net loss on reinsurance transactions (pre-tax) (note 6)	33
Stock option expense		(3)
Cash provided by operating activities before undernoted items	1,296	418
Dividends from unconsolidated subsidiaries	689	386
Changes in policy related and operating receivables and payables	1,387	(649)
Cash provided by (used in) operating activities	3,372	155
Investing activities
Purchases and mortgage advances	(19,159)	(15,165)
Disposals and repayments	16,485	16,159
Change in investment broker net receivables and payables	(22)	12
Net cash increase (decrease) from sale (purchase) of subsidiaries	0	0
Investment in common shares of subsidiaries	0	0
Capital contribution to unconsolidated subsidiaries	(2)	(1)
Return of capital from unconsolidated subsidiaries	17	5
Notes receivable from parent	0	0
Notes receivable from subsidiaries	0	0
Cash provided by (used in) investing activities	(2,681)	1,010
Financing activities
Change in repurchase agreements and securities sold but not yet purchased	0	0
Issue of capital instruments, net	0	0
Redemption of capital instruments	(609)	0
Secured borrowing from securitization transactions	0	0
Changes in deposits from Bank clients, net	0	0
Lease payments	(3)	(3)
Shareholders’ dividends and other equity distributions	0	0
Common shares repurchased	0	0
Common shares issued, net	0	0
Contributions from (distributions to) non-controlling interests, net	0	0
Dividends paid to parent	595	679
Capital contributions by parent	0	0
Return of capital to parent	0	0
Notes payable to parent	0	0
Notes payable to subsidiaries	0	0
Cash provided by (used in) financing activities	(17)	676
Cash and short-term securities
Increase (decrease) during the year	674	1,841
Effect of foreign exchange rate changes on cash and short-term securities	363	(52)
Balance, beginning of year	4,004	2,215
Balance, end of year	5,041	4,004
Cash and short-term securities
Gross cash and short-term securities at beginning of period	4,329	2,614
Net payments in transit, included in other liabilities beginning balance	(325)	(399)
Balance, beginning of year	4,004	2,215
Gross cash and short-term securities at end of year	5,436	4,329
Net payments in transit, included in other liabilities ending balance	(395)	(325)
Balance, end of year	5,041	4,004
Supplemental disclosures on cash flow information
Interest received	3,872	3,369
Interest paid	69	115
Income taxes paid (refund)	1	(1)
Other subsidiaries
Operating activities
Net income (loss)	6,160	6,247
Adjustments:
Equity in net income of unconsolidated subsidiaries	(1,059)	(809)
Increase (decrease) in insurance contract net liabilities	8,994	10,242
Decrease (increase) in investment contract liabilities	434	547
(Increase) decrease in reinsurance contract assets, excluding reinsurance transactions	(477)	946
Amortization of (premium) discount on invested assets	(327)	(171)
Contractual service margin (“CSM”) amortization	(1,935)	(1,543)
Other amortization	711	424
Net realized and unrealized (gains) losses and impairment on assets	(1,409)	(3,319)
Deferred income tax expenses (recoveries)	240	622
Net loss on reinsurance transactions (pre-tax) (note 6)	38
Stock option expense		5
Cash provided by operating activities before undernoted items	11,370	13,191
Dividends from unconsolidated subsidiaries	(595)	(679)
Changes in policy related and operating receivables and payables	11,957	7,294
Cash provided by (used in) operating activities	22,732	19,806
Investing activities
Purchases and mortgage advances	(111,964)	(68,856)
Disposals and repayments	96,186	54,122
Change in investment broker net receivables and payables	312	9
Net cash increase (decrease) from sale (purchase) of subsidiaries	(297)	(1)
Investment in common shares of subsidiaries	0	0
Capital contribution to unconsolidated subsidiaries	0	0
Return of capital from unconsolidated subsidiaries	0	0
Notes receivable from parent	(938)	(4)
Notes receivable from subsidiaries	0	0
Cash provided by (used in) investing activities	(16,701)	(14,730)
Financing activities
Change in repurchase agreements and securities sold but not yet purchased	460	(693)
Issue of capital instruments, net	0	0
Redemption of capital instruments	0	0
Secured borrowing from securitization transactions	667	537
Changes in deposits from Bank clients, net	413	(895)
Lease payments	(115)	(95)
Shareholders’ dividends and other equity distributions	0	0
Common shares repurchased	0	0
Common shares issued, net	3,432	1,843
Contributions from (distributions to) non-controlling interests, net	(14)	(14)
Dividends paid to parent	(7,839)	(5,986)
Capital contributions by parent	2	1
Return of capital to parent	(17)	(5)
Notes payable to parent	135	25
Notes payable to subsidiaries	0	0
Cash provided by (used in) financing activities	(2,876)	(5,282)
Cash and short-term securities
Increase (decrease) during the year	3,155	(206)
Effect of foreign exchange rate changes on cash and short-term securities	826	(357)
Balance, beginning of year	15,794	16,357
Balance, end of year	19,775	15,794
Cash and short-term securities
Gross cash and short-term securities at beginning of period	15,923	16,476
Net payments in transit, included in other liabilities beginning balance	(129)	(119)
Balance, beginning of year	15,794	16,357
Gross cash and short-term securities at end of year	20,227	15,923
Net payments in transit, included in other liabilities ending balance	(452)	(129)
Balance, end of year	19,775	15,794
Supplemental disclosures on cash flow information
Interest received	10,582	10,166
Interest paid	2,819	2,432
Income taxes paid (refund)	746	435
Consolidation adjustments
Operating activities
Net income (loss)	(6,726)	(6,552)
Adjustments:
Equity in net income of unconsolidated subsidiaries	6,726	6,552
Increase (decrease) in insurance contract net liabilities	0	0
Decrease (increase) in investment contract liabilities	0	0
(Increase) decrease in reinsurance contract assets, excluding reinsurance transactions	0	0
Amortization of (premium) discount on invested assets	0	0
Contractual service margin (“CSM”) amortization	0	0
Other amortization	0	0
Net realized and unrealized (gains) losses and impairment on assets	0	0
Deferred income tax expenses (recoveries)	0	0
Net loss on reinsurance transactions (pre-tax) (note 6)	0
Stock option expense		0
Cash provided by operating activities before undernoted items	0	0
Dividends from unconsolidated subsidiaries	(7,244)	(5,307)
Changes in policy related and operating receivables and payables	0	0
Cash provided by (used in) operating activities	(7,244)	(5,307)
Investing activities
Purchases and mortgage advances	0	0
Disposals and repayments	0	0
Change in investment broker net receivables and payables	0	0
Net cash increase (decrease) from sale (purchase) of subsidiaries	0	0
Investment in common shares of subsidiaries	3,432	1,843
Capital contribution to unconsolidated subsidiaries	2	1
Return of capital from unconsolidated subsidiaries	(17)	(5)
Notes receivable from parent	938	4
Notes receivable from subsidiaries	135	25
Cash provided by (used in) investing activities	4,490	1,868
Financing activities
Change in repurchase agreements and securities sold but not yet purchased	0	0
Issue of capital instruments, net	0	0
Redemption of capital instruments	0	0
Secured borrowing from securitization transactions	0	0
Changes in deposits from Bank clients, net	0	0
Lease payments	0	0
Shareholders’ dividends and other equity distributions	0	0
Common shares repurchased	0	0
Common shares issued, net	(3,432)	(1,843)
Contributions from (distributions to) non-controlling interests, net	0	0
Dividends paid to parent	7,244	5,307
Capital contributions by parent	(2)	(1)
Return of capital to parent	17	5
Notes payable to parent	(135)	(25)
Notes payable to subsidiaries	(938)	(4)
Cash provided by (used in) financing activities	2,754	3,439
Cash and short-term securities
Increase (decrease) during the year	0	0
Effect of foreign exchange rate changes on cash and short-term securities	0	0
Balance, beginning of year	0	0
Balance, end of year	0	0
Cash and short-term securities
Gross cash and short-term securities at beginning of period	0	0
Net payments in transit, included in other liabilities beginning balance	0	0
Balance, beginning of year	0	0
Gross cash and short-term securities at end of year	0	0
Net payments in transit, included in other liabilities ending balance	0	0
Balance, end of year	0	0
Supplemental disclosures on cash flow information
Interest received	(1,789)	(1,417)
Interest paid	(1,789)	(1,417)
Income taxes paid (refund)	$ 0	$ 0