Manulife Financial (MFC) 40-F 13 Feb 19 2018 FY Annual report (Canada) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2018shares
Document Information [Line Items]
Document Type	40-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Trading Symbol	MFC
Entity Registrant Name	MANULIFE FINANCIAL CORP
Entity Central Index Key	1,086,888
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Common shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	1,971,002,948
Class A Shares Series 2 [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	14,000,000
Class A Shares Series 3 [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	12,000,000
Class 1 Shares Series 3 [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	6,335,831
Class 1 Shares Series 4 [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	1,664,169
Class 1 Shares Series 5 [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	8,000,000
Class 1 Shares Series 7 [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	10,000,000
Class 1 Shares Series 9 [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	10,000,000
Class 1 Shares Series 11 [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	8,000,000
Class 1 Shares Series 13 [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	8,000,000
Class 1 Shares Series 15 [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	8,000,000
Class 1 Shares Series 17 [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	14,000,000
Class 1 Shares Series 19 [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	10,000,000
Class 1 Shares Series 21 [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	17,000,000
Class 1 Shares Series 23 [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	19,000,000
Class 1 Shares Series 25 [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	10,000,000

Consolidated Statements of Fina

Consolidated Statements of Financial Position - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash and short-term securities	$ 16,215	$ 15,965
Debt securities	185,594	174,000
Public equities	19,179	21,545
Mortgages	48,363	44,742
Private placements	35,754	32,132
Policy loans	6,446	5,808
Loans to bank clients	1,793	1,737
Real estate	12,777	13,810
Other invested assets	27,543	24,483
Total invested assets (note 3)	353,664	334,222
Other assets
Accrued investment income	2,427	2,182
Outstanding premiums	1,369	1,148
Derivatives (note 4)	13,703	15,569
Reinsurance assets (notes 7 and 8)	43,053	30,359
Deferred tax assets (note 5)	4,318	4,569
Goodwill and intangible assets (note 6)	10,097	9,840
Miscellaneous	8,431	7,337
Total other assets	83,398	71,004
Segregated funds net assets (note 22)	313,209	324,307
Total assets	750,271	729,533
Liabilities
Insurance contract liabilities (note 7)	328,654	304,605
Investment contract liabilities (note 8)	3,265	3,126
Deposits from bank clients	19,684	18,131
Derivatives (note 4)	7,803	7,822
Deferred tax liabilities (note 5)	1,814	1,281
Other liabilities	15,190	14,927
Financial liabilities	376,410	349,892
Long-term debt (note 10)	4,769	4,784
Capital instruments (note 11)	8,732	8,387
Segregated funds net liabilities (note 22)	313,209	324,307
Total liabilities	703,120	687,370
Equity
Contributed surplus	265	277
Shareholders' retained earnings	12,704	10,083
Shareholders' accumulated other comprehensive income (loss):
Pension and other post-employment plans	(426)	(364)
Available-for-sale securities	(265)	179
Cash flow hedges	(127)	(109)
Real estate revaluation surplus	20	21
Translation of foreign operations	7,010	4,360
Total shareholders' equity	45,964	41,013
Participating policyholders' equity	94	221
Non-controlling interests	1,093	929
Total equity	47,151	42,163
Total liabilities and equity	750,271	729,533
Preferred shares [Member]
Equity
Issued shares (note 12)	3,822	3,577
Shareholders' accumulated other comprehensive income (loss):
Total equity	3,822	3,577
Common shares [Member]
Equity
Issued shares (note 12)	22,961	22,989
Shareholders' accumulated other comprehensive income (loss):
Total equity	$ 22,961	$ 22,989

Consolidated Statements of Inco

Consolidated Statements of Income - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Premium income
Gross premiums	$ 39,150	$ 36,361
Premiums ceded to reinsurers	(15,138)	(8,151)
Net premiums	24,012	28,210
Investment income (note 3)
Investment income	13,560	13,649
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on the macro hedge program	(9,028)	5,718
Net investment income	4,532	19,367
Other revenue (note 14)	10,428	10,746
Total revenue	38,972	58,323
Contract benefits and expenses To contract holders and beneficiaries
Gross claims and benefits (note 7)	27,878	24,994
Increase (decrease) in insurance contract liabilities	2,907	20,023
Increase (decrease) in investment contract liabilities	35	173
Benefits and expenses ceded to reinsurers	(5,153)	(8,158)
Decrease (increase) in reinsurance assets (note 7)	(9,733)	2,269
Net benefits and claims	15,934	39,301
General expenses	7,957	7,233
Investment expenses (note 3)	1,708	1,673
Commissions	6,173	6,116
Interest expense	1,275	1,139
Net premium taxes	406	360
Total contract benefits and expenses	33,453	55,822
Income before income taxes	5,519	2,501
Income tax (expense) recovery	(632)	(239)
Net income	4,887	2,262
Net income (loss) attributed to:
Non-controlling interests	214	194
Participating policyholders	(127)	(36)
Shareholders	4,800	2,104
Net income	4,887	2,262
Net income attributed to shareholders	4,800	2,104
Preferred share dividends	(168)	(159)
Common shareholders' net income	$ 4,632	$ 1,945
Earnings per share
Basic earnings per common share (note 12)	$ 2.34	$ 0.98
Diluted earnings per common share (note 12)	2.33	0.98
Dividends per common share	$ 0.91	$ 0.82

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Statement of comprehensive income [abstract]
Net income	$ 4,887	$ 2,262
Foreign exchange gains (losses) on:
Translation of foreign operations	3,078	(2,256)
Net investment hedges	(428)	227
Available-for-sale financial securities:
Unrealized gains (losses) arising during the year	(458)	601
Reclassification of net realized (gains) losses and impairments to net income	13	(32)
Cash flow hedges:
Unrealized gains (losses) arising during the year	(34)	110
Reclassification of realized losses to net income	16	13
Share of other comprehensive income (losses) of associates	(1)	1
Total items that may be subsequently reclassified to net income	2,186	(1,336)
Items that will not be reclassified to net income:
Change in pension and other post-employment plans	(62)	53
Real estate revaluation reserve	(1)	30
Total items that will not be reclassified to net income	(63)	83
Other comprehensive income (loss), net of tax	2,123	(1,253)
Total comprehensive income (loss), net of tax	7,010	1,009
Total comprehensive income (loss) attributed to:
Non-controlling interests	212	192
Participating policyholders	(127)	(27)
Shareholders	6,925	844
Income tax expense (recovery) on:
Unrealized foreign exchange gains/losses on translation of foreign operations	1	(1)
Unrealized foreign exchange gains/losses on net investment hedges	(62)	48
Unrealized gains/losses on available-for-sale financial securities	(151)	284
Reclassification of realized gains/losses and recoveries/impairments to net income on available-for-sale financial securities	26	7
Unrealized gains/losses on cash flow hedges	31	49
Reclassification of realized gains/losses to net income on cash flow hedges	4	3
Change in pension and other post-employment plans	4	37
Real estate revaluation reserve	1	9
Total income tax expense (recovery)	$ (146)	$ 436

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - CAD ($) shares in Millions, $ in Millions	Total	Preferred shares [Member]	Common shares [Member]	Contributed Surplus [Member]	Shareholders' Retained Earnings [Member]	Shareholders' accumulated other comprehensive income (loss) ("AOCI") [Member]	Participating Policyholders' Equity [Member]	Non-controlling Interests [Member]
Balance, beginning of year at Dec. 31, 2016		$ 3,577	$ 22,865	$ 284	$ 9,759	$ 5,347	$ 248	$ 743
Change in unrealized foreign exchange gains (losses) of net foreign operations	$ (2,256)					(2,029)
Net income attributed to shareholders	2,104				2,104
Exercise of stock options and deferred share units				(22)
Net income attributed to non-controlling interests	194							194
Net income (loss) attributed to participating policyholders	(36)						(36)
Change in actuarial gains (losses) on pension and other post-employment plans	53					53
Stock option expense				15
Other comprehensive income (loss) attributed to non-controlling interests								(2)
Other comprehensive income attributed to policyholders							9
Change in unrealized gains (losses) on available-for-sale financial securities	601					572
Preferred share dividends					(159)
Issued on exercise of stock options			124
Contributions (distributions), net								(6)
Change in unrealized gains (losses) on derivative instruments designated as cash flow hedges	110					123
Common share dividends					(1,621)
Change in real estate revaluation reserve	30					20
Share of other comprehensive income (losses) of associates	1					1
Balance, end of year at Dec. 31, 2017	42,163	3,577	$ 22,989	277	10,083	4,087	221	929
Total shareholders' equity, end of year	41,013
Change in unrealized foreign exchange gains (losses) of net foreign operations	3,078					2,650
Net income attributed to shareholders	4,800				$ 4,800
Exercise of stock options and deferred share units				(10)
Net income attributed to non-controlling interests	214							214
Issued (note 12)		250
Net income (loss) attributed to participating policyholders	(127)						(127)
Change in actuarial gains (losses) on pension and other post-employment plans	(62)					(62)
Common shares repurchased			(269)		(209)
Stock option expense				10
Other comprehensive income (loss) attributed to non-controlling interests								(2)
Issuance costs, net of tax		(5)
Change in unrealized gains (losses) on available-for-sale financial securities	(458)					(443)
Preferred share dividends					$ (168)
Issued on exercise of stock options			$ 59
Acquisition of non-controlling interest				(12)
Contributions (distributions), net								(48)
Change in unrealized gains (losses) on derivative instruments designated as cash flow hedges	(34)					(18)
Common share dividends					(1,802)
Issued under dividend reinvestment and share purchase plans			182
Change in real estate revaluation reserve	(1)					(1)
Share of other comprehensive income (losses) of associates	(1)					(1)
Balance, end of year at Dec. 31, 2018	47,151	$ 3,822	$ 22,961	$ 265	$ 12,704	$ 6,212	$ 94	$ 1,093
Total shareholders' equity, end of year	$ 45,964

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Operating activities
Net income	$ 4,887	$ 2,262
Adjustments:
Increase in insurance contract liabilities	2,907	20,023
Increase in investment contract liabilities	35	173
(Increase) decrease in reinsurance assets excluding coinsurance transactions (note 7)	(9,733)	2,269
Amortization of (premium) discount on invested assets	212	230
Other amortization	747	560
Net realized and unrealized (gains) losses and impairment on assets	8,727	(7,188)
Deferred income tax expense (recovery)	930	(331)
Restructuring charge	156
Stock option expense	10	15
Cash provided by (used in) operating activities before undernoted items	19,504	18,013
Changes in policy related and operating receivables and payables	(316)	(222)
Cash provided by (used in) operating activities	19,188	17,791
Investing activities
Purchases and mortgage advances	(101,172)	(87,224)
Disposals and repayments	82,111	70,720
Change in investment broker net receivables and payables	(128)	227
Net cash decrease from sale and purchase of subsidiaries and businesses	187	(10)
Cash provided by (used in) investing activities	(19,002)	(16,287)
Financing activities
Increase (decrease) in repurchase agreements and securities sold but not yet purchased	(189)	(29)
Redemption of long-term debt (note 10)	(400)	(607)
Issue of capital instruments, net (note 11)	597	2,209
Redemption of capital instruments (note 11)	(450)	(899)
Secured borrowing from securitization transactions	250	741
Changes in deposits from Bank clients, net	1,490	261
Shareholders' dividends paid in cash	(1,788)	(1,780)
Contributions from (distributions to) non-controlling interests, net	(60)	(6)
Common shares repurchased	(478)
Common shares issued, net (note 12)	59	124
Preferred shares issued, net (note 12)	245
Cash provided by (used in) financing activities	(724)	14
Cash and short-term securities
Increase (decrease) during the year	(538)	1,518
Effect of foreign exchange rate changes on cash and short-term securities	822	(658)
Balance, beginning of year	15,098	14,238
Balance, December 31	15,382	15,098
Cash and short-term securities
Gross cash and short-term securities, beginning of year	15,965	15,151
Net payments in transit, included in other liabilities, beginning of year	(867)	(913)
Balance, beginning of year	15,098	14,238
Gross cash and short-term securities, end of year	16,215	15,965
Net payments in transit, included in other liabilities, end of year	(833)	(867)
Balance, December 31	15,382	15,098
Supplemental disclosures on cash flow information
Interest received	10,952	10,596
Interest paid	1,212	1,118
Income taxes paid	$ 461	$ 1,360

Nature of Operations and Signif

Nature of Operations and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Text block [abstract]
Nature of Operations and Significant Accounting Policies	Note 1 Nature of Operations and Significant Accounting Policies (a) Reporting entity Manulife Financial Corporation (“MFC”) is a publicly traded company and the holding company of The Manufacturers Life Insurance Company (“MLI”), a Canadian life insurance company. MFC and 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 Canada and Asia and as John Hancock 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 should be read in conjunction with “Risk Management” in the 2018 Management’s Discussion and Analysis (“MD&A”) dealing with IFRS 7 “Financial Instruments: Disclosures” as the discussion on market risk and liquidity risk includes certain disclosures that are considered an integral part of these Consolidated Financial Statements. These Consolidated Financial Statements as at and for the year ended December 31, 2018 were authorized for issue by MFC’s Board of Directors on February 13, 2019. (b) 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 revenue and expenses during the reporting periods. Actual results may differ from these estimates. The most significant estimation processes relate to assumptions used in measuring insurance and investment contract liabilities, assessing assets for impairment, determining of pension and other post-employment benefit obligation and expense assumptions, determining income taxes and uncertain tax positions and fair valuation 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 significant 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. (c) 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, that 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 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 predominately external observable data. Judgment is applied in adjusting external observable data for items including liquidity and credit factors. The Company categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company’s valuation techniques. 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 securities 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, and foreign currency forward contracts. Level 3 – Fair value measurements using significant non-market (d) Basis of consolidation MFC consolidates the financial statements of all entities, including certain structured entities that it controls. 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, 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 its share of variable returns. In assessing control, significant judgment is applied while considering all relevant facts and circumstances. When assessing decision-making power, the Company considers the extent of its rights relative to the management of an entity, the level of voting rights held in an entity which are potentially or presently exercisable, the existence of any contractual management agreements which may provide the Company with power over an entity’s financial and operating policies and to the extent of other parties’ ownership in an entity, if any, the possibility for de facto control being present. When assessing returns, the Company considers the significance of direct and indirect financial and non-financial 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 inception of the Company’s involvement with the entity and is reconsidered at a later date 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. The Company’s Consolidated Financial Statements have been prepared using uniform accounting policies for like transactions and events in similar circumstances. Intercompany balances, and income and expenses arising from intercompany transactions, have been eliminated in preparing the Consolidated Financial Statements. Non-controlling Non-controlling non-controlling The equity method of accounting is used to account for entities over which the Company has significant influence (“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 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 associate or joint venture. Investments in associates or joint ventures are included in other invested assets on the Company’s Consolidated Statements of Financial Position. (e) Invested assets Invested assets that are considered financial instruments are classified as fair value through profit or loss (“FVTPL”), loans and receivables, or as available-for-sale non-derivative Valuation methods for the Company’s invested assets are described above. All fair value valuations are performed in accordance with IFRS 13 “Fair Value Measurement”. Disclosure of financial instruments carried at fair value with the three levels of the fair value hierarchy and the 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, inputs to the valuation and vendor controls reports. Cash and short-term securities comprise of cash, current operating accounts, overnight bank and term deposits, and fixed income securities held for meeting short-term cash commitments. Short-term securities are carried at fair value. Short-term securities are comprised of investments due to mature within one year of the date of purchase. Commercial paper and discount notes are classified as Level 2 because these securities 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. Debt securities are generally valued by independent pricing vendors using proprietary pricing models incorporating current market inputs for similar instruments with comparable terms and credit quality (matrix pricing). The significant inputs include, but are not limited to, yield curves, credit risks and spreads, measures of volatility and prepayment rates. These debt securities are classified as Level 2 but can be Level 3 if significant inputs are market unobservable. Realized gains and losses on sale of debt securities and unrealized gains and losses on debt securities designated as FVTPL are recognized in investment income immediately. Unrealized gains and losses on AFS debt securities are recorded in OCI, except for unrealized gains and losses on foreign currency translation which are included in income. Impairment losses on AFS debt securities are recognized in income on an individual security basis when there is objective evidence of impairment. Impairment is considered to have occurred, based on management’s judgment, when it is deemed probable that the Company will not be able to collect all amounts due according to the debt security’s contractual terms. Equities are comprised of common and preferred equities and are carried at fair value. Equities are generally classified as Level 1, as fair values are normally based on quoted market prices. Realized gains and losses on sale of equities and unrealized gains and losses on equities designated as FVTPL are recognized in investment income immediately. Unrealized gains and losses on AFS equities are recorded in OCI. Impairment losses on AFS equities are recognized in income on an individual security basis when there is objective evidence of impairment. Impairment is considered to have occurred when fair value has declined below cost by a significant amount or for a prolonged period of time. Judgment is applied in determining whether the decline is significant or prolonged. Mortgages are carried at amortized cost and are classified as Level 3 for fair value purposes due to the lack of market observability of certain significant valuation inputs. Realized gains and losses are recorded in investment income immediately. Impairment losses are recorded on mortgages when there is no longer reasonable assurance as to the timely collection of the full amount of principal and interest and are measured based on the discounted value of expected future cash flows at the original effective interest rates inherent in the mortgage. Expected future cash flows of impaired mortgages are typically determined with reference to the fair value of collateral security underlying the mortgage, net of expected costs of realization and any applicable insurance recoveries. Significant judgment is applied in the determination of impairment including the timing and amount of future collections. The Company accounts for insured and uninsured mortgage securitizations as secured financing transactions since the criteria for sale accounting 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 method. Private placements, which include corporate loans for which there is no active market, are carried at amortized cost and are generally classified as Level 2 for fair value disclosure purposes or as Level 3 if significant inputs are market unobservable. Realized gains and losses are recorded in income immediately. Impairment losses are recorded on private placements when there is no longer assurance as to the timely collection of the full amount of principal and interest. Impairment is measured based on the discounted value of expected future cash flows at the original effective interest rate inherent in the loan. Significant judgment is applied in the determination of impairment including the timing and amount of future collections. Policy loans are carried at an amount equal to their unpaid balances and are classified as Level 2 for fair value disclosure purposes. Policy loans are fully collateralized by the cash surrender value of the underlying policies. 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. A loan to a Bank client is considered impaired when there is objective evidence of impairment because of one or more loss events that have occurred after initial recognition, with a negative impact on the estimated future cash flows of the loan. Once established, allowances for impairment of mortgages, private placements and loans to Bank clients are reversed only if the conditions that caused the impairment no longer exist. Reversals of impairment charges on AFS debt securities are only recognized in income to the extent that increases in fair value can be attributed to events after the impairment loss being recorded. Impairment losses for AFS equity instruments are not reversed through income. On disposition of an impaired asset, any allowance for impairment is released. In addition to impairments and provisions for loan losses (recoveries) reported in investment income, the measurement of insurance contract liabilities, via investment return assumptions, includes expected future credit losses on fixed income investments. Refer to note 7(d). Interest income is recognized on debt securities, mortgages, private placements, policy loans and loans to Bank clients as it accrues and is calculated using the effective interest rate method. 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 mortgages and private placements measured at amortized cost. The Company records purchases and sales of invested assets on a trade date basis, except for loans originated by the Company, which 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. 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. Where own use property is included in assets backing insurance contract liabilities, the fair value of the property is used in the valuation of insurance contract liabilities. Own use property is classified as Level 3 for fair value disclosure purposes. 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 is determined using external appraisals that are based on the highest and best use of the property. The valuation techniques used include discounted cash flows, the direct capitalization method as well as comparable sales analysis and include both observable and unobservable 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 changes from own use to investment property, any gain arising on the remeasurement of the property to fair value at the date of transfer is recognized in OCI, to the extent that it is not reversing a previous impairment loss. Reversals of impairment losses are recognized in income. Other invested assets include private equity and property investments held in power and infrastructure and timber, as well as in agriculture and oil and gas sectors. Private equity investments are accounted for as associates using the equity method (as described in note 1(d) above) or are classified as FVTPL or AFS and carried at fair value. Investments in oil and gas exploration and evaluation activities are measured on the cost basis using the “successful efforts” method. Timber and agriculture properties are measured at fair value with changes in fair value recognized in income, except for buildings, equipment and bearer plants which are measured at amortized cost. 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. 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 lease receivable and related non-recourse (f) Goodwill and intangible assets Goodwill represents the difference between the 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 groups of CGUs for impairment testing based on the lowest level within the entity in which the goodwill is monitored for internal management purposes. The allocation is made to those CGUs or groups 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 of a CGU or group of CGUs to its carrying value. 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 excess on a pro-rata The recoverable amount of a CGU is the higher of the estimated fair value less costs to sell or the value-in-use value-in-use, pre-tax Intangible assets with indefinite useful lives include the John Hancock brand name and certain investment management contracts. The indefinite useful life assessment for brand is based on the brand name being protected in markets where branded products are sold by trademarks, which are renewable indefinitely, and for certain investment management contracts due to 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. 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 there is an indication that it is not recoverable. Intangible assets with finite useful lives include acquired distribution networks, customer relationships, capitalized software, 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 straight-line or in relation to other asset consumption metrics. Software intangible assets are amortized on a straight-line basis over their estimated useful lives of three to five years. Finite life intangible assets are assessed for indicators of impairment at each reporting period. If any indication of impairment exists, these assets are subject to an impairment test. (g) Miscellaneous assets Miscellaneous assets include assets held in a rabbi trust with respect to unfunded defined benefit obligations, defined benefit assets, if any (refer to note 1(o)), deferred acquisition costs and capital assets. Deferred acquisition costs are carried at cost less accumulated amortization. These costs are recognized over the period where redemption fees may be charged or over the period revenue is earned. 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. (h) Segregated funds The Company manages several segregated funds on behalf of policyholders. The investment returns on these funds are passed directly to policyholders. In some cases, the Company has provided guarantees associated with these funds. Segregated funds net assets are measured at fair value and primarily 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. 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 belong 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. Accordingly, investment income earned by segregated funds and expenses incurred by segregated funds are offset and are not separately presented in the Consolidated Statements of Income. Fee income earned by the Company for managing the segregated funds is included in other revenue. Liabilities related to guarantees associated with certain segregated funds, as a result of certain variable life and annuity contracts, are recorded within the Company’s insurance contract liabilities. The Company holds assets supporting these guarantees which are recognized in invested assets according to their investment type. (i) Insurance and investment contract liabilities Most contracts issued by the Company are considered insurance, investment or service contracts. Contracts under which the Company accepts significant insurance risk from a policyholder are classified as insurance contracts in the Consolidated Financial Statements. A contract is considered to have significant insurance risk if, and only if, an insured event could cause an insurer to make significant additional payments in any scenario, excluding scenarios that lack commercial substance at the inception of the contract. 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 IAS 39 “ ” Once a contract has been classified as an insurance contract it remains an insurance contract even if the insurance risk reduces significantly. Investment contracts can be reclassified as insurance contracts if insurance risk subsequently becomes significant. Insurance contract liabilities, net of reinsurance assets, represent the amount which, together with estimated future premiums and net investment income, will be sufficient to pay estimated future benefits, policyholder dividends and refunds, taxes (other than income taxes) and expenses on policies in-force. 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 fair value by election. The election reduces accounting mismatches between assets supporting these contracts and the related policy liabilities. Investment contract liabilities are derecognized when the contract expires, is discharged or is cancelled. Derivatives embedded within insurance contracts are separated if they are not considered to be closely related to the host insurance contract and do not meet the definition of an insurance contract. These embedded derivatives are presented separately in other assets or other liabilities and are measured at fair value with changes in fair value recognized in income. (j) Reinsurance assets The Company uses reinsurance in the normal course of business to manage its risk exposure. Insurance ceded to a reinsurer does not relieve the Company from its obligations to policyholders. The Company remains liable to its policyholders for the portion reinsured to the extent that any reinsurer does not meet its obligations for reinsurance ceded to it under a reinsurance agreement. Reinsurance assets represent the benefit derived from reinsurance agreements in-force Gains or losses on reinsurance transactions are recognized in income immediately on the transaction date and are not amortized. Premiums ceded and claims reimbursed are presented on a gross basis on the Consolidated Statements of Income. Reinsurance assets are not offset against the related insurance contract liabilities and are presented separately on the Consolidated Statements of Financial Position. Refer to note 7(a). (k) 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, subscription receipts and preferred shares. These financial liabilities are measured at amortized cost, with issuance costs deferred and amortized using the effective interest rate method. (l) Income taxes The 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 payable or recoverable 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 liabilities and assets 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 provisions 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 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 asset 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. (m) Foreign currency translation Items included in the financial statements of each of the Company’s subsidiaries are measured by each subsidiary using the currency of the primary economic environment in which the entity operates (the “functional currency”). 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

Accounting and Reporting Change

Accounting and Reporting Changes	12 Months Ended
	Dec. 31, 2018
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Accounting and Reporting Changes	Note 2 Accounting and Reporting Changes (a) Changes in accounting policy (I) IFRS 15 “Revenue from Contracts with Customers” Effective January 1, 2018, the Company adopted IFRS 15 “Revenue from Contracts with Customers” which was issued In May 2014, and replaces IAS 11 “Construction Contracts,” IAS 18 “Revenue” and several interpretations. Amendments to IFRS 15 were issued in April 2016. IFRS 15 clarifies revenue recognition principles, provides a robust framework for recognizing revenue and cash flows arising from contracts with customers and enhances qualitative and quantitative disclosure requirements. IFRS 15 does not apply to insurance contracts, financial instruments and lease contracts. The Company adopted IFRS 15 using the modified retrospective method with no restatement of comparative information. The Company’s service arrangements are generally satisfied over time, with revenue measured and collected from customers within a short term, as services are rendered. Adoption of IFRS 15 did not have a significant impact or result in transitional adjustments on the Company’s Consolidated Financial Statements. (II) IFRS 9 “Financial Instruments” and Amendments to IFRS 4 “Insurance Contracts” Effective January 1, 2018, the Company adopted the amendments to IFRS 4 “Insurance Contracts” issued in September 2016. IFRS 9 “Financial Instruments” replaced IAS 39 “Financial Instruments: Recognition and Measurement” and resulted in revisions to classification and measurement, impairment of financial assets, and hedge accounting. To address concerns about differing effective dates of IFRS 9 “Financial Instruments” which is effective on January 1, 2018 and IFRS 17 “Insurance Contracts” which is effective on January 1, 2021, amendments to IFRS 4 “Insurance Contracts” provides companies whose activities are predominantly related to insurance an optional temporary exemption from applying IFRS 9 until January 1, 2021. Adoption of these amendments enabled the Company to defer the adoption of IFRS 9 and continue to apply IAS 39 until January 1, 2021. In November 2018, the IASB tentatively decided to defer the fixed expiry date for the temporary exemption in IFRS 4 from applying IFRS 9 by one year for companies whose activities are predominantly related to insurance. MFC’s activities are predominantly related to insurance. The proposed deferral is subject to IASB public consultation in 2019 which is expected to result in an exposure draft followed by a public comment period. The Company will continue to monitor IASB’s future developments related to the deferral. In order to compare with entities applying IFRS 9, the amendments to IFRS 4 require deferring entities to disclose additional information regarding the contractual cashflows characteristics and credit exposure of their financial statements. Deferring entities must disclose which financial assets have contractual terms that are solely payments of principal and interest on principal outstanding (“SPPI”). Adoption of these disclosure requirements did not have a significant impact on the Company’s Consolidated Financial Statements. Refer to note 3(a). (III) Amendments to IFRS 2 “Share-Based Payment” Effective January 1, 2018, the Company adopted amendments to IFRS 2 “Share-Based Payment”, issued in June 2016. These amendments were applied prospectively. The amendments clarify the effects of vesting and non-vesting (IV) IFRIC 22 “Foreign Currency Transactions and Advance Consideration” Effective January 1, 2018, the Company adopted IFRIC 22 “Foreign Currency Transactions and Advance Consideration”, issued in December 2016. IFRIC 22 was applied prospectively. IFRIC 22 addresses which foreign exchange rate to use to measure a foreign currency transaction when advance payments are made or received and non-monetary non-monetary (V) Annual improvements to IFRS Standards 2014-2016 Cycle Effective January 1, 2018, the Company adopted amendments issued within the Annual Improvements to IFRS Standards 2014-2016 Cycle, as issued by the IASB in December 2016. Minor amendments as part of this cycle were effective in 2017 and were adopted by the Company in that year, with remaining amendments being effective January 1, 2018. The amendments were applied retrospectively. Adoption of these amendments did not have a significant impact on the Company’s Consolidated Financial Statements. (b) Future accounting and reporting changes (I) IFRS 9 “Financial Instruments” IFRS 9 “Financial Instruments” was issued in November 2009 and amended in October 2010, November 2013 and July 2014, and is effective for years beginning on or after January 1, 2018, to be applied retrospectively, or on a modified retrospective basis. Additionally, the IASB issued amendments in October 2017 that are effective for annual periods beginning on or after January 1, 2019. The standard is intended to replace IAS 39 “Financial Instruments: Recognition and Measurement”. The project has been divided into three phases: classification and measurement, impairment of financial assets, and hedge accounting. IFRS 9’s current classification and measurement methodology provides that financial assets are measured at either amortized cost or fair value on the basis of the entity’s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. The classification and measurement for financial liabilities remains generally unchanged; however, for a financial liability designated as at fair value through profit or loss, revisions have been made in the accounting for changes in fair value attributable to changes in the credit risk of that liability. Gains or losses caused by changes in an entity’s own credit risk on such liabilities are no longer recognized in profit or loss but instead are reflected in OCI. Revisions to hedge accounting were issued in November 2013 as part of the overall IFRS 9 project. The amendment introduces a new hedge accounting model, together with corresponding disclosures about risk management activity for those applying hedge accounting. The new model represents a substantial overhaul of hedge accounting that will enable entities to better reflect their risk management activities in their financial statements. Revisions issued in July 2014 replace the existing incurred loss model used for measuring the allowance for credit losses with an expected loss model. Changes were also made to the existing classification and measurement model designed primarily to address specific application issues raised by early adopters of the standard. They also address the income statement accounting mismatches and short-term volatility issues which have been identified as a result of the insurance contracts project. The Company elected to defer IFRS 9 until January 1, 2021 as allowed under the amendments to IFRS 4 “Insurance Contracts” outlined above. The Company is assessing the impact of this standard. (II) IFRS 16 “Leases” IFRS 16 “Leases” was issued in January 2016 and is effective for years beginning on or after January 1, 2019. It will replace IAS 17 “Leases” and IFRIC 4 “Determining whether an arrangement contains a lease”. The Company will adopt IFRS 16 effective January 1, 2019, on a modified retrospective basis with no restatement of comparative information. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract. The standard brings most leases on-balance on-balance right-of-use Adoption of IFRS 16 is not expected to have a significant impact on the Company’s Consolidated Financial Statements. (III) IFRS Interpretation Committee (“IFRIC”) Interpretation 23 “Uncertainty over Income Tax Treatments” IFRIC 23 “Uncertainty over Income Tax Treatments” was issued in June 2017 and is effective for years beginning on or after January 1, 2019, to be applied retrospectively. IFRIC 23 provides guidance on applying the recognition and measurement requirements in IAS 12 when there is uncertainty over income tax treatments including whether uncertain tax treatments should be considered together or separately based on which approach better predicts resolution of the uncertainty. Adoption of IFRIC 23 is not expected to have a significant impact on the Company’s Consolidated Financial Statements. (IV) Amendments to IAS 28 “Investments in Associates and Joint Ventures” Amendments to IAS 28 “Investments in Associates and Joint Ventures” were issued in October 2017 and are effective for annual periods beginning on or after January 1, 2019, to be applied retrospectively. The amendments clarify that an entity applies IFRS 9 “Financial Instruments” to financial interests in an associate or joint venture to which the equity method is not applied. IAS 39 will be applied to these interests until IFRS 9 is adopted. Adoption of these amendments is not expected to have a significant impact on the Company’s Consolidated Financial Statements. (V) Annual Improvements 2015–2017 Cycle Annual Improvements 2015 – 2017 Cycle was issued in December 2017 and is effective for years beginning on or after January 1, 2019. The IASB issued three minor amendments to different standards as part of the Annual Improvements process, with the amendments to be applied prospectively. Adoption of these amendments is not expected to have significant impact on the Company’s Consolidated Financial Statements. (VI) Amendments to IAS 19 “Employee Benefits” Amendments to IAS 19 “Employee Benefits” were issued in February 2018 and are effective for annual periods beginning on or after January 1, 2019, with earlier application permitted. The amendments address the accounting for a plan amendment, curtailment or settlement that occurs within a reporting period. Updated actuarial assumptions must be used to determine current service cost and net interest for the remainder of the reporting period after such an event. The amendments also address how the accounting for asset ceilings are affected by such an event. Adoption of these amendments is not expected to have a significant impact on the Company’s Consolidated Financial Statements. (VII) Amendments to IFRS 3 “Business Combinations” Amendments to IFRS 3 “Business Combinations” were issued in October 2018 and are effective for business combinations occurring on or after January 1, 2020, with earlier application permitted. The amendments revise the definition of a business and provide a simplified assessment of whether an acquired set of activities and assets qualifies as a business. Application of the amendments are expected to result in fewer acquisitions qualifying as business combinations. Adoption of these amendments is not expected to have a significant impact on the Company’s Consolidated Financial Statements. (VIII) Amendments to IAS 1 “Presentation of Financial Statements” and IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” Amendments to IAS 1 “Presentation of Financial Statements” and IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” were issued in October 2018. The amendments are effective for annual periods beginning on or after January 1, 2020 and are to be applied prospectively. The amendments update the definition of material. Adoption of these amendments is not expected to have a significant impact on the Company’s Consolidated Financial Statements. (IX) IFRS 17 “Insurance Contracts” IFRS 17 was issued in May 2017 and is effective for years beginning on January 1, 2021, to be applied retrospectively. If full retrospective application to a group of contracts is impractical, the modified retrospective or fair value methods may be used. The standard will replace IFRS 4 “Insurance Contracts” and will materially change the recognition and measurement of insurance contracts and the corresponding presentation and disclosures in the Company’s Financial Statements. In November 2018, the IASB tentatively decided to defer the effective date of IFRS 17 by one year. The proposed deferral is subject to IASB public consultation in 2019 which is expected to result in an exposure draft followed by a public comment period. The Company will continue to monitor IASB’s future developments related to IFRS 17. IFRS 17 requires entities to measure insurance contract liabilities on the balance sheet as the total of (a) the fulfillment cash flows – the current estimates of amounts that the Company expects to collect from premiums and pay out for claims, benefits and expenses, including an adjustment for the timing and risk for those amounts; and (b) the contractual service margin – the future profit for providing insurance coverage. The principles underlying IFRS 17 differ from the CALM as permitted by IFRS 4. While there are many differences, the following outlines two of the key differences: ∎ Under IFRS 17 the discount rate used to estimate the present value of insurance liabilities is based on the characteristics of the liability, whereas under CALM, the Company uses the rates of returns for current and projected assets supporting policy liabilities to value the liabilities. The difference in the discount rate approach also impacts the timing of investment-related experience earnings emergence. Under CALM, investment-related experience includes investment experience and the impact of investing activities. The impact of investing activities is directly related to the CALM methodology. Under IFRS 17 the impact of investing activities will emerge over the life of the new asset. ∎ Under IFRS 17 new business gains are recorded on the Consolidated Statements of Financial Position and amortized into income as services are provided. Under CALM new business gains (and losses) are recognized in income immediately. The Company is assessing the implications of this standard and expects that it will have a significant impact on the Company’s Consolidated Financial Statements. In addition, in certain jurisdictions, including Canada, it could have a material effect on tax and regulatory capital positions and other financial metrics that are dependent upon IFRS accounting values.

Invested Assets and Investment

Invested Assets and Investment Income	12 Months Ended
	Dec. 31, 2018
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Invested Assets and Investment Income	Note 3 Invested Assets and Investment Income (a) Carrying values and fair values of invested assets As at December 31, 2018 FVTPL (1) AFS (2) Other (3) Total carrying (4) Total fair (5) Cash and short-term securities (6) $ 1,080 $ 10,163 $ 4,972 $ 16,215 $ 16,215 Debt securities (7) Canadian government and agency 16,445 7,342 – 23,787 23,787 U.S. government and agency 11,934 13,990 – 25,924 25,924 Other government and agency 16,159 4,101 – 20,260 20,260 Corporate 107,425 5,245 – 112,670 112,670 Mortgage/asset-backed securities 2,774 179 – 2,953 2,953 Public equities 16,721 2,458 – 19,179 19,179 Mortgages – – 48,363 48,363 48,628 Private placements – – 35,754 35,754 36,103 Policy loans – – 6,446 6,446 6,446 Loans to Bank clients – – 1,793 1,793 1,797 Real estate Own use property (8) – – 2,016 2,016 3,179 Investment property – – 10,761 10,761 10,761 Other invested assets Alternative long-duration assets (9),(10) 14,720 101 8,617 23,438 24,211 Various other (11) 151 – 3,954 4,105 4,104 Total invested assets $ 187,409 $ 43,579 $ 122,676 $ 353,664 $ 356,217 As at December 31, 2017 FVTPL (1) AFS (2) Other (3) Total carrying Total fair (5) Cash and short-term securities (6) $ 439 $ 11,429 $ 4,097 $ 15,965 $ 15,965 Debt securities (7) Canadian government and agency 17,886 4,892 – 22,778 22,778 U.S. government and agency 12,497 13,472 – 25,969 25,969 Other government and agency 16,838 2,988 – 19,826 19,826 Corporate 96,785 5,366 – 102,151 102,151 Mortgage/asset-backed securities 3,018 258 – 3,276 3,276 Public equities 18,473 3,072 – 21,545 21,545 Mortgages – – 44,742 44,742 46,065 Private placements – – 32,132 32,132 34,581 Policy loans – – 5,808 5,808 5,808 Loans to Bank clients – – 1,737 1,737 1,742 Real estate Own use property (8) – – 1,281 1,281 2,448 Investment property – – 12,529 12,529 12,529 Other invested assets Alternative long-duration assets (9),(10) 12,018 88 8,624 20,730 21,053 Various other (11) 142 – 3,611 3,753 3,752 Total invested assets $ 178,096 $ 41,565 $ 114,561 $ 334,222 $ 339,488 (1) FVTPL classification was elected for securities backing insurance contract liabilities to substantially reduce any accounting mismatch arising from changes in the fair value of these assets and changes in the value of the related insurance contract liabilities. If this election had not been made and instead the AFS classification was selected, there would be an accounting mismatch because changes in insurance contract liabilities are recognized in net income rather than in OCI. (2) Securities that are designated as AFS are not actively traded by the Company but sales do occur as circumstances warrant. Such sales result in a reclassification of any accumulated unrealized gain (loss) in AOCI to net income as a realized gain (loss). (3) Primarily includes assets classified as loans and carried at amortized cost, own use properties, investment properties, equity method accounted investments, oil and gas investments, and leveraged leases. Refer to note 1(e) for further details regarding accounting policy. (4) Fixed income invested assets presented above include debt securities, mortgages, private placements and approximately $600 other invested assets, which primarily have contractual cash flows that qualify as SPPI. Fixed income invested assets which do not have SPPI qualifying cash flows as at December 31, 2018 include debt securities, private placements and other invested assets with fair values of $105, $230 and $465, respectively. The change in the fair value of these invested assets during the year amounts to $21. (5) The methodologies used in determining fair values of invested assets are described in note 1(c) and note 3(g). (6) Includes short-term securities with maturities of less than one year at acquisition amounting to $2,530 (2017 – $2,737), cash equivalents with maturities of less than 90 days at acquisition amounting to $8,713 (2017 – $9,131) and cash of $4,972 (2017 – $4,097). (7) Debt securities include securities which were acquired with maturities of less than one year and less than 90 days of $870 and $40, respectively (2017 – $1,768 and $161, respectively). (8) Includes accumulated depreciation of $391 (2017 – $389). (9) Alternative long-duration assets (“ALDA”) include investments in private equity of $6,769, power and infrastructure of $7,970, oil and gas of $3,416, timber and agriculture of $4,493 and various other invested assets of $791 (2017 – $4,959, $7,355, $2,813, $5,033 and $570, respectively). Included in power and infrastructure are a group of investments in hydro-electric power of $426 for which the Company has an approved plan of sale. Sale of these investments is expected to be completed within one year. This disposal group is classified as held for sale and measured at the lower of carrying amount and fair value less costs to sell. (10) During 2018, the Company sold the following invested assets to related parties: $1,422 of power and infrastructure ALDA to the John Hancock Infrastructure Master Fund L.P. in the U.S. an associate of the Company which is a structured entity based on partnership voting rights, the Company provides management services to the fund and owns less than 1% of the ownership interest; $510 (2017 – $395) of U.S. commercial real estate to the Manulife US Real Estate Investment Trust in Singapore, an associate of the Company which is a structured entity based on unitholder voting rights, the Company provides management services to the trust and owns approximately 8.5% (2017 – 9.5%) of its units; and $1,314 of U.S. commercial real estate to three newly established joint ventures which are structured entities based on voting rights. During 2017, $619 of U.S. commercial real estate was sold to the Hancock US Real Estate Fund, L.P., an associate of the Company which is a structured entity based on partnership voting rights. The Company provides management services to the fund and owns approximately 11.7% of its partnership interests. (11) Includes $3,575 (2017 – $3,273) of leveraged leases. Refer to note 1(e) regarding accounting policy. (b) 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. 2018 2017 As at December 31, Carrying % of total Carrying % of total Leveraged leases $ 3,575 51 $ 3,273 56 Timber and agriculture 599 9 451 8 Real estate 725 11 498 9 Other 1,959 29 1,535 27 Total $ 6,858 100 $ 5,757 100 The Company’s share of profit and dividends from these investments for the year ended December 31, 2018 were $369 and $13, respectively (2017 – $291 and $14, respectively). (c) Investment income For the year ended December 31, 2018 FVTPL AFS Other (1) Total Cash and short-term securities Interest income $ 18 $ 250 $ – $ 268 Gains (losses) (2) (74 ) 62 – (12 ) Debt securities Interest income 5,432 646 – 6,078 Gains (losses) (2) (5,993 ) (310 ) – (6,303 ) Recovery (impairment loss), net 18 – – 18 Public equities Dividend income 484 72 – 556 Gains (losses) (2) (1,596 ) 330 – (1,266 ) Impairment loss – (43 ) – (43 ) Mortgages Interest income – – 1,824 1,824 Gains (losses) (2) – – 56 56 Provision, net – – (8 ) (8 ) Private placements Interest income – – 1,729 1,729 Gains (losses) (2) – – (83 ) (83 ) Impairment loss, net – – (10 ) (10 ) Policy loans – – 371 371 Loans to Bank clients Interest income – – 81 81 Provision, net – – (1 ) (1 ) Real estate Rental income, net of depreciation (3) – – 515 515 Gains (losses) (2) – – 445 445 Impairment loss – – – – Derivatives Interest income, net 689 – (33 ) 656 Gains (losses) (2) (2,251 ) – 27 (2,224 ) Other invested assets Interest income – – 74 74 Oil and gas, timber, agriculture and other income – – 1,758 1,758 Gains (losses) (2) 283 – (110 ) 173 Impairment loss, net (2 ) (4 ) (114 ) (120 ) Total investment income $ (2,992 ) $ 1,003 $ 6,521 $ 4,532 Investment income Interest income $ 6,139 $ 896 $ 4,046 $ 11,081 Dividend, rental and other income 484 72 2,273 2,829 Impairments, provisions and recoveries, net 16 (47 ) (133 ) (164 ) Other (271 ) 58 27 (186 ) 6,368 979 6,213 13,560 Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on macro equity hedges Debt securities (6,012 ) 18 – (5,994 ) Public equities (1,454 ) 10 – (1,444 ) Mortgages – – 55 55 Private placements – – (83 ) (83 ) Real estate – – 449 449 Other invested assets 357 (4 ) (140 ) 213 Derivatives, including macro equity hedging program (2,251 ) – 27 (2,224 ) (9,360 ) 24 308 (9,028 ) Total investment income $ (2,992 ) $ 1,003 $ 6,521 $ 4,532 For the year ended December 31, 2017 FVTPL AFS Other (1) Total Cash and short-term securities Interest income $ 7 $ 153 $ – $ 160 Gains (losses) (2) 22 (47 ) – (25 ) Debt securities Interest income 5,102 577 – 5,679 Gains (losses) (2) 3,690 (205 ) – 3,485 Recovery (impairment loss), net 16 (1 ) – 15 Public equities Dividend income 524 79 – 603 Gains (losses) (2) 2,372 226 – 2,598 Impairment loss – (14 ) – (14 ) Mortgages Interest income – – 1,685 1,685 Gains (losses) (2) – – 69 69 Provision, net – – (32 ) (32 ) Private placements Interest income – – 1,553 1,553 Gains (losses) (2) – – 43 43 Impairment loss, net – – 10 10 Policy loans – – 365 365 Loans to Bank clients Interest income – – 68 68 Real estate Rental income, net of depreciation (3) – – 517 517 Gains (losses) (2) – – 341 341 Impairment loss – – (4 ) (4 ) Derivatives Interest income, net 809 – 84 893 Gains (losses) (2) (1,029 ) – 84 (945 ) Other invested assets Interest income – – 174 174 Oil and gas, timber, agriculture and other income – – 1,690 1,690 Gains (losses) (2) 441 (7 ) 50 484 Impairment loss, net – – (45 ) (45 ) Total investment income $ 11,954 $ 761 $ 6,652 $ 19,367 Investment income Interest income $ 5,918 $ 730 $ 3,929 $ 10,577 Dividend, rental and other income 524 79 2,207 2,810 Impairments, provisions and recoveries, net 16 (15 ) (71 ) (70 ) Other 460 (51 ) (77 ) 332 6,918 743 5,988 13,649 Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on macro equity hedges Debt securities 3,694 (8 ) – 3,686 Public equities 2,200 35 – 2,235 Mortgages – – 69 69 Private placements – – 40 40 Real estate – – 350 350 Other invested assets 329 (9 ) 121 441 Derivatives, including macro equity hedging program (1,187 ) – 84 (1,103 ) 5,036 18 664 5,718 Total investment income $ 11,954 $ 761 $ 6,652 $ 19,367 (1) Primarily includes investment income on loans carried at amortized cost, own use properties, investment properties, derivative and hedging instruments in cash flow hedging relationships, equity method accounted investments, oil and gas investments, and leveraged leases. (2) Includes net realized and unrealized gains (losses) for financial instruments at FVTPL, real estate investment properties, and other invested assets measured at fair value. Also includes net realized gains (losses) for financial instruments at AFS and other invested assets carried at amortized cost. (3) Rental income from investment properties is net of direct operating expenses. (d) Investment expenses The following table presents the Company’s total investment expenses. For the years ended December 31, 2018 2017 Related to invested assets $ 638 $ 625 Related to segregated, mutual and other funds 1,070 1,048 Total investment expenses $ 1,708 $ 1,673 (e) Investment properties The following table presents the rental income and direct operating expenses of investment properties. For the years ended December 31, 2018 2017 Rental income from investment properties $ 1,013 $ 1,120 Direct operating expenses of rental investment properties (582 ) (694 ) Total $ 431 $ 426 (f) Mortgage securitization The Company securitizes certain insured and uninsured fixed and variable rate residential mortgages and Home Equity Lines of Credit (“HELOC”) through creation of mortgage-backed securities under the Canadian Mortgage Bond Program (“CMB”), and the HELOC securitization program. Benefits received from the securitization include interest spread between the asset and associated liability. There are no expected credit losses on securitized mortgages under the Canada Mortgage and Housing Corporation (“CMHC”) sponsored CMB and the Platinum Canadian Mortgage Trust (“PCMT”) HELOC securitization programs 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 assets/mortgages are used to settle the related secured borrowing liability. For CMB transactions, receipts of principal are deposited into a trust account for settlement of the liability at time of maturity. These transferred assets and related cash flows cannot be transferred or used for other purposes. For the HELOC transactions, investors are entitled to periodic interest payments, and the remaining cash receipts of principal are allocated to the Company (the “Seller”) during the revolving period of the deal and are accumulated for settlement during an accumulation period or repaid to the investor monthly during a reduction period, based on the terms of the note. Securitized assets and secured borrowing liabilities As at December 31, 2018 Securitized assets Securitization program Securitized Restricted cash and Total Secured borrowing (2) HELOC securitization (1) $ 2,285 $ 8 $ 2,293 $ 2,250 CMB securitization 1,525 – 1,525 1,524 Total $ 3,810 $ 8 $ 3,818 $ 3,774 As at December 31, 2017 Securitized assets Securitization program Securitized Restricted cash and Total Secured borrowing (2) HELOC securitization (1) $ 2,024 $ 8 $ 2,032 $ 2,000 CMB securitization 1,480 – 1,480 1,523 Total $ 3,504 $ 8 $ 3,512 $ 3,523 (1) Manulife Bank, a MFC subsidiary, securitizes a portion of its HELOC receivables through Platinum Canadian Mortgage Trust (“PCMT”), and Platinum Canadian Mortgage Trust II (“PCMT II”). PCMT funds the purchase of the co-ownership co-ownership (2) Secured borrowing liabilities primarily comprise of Series 2011-1 2016-1 As at December 31, 2018, the fair value of the securitized assets was $3,843 (2017 – $3,533) and the associated liabilities was $3,756 (2017 – $3,503). (g) Fair value measurement The following table presents the fair values of invested assets and segregated funds net assets measured at fair value categorized by the fair value hierarchy. As at December 31, 2018 Total fair Level 1 Level 2 Level 3 Cash and short-term securities FVTPL $ 1,080 $ – $ 1,080 $ – AFS 10,163 – 10,163 – Other 4,972 4,972 – – Debt securities FVTPL Canadian government and agency 16,445 – 16,445 – U.S. government and agency 11,934 – 11,934 – Other government and agency 16,159 – 15,979 180 Corporate 107,425 – 106,641 784 Residential mortgage/asset-backed securities 13 – 6 7 Commercial mortgage/asset-backed securities 1,344 – 1,344 – Other securitized assets 1,417 – 1,417 – AFS Canadian government and agency 7,342 – 7,342 – U.S. government and agency 13,990 – 13,990 – Other government and agency 4,101 – 4,064 37 Corporate 5,245 – 5,125 120 Residential mortgage/asset-backed securities 2 – – 2 Commercial mortgage/asset-backed securities 128 – 128 – Other securitized assets 49 – 49 – Public equities FVTPL 16,721 16,718 – 3 AFS 2,458 2,456 2 – Real estate – investment property ( 1) 10,761 – – 10,761 Other invested assets (2) 17,562 – – 17,562 Segregated funds net assets (3) 313,209 276,178 32,584 4,447 Total $ 562,520 $ 300,324 $ 228,293 $ 33,903 As at December 31, 2017 Total fair Level 1 Level 2 Level 3 Cash and short-term securities FVTPL $ 439 $ – $ 439 $ – AFS 11,429 – 11,429 – Other 4,097 4,097 – – Debt securities FVTPL Canadian government and agency 17,886 – 17,886 – U.S. government and agency 12,497 – 12,497 – Other government and agency 16,838 – 16,599 239 Corporate 96,785 2 96,073 710 Residential mortgage/asset-backed securities 8 – 7 1 Commercial mortgage/asset-backed securities 1,099 – 1,099 – Other securitized assets 1,911 – 1,886 25 AFS Canadian government and agency 4,892 – 4,892 – U.S. government and agency 13,472 – 13,472 – Other government and agency 2,988 – 2,941 47 Corporate 5,366 – 5,278 88 Residential mortgage/asset-backed securities 37 – 37 – Commercial mortgage/asset-backed securities 138 – 138 – Other securitized assets 83 – 82 1 Public equities FVTPL 18,473 18,470 – 3 AFS 3,072 3,069 3 – Real estate – investment property (1) 12,529 – – 12,529 Other invested assets (2) 16,203 – – 16,203 Segregated funds net assets ( 3) 324,307 286,490 33,562 4,255 Total $ 564,549 $ 312,128 $ 218,320 $ 34,101 (1) For investment properties, the significant unobservable inputs are capitalization rates (ranging from 2.75% to 8.75% during the year and ranging from 3.50% to 9.00% during 2017) and terminal capitalization rates (ranging from 3.65% to 9.25% during the year and ranging from 4.0% to 9.25% during 2017). 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 unobservable inputs generally cannot be extrapolated because the relationship between the directional changes of each input is not usually linear. (2) Other invested assets measured at fair value are held primarily in power and infrastructure and timber sectors. The significant inputs used in the valuation of the Company’s power and 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 a power and infrastructure investment, while an increase in the discount rate would have the opposite effect. Discount rates during the year ranged from 8.95% to 16.5% (2017 – ranged from 9.20% to 16.5%). 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 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 ranged from 5.0% to 7.0% (2017 – ranged from 5.0% to 7.5%). 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. (3) Segregated funds net assets are measured at fair value. The Company’s Level 3 segregated funds assets are predominantly invested in investment properties and timberland properties valued as described above. Fair value and the fair value hierarchy of invested assets not measured at fair value. As at December 31, 2018 Carrying Fair value Level 1 Level 2 Level 3 Mortgages (1) $ 48,363 $ 48,628 $ – $ – $ 48,628 Private placements (2) 35,754 36,103 – 30,325 5,778 Policy loans (3) 6,446 6,446 – 6,446 – Loans to Bank clients (4) 1,793 1,797 – 1,797 – Real estate – own use property (5) 2,016 3,179 – – 3,179 Other invested assets (6) 9,981 10,753 121 – 10,632 Total invested assets disclosed at fair value $ 104,353 $ 106,906 $ 121 $ 38,568 $ 68,217 As at December 31, 2017 Carrying Fair value Level 1 Level 2 Level 3 Mortgages (1) $ 44,742 $ 46,065 $ – $ – $ 46,065 Private placements (2) 32,132 34,581 – 28,514 6,067 Policy loans (3) 5,808 5,808 – 5,808 – Loans to Bank clients (4) 1,737 1,742 – 1,742 – Real estate – own use property (5) 1,281 2,448 – – 2,448 Other invested assets (6) 8,280 8,602 88 – 8,514 Total invested assets disclosed at fair value $ 93,980 $ 99,246 $ 88 $ 36,064 $ 63,094 (1) Fair value of commercial mortgages is determined through an internal valuation methodology using both observable and unobservable inputs. Unobservable 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 private placements is determined through an internal valuation methodology using both observable and unobservable inputs. Unobservable inputs include credit assumptions and liquidity spread adjustments. Private placements are classified within Level 2 unless the liquidity adjustment constitutes a significant price impact, in which case the securities are classified as Level 3. (3) Fair value of policy loans is equal to their unpaid principal balances. (4) 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. (5) 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. (6) Primarily include leveraged leases, oil and gas properties and equity method accounted other invested assets. Fair value of leveraged leases is disclosed at their carrying values as fair value is not routinely calculated on these investments. Fair value for oil and gas properties is determined using external appraisals based on discounted cash flow methodology. Inputs used in valuation are primarily comprised of forecasted price curves, planned production, as well as capital expenditures, and operating costs. Fair value of equity method accounted 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. 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. The Company had $nil of assets transferred between Level 1 and Level 2 during the years ended December 31, 2018 and 2017. For segregated funds net assets, the Company had $nil transfers from Level 1 to Level 2 for the year ended December 31, 2018 (2017 – $nil). The Company had $2 transfers from Level 2 to Level 1 for the year ended December 31, 2018 (2017 – $5). Invested assets and segregated funds net assets measured at fair value using significant unobservable inputs (Level 3) The Company classifies fair values of invested assets and segregated funds net assets as Level 3 if there are no observable markets for these assets or, in the absence of active markets, most of the inputs used to determine fair value are based on the Company’s own assumptions about market participant assumptions. The Company prioritizes the use of market-based inputs over entity-based assumptions in determining Level 3 fair values. The gains and losses in the tables below include the changes in fair value due to both observable and unobservable factors. The following tables present a roll forward for invested assets and segregated funds net assets measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31, 2018 and 2017. For the year ended Balance, Net (1) Net (2) Purchases Sales Settlements Transfer into Level 3 (3) Transfer out of Level 3 (3) Currency Balance, Change in Debt securities FVTPL Other government & agency $ 239 $ (2 ) $ – $ 27 $ (85 ) $ (14 ) $ – $ – $ 15 $ 180 $ (3 ) Corporate 710 3 – 190 (61 ) (18 ) – (93 ) 53 784 (10 ) Residential mortgage/asset-backed securities 1 6 – – – – – – – 7 6 Other securitized assets 25 – – 31 – – – (56 ) – – – 975 7 – 248 (146 ) (32 ) – (149 ) 68 971 (7 ) AFS Other government & agency 47 – – 6 (15 ) (4 ) – – 3 37 – Corporate 88 – – 49 (12 ) (4 ) – (7 ) 6 120 – Residential mortgage/asset-backed securities – – 1 – – – – – 1 2 – Other securitized assets 1 – – – – – – (1 ) – – – 136 – 1 55 (27 ) (8 ) – (8 ) 10 159 – Public equities FVTPL 3 – – – – – – – – 3 – 3 – – – – – – – – 3 – Real estate – investment property 12,529 291 – 615 (2,578 ) – – (706 ) 610 10,761 244 Other invested assets 16,203 (1,168 ) 1 3,926 (1,636 ) (841 ) – (35 ) 1,112 17,562 (434 ) 28,732 (877 ) 1 4,541 (4,214 ) (841 ) – (741 ) 1,722 28,323 (190 ) Segregated funds net assets 4,255 226 – 155 (367 ) 1 3 (17 ) 191 4,447 161 Total $ 34,101 $ (644 ) $ 2 $ 4,999 $ (4,754 ) $ (880 ) $ 3 $ (915 ) $ 1,991 $ 33,903 $ (36 ) For the year ended December 31, 2017 Balance, Net (1) Net (2) Purchases Sales Settlements Transfer into Level 3 (3) Transfer out of Level 3 (3) Currency Balance, Change in Debt securities FVTPL Other government & agency $ 272 $ (3 ) $ – $ 26 $ (58 ) $ (6 ) $ – $ – $ 8 $ 239 $ (3 ) Corporate 651 19 – 105 (34 ) (29 ) 24 (21 ) (5 ) 710 10 Residential mortgage/asset-backed securities 2 – – – – – – – (1 ) 1 (1 ) Commercial mortgage/asset-backed securities 6 – – – (5 ) (1 ) – – – – – Other securitized assets 35 (1 ) – – – (7 ) – – (2 ) 25 (1 ) 966 15 – 131 (97 ) (43 ) 24 (21 ) – 975 5 AFS Other government & agency 51 (1 ) (2 ) 14 (15 ) (2 ) 1 – 1 47 – Corporate 74 – 4 22 (10 ) (4 ) – – 2 88 – Residential mortgage/asset-backed securities 1 – (1 ) – – – – – – – – Commercial mortgage/asset-backed securities 2 – – – (1 ) (1 ) – – – – – Other securitized assets 2 – – – – (1 ) – – – 1 – 130 (1 ) 1 36 (26 ) (8 ) 1 – 3 136 – Public equities FVTPL 7 – – – (4 ) – – – – 3 – 7 – – – (4 ) – – – – 3 – Real estate – investment property 12,756 301 – 1,257 (1,267 ) – – – (518 ) 12,529 264 Other invested assets 14,849 395 – 3,022 (435 ) (837 ) – – (791 ) 16,203 244 27,605 696 – 4,279 (1,702 ) (837 ) – – (1,309 ) 28,732 508 Segregated funds net assets 4,574 60 – 261 (248 ) (54 ) – (184 ) (154 ) 4,255 45 Total $ 33,282 $ 770 $ 1 $ 4,707 $ (2,077 ) $ (942 ) $ 25 $ (205 ) $ (1,460 ) $ 34,101 $ 558 (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 changes in segregated funds net assets, refer to note 22. (2) These amounts are included in AOCI on the Consolidated Statements of Financial Position. (3) For assets transferred into and out of Level 3, the Company uses fair values of the assets at the beginning of the year. Transfers into Level 3 primarily result from securities that were impaired during the year or securities where a lack of observable market data (versus the previous period) resulted in reclassifying assets into Level 3. Transfers from Level 3 primarily result from observable market data now being available for the entire term structure of the debt security.

Derivative and Hedging Instrume

Derivative and Hedging Instruments	12 Months Ended
	Dec. 31, 2018
Text block [abstract]
Derivative and Hedging Instruments	Note 4 Derivative and Hedging Instruments Derivatives are financial contracts, the value of which is derived from underlying interest rates, foreign exchange rates, other financial instruments, commodity prices or indices. 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 permissible investments. Swaps are over-the-counter 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 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 the “Risk Management” section of the Company’s 2018 MD&A for an explanation of the Company’s dynamic hedging strategy for its variable annuity product guarantees. (a) Fair value of derivatives The pricing models used to value OTC 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, currency exchange rates, financial indices, credit spreads, default risk (including the counterparties to the contract), and market volatility. The significant inputs to the pricing models for most OTC 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 currency exchange rates and interest rate curves. However, certain OTC 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. Inputs that are unobservable generally include broker quotes, volatilities and inputs that are outside of the observable portion of the interest rate curve or other relevant market measures. These unobservable inputs may involve significant management judgment or estimation. Even though unobservable, these inputs are based on assumptions deemed appropriate given the circumstances and consistent with what market participants would use when pricing such instruments. The Company’s use of unobservable inputs is limited and the impact on derivative fair values does not represent a material amount as evidenced by the limited amount of Level 3 derivatives. The credit risk of both the counterparty and the Company are considered in determining the fair value for all OTC 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, 2018 2017 Notional Fair value Notional Fair value Type of hedge Instrument type Assets Liabilities Assets Liabilities Qualifying hedge accounting relationships Fair value hedges Interest rate swaps $ 519 $ – $ 13 $ 548 $ – $ 20 Foreign currency swaps 91 5 – 84 1 4 Cash flow hedges Foreign currency swaps 1,834 80 367 1,757 20 333 Forward contracts 80 – 9 165 – 4 Equity contracts 101 – 12 125 16 1 Net investment hedges Foreign currency forwards 1,864 21 65 – – – Total derivatives in qualifying hedge accounting relationships 4,489 106 466 2,679 37 362 Derivatives not designated in qualifying hedge accounting relationships Interest rate swaps 300,704 11,204 5,675 246,270 12,984 6,251 Interest rate futures 14,297 – – 11,551 – – Interest rate options 11,736 314 – 10,093 312 – Foreign currency swaps 23,156 747 1,341 16,321 494 1,122 Currency rate futures 4,052 – – 3,157 – – Forward contracts 29,248 670 158 20,341 915 65 Equity contracts 15,492 653 163 13,597 813 22 Credit default swaps 652 9 – 606 14 – Equity futures 10,908 – – 12,158 – – Total derivatives not designated in qualifying hedge accounting relationships 410,245 13,597 7,337 334,094 15,532 7,460 Total derivatives $ 414,734 $ 13,703 $ 7,803 $ 336,773 $ 15,569 $ 7,822 The following table presents fair values of derivative instruments by the remaining term to maturity. The fair values disclosed below do not incorporate the impact of master netting agreements. Refer to note 9. Remaining term to maturity As at December 31, 2018 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total Derivative assets $ 649 $ 671 $ 795 $ 11,588 $ 13,703 Derivative liabilities 359 229 227 6,988 7,803 Remaining term to maturity As at December 31, 2017 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total Derivative assets $ 605 $ 822 $ 889 $ 13,253 $ 15,569 Derivative liabilities 224 149 168 7,281 7,822 The following table presents gross notional amount by the remaining term to maturity, total fair value (including accrued interest), credit risk equivalent and risk-weighted amount by contract type. Remaining term to maturity (notional amounts) Fair value As at December 31, 2018 Under 1 year 1 to 5 years Over 5 years Total Positive Negative Net Credit risk equivalent (1) Risk- weighted amount (2) Interest rate contracts OTC swap contracts $ 3,495 $ 22,568 $ 121,817 $ 147,880 $ 11,750 $ (6,477 ) $ 5,273 $ 5,301 $ 787 Cleared swap contracts 5,723 16,140 131,480 153,343 95 (96 ) (1 ) – – Forward contracts 10,258 14,300 648 25,206 637 (126 ) 511 259 37 Futures 14,297 – – 14,297 – – – – – Options purchased 1,166 4,981 5,589 11,736 317 – 317 376 58 Subtotal 34,939 57,989 259,534 352,462 12,799 (6,699 ) 6,100 5,936 882 Foreign exchange Swap contracts 1,024 6,281 17,776 25,081 807 (1,736 ) (929 ) 2,309 256 Forward contracts 5,926 60 – 5,986 54 (106 ) (52 ) 108 13 Futures 4,052 – – 4,052 – – – – – Credit derivatives 143 509 – 652 10 – 10 – – Equity contracts Swap contracts 2,728 142 – 2,870 29 (57 ) (28 ) 303 38 Futures 10,908 – – 10,908 – – – – – Options purchased 6,142 6,581 – 12,723 621 (118 ) 503 2,277 316 Subtotal including accrued interest 65,862 71,562 277,310 414,734 14,320 (8,716 ) 5,604 10,933 1,505 Less accrued interest – – – – 617 (913 ) (296 ) – – Total $ 65,862 $ 71,562 $ 277,310 $ 414,734 $ 13,703 $ (7,803 ) $ 5,900 $ 10,933 $ 1,505 Remaining term to maturity (notional amounts) Fair value As at December 31, 2017 Under 1 year 1 to 5 years Over 5 years Total Positive Negative Net Credit risk equivalent (1) Risk- weighted amount (2) Interest rate contracts OTC swap contracts $ 7,161 $ 19,141 $ 112,412 $ 138,714 $ 13,379 $ (6,867 ) $ 6,512 $ 6,588 $ 809 Cleared swap contracts 1,615 12,928 93,561 108,104 245 (206 ) 39 – – Forward contracts 6,036 10,614 675 17,325 903 (38 ) 865 285 35 Futures 11,551 – – 11,551 – – – – – Options purchased 816 3,856 5,421 10,093 312 – 312 471 61 Subtotal 27,179 46,539 212,069 285,787 14,839 (7,111 ) 7,728 7,344 905 Foreign exchange Swap contracts 999 4,481 12,682 18,162 510 (1,483 ) (973 ) 1,874 200 Forward contracts 3,046 135 – 3,181 12 (31 ) (19 ) 101 12 Futures 3,157 – – 3,157 – – – – – Credit derivatives 38 568 – 606 14 – 14 – – Equity contracts Swap contracts 2,612 169 – 2,781 60 (14 ) 46 337 35 Futures 12,158 – – 12,158 – – – – – Options purchased 4,693 6,148 100 10,941 769 (10 ) 759 2,606 305 Subtotal including accrued interest 53,882 58,040 224,851 336,773 16,204 (8,649 ) 7,555 12,262 1,457 Less accrued interest – – – – 635 (827 ) (192 ) – – Total $ 53,882 $ 58,040 $ 224,851 $ 336,773 $ 15,569 $ (7,822 ) $ 7,747 $ 12,262 $ 1,457 (1) Credit risk equivalent is the sum of replacement cost and the potential future credit exposure. 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 OSFI. (2) Risk-weighted amount represents the credit risk equivalent, weighted according to the creditworthiness of the counterparty, as prescribed by OSFI. The total notional amount of $415 billion (2017 – $337 billion) includes $136 billion (2017 – $114 billion) related to derivatives utilized in the Company’s variable annuity guarantee dynamic hedging and macro equity risk hedging programs. Due to the Company’s variable annuity hedging practices, a large number of trades are in offsetting positions, resulting in materially lower net fair value exposure to the Company than what the gross notional amount would suggest. Fair value and the fair value hierarchy of derivative instruments As at December 31, 2018 Fair value Level 1 Level 2 Level 3 Derivative assets Interest rate contracts $ 12,155 $ – $ 11,537 $ 618 Foreign exchange contracts 886 – 876 10 Equity contracts 653 – 621 32 Credit default swaps 9 – 9 – Total derivative assets $ 13,703 $ – $ 13,043 $ 660 Derivative liabilities Interest rate contracts $ 5,815 $ – $ 5,318 $ 497 Foreign exchange contracts 1,814 – 1,813 1 Equity contracts 174 – 118 56 Total derivative liabilities $ 7,803 $ – $ 7,249 $ 554 As at December 31, 2017 Fair value Level 1 Level 2 Level 3 Derivative assets Interest rate contracts $ 14,199 $ – $ 13,181 $ 1,018 Foreign exchange contracts 527 – 527 – Equity contracts 829 – 768 61 Credit default swaps 14 – 14 – Total derivative assets $ 15,569 $ – $ 14,490 $ 1,079 Derivative liabilities Interest rate contracts $ 6,309 $ – $ 6,012 $ 297 Foreign exchange contracts 1,490 – 1,490 – Equity contracts 23 – 10 13 Total derivative liabilities $ 7,822 $ – $ 7,512 $ 310 The following table presents a roll forward for net derivative contracts measured at fair value using significant unobservable inputs (Level 3). For the years ended December 31, 2018 2017 Balance at the beginning of the year $ 769 $ 163 Net realized / unrealized gains (losses) included in: Net income (1) (666 ) 1,082 OCI (2) (48 ) (9 ) Purchases 12 22 Settlements 18 (103 ) Transfers Into Level 3 (3) 9 – Out of Level 3 (3) (13 ) (363 ) Currency movement 25 (23 ) Balance at the end of the year $ 106 $ 769 Change in unrealized gains (losses) on instruments still held $ (460 ) $ 832 (1) These amounts are included in investment income on the Consolidated Statements of Income. (2) These amounts are included in AOCI on the Consolidated Statements of Financial Position. (3) For derivatives transferred into and out of Level 3, the Company uses the fair value of the items at the end and beginning of the period, respectively. Transfers into Level 3 occur when the inputs used to price the assets and liabilities lack observable market data (versus the previous year). Transfers out of Level 3 occur when the inputs used to price the assets and liabilities become available from observable market data. (b) Hedging relationships The Company uses derivatives for economic hedging purposes. In certain circumstances, these hedges also meet the requirements of hedge accounting. Risk management strategies eligible for hedge accounting are designated as fair value hedges, cash flow hedges or net investment hedges, as described below. Fair value hedges The Company uses interest rate swaps to manage its exposure to changes in the fair value of fixed rate financial instruments 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 investment income. These investment gains (losses) are shown in the following table. For the year ended December 31, 2018 Hedged items in qualifying fair value hedging relationships Gains (losses) Gains (losses) Ineffectiveness Interest rate swaps Fixed rate assets $ 1 $ (1 ) $ – Fixed rate liabilities 3 (3 ) – Foreign currency swaps Fixed rate assets 7 (5 ) 2 Total $ 11 $ (9 ) $ 2 For the year ended December 31, 2017 Hedged items in qualifying fair value hedging relationships Gains (losses) Gains (losses) Ineffectiveness Interest rate swaps Fixed rate assets $ 2 $ (3 ) $ (1) Fixed rate liabilities (17 ) 17 – Foreign currency swaps Fixed rate assets (2 ) 4 2 Total $ (17 ) $ 18 $ 1 Cash flow hedges The Company uses interest rate swaps to hedge the variability in cash flows from variable rate financial instruments and 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 table. For the year ended December 31, 2018 Hedged items in qualifying cash flow hedging relationships Gains (losses) Gains (losses) Ineffectiveness Interest rate swaps Forecasted liabilities $ – $ (20 ) $ – Foreign currency swaps Fixed rate assets – (1 ) – Floating rate liabilities (36 ) (62 ) – Fixed rate liabilities 60 62 – Forward contracts Forecasted expenses (8 ) (2 ) – Equity contracts Stock-based compensation (21 ) 27 – Total $ (5 ) $ 4 $ – For the year ended December 31, 2017 Hedged items in qualifying cash flow hedging relationships Gains (losses) Gains (losses) Ineffectiveness Interest rate swaps Forecasted liabilities $ – $ (17 ) $ – Foreign currency swaps Fixed rate assets 3 (1 ) – Floating rate liabilities 95 50 – Fixed rate liabilities 35 7 – Forward contracts Forecasted expenses 10 (10 ) – Equity contracts Stock-based compensation 20 29 – Total $ 163 $ 58 $ – The Company anticipates that net losses of approximately $31 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 18 years. Hedges of net investments in foreign operations The Company primarily uses forward currency contracts, cross currency swaps and non-functional 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 table. For the year ended December 31, 2018 Gains (losses) Gains (losses) Ineffectiveness Non-functional $ (469 ) $ – $ – Foreign currency forward 9 – – Total $ (460 ) $ – $ – For the year ended December 31, 2017 Gains (losses) Gains (losses) Ineffectiveness Non-functional $ 355 $ – $ – Total $ 355 $ – $ – (c) Derivatives not designated in qualifying hedge accounting relationships Derivatives used in portfolios supporting insurance contract liabilities are generally not designated in qualifying hedge accounting relationships because the change in the value of the insurance contract liabilities economically hedged by these derivatives is also recorded through net income. Since changes in fair value of these derivatives and related hedged risks are recognized in investment income as they occur, they generally offset the change in hedged risk to the extent the hedges are economically effective. Interest rate and cross currency swaps are used in the portfolios supporting insurance contract liabilities to manage duration and currency risks. Investment income on derivatives not designated in qualifying hedge accounting relationships For the years ended December 31, 2018 2017 Interest rate swaps $ (1,894 ) $ (927 ) Interest rate futures (298 ) 372 Interest rate options (52 ) (96 ) Foreign currency swaps (122 ) 529 Currency rate futures 3 (92 ) Forward contracts (355 ) 1,231 Equity futures 742 (2,190 ) Equity contracts (276 ) 153 Credit default swaps (6 ) (4 ) Total $ (2,258) $ (1,024 ) (d) 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 related to guaranteed minimum income benefits contain embedded derivatives requiring separate measurement at FVTPL as the financial component contained in the reinsurance contracts does not contain significant insurance risk. As at December 31, 2018, reinsurance ceded guaranteed minimum income benefits had a fair value of $1,148 (2017 – $1,079) and reinsurance assumed guaranteed minimum income benefits had a fair value of $114 (2017 – $100). Claims recovered under reinsurance ceded contracts offset claims expenses and claims paid on the reinsurance assumed are reported as contract benefits. The 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 a credit and interest rate risk that is a financial risk embedded in the underlying insurance contract. As at December 31, 2018, these embedded derivatives had a fair value of $53 (2017 – $123). Other financial instruments classified as embedded derivatives but 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, 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.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
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Income Taxes	(a) Components of the income tax expense (recovery) Income tax expenses (recovery) recognized in the Consolidated Statements of Income For the years ended December 31, 2018 2017 Current tax Current year $ (327 ) $ 608 Adjustments to prior year 29 (38 ) (298 ) 570 Deferred tax Change related to temporary differences 1,250 (803 ) Impact of U.S. Tax Reform (320 ) 472 Income tax expense $ 632 $ 239 Income tax expenses (recovery) recognized in Other Comprehensive Income For the years ended December 31, 2018 2017 Current income tax expense (recovery) $ 2 $ 116 Deferred income tax expense (recovery) (148 ) 320 Income tax expense (recovery) $ (146 ) $ 436 Income tax expenses (recovery) recognized directly in Equity For the years ended December 31, 2018 2017 Current income tax expense (recovery) $ 6 $ – Deferred income tax expense (recovery) (7 ) (2 ) Income tax expense (recovery) $ (1 ) $ (2 ) The effective income tax rate reflected in the Consolidated Statements of Income varies from the Canadian tax rate of 26.75 per cent for the year ended December 31, 2018 (2017 – 26.75 per cent) due to the following reasons. Reconciliation of income tax expense For the years ended December 31, 2018 2017 Income before income taxes $ 5,519 $ 2,501 Income tax expense at Canadian statutory tax rate $ 1,476 $ 669 Increase (decrease) in income taxes due to: Tax-exempt (200 ) (242 ) Differences in tax rate on income not subject to tax in Canada (391 ) (551 ) Adjustments to taxes related to prior years (71 ) (182 ) Impact of U.S. Tax Reform (320 ) 472 Other differences 138 73 Income tax expense $ 632 $ 239 Impact of U.S. Tax Reform On December 22, 2017, the U.S. government enacted new tax legislation effective January 1, 2018. The legislation makes broad and complex changes to the U.S. tax code and accordingly it will take time to assess and interpret the changes. In 2017, based on a preliminary understanding of the new legislation, the Company recorded a provisional charge of $1.8 billion, after-tax, (b) Current tax receivable and payable As at December 31, 2018, the Company had approximately $1,712 of tax receivable (2017 – $778) and $118 of tax payable (2017 – $178). (c) Deferred tax assets and liabilities The following table presents the Company’s deferred tax assets and liabilities. As at December 31, 2018 2017 Deferred tax assets $ 4,318 $ 4,569 Deferred tax liabilities (1,814 ) (1,281 ) Net deferred tax assets (liabilities) $ 2,504 $ 3,288 The following table presents significant components of the Company’s deferred tax assets and liabilities. As at December 31, 2018 Balance, Recognized Recognized in Recognized Translation Balance, Loss carry forwards $ 596 $ 387 $ – $ 7 $ 29 $ 1,019 Actuarial liabilities 7,878 (2,697 ) – 3 282 5,466 Pensions and post-employment benefits 208 27 7 – – 242 Tax credits 454 (224 ) – – 31 261 Accrued interest 1 – – – – 1 Real estate (1,062 ) 150 (1 ) – (46 ) (959 ) Securities and other investments (3,807 ) 1,234 136 1 (253 ) (2,689 ) Sale of investments (105 ) 18 – – – (87 ) Goodwill and intangible assets (825 ) 18 – – (40 ) (847 ) Other (50 ) 157 6 (4 ) (12 ) 97 Total $ 3,288 $ (930 ) $ 148 $ 7 $ (9) $ 2,504 As at December 31, 2017 Balance, Recognized Recognized in Recognized Translation Balance, Loss carry forwards $ 942 $ (311 ) $ – $ 3 $ (38 ) $ 596 Actuarial liabilities 9,366 (1,053 ) (17 ) – (418 ) 7,878 Pensions and post-employment benefits 352 (87 ) (54 ) – (3 ) 208 Tax credits 875 (369 ) – – (52 ) 454 Accrued interest 17 (12 ) – (3 ) (1 ) 1 Real estate (1,396 ) 284 (9 ) – 59 (1,062 ) Securities and other investments (6,064 ) 2,172 (239 ) – 324 (3,807 ) Sale of investments (163 ) 58 – – – (105 ) Goodwill and intangible assets (1,059 ) 197 – – 37 (825 ) Other 210 (548 ) (1 ) 2 287 (50 ) Total $ 3,080 $ 331 $ (320 ) $ 2 $ 195 $ 3,288 The total deferred tax assets as at December 31, 2018 of $4,318 (2017 – $4,569) include $3,508 (2017 – $4,527) 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, 2018, tax loss carryforwards available were approximately $4,838 (2017 – $3,164) of which $4,713 expire between the years 2020 and 2038 while $125 have no expiry date, and capital loss carryforwards available were approximately $20 (2017 – $8) and have no expiry date. A $1,019 (2017 – $596) tax benefit related to these tax loss carryforwards has been recognized as a deferred tax asset as at December 31, 2018, and a benefit of $121 (2017 – $171) has not been recognized. In addition, the Company has approximately $426 (2017 – $606) of tax credit carryforwards which will expire between the years 2030 and 2038 of which a benefit of $165 (2017 – $152) has not been recognized. The total deferred tax liability as at December 31, 2018 was $1,814 (2017 – $1,281). 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 $16,570 (2017 – $11,780).

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2018
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Goodwill and Intangible Assets	Note 6 Goodwill and Intangible Assets (a) Carrying amounts of goodwill and intangible assets As at December 31, 2018 Balance, Additions/ (3) Amortization Effect of changes Balance, Goodwill $ 5,713 $ (65 ) $ n/a $ 216 $ 5,864 Indefinite life intangible assets Brand 753 – n/a 66 819 Fund management contracts and other (1) 755 3 n/a 40 798 1,508 3 n/a 106 1,617 Finite life intangible assets (2) Distribution networks 989 (133 ) 48 60 868 Customer relationships 899 – 55 16 860 Software 661 275 147 32 821 Other 70 – 5 2 67 2,619 142 255 110 2,616 Total intangible assets 4,127 145 255 216 4,233 Total goodwill and intangible assets $ 9,840 $ 80 $ 255 $ 432 $ 10,097 As at December 31, 2017 Balance, Additions/ Amortization Effect of changes Balance, Goodwill $ 5,884 $ – $ n/a $ (171 ) $ 5,713 Indefinite life intangible assets Brand 805 – n/a (52 ) 753 Fund management contracts and other (1) 785 – n/a (30 ) 755 1,590 – n/a (82 ) 1,508 Finite life intangible assets (2) Distribution networks 1,093 – 47 (57 ) 989 Customer relationships 969 – 56 (14 ) 899 Software 494 303 121 (15 ) 661 Other 77 – 5 (2 ) 70 2,633 303 229 (88 ) 2,619 Total intangible assets 4,223 303 229 (170 ) 4,127 Total goodwill and intangible assets $ 10,107 $ 303 $ 229 $ (341 ) $ 9,840 (1) For fund management contracts, the significant CGUs to which these were allocated and their associated carrying values were U.S. WAM with $400 (2017 – $367) and Canada WAM with $273 (2017 – $273). (2) Gross carrying amount of finite life intangible assets was $1,331 for distribution networks, $1,145 for customer relationships, $2,110 for software and $133 for other (2017 – $1,294, $1,128, $1,841 and $126, respectively). (3) In 2018, disposals include $65 of goodwill and $96 of distribution networks from the sale of the U.S. broker-dealer business, and impairments of distribution networks for discontinued products of $27 in U.S. segment and $13 in Asia segment. (b) Goodwill impairment testing In the fourth quarter of 2018, the Company completed its annual goodwill impairment testing by determining the recoverable amounts of its businesses using valuation techniques discussed below or based on the most recent detailed similar calculations made in a prior period (refer to notes 1(f) and 6(c)). The Company has determined that there was no impairment of goodwill in 2018 and 2017. Effective January 1, 2018, the Company made organizational changes to drive better alignment with strategic priorities and increase focus and leverage scale in its wealth management business. As a result of this reorganization, which included recognition of the Company’s wealth and asset management businesses (Global WAM) as a primary reporting segment (note 19), the Company has modified the level at which goodwill is tested for impairment purposes. The modification includes (a) the allocation of existing goodwill to the relevant CGUs or group of CGUs within the Global WAM segment that had previously been combined within respective regional insurance businesses and (b) the amalgamation of the remaining Canadian-based goodwill (including Individual Life, Affinity Markets, Individual Annuities, Group Benefits and International Group Program) under the Canadian Insurance reporting segment. These reorganization-based changes have resulted in goodwill being allocated to CGUs or groups of CGUs based on the lowest level within the Company in which goodwill is monitored for internal management purposes. The prior period amounts have been restated to reflect the reorganized CGUs. The following tables present the carrying value of goodwill by CGU or group of CGUs. As at December 31, 2018 CGU or group of CGUs Balance, Additions/ Effect of Balance, Asia Asia Insurance (excluding Japan) $ 154 $ – $ 11 $ 165 Japan Insurance 391 – 44 435 Canada Insurance 1,954 – 8 1,962 U.S. Insurance 400 (65 ) 32 367 Global Wealth and Asset Managment Asia WAM 180 – 16 196 Canada WAM 1,436 – – 1,436 U.S. WAM 1,198 – 105 1,303 Total $ 5,713 $ (65 ) $ 216 $ 5,864 As at December 31, 2017 CGU or group of CGUs Balance, Additions/ Effect of Balance, Asia Asia Insurance (excluding Japan) $ 160 $ – $ (6 ) $ 154 Japan Insurance 403 – (12 ) 391 Canada Insurance 1,960 – (6 ) 1,954 U.S. Insurance 428 – (28 ) 400 Global Wealth and Asset Managment Asia WAM 194 – (14 ) 180 Canada WAM 1,436 – – 1,436 U.S. WAM 1,303 – (105 ) 1,198 Total $ 5,884 $ – $ (171 ) $ 5,713 The valuation techniques, significant assumptions and sensitivities, where applicable, applied in the goodwill impairment testing are described below. (c) Valuation techniques The recoverable amounts were based on fair value less costs to sell (“FVLCS”) for Asia Insurance (excluding Japan), Asia WAM and for certain CGUs within Canada Insurance and U.S. WAM CGU groups. For other CGUs, value-in-use 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 price-to-earnings 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 non-insurance (d) Significant assumptions To calculate embedded value, the Company discounted projected earnings from in-force 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 amounted to 30.8 per cent, 26.8 per cent and 21 per cent (2017 – 30.8 per cent, 26.8 per cent and 35 per cent) for the Japan, Canadian and U.S. jurisdictions, 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 actual tax rates could differ from those assumed. Discount rates assumed in determining the value-in-use after-tax pre-tax after-tax pre-tax The key assumptions described above may change as economic and market conditions change, which may lead to impairment charges in the future. Changes in discount rates and cash flow projections used in the determination of embedded values or reductions in market-based earnings multiples may result in impairment charges in the future which could be material.

Insurance Contract Liabilities

Insurance Contract Liabilities and Reinsurance Assets	12 Months Ended
	Dec. 31, 2018
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Insurance Contract Liabilities and Reinsurance Assets	Note 7 Insurance Contract Liabilities and Reinsurance Assets (a) Insurance contract liabilities and reinsurance assets Insurance contract liabilities are reported gross of reinsurance ceded and the ceded liabilities are reported separately as a reinsurance asset. Insurance contract liabilities include actuarial liabilities, benefits payable, provision for unreported claims and policyholder amounts on deposit. The components of gross and net insurance contract liabilities are shown below. As at December 31, 2018 2017 Gross insurance contract liabilities $ 313,737 $ 291,767 Gross benefits payable and provision for unreported claims 4,398 3,376 Gross policyholder amounts on deposit 10,519 9,462 Gross insurance contract liabilities 328,654 304,605 Reinsurance assets (1) (42,925 ) (30,359 ) Net insurance contract liabilities $ 285,729 $ 274,246 (1) The Company also holds reinsurance assets of $128 (2017 – $nil) for investment contract liabilities, refer to note 8(b). Net insurance contract liabilities represent the amount which, together with estimated future premiums and net investment income, will be sufficient to pay estimated future benefits, policyholder dividends and refunds, taxes (other than income taxes) and expenses on policies in-force Net insurance contract liabilities are determined using CALM, as required by the Canadian Institute of Actuaries. The determination of net insurance contract liabilities is based on an explicit projection of cash flows using current assumptions for each material cash flow item. Investment returns are projected using the current asset portfolios and projected reinvestment strategies. Each assumption is based on the best estimate adjusted by a margin for adverse deviation. For fixed income returns, this margin is established by scenario testing a range of prescribed and company-developed scenarios consistent with Canadian Actuarial Standards of Practice. For all other assumptions, this margin is established by directly adjusting the best estimate assumption. Cash flows used in the net insurance contract liabilities valuation adjust the gross policy cash flows to reflect projected cash flows from ceded reinsurance. The cash flow impact of ceded reinsurance varies depending upon the amount of reinsurance, the structure of reinsurance treaties, the expected economic benefit from treaty cash flows and the impact of margins for adverse deviation. Gross insurance contract liabilities are determined by discounting gross policy cash flows using the same discount rate as the net CALM model discount rate. The reinsurance asset is determined by taking the difference between the gross insurance contract liabilities and the net insurance contract liabilities. The reinsurance asset represents the benefit derived from reinsurance arrangements in force at the date of the Consolidated Statements of Financial Position. The period used for the projection of cash flows is the policy lifetime for most individual insurance contracts. For other types of contracts, a shorter projection period may be used, with the contract generally ending at the earlier of the first renewal date on or after the Consolidated Statements of Financial Position date where the Company can exercise discretion in renewing its contractual obligations or terms of those obligations and the renewal or adjustment date that maximizes the insurance contract liabilities. For segregated fund products with guarantees, the projection period is generally set as the period that leads to the largest insurance contract liability. Where the projection period is less than the policy lifetime, insurance contract liabilities may be reduced by an allowance for acquisition expenses expected to be recovered from policy cash flows beyond the projection period used for the liabilities. Such allowances are tested for recoverability using assumptions that are consistent with other components of the actuarial valuation. (b) Composition The composition of insurance contract liabilities and reinsurance assets by the line of business and reporting segment is as follows. Gross insurance contract liabilities Individual insurance As at December 31, 2018 Participating Non- participating Annuities Other (1) Total, net of Total Total, gross of Asia $ 38,470 $ 29,547 $ 5,062 $ 3,048 $ 76,127 $ 1,332 $ 77,459 Canada 10,743 34,677 18,339 12,869 76,628 (202 ) 76,426 U.S. 8,673 63,412 16,125 44,932 133,142 41,695 174,837 Corporate and Other – (601 ) 46 387 (168 ) 100 (68 ) Total, net of reinsurance ceded 57,886 127,035 39,572 61,236 285,729 $ 42,925 $ 328,654 Total reinsurance ceded 11,596 12,303 17,927 1,099 42,925 Total, gross of reinsurance ceded $ 69,482 $ 139,338 $ 57,499 $ 62,335 $ 328,654 Individual insurance As at December 31, 2017 Participating Non- participating Annuities Other (1) Total, net of Total Total, gross of Asia $ 32,737 $ 22,705 $ 4,366 $ 2,435 $ 62,243 $ 911 $ 63,154 Canada 11,132 34,091 19,141 11,834 76,198 (676 ) 75,522 U.S. 8,569 57,599 26,161 43,522 135,851 29,952 165,803 Corporate and Other – (515 ) 48 421 (46 ) 172 126 Total, net of reinsurance ceded 52,438 113,880 49,716 58,212 274,246 $ 30,359 $ 304,605 Total reinsurance ceded 11,492 11,238 6,539 1,090 30,359 Total, gross of reinsurance ceded $ 63,930 $ 125,118 $ 56,255 $ 59,302 $ 304,605 (1) Other insurance contract liabilities include group insurance and individual and group health including long-term care insurance. Separate sub-accounts in-force sub-accounts (c) Assets backing insurance contract liabilities, other liabilities and capital Assets are segmented and matched to liabilities with similar underlying characteristics by product line and major currency. The Company has established target investment strategies and asset mixes for each asset segment supporting insurance contract liabilities which consider the risk attributes of the liabilities supported by the assets and expectations of market performance. Liabilities with rate and term guarantees are predominantly backed by fixed-rate instruments on a cash flow matching basis for a targeted duration horizon. Longer duration cash flows on these liabilities as well as on adjustable products such as participating life insurance are backed by a broader range of asset classes, including equity and alternative long-duration investments. The Company’s capital is invested in a range of debt and equity investments, both public and private. Changes in the fair value of assets backing net insurance contract liabilities, that the Company considers to be other than temporary, would have a limited impact on the Company’s net income wherever there is an effective matching of assets and liabilities, as these changes would be substantially offset by corresponding changes in the value of net insurance contract liabilities. The fair value of assets backing net insurance contract liabilities as at December 31, 2018, excluding reinsurance assets, was estimated at $287,326 (2017 – $278,521). As at December 31, 2018, the fair value of assets backing capital and other liabilities was estimated at $465,497 (2017 – $456,278). The following table presents the carrying value of assets backing net insurance contract liabilities, other liabilities and capital. Individual insurance As at December 31, 2018 Participating Non- participating Annuities Other insurance (1) Other (2) Capital (3) Total Assets Debt securities $ 30,934 $ 67,387 $ 20,469 $ 28,435 $ 10,061 $ 28,308 $ 185,594 Public equities 8,416 5,562 172 262 589 4,178 19,179 Mortgages 2,218 11,111 4,972 8,732 21,295 35 48,363 Private placements 4,151 14,131 6,960 8,581 1,772 159 35,754 Real estate 3,106 6,028 1,214 1,799 397 233 12,777 Other 9,061 22,816 5,785 13,427 374,418 23,097 448,604 Total $ 57,886 $ 127,035 $ 39,572 $ 61,236 $ 408,532 $ 56,010 $ 750,271 Individual insurance As at December 31, 2017 Participating Non- participating Annuities Other insurance (1) Other (2) Capital (3) Total Assets Debt securities $ 27,946 $ 63,128 $ 26,621 $ 25,211 $ 6,635 $ 24,459 $ 174,000 Public equities 9,264 5,855 171 332 1,029 4,894 21,545 Mortgages 2,017 10,286 7,009 6,891 18,476 63 44,742 Private placements 3,645 12,128 8,059 7,739 367 194 32,132 Real estate 2,963 6,198 1,136 2,516 769 228 13,810 Other 6,603 16,285 6,720 15,523 377,352 20,821 443,304 Total $ 52,438 $ 113,880 $ 49,716 $ 58,212 $ 404,628 $ 50,659 $ 729,533 (1) Other insurance contract liabilities include group insurance and individual and group health including long-term care insurance. (2) Other liabilities are non-insurance (3) Capital is defined in note 13. (d) Significant insurance contract liability valuation assumptions The determination of insurance contract liabilities involves the use of estimates and assumptions. Insurance contract liabilities have two major components: a best estimate amount and a provision for adverse deviation. Best estimate assumptions Best estimate assumptions are made with respect to mortality and morbidity, investment returns, rates of policy termination, operating expenses and certain taxes. Actual experience is monitored to ensure that assumptions remain appropriate and assumptions are changed as warranted. Assumptions are discussed in more detail in the following table. Nature of factor and assumption methodology Risk management Mortality and morbidity Mortality relates to the occurrence of death. Mortality is a key assumption for life insurance and certain forms of annuities. Mortality assumptions are based on the Company’s internal experience as well as past and emerging industry experience. Assumptions are differentiated by sex, underwriting class, policy type and geographic market. Assumptions are made for future mortality improvements. Morbidity relates to the occurrence of accidents and sickness for insured risks. Morbidity is a key assumption for long-term care insurance, disability insurance, critical illness and other forms of individual and group health benefits. Morbidity assumptions are based on the Company’s internal experience as well as past and emerging industry experience and are established for each type of morbidity risk and geographic market. Assumptions are made for future morbidity improvements. The Company maintains underwriting standards to determine the insurability of applicants. Claim trends are monitored on an ongoing basis. Exposure to large claims is managed by establishing policy retention limits, which vary by market and geographic location. Policies in excess of the limits are reinsured with other companies. Mortality is monitored monthly and the overall 2018 experience was favourable (2017 – unfavourable) when compared to the Company’s assumptions. Morbidity is also monitored monthly and the overall 2018 experience was unfavourable (2017 – unfavourable) when compared to the Company’s assumptions. Investment returns The Company segments assets to support liabilities by business segment and geographic market and establishes investment strategies for each liability segment. Projected cash flows from these assets are combined with projected cash flows from future asset purchases/sales to determine expected rates of return on these assets for future years. Investment strategies are based on the target investment policies for each segment and the reinvestment returns are derived from current and projected market rates for fixed income investments and a projected outlook for other alternative long-duration assets. Investment return assumptions include expected future asset credit losses on fixed income investments. Credit losses are projected based on past experience of the Company and industry as well as specific reviews of the current investment portfolio. Investment return assumptions for each asset class and geographic market also incorporate expected investment management expenses that are derived from internal cost studies. The costs are attributed to each asset class to develop unitized assumptions per dollar of asset for each asset class and geographic market. The Company’s policy of closely matching asset cash flows with those of the corresponding liabilities is designed to mitigate the Company’s exposure to future changes in interest rates. The interest rate risk positions in business segments are monitored on an ongoing basis. Under CALM, the reinvestment rate is developed using interest rate scenario testing and reflects the interest rate risk positions. In 2018, the movement in interest rates positively (2017 – negatively) impacted the Company’s net income. This positive impact was driven by an increase in corporate spreads, partially offset by the impact of risk free interest rate movements and swap spreads on policy liabilities. The exposure to credit losses is managed against policies that limit concentrations by issuer, corporate connections, ratings, sectors and geographic regions. On participating policies and some non-participating In 2018, credit loss experience on debt securities and mortgages was favourable (2017 – favourable) when compared to the Company’s assumptions. Equities, real estate and other alternative long-duration assets are used to support liabilities where investment return experience is passed back to policyholders through dividends or credited investment return adjustments. Equities, real estate, oil and gas and other alternative long-duration assets are also used to support long-dated obligations in the Company’s annuity and pension businesses and for long-dated insurance obligations on contracts where the investment return risk is borne by the Company. In 2018, investment experience on alternative long-duration assets backing policyholder liabilities was unfavourable (2017 – unfavourable) primarily due to losses in oil and gas properties, real estate properties and private equities. In 2018, alternative long-duration asset origination exceeded (2017 – exceeded) valuation requirements. In 2018, for the business that is dynamically hedged, segregated fund guarantee experience on residual, non-dynamically In 2018, investment expense experience was unfavourable (2017 – unfavourable) when compared to the Company’s assumptions. Policy termination and premium persistency Policies are terminated through lapses and surrenders, where lapses represent the termination of policies due to non-payment The Company seeks to design products that minimize financial exposure to lapse, surrender and premium persistency risk. The Company monitors lapse, surrender and persistency experience. In aggregate, 2018 policyholder termination and premium persistency experience was unfavourable (2017 – unfavourable) when compared to the Company’s assumptions used in the computation of actuarial liabilities. Expenses and taxes Operating expense assumptions reflect the projected costs of maintaining and servicing in-force Taxes reflect assumptions for future premium taxes and other non-income The Company prices its products to cover the expected costs of servicing and maintaining them. In addition, the Company monitors expenses monthly, including comparisons of actual expenses to expense levels allowed for in pricing and valuation. Maintenance expenses for 2018 were unfavourable (2017 – unfavourable) when compared to the Company’s assumptions used in the computation of actuarial liabilities. The Company prices its products to cover the expected cost of taxes. Policyholder dividends, experience rating refunds, and other adjustable policy elements The best estimate projections for policyholder dividends and experience rating refunds, and other adjustable elements of policy benefits are determined to be consistent with management’s expectation of how these elements will be managed should experience emerge consistently with the best estimate assumptions used for mortality and morbidity, investment returns, rates of policy termination, operating expenses and taxes. The Company monitors policy experience and adjusts policy benefits and other adjustable elements to reflect this experience. Policyholder dividends are reviewed annually for all businesses under a framework of Board-approved policyholder dividend policies. Foreign currency Foreign currency risk results from a mismatch of the currency of liabilities and the currency of the assets designated to support these obligations. Where a currency mismatch exists, the assumed rate of return on the assets supporting the liabilities is reduced to reflect the potential for adverse movements in foreign exchange rates. The Company generally matches the currency of its assets with the currency of the liabilities they support, with the objective of mitigating the risk of loss arising from movements in currency exchange rates. The Company reviews actuarial methods and assumptions on an annual basis. If changes are made to assumptions (refer to note 7(h)), the full impact is recognized in income immediately. (e) Sensitivity of insurance contract liabilities to changes in non-economic The sensitivity of net income attributed to shareholders to changes in non-economic non-economic In practice, experience for each assumption will frequently vary by geographic market and business and assumption updates are made on a business/geographic specific basis. Actual results can differ materially from these estimates for a variety of reasons including the interaction among these factors when more than one changes; changes in actuarial and investment return and future investment activity assumptions; changes in business mix, effective tax rates and other market factors; and the general limitations of internal models. Potential impact on net income attributed to shareholders arising from changes to non-economic (1) As at December 31, Decrease in net income 2018 2017 Policy related assumptions 2% adverse change in future mortality rates (2),(4) Products where an increase in rates increases insurance contract liabilities $ (500 ) $ (400 ) Products where a decrease in rates increases insurance contract liabilities (500 ) (500 ) 5% adverse change in future morbidity rates (incidence and termination) (3),(4),(5) (4,800 ) (5,100 ) 10% adverse change in future policy termination rates (4) (2,200 ) (2,100 ) 5% increase in future expense levels (600 ) (500 ) (1) 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 non-economic (2) An increase in mortality rates will generally increase policy liabilities for life insurance contracts whereas a decrease in mortality rates will generally increase policy liabilities for policies with longevity risk such as payout annuities. (3) No amounts related to morbidity risk are included for policies where the policy liability provides only for claims costs expected over a short period, generally less than one year, such as Group Life and Health. (4) The impacts of the adverse sensitivities on LTC for morbidity, mortality and lapse do not assume any partial 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. (5) This includes a 5% deterioration in incidence rates and 5% deterioration in claim termination rates. Potential impact on net income attributed to shareholders arising from changes to non-economic (1),(2) As at December 31, 2018 Decrease in net income Policy related assumptions 2% adverse change in future mortality rates $ (200 ) 5% adverse change in future morbidity incidence rates (1,700 ) 5% adverse change in future morbidity claims termination rates (2,800 ) 10% adverse change in future policy termination rates (400 ) 5% increase in future expense levels (100 ) (1) The impacts of the adverse sensitivities on LTC for morbidity, mortality and lapse do not assume any partial 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. (2) The impact of favourable changes to all the sensitivities is relatively symmetrical. (f) Provision for adverse deviation assumptions The assumptions made in establishing insurance contract liabilities reflect expected best estimates of future experience. To recognize the uncertainty in these best estimate assumptions, to allow for possible misestimation of and deterioration in experience and to provide a greater degree of assurance that the insurance contract liabilities are adequate to pay future benefits, the Appointed Actuary is required to include a margin in each assumption. Margins are released into future earnings as the policy is released from risk. Margins for interest rate risk are included by testing a number of scenarios of future interest rates. The margin can be established by testing a limited number of scenarios, some of which are prescribed by the Canadian Actuarial Standards of Practice, and determining the liability based on the worst outcome. Alternatively, the margin can be set by testing many scenarios, which are developed according to actuarial guidance. Under this approach, the liability would be the average of the outcomes above a percentile in the range prescribed by the Canadian Actuarial Standards of Practice. Specific guidance is also provided for other risks such as market, credit, mortality and morbidity risks. For other risks which are not specifically addressed by the Canadian Institute of Actuaries, a range is provided of five per cent to 20 per cent of the expected experience assumption. The Company uses assumptions within the permissible ranges, with the determination of the level set considering the risk profile of the business. On occasion, in specific circumstances for additional prudence, a margin may exceed the high end of the range, which is permissible under the Canadian Actuarial Standards of Practice. This additional margin would be released if the specific circumstances which led to it being established were to change. Each margin is reviewed annually for continued appropriateness. (g) Change in insurance contract liabilities The change in insurance contract liabilities was a result of the following business activities and changes in actuarial estimates. For the year ended December 31, 2018 Net actuarial Other (1) Net Reinsurance Gross Balance, January 1 $ 263,091 $ 11,155 $ 274,246 $ 30,359 $ 304,605 New policies (2) 3,269 – 3,269 388 3,657 Normal in-force (2) 2,044 985 3,029 (1,150 ) 1,879 Changes in methods and assumptions (2) (173 ) (1 ) (174 ) (608 ) (782 ) Impact of annuity coinsurance transactions (11,156 ) – (11,156 ) 11,156 – Impact of changes in foreign exchange rates 15,686 829 16,515 2,780 19,295 Balance, December 31 $ 272,761 $ 12,968 $ 285,729 $ 42,925 $ 328,654 For the year ended December 31, 2017 Net actuarial Other (1) Net Reinsurance Gross Balance, January 1 $ 251,738 $ 10,815 $ 262,553 $ 34,952 $ 297,505 New policies (3) 3,545 – 3,545 441 3,986 Normal in-force (3) 15,192 930 16,122 (3,097 ) 13,025 Changes in methods and assumptions (3) 305 (28 ) 277 47 324 Impact of U.S. Tax Reform (3),(4) 2,246 – 2,246 – 2,246 Increase due to decision to change the portfolio asset mix supporting legacy businesses (3),(5) 1,340 – 1,340 43 1,383 Impact of changes in foreign exchange rates (11,275 ) (562 ) (11,837 ) (2,027 ) (13,864 ) Balance, December 31 $ 263,091 $ 11,155 $ 274,246 $ 30,359 $ 304,605 (1) Other insurance contract liabilities are comprised of benefits payable and provision for unreported claims and policyholder amounts on deposit. (2) In 2018, the $2,907 increase reported as the change in insurance contract liabilities on the Consolidated Statements of Income primarily consists of changes due to normal in-force movement, new policies and changes in methods and assumptions. These three items in the gross insurance contract liabilities were netted off by an increase of $4,754, of which $3,632 is included in the Consolidated Statements of Income increase in insurance contract liabilities and $1,122 is included in gross claims and benefits. The Consolidated Statements of Income change in insurance contract liabilities also includes the change in embedded derivatives associated with insurance contracts. The Company finalized its estimate of U.S. Tax reform which resulted in a $196 pre-tax post-tax) (3) In 2017, the $20,023 increase reported as the change in insurance contract liabilities on the Consolidated Statements of Income primarily consists of changes due to normal in-force (4) In 2017, the impact of U.S. Tax Reform, which includes the lowering of the U.S. corporate tax rate from 35% to 21% and limits on the tax deductibility of reserves, resulted in a $2,246 pre-tax post-tax) (5) In 2017, the decision to reduce the allocation to ALDA in the portfolio asset mix supporting the Company’s North American legacy businesses resulted in an increase in policy liabilities due to the impact on future expected investment income on assets supporting the policies. (h) Actuarial methods and assumptions A comprehensive review of valuation assumptions and methods is performed annually. The review reduces the Company’s exposure to uncertainty by ensuring assumptions for both asset and liability related risks remain appropriate. This is accomplished by monitoring experience and updating assumptions which represent a best estimate view of future experience, and margins that are appropriate for the risks assumed. While the assumptions selected represent the Company’s current best estimates and assessment of risk, the ongoing monitoring of experience and the economic environment is likely to result in future changes to the valuation assumptions, which could be material. Annual review 2018 The completion of the 2018 annual review of actuarial methods and assumptions resulted in a decrease in insurance contract liabilities of $174, net of reinsurance, and a decrease in net income attributed to shareholders of $51 post-tax. Change in insurance contract liabilities, For the year ended December 31, 2018 Total Attributed to Attributed to Change in net (post-tax) Mortality and morbidity updates $ 319 $ (192 ) $ 511 $ (360 ) Lapses and policyholder behaviour 287 – 287 (226 ) Investment return assumptions (96 ) 50 (146 ) 143 Other updates (684 ) (94 ) (590 ) 392 Net impact $ (174 ) $ (236 ) $ 62 $ (51 ) Updates to mortality and morbidity assumptions Mortality and morbidity updates resulted in a $360 post-tax The primary driver of the charge is related to updates to mortality and morbidity assumptions for the Company’s structured settlement and term renewal business in Canada. A review of mortality assumptions for the Company’s U.S. group pension annuity business and certain blocks of life insurance business resulted in a small charge to earnings, and other updates to mortality and morbidity assumptions led to a small net charge. Updates to lapses and policyholder behaviour Lapse and policyholder behaviour updates resulted in a $226 post-tax The primary driver of the charge is related to updated lapse and premium persistency rates for certain U.S. insurance product lines ($252 post-tax no-lapse Other updates to lapse and policyholder behaviour assumptions were made across several product lines to reflect recent experience. Updates to investment return assumptions Investment return assumption updates resulted in a $143 post-tax The Company updated its bond default rates to reflect recent experience, leading to a $401 post-tax post-tax post-tax Other updates Refinements to the projection of the tax and liability cashflows across multiple product lines led to a post-tax Annual Review 2017 The quantification of the impact of the 2017 comprehensive review of valuation methods and assumptions is as of July 1, 2017 for all lines of business. The 2017 full year review of actuarial methods and assumptions resulted in an increase in insurance and investment contract liabilities of $277, net of reinsurance, and a decrease in net income attributed to shareholders of $35 post-tax. post-tax Change in insurance contract liabilities, net of reinsurance For the year ended December 31, 2017 Total Attributed to Attributed to Change in net (post-tax) Mortality and morbidity updates $ (254 ) $ 9 $ (263 ) $ 299 Lapses and policyholder behaviour 1,019 – 1,019 (783 ) Other updates ALDA and public equity investment return assumptions 1,296 5 1,291 (892 ) Corporate spread assumptions (515 ) (1 ) (514 ) 344 Refinements to liability and tax cash flows (1,049 ) – (1,049 ) 696 Other (220 ) 84 (304 ) 301 Net impact $ 277 $ 97 $ 180 $ (35 ) Updates to mortality and morbidity assumptions Mortality and morbidity updates resulted in a $299 benefit to net income attributed to shareholders. The Company completed a detailed review of the mortality assumptions for its U.S. life insurance business which resulted in a $384 charge to net income attributed to shareholders. Assumptions were increased, particularly at older ages, reflecting both industry and the Company’s own experience. Updates to actuarial standards related to future mortality improvement, and the review of mortality improvement assumptions globally, resulted in a $264 benefit to net income attributed to shareholders primarily in Canada and Asia. The updated actuarial standards include a diversification benefit for the determination of margins for adverse deviation which recognizes the offsetting impact of longevity and mortality risk. The Company completed a detailed review of mortality assumptions for its Canadian retail insurance business which resulted in a $222 benefit to net income attributed to shareholders. Other updates to mortality and morbidity assumptions led to a $197 benefit to net income attributed to shareholders. These updates included a reduction in the margins for adverse deviation applied to morbidity assumptions for certain medical insurance products in Japan. Updates to lapses and policyholder behaviour Updates to lapses and policyholder behaviour assumptions resulted in a $783 charge to net income attributed to shareholders. In Canadian retail insurance, lapse assumptions were reduced for certain universal life products to reflect recent experience, leading to a $315 charge to net income attributed to shareholders. For Canadian segregated fund guaranteed minimum withdrawal benefit lapses, incidence and utilization assumptions were updated to reflect recent experience which led to a $242 charge to net income attributed to shareholders. Other updates to lapse and policyholder behaviour assumptions were made across several product lines including a reduction in lapse assumptions for the Company’s whole life insurance products in Japan, leading to a $226 charge to net income attributed to shareholders. Other updates Other updates resulted in a $449 benefit to net income attributed to shareholders. The Company reviewed its investment return assumptions for ALDA and public equities, which in aggregate led to a reduction in return assumptions and a $892 charge to net income attributed to shareholders. The Company also reviewed future corporate spread assumptions, which led to a $344 benefit to net income attributed to shareholders. Refinements to the projection of the Company’s liability and tax cash flows in the U.S. resulted in a $696 benefit to net income attributed to shareholders. These changes included refinements to the projection of policyholder crediting rates for certain universal life insurance products. Other refinements resulted in a $301 benefit to net income attributed to shareholders. These changes included a review of provisions for reinsurance counterparty credit risk and several other refinements to the projection of both the Company’s asset and liability cash flows. (i) Insurance contracts contractual obligations Insurance contracts give rise to obligations fixed by agreement. As at December 31, 2018, the Company’s contractual obligations and commitments relating to insurance contracts are as follows. Payments due by period Less than 1 to 3 years 3 to 5 years Over 5 years Total Insurance contract liabilities (1) $ 9,327 $ 10,863 $ 17,994 $ 750,238 $ 788,422 (1) Insurance contract liability 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 (j) Gross claims and

Investment Contract Liabilities

Investment Contract Liabilities	12 Months Ended
	Dec. 31, 2018
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Investment Contract Liabilities	Note 8 Investment Contract Liabilities Investment contract liabilities are contractual obligations that do not contain significant insurance risk. Those contracts are measured either at fair value or at amortized cost. (a) Investment contract liabilities measured at fair value Investment contract liabilities measured at fair value include certain investment savings and pension products sold primarily in Hong Kong and mainland China. The following table presents the movement in investment contract liabilities measured at fair value during the year. For the years ended December 31, 2018 2017 Balance, January 1 $ 639 $ 631 New policies 96 50 Changes in market conditions 76 76 Redemptions, surrenders and maturities (86 ) (72 ) Impact of changes in foreign exchange rates 57 (46 ) Balance, December 31 $ 782 $ 639 (b) Investment contract liabilities measured at amortized cost Investment contract liabilities measured at amortized cost include several fixed annuity products sold in Canada and U.S. fixed annuity products that provide guaranteed income payments for a contractually determined period and are not contingent on survivorship. Carrying value and fair value of investment contract liabilities measured at amortized cost. 2018 2017 As at December 31, Amortized (1) Fair value Amortized cost, gross of (1) Fair value U.S. fixed annuity products $ 1,357 $ 1,449 $ 1,282 $ 1,433 Canadian fixed annuity products 1,126 1,269 1,205 1,354 Investment contract liabilities $ 2,483 $ 2,718 $ 2,487 $ 2,787 (1) During the year, investment contract labilities with the carrying value and fair value of $128 and $130, respectively (2017 – $nil and $nil, respectively), were reinsured by the Company. As at December 31, 2018, the net carrying value and fair value of investment contracts labilities were $2,355 and $2,588, respectively. The changes in investment contract liabilities measured at amortized cost was a result of the following business activities. For the years ended December 31, 2018 2017 Balance, January 1 $ 2,487 $ 2,644 Policy deposits 6 68 Interest 82 100 Withdrawals (201 ) (232 ) Fees (1 ) (1 ) Other – (1 ) Impact of changes in foreign exchange rates 110 (91 ) Balance, December 31 $ 2,483 $ 2,487 Carrying value of fixed annuity products is amortized at a rate that exactly discounts the projected actual cash flows to the net carrying amount of the liability at the date of issue. Fair value of fixed annuity products 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, 2018 and 2017, all investment contracts were categorized in Level 2 of the fair value hierarchy. (c) Investment contracts contractual obligations As at December 31, 2018, the Company’s contractual obligations and commitments relating to the investment contracts are as follows. Payments due by period Less than 1 to 3 years 3 to 5 years Over 5 Total Investment contract liabilities (1) $ 193 $ 492 $ 476 $ 4,312 $ 5,473 (1) Due to the nature of the products, the timing of net cash flows may be before contract maturity. Cash flows are undiscounted.

Risk Management

Risk Management	12 Months Ended
	Dec. 31, 2018
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Risk Management	Note 9 Risk Management The Company’s policies and procedures for managing risk related to financial instruments are presented in the “Risk Management” section of the Company’s MD&A for the year ended December 31, 2018. Specifically, these disclosures are included in “Market Risk” and “Liquidity Risk” in that section. These disclosures are in accordance with IFRS 7 “Financial Instruments: Disclosures” and therefore, only the shaded text and tables in the “Risk Management” section form an integral part of these Consolidated Financial Statements. (a) Credit risk Credit risk is the risk of loss due to inability or unwillingness of a borrower, or counterparty, to fulfill its payment obligations. Worsening regional and global economic conditions, segment or industry sector challenges, or company specific factors could result in defaults or downgrades and could lead to increased provisions or impairments related to the Company’s general fund invested assets, derivative financial instruments and reinsurance assets and an increase in provisions for future credit impairments that are included in actuarial liabilities. The Company’s exposure to credit risk is managed through risk management policies and procedures which include a defined credit evaluation and adjudication process, delegated credit approval authorities and established exposure limits by borrower, corporate connection, credit rating, industry and geographic region. The Company measures derivative counterparty exposure as net potential credit exposure, which takes into consideration mark-to-market The Company also ensures where warranted, that mortgages, private placements and loans to Bank clients are secured by collateral, the nature of which depends on the credit risk of the counterparty. An allowance for losses on loans is established when a loan becomes impaired. Allowances for loan losses are calculated to reduce the carrying value of the loans to estimated net realizable value. The establishment of such allowances takes into consideration normal historical credit loss levels and future expectations, with an allowance for adverse deviations. In addition, policy liabilities include general provisions for credit losses from future asset impairments. Impairments are identified through regular monitoring of all credit related exposures, considering such information as general market conditions, industry and borrower specific credit events and any other relevant trends or conditions. Allowances for losses on reinsurance contracts are established when a reinsurance counterparty becomes unable or unwilling to fulfill its contractual obligations. The allowance for loss is based on current recoverable amounts and ceded policy liabilities. Credit risk associated with derivative counterparties is discussed in note 9(d) and credit risk associated with reinsurance counterparties is discussed in note 9(i). Credit exposure The following table presents the gross carrying amount of financial instruments subject to credit exposure, without considering any collateral held or other credit enhancements. As at December 31, 2018 2017 Debt securities FVTPL $ 154,737 $ 147,024 AFS 30,857 26,976 Mortgages 48,363 44,742 Private placements 35,754 32,132 Policy loans 6,446 5,808 Loans to Bank clients 1,793 1,737 Derivative assets 13,703 15,569 Accrued investment income 2,427 2,182 Reinsurance assets 43,053 30,359 Other financial assets 4,800 5,253 Total $ 341,933 $ 311,782 As at December 31, 2018, 99% (2017-99%) of debt securities were investment grade-rated with ratings ranging between AAA to BBB. Credit quality Credit quality of commercial mortgages and private placements is assessed at least annually by using an internal rating based on regular monitoring of credit-related exposures, considering both qualitative and quantitative factors. A provision is recorded when the internal risk ratings indicate that a loss represents the most likely outcome. These assets are designated as non-accrual Credit quality of commercial mortgages and private placements. As at December 31, 2018 AAA AA A BBB BB B and lower Total Commercial mortgages Retail $ 82 $ 1,524 $ 4,459 $ 2,227 $ 11 $ 74 $ 8,377 Office 56 1,495 5,454 1,650 45 6 8,706 Multi-family residential 613 1,427 2,407 839 37 – 5,323 Industrial 36 366 1,953 339 120 – 2,814 Other 289 334 1,167 1,191 – 14 2,995 Total commercial mortgages 1,076 5,146 15,440 6,246 213 94 28,215 Agricultural mortgages – 163 – 389 – – 552 Private placements 1,143 4,968 13,304 14,055 733 1,551 35,754 Total $ 2,219 $ 10,277 $ 28,744 $ 20,690 $ 946 $ 1,645 $ 64,521 As at December 31, 2017 AAA AA A BBB BB B and lower Total Commercial mortgages Retail $ 110 $ 1,517 $ 4,363 $ 2,050 $ 44 $ 57 $ 8,141 Office 57 1,272 4,635 1,647 70 28 7,709 Multi-family residential 523 1,395 1,805 726 – – 4,449 Industrial 33 386 1,542 477 145 – 2,583 Other 362 331 1,012 973 14 – 2,692 Total commercial mortgages 1,085 4,901 13,357 5,873 273 85 25,574 Agricultural mortgages – 159 – 405 25 – 589 Private placements 1,038 4,246 11,978 13,160 717 993 32,132 Total $ 2,123 $ 9,306 $ 25,335 $ 19,438 $ 1,015 $ 1,078 $ 58,295 Credit quality of residential mortgages and loans to Bank clients is assessed at least annually with the loan being performing or non-performing Full or partial write-offs of loans are recorded when management believes that there is no realistic prospect of full recovery. Write-offs, net of recoveries, are deducted from the allowance for credit losses. All impairments are captured in the allowance for credit losses. Credit quality of residential mortgages and loans to Bank clients. 2018 (1) 2017 As at December 31, Insured Uninsured Total Insured Uninsured Total Residential mortgages Performing $ 6,854 $ 12,696 $ 19,550 $ 7,256 $ 11,310 $ 18,566 Non-performing 19 27 46 4 9 13 Loans to Bank clients Performing n/a 1,787 1,787 n/a 1,734 1,734 Non-performing n/a 6 6 n/a 3 3 Total $ 6,873 $ 14,516 $ 21,389 $ 7,260 $ 13,056 $ 20,316 (1) Non-performing The carrying value of government-insured mortgages was 15% of the total mortgage portfolio as at December 31, 2018 (2017 – 17%). Most of these insured mortgages are residential loans as classified in the table above. Past due or credit impaired financial assets The Company provides for credit risk by establishing allowances against the carrying value of impaired loans and recognizing impairment losses on AFS debt securities. In addition, the Company reports as impairment certain declines in the fair value of debt securities designated as FVTPL which it deems represent an impairment. Past due but not impaired and impaired financial assets Past due but not impaired As at December 31, 2018 Less than 90 days Total Total Debt securities FVTPL $ 14 $ – $ 14 $ 39 AFS – 2 2 1 Private placements 15 – 15 18 Mortgages and loans to Bank clients 70 – 70 120 Other financial assets 77 26 103 1 Total $ 176 $ 28 $ 204 $ 179 Past due but not impaired As at December 31, 2017 Less than 90 days Total Total Debt securities FVTPL $ – $ – $ – $ 45 AFS 104 2 106 1 Private placements 363 – 363 40 Mortgages and loans to Bank clients 76 16 92 86 Other financial assets 46 26 72 1 Total $ 589 $ 44 $ 633 $ 173 Impaired loans As at December 31, 2018 Gross Allowances for Net carrying Private placements $ 61 $ 43 $ 18 Mortgages and loans to Bank clients 172 52 120 Total $ 233 $ 95 $ 138 As at December 31, 2017 Gross Allowances for Net carrying Private placements $ 79 $ 39 $ 40 Mortgages and loans to Bank clients 132 46 86 Total $ 211 $ 85 $ 126 Allowance for loan losses 2018 2017 For the years ended December 31, Private Mortgages Total Private Mortgages Total Balance, January 1 $ 39 $ 46 $ 85 $ 92 $ 26 $ 118 Provisions 37 18 55 2 33 35 Recoveries (27 ) (9 ) (36 ) (12 ) (1 ) (13 ) Write-offs (1) (6 ) (3 ) (9 ) (43 ) (12 ) (55 ) Balance, December 31 $ 43 $ 52 $ 95 $ 39 $ 46 $ 85 (1) Includes disposals and impact of changes in foreign exchange rates. (b) Securities lending, repurchase and reverse repurchase transactions The Company engages in securities lending to generate fee income. Collateral exceeding the market value of the loaned securities is retained by the Company until the underlying security has been returned to the Company. The market value of the loaned securities is monitored daily and additional collateral is obtained or refunded as the market value of the underlying loaned securities fluctuates. As at December 31, 2018, the Company had loaned securities (which are included in invested assets) with a market value of $1,518 (2017 – $1,563). The Company holds collateral with a current market value that exceeds the value of securities lent in all cases. The Company engages in reverse repurchase transactions to generate fee income, to take possession of securities to cover short positions in similar instruments and to meet short-term funding requirements. As at December 31, 2018, the Company had engaged in reverse repurchase transactions of $63 (2017 – $230) which are recorded as short-term receivables. In addition, the Company had engaged in repurchase transactions of $64 as at December 31, 2018 (2017 – $228) which are recorded as payables. (c) Credit default swaps The Company replicates exposure to specific issuers by selling credit protection via credit default swaps (“CDSs”) to complement its cash debt securities investing. The Company does not write CDS protection more than its government bond holdings. A CDS is a derivative instrument representing an agreement between two parties to exchange the credit risk of a single specified entity or an index based on the credit risk of a group of entities (all commonly referred to as the “reference entity” or a portfolio of “reference entities”), in return for a periodic premium. CDS contracts typically have a five-year term. The following table presents 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, 2018 Notional (1) Fair value Weighted (in years) (2) Single name CDSs (3) AA $ 25 $ – 2 A 447 7 2 BBB 180 2 2 Total single name CDSs $ 652 $ 9 2 Total CDS protection sold $ 652 $ 9 2 As at December 31, 2017 Notional (1) Fair value Weighted (in years) (2) Single name CDSs (3) AAA $ 13 $ – 1 AA 35 1 2 A 408 10 3 BBB 150 3 2 Total single name CDSs $ 606 $ 14 3 Total CDS protection sold $ 606 $ 14 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 obligation. (2) The weighted average maturity of the CDS is weighted based on notional amounts. (3) Rating agency designations are based on S&P where available followed by Moody’s, DBRS, and Fitch. If no rating is available from a rating agency, an internally developed rating is used. The Company held no purchased credit protection as at December 31, 2018 and 2017. (d) Derivatives The Company’s point-in-time BBB- AA- As at December 31, 2018, the largest single counterparty exposure, without considering the impact of master netting agreements or the benefit of collateral held, was $2,269 (2017 – $2,629). The net exposure to this counterparty, after considering master netting agreements and the fair value of collateral held, was $nil (2017 – $nil). As at December 31, 2018, the total maximum credit exposure related to derivatives across all counterparties, without considering the impact of master netting agreements and the benefit of collateral held, was $14,320 (2017 – $16,204). (e) Offsetting financial assets and financial liabilities Certain derivatives, securities lent and repurchase agreements have conditional offset rights. The Company does not offset these financial instruments in the Consolidated Statements of Financial Position, as the rights of offset are conditional. In the case of derivatives, collateral is collected from and pledged to counterparties and clearing houses to manage credit risk exposure in accordance with Credit Support Annexes to swap agreements and clearing agreements. Under master netting agreements, the Company has a right of offset in the event of default, insolvency, bankruptcy or other early termination. In the case of reverse repurchase and repurchase transactions, additional collateral may be collected from or pledged to counterparties to manage credit exposure according to bilateral reverse repurchase or repurchase agreements. In the event of default by a counterparty, the Company is entitled to liquidate the collateral held to offset against the same counterparty’s obligation. The following table 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. Related amounts not set off in the As at December 31, 2018 Gross amounts of (1) Amounts subject to Financial and (2) Net amount (3) Net amounts Financial assets Derivative assets $ 14,320 $ (6,644 ) $ (7,431 ) $ 245 $ 245 Securities lending 1,518 – (1,518 ) – – Reverse repurchase agreements 63 (63 ) – – – Total financial assets $ 15,901 $ (6,707 ) $ (8,949 ) $ 245 $ 245 Financial liabilities Derivative liabilities $ (8,716 ) $ 6,644 $ 1,868 $ (204 ) $ (33 ) Repurchase agreements (64 ) 63 1 – – Total financial liabilities $ (8,780 ) $ 6,707 $ 1,869 $ (204 ) $ (33 ) Related amounts not set off in the As at December 31, 2017 Gross amounts of (1) Amounts subject to Financial and (2) Net amount (3) Net amounts Financial assets Derivative assets $ 16,204 $ (6,714 ) $ (9,395 ) $ 95 $ 95 Securities lending 1,563 – (1,563 ) – – Reverse repurchase agreements 230 (46 ) (184 ) – – Total financial assets $ 17,997 $ (6,760 ) $ (11,142 ) $ 95 $ 95 Financial liabilities Derivative liabilities $ (8,649 ) $ 6,714 $ 1,718 $ (217 ) $ (30 ) Repurchase agreements (228 ) 46 182 – – Total financial liabilities $ (8,877 ) $ 6,760 $ 1,900 $ (217 ) $ (30 ) (1) Financial assets and liabilities include accrued interest of $621 and $913, respectively (2017 – $638 and $827, respectively). (2) Financial and cash collateral exclude over-collateralization. As at December 31, 2018, the Company was over-collateralized on OTC derivative assets, OTC derivative liabilities, securities lending and reverse purchase agreements and repurchase agreements in the amounts of $417, $405, $80 and $nil, respectively (2017 – $743, $382, $79 and $nil, respectively). As at December 31, 2018, collateral pledged (received) does not include collateral-in-transit (3) Includes derivative contracts entered between the Company and its financing trusts which it does not consolidate. The Company does not exchange collateral on derivative contracts entered with these trusts. Refer to note 17. The Company has certain credit linked note assets and variable surplus note liabilities which have unconditional offset rights. Under the netting agreements, the Company has rights of offset including in the event of the Company’s default, insolvency, or bankruptcy. These financial instruments are offset in the Consolidated Statements of Financial Position. A credit linked note is a security that allows the issuer to transfer a specific credit risk to the buyer. A surplus note is a subordinated debt obligation that often qualifies as a surplus (the U.S. statutory equivalent of equity) by some U.S. state insurance regulators. Interest payments on surplus notes are made after all other contractual payments are made. The following table presents the effect of unconditional netting. As at December 31, 2018 Gross amounts of Amounts subject to Net amounts of Credit linked note (1) $ 679 $ (679 ) $ – Variable surplus note (679 ) 679 – As at December 31, 2017 Gross amounts of Amounts subject to Net amounts of Credit linked note (1) $ 461 $ (461 ) $ – Variable surplus note (461 ) 461 – (1) In 2017, the Company entered into a twenty-year financing facility with a third party, agreeing to issue variable surplus notes in exchange for an equal amount of credit linked notes. These notes are held to support JHUSA excess reserves under U.S. National Association of Insurance Commissioners’ Model Regulation XXX. In certain scenarios, the credit linked note will be drawn upon by the Company which will issue fixed surplus notes equal to the draw payment received. The third party has agreed to fund any such payment under the credit-linked notes in return for a fee. As at December 31, 2018, the Company had no fixed surplus notes outstanding. (f) Risk concentrations The Company defines enterprise-wide investment portfolio level targets and limits to ensure that portfolios are diversified across asset classes and individual investment risks. The Company monitors actual investment positions and risk exposures for concentration risk and reports its findings to the Executive Risk Committee and the Risk Committee of the Board of Directors. As at December 31, 2018 2017 Debt securities and private placements rated as investment grade BBB or higher (1) 98% 98% Government debt securities as a per cent of total debt securities 38% 39% Government private placements as a per cent of total private placements 11% 10% Highest exposure to a single non-government $ 1,013 $ 1,044 Largest single issuer as a per cent of the total equity portfolio 2% 2% Income producing commercial office properties (2018 – 55% of real estate, 2017 – 64%) $ 7,065 $ 8,836 Largest concentration of mortgages and real estate (2) $ 16,092 $ 14,779 (1) Investment grade debt securities and private placements include 41% rated A, 17% rated AA and 17% rated AAA (2017 – 42%, 16% and 17%) investments based on external ratings where available. (2) Mortgages and real estate investments are diversified geographically and by property type. Debt securities and private placements portfolio by sector and industry. 2018 2017 As at December 31, Carrying value % of total Carrying value % of total Government and agency $ 73,858 33 $ 71,888 35 Utilities 41,929 19 40,568 20 Financial 31,340 14 27,923 13 Energy 17,685 8 16,428 8 Industrial 17,508 8 14,691 7 Consumer (non-cyclical) 16,483 7 14,009 7 Consumer (cyclical) 7,707 3 5,916 3 Securitized 3,300 2 3,577 2 Telecommunications 3,716 2 3,324 2 Basic materials 3,539 2 3,248 2 Technology 2,352 1 2,475 1 Media and internet 1,112 1 1,136 – Diversified and miscellaneous 819 – 949 – Total $ 221,348 100 $ 206,132 100 (g) Insurance risk Insurance risk is the risk of loss due to actual experience for mortality and morbidity claims, policyholder behaviour and expenses emerging differently than assumed when a product was designed and priced. A variety of assumptions are made related to these experience factors, for reinsurance costs, and for sales levels when products are designed and priced, as well as in the determination of policy liabilities. Assumptions for future claims are generally based on both Company and industry experience, and assumptions for future policyholder behaviour and expenses are generally based on Company experience. Such assumptions require significant professional judgment, and actual experience may be materially different than the assumptions made by the Company. Claims may be impacted unexpectedly by changes in the prevalence of diseases or illnesses, medical and technology advances, widespread lifestyle changes, natural disasters, large-scale man-made Non-Guaranteed The Company manages insurance risk through global policies, standards and best practices with respect to product design, pricing, underwriting and claim adjudication, and a global underwriting manual. Each business unit establishes underwriting policies and procedures, including criteria for approval of risks and claims adjudication policies and procedures. The current global life retention limit is US$30 for individual policies (US$35 for survivorship life policies) and is shared across businesses. Lower limits are applied in some markets and jurisdictions. The Company aims to further reduce exposure to claims concentrations by applying geographical aggregate retention limits for certain covers. Enterprise-wide, the Company aims to reduce the likelihood of high aggregate claims by operating globally, insuring a wide range of unrelated risk events, and reinsuring some risk. (h) Concentration risk 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, 2018 Gross liabilities Reinsurance Net liabilities U.S. and Canada $ 246,255 $ (42,634 ) $ 203,621 Asia and Other 85,830 (419 ) 85,411 Total $ 332,085 $ (43,053 ) $ 289,032 As at December 31, 2017 Gross liabilities Reinsurance Net liabilities U.S. and Canada $ 237,434 $ (30,225 ) $ 207,209 Asia and Other 70,521 (134 ) 70,387 Total $ 307,955 $ (30,359 ) $ 277,596 (i) Reinsurance risk In the normal course of business, the Company limits the amount of loss on any one policy by reinsuring certain levels of risk with other insurers. In addition, the Company accepts reinsurance from other reinsurers. Reinsurance ceded does not discharge the Company’s liability as the primary insurer. Failure of reinsurers to honour their obligations could result in losses to the Company; consequently, allowances are established for amounts deemed uncollectible. To minimize losses from reinsurer insolvency, the Company monitors the concentration of credit risk both geographically and with any one reinsurer. In addition, the Company selects reinsurers with high credit ratings. As at December 31, 2018, the Company had $43,053 (2017 – $30,359) of reinsurance assets. Of this, 94 per cent (2017 – 92 per cent) were ceded to reinsurers with Standard and Poor’s ratings of A-

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2018
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Long-Term Debt	Note 10 Long-Term Debt (a) Carrying value of long-term debt instruments As at December 31, Issue date Maturity date Par value 2018 2017 4.70% Senior notes (1),(3) June 23, 2016 June 23, 2046 US$ 1,000 $ 1,355 $ 1,246 5.375% Senior notes (2),(3) March 4, 2016 March 4, 2046 US$ 750 1,010 928 3.527% Senior notes (2),(3) December 2, 2016 December 2, 2026 US$ 270 367 338 4.150% Senior notes (2),(3) March 4, 2016 March 4, 2026 US$ 1,000 1,356 1,246 4.90% Senior notes (2),(3) September 17, 2010 September 17, 2020 US$ 500 681 626 5.505% Medium-term notes (4) June 26, 2008 June 26, 2018 $ 400 – 400 Total $ 4,769 $ 4,784 (1) MFC may redeem the notes in whole, but not in part, on June 23, 2021 and thereafter on every June 23, at a redemption price equal to par, together with accrued and unpaid interest. (2) 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 corresponding U.S. Treasury bond plus a specified number of basis points. The specified number of basis points is as follows: 5.375% – 40 bps, 3.527% – 20 bps, 4.150% – 35 bps, and 4.90% – 35 bps. (3) 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 (4) On June 26, 2018, the 5.505% Medium term notes matured. The cash amount of interest paid on long-term debt during the year ended December 31, 2018 was $222 (2017 – $324). Issue costs are amortized over the term of the debt. (b) Fair value measurement Fair value of a long-term debt instrument is determined using quoted market prices where available (Level 1). When quoted market prices are not available, fair value is determined with reference to quoted prices of a debt instrument with similar characteristics or estimated using discounted cash flows using observable market rates (Level 2). Long-term debt is measured at amortized cost in the Consolidated Statements of Financial Position. As at December 31, 2018, the fair value of long-term debt was $4,886 (2017 – $5,186). Long-term debt was categorized in Level 2 of the fair value hierarchy (2017 – Level 2). (c) Aggregate maturities of long-term debt As at December 31, 2018 2017 Less than one year $ – $ 400 One to two years 681 – Two to three years – 626 Greater than five years 4,088 3,758 Total $ 4,769 $ 4,784

Capital Instruments

Capital Instruments	12 Months Ended
	Dec. 31, 2018
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Capital Instruments	Note 11 Capital Instruments (a) Carrying value of capital instruments As at December 31, Issuance date Earliest par redemption Maturity date Par value 2018 2017 7.535% MFCT II Senior debenture notes (1) July 10, 2009 December 31, 2019 December 31, 2108 $ 1,000 $ 1,000 $ 1,000 JHFC Subordinated notes (2) December 14, 2006 n/a December 15, 2036 $ 650 647 647 4.061% MFC Subordinated notes (3) February 24, 2017 February 24, 2027 February 24, 2032 US$ 750 1,017 935 3.00% MFC Subordinated notes (4) November 21, 2017 November 21, 2024 November 21, 2029 S$ 500 498 467 3.049% MFC Subordinated debentures (5) August 18, 2017 August 20, 2024 August 20, 2029 $ 750 747 746 3.317% MFC Subordinated debentures (5) May 9, 2018 May 9, 2023 May 9, 2028 $ 600 597 – 3.181% MLI Subordinated debentures (6) November 20, 2015 November 22, 2022 November 22, 2027 $ 1,000 997 996 3.85% MFC Subordinated notes (4) May 25, 2016 May 25, 2021 May 25, 2026 S$ 500 499 467 2.389% MLI Subordinated debentures (6) June 1, 2015 January 5, 2021 January 5, 2026 $ 350 349 349 2.10% MLI Subordinated debentures (6) March 10, 2015 June 1, 2020 June 1, 2025 $ 750 749 748 2.64% MLI Subordinated debentures (6) December 1, 2014 January 15, 2020 January 15, 2025 $ 500 500 499 2.811% MLI Subordinated debentures (6) February 21, 2014 February 21, 2019 February 21, 2024 $ 500 500 499 7.375% JHUSA Surplus notes (7) February 25, 1994 n/a February 15, 2024 US$ 450 632 584 2.926% MLI Subordinated debentures (8) November 29, 2013 November 29, 2018 November 29, 2023 $ 250 – 250 2.819% MLI Subordinated debentures (8) February 25, 2013 February 26, 2018 February 26, 2023 $ 200 – 200 Total $ 8,732 $ 8,387 (1) Issued by MLI to Manulife Financial Capital Trust II (MFCT II), a wholly owned unconsolidated related party to the Company. On the earliest par redemption date and on every fifth anniversary thereafter (each, a “Interest Reset Date”), the rate of interest will reset to equal the yield on 5-year (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 to the Company. The note bears interest at a floating rate equal to the 90-day (3) On the earliest par redemption date, the interest rate will reset to equal the 5-Year Mid-Swap (4) On the earliest par redemption date, the interest rate will reset to equal the 5-year (5) Interest is fixed for the period up to the earliest par redemption date, thereafter, the interest rate will reset to a floating rate equal to the 90-day (6) Interest is fixed for the period up to the earliest par redemption date, thereafter the interest rate will reset to a floating rate equal to the 90-day (7) Issued by John Hancock Mutual Life Insurance Company, now John Hancock Life Insurance Company (U.S.A.). Any payment of interest or principal on the surplus notes requires prior approval from the Department of Insurance and Financial Services of the State of Michigan. The carrying value of the surplus notes reflects an unamortized fair value increment of US$20 (2017 – US$23), which arose as a result of the acquisition of John Hancock Financial Services, Inc. The amortization of the fair value adjustment is recorded in interest expense. (8) MLI redeemed in full the 2.926% and 2.819% subordinated debentures at par, on November 29, 2018 and February 26, 2018, respectively, the earliest par redemption dates. (b) Fair value measurement Fair value of capital instruments is determined using quoted market prices where available (Level 1). When quoted market prices are not available fair value is determined with reference to quoted prices of debt instruments with similar characteristics or estimated using discounted cash flows using observable market rates (Level 2). Capital instruments are measured at amortized cost in the Consolidated Statements of Financial Position. As at December 31, 2018, the fair value of capital instruments was $8,712 (2017 – $8,636). Capital instruments were categorized in Level 2 of the fair value hierarchy (2017 – Level 2).

Share Capital and Earnings Per

Share Capital and Earnings Per Share	12 Months Ended
	Dec. 31, 2018
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Share Capital and Earnings Per Share	Note 12 Share 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. (a) Preferred shares The changes in issued and outstanding preferred shares are as follows. 2018 2017 For the years ended December 31, Number of (in millions) Amount Number of (in millions) Amount Balance, January 1 146 $ 3,577 146 $ 3,577 Issued, Class 1 shares, Series 25 (1) 10 250 – – Issuance costs, net of tax – (5 ) – – Balance, December 31 156 $ 3,822 146 $ 3,577 (1) On February 20, 2018, MFC issued 10 million of Non-Cumulative Additional information for the outstanding preferred shares as at December 31, 2018 As at December 31, 2018 Issue date Annual (1) Earliest redemption (2) Number of (in millions) Face Net (3) Class A preferred shares Series 2 February 18, 2005 4.65% n/a 14 $ 350 $ 344 Series 3 January 3, 2006 4.50% n/a 12 300 294 Class 1 preferred shares Series 3 (4),(5) March 11, 2011 2.178% June 19, 2021 6 158 155 Series 4 June 20, 2016 floating (6) n/a 2 42 41 Series 5 (4),(5) December 6, 2011 3.891% December 19, 2021 8 200 195 Series 7 (4),(5) February 22, 2012 4.312% March 19, 2022 10 250 244 Series 9 (4),(5) May 24, 2012 4.351% September 19, 2022 10 250 244 Series 11 (4),(5),(7) December 4, 2012 4.731% March 19, 2023 8 200 196 Series 13 (4),(5),(8) June 21, 2013 4.414% September 19, 2023 8 200 196 Series 15 (4),(5) February 25, 2014 3.90% June 19, 2019 8 200 195 Series 17 (4),(5) August 15, 2014 3.90% December 19, 2019 14 350 343 Series 19 (4),(5) December 3, 2014 3.80% March 19, 2020 10 250 246 Series 21 (4),(5) February 25, 2016 5.60% June 19, 2021 17 425 417 Series 23 (4),(5) November 22, 2016 4.85% March 19, 2022 19 475 467 Series 25 (4),(5) February 20, 2018 4.70% June 19, 2023 10 250 245 Total 156 $ 3,900 $ 3,822 (1) Holders of Class A and Class 1 preferred shares are entitled to receive non-cumulative (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 date or every five years thereafter, with the exception of 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 shares, in whole or in part, at par at any time, subject to regulatory approval, as noted. MFC may redeem the Class 1 Series 4, in whole or in part, at any time, at $25.00 per share if redeemed on June 19, 2021 and on June 19 every five years thereafter, or at $25.50 per share if redeemed on any other date after June 19, 2016, subject to regulatory approval, as noted. (3) Net of after-tax (4) 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 shares is: Series 3 – 1.41%, Series 5 – 2.90%, Series 7 – 3.13%, Series 9 – 2.86%, Series 11 – 2.61%, Series 13 – 2.22%, Series 15 – 2.16%, Series 17 – 2.36%, Series 19 – 2.30%, Series 21 – 4.97%, Series 23 – 3.83% and Series 25 – 2.55%. (5) 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 (6) The floating dividend rate for the Class 1 Shares Series 4 equals the three-month Government of Canada Treasury bill yield plus 1.41%. (7) MFC did not exercise its right to redeem all or any of the outstanding Class 1 Shares Series 11 on March 19, 2018 (the earliest redemption date). Dividend rate for Class 1 Shares Series 11 was reset as specified in footnote 4 above to an annual fixed rate of 4.731% for a five-year period commencing on March 20, 2018. (8) MFC did not exercise its right to redeem all or any of the outstanding Class 1 Shares Series 13 on September 19, 2018 (the earliest redemption date). Dividend rate for Class 1 Shares Series 13 was reset as specified in footnote 4 above to an annual fixed rate of 4.414% for a five-year period commencing on September 20, 2018. (b) Common shares The changes in common shares issued and outstanding are as follows. 2018 2017 For the years ended December 31, Number of (in millions) Amount Number of (in millions) Amount Balance, January 1 1,982 $ 22,989 1,975 $ 22,865 Repurchased for cancellation (23 ) (269 ) – – Issued under dividend reinvestment plan 9 182 – – Issued on exercise of stock options and deferred share units 3 59 7 124 Total 1,971 $ 22,961 1,982 $ 22,989 Normal Course Issuer Bid On November 12, 2018, the Company announced that the Toronto Stock Exchange approved a normal course issuer bid (“NCIB”) permitting the purchase for cancellation of up to 40 million MFC common shares. Purchases under the NCIB commenced on November 14, 2018 and may continue until November 13, 2019, when the NCIB expires, or such earlier date as the Company completes its purchases. As at December 31, 2018, the Company had repurchased 23 million shares for $478. Of this, $269 was recorded in common shares and $209 was recorded in retained earnings in the Consolidated Statements of Changes in Equity. Dividend Reinvestment Plan The Company offers a Dividend Reinvestment Program (“DRIP”) whereby shareholders may elect to automatically reinvest dividends in the form of MFC common shares instead of receiving cash. The offering of the program and its terms of execution are subject to the Board of Directors’ discretion. For the first three quarters of 2018, common shares in connection with DRIP were purchased on the open market with no applicable discount. For the dividend paid on December 19, 2018, the required common shares were purchased from treasury with a two per cent (2%) discount from the market price. (c) Earnings per share The following table presents basic and diluted earnings per common share of the Company. For the years ended December 31, 2018 2017 Basic earnings per common share $ 2.34 $ 0.98 Diluted earnings per common share 2.33 0.98 The following is a reconciliation of the denominator (number of shares) in the calculation of basic and diluted earnings per share. For the years ended December 31, 2018 2017 Weighted average number of common shares (in millions) 1,983 1,978 Dilutive stock-based awards (1) 5 8 Weighted average number of diluted common shares (in millions) 1,988 1,986 (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 7 million (2017 – 2 million) anti-dilutive stock-based awards. (d) Quarterly dividend declaration subsequent to year end On February 13, 2019, the Company’s Board of Directors approved a quarterly dividend of $0.25 per share on the common shares of MFC, payable on or after March 19, 2019 to shareholders of record at the close of business on February 27, 2019. The Board also declared dividends on the following non-cumulative Class A Shares Series 2 – $0.29063 per share Class 1 Shares Series 13 – $0.275875 per share Class A Shares Series 3 – $0.28125 per share Class 1 Shares Series 15 – $0.24375 per share Class 1 Shares Series 3 – $0.136125 per share Class 1 Shares Series 17 – $0.24375 per share Class 1 Shares Series 4 – $0.193315 per share Class 1 Shares Series 19 – $0.2375 per share Class 1 Shares Series 5 – $0.243188 per share Class 1 Shares Series 21 – $0.35 per share Class 1 Shares Series 7 – $0.2695 per share Class 1 Shares Series 23 – $0.303125 per share Class 1 Shares Series 9 – $0.271938 per share Class 1 Shares Series 25 – $0.29375 per share Class 1 Shares Series 11 – $0.295688 per share

Capital Management

Capital Management	12 Months Ended
	Dec. 31, 2018
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Capital Management	Note 13 Capital Management (a) Capital management The Company monitors and manages its consolidated capital in compliance with the Life Insurance Capital Adequacy Test (“LICAT”) guideline, the new capital framework issued by the Office of the Superintendent of Financial Institutions (“OSFI”) that became effective on January 1, 2018. Under this new 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 mostly 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 takes into account 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, based on accounting standards, is presented in the table below for MFC. For regulatory reporting purposes, LICAT available capital is based on consolidated capital with adjustments for certain deductions, limits and restrictions, as mandated by the LICAT guideline. Consolidated capital As at December 31, 2018 2017 Total equity $ 47,151 $ 42,163 Adjusted for AOCI loss on cash flow hedges (127 ) (109 ) Total equity excluding AOCI on cash flow hedges 47,278 42,272 Qualifying capital instruments 8,732 8,387 Consolidated capital $ 56,010 $ 50,659 (b) Restrictions on dividends and capital distributions Dividends and capital distributions are restricted under the Insurance Company Act (“ICA”). These restrictions apply to both the Company 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 the 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 the Company 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. The Company and MLI have covenanted for the benefit of holders of the outstanding Trust II Notes – Series I (the “Notes”) that, if interest is not paid in full in cash on the Notes on any interest payment date or if MLI elects that holders of Notes invest interest payable on the Notes on any interest payment date in a new series of Manufacturers Life Class 1 Shares, MLI will not declare or pay cash dividends on any MLI Public Preferred Shares (as defined below), if any are outstanding, and if no MLI Public Preferred Shares are outstanding, MFC will not declare or pay cash dividends on its Preferred Shares and Common Shares, in each case, until the sixth month following such deferral date. “MLI Public Preferred Shares” means, at any time, preferred shares of MLI which at that time: (a) have been issued to the public (excluding any preferred shares of MLI held beneficially by affiliates of MLI); (b) are listed on a recognized stock exchange; and (c) have an aggregate liquidation entitlement of at least $200, however, if at any time, there is more than one class of MLI Public Preferred Shares outstanding, then the most senior class or classes of outstanding MLI Public Preferred Shares shall, for all purposes, be the MLI Public Preferred Shares.

Revenue from Service Contracts

Revenue from Service Contracts	12 Months Ended
	Dec. 31, 2018
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Revenue from Service Contracts	Note 14 Revenue from Service Contracts The Company provides investment management services, administrative services, distribution and related services to proprietary and third-party investment funds, retirement plans, group benefit plans and other arrangements. The Company also provides real estate management services to tenants of the Company’s 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 asset values of accounts under management, subject to market conditions and investor behaviors beyond the Company’s control. Transaction processing and administrative fees vary with activity volume, 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 as 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, 2018 Asia Canada U.S. Global Corporate Total Investment management and other related fees $ 328 $ 149 $ 521 $ 2,805 $ (236 ) $ 3,567 Transaction processing, administration, and service fees 226 854 17 1,939 – 3,036 Distribution fees and other 255 49 617 724 (30 ) 1,615 Total included in other revenue 809 1,052 1,155 5,468 (266 ) 8,218 Real estate management services reported in net investment income 31 160 147 – 10 348 Total $ 840 $ 1,212 $ 1,302 $ 5,468 $ (256 ) $ 8,566 For the year ended December 31, 2017 Asia Canada U.S. Global Corporate Total Investment management and other related fees $ 351 $ 137 $ 569 $ 2,397 $ (232 ) $ 3,222 Transaction processing, administration, and service fees 206 871 17 1,978 3 3,075 Distribution fees and other 269 64 626 785 (42 ) 1,702 Total included in other revenue 826 1,072 1,212 5,160 (271 ) 7,999 Real estate management services reported in net investment income 22 161 156 – 5 344 Total $ 848 $ 1,233 $ 1,368 $ 5,160 $ (266 ) $ 8,343

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2018
Text block [abstract]
Stock-Based Compensation	Note 15 Stock-Based Compensation (a) 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 ten-day Options outstanding 2018 2017 For the years ended December 31, Number of (in millions ) Weighted Number of (in millions ) Weighted Outstanding, January 1 25 $ 20.45 30 $ 19.80 Granted 3 24.52 4 24.56 Exercised (3 ) 17.77 (7 ) 16.03 Expired (1 ) 37.35 (1 ) 39.47 Forfeited (1 ) 21.24 (1 ) 20.86 Outstanding, December 31 23 $ 20.29 25 $ 20.45 Exercisable, December 31 9 $ 18.08 12 $ 19.93 Options outstanding Options exercisable For the year ended December 31, 2018 Number of options (in millions ) Weighted Weighted life (in years) Number of (in millions ) Weighted Weighted life (in years) $12.64 – $20.99 11 $ 17.27 4.00 7 $ 17.06 2.09 $21.00 – $24.83 12 $ 23.26 6.95 2 $ 21.27 3.25 Total 23 $ 20.29 5.49 9 $ 18.08 2.37 The weighted average fair value of each option granted in 2018 has been estimated at $4.97 (2017 – $5.18) using the Black-Scholes option-pricing model. The pricing model uses the following assumptions for these options: risk-free interest rate of 2.00% (2017 – 1.25%), dividend yield of 3.25% (2017 – 3.00%), expected volatility of 28.0% (2017 – 29.5%) and expected life of 6.3 (2017 – 6.7) years. Expected volatility is estimated by evaluating a number of factors including historical volatility of the share price over multi-year periods. Compensation expense related to stock options was $9 for the year ended December 31, 2018 (2017 – $16). (b) Deferred share units In 2000, the Company granted deferred share units (“DSUs”) 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. In 2018, nil DSUs were granted to employees under the ESOP (2017 – nil). The number of DSUs outstanding was 337,000 as at December 31, 2018 (2017 – 610,000). In addition, for certain employees and pursuant to the Company’s deferred compensation program, the Company grants DSUs under the RSU 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 2018, the Company granted 55,000 DSUs to certain employees which vest after 34 months (2017 – 23,000). In 2018, 8,000 DSUs (2017 – nil) were granted to certain employees who elected to defer receipt of all or part of their annual bonus. These DSUs vested immediately. Also, in 2018, nil DSUs (2017 – 43,000) were granted to certain employees to defer payment of all or part of their Restricted Share Units (“RSUs”) and/or Performance Share Units (“PSUs”). These DSUs also vested immediately. Under the Stock Plan for Non-Employee The fair value of 141,000 DSUs issued during the year was $19.37 per unit, as at December 31, 2018 (2017 – 156,000 at $26.22 per unit). For the years ended December 31, Number of DSUs (in thousands) 2018 2017 Outstanding, January 1 2,645 2,682 Issued 141 156 Reinvested 98 88 Redeemed (346 ) (279 ) Forfeitures and cancellations – (2 ) Outstanding, December 31 2,538 2,645 Of the DSUs outstanding as at December 31, 2018, 337,000 (2017 – 610,000) entitle the holder to receive common shares, 1,151,000 (2017 – 1,103,000) entitle the holder to receive payment in cash and 1,050,000 (2017 – 932,000) entitle the holder to receive payment in cash or common shares, at the option of the holder. Compensation expense related to DSUs was $6 for the year ended December 31, 2018 (2017 – $13). The carrying and fair value of the DSUs liability as at December 31, 2018 was $43 (2017 – $53) and was included in other liabilities. (c) Restricted share units and performance share units For the year ended December 31, 2018, 5.5 million RSUs (2017 – 5.6 million) and 0.8 million PSUs (2017 – 1.0 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 $19.37 per unit as at December 31, 2018 (2017 – $26.22 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 granted in February 2018 will vest after 34 months and PSUs granted in February 2018 will vest after 36 months from their grant date and the related compensation expense is recognized over these periods, except where the employee is eligible to retire prior to a vesting date, in which case the cost is recognized over the period between the grant date and the date on which the employee is eligible to retire. Compensation expense related to RSUs and PSUs was $111 and $14, respectively, for the year ended December 31, 2018 (2017 – $125 and $21, respectively). The carrying and fair value of the RSUs and PSUs liability as at December 31, 2018 was $128 (2017 – $228) and was included in other liabilities. (d) 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.

Employee Future Benefits

Employee Future Benefits	12 Months Ended
	Dec. 31, 2018
Text block [abstract]
Employee Future Benefits	Note 16 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) (a) Plan characteristics To reduce the financial risk associated with final average pay defined benefit pension plans and retiree welfare plans, the Company has over time closed all these plans to new members and, in the case of pension plans, has replaced them with capital accumulation plans. The latter include defined benefit cash balance plans, 401(k) plans and/or defined contribution plans, depending on the country of employment. The result is that final average pay pension plans account for less than 50 per cent of the Company’s global pension obligations and the number of employees who accrue these pensions declines each year. During the year, the Company implemented a voluntary exit program, as part of its Canadian operations transformation, and a North American voluntary early retirement program. Combined, these two programs will result in the voluntary separation of 1,270 employees in Canada and 229 employees in the U.S. by the end of 2019. A curtailment loss of $22 resulting from these programs was recorded in earnings during the 4 th All pension arrangements are governed by local pension committees or management, but significant plan changes require approval from the Company’s 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 that are 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 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 2019. There are no plan assets set aside for the non-qualified The retiree welfare plan subsidizes the cost of life insurance and medical benefits. The majority of those who retired after 1991 receive a fixed-dollar subsidy from the Company based on service. The plan was closed to all 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 Non-Qualified 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 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 2019, the required funding for these plans is expected to be $12. The supplemental non-registered The retiree welfare plan subsidizes the cost of life insurance, medical and dental benefits. These subsidies are a fixed dollar amount for those who retired after April 30, 2013 and will be eliminated for those who retire after 2019. There are no assets set aside for this plan. The registered pension plans are governed by Pension Committees, while the supplemental non-registered (b) 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 change 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 through strategies aimed at improving the alignment between movements in the invested assets and movements in the obligations. 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 reduce the risk in the plan as the funded status improves. As at December 31, 2018, the target asset allocation for the plan was 27% return-seeking assets and 73% liability-hedging assets. 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, 2018, the target asset allocation for the plans was 20% return-seeking assets and 80% liability-hedging assets. (c) Pension and retiree welfare plans Pension plans Retiree welfare plans For the years ended December 31, 2018 2017 2018 2017 Changes in defined benefit obligation: Opening balance $ 4,706 $ 4,767 $ 665 $ 682 Current service cost 42 48 – 1 Past service cost – amendments 8 – – – Past service cost – curtailments 10 – 12 – Interest cost 165 182 24 26 Plan participants’ contributions 1 1 4 4 Actuarial losses (gains) due to: Experience – 15 (7 ) (9 ) Demographic assumption changes 35 – (1 ) – Economic assumption changes (250 ) 214 (56 ) 41 Benefits paid (304 ) (315 ) (45 ) (45 ) Impact of changes in foreign exchange rates 262 (206 ) 44 (35 ) Defined benefit obligation, December 31 $ 4,675 $ 4,706 $ 640 $ 665 Pension plans Retiree welfare plans For the years ended December 31, 2018 2017 2018 2017 Change in plan assets: Fair value of plan assets, opening balance $ 4,328 $ 4,277 $ 587 $ 603 Interest income 153 164 21 23 Return on plan assets (excluding interest income) (315 ) 312 (16 ) 30 Employer contributions 79 85 10 12 Plan participants’ contributions 1 1 4 4 Benefits paid (304 ) (315 ) (45 ) (45 ) Administration costs (6 ) (5 ) (2 ) (2 ) Impact of changes in foreign exchange rates 254 (191 ) 51 (38 ) Fair value of plan assets, December 31 $ 4,190 $ 4,328 $ 610 $ 587 (d) Amounts recognized in the Consolidated Statements of Financial Position Pension plans Retiree welfare plans As at December 31, 2018 2017 2018 2017 Development of net defined benefit liability Defined benefit obligation $ 4,675 $ 4,706 $ 640 $ 665 Fair value of plan assets 4,190 4,328 610 587 Deficit 485 378 30 78 Effect of asset limit (1) 9 – – – Deficit and net defined benefit liability 494 378 30 78 Deficit is comprised of: Funded or partially funded plans (248 ) (383 ) (121 ) (72 ) Unfunded plans 742 761 151 150 Deficit and net defined benefit liability $ 494 $ 378 $ 30 $ 78 (1) In 2018, the Company recognized an impairment of $9 on the net defined benefit asset for one of its registered pension plans in Canada. This was due to the conversion of most plan benefits for future service from defined benefit to defined contribution which reduced the economic benefit that can be derived by the Company from the plan’s surplus. For the other funded pension plans, the present value of the economic benefits available in the form of reductions in future contributions to the plans remains greater than the surplus that is expected to develop. (e) Disaggregation of defined benefit obligation U.S. plans Canadian plans Pension plans Retiree welfare plans Pension plans Retiree welfare plans As at December 31, 2018 2017 2018 2017 2018 2017 2018 2017 Active members $ 621 $ 592 $ 32 $ 34 $ 332 $ 393 $ 22 $ 20 Inactive and retired members 2,431 2,434 457 481 1,291 1,287 129 130 Total $ 3,052 $ 3,026 $ 489 $ 515 $ 1,623 $ 1,680 $ 151 $ 150 (f) Fair value measurements The major categories of plan assets and the actual per cent allocation to each category are as follows. U.S. plans (1) Canadian plans (2) Pension plans Retiree welfare plans Pension plans Retiree welfare plans As at December 31, 2018 Fair value % of total Fair value % of total Fair value % of total Fair value % of total Cash and cash equivalents $ 26 1% $ 51 8% $ 19 1% $ – – Equity securities (3) 500 17% 38 6% 269 20% – – Debt securities 2,088 73% 514 85% 1,033 79% – – Other investments (4) 252 9% 7 1% 3 0% – – Total $ 2,866 100% $ 610 100% $ 1,324 100% $ – – U.S. plans (1) Canadian plans (2) Pension plans Retiree welfare plans Pension plans Retiree welfare plans As at December 31, 2017 Fair value % of total Fair value % of total Fair value % of total Fair value % of total Cash and cash equivalents $ 33 1% $ 33 6% $ 5 1% $ – – Equity securities (3) 695 24% 45 8% 212 15% – – Debt securities 1,979 67% 502 85% 1,165 84% – – Other investments (4) 235 8% 7 1% 4 0% – – Total $ 2,942 100% $ 587 100% $ 1,386 100% $ – – (1) All the U.S. pension and retiree welfare plan assets have daily quoted prices in active markets, except for the private equity, timber and agriculture assets. In the aggregate, the latter assets represent approximately 7% of all U.S. pension and retiree welfare plan assets as at December 31, 2018 (2017 – 6%). (2) All the Canadian pension plan assets have daily quoted prices in active markets, except for the group annuity contract assets that represent approximately 0.2% of all Canadian pension plan assets as at December 31, 2018 (2017 – 0.3%). (3) Equity securities include direct investments in MFC common shares of $0.9 (2017 – $1.3) in the U.S. retiree welfare plan and $nil (2017 – $nil) in Canada. (4) Other U.S. plan assets include investment in private equity, timberland and agriculture, and managed futures. Other Canadian pension plan assets include investment in the group annuity contract. (g) Net benefit cost recognized in the Consolidated Statements of Income Components of the net benefit cost for the pension plans and retiree welfare plans were as follows. Pension plans Retiree welfare plans For the years ended December 31, 2018 2017 2018 2017 Defined benefit current service cost $ 42 $ 48 $ – $ 1 Defined benefit administrative expenses 6 5 2 2 Past service cost – plan amendments (1) 8 – – – Past service cost – curtailments (2) 10 – 12 – Service cost 66 53 14 3 Interest on net defined benefit (asset) liability 12 18 3 3 Defined benefit cost 78 71 17 6 Defined contribution cost 78 75 – – Net benefit cost $ 156 $ 146 $ 17 $ 6 (1) Past service cost – plan amendments includes $8, reflecting a surplus sharing agreement between the Company and certain legacy employees in Canada, which received regulatory approval in 2018. (2) Past service cost – curtailments includes $22 in total, reflecting the cost of the voluntary exit and voluntary retirement programs described in section (a) of this note. (h) Re-measurement Pension plans Retiree welfare plans For the years ended December 31, 2018 2017 2018 2017 Actuarial gains (losses) on defined benefit obligations due to: Experience $ – $ (15 ) $ 7 $ 9 Demographic assumption changes (35 ) – 1 – Economic assumption changes 250 (214 ) 56 (41 ) Return on plan assets (excluding interest income) (315 ) 312 (16 ) 30 Change in effect of asset limit (9 ) – – – Total re-measurement $ (109 ) $ 83 $ 48 $ (2 ) (i) Assumptions The 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 were as follows. U.S. Plans Canadian Plans Pension plans Retiree welfare plans Pension plans Retiree welfare plans For the years ended December 31, 2018 2017 2018 2017 2018 2017 2018 2017 To determine the defined benefit obligation at end of year (1) Discount rate 4.3% 3.6% 4.3% 3.6% 3.8% 3.5% 3.8% 3.6% Initial health care cost trend rate (2) n/a n/a 7.8% 8.5% n/a n/a 5.7% 5.9% To determine the defined benefit cost for the year (1) Discount rate 3.6% 4.1% 3.6% 4.1% 3.5% 3.9% 3.6% 4.0% Initial health care cost trend rate (2) n/a n/a 8.5% 8.8% n/a n/a 5.9% 6.0% (1) Inflation and salary increase assumptions are not shown as they do not materially affect obligations and cost. (2) The health care cost trend rate used to measure the U.S. based retiree welfare obligation was 7.8% grading to 5.0% for 2030 and years thereafter (2017 – 8.5% grading to 5.0% for 2032) and to measure the net benefit cost was 8.5% grading to 5.0% for 2032 and years thereafter (2017 – 8.8% grading to 5.0% for 2032). In Canada, the rate used to measure the retiree welfare obligation was 5.7% grading to 4.8% for 2026 and years thereafter (2017 – 5.9% grading to 4.8% for 2026) and to measure the net benefit cost was 5.9% grading to 4.8% for 2026 and years thereafter (2017 – 6.0% grading to 4.8% for 2026). Assumptions regarding future mortality are based on published statistics and mortality tables. The current life expectancies underlying the values of the obligations in the defined benefit pension and retiree welfare plans are as follows. As at December 31, 2018 U.S. Canada Life expectancy (in years) for those currently age 65 Males 22.5 23.6 Females 24.0 25.5 Life expectancy (in years) at age 65 for those currently age 45 Males 24.1 24.6 Females 25.6 26.4 (j) 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 potential impact on the obligations arising from changes in the key assumptions is set out in the following table. The sensitivities assume all other assumptions are held constant. In actuality, inter-relationships with other assumptions may exist. As at December 31, 2018 Pension plans Retiree welfare plans Discount rate: Impact of a 1% increase $ (423 ) $ (62 ) Impact of a 1% decrease 500 74 Health care cost trend rate: Impact of a 1% increase n/a 21 Impact of a 1% decrease n/a (18 ) Mortality rates (1) Impact of a 10% decrease 114 14 (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 0.9 years for U.S. males and females and 0.8 years for Canadian males and females. (k) Maturity profile The weighted average duration (in years) of the defined benefit obligations is as follows. Pension plans Retiree welfare plans As at December 31, 2018 2017 2018 2017 U.S. plans 8.8 9.5 9.0 9.8 Canadian plans 12.4 12.8 14.3 14.2 (l) Cash flows – contributions Total cash payments for all employee future benefits, comprised of cash contributed by the Company to funded defined benefit pension and retiree welfare plans, cash payments directly to beneficiaries in respect of unfunded pension and retiree welfare plans, and cash contributed to defined contribution pension plans, are as follows. Pension plans Retiree welfare plans For the years ended December 31, 2018 2017 2018 2017 Defined benefit plans $ 79 $ 85 $ 10 $ 12 Defined contribution plans 78 77 – – Total $ 157 $ 162 $ 10 $ 12 The Company’s best estimate of expected cash payments for employee future benefits for the year ending December 31, 2019 is $88 for defined benefit pension plans, $78 for defined contribution pension plans and $12 for retiree welfare plans.

Interests in Structured Entitie

Interests in Structured Entities	12 Months Ended
	Dec. 31, 2018
Investments accounted for using equity method [abstract]
Interests in Structured Entities	Note 17 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 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 investments, 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. (a) 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, 2018, the Company’s consolidated timber assets relating to HVPH were $920 (2017 – $884). The Company does not provide guarantees to other parties against the risk of loss from HVPH. Financing SEs The Company securitizes certain insured and variable rate commercial and residential mortgages and HELOC. 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. (b) Unconsolidated SEs Investment SEs The following table presents the Company’s investment 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 these SEs. Company’s investment (1) Company’s maximum exposure to loss (2) As at December 31, 2018 2017 2018 2017 Leveraged leases (3) $ 3,575 $ 3,273 $ 3,575 $ 3,273 Timberland companies (4) 788 736 821 786 Real estate companies (5) 566 361 566 361 Total $ 4,929 $ 4,370 $ 4,962 $ 4,420 (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 AOCI. (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 is expected to occur only upon the entity’s bankruptcy/liquidation, or in case of a natural disaster in the case of the timber companies. (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 to third-party lessees under long-term leases. The Company owns equity capital in these business trusts. The Company does not consolidate any of the trusts that are party to the lease arrangements because the Company does not have decision-making power over them. (4) 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. (5) 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 and maximum exposure to loss from significant unconsolidated financing SEs are as follows. Company’s interests (1) As at December 31, 2018 2017 Manulife Finance (Delaware), L.P. (2) $ 821 $ 835 Manulife Financial Capital Trust II (3) 999 1,000 Total $ 1,820 $ 1,835 (1) The Company’s interests include amounts borrowed from the SEs and the Company’s investment in their subordinated capital, and foreign currency and interest swaps with them, if any. (2) This entity is a wholly-owned partnership used to facilitate the Company’s financing. Refer to notes 11 and 18. (3) This entity is an open-ended trust that is used to facilitate the Company’s financing. Refer to note 11. (i) Other invested assets The Company has investment relationships with a variety of other entities, which result from its direct investment in their debt and/or equity and which have been assessed for control. These other entities’ investments include but are not limited to investments in power and infrastructure, oil and gas, 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 these other entities. (ii) 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. 2018 2017 As at December 31, CMBS RMBS ABS Total Total AAA $ 1,653 $ 8 $ 810 $ 2,471 $ 2,503 AA – – 306 306 401 A 72 7 374 453 504 BBB – – 70 70 142 BB and below – – – – 26 Total company exposure $ 1,725 $ 15 $ 1,560 $ 3,300 $ 3,576 (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 startup capital of mutual funds as at December 31, 2018 was $1,711 (2017 – $1,918). The Company’s retail mutual fund assets under management as at December 31, 2018 were $182,219 (2017 – $191,507).

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Text block [abstract]
Commitments and Contingencies	Note 18 Commitments and Contingencies (a) 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 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. A class action against John Hancock Life Insurance Company (U.S.A.) (“JHUSA”) is pending in the U.S. District Court for the Southern District of New York (the “Southern District of NY”) in which claims are made that JHUSA breached, and continues to breach, the contractual terms of certain universal life policies issued between approximately 1990 and 2006 by including impermissible charges in its cost of insurance (“COI”) calculations and certain other rider charges. The Company believes that its COI calculations have been, and continue to be, in accordance with the terms of the policies. In May 2018, the parties agreed to the financial terms of a settlement in the amount of US$91. On November 1, 2018, the court granted preliminary approval of the US$91 settlement and scheduled a fairness hearing for February 19, 2019. In June 2018, a class action was initiated against JHUSA and John Hancock Life Insurance Company of New York (“JHNY”) in the Southern District of NY on behalf of owners of Performance universal life policies issued between 2003 and 2009 whose policies are subject to a COI increase announced in 2018. In October 2018, an almost identical class action was initiated against JHUSA and JHNY in the Southern District of NY. It was filed as a related case as the one filed in June and has been assigned to the same judge. Discovery has commenced in these cases and will continue through 2019. No hearings on substantive matters have been scheduled. It is too early to assess the range of potential outcomes for these two related lawsuits. (b) Investment commitments In the normal course of business, various investment commitments are outstanding which are not reflected in the Consolidated Financial Statements. There were $10,372 (2017 – $8,235) of outstanding investment commitments as at December 31, 2018, of which $888 (2017 – $682) mature in 30 days, $3,546 (2017 – $2,177) mature in 31 to 365 days and $5,938 (2017 – $5,376) mature after one year. (c) 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, 2018, letters of credit for which third parties are beneficiary, in the amount of $74 (2017 – $77), were outstanding. (d) 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 partnership. (ii) Guarantees regarding The Manufacturers Life Insurance Company On January 29, 2007, MFC provided a subordinated guarantee, as amended and restated on January 13, 2017, of Class A Shares and Class B Shares of MLI and any other class of preferred shares that rank in parity with Class A Shares or Class B Shares of MLI. For the following subordinated debentures issued by MLI, MFC has provided a subordinated guarantee on the day of issuance: $500 issued on February 21, 2014; $500 issued on December 1, 2014; $750 issued on March 10, 2015; $350 issued on June 1, 2015; and $1,000 issued on November 20, 2015. The following table sets forth certain condensed consolidated financial information for MFC and MFLP. Condensed Consolidated Statements of Income Information For the year ended December 31, 2018 MFC MLI Other Consolidation Total MFLP Total revenue $ 443 $ 38,994 $ 434 $ (899) $ 38,972 $ 62 Net income (loss) attributed to shareholders 4,800 5,076 (419 ) (4,657) 4,800 22 For the year ended December 31, 2017 MFC MLI Other Consolidation Total MFLP Total revenue $ 182 $ 58,445 $ 270 $ (574 ) $ 58,323 $ 29 Net income (loss) attributed to shareholders 2,104 2,467 (257 ) (2,210 ) 2,104 6 Condensed Consolidated Statements of Financial Position As at December 31, 2018 MFC MLI Other Consolidation Total MFLP Invested assets $ 21 $ 353,632 $ 11 $ – $ 353,664 $ 11 Total other assets 54,346 83,523 3 (54,474 ) 83,398 1,059 Segregated funds net assets – 313,209 – – 313,209 – Insurance contract liabilities – 328,654 – – 328,654 – Investment contract liabilities – 3,265 – – 3,265 – Segregated funds net liabilities – 313,209 – – 313,209 – Total other liabilities 8,403 50,043 – (454 ) 57,992 833 As at December 31, 2017 MFC MLI Other Consolidation Total MFLP Invested assets $ 21 $ 334,191 $ 10 $ – $ 334,222 $ 5 Total other assets 48,688 71,180 4 (48,868 ) 71,004 1,033 Segregated funds net assets – 324,307 – – 324,307 – Insurance contract liabilities – 304,605 – – 304,605 – Investment contract liabilities – 3,126 – – 3,126 – Segregated funds net liabilities – 324,307 – – 324,307 – Total other liabilities 7,696 48,145 – (509 ) 55,332 831 (iii) 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. (e) 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. The pledged assets are returned to the Company if the underlying transaction is terminated or, in the case of derivatives, if there is a decrease in the net exposure due to market value changes. The amounts pledged are as follows. 2018 2017 As at December 31, Debt securities Other Debt securities Other In respect of: Derivatives $ 3,655 $ 102 $ 3,189 $ 44 Regulatory requirements 412 84 398 86 Real estate – – – 2 Repurchase agreements 64 – 228 – Non-registered – 420 – 412 Other 3 301 3 271 Total $ 4,134 $ 907 $ 3,818 $ 815 (f) Lease obligations The Company has a number of operating lease obligations, primarily for the use of office space. The aggregate future minimum lease payments under non-cancelable (g) Participating business In some territories 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. (h) 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, 2018, the Company had no fixed surplus notes outstanding.

Segmented Information

Segmented Information	12 Months Ended
	Dec. 31, 2018
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Segmented Information	Note 19 Segmented Information Effective January 1, 2018, as a result of the organizational changes made to drive better alignment with the Company’s strategic priorities as well as to increase focus and leverage scale in its wealth and asset management businesses, the Company’s wealth and asset management businesses are now a primary reporting segment. 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 are shown below. Wealth and asset management businesses (Global WAM) Insurance and annuity products (Asia, Canada and U.S.) Corporate and Other Segment run-off In addition to changing the segments, the Company changed the segment reporting for the changes to actuarial methods and assumptions. These changes were previously reported in the Corporate and Other segment and are now reported in the respective reporting segments. Prior period amounts have been restated to reflect these changes. By segment As at and for the year ended December 31, 2018 Asia Canada U.S. Global WAM Corporate and Other Total Revenue Life and health insurance $ 14,938 $ 8,975 $ 6,341 $ – $ 98 $ 30,352 Annuities and pensions (1) 3,175 452 (9,967 ) – – (6,340 ) Net premium income 18,113 9,427 (3,626 ) – 98 24,012 Net investment income (loss) 278 2,764 1,723 (8 ) (225 ) 4,532 Other revenue 1,296 1,446 2,542 5,472 (328 ) 10,428 Total revenue 19,687 13,637 639 5,464 (455 ) 38,972 Contract benefits and expenses Life and health insurance 10,875 8,044 4,255 – (37 ) 23,137 Annuities and pensions 1,986 518 (9,784 ) 77 – (7,203 ) Net benefits and claims 12,861 8,562 (5,529 ) 77 (37 ) 15,934 Interest expense 187 447 56 2 583 1,275 Other expenses 4,749 3,063 3,428 4,322 682 16,244 Total contract benefits and expenses 17,797 12,072 (2,045 ) 4,401 1,228 33,453 Income (loss) before income taxes 1,890 1,565 2,684 1,063 (1,683 ) 5,519 Income tax recovery (expense) (355 ) (321 ) (352 ) (108 ) 504 (632 ) Net income (loss) 1,535 1,244 2,332 955 (1,179 ) 4,887 Less net income (loss) attributed to: Non-controlling 208 – – – 6 214 Participating policyholders (360 ) 233 – – – (127 ) Net income (loss) attributed to shareholders $ 1,687 $ 1,011 $ 2,332 $ 955 $ (1,185 ) $ 4,800 Total assets $ 112,327 $ 214,101 $ 272,228 $ 130,379 $ 21,236 $ 750,271 As at and for the year ended December 31, 2017 Asia Canada U.S. Global WAM Corporate and Other Total Revenue Life and health insurance $ 13,145 $ 4,322 $ 6,778 $ – $ 110 $ 24,355 Annuities and pensions 2,568 443 844 – – 3,855 Net premium income 15,713 4,765 7,622 – 110 28,210 Net investment income (loss) 4,044 4,560 10,657 42 64 19,367 Other revenue 933 1,862 3,039 5,158 (246 ) 10,746 Total revenue 20,690 11,187 21,318 5,200 (72 ) 58,323 Contract benefits and expenses Life and health insurance 11,881 5,018 16,193 – 268 33,360 Annuities and pensions 1,889 2,404 1,574 74 – 5,941 Net benefits and claims 13,770 7,422 17,767 74 268 39,301 Interest expense 164 307 36 1 631 1,139 Other expenses 4,360 3,069 3,374 4,193 386 15,382 Total contract benefits and expenses 18,294 10,798 21,177 4,268 1,285 55,822 Income (loss) before income taxes 2,396 389 141 932 (1,357 ) 2,501 Income tax recovery (expense) (405 ) 159 (1,342 ) 146 1,203 (239 ) Net income (loss) 1,991 548 (1,201 ) 1,078 (154 ) 2,262 Less net income (loss) attributed to: Non-controlling 187 – – – 7 194 Participating policyholders (30 ) (6 ) – – – (36 ) Net income (loss) attributed to shareholders $ 1,834 $ 554 $ (1,201 ) $ 1,078 $ (161 ) $ 2,104 Total assets $ 96,354 $ 217,813 $ 263,523 $ 131,779 $ 20,064 $ 729,533 (1) During the year, the Company ceded premiums to reinsure a block of legacy U.S. individual pay-out annuities business, refer to note 7(k) for details. The results of the Company’s reporting segments differ from its geographic segments primarily due to the allocation of the Company’s Global WAM and Corporate and Other segments into the geographic segments to which its businesses relate. By geographic location As at and for the year ended December 31, 2018 Asia Canada U.S. Other Total Revenue Life and health insurance $ 15,010 $ 8,561 $ 6,342 $ 439 $ 30,352 Annuities and pensions 3,175 452 (9,967 ) – (6,340 ) Net premium income 18,185 9,013 (3,625 ) 439 24,012 Net investment income (loss) 371 2,933 1,032 196 4,532 Other revenue 2,115 2,904 5,395 14 10,428 Total revenue $ 20,671 $ 14,850 $ 2,802 $ 649 $ 38,972 As at and for the year ended December 31, 2017 Asia Canada U.S. Other Total Revenue Life and health insurance $ 13,215 $ 3,894 $ 6,780 $ 466 $ 24,355 Annuities and pensions 2,568 443 844 – 3,855 Net premium income 15,783 4,337 7,624 466 28,210 Net investment income (loss) 4,258 4,642 10,407 60 19,367 Other revenue 1,632 3,187 5,911 16 10,746 Total revenue $ 21,673 $ 12,166 $ 23,942 $ 542 $ 58,323

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2018
Text block [abstract]
Related Parties	Note 20 Related Parties The Company enters into transactions with related parties in the normal course of business and at the terms that would exist in arm’s-length (a) Transactions with certain related parties Transactions with MFLP, a wholly owned unconsolidated partnership, and MFCT, a wholly owned unconsolidated trust, are described in notes 10, 11 and 18. Refer to note 3(a) for additional transactions with related parties. (b) 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) For the years ended December 31, 2018 2017 Short-term employee benefits $ 65 $ 78 Post-employment benefits 5 5 Share-based payments 50 59 Termination benefits 5 6 Other long-term benefits 2 2 Total $ 127 $ 150

Subsidiaries

Subsidiaries	12 Months Ended
	Dec. 31, 2018
Investments accounted for using equity method [abstract]
Subsidiaries	Note 21 Subsidiaries The following is a list of Manulife’s directly and indirectly held major operating subsidiaries. As at December 31, 2018 (100% owned unless otherwise noted in brackets beside company name) Address Description The Manufacturers Life Insurance Company Toronto, Canada Leading Canadian-based financial services company that offers a diverse range of financial protection products and wealth management services Manulife Holdings (Alberta) Limited Calgary, Canada Holding company John Hancock Financial Corporation Wilmington, Delaware, U.S.A. Holding company The Manufacturers Investment Corporation Michigan, U.S.A. Holding company John Hancock Reassurance Company Ltd. Michigan, 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.) Michigan, U.S.A. U.S. life insurance company licensed in all states, except New York John Hancock Subsidiaries LLC Wilmington, Delaware, U.S.A. Holding company John Hancock Financial Network, Inc. Boston, Massachusetts, U.S.A. Financial services distribution organization John Hancock Advisers, LLC Boston, Massachusetts, U.S.A. Investment advisor John Hancock Funds, LLC Boston, Massachusetts, U.S.A. Broker-dealer Manulife Asset Management (U.S.), LLC Wilmington, Delaware, U.S.A. Asset management company Hancock Natural Resource Group, Inc. Boston, Massachusetts, 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 Investment Management Services, LLC Boston, Massachusetts, U.S.A. Investment advisor John Hancock Life & Health Insurance Company Boston, Massachusetts, U.S.A. U.S. life insurance company licensed in all states John Hancock Distributors, LLC Wilmington, Delaware, U.S.A. Broker-dealer John Hancock Insurance Agency, Inc. Wilmington, Delaware, 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 annuity reinsurance to affiliates Manulife Bank of Canada Waterloo, Canada Provides integrated banking products and service options not available from an insurance company Manulife Asset Management Holdings (Canada), Inc. Toronto, Canada Holding company Manulife Asset Management Limited Toronto, Canada Provides investment counseling, portfolio and mutual fund management in Canada First North American Insurance Company Toronto, Canada Property and casualty insurance company NAL Resources Management Limited Calgary, Canada Management company for oil and gas properties Manulife Resources Limited Calgary, Canada Holds oil and gas properties Manulife Property Limited Partnership Toronto, Canada Holds oil and gas royalties Manulife Property Limited Partnership II Toronto, Canada Holds oil and gas royalties and foreign bonds and equities Manulife Western Holdings Limited Partnership Calgary, Canada Holds oil and gas properties Manulife Securities Investment Services, Inc. Oakville, Canada Mutual fund dealer for Canadian operations Manulife Holdings (Bermuda) Limited Hamilton, Bermuda Holding company Manufacturers P&C Limited St. Michael, Barbados Provides property and casualty reinsurance Manulife Financial Asia Limited Hong Kong, China Holding company Manulife (Cambodia) PLC Phnom Penh, Cambodia Life insurance company Manufacturers Life Reinsurance Limited St. Michael, Barbados Provides life and annuity reinsurance to affiliates Manulife (Vietnam) Limited Ho Chi Minh City, Vietnam Life insurance company Manulife Asset 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 Manulife Asset Management International Holdings Limited Hong Kong, China Holding company Manulife Asset Management (Hong Kong) Limited Hong Kong, China Investment management and advisory company marketing mutual funds Manulife Asset Management (Taiwan) Co., Ltd. Taipei, Taiwan (China) Asset management company Manulife Life Insurance Company (Japan) Tokyo, Japan Life insurance company Manulife Asset Management (Japan) Limited Tokyo, Japan Investment management and advisory company and mutual fund business Manulife Insurance (Thailand) Public Company Limited (85.8%) (1) Bangkok, Thailand Life insurance company Manulife Asset Management (Thailand) Company Limited (92.7%) (1) Bangkok, Thailand Investment management company Manulife Holdings Berhad (59.5%) Kuala Lumpur, Malaysia Holding company Manulife Insurance Berhad (59.5%) Kuala Lumpur, Malaysia Life insurance company Manulife Asset Management Services Berhad (59.5%) Kuala Lumpur, Malaysia Asset management company Manulife (Singapore) Pte. Ltd. Singapore Life insurance company Manulife Asset Management (Singapore) Pte. Ltd. Singapore Asset management company 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 company marketing mutual funds and discretionary funds Manulife Asset Management (Europe) Limited London, England Investment management company for Manulife Financial’s international funds Manulife Assurance Company of Canada Toronto, Canada Life insurance company EIS Services (Bermuda) Limited Hamilton, Bermuda Investment holding company Berkshire Insurance Services Inc. Toronto, Canada Investment holding company JH Investments (Delaware), LLC Boston, Massachusetts, U.S.A. Investment holding company Manulife Securities Incorporated Oakville, Canada Investment dealer Manulife Asset Management (North America) Limited Toronto, Canada Investment advisor Regional Power Inc. Mississauga, Canada Developer and operator of hydro-electric power projects (1) MFC voting rights percentages are the same as the ownership percentages except for Manulife Insurance (Thailand) Public Company Limited and Manulife Asset Management (Thailand) Company Limited where MFC’s voting rights are 93.0% and 96.4%, respectively.

Segregated Funds

Segregated Funds	12 Months Ended
	Dec. 31, 2018
Text block [abstract]
Segregated Funds	Note 22 Segregated Funds The Company manages segregated funds on behalf of policyholders. Policyholders are provided with the opportunity to invest in different categories of segregated funds that respectively hold a range of underlying investments. The Company retains legal title to the underlying investments; however, returns from these investments belong to the policyholders. Accordingly, the Company does not bear the risk associated with these assets outside of guarantees offered on certain variable life and annuity products. The “Risk Management” section of the Company’s 2018 MD&A provides information regarding the variable annuity and segregated fund guarantees. The composition of net assets by categories of segregated funds was within the following ranges for the years ended December 31, 2018 and 2017. Ranges in per cent Type of fund 2018 2017 Money market funds 2% to 3% 2% to 3% Fixed income funds 14% to 15% 14% to 15% Balanced funds 25% to 26% 22% to 29% Equity funds 58% to 60% 55% to 60% Money market funds consist of investments that have a term to maturity of less than one year. Fixed income funds primarily consist of investments in fixed grade income securities and may contain smaller investments in diversified equities or high-yield bonds. Relative to fixed income funds, balanced funds consist of fixed income securities and a larger equity investment component. The types of equity funds available to policyholders range from low volatility equity funds to aggressive equity funds. Equity funds invest in a varying mix of Canadian, U.S. and global equities. The underlying investments of the segregated funds consist of both individual securities and mutual funds (collectively “net assets”), some of which may be structured entities. The carrying value and change in segregated funds net assets are as follows. Fair value related information of segregated funds is disclosed in note 3(g). Segregated funds net assets As at December 31, 2018 2017 Investments at market value Cash and short-term securities $ 3,700 $ 4,756 Debt securities 15,313 15,472 Equities 11,661 12,624 Mutual funds 277,133 288,007 Other investments 4,678 4,514 Accrued investment income 1,811 201 Other assets and liabilities, net (700 ) (766 ) Total segregated funds net assets $ 313,596 $ 324,808 Composition of segregated funds net assets Held by policyholders $ 313,209 $ 324,307 Held by the Company 387 501 Total segregated funds net assets $ 313,596 $ 324,808 Changes in segregated funds net assets For the years ended December 31, 2018 2017 Net policyholder cash flow Deposits from policyholders $ 38,236 $ 34,776 Net transfers to general fund (1,089 ) (1,734 ) Payments to policyholders (47,475 ) (46,305 ) (10,328 ) (13,263 ) Investment related Interest and dividends 19,535 16,930 Net realized and unrealized investment gains (losses) (34,683 ) 24,384 (15,148 ) 41,314 Other Management and administration fees (3,985 ) (4,161 ) Impact of changes in foreign exchange rates 18,249 (14,790 ) 14,264 (18,951 ) Net additions (deductions) (11,212 ) 9,100 Segregated funds net assets, beginning of year 324,808 315,708 Segregated funds net assets, end of year $ 313,596 $ 324,808 Segregated funds assets 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. 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. Assets supporting these guarantees are recognized in invested assets according to their investment type.

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, 2018
Text block [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.)	Note 23 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 12h-5 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 may also sell medium-term notes to retail investors under its Signature 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 MFC fully and unconditionally guaranteed the payment of JHUSA’s obligations under the MVAs and under the Signature Signature Signature Signature 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 Signature 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 13. 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 13. 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 guarantee. 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 12h-5 Condensed Consolidated Statement of Financial Position As at December 31, 2018 MFC JHUSA Other Consolidation Consolidated Assets Invested assets $ 21 $ 105,043 $ 248,962 $ (362 ) $ 353,664 Investments in unconsolidated subsidiaries 54,015 7,356 17,738 (79,109 ) – Reinsurance assets – 63,435 9,136 (29,518 ) 43,053 Other assets 331 17,025 43,213 (20,224 ) 40,345 Segregated funds net assets – 168,476 146,671 (1,938 ) 313,209 Total assets $ 54,367 $ 361,335 $ 465,720 $ (131,151 ) $ 750,271 Liabilities and equity Insurance contract liabilities $ – $ 155,162 $ 203,682 $ (30,190 ) $ 328,654 Investment contract liabilities – 1,191 2,076 (2 ) 3,265 Other liabilities 275 18,136 46,072 (19,992 ) 44,491 Long-term debt 4,769 – – – 4,769 Capital instruments 3,359 632 4,741 – 8,732 Segregated funds net liabilities – 168,476 146,671 (1,938 ) 313,209 Shareholders’ equity 45,964 17,738 61,291 (79,029 ) 45,964 Participating policyholders’ equity – – 94 – 94 Non-controlling – – 1,093 – 1,093 Total liabilities and equity $ 54,367 $ 361,335 $ 465,720 $ (131,151 ) $ 750,271 Condensed Consolidated Statement of Financial Position As at December 31, 2017 MFC JHUSA Other Consolidation Consolidated Assets Invested assets $ 21 $ 108,144 $ 226,421 $ (364 ) $ 334,222 Investments in unconsolidated subsidiaries 48,374 6,509 14,999 (69,882 ) – Reinsurance assets – 49,927 8,281 (27,849 ) 30,359 Other assets 314 18,678 40,715 (19,062 ) 40,645 Segregated funds net assets – 176,139 149,812 (1,644 ) 324,307 Total assets $ 48,709 $ 359,397 $ 440,228 $ (118,801 ) $ 729,533 Liabilities and equity Insurance contract liabilities $ – $ 147,155 $ 185,884 $ (28,434 ) $ 304,605 Investment contract liabilities – 1,130 1,998 (2 ) 3,126 Other liabilities 297 19,399 41,395 (18,930 ) 42,161 Long-term debt 4,784 – – – 4,784 Capital instruments 2,615 584 5,188 – 8,387 Segregated funds net liabilities – 176,139 149,812 (1,644 ) 324,307 Shareholders’ equity 41,013 14,990 54,801 (69,791 ) 41,013 Participating policyholders’ equity – – 221 – 221 Non-controlling – – 929 – 929 Total liabilities and equity $ 48,709 $ 359,397 $ 440,228 $ (118,801 ) $ 729,533 Condensed Consolidated Statement of Income For the year ended December 31, 2018 MFC JHUSA Other Consolidation Consolidated Revenue Gross premiums $ – $ 8,452 $ 31,814 $ (1,116 ) $ 39,150 Premiums ceded to reinsurers – (14,149 ) (2,105 ) 1,116 (15,138 ) Net premium income – (5,697 ) 29,709 – 24,012 Net investment income (loss) 445 907 4,126 (946 ) 4,532 Net other revenue (2 ) 1,799 9,820 (1,189 ) 10,428 Total revenue 443 (2,991 ) 43,655 (2,135 ) 38,972 Contract benefits and expenses Net benefits and claims – (7,403 ) 22,862 475 15,934 Commissions, investment and general expenses 19 3,427 14,052 (1,660 ) 15,838 Other expenses 380 233 2,018 (950 ) 1,681 Total contract benefits and expenses 399 (3,743 ) 38,932 (2,135 ) 33,453 Income (loss) before income taxes 44 752 4,723 – 5,519 Income tax (expense) recovery (11 ) 223 (844 ) – (632 ) Income (loss) after income taxes 33 975 3,879 – 4,887 Equity in net income (loss) of unconsolidated subsidiaries 4,767 1,206 2,181 (8,154 ) – Net income (loss) $ 4,800 $ 2,181 $ 6,060 $ (8,154 ) $ 4,887 Net income (loss) attributed to: Non-controlling $ – $ – $ 214 $ – $ 214 Participating policyholders – (10 ) (127 ) 10 (127 ) Shareholders 4,800 2,191 5,973 (8,164 ) 4,800 $ 4,800 $ 2,181 $ 6,060 $ (8,154 ) $ 4,887 Condensed Consolidated Statement of Income For the year ended December 31, 2017 MFC JHUSA Other Consolidation Consolidated Revenue Gross premiums $ – $ 8,561 $ 22,895 $ 4,905 $ 36,361 Premiums ceded to reinsurers – 2,523 (5,765 ) (4,909 ) (8,151 ) Net premium income – 11,084 17,130 (4 ) 28,210 Net investment income (loss) 178 7,986 11,947 (744 ) 19,367 Net other revenue 4 2,874 10,864 (2,996 ) 10,746 Total revenue 182 21,944 39,941 (3,744 ) 58,323 Contract benefits and expenses Net benefits and claims – 20,803 19,179 (681 ) 39,301 Commissions, investment and general expenses 11 3,208 13,852 (2,049 ) 15,022 Other expenses 404 194 1,915 (1,014 ) 1,499 Total contract benefits and expenses 415 24,205 34,946 (3,744 ) 55,822 Income (loss) before income taxes (233 ) (2,261 ) 4,995 – 2,501 Income tax (expense) recovery 62 1,134 (1,435 ) – (239 ) Income (loss) after income taxes (171 ) (1,127 ) 3,560 – 2,262 Equity in net income (loss) of unconsolidated subsidiaries 2,275 628 (486 ) (2,417 ) – Net income (loss) $ 2,104 $ (499 ) $ 3,074 $ (2,417 ) $ 2,262 Net income (loss) attributed to: Non-controlling $ – $ – $ 194 $ – $ 194 Participating policyholders – (10 ) (36 ) 10 (36 ) Shareholders 2,104 (489 ) 2,916 (2,427 ) 2,104 $ 2,104 $ (499 ) $ 3,074 $ (2,417 ) $ 2,262 Consolidated Statement of Cash Flows For the year ended December 31, 2018 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Operating activities Net income (loss) $ 4,800 $ 2,181 $ 6,060 $ (8,154 ) $ 4,887 Adjustments: Equity in net income of unconsolidated subsidiaries (4,767 ) (1,206 ) (2,181 ) 8,154 – Increase (decrease) in insurance contract liabilities – (5,273 ) 8,180 – 2,907 Increase (decrease) in investment contract liabilities – (86 ) 121 – 35 (Increase) decrease in reinsurance assets excluding coinsurance transactions – 1,609 (716 ) – 893 Amortization of (premium) discount on invested assets – 58 154 – 212 Other amortization 4 225 518 – 747 Net realized and unrealized (gains) losses and impairment on assets (11 ) 4,158 4,580 – 8,727 Deferred income tax expense (recovery) 11 679 240 – 930 Restructuring charge – 43 113 – 156 Stock option expense – – 10 – 10 Cash provided by (used in) operating activities before undernoted items 37 2,388 17,079 – 19,504 Dividends from unconsolidated subsidiary 2,700 405 777 (3,882 ) – Changes in policy related and operating receivables and payables 251 (536 ) (31 ) – (316 ) Cash provided by (used in) operating activities 2,988 2,257 17,825 (3,882 ) 19,188 Investing activities Purchases and mortgage advances – (38,799 ) (62,373 ) – (101,172 ) Disposals and repayments – 35,817 46,294 – 82,111 Changes in investment broker net receivables and payables – (169 ) 41 – (128 ) Investment in common shares of subsidiaries (1,284 ) – – 1,284 – Net cash decrease from purchase of subsidiaries and businesses – – 187 – 187 Capital contribution to unconsolidated subsidiaries – (14 ) – 14 – Return of capital from unconsolidated subsidiaries – 72 – (72 ) – Notes receivable from parent – – (83 ) 83 – Notes receivable from subsidiaries (23 ) (61 ) – 84 – Cash provided by (used in) investing activities (1,307 ) (3,154 ) (15,934 ) 1,393 (19,002 ) Financing activities (Decrease) increase in repurchase agreements and securities sold but not yet purchased – – (189 ) – (189 ) Redemption of long-term debt (400 ) – – – (400 ) Issue of capital instruments, net 597 – – – 597 Redemption of capital instruments – – (450 ) – (450 ) Secured borrowings from securitization transactions – – 250 – 250 Changes in deposits from Bank clients, net – – 1,490 – 1,490 Shareholders’ dividends paid in cash (1,788 ) – – – (1,788 ) Dividends paid to parent – (777 ) (3,105 ) 3,882 – Contributions from (distributions to) non-controlling – – (60 ) – (60 ) Common shares repurchased (478 ) – – – (478 ) Common shares issued, net 59 – 1,284 (1,284 ) 59 Preferred shares issued, net 245 – – – 245 Capital contributions by parent – – 14 (14 ) – Return of capital to parent – – (72 ) 72 – Notes payable to parent – – 84 (84 ) – Notes payable to subsidiaries 83 – – (83 ) – Cash provided by (used in) financing activities (1,682 ) (777 ) (754 ) 2,489 (724 ) Cash and short-term securities Increase (decrease) during the year (1 ) (1,674 ) 1,137 – (538 ) Effect of foreign exchange rate changes on cash and short-term securities 1 353 468 – 822 Balance, beginning of year 21 3,638 11,439 – 15,098 Balance, end of year 21 2,317 13,044 – 15,382 Cash and short-term securities Beginning of year Gross cash and short-term securities 21 4,133 11,811 – 15,965 Net payments in transit, included in other liabilities – (495 ) (372 ) – (867 ) Net cash and short-term securities, beginning of year 21 3,638 11,439 – 15,098 End of year Gross cash and short-term securities 21 2,783 13,411 – 16,215 Net payments in transit, included in other liabilities – (466 ) (367 ) – (833 ) Net cash and short-term securities, end of year $ 21 $ 2,317 $ 13,044 $ – $ 15,382 Supplemental disclosures on cash flow information: Interest received $ 427 $ 4,381 $ 7,074 $ (930 ) $ 10,952 Interest paid 373 92 1,677 (930 ) 1,212 Income taxes paid (59 ) 286 234 – 461 Consolidated Statement of Cash Flows For the year ended December 31, 2017 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Operating activities Net income (loss) $ 2,104 $ (499 ) $ 3,074 $ (2,417 ) $ 2,262 Adjustments: Equity in net income of unconsolidated subsidiaries (2,275 ) (628 ) 486 2,417 – Increase (decrease) in insurance contract liabilities – 16,877 3,146 – 20,023 Increase (decrease) in investment contract liabilities – 55 118 – 173 (Increase) decrease in reinsurance assets – (1,890 ) 4,159 – 2,269 Amortization of (premium) discount on invested assets – 24 206 – 230 Other amortization 4 123 433 – 560 Net realized and unrealized (gains) losses and impairment on assets (7 ) (2,609 ) (4,572 ) – (7,188 ) Deferred income tax expense (recovery) (59 ) (2,239 ) 1,967 – (331 ) Stock option expense – (4 ) 19 – 15 Cash provided by (used in) operating activities before undernoted items (233 ) 9,210 9,036 – 18,013 Dividends from unconsolidated subsidiary 2,700 125 1,175 (4,000 ) – Changes in policy related and operating receivables and payables (45 ) (4,627 ) 4,450 – (222 ) Cash provided by (used in) operating activities 2,422 4,708 14,661 (4,000 ) 17,791 Investing activities Purchases and mortgage advances – (30,645 ) (56,579 ) – (87,224 ) Disposals and repayments – 26,952 43,768 – 70,720 Changes in investment broker net receivables and payables – 182 45 – 227 Investment in common shares of subsidiaries (2,473 ) – – 2,473 – Net cash decrease from purchase of subsidiaries and businesses – – (10 ) – (10 ) Capital contribution to unconsolidated subsidiaries – (63 ) – 63 – Return of capital from unconsolidated subsidiaries – 11 – (11 ) – Notes receivables from affiliates – – 201 (201 ) – Notes receivable from parent – 368 24 (392 ) – Notes receivable from subsidiaries (16 ) (10 ) – 26 – Cash provided by (used in) investing activities (2,489 ) (3,205 ) (12,551 ) 1,958 (16,287 ) Financing activities (Decrease) increase in repurchase agreements and securities sold but not yet purchased – – (29 ) – (29 ) Redemption of long-term debt (600 ) – (7 ) – (607 ) Issue of capital instruments, net 2,209 – – – 2,209 Redemption of capital instruments – – (899 ) – (899 ) Secured borrowings from securitization transactions – – 741 – 741 Changes in deposits from Bank clients, net – – 261 – 261 Shareholders’ dividends paid in cash (1,780 ) – – – (1,780 ) Contributions from (distributions to) non-controlling – – (6 ) – (6 ) Common shares issued, net 124 – 2,473 (2,473 ) 124 Dividends paid to parent – (1,175 ) (2,825 ) 4,000 – Capital contributions by parent – – 63 (63 ) – Return of capital to parent – – (11 ) 11 – Notes payable to affiliates – (201 ) – 201 – Notes payable to parent – – 26 (26 ) – Notes payable to subsidiaries (24 ) – (368 ) 392 – Cash provided by (used in) financing activities (71 ) (1,376 ) (581 ) 2,042 14 Cash and short-term securities Increase (decrease) during the year (138 ) 127 1,529 – 1,518 Effect of foreign exchange rate changes on cash and short-term securities (2 ) (276 ) (380 ) – (658 ) Balance, beginning of year 161 3,787 10,290 – 14,238 Balance, end of year 21 3,638 11,439 – 15,098 Cash and short-term securities Beginning of year Gross cash and short-term securities 161 4,317 10,673 – 15,151 Net payments in transit, included in other liabilities – (530 ) (383 ) – (913 ) Net cash and short-term securities, beginning of year 161 3,787 10,290 – 14,238 End of year Gross cash and short-term securities 21 4,133 11,811 – 15,965 Net payments in transit, included in other liabilities – (495 ) (372 ) – (867 ) Net cash and short-term securities, end of year $ 21 $ 3,638 $ 11,439 $ – $ 15,098 Supplemental disclosures on cash flow information: Interest received $ 273 $ 4,391 $ 6,504 $ (572 ) $ 10,596 Interest paid 392 96 1,202 (572 ) 1,118 Income taxes paid 99 1,084 177 – 1,360

Comparatives

Comparatives	12 Months Ended
	Dec. 31, 2018
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Comparatives	Note 24 Comparatives Certain comparative amounts have been reclassified to conform to the current year’s presentation.

IFRS 7 Disclosures

IFRS 7 Disclosures	12 Months Ended
	Dec. 31, 2018
Text block [abstract]
IFRS 7 Disclosures	Market Risk Management Strategy Market risk management strategy is governed by the Global Asset Liability Committee which oversees the overall market and liquidity risk program. Our overall strategy to manage our market risks incorporates several component strategies, each targeted to manage one or more of the market risks arising from our businesses. At an enterprise level, these strategies are designed to manage our aggregate exposures to market risks against limits associated with earnings and capital volatility. The following table outlines our key market risks and identifies the risk management strategies which contribute to managing these risks. Risk Management Strategy Key Market Risk Publicly Interest Rate Alternative Long-Duration Foreign Liquidity Risk Product design and pricing ✓ ✓ ✓ ✓ ✓ Variable annuity guarantee dynamic hedging ✓ ✓ ✓ ✓ Macro equity risk hedging ✓ ✓ ✓ Asset liability management ✓ ✓ ✓ ✓ ✓ Foreign exchange management ✓ ✓ Liquidity risk management ✓ Product Design and Pricing Strategy Our policies, standards, and standards of practice with respect to product design and pricing are designed with the objective of aligning our product offerings with our risk taking philosophy and risk appetite, and in particular, that incremental risk generated from new sales aligns with our strategic risk objectives and risk limits. The specific design features of our product offerings, including level of benefit guarantees, policyholder options, fund offerings and availability restrictions as well as our associated investment strategies, help to mitigate the level of underlying risk. We regularly review and modify key features within our product offerings, including premiums and fee charges with a goal of meeting profit targets and staying within risk limits. Certain of our 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 re-set pre-established in-force Hedging Strategies for Variable Annuity and Other Equity Risks The Company’s exposure to movement in public equity market values primarily arises from variable annuity guarantees and to a smaller extent from asset-based fees and general fund public equity holdings. 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. We seek to manage public equity risk arising from other sources (not dynamically hedged) through our macro equity risk hedging strategy. We seek to manage interest rate risk arising from variable annuity business not dynamically hedged within our 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 policy liabilities and available capital 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 our hedge asset portfolio. The economic value of guarantees moves in close tandem, but not exactly, with our variable annuity guarantee policy liabilities, as it reflects best estimate liabilities and does not include any liability provisions for adverse deviations. Our current variable annuity guarantee dynamic hedging approach is to short exchange-traded equity index and government bond futures and execute currency futures and lengthening interest rate swaps to hedge sensitivity of policy liabilities to fund performance and interest rate movements arising from variable annuity guarantees. We dynamically rebalance these hedge instruments as market conditions change, in order to maintain the hedged position within established limits. Other derivative instruments (such as equity and interest rate options) are also utilized and we may consider the use of additional hedge instruments opportunistically in the future. Our variable annuity guarantee dynamic hedging strategy is not designed to completely offset the sensitivity of policy 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; ∎ Provisions for adverse deviation in the policy liabilities are not 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. The impact is magnified when these impacts occur concurrently; and ∎ Not all other risks are hedged. Macro Equity Risk Hedging Strategy The objective of the macro equity risk hedging program is to maintain our overall earnings sensitivity to public equity market movements within our 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: ∎ Residual equity and currency exposure from variable annuity guarantees not dynamically hedged; ∎ General fund equity holdings backing non-participating ∎ Unhedged provisions for adverse deviation related to variable annuity guarantees dynamically hedged. Asset Liability Management Strategy Our asset liability management strategy is designed to help ensure that the market risks embedded in our 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 exchange rate movements. General fund product liabilities are categorized into groups with similar characteristics in order to support them with a specific asset strategy. We seek to align the asset strategy for each group to the premium and benefit pattern, policyholder options and guarantees, and crediting rate strategies of the products they support. Similar strategies are established for assets in the Company’s surplus account. 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 Exchange Risk Management Strategy Our policy is to generally match the currency of our assets with the currency of the liabilities they support. Where assets and liabilities are not currency matched, we seek to hedge this exposure where appropriate to stabilize our capital positions and remain within our enterprise foreign exchange risk limits through the use of financial instruments such as derivatives. 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 reflect legal, regulatory, tax, operational or economic impediments to inter-entity funding. The asset mix of our 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 our liquidity ratios to remain strong. We manage liquidity centrally and closely monitor the liquidity positions of our principal subsidiaries. We seek to mitigate liquidity risk by diversifying our business across different products, markets, geographical regions and policyholders. We design insurance products to encourage policyholders to maintain their policies in-force, We also maintain centralized cash pools and access to other sources of liquidity and contingent liquidity such as repurchase funding agreements. Our centralized cash pool consists of cash or near-cash, high quality short-term investments that are continually monitored for their credit quality and market liquidity. We have established a variety of contingent liquidity sources. We maintain a $500 million committed unsecured revolving credit facility with certain Canadian chartered banks available for MFC, and a US$500 million committed unsecured revolving credit facility with certain U.S. banks available for MFC and certain of its subsidiaries. There were no outstanding borrowings under these credit facilities as of December 31, 2018. In addition, John Hancock (“JH”) USA 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 collaterizable by qualifying mortgage loans, mortgage-backed securities and U.S. Treasury and Agency securities. Based on regulatory limitations, as of December 31, 2018, JHUSA had an estimated maximum borrowing capacity of US$3.8 billion under the FHLBI facility, with no amounts outstanding. The following table outlines the maturity of the Company’s significant financial liabilities. Maturity of financial liabilities (1) As at December 31, 2018 ($ millions) Less than 1 to 3 3 to 5 Over 5 Total Long-term debt $ – $ 681 $ – $ 4,088 $ 4,769 Capital instruments – – – 8,732 8,732 Derivatives 359 229 227 6,988 7,803 Deposits from Bank clients (2) 15,351 2,147 2,185 1 19,684 Lease obligations 129 203 93 150 575 (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, 2018 was $19,684 million and $19,731 million, respectively (2017 – $18,131 million and $18,149 million, 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 (2017 – 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 $427.9 billion as at December 31, 2018 (2017 – $396.8 billion). Market Risk Sensitivities and Market Risk Exposure Measures Variable Annuity and Segregated Fund Guarantees Sensitivities and Risk Exposure Measures Guarantees on variable annuity products and segregated funds may include one or more of death, maturity, income and withdrawal guarantees. Variable annuity and segregated fund guarantees are contingent and only payable upon the occurrence of the relevant event, if fund values at that time are below guaranteed values. Depending on future equity market levels, liabilities on current in-force We seek to mitigate a portion of the risks embedded in our retained (i.e. net of reinsurance) variable annuity and segregated fund guarantee business through the combination of our dynamic and macro hedging strategies (see “Publicly Traded Equity Performance Risk” below). The table below shows selected information regarding the Company’s variable annuity and segregated fund investment-related guarantees gross and net of reinsurance. Variable annuity and segregated fund guarantees, net of reinsurance As at December 31, ($ millions) 2018 2017 Guarantee Fund value Amount at (4),(5) Guarantee Fund value Amount (4),(5) Guaranteed minimum income benefit (1) $ 5,264 $ 3,675 $ 1,593 $ 5,201 $ 4,195 $ 1,074 Guaranteed minimum withdrawal benefit 60,494 49,214 11,388 61,767 56,512 5,943 Guaranteed minimum accumulation benefit 18,611 18,720 141 18,162 18,705 11 Gross living benefits (2) 84,369 71,609 13,122 85,130 79,412 7,028 Gross death benefits (3) 10,663 14,654 1,567 10,743 16,973 1,001 Total gross of reinsurance 95,032 86,263 14,689 95,873 96,385 8,029 Living benefits reinsured 4,515 3,173 1,343 4,522 3,667 911 Death benefits reinsured 2,353 2,070 493 3,014 3,040 435 Total reinsured 6,868 5,243 1,836 7,536 6,707 1,346 Total, net of reinsurance $ 88,164 $ 81,020 $ 12,853 $ 88,337 $ 89,678 $ 6,683 (1) Contracts with guaranteed long-term care benefits are included in this category. (2) 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 3. (3) 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. (4) Amount at risk (in-the-money (5) The amount at risk net of reinsurance at December 31, 2018 was $12,853 million (2017 – $6,683 million) of which: US$6,899 million (2017 – US$3,982 million) was on our U.S. business, $2,654 million (2017 – $1,342 million) was on our Canadian business, US$332 million (2017 – US$95 million) was on our Japan business and US$246 million (2017 – US$181 million) was related to Asia (other than Japan) and our run-off Investment categories for variable contracts with guarantees Variable contracts with guarantees, including variable annuities and variable life, are invested, at the policyholder’s discretion subject to contract limitations, in various fund types within the segregated fund accounts and other investments. The account balances by investment category are set out below. As at December 31, ($ millions) Investment category 2018 2017 Equity funds $ 43,528 $ 47,508 Balanced funds 41,625 47,369 Bond funds 12,309 13,095 Money market funds 2,107 1,905 Other fixed interest rate investments 1,997 1,777 Total $ 101,566 $ 111,654 Caution Related to Sensitivities In the sections that follow, we provide 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 and the actuarial factors, investment activity and investment returns assumed in the determination of policy liabilities. 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 actuarial and investment return and future investment activity assumptions; actual experience differing from the assumptions, changes in business mix, effective tax rates and other market factors; and the general limitations of our 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, we cannot provide assurance that the actual impact on net income attributed to shareholders The table below shows the potential impact on net income attributed to shareholders resulting from an immediate 10%, 20% and 30% change in market values of publicly traded equities followed by a return to the expected level of growth assumed in the valuation of policy liabilities. If market values were to remain flat for an entire year, the potential impact would be roughly equivalent to an immediate decline in market values equal to the expected level of annual growth assumed in the valuation of policy liabilities. Further, if after market values dropped 10%, 20% or 30% they continued to decline, remained flat, or grew more slowly than assumed in the valuation the potential impact on net income attributed to shareholders could be considerably more than shown. Refer to “Sensitivity of Earnings to Changes in Assumptions” for more information on the level of growth assumed and on the net income sensitivity to changes in these long-term assumptions. The potential impact is shown after taking into account the impact of the change in markets on the hedge assets. While we cannot reliably estimate the amount of the change in dynamically hedged variable annuity guarantee liabilities that will not be offset by the profit or loss on the dynamic hedge assets, we make 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 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 are rebalanced at 5% intervals. In addition, we assume that the macro hedge assets are rebalanced in line with market changes. It is also important to note that these estimates are illustrative, and that the hedging program 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 Standards of Practice for the valuation of insurance contract liabilities and guidance published by the CIA constrain the investment return assumptions for public equities and certain ALDA assets based on historical return benchmarks for public equities. The potential impact on net income attributed to shareholders does not take into account possible changes to investment return assumptions resulting from the impact of declines in public equity market values on these historical return benchmarks. Potential immediate impact on net income attributed to shareholders arising from changes to public equity returns (1),(2),(3) As at December 31, 2018 ($ millions) -30% -20% -10% +10% +20% +30% Underlying sensitivity to net income attributed to shareholders (4) Variable annuity guarantees $ (3,650 ) $ (2,240 ) $ (1,040 ) $ 890 $ 1,610 $ 2,170 Asset based fees (480 ) (320 ) (160 ) 160 320 480 General fund equity investments (5) (1,150 ) (780 ) (390 ) 290 580 860 Total underlying sensitivity before hedging (5,280 ) (3,340 ) (1,590 ) 1,340 2,510 3,510 Impact of macro and dynamic hedge assets (6) 3,110 1,940 910 (820 ) (1,450 ) (1,930 ) Net potential impact on net income attributed to shareholders after impact of hedging $ (2,170 ) $ (1,400 ) $ (680 ) $ 520 $ 1,060 $ 1,580 As at December 31, 2017 ($ millions) -30% -20% -10% +10% +20% +30% Underlying sensitivity to net income attributed to shareholders (4) Variable annuity guarantees $ (3,940 ) $ (2,260 ) $ (960 ) $ 670 $ 1,110 $ 1,410 Asset based fees (510 ) (340 ) (170 ) 170 340 510 General fund equity investments (5) (930 ) (590 ) (270 ) 270 540 810 Total underlying sensitivity before hedging (5,380 ) (3,190 ) (1,400 ) 1,110 1,990 2,730 Impact of macro and dynamic hedge assets (6) 3,220 1,850 790 (640 ) (1,100 ) (1,410 ) Net potential impact on net income attributed to shareholders after impact of hedging $ (2,160 ) $ (1,340 ) $ (610 ) $ 470 $ 890 $ 1,320 (1) See “Caution Related to Sensitivities” above. (2) The tables show the potential impact on net income attributed to shareholders resulting from an immediate 10%, 20% and 30% change in market values of publicly traded equities followed by a return to the expected level of growth assumed in the valuation of policy liabilities. (3) Please refer to “Sensitivity of Earnings to Changes in Assumptions” for more information on the level of growth assumed and on the net income sensitivity to changes in these long-term assumptions. (4) Defined as earnings sensitivity to a change in public equity markets including settlements on reinsurance contracts, but before the offset of hedge assets or other risk mitigants. (5) This impact for general fund equities is calculated as at a point-in-time (6) Includes the impact of rebalancing equity hedges in the macro and dynamic hedging program. The impact of dynamic hedge rebalancing represents the impact of rebalancing equity hedges for dynamically hedged variable annuity guarantee best estimate liabilities at 5% intervals but does not include any impact in respect of other sources of hedge ineffectiveness (e.g. fund tracking, realized volatility and equity, interest rate correlations different from expected among other factors). Interest Rate and Spread Risk Sensitivities and Exposure Measures At December 31, 2018, we estimated the sensitivity of our net income attributed to shareholders to a 50 basis point parallel decline in interest rates to be a charge of $100 million, and to a 50 basis point increase in interest rates to be a benefit of $100 million. The table below shows the potential impact on net income attributed to shareholders from a 50 basis point parallel move in interest rates. This includes a change of 50 basis points 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, and with a floor of zero on government rates where government rates are not currently negative, relative to the rates assumed in the valuation of policy liabilities, including embedded derivatives. For variable annuity guarantee liabilities that are dynamically hedged, it is assumed that interest rate hedges are rebalanced at 20 basis point intervals. As the sensitivity to a 50 basis point change in interest rates includes any associated change in the applicable reinvestment scenarios, the impact of changes to interest rates for less than, or more than 50 basis points is unlikely to be linear. Furthermore, our sensitivities are not consistent across all regions in which we operate, and the impact of yield curve changes will vary depending upon the geography where the change occurs. Reinvestment assumptions used in the valuation of policy liabilities tend to amplify the negative effects of a decrease in interest rates and dampen the positive effects of interest rate increases. This is because the reinvestment assumptions used in the valuation of our insurance liabilities are based on interest rate scenarios and calibration criteria set by the Canadian Actuarial Standards Board, while our interest rate hedges are valued using current market interest rates. Therefore, in any particular quarter, changes to the reinvestment assumptions are not fully aligned to changes in current market interest rates especially when there is a significant change in the shape of the interest rate curve. As a result, the impact from non-parallel The potential impact on net income attributed to shareholders does not take into account any future potential changes to our URR assumptions or calibration criteria for stochastic risk-free rates or other potential impacts of lower interest rate levels, for example, increased strain on the sale of new business or lower interest earned on our surplus assets. The impact also does not reflect any unrealized gains or losses on AFS fixed income assets held in our Corporate and Other segment. Changes in the market value of these assets may provide a natural economic offset to the interest rate risk arising from our product liabilities. In order for there to also be an accounting offset, the Company would need to realize a portion of the AFS fixed income asset unrealized gains or losses. It is not certain we would crystallize any of the unrealized gains or losses available. The impact does not reflect any potential effect of changing interest rates to the value of our ALDA assets. Rising interest rates could negatively impact the value of our ALDA assets (see “Critical Accounting and Actuarial Policies – Fair Value of Invested Assets”, below). More information on ALDA can be found under the section “Alternative Long-Duration Asset Performance Risk Sensitivities and Exposure Measures”, below. The following table shows the potential impact on net income attributed to shareholders including the change in the market value of AFS fixed income assets held in our Corporate and Other segment, which could be realized through the sale of these assets. Potential impact on net income attributed to shareholders and MLI’s LICAT total ratio of an immediate parallel change in interest rates relative to rates assumed in the valuation of policy liabilities (1),(2),(3),(4) 2018 2017 As at December 31, -50bp +50bp -50bp +50bp Net income attributed to shareholders ($ millions) Excluding change in market value of AFS fixed income assets held in the Corporate and Other segment $ (100 ) $ 100 $ (200 ) $ 100 From fair value changes in AFS fixed income assets held in the Corporate and Other segment, if realized 1,600 (1,500 ) 1,100 (1,000 ) MLI’s LICAT total ratio (Percentage points) LICAT total ratio change in percentage points (5) 3 (3 ) n/a n/a (1) See “Caution Related to Sensitivities” above. In addition, estimates exclude changes to the net actuarial gains/losses with respect to the Company’s pension obligations as a result of changes in interest rates, as the impact on the quoted sensitivities is not considered to be material. (2) 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. (3) The amount of gain or loss that can be realized on AFS fixed income assets held in the Corporate and Other segment will depend on the aggregate amount of unrealized gain or loss. (4) Sensitivities are based on projected asset and liability cash flows and the impact of realizing fair value changes in AFS fixed income is based on the holdings at the end of the period. (5) Includes all LICAT impacts, including realized and unrealized fair value changes in AFS fixed income assets. The LICAT ratio is not applicable before January 1, 2018. The following tables show the potential impact on net income attributed to shareholders resulting from a change in corporate spreads and swap spreads over government bond rates for all maturities across all markets with a floor of zero on the total interest rate, relative to the spreads assumed in the valuation of policy liabilities. Potential impact on net income attributed to shareholders and MLI’s LICAT total ratio arising from changes to corporate spreads and swap spreads (1),(2),(3) Corporate spreads (4),(5) 2018 2017 As at December 31, -50bp +50bp -50bp +50bp Net income attributed to shareholders ($ millions) $ (600 ) $ 600 $ (1,000 ) $ 1,000 MLI’s LICAT total ratio (change percentage points) (6) (6 ) 6 n/a n/a Swap spreads 2018 2017 As at December 31, -20bp +20bp -20bp +20bp Net income attributed to shareholders ($ millions) $ 100 $ (100 ) $ 400 $ (400 ) MLI’s LICAT total ratio (change percentage points) (6) nil nil n/a n/a (1) See “Caution Related to Sensitivities” above. (2) The impact on net income attributed to shareholders assumes no gains or losses are realized on our AFS fixed income assets held in the Corporate and Other segment and excludes the impact of changes in segregated fund bond values due to changes in credit spreads. 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 corporate and swap spreads. (3) Sensitivities are based on projected asset and liability cash flows. (4) Corporate spreads are assumed to grade to the long-term average over five years. (5) As the sensitivity to a 50 basis point decline in corporate spreads includes the impact of a change in deterministic reinvestment scenarios where applicable, the impact of changes to corporate spreads for less than, or more than, the amounts indicated are unlikely to be linear. (6) Includes all LICAT impacts, including realized and unrealized fair value changes in AFS fixed income assets. Under LICAT, spread movements are determined from a selection of investment grade bond indices with BBB and better bonds for each jurisdiction. For LICAT, we use the following indices: FTSE TMX Canada All Corporate Bond Index, Barclays USD Liquid Investment Grade Corporate Index, and Nomura-BPI (Japan). The LICAT ratio is not applicable before January 1, 2018. Alternative Long-Duration Asset Performance Risk Sensitivities and Exposure Measures The following table shows the potential impact on net income attributed to shareholders resulting from an immediate 10% change in market values of ALDA followed by a return to the expected level of growth assumed in the valuation of policy liabilities. If market values were to remain flat for an entire year, the potential impact would be roughly equivalent to an immediate decline in market values equal to the expected level of annual growth assumed in the valuation of policy liabilities. Further, if after market values dropped 10% they continued to decline, remained flat, or grew more slowly than assumed in the valuation of policy liabilities, the potential impact on net income attributed to shareholders could be considerably more than shown. Refer to “Sensitivity of Earnings to Changes in Assumptions” below, for more information on the level of growth assumed and on the net income sensitivity to changes in these long-term assumptions. ALDA includes commercial real estate, timber and farmland real estate, oil and gas direct holdings, and private equities, some of which relate to oil and gas. Potential impact on net income attributed to shareholders arising from changes in ALDA returns (1),(2),(3),(4),(5),(6) As at December 31, ($ millions) 2018 2017 -10% +10% -10% +10% Real estate, agriculture and timber assets $ (1,300 ) $ 1,200 $ (1,300 ) $ 1,300 Private equities and other ALDA (1,600 ) 1,600 (1,500 ) 1,400 Alternative long-duration assets $ (2,900 ) $ 2,800 $ (2,800 ) $ 2,700 (1) See “Caution Related to Sensitivities” above. (2) This impact is calculated as at a point-in-time (3) 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 ALDA returns. For some classes of ALDA, where there is not an appropriate long-term benchmark available, the return assumptions used in valuation are not permitted by the Standards of Practice and CIA guidance to result in a lower reserve than an assumption based on a historical return benchmark for public equities in the same jurisdiction. (4) Net income impact does not consider any impact of the market correction on assumed future return assumptions. (5) Please refer to “Sensitivity of Earnings to Changes in Assumptions” below, for more information on the level of growth assumed and on the net income sensitivity to changes in these long-term assumptions. (6) The impact of changes to the portfolio asset mix supporting our North American legacy business are reflected in the sensitivities when the changes take place. Foreign Exchange Risk Sensitivities and Exposure Measures We generally match the currency of our assets with the currency of the insurance and investment contract liabilities they support, with the objective of m

Nature of Operations and Sign_2

Nature of Operations and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Text block [abstract]
Reporting entity	(a) Reporting entity Manulife Financial Corporation (“MFC”) is a publicly traded company and the holding company of The Manufacturers Life Insurance Company (“MLI”), a Canadian life insurance company. MFC and 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 Canada and Asia and as John Hancock 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 should be read in conjunction with “Risk Management” in the 2018 Management’s Discussion and Analysis (“MD&A”) dealing with IFRS 7 “Financial Instruments: Disclosures” as the discussion on market risk and liquidity risk includes certain disclosures that are considered an integral part of these Consolidated Financial Statements. These Consolidated Financial Statements as at and for the year ended December 31, 2018 were authorized for issue by MFC’s Board of Directors on February 13, 2019.
Basis of preparation	(b) 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 revenue and expenses during the reporting periods. Actual results may differ from these estimates. The most significant estimation processes relate to assumptions used in measuring insurance and investment contract liabilities, assessing assets for impairment, determining of pension and other post-employment benefit obligation and expense assumptions, determining income taxes and uncertain tax positions and fair valuation 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 significant 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.
Fair value measurement	(c) 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, that 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 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 predominately external observable data. Judgment is applied in adjusting external observable data for items including liquidity and credit factors. The Company categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company’s valuation techniques. 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 securities 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, and foreign currency forward contracts. Level 3 – Fair value measurements using significant non-market
Basis of consolidation	MFC consolidates the financial statements of all entities, including certain structured entities that it controls. 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, 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 its share of variable returns. In assessing control, significant judgment is applied while considering all relevant facts and circumstances. When assessing decision-making power, the Company considers the extent of its rights relative to the management of an entity, the level of voting rights held in an entity which are potentially or presently exercisable, the existence of any contractual management agreements which may provide the Company with power over an entity’s financial and operating policies and to the extent of other parties’ ownership in an entity, if any, the possibility for de facto control being present. When assessing returns, the Company considers the significance of direct and indirect financial and non-financial 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 inception of the Company’s involvement with the entity and is reconsidered at a later date 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. The Company’s Consolidated Financial Statements have been prepared using uniform accounting policies for like transactions and events in similar circumstances. Intercompany balances, and income and expenses arising from intercompany transactions, have been eliminated in preparing the Consolidated Financial Statements. Non-controlling Non-controlling non-controlling The equity method of accounting is used to account for entities over which the Company has significant influence (“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 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 associate or joint venture. Investments in associates or joint ventures are included in other invested assets on the Company’s Consolidated Statements of Financial Position.
Invested assets	(e) Invested assets Invested assets that are considered financial instruments are classified as fair value through profit or loss (“FVTPL”), loans and receivables, or as available-for-sale non-derivative Valuation methods for the Company’s invested assets are described above. All fair value valuations are performed in accordance with IFRS 13 “Fair Value Measurement”. Disclosure of financial instruments carried at fair value with the three levels of the fair value hierarchy and the 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, inputs to the valuation and vendor controls reports. Cash and short-term securities comprise of cash, current operating accounts, overnight bank and term deposits, and fixed income securities held for meeting short-term cash commitments. Short-term securities are carried at fair value. Short-term securities are comprised of investments due to mature within one year of the date of purchase. Commercial paper and discount notes are classified as Level 2 because these securities 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. Debt securities are generally valued by independent pricing vendors using proprietary pricing models incorporating current market inputs for similar instruments with comparable terms and credit quality (matrix pricing). The significant inputs include, but are not limited to, yield curves, credit risks and spreads, measures of volatility and prepayment rates. These debt securities are classified as Level 2 but can be Level 3 if significant inputs are market unobservable. Realized gains and losses on sale of debt securities and unrealized gains and losses on debt securities designated as FVTPL are recognized in investment income immediately. Unrealized gains and losses on AFS debt securities are recorded in OCI, except for unrealized gains and losses on foreign currency translation which are included in income. Impairment losses on AFS debt securities are recognized in income on an individual security basis when there is objective evidence of impairment. Impairment is considered to have occurred, based on management’s judgment, when it is deemed probable that the Company will not be able to collect all amounts due according to the debt security’s contractual terms. Equities are comprised of common and preferred equities and are carried at fair value. Equities are generally classified as Level 1, as fair values are normally based on quoted market prices. Realized gains and losses on sale of equities and unrealized gains and losses on equities designated as FVTPL are recognized in investment income immediately. Unrealized gains and losses on AFS equities are recorded in OCI. Impairment losses on AFS equities are recognized in income on an individual security basis when there is objective evidence of impairment. Impairment is considered to have occurred when fair value has declined below cost by a significant amount or for a prolonged period of time. Judgment is applied in determining whether the decline is significant or prolonged. Mortgages are carried at amortized cost and are classified as Level 3 for fair value purposes due to the lack of market observability of certain significant valuation inputs. Realized gains and losses are recorded in investment income immediately. Impairment losses are recorded on mortgages when there is no longer reasonable assurance as to the timely collection of the full amount of principal and interest and are measured based on the discounted value of expected future cash flows at the original effective interest rates inherent in the mortgage. Expected future cash flows of impaired mortgages are typically determined with reference to the fair value of collateral security underlying the mortgage, net of expected costs of realization and any applicable insurance recoveries. Significant judgment is applied in the determination of impairment including the timing and amount of future collections. The Company accounts for insured and uninsured mortgage securitizations as secured financing transactions since the criteria for sale accounting 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 method. Private placements, which include corporate loans for which there is no active market, are carried at amortized cost and are generally classified as Level 2 for fair value disclosure purposes or as Level 3 if significant inputs are market unobservable. Realized gains and losses are recorded in income immediately. Impairment losses are recorded on private placements when there is no longer assurance as to the timely collection of the full amount of principal and interest. Impairment is measured based on the discounted value of expected future cash flows at the original effective interest rate inherent in the loan. Significant judgment is applied in the determination of impairment including the timing and amount of future collections. Policy loans are carried at an amount equal to their unpaid balances and are classified as Level 2 for fair value disclosure purposes. Policy loans are fully collateralized by the cash surrender value of the underlying policies. 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. A loan to a Bank client is considered impaired when there is objective evidence of impairment because of one or more loss events that have occurred after initial recognition, with a negative impact on the estimated future cash flows of the loan. Once established, allowances for impairment of mortgages, private placements and loans to Bank clients are reversed only if the conditions that caused the impairment no longer exist. Reversals of impairment charges on AFS debt securities are only recognized in income to the extent that increases in fair value can be attributed to events after the impairment loss being recorded. Impairment losses for AFS equity instruments are not reversed through income. On disposition of an impaired asset, any allowance for impairment is released. In addition to impairments and provisions for loan losses (recoveries) reported in investment income, the measurement of insurance contract liabilities, via investment return assumptions, includes expected future credit losses on fixed income investments. Refer to note 7(d). Interest income is recognized on debt securities, mortgages, private placements, policy loans and loans to Bank clients as it accrues and is calculated using the effective interest rate method. 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 mortgages and private placements measured at amortized cost. The Company records purchases and sales of invested assets on a trade date basis, except for loans originated by the Company, which 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. 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. Where own use property is included in assets backing insurance contract liabilities, the fair value of the property is used in the valuation of insurance contract liabilities. Own use property is classified as Level 3 for fair value disclosure purposes. 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 is determined using external appraisals that are based on the highest and best use of the property. The valuation techniques used include discounted cash flows, the direct capitalization method as well as comparable sales analysis and include both observable and unobservable 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 changes from own use to investment property, any gain arising on the remeasurement of the property to fair value at the date of transfer is recognized in OCI, to the extent that it is not reversing a previous impairment loss. Reversals of impairment losses are recognized in income. Other invested assets include private equity and property investments held in power and infrastructure and timber, as well as in agriculture and oil and gas sectors. Private equity investments are accounted for as associates using the equity method (as described in note 1(d) above) or are classified as FVTPL or AFS and carried at fair value. Investments in oil and gas exploration and evaluation activities are measured on the cost basis using the “successful efforts” method. Timber and agriculture properties are measured at fair value with changes in fair value recognized in income, except for buildings, equipment and bearer plants which are measured at amortized cost. 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. 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 lease receivable and related non-recourse
Goodwill and intangible assets	(f) Goodwill and intangible assets Goodwill represents the difference between the 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 groups of CGUs for impairment testing based on the lowest level within the entity in which the goodwill is monitored for internal management purposes. The allocation is made to those CGUs or groups 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 of a CGU or group of CGUs to its carrying value. 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 excess on a pro-rata The recoverable amount of a CGU is the higher of the estimated fair value less costs to sell or the value-in-use value-in-use, pre-tax Intangible assets with indefinite useful lives include the John Hancock brand name and certain investment management contracts. The indefinite useful life assessment for brand is based on the brand name being protected in markets where branded products are sold by trademarks, which are renewable indefinitely, and for certain investment management contracts due to 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. 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 there is an indication that it is not recoverable. Intangible assets with finite useful lives include acquired distribution networks, customer relationships, capitalized software, 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 straight-line or in relation to other asset consumption metrics. Software intangible assets are amortized on a straight-line basis over their estimated useful lives of three to five years. Finite life intangible assets are assessed for indicators of impairment at each reporting period. If any indication of impairment exists, these assets are subject to an impairment test.
Miscellaneous assets	(g) Miscellaneous assets Miscellaneous assets include assets held in a rabbi trust with respect to unfunded defined benefit obligations, defined benefit assets, if any (refer to note 1(o)), deferred acquisition costs and capital assets. Deferred acquisition costs are carried at cost less accumulated amortization. These costs are recognized over the period where redemption fees may be charged or over the period revenue is earned. 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	(h) Segregated funds The Company manages several segregated funds on behalf of policyholders. The investment returns on these funds are passed directly to policyholders. In some cases, the Company has provided guarantees associated with these funds. Segregated funds net assets are measured at fair value and primarily 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. 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 belong 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. Accordingly, investment income earned by segregated funds and expenses incurred by segregated funds are offset and are not separately presented in the Consolidated Statements of Income. Fee income earned by the Company for managing the segregated funds is included in other revenue. Liabilities related to guarantees associated with certain segregated funds, as a result of certain variable life and annuity contracts, are recorded within the Company’s insurance contract liabilities. The Company holds assets supporting these guarantees which are recognized in invested assets according to their investment type.
Insurance and investment contract liabilities	(i) Insurance and investment contract liabilities Most contracts issued by the Company are considered insurance, investment or service contracts. Contracts under which the Company accepts significant insurance risk from a policyholder are classified as insurance contracts in the Consolidated Financial Statements. A contract is considered to have significant insurance risk if, and only if, an insured event could cause an insurer to make significant additional payments in any scenario, excluding scenarios that lack commercial substance at the inception of the contract. 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 IAS 39 “ ” Once a contract has been classified as an insurance contract it remains an insurance contract even if the insurance risk reduces significantly. Investment contracts can be reclassified as insurance contracts if insurance risk subsequently becomes significant. Insurance contract liabilities, net of reinsurance assets, represent the amount which, together with estimated future premiums and net investment income, will be sufficient to pay estimated future benefits, policyholder dividends and refunds, taxes (other than income taxes) and expenses on policies in-force. 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 fair value by election. The election reduces accounting mismatches between assets supporting these contracts and the related policy liabilities. Investment contract liabilities are derecognized when the contract expires, is discharged or is cancelled. Derivatives embedded within insurance contracts are separated if they are not considered to be closely related to the host insurance contract and do not meet the definition of an insurance contract. These embedded derivatives are presented separately in other assets or other liabilities and are measured at fair value with changes in fair value recognized in income.
Reinsurance assets	(j) Reinsurance assets The Company uses reinsurance in the normal course of business to manage its risk exposure. Insurance ceded to a reinsurer does not relieve the Company from its obligations to policyholders. The Company remains liable to its policyholders for the portion reinsured to the extent that any reinsurer does not meet its obligations for reinsurance ceded to it under a reinsurance agreement. Reinsurance assets represent the benefit derived from reinsurance agreements in-force Gains or losses on reinsurance transactions are recognized in income immediately on the transaction date and are not amortized. Premiums ceded and claims reimbursed are presented on a gross basis on the Consolidated Statements of Income. Reinsurance assets are not offset against the related insurance contract liabilities and are presented separately on the Consolidated Statements of Financial Position. Refer to note 7(a).
Other financial instruments accounted for as liabilities	(k) 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, subscription receipts 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	(l) Income taxes The 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 payable or recoverable 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 liabilities and assets 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 provisions 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 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 asset 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	(m) Foreign currency translation Items included in the financial statements of each of the Company’s subsidiaries are measured by each subsidiary using the currency of the primary economic environment in which the entity operates (the “functional currency”). 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. These foreign exchange gains and losses are recognized in OCI until such time that the foreign operation is disposed of or control or significant influence over it is lost.
Stock-based compensation	(n) Stock-based compensation The Company provides stock-based compensation to certain employees and directors as described in note 15. Compensation expense of equity instruments 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 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 liability. Stock-based compensation cost is recognized over the applicable vesting period, except if the employee is eligible to retire at the time of grant or will be eligible to retire during the vesting period. Compensation cost, 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, is 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 15(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.
Employee future benefits	(o) 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) 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 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 fair value of plan assets is deducted from the defined benefit obligations. 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 re-measurement The cost of defined benefit pension plans is recognized over the employee’s years of service to retirement while the cost of retiree welfare plans is recognized over the employee’s 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	(p) 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 permissible 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 standalone derivative and the host instrument itself is not recorded at FVTPL. Derivatives are recorded at fair value. Derivatives with unrealized gains are reported as derivative assets and derivatives 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. Refer to note 3(c). 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 hedging relationship will be highly effective in achieving offsetting changes in fair value or changes in cash flows attributable to the risk being hedged. The assessment of hedge effectiveness is performed at the end of each reporting period both prospectively and retrospectively. When it is determined that a hedging relationship is no longer effective, or the hedging instrument or the hedged item has been sold or terminated, 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 recognized 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 investment income, offsetting changes in fair value of the hedged items, which would otherwise not be carried at fair value. Hedge ineffectiveness is recognized in investment income 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 investment income over the remaining term of the hedged item unless the hedged item is sold, at which time the balance is recognized immediately in investment income. 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 investment income. Gains and losses in accumulated other comprehensive income (AOCI) are recognized in income during the same periods as the variability in the hedged cash flows or the hedged forecasted transactions are recognized in income. The reclassifications from AOCI are made to investment income, except for total return swaps that hedge restricted share units, which are reclassified to general expenses. Gains and losses on cash flow hedges in AOCI are reclassified immediately to investment income when the hedged item is sold or the forecasted transaction is no longer expected to occur. When a hedge is discontinued, but the hedged forecasted transaction remains highly probable to occur, the amounts in AOCI are reclassified to investment income 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 operations 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 operations are recognized in income.
Premium income and related expenses	(q) Premium income and related expenses Gross premiums for all types of insurance contracts, and contracts with limited mortality or morbidity risk, are generally recognized as revenue when due. Premiums are reported gross of reinsurance ceded (refer to note 7).
Revenue from service contracts	(r) 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 14.
Changes in accounting policy	(a) Changes in accounting policy (I) IFRS 15 “Revenue from Contracts with Customers” Effective January 1, 2018, the Company adopted IFRS 15 “Revenue from Contracts with Customers” which was issued In May 2014, and replaces IAS 11 “Construction Contracts,” IAS 18 “Revenue” and several interpretations. Amendments to IFRS 15 were issued in April 2016. IFRS 15 clarifies revenue recognition principles, provides a robust framework for recognizing revenue and cash flows arising from contracts with customers and enhances qualitative and quantitative disclosure requirements. IFRS 15 does not apply to insurance contracts, financial instruments and lease contracts. The Company adopted IFRS 15 using the modified retrospective method with no restatement of comparative information. The Company’s service arrangements are generally satisfied over time, with revenue measured and collected from customers within a short term, as services are rendered. Adoption of IFRS 15 did not have a significant impact or result in transitional adjustments on the Company’s Consolidated Financial Statements. (II) IFRS 9 “Financial Instruments” and Amendments to IFRS 4 “Insurance Contracts” Effective January 1, 2018, the Company adopted the amendments to IFRS 4 “Insurance Contracts” issued in September 2016. IFRS 9 “Financial Instruments” replaced IAS 39 “Financial Instruments: Recognition and Measurement” and resulted in revisions to classification and measurement, impairment of financial assets, and hedge accounting. To address concerns about differing effective dates of IFRS 9 “Financial Instruments” which is effective on January 1, 2018 and IFRS 17 “Insurance Contracts” which is effective on January 1, 2021, amendments to IFRS 4 “Insurance Contracts” provides companies whose activities are predominantly related to insurance an optional temporary exemption from applying IFRS 9 until January 1, 2021. Adoption of these amendments enabled the Company to defer the adoption of IFRS 9 and continue to apply IAS 39 until January 1, 2021. In November 2018, the IASB tentatively decided to defer the fixed expiry date for the temporary exemption in IFRS 4 from applying IFRS 9 by one year for companies whose activities are predominantly related to insurance. MFC’s activities are predominantly related to insurance. The proposed deferral is subject to IASB public consultation in 2019 which is expected to result in an exposure draft followed by a public comment period. The Company will continue to monitor IASB’s future developments related to the deferral. In order to compare with entities applying IFRS 9, the amendments to IFRS 4 require deferring entities to disclose additional information regarding the contractual cashflows characteristics and credit exposure of their financial statements. Deferring entities must disclose which financial assets have contractual terms that are solely payments of principal and interest on principal outstanding (“SPPI”). Adoption of these disclosure requirements did not have a significant impact on the Company’s Consolidated Financial Statements. Refer to note 3(a). (III) Amendments to IFRS 2 “Share-Based Payment” Effective January 1, 2018, the Company adopted amendments to IFRS 2 “Share-Based Payment”, issued in June 2016. These amendments were applied prospectively. The amendments clarify the effects of vesting and non-vesting (IV) IFRIC 22 “Foreign Currency Transactions and Advance Consideration” Effective January 1, 2018, the Company adopted IFRIC 22 “Foreign Currency Transactions and Advance Consideration”, issued in December 2016. IFRIC 22 was applied prospectively. IFRIC 22 addresses which foreign exchange rate to use to measure a foreign currency transaction when advance payments are made or received and non-monetary non-monetary (V) Annual improvements to IFRS Standards 2014-2016 Cycle Effective January 1, 2018, the Company adopted amendments issued within the Annual Improvements to IFRS Standards 2014-2016 Cycle, as issued by the IASB in December 2016. Minor amendments as part of this cycle were effective in 2017 and were adopted by the Company in that year, with remaining amendments being effective January 1, 2018. The amendments were applied retrospectively. Adoption of these amendments did not have a significant impact on the Company’s Consolidated Financial Statements.
Future accounting and reporting changes	(b) Future accounting and reporting changes (I) IFRS 9 “Financial Instruments” IFRS 9 “Financial Instruments” was issued in November 2009 and amended in October 2010, November 2013 and July 2014, and is effective for years beginning on or after January 1, 2018, to be applied retrospectively, or on a modified retrospective basis. Additionally, the IASB issued amendments in October 2017 that are effective for annual periods beginning on or after January 1, 2019. The standard is intended to replace IAS 39 “Financial Instruments: Recognition and Measurement”. The project has been divided into three phases: classification and measurement, impairment of financial assets, and hedge accounting. IFRS 9’s current classification and measurement methodology provides that financial assets are measured at either amortized cost or fair value on the basis of the entity’s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. The classification and measurement for financial liabilities remains generally unchanged; however, for a financial liability designated as at fair value through profit or loss, revisions have been made in the accounting for changes in fair value attributable to changes in the credit risk of that liability. Gains or losses caused by changes in an entity’s own credit risk on such liabilities are no longer recognized in profit or loss but instead are reflected in OCI. Revisions to hedge accounting were issued in November 2013 as part of the overall IFRS 9 project. The amendment introduces a new hedge accounting model, together with corresponding disclosures about risk management activity for those applying hedge accounting. The new model represents a substantial overhaul of hedge accounting that will enable entities to better reflect their risk management activities in their financial statements. Revisions issued in July 2014 replace the existing incurred loss model used for measuring the allowance for credit losses with an expected loss model. Changes were also made to the existing classification and measurement model designed primarily to address specific application issues raised by early adopters of the standard. They also address the income statement accounting mismatches and short-term volatility issues which have been identified as a result of the insurance contracts project. The Company elected to defer IFRS 9 until January 1, 2021 as allowed under the amendments to IFRS 4 “Insurance Contracts” outlined above. The Company is assessing the impact of this standard. (II) IFRS 16 “Leases” IFRS 16 “Leases” was issued in January 2016 and is effective for years beginning on or after January 1, 2019. It will replace IAS 17 “Leases” and IFRIC 4 “Determining whether an arrangement contains a lease”. The Company will adopt IFRS 16 effective January 1, 2019, on a modified retrospective basis with no restatement of comparative information. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract. The standard brings most leases on-balance on-balance right-of-use Adoption of IFRS 16 is not expected to have a significant impact on the Company’s Consolidated Financial Statements. (III) IFRS Interpretation Committee (“IFRIC”) Interpretation 23 “Uncertainty over Income Tax Treatments” IFRIC 23 “Uncertainty over Income Tax Treatments” was issued in June 2017 and is effective for years beginning on or after January 1, 2019, to be applied retrospectively. IFRIC 23 provides guidance on applying the recognition and measurement requirements in IAS 12 when there is uncertainty over income tax treatments including whether uncertain tax treatments should be considered together or separately based on which approach better predicts resolution of the uncertainty. Adoption of IFRIC 23 is not expected to have a significant impact on the Company’s Consolidated Financial Statements. (IV) Amendments to IAS 28 “Investments in Associates and Joint Ventures” Amendments to IAS 28 “Investments in Associates and Joint Ventures” were issued in October 2017 and are effective for annual periods beginning on or after January 1, 2019, to be applied retrospectively. The amendments clarify that an entity applies IFRS 9 “Financial Instruments” to financial interests in an associate or joint venture to which the equity method is not applied. IAS 39 will be applied to these interests until IFRS 9 is adopted. Adoption of these amendments is not expected to have a significant impact on the Company’s Consolidated Financial Statements. (V) Annual Improvements 2015–2017 Cycle Annual Improvements 2015 – 2017 Cycle was issued in December 2017 and is effective for years beginning on or after January 1, 2019. The IASB issued three minor amendments to different standards as part of the Annual Improvements process, with the amendments to be applied prospectively. Adoption of these amendments is not expected to have significant impact on the Company’s Consolidated Financial Statements. (VI) Amendments to IAS 19 “Employee Benefits” Amendments to IAS 19 “Employee Benefits” were issued in February 2018 and are effective for annual periods beginning on or after January 1, 2019, with earlier application permitted. The amendments address the accounting for a plan amendment, curtailment or settlement that occurs within a reporting period. Updated actuarial assumptions must be used to determine current service cost and net interest for the remainder of the reporting period after such an event. The amendments also address how the accounting for asset ceilings are affected by such an event. Adoption of these amendments is not expected to have a significant impact on the Company’s Consolidated Financial Statements. (VII) Amendments to IFRS 3 “Business Combinations” Amendments to IFRS 3 “Business Combinations” were issued in October 2018 and are effective for business combinations occurring on or after January 1, 2020, with earlier application permitted. The amendments revise the definition of a business and provide a simplified assessment of whether an acquired set of activities and assets qualifies as a business. Application of the amendments are expected to result in fewer acquisitions qualifying as business combinations. Adoption of these amendments is not expected to have a significant impact on the Company’s Consolidated Financial Statements. (VIII) Amendments to IAS 1 “Presentation of Financial Statements” and IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” Amendments to IAS 1 “Presentation of Financial Statements” and IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” were issued in October 2018. The amendments are effective for annual periods beginning on or after January 1, 2020 and are to be applied prospectively. The amendments update the definition of material. Adoption of these amendments is not expected to have a significant impact on the Company’s Consolidated Financial Statements. (IX) IFRS 17 “Insurance Contracts” IFRS 17 was issued in May 2017 and is effective for years beginning on January 1, 2021, to be applied retrospectively. If full retrospective application to a group of contracts is impractical, the modified retrospective or fair value methods may be used. The standard will replace IFRS 4 “Insurance Contracts” and will materially change the recognition and measurement of insurance contracts and the corresponding presentation and disclosures in the Company’s Financial Statements. In November 2018, the IASB tentatively decided to defer the effective date of IFRS 17 by one year. The proposed deferral is subject to IASB public consultation in 2019 which is expected to result in an exposure draft followed by a public comment period. The Company will continue to monitor IASB’s future developments related to IFRS 17. IFRS 17 requires entities to measure insurance contract liabilities on the balance sheet as the total of (a) the fulfillment cash flows – the current estimates of amounts that the Company expects to collect from premiums and pay out for claims, benefits and expenses, including an adjustment for the timing and risk for those amounts; and (b) the contractual service margin – the future profit for providing insurance coverage. The principles underlying IFRS 17 differ from the CALM as permitted by IFRS 4. While there are many differences, the following outlines two of the key differences: ∎ Under IFRS 17 the discount rate used to estimate the present value of insurance liabilities is based on the characteristics of the liability, whereas under CALM, the Company uses the rates of returns for current and projected assets supporting policy liabilities to value the liabilities. The difference in the discount rate approach also impacts the timing of investment-related experience earnings emergence. Under CALM, investment-related experience includes investment experience and the impact of investing activities. The impact of investing activities is directly related to the CALM methodology. Under IFRS 17 the impact of investing activities will emerge over the life of the new asset. ∎ Under IFRS 17 new business gains are recorded on the Consolidated Statements of Financial Position and amortized into income as services are provided. Under CALM new business gains (and losses) are recognized in income immediately. The Company is assessing the implications of this standard and expects that it will have a significant impact on the Company’s Consolidated Financial Statements. In addition, in certain jurisdictions, including Canada, it could have a material effect on tax and regulatory capital positions and other financial metrics that are dependent upon IFRS accounting values.
Market Risk Management Strategy	Market Risk Management Strategy Market risk management strategy is governed by the Global Asset Liability Committee which oversees the overall market and liquidity risk program. Our overall strategy to manage our market risks incorporates several component strategies, each targeted to manage one or more of the market risks arising from our businesses. At an enterprise level, these strategies are designed to manage our aggregate exposures to market risks against limits associated with earnings and capital volatility. The following table outlines our key market risks and identifies the risk management strategies which contribute to managing these risks. Risk Management Strategy Key Market Risk Publicly Interest Rate Alternative Long-Duration Foreign Liquidity Risk Product design and pricing ✓ ✓ ✓ ✓ ✓ Variable annuity guarantee dynamic hedging ✓ ✓ ✓ ✓ Macro equity risk hedging ✓ ✓ ✓ Asset liability management ✓ ✓ ✓ ✓ ✓ Foreign exchange management ✓ ✓ Liquidity risk management ✓
Product Design and Pricing Strategy	Product Design and Pricing Strategy Our policies, standards, and standards of practice with respect to product design and pricing are designed with the objective of aligning our product offerings with our risk taking philosophy and risk appetite, and in particular, that incremental risk generated from new sales aligns with our strategic risk objectives and risk limits. The specific design features of our product offerings, including level of benefit guarantees, policyholder options, fund offerings and availability restrictions as well as our associated investment strategies, help to mitigate the level of underlying risk. We regularly review and modify key features within our product offerings, including premiums and fee charges with a goal of meeting profit targets and staying within risk limits. Certain of our 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 re-set pre-established in-force
Hedging Strategies for Variable Annuity and Other Equity Risks	Hedging Strategies for Variable Annuity and Other Equity Risks The Company’s exposure to movement in public equity market values primarily arises from variable annuity guarantees and to a smaller extent from asset-based fees and general fund public equity holdings. 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. We seek to manage public equity risk arising from other sources (not dynamically hedged) through our macro equity risk hedging strategy. We seek to manage interest rate risk arising from variable annuity business not dynamically hedged within our asset liability management strategy.
Variable Annuity Dynamic Hedging Strategy	Variable Annuity Dynamic Hedging Strategy The variable annuity dynamic hedging strategy is designed to hedge the sensitivity of variable annuity guarantee policy liabilities and available capital 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 our hedge asset portfolio. The economic value of guarantees moves in close tandem, but not exactly, with our variable annuity guarantee policy liabilities, as it reflects best estimate liabilities and does not include any liability provisions for adverse deviations. Our current variable annuity guarantee dynamic hedging approach is to short exchange-traded equity index and government bond futures and execute currency futures and lengthening interest rate swaps to hedge sensitivity of policy liabilities to fund performance and interest rate movements arising from variable annuity guarantees. We dynamically rebalance these hedge instruments as market conditions change, in order to maintain the hedged position within established limits. Other derivative instruments (such as equity and interest rate options) are also utilized and we may consider the use of additional hedge instruments opportunistically in the future. Our variable annuity guarantee dynamic hedging strategy is not designed to completely offset the sensitivity of policy 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; ∎ Provisions for adverse deviation in the policy liabilities are not 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. The impact is magnified when these impacts occur concurrently; and ∎ Not all other risks are hedged.
Macro Equity Risk Hedging Strategy	Macro Equity Risk Hedging Strategy The objective of the macro equity risk hedging program is to maintain our overall earnings sensitivity to public equity market movements within our 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: ∎ Residual equity and currency exposure from variable annuity guarantees not dynamically hedged; ∎ General fund equity holdings backing non-participating ∎ Unhedged provisions for adverse deviation related to variable annuity guarantees dynamically hedged.
Asset Liability Management Strategy	Asset Liability Management Strategy Our asset liability management strategy is designed to help ensure that the market risks embedded in our 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 exchange rate movements. General fund product liabilities are categorized into groups with similar characteristics in order to support them with a specific asset strategy. We seek to align the asset strategy for each group to the premium and benefit pattern, policyholder options and guarantees, and crediting rate strategies of the products they support. Similar strategies are established for assets in the Company’s surplus account. 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 Exchange Risk Management Strategy	Foreign Exchange Risk Management Strategy Our policy is to generally match the currency of our assets with the currency of the liabilities they support. Where assets and liabilities are not currency matched, we seek to hedge this exposure where appropriate to stabilize our capital positions and remain within our enterprise foreign exchange risk limits through the use of financial instruments such as derivatives.
Liquidity Risk Management Strategy	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 reflect legal, regulatory, tax, operational or economic impediments to inter-entity funding. The asset mix of our 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 our liquidity ratios to remain strong. We manage liquidity centrally and closely monitor the liquidity positions of our principal subsidiaries. We seek to mitigate liquidity risk by diversifying our business across different products, markets, geographical regions and policyholders. We design insurance products to encourage policyholders to maintain their policies in-force, We also maintain centralized cash pools and access to other sources of liquidity and contingent liquidity such as repurchase funding agreements. Our centralized cash pool consists of cash or near-cash, high quality short-term investments that are continually monitored for their credit quality and market liquidity. We have established a variety of contingent liquidity sources. We maintain a $500 million committed unsecured revolving credit facility with certain Canadian chartered banks available for MFC, and a US$500 million committed unsecured revolving credit facility with certain U.S. banks available for MFC and certain of its subsidiaries. There were no outstanding borrowings under these credit facilities as of December 31, 2018. In addition, John Hancock (“JH”) USA 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 collaterizable by qualifying mortgage loans, mortgage-backed securities and U.S. Treasury and Agency securities. Based on regulatory limitations, as of December 31, 2018, JHUSA had an estimated maximum borrowing capacity of US$3.8 billion under the FHLBI facility, with no amounts outstanding. The following table outlines the maturity of the Company’s significant financial liabilities. Maturity of financial liabilities (1) As at December 31, 2018 ($ millions) Less than 1 to 3 3 to 5 Over 5 Total Long-term debt $ – $ 681 $ – $ 4,088 $ 4,769 Capital instruments – – – 8,732 8,732 Derivatives 359 229 227 6,988 7,803 Deposits from Bank clients (2) 15,351 2,147 2,185 1 19,684 Lease obligations 129 203 93 150 575 (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, 2018 was $19,684 million and $19,731 million, respectively (2017 – $18,131 million and $18,149 million, 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 (2017 – 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 $427.9 billion as at December 31, 2018 (2017 – $396.8 billion). Liquidity Risk Exposure Measures We manage liquidity levels of the consolidated group and key subsidiaries against established thresholds. We measure liquidity under both immediate (within one month) and ongoing (within one year) stress scenarios. Our policy is to maintain the ratio of assets to liabilities, both adjusted for their liquidity values, above the pre-established Increased use of derivatives for hedging purposes has necessitated greater emphasis on measurement and management of contingent liquidity risk related to these instruments, in particular the movement of “over-the-counter”
Market Risk Sensitivities and Market Risk Exposure Measures	Market Risk Sensitivities and Market Risk Exposure Measures Variable Annuity and Segregated Fund Guarantees Sensitivities and Risk Exposure Measures Guarantees on variable annuity products and segregated funds may include one or more of death, maturity, income and withdrawal guarantees. Variable annuity and segregated fund guarantees are contingent and only payable upon the occurrence of the relevant event, if fund values at that time are below guaranteed values. Depending on future equity market levels, liabilities on current in-force We seek to mitigate a portion of the risks embedded in our retained (i.e. net of reinsurance) variable annuity and segregated fund guarantee business through the combination of our dynamic and macro hedging strategies (see “Publicly Traded Equity Performance Risk” below). The table below shows selected information regarding the Company’s variable annuity and segregated fund investment-related guarantees gross and net of reinsurance. Variable annuity and segregated fund guarantees, net of reinsurance As at December 31, ($ millions) 2018 2017 Guarantee Fund value Amount at (4),(5) Guarantee Fund value Amount (4),(5) Guaranteed minimum income benefit (1) $ 5,264 $ 3,675 $ 1,593 $ 5,201 $ 4,195 $ 1,074 Guaranteed minimum withdrawal benefit 60,494 49,214 11,388 61,767 56,512 5,943 Guaranteed minimum accumulation benefit 18,611 18,720 141 18,162 18,705 11 Gross living benefits (2) 84,369 71,609 13,122 85,130 79,412 7,028 Gross death benefits (3) 10,663 14,654 1,567 10,743 16,973 1,001 Total gross of reinsurance 95,032 86,263 14,689 95,873 96,385 8,029 Living benefits reinsured 4,515 3,173 1,343 4,522 3,667 911 Death benefits reinsured 2,353 2,070 493 3,014 3,040 435 Total reinsured 6,868 5,243 1,836 7,536 6,707 1,346 Total, net of reinsurance $ 88,164 $ 81,020 $ 12,853 $ 88,337 $ 89,678 $ 6,683 (1) Contracts with guaranteed long-term care benefits are included in this category. (2) 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 3. (3) 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. (4) Amount at risk (in-the-money (5) The amount at risk net of reinsurance at December 31, 2018 was $12,853 million (2017 – $6,683 million) of which: US$6,899 million (2017 – US$3,982 million) was on our U.S. business, $2,654 million (2017 – $1,342 million) was on our Canadian business, US$332 million (2017 – US$95 million) was on our Japan business and US$246 million (2017 – US$181 million) was related to Asia (other than Japan) and our run-off
Investment categories for variable contracts with guarantees	Investment categories for variable contracts with guarantees Variable contracts with guarantees, including variable annuities and variable life, are invested, at the policyholder’s discretion subject to contract limitations, in various fund types within the segregated fund accounts and other investments. The account balances by investment category are set out below. As at December 31, ($ millions) Investment category 2018 2017 Equity funds $ 43,528 $ 47,508 Balanced funds 41,625 47,369 Bond funds 12,309 13,095 Money market funds 2,107 1,905 Other fixed interest rate investments 1,997 1,777 Total $ 101,566 $ 111,654
Caution Related to Sensitivities	Caution Related to Sensitivities In the sections that follow, we provide 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 and the actuarial factors, investment activity and investment returns assumed in the determination of policy liabilities. 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 actuarial and investment return and future investment activity assumptions; actual experience differing from the assumptions, changes in business mix, effective tax rates and other market factors; and the general limitations of our 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, we cannot provide assurance that the actual impact on net income attributed to shareholders or on MLI’s LICAT total ratio will be as indicated.
Interest Rate and Spread Risk Sensitivities and Exposure Measures	Interest Rate and Spread Risk Sensitivities and Exposure Measures At December 31, 2018, we estimated the sensitivity of our net income attributed to shareholders to a 50 basis point parallel decline in interest rates to be a charge of $100 million, and to a 50 basis point increase in interest rates to be a benefit of $100 million. The table below shows the potential impact on net income attributed to shareholders from a 50 basis point parallel move in interest rates. This includes a change of 50 basis points 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, and with a floor of zero on government rates where government rates are not currently negative, relative to the rates assumed in the valuation of policy liabilities, including embedded derivatives. For variable annuity guarantee liabilities that are dynamically hedged, it is assumed that interest rate hedges are rebalanced at 20 basis point intervals. As the sensitivity to a 50 basis point change in interest rates includes any associated change in the applicable reinvestment scenarios, the impact of changes to interest rates for less than, or more than 50 basis points is unlikely to be linear. Furthermore, our sensitivities are not consistent across all regions in which we operate, and the impact of yield curve changes will vary depending upon the geography where the change occurs. Reinvestment assumptions used in the valuation of policy liabilities tend to amplify the negative effects of a decrease in interest rates and dampen the positive effects of interest rate increases. This is because the reinvestment assumptions used in the valuation of our insurance liabilities are based on interest rate scenarios and calibration criteria set by the Canadian Actuarial Standards Board, while our interest rate hedges are valued using current market interest rates. Therefore, in any particular quarter, changes to the reinvestment assumptions are not fully aligned to changes in current market interest rates especially when there is a significant change in the shape of the interest rate curve. As a result, the impact from non-parallel The potential impact on net income attributed to shareholders does not take into account any future potential changes to our URR assumptions or calibration criteria for stochastic risk-free rates or other potential impacts of lower interest rate levels, for example, increased strain on the sale of new business or lower interest earned on our surplus assets. The impact also does not reflect any unrealized gains or losses on AFS fixed income assets held in our Corporate and Other segment. Changes in the market value of these assets may provide a natural economic offset to the interest rate risk arising from our product liabilities. In order for there to also be an accounting offset, the Company would need to realize a portion of the AFS fixed income asset unrealized gains or losses. It is not certain we would crystallize any of the unrealized gains or losses available. The impact does not reflect any potential effect of changing interest rates to the value of our ALDA assets. Rising interest rates could negatively impact the value of our ALDA assets (see “Critical Accounting and Actuarial Policies – Fair Value of Invested Assets”, below). More information on ALDA can be found under the section “Alternative Long-Duration Asset Performance Risk Sensitivities and Exposure Measures”, below. Under LICAT, changes in unrealized gains or losses in our AFS bond portfolio resulting from interest rate shocks tend to dominate capital sensitivities. As a result, the reduction in interest rates improves LICAT total ratios and vice-versa. The following table shows the potential impact on net income attributed to shareholders including the change in the market value of AFS fixed income assets held in our Corporate and Other segment, which could be realized through the sale of these assets. Potential impact on net income attributed to shareholders and MLI’s LICAT total ratio of an immediate parallel change in interest rates relative to rates assumed in the valuation of policy liabilities (1),(2),(3),(4) 2018 2017 As at December 31, -50bp +50bp -50bp +50bp Net income attributed to shareholders ($ millions) Excluding change in market value of AFS fixed income assets held in the Corporate and Other segment $ (100 ) $ 100 $ (200 ) $ 100 From fair value changes in AFS fixed income assets held in the Corporate and Other segment, if realized 1,600 (1,500 ) 1,100 (1,000 ) MLI’s LICAT total ratio (Percentage points) LICAT total ratio change in percentage points (5) 3 (3 ) n/a n/a (1) See “Caution Related to Sensitivities” above. In addition, estimates exclude changes to the net actuarial gains/losses with respect to the Company’s pension obligations as a result of changes in interest rates, as the impact on the quoted sensitivities is not considered to be material. (2) 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. (3) The amount of gain or loss that can be realized on AFS fixed income assets held in the Corporate and Other segment will depend on the aggregate amount of unrealized gain or loss. (4) Sensitivities are based on projected asset and liability cash flows and the impact of realizing fair value changes in AFS fixed income is based on the holdings at the end of the period. (5) Includes all LICAT impacts, including realized and unrealized fair value changes in AFS fixed income assets. The LICAT ratio is not applicable before January 1, 2018. The $100 million decrease in sensitivity to a 50 basis point decline in interest rates from December 31, 2017 was primarily due to purchases of fixed income assets from sales of ALDA (due to reducing the allocation to ALDA in our portfolio asset mix) in the U.S., which reduced the reinvestment exposure to interest rates. The following tables show the potential impact on net income attributed to shareholders resulting from a change in corporate spreads and swap spreads over government bond rates for all maturities across all markets with a floor of zero on the total interest rate, relative to the spreads assumed in the valuation of policy liabilities. Potential impact on net income attributed to shareholders and MLI’s LICAT total ratio arising from changes to corporate spreads and swap spreads (1),(2),(3) Corporate spreads (4),(5) 2018 2017 As at December 31, -50bp +50bp -50bp +50bp Net income attributed to shareholders ($ millions) $ (600 ) $ 600 $ (1,000 ) $ 1,000 MLI’s LICAT total ratio (change percentage points) (6) (6 ) 6 n/a n/a Swap spreads 2018 2017 As at December 31, -20bp +20bp -20bp +20bp Net income attributed to shareholders ($ millions) $ 100 $ (100 ) $ 400 $ (400 ) MLI’s LICAT total ratio (change percentage points) (6) nil nil n/a n/a (1) See “Caution Related to Sensitivities” above. (2) The impact on net income attributed to shareholders assumes no gains or losses are realized on our AFS fixed income assets held in the Corporate and Other segment and excludes the impact of changes in segregated fund bond values due to changes in credit spreads. 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 corporate and swap spreads. (3) Sensitivities are based on projected asset and liability cash flows. (4) Corporate spreads are assumed to grade to the long-term average over five years. (5) As the sensitivity to a 50 basis point decline in corporate spreads includes the impact of a change in deterministic reinvestment scenarios where applicable, the impact of changes to corporate spreads for less than, or more than, the amounts indicated are unlikely to be linear. (6) Includes all LICAT impacts, including realized and unrealized fair value changes in AFS fixed income assets. Under LICAT, spread movements are determined from a selection of investment grade bond indices with BBB and better bonds for each jurisdiction. For LICAT, we use the following indices: FTSE TMX Canada All Corporate Bond Index, Barclays USD Liquid Investment Grade Corporate Index, and Nomura-BPI (Japan). The LICAT ratio is not applicable before January 1, 2018.
Alternative Long-Duration Asset Performance Risk Sensitivities and Exposure Measures	Alternative Long-Duration Asset Performance Risk Sensitivities and Exposure Measures The following table shows the potential impact on net income attributed to shareholders resulting from an immediate 10% change in market values of ALDA followed by a return to the expected level of growth assumed in the valuation of policy liabilities. If market values were to remain flat for an entire year, the potential impact would be roughly equivalent to an immediate decline in market values equal to the expected level of annual growth assumed in the valuation of policy liabilities. Further, if after market values dropped 10% they continued to decline, remained flat, or grew more slowly than assumed in the valuation of policy liabilities, the potential impact on net income attributed to shareholders could be considerably more than shown. Refer to “Sensitivity of Earnings to Changes in Assumptions” below, for more information on the level of growth assumed and on the net income sensitivity to changes in these long-term assumptions. ALDA includes commercial real estate, timber and farmland real estate, oil and gas direct holdings, and private equities, some of which relate to oil and gas.

Invested Assets and Investmen_2

Invested Assets and Investment Income (Tables)	12 Months Ended
	Dec. 31, 2018
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Schedule of Carrying Values and Fair Values of Invested Assets	(a) Carrying values and fair values of invested assets As at December 31, 2018 FVTPL (1) AFS (2) Other (3) Total carrying (4) Total fair (5) Cash and short-term securities (6) $ 1,080 $ 10,163 $ 4,972 $ 16,215 $ 16,215 Debt securities (7) Canadian government and agency 16,445 7,342 – 23,787 23,787 U.S. government and agency 11,934 13,990 – 25,924 25,924 Other government and agency 16,159 4,101 – 20,260 20,260 Corporate 107,425 5,245 – 112,670 112,670 Mortgage/asset-backed securities 2,774 179 – 2,953 2,953 Public equities 16,721 2,458 – 19,179 19,179 Mortgages – – 48,363 48,363 48,628 Private placements – – 35,754 35,754 36,103 Policy loans – – 6,446 6,446 6,446 Loans to Bank clients – – 1,793 1,793 1,797 Real estate Own use property (8) – – 2,016 2,016 3,179 Investment property – – 10,761 10,761 10,761 Other invested assets Alternative long-duration assets (9),(10) 14,720 101 8,617 23,438 24,211 Various other (11) 151 – 3,954 4,105 4,104 Total invested assets $ 187,409 $ 43,579 $ 122,676 $ 353,664 $ 356,217 As at December 31, 2017 FVTPL (1) AFS (2) Other (3) Total carrying Total fair (5) Cash and short-term securities (6) $ 439 $ 11,429 $ 4,097 $ 15,965 $ 15,965 Debt securities (7) Canadian government and agency 17,886 4,892 – 22,778 22,778 U.S. government and agency 12,497 13,472 – 25,969 25,969 Other government and agency 16,838 2,988 – 19,826 19,826 Corporate 96,785 5,366 – 102,151 102,151 Mortgage/asset-backed securities 3,018 258 – 3,276 3,276 Public equities 18,473 3,072 – 21,545 21,545 Mortgages – – 44,742 44,742 46,065 Private placements – – 32,132 32,132 34,581 Policy loans – – 5,808 5,808 5,808 Loans to Bank clients – – 1,737 1,737 1,742 Real estate Own use property (8) – – 1,281 1,281 2,448 Investment property – – 12,529 12,529 12,529 Other invested assets Alternative long-duration assets (9),(10) 12,018 88 8,624 20,730 21,053 Various other (11) 142 – 3,611 3,753 3,752 Total invested assets $ 178,096 $ 41,565 $ 114,561 $ 334,222 $ 339,488 (1) FVTPL classification was elected for securities backing insurance contract liabilities to substantially reduce any accounting mismatch arising from changes in the fair value of these assets and changes in the value of the related insurance contract liabilities. If this election had not been made and instead the AFS classification was selected, there would be an accounting mismatch because changes in insurance contract liabilities are recognized in net income rather than in OCI. (2) Securities that are designated as AFS are not actively traded by the Company but sales do occur as circumstances warrant. Such sales result in a reclassification of any accumulated unrealized gain (loss) in AOCI to net income as a realized gain (loss). (3) Primarily includes assets classified as loans and carried at amortized cost, own use properties, investment properties, equity method accounted investments, oil and gas investments, and leveraged leases. Refer to note 1(e) for further details regarding accounting policy. (4) Fixed income invested assets presented above include debt securities, mortgages, private placements and approximately $600 other invested assets, which primarily have contractual cash flows that qualify as SPPI. Fixed income invested assets which do not have SPPI qualifying cash flows as at December 31, 2018 include debt securities, private placements and other invested assets with fair values of $105, $230 and $465, respectively. The change in the fair value of these invested assets during the year amounts to $21. (5) The methodologies used in determining fair values of invested assets are described in note 1(c) and note 3(g). (6) Includes short-term securities with maturities of less than one year at acquisition amounting to $2,530 (2017 – $2,737), cash equivalents with maturities of less than 90 days at acquisition amounting to $8,713 (2017 – $9,131) and cash of $4,972 (2017 – $4,097). (7) Debt securities include securities which were acquired with maturities of less than one year and less than 90 days of $870 and $40, respectively (2017 – $1,768 and $161, respectively). (8) Includes accumulated depreciation of $391 (2017 – $389). (9) Alternative long-duration assets (“ALDA”) include investments in private equity of $6,769, power and infrastructure of $7,970, oil and gas of $3,416, timber and agriculture of $4,493 and various other invested assets of $791 (2017 – $4,959, $7,355, $2,813, $5,033 and $570, respectively). Included in power and infrastructure are a group of investments in hydro-electric power of $426 for which the Company has an approved plan of sale. Sale of these investments is expected to be completed within one year. This disposal group is classified as held for sale and measured at the lower of carrying amount and fair value less costs to sell. (10) During 2018, the Company sold the following invested assets to related parties: $1,422 of power and infrastructure ALDA to the John Hancock Infrastructure Master Fund L.P. in the U.S. an associate of the Company which is a structured entity based on partnership voting rights, the Company provides management services to the fund and owns less than 1% of the ownership interest; $510 (2017 – $395) of U.S. commercial real estate to the Manulife US Real Estate Investment Trust in Singapore, an associate of the Company which is a structured entity based on unitholder voting rights, the Company provides management services to the trust and owns approximately 8.5% (2017 – 9.5%) of its units; and $1,314 of U.S. commercial real estate to three newly established joint ventures which are structured entities based on voting rights. During 2017, $619 of U.S. commercial real estate was sold to the Hancock US Real Estate Fund, L.P., an associate of the Company which is a structured entity based on partnership voting rights. The Company provides management services to the fund and owns approximately 11.7% of its partnership interests. (11) Includes $3,575 (2017 – $3,273) of leveraged leases. Refer to note 1(e) regarding accounting policy.
Schedule of Other Invested Assets Include Investments in Associates and Joint Ventures Accounted Using Equity Method	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. 2018 2017 As at December 31, Carrying % of total Carrying % of total Leveraged leases $ 3,575 51 $ 3,273 56 Timber and agriculture 599 9 451 8 Real estate 725 11 498 9 Other 1,959 29 1,535 27 Total $ 6,858 100 $ 5,757 100
Schedule of Investment Income	(c) Investment income For the year ended December 31, 2018 FVTPL AFS Other (1) Total Cash and short-term securities Interest income $ 18 $ 250 $ – $ 268 Gains (losses) (2) (74 ) 62 – (12 ) Debt securities Interest income 5,432 646 – 6,078 Gains (losses) (2) (5,993 ) (310 ) – (6,303 ) Recovery (impairment loss), net 18 – – 18 Public equities Dividend income 484 72 – 556 Gains (losses) (2) (1,596 ) 330 – (1,266 ) Impairment loss – (43 ) – (43 ) Mortgages Interest income – – 1,824 1,824 Gains (losses) (2) – – 56 56 Provision, net – – (8 ) (8 ) Private placements Interest income – – 1,729 1,729 Gains (losses) (2) – – (83 ) (83 ) Impairment loss, net – – (10 ) (10 ) Policy loans – – 371 371 Loans to Bank clients Interest income – – 81 81 Provision, net – – (1 ) (1 ) Real estate Rental income, net of depreciation (3) – – 515 515 Gains (losses) (2) – – 445 445 Impairment loss – – – – Derivatives Interest income, net 689 – (33 ) 656 Gains (losses) (2) (2,251 ) – 27 (2,224 ) Other invested assets Interest income – – 74 74 Oil and gas, timber, agriculture and other income – – 1,758 1,758 Gains (losses) (2) 283 – (110 ) 173 Impairment loss, net (2 ) (4 ) (114 ) (120 ) Total investment income $ (2,992 ) $ 1,003 $ 6,521 $ 4,532 Investment income Interest income $ 6,139 $ 896 $ 4,046 $ 11,081 Dividend, rental and other income 484 72 2,273 2,829 Impairments, provisions and recoveries, net 16 (47 ) (133 ) (164 ) Other (271 ) 58 27 (186 ) 6,368 979 6,213 13,560 Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on macro equity hedges Debt securities (6,012 ) 18 – (5,994 ) Public equities (1,454 ) 10 – (1,444 ) Mortgages – – 55 55 Private placements – – (83 ) (83 ) Real estate – – 449 449 Other invested assets 357 (4 ) (140 ) 213 Derivatives, including macro equity hedging program (2,251 ) – 27 (2,224 ) (9,360 ) 24 308 (9,028 ) Total investment income $ (2,992 ) $ 1,003 $ 6,521 $ 4,532 For the year ended December 31, 2017 FVTPL AFS Other (1) Total Cash and short-term securities Interest income $ 7 $ 153 $ – $ 160 Gains (losses) (2) 22 (47 ) – (25 ) Debt securities Interest income 5,102 577 – 5,679 Gains (losses) (2) 3,690 (205 ) – 3,485 Recovery (impairment loss), net 16 (1 ) – 15 Public equities Dividend income 524 79 – 603 Gains (losses) (2) 2,372 226 – 2,598 Impairment loss – (14 ) – (14 ) Mortgages Interest income – – 1,685 1,685 Gains (losses) (2) – – 69 69 Provision, net – – (32 ) (32 ) Private placements Interest income – – 1,553 1,553 Gains (losses) (2) – – 43 43 Impairment loss, net – – 10 10 Policy loans – – 365 365 Loans to Bank clients Interest income – – 68 68 Real estate Rental income, net of depreciation (3) – – 517 517 Gains (losses) (2) – – 341 341 Impairment loss – – (4 ) (4 ) Derivatives Interest income, net 809 – 84 893 Gains (losses) (2) (1,029 ) – 84 (945 ) Other invested assets Interest income – – 174 174 Oil and gas, timber, agriculture and other income – – 1,690 1,690 Gains (losses) (2) 441 (7 ) 50 484 Impairment loss, net – – (45 ) (45 ) Total investment income $ 11,954 $ 761 $ 6,652 $ 19,367 Investment income Interest income $ 5,918 $ 730 $ 3,929 $ 10,577 Dividend, rental and other income 524 79 2,207 2,810 Impairments, provisions and recoveries, net 16 (15 ) (71 ) (70 ) Other 460 (51 ) (77 ) 332 6,918 743 5,988 13,649 Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on macro equity hedges Debt securities 3,694 (8 ) – 3,686 Public equities 2,200 35 – 2,235 Mortgages – – 69 69 Private placements – – 40 40 Real estate – – 350 350 Other invested assets 329 (9 ) 121 441 Derivatives, including macro equity hedging program (1,187 ) – 84 (1,103 ) 5,036 18 664 5,718 Total investment income $ 11,954 $ 761 $ 6,652 $ 19,367 (1) Primarily includes investment income on loans carried at amortized cost, own use properties, investment properties, derivative and hedging instruments in cash flow hedging relationships, equity method accounted investments, oil and gas investments, and leveraged leases. (2) Includes net realized and unrealized gains (losses) for financial instruments at FVTPL, real estate investment properties, and other invested assets measured at fair value. Also includes net realized gains (losses) for financial instruments at AFS and other invested assets carried at amortized cost. (3) Rental income from investment properties is net of direct operating expenses.
Summary of Total Investment Expenses	The following table presents the Company’s total investment expenses. For the years ended December 31, 2018 2017 Related to invested assets $ 638 $ 625 Related to segregated, mutual and other funds 1,070 1,048 Total investment expenses $ 1,708 $ 1,673
Summary of Rental Income and Direct Operating Expenses of Investment Properties	The following table presents the rental income and direct operating expenses of investment properties. For the years ended December 31, 2018 2017 Rental income from investment properties $ 1,013 $ 1,120 Direct operating expenses of rental investment properties (582 ) (694 ) Total $ 431 $ 426
Summary of Securitized Assets and Secured Borrowing Liabilities	Securitized assets and secured borrowing liabilities As at December 31, 2018 Securitized assets Securitization program Securitized Restricted cash and Total Secured borrowing (2) HELOC securitization (1) $ 2,285 $ 8 $ 2,293 $ 2,250 CMB securitization 1,525 – 1,525 1,524 Total $ 3,810 $ 8 $ 3,818 $ 3,774 As at December 31, 2017 Securitized assets Securitization program Securitized Restricted cash and Total Secured borrowing (2) HELOC securitization (1) $ 2,024 $ 8 $ 2,032 $ 2,000 CMB securitization 1,480 – 1,480 1,523 Total $ 3,504 $ 8 $ 3,512 $ 3,523 (1) Manulife Bank, a MFC subsidiary, securitizes a portion of its HELOC receivables through Platinum Canadian Mortgage Trust (“PCMT”), and Platinum Canadian Mortgage Trust II (“PCMT II”). PCMT funds the purchase of the co-ownership co-ownership (2) Secured borrowing liabilities primarily comprise of Series 2011-1 2016-1
Summary of Invested Assets and Segregated Funds Net Assets, Measured at Fair Value	The following table presents the fair values of invested assets and segregated funds net assets measured at fair value categorized by the fair value hierarchy. As at December 31, 2018 Total fair Level 1 Level 2 Level 3 Cash and short-term securities FVTPL $ 1,080 $ – $ 1,080 $ – AFS 10,163 – 10,163 – Other 4,972 4,972 – – Debt securities FVTPL Canadian government and agency 16,445 – 16,445 – U.S. government and agency 11,934 – 11,934 – Other government and agency 16,159 – 15,979 180 Corporate 107,425 – 106,641 784 Residential mortgage/asset-backed securities 13 – 6 7 Commercial mortgage/asset-backed securities 1,344 – 1,344 – Other securitized assets 1,417 – 1,417 – AFS Canadian government and agency 7,342 – 7,342 – U.S. government and agency 13,990 – 13,990 – Other government and agency 4,101 – 4,064 37 Corporate 5,245 – 5,125 120 Residential mortgage/asset-backed securities 2 – – 2 Commercial mortgage/asset-backed securities 128 – 128 – Other securitized assets 49 – 49 – Public equities FVTPL 16,721 16,718 – 3 AFS 2,458 2,456 2 – Real estate – investment property ( 1) 10,761 – – 10,761 Other invested assets (2) 17,562 – – 17,562 Segregated funds net assets (3) 313,209 276,178 32,584 4,447 Total $ 562,520 $ 300,324 $ 228,293 $ 33,903 As at December 31, 2017 Total fair Level 1 Level 2 Level 3 Cash and short-term securities FVTPL $ 439 $ – $ 439 $ – AFS 11,429 – 11,429 – Other 4,097 4,097 – – Debt securities FVTPL Canadian government and agency 17,886 – 17,886 – U.S. government and agency 12,497 – 12,497 – Other government and agency 16,838 – 16,599 239 Corporate 96,785 2 96,073 710 Residential mortgage/asset-backed securities 8 – 7 1 Commercial mortgage/asset-backed securities 1,099 – 1,099 – Other securitized assets 1,911 – 1,886 25 AFS Canadian government and agency 4,892 – 4,892 – U.S. government and agency 13,472 – 13,472 – Other government and agency 2,988 – 2,941 47 Corporate 5,366 – 5,278 88 Residential mortgage/asset-backed securities 37 – 37 – Commercial mortgage/asset-backed securities 138 – 138 – Other securitized assets 83 – 82 1 Public equities FVTPL 18,473 18,470 – 3 AFS 3,072 3,069 3 – Real estate – investment property (1) 12,529 – – 12,529 Other invested assets (2) 16,203 – – 16,203 Segregated funds net assets ( 3) 324,307 286,490 33,562 4,255 Total $ 564,549 $ 312,128 $ 218,320 $ 34,101 (1) For investment properties, the significant unobservable inputs are capitalization rates (ranging from 2.75% to 8.75% during the year and ranging from 3.50% to 9.00% during 2017) and terminal capitalization rates (ranging from 3.65% to 9.25% during the year and ranging from 4.0% to 9.25% during 2017). 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 unobservable inputs generally cannot be extrapolated because the relationship between the directional changes of each input is not usually linear. (2) Other invested assets measured at fair value are held primarily in power and infrastructure and timber sectors. The significant inputs used in the valuation of the Company’s power and 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 a power and infrastructure investment, while an increase in the discount rate would have the opposite effect. Discount rates during the year ranged from 8.95% to 16.5% (2017 – ranged from 9.20% to 16.5%). 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 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 ranged from 5.0% to 7.0% (2017 – ranged from 5.0% to 7.5%). 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. (3) Segregated funds net assets are measured at fair value. The Company’s Level 3 segregated funds assets are predominantly invested in investment properties and timberland properties valued as described above.
Summary of Fair Values and the Fair Value Hierarchy	Fair value and the fair value hierarchy of invested assets not measured at fair value. As at December 31, 2018 Carrying Fair value Level 1 Level 2 Level 3 Mortgages (1) $ 48,363 $ 48,628 $ – $ – $ 48,628 Private placements (2) 35,754 36,103 – 30,325 5,778 Policy loans (3) 6,446 6,446 – 6,446 – Loans to Bank clients (4) 1,793 1,797 – 1,797 – Real estate – own use property (5) 2,016 3,179 – – 3,179 Other invested assets (6) 9,981 10,753 121 – 10,632 Total invested assets disclosed at fair value $ 104,353 $ 106,906 $ 121 $ 38,568 $ 68,217 As at December 31, 2017 Carrying Fair value Level 1 Level 2 Level 3 Mortgages (1) $ 44,742 $ 46,065 $ – $ – $ 46,065 Private placements (2) 32,132 34,581 – 28,514 6,067 Policy loans (3) 5,808 5,808 – 5,808 – Loans to Bank clients (4) 1,737 1,742 – 1,742 – Real estate – own use property (5) 1,281 2,448 – – 2,448 Other invested assets (6) 8,280 8,602 88 – 8,514 Total invested assets disclosed at fair value $ 93,980 $ 99,246 $ 88 $ 36,064 $ 63,094 (1) Fair value of commercial mortgages is determined through an internal valuation methodology using both observable and unobservable inputs. Unobservable 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 private placements is determined through an internal valuation methodology using both observable and unobservable inputs. Unobservable inputs include credit assumptions and liquidity spread adjustments. Private placements are classified within Level 2 unless the liquidity adjustment constitutes a significant price impact, in which case the securities are classified as Level 3. (3) Fair value of policy loans is equal to their unpaid principal balances. (4) 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. (5) 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. (6) Primarily include leveraged leases, oil and gas properties and equity method accounted other invested assets. Fair value of leveraged leases is disclosed at their carrying values as fair value is not routinely calculated on these investments. Fair value for oil and gas properties is determined using external appraisals based on discounted cash flow methodology. Inputs used in valuation are primarily comprised of forecasted price curves, planned production, as well as capital expenditures, and operating costs. Fair value of equity method accounted 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 Unobservable Inputs (Level 3)	The following tables present a roll forward for invested assets and segregated funds net assets measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31, 2018 and 2017. For the year ended Balance, Net (1) Net (2) Purchases Sales Settlements Transfer into Level 3 (3) Transfer out of Level 3 (3) Currency Balance, Change in Debt securities FVTPL Other government & agency $ 239 $ (2 ) $ – $ 27 $ (85 ) $ (14 ) $ – $ – $ 15 $ 180 $ (3 ) Corporate 710 3 – 190 (61 ) (18 ) – (93 ) 53 784 (10 ) Residential mortgage/asset-backed securities 1 6 – – – – – – – 7 6 Other securitized assets 25 – – 31 – – – (56 ) – – – 975 7 – 248 (146 ) (32 ) – (149 ) 68 971 (7 ) AFS Other government & agency 47 – – 6 (15 ) (4 ) – – 3 37 – Corporate 88 – – 49 (12 ) (4 ) – (7 ) 6 120 – Residential mortgage/asset-backed securities – – 1 – – – – – 1 2 – Other securitized assets 1 – – – – – – (1 ) – – – 136 – 1 55 (27 ) (8 ) – (8 ) 10 159 – Public equities FVTPL 3 – – – – – – – – 3 – 3 – – – – – – – – 3 – Real estate – investment property 12,529 291 – 615 (2,578 ) – – (706 ) 610 10,761 244 Other invested assets 16,203 (1,168 ) 1 3,926 (1,636 ) (841 ) – (35 ) 1,112 17,562 (434 ) 28,732 (877 ) 1 4,541 (4,214 ) (841 ) – (741 ) 1,722 28,323 (190 ) Segregated funds net assets 4,255 226 – 155 (367 ) 1 3 (17 ) 191 4,447 161 Total $ 34,101 $ (644 ) $ 2 $ 4,999 $ (4,754 ) $ (880 ) $ 3 $ (915 ) $ 1,991 $ 33,903 $ (36 ) For the year ended December 31, 2017 Balance, Net (1) Net (2) Purchases Sales Settlements Transfer into Level 3 (3) Transfer out of Level 3 (3) Currency Balance, Change in Debt securities FVTPL Other government & agency $ 272 $ (3 ) $ – $ 26 $ (58 ) $ (6 ) $ – $ – $ 8 $ 239 $ (3 ) Corporate 651 19 – 105 (34 ) (29 ) 24 (21 ) (5 ) 710 10 Residential mortgage/asset-backed securities 2 – – – – – – – (1 ) 1 (1 ) Commercial mortgage/asset-backed securities 6 – – – (5 ) (1 ) – – – – – Other securitized assets 35 (1 ) – – – (7 ) – – (2 ) 25 (1 ) 966 15 – 131 (97 ) (43 ) 24 (21 ) – 975 5 AFS Other government & agency 51 (1 ) (2 ) 14 (15 ) (2 ) 1 – 1 47 – Corporate 74 – 4 22 (10 ) (4 ) – – 2 88 – Residential mortgage/asset-backed securities 1 – (1 ) – – – – – – – – Commercial mortgage/asset-backed securities 2 – – – (1 ) (1 ) – – – – – Other securitized assets 2 – – – – (1 ) – – – 1 – 130 (1 ) 1 36 (26 ) (8 ) 1 – 3 136 – Public equities FVTPL 7 – – – (4 ) – – – – 3 – 7 – – – (4 ) – – – – 3 – Real estate – investment property 12,756 301 – 1,257 (1,267 ) – – – (518 ) 12,529 264 Other invested assets 14,849 395 – 3,022 (435 ) (837 ) – – (791 ) 16,203 244 27,605 696 – 4,279 (1,702 ) (837 ) – – (1,309 ) 28,732 508 Segregated funds net assets 4,574 60 – 261 (248 ) (54 ) – (184 ) (154 ) 4,255 45 Total $ 33,282 $ 770 $ 1 $ 4,707 $ (2,077 ) $ (942 ) $ 25 $ (205 ) $ (1,460 ) $ 34,101 $ 558 (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 changes in segregated funds net assets, refer to note 22. (2) These amounts are included in AOCI on the Consolidated Statements of Financial Position. (3) For assets transferred into and out of Level 3, the Company uses fair values of the assets at the beginning of the year.

Derivative and Hedging Instru_2

Derivative and Hedging Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Text block [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, 2018 2017 Notional Fair value Notional Fair value Type of hedge Instrument type Assets Liabilities Assets Liabilities Qualifying hedge accounting relationships Fair value hedges Interest rate swaps $ 519 $ – $ 13 $ 548 $ – $ 20 Foreign currency swaps 91 5 – 84 1 4 Cash flow hedges Foreign currency swaps 1,834 80 367 1,757 20 333 Forward contracts 80 – 9 165 – 4 Equity contracts 101 – 12 125 16 1 Net investment hedges Foreign currency forwards 1,864 21 65 – – – Total derivatives in qualifying hedge accounting relationships 4,489 106 466 2,679 37 362 Derivatives not designated in qualifying hedge accounting relationships Interest rate swaps 300,704 11,204 5,675 246,270 12,984 6,251 Interest rate futures 14,297 – – 11,551 – – Interest rate options 11,736 314 – 10,093 312 – Foreign currency swaps 23,156 747 1,341 16,321 494 1,122 Currency rate futures 4,052 – – 3,157 – – Forward contracts 29,248 670 158 20,341 915 65 Equity contracts 15,492 653 163 13,597 813 22 Credit default swaps 652 9 – 606 14 – Equity futures 10,908 – – 12,158 – – Total derivatives not designated in qualifying hedge accounting relationships 410,245 13,597 7,337 334,094 15,532 7,460 Total derivatives $ 414,734 $ 13,703 $ 7,803 $ 336,773 $ 15,569 $ 7,822
Summary of Gross Notional Amount by Remaining Term to Maturity, Total Fair Values (Including Accrued Interest), Credit Risk Equivalent and Risk Weighted Amount by Contract Type	The following table presents fair values of derivative instruments by the remaining term to maturity. The fair values disclosed below do not incorporate the impact of master netting agreements. Refer to note 9. Remaining term to maturity As at December 31, 2018 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total Derivative assets $ 649 $ 671 $ 795 $ 11,588 $ 13,703 Derivative liabilities 359 229 227 6,988 7,803 Remaining term to maturity As at December 31, 2017 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total Derivative assets $ 605 $ 822 $ 889 $ 13,253 $ 15,569 Derivative liabilities 224 149 168 7,281 7,822 The following table presents gross notional amount by the remaining term to maturity, total fair value (including accrued interest), credit risk equivalent and risk-weighted amount by contract type. Remaining term to maturity (notional amounts) Fair value As at December 31, 2018 Under 1 year 1 to 5 years Over 5 years Total Positive Negative Net Credit risk equivalent (1) Risk- weighted amount (2) Interest rate contracts OTC swap contracts $ 3,495 $ 22,568 $ 121,817 $ 147,880 $ 11,750 $ (6,477 ) $ 5,273 $ 5,301 $ 787 Cleared swap contracts 5,723 16,140 131,480 153,343 95 (96 ) (1 ) – – Forward contracts 10,258 14,300 648 25,206 637 (126 ) 511 259 37 Futures 14,297 – – 14,297 – – – – – Options purchased 1,166 4,981 5,589 11,736 317 – 317 376 58 Subtotal 34,939 57,989 259,534 352,462 12,799 (6,699 ) 6,100 5,936 882 Foreign exchange Swap contracts 1,024 6,281 17,776 25,081 807 (1,736 ) (929 ) 2,309 256 Forward contracts 5,926 60 – 5,986 54 (106 ) (52 ) 108 13 Futures 4,052 – – 4,052 – – – – – Credit derivatives 143 509 – 652 10 – 10 – – Equity contracts Swap contracts 2,728 142 – 2,870 29 (57 ) (28 ) 303 38 Futures 10,908 – – 10,908 – – – – – Options purchased 6,142 6,581 – 12,723 621 (118 ) 503 2,277 316 Subtotal including accrued interest 65,862 71,562 277,310 414,734 14,320 (8,716 ) 5,604 10,933 1,505 Less accrued interest – – – – 617 (913 ) (296 ) – – Total $ 65,862 $ 71,562 $ 277,310 $ 414,734 $ 13,703 $ (7,803 ) $ 5,900 $ 10,933 $ 1,505 Remaining term to maturity (notional amounts) Fair value As at December 31, 2017 Under 1 year 1 to 5 years Over 5 years Total Positive Negative Net Credit risk equivalent (1) Risk- weighted amount (2) Interest rate contracts OTC swap contracts $ 7,161 $ 19,141 $ 112,412 $ 138,714 $ 13,379 $ (6,867 ) $ 6,512 $ 6,588 $ 809 Cleared swap contracts 1,615 12,928 93,561 108,104 245 (206 ) 39 – – Forward contracts 6,036 10,614 675 17,325 903 (38 ) 865 285 35 Futures 11,551 – – 11,551 – – – – – Options purchased 816 3,856 5,421 10,093 312 – 312 471 61 Subtotal 27,179 46,539 212,069 285,787 14,839 (7,111 ) 7,728 7,344 905 Foreign exchange Swap contracts 999 4,481 12,682 18,162 510 (1,483 ) (973 ) 1,874 200 Forward contracts 3,046 135 – 3,181 12 (31 ) (19 ) 101 12 Futures 3,157 – – 3,157 – – – – – Credit derivatives 38 568 – 606 14 – 14 – – Equity contracts Swap contracts 2,612 169 – 2,781 60 (14 ) 46 337 35 Futures 12,158 – – 12,158 – – – – – Options purchased 4,693 6,148 100 10,941 769 (10 ) 759 2,606 305 Subtotal including accrued interest 53,882 58,040 224,851 336,773 16,204 (8,649 ) 7,555 12,262 1,457 Less accrued interest – – – – 635 (827 ) (192 ) – – Total $ 53,882 $ 58,040 $ 224,851 $ 336,773 $ 15,569 $ (7,822 ) $ 7,747 $ 12,262 $ 1,457 (1) Credit risk equivalent is the sum of replacement cost and the potential future credit exposure. 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 OSFI. (2) Risk-weighted amount represents the credit risk equivalent, weighted according to the creditworthiness of the counterparty, as prescribed by OSFI.
Summary of Fair Value and the Fair Value Hierarchy of Derivative Instruments	Fair value and the fair value hierarchy of derivative instruments As at December 31, 2018 Fair value Level 1 Level 2 Level 3 Derivative assets Interest rate contracts $ 12,155 $ – $ 11,537 $ 618 Foreign exchange contracts 886 – 876 10 Equity contracts 653 – 621 32 Credit default swaps 9 – 9 – Total derivative assets $ 13,703 $ – $ 13,043 $ 660 Derivative liabilities Interest rate contracts $ 5,815 $ – $ 5,318 $ 497 Foreign exchange contracts 1,814 – 1,813 1 Equity contracts 174 – 118 56 Total derivative liabilities $ 7,803 $ – $ 7,249 $ 554 As at December 31, 2017 Fair value Level 1 Level 2 Level 3 Derivative assets Interest rate contracts $ 14,199 $ – $ 13,181 $ 1,018 Foreign exchange contracts 527 – 527 – Equity contracts 829 – 768 61 Credit default swaps 14 – 14 – Total derivative assets $ 15,569 $ – $ 14,490 $ 1,079 Derivative liabilities Interest rate contracts $ 6,309 $ – $ 6,012 $ 297 Foreign exchange contracts 1,490 – 1,490 – Equity contracts 23 – 10 13 Total derivative liabilities $ 7,822 $ – $ 7,512 $ 310
Net Derivative Significant Unobservable Inputs Used in Fair Value Measurement	The following table presents a roll forward for net derivative contracts measured at fair value using significant unobservable inputs (Level 3). For the years ended December 31, 2018 2017 Balance at the beginning of the year $ 769 $ 163 Net realized / unrealized gains (losses) included in: Net income (1) (666 ) 1,082 OCI (2) (48 ) (9 ) Purchases 12 22 Settlements 18 (103 ) Transfers Into Level 3 (3) 9 – Out of Level 3 (3) (13 ) (363 ) Currency movement 25 (23 ) Balance at the end of the year $ 106 $ 769 Change in unrealized gains (losses) on instruments still held $ (460 ) $ 832 (1) These amounts are included in investment income on the Consolidated Statements of Income. (2) These amounts are included in AOCI on the Consolidated Statements of Financial Position. (3) For derivatives transferred into and out of Level 3, the Company uses the fair value of the items at the end and beginning of the period, respectively. Transfers into Level 3 occur when the inputs used to price the assets and liabilities lack observable market data (versus the previous year). Transfers out of Level 3 occur when the inputs used to price the assets and liabilities become available from observable market data.
Summary of Recognized Gains Losses on Derivatives and Hedged Items in Fair Value Hedges in Investment Income	The Company recognizes gains and losses on derivatives and the related hedged items in fair value hedges in investment income. These investment gains (losses) are shown in the following table. For the year ended December 31, 2018 Hedged items in qualifying fair value hedging relationships Gains (losses) Gains (losses) Ineffectiveness Interest rate swaps Fixed rate assets $ 1 $ (1 ) $ – Fixed rate liabilities 3 (3 ) – Foreign currency swaps Fixed rate assets 7 (5 ) 2 Total $ 11 $ (9 ) $ 2 For the year ended December 31, 2017 Hedged items in qualifying fair value hedging relationships Gains (losses) Gains (losses) Ineffectiveness Interest rate swaps Fixed rate assets $ 2 $ (3 ) $ (1) Fixed rate liabilities (17 ) 17 – Foreign currency swaps Fixed rate assets (2 ) 4 2 Total $ (17 ) $ 18 $ 1
Summary of Effects of Derivatives in Cash Flow Hedging Relationships	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 table. For the year ended December 31, 2018 Hedged items in qualifying cash flow hedging relationships Gains (losses) Gains (losses) Ineffectiveness Interest rate swaps Forecasted liabilities $ – $ (20 ) $ – Foreign currency swaps Fixed rate assets – (1 ) – Floating rate liabilities (36 ) (62 ) – Fixed rate liabilities 60 62 – Forward contracts Forecasted expenses (8 ) (2 ) – Equity contracts Stock-based compensation (21 ) 27 – Total $ (5 ) $ 4 $ – For the year ended December 31, 2017 Hedged items in qualifying cash flow hedging relationships Gains (losses) Gains (losses) Ineffectiveness Interest rate swaps Forecasted liabilities $ – $ (17 ) $ – Foreign currency swaps Fixed rate assets 3 (1 ) – Floating rate liabilities 95 50 – Fixed rate liabilities 35 7 – Forward contracts Forecasted expenses 10 (10 ) – Equity contracts Stock-based compensation 20 29 – Total $ 163 $ 58 $ –
Summary of Effects of Net Investment Hedging Relationships	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 table. For the year ended December 31, 2018 Gains (losses) Gains (losses) Ineffectiveness Non-functional $ (469 ) $ – $ – Foreign currency forward 9 – – Total $ (460 ) $ – $ – For the year ended December 31, 2017 Gains (losses) Gains (losses) Ineffectiveness Non-functional $ 355 $ – $ – Total $ 355 $ – $ –
Summary of Investment Income on Derivatives Not Designated in Qualifying Hedge Accounting Relationships	Investment income on derivatives not designated in qualifying hedge accounting relationships For the years ended December 31, 2018 2017 Interest rate swaps $ (1,894 ) $ (927 ) Interest rate futures (298 ) 372 Interest rate options (52 ) (96 ) Foreign currency swaps (122 ) 529 Currency rate futures 3 (92 ) Forward contracts (355 ) 1,231 Equity futures 742 (2,190 ) Equity contracts (276 ) 153 Credit default swaps (6 ) (4 ) Total $ (2,258) $ (1,024 )

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Text block [abstract]
Components of Income Tax Expense (Recovery) Recognized	Income tax expenses (recovery) recognized in the Consolidated Statements of Income For the years ended December 31, 2018 2017 Current tax Current year $ (327 ) $ 608 Adjustments to prior year 29 (38 ) (298 ) 570 Deferred tax Change related to temporary differences 1,250 (803 ) Impact of U.S. Tax Reform (320 ) 472 Income tax expense $ 632 $ 239 Income tax expenses (recovery) recognized in Other Comprehensive Income For the years ended December 31, 2018 2017 Current income tax expense (recovery) $ 2 $ 116 Deferred income tax expense (recovery) (148 ) 320 Income tax expense (recovery) $ (146 ) $ 436 Income tax expenses (recovery) recognized directly in Equity For the years ended December 31, 2018 2017 Current income tax expense (recovery) $ 6 $ – Deferred income tax expense (recovery) (7 ) (2 ) Income tax expense (recovery) $ (1 ) $ (2 )
Summary of Reconciliation of Income Tax Expense	The effective income tax rate reflected in the Consolidated Statements of Income varies from the Canadian tax rate of 26.75 per cent for the year ended December 31, 2018 (2017 – 26.75 per cent) due to the following reasons. Reconciliation of income tax expense For the years ended December 31, 2018 2017 Income before income taxes $ 5,519 $ 2,501 Income tax expense at Canadian statutory tax rate $ 1,476 $ 669 Increase (decrease) in income taxes due to: Tax-exempt (200 ) (242 ) Differences in tax rate on income not subject to tax in Canada (391 ) (551 ) Adjustments to taxes related to prior years (71 ) (182 ) Impact of U.S. Tax Reform (320 ) 472 Other differences 138 73 Income tax expense $ 632 $ 239
Summary of Deferred Tax Assets and Liabilities	The following table presents the Company’s deferred tax assets and liabilities. As at December 31, 2018 2017 Deferred tax assets $ 4,318 $ 4,569 Deferred tax liabilities (1,814 ) (1,281 ) Net deferred tax assets (liabilities) $ 2,504 $ 3,288
Components of Deferred Tax Assets and Liabilties	The following table presents significant components of the Company’s deferred tax assets and liabilities. As at December 31, 2018 Balance, Recognized Recognized in Recognized Translation Balance, Loss carry forwards $ 596 $ 387 $ – $ 7 $ 29 $ 1,019 Actuarial liabilities 7,878 (2,697 ) – 3 282 5,466 Pensions and post-employment benefits 208 27 7 – – 242 Tax credits 454 (224 ) – – 31 261 Accrued interest 1 – – – – 1 Real estate (1,062 ) 150 (1 ) – (46 ) (959 ) Securities and other investments (3,807 ) 1,234 136 1 (253 ) (2,689 ) Sale of investments (105 ) 18 – – – (87 ) Goodwill and intangible assets (825 ) 18 – – (40 ) (847 ) Other (50 ) 157 6 (4 ) (12 ) 97 Total $ 3,288 $ (930 ) $ 148 $ 7 $ (9) $ 2,504 As at December 31, 2017 Balance, Recognized Recognized in Recognized Translation Balance, Loss carry forwards $ 942 $ (311 ) $ – $ 3 $ (38 ) $ 596 Actuarial liabilities 9,366 (1,053 ) (17 ) – (418 ) 7,878 Pensions and post-employment benefits 352 (87 ) (54 ) – (3 ) 208 Tax credits 875 (369 ) – – (52 ) 454 Accrued interest 17 (12 ) – (3 ) (1 ) 1 Real estate (1,396 ) 284 (9 ) – 59 (1,062 ) Securities and other investments (6,064 ) 2,172 (239 ) – 324 (3,807 ) Sale of investments (163 ) 58 – – – (105 ) Goodwill and intangible assets (1,059 ) 197 – – 37 (825 ) Other 210 (548 ) (1 ) 2 287 (50 ) Total $ 3,080 $ 331 $ (320 ) $ 2 $ 195 $ 3,288

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2018
Text block [abstract]
Summary of Carrying Amounts of Goodwill and Intangible Assets	(a) Carrying amounts of goodwill and intangible assets As at December 31, 2018 Balance, Additions/ (3) Amortization Effect of changes Balance, Goodwill $ 5,713 $ (65 ) $ n/a $ 216 $ 5,864 Indefinite life intangible assets Brand 753 – n/a 66 819 Fund management contracts and other (1) 755 3 n/a 40 798 1,508 3 n/a 106 1,617 Finite life intangible assets (2) Distribution networks 989 (133 ) 48 60 868 Customer relationships 899 – 55 16 860 Software 661 275 147 32 821 Other 70 – 5 2 67 2,619 142 255 110 2,616 Total intangible assets 4,127 145 255 216 4,233 Total goodwill and intangible assets $ 9,840 $ 80 $ 255 $ 432 $ 10,097 As at December 31, 2017 Balance, Additions/ Amortization Effect of changes Balance, Goodwill $ 5,884 $ – $ n/a $ (171 ) $ 5,713 Indefinite life intangible assets Brand 805 – n/a (52 ) 753 Fund management contracts and other (1) 785 – n/a (30 ) 755 1,590 – n/a (82 ) 1,508 Finite life intangible assets (2) Distribution networks 1,093 – 47 (57 ) 989 Customer relationships 969 – 56 (14 ) 899 Software 494 303 121 (15 ) 661 Other 77 – 5 (2 ) 70 2,633 303 229 (88 ) 2,619 Total intangible assets 4,223 303 229 (170 ) 4,127 Total goodwill and intangible assets $ 10,107 $ 303 $ 229 $ (341 ) $ 9,840 (1) For fund management contracts, the significant CGUs to which these were allocated and their associated carrying values were U.S. WAM with $400 (2017 – $367) and Canada WAM with $273 (2017 – $273). (2) Gross carrying amount of finite life intangible assets was $1,331 for distribution networks, $1,145 for customer relationships, $2,110 for software and $133 for other (2017 – $1,294, $1,128, $1,841 and $126, respectively). (3) In 2018, disposals include $65 of goodwill and $96 of distribution networks from the sale of the U.S. broker-dealer business, and impairments of distribution networks for discontinued products of $27 in U.S. segment and $13 in Asia segment.
Summary of Impairment Testing of Goodwill	The following tables present the carrying value of goodwill by CGU or group of CGUs. As at December 31, 2018 CGU or group of CGUs Balance, Additions/ Effect of Balance, Asia Asia Insurance (excluding Japan) $ 154 $ – $ 11 $ 165 Japan Insurance 391 – 44 435 Canada Insurance 1,954 – 8 1,962 U.S. Insurance 400 (65 ) 32 367 Global Wealth and Asset Managment Asia WAM 180 – 16 196 Canada WAM 1,436 – – 1,436 U.S. WAM 1,198 – 105 1,303 Total $ 5,713 $ (65 ) $ 216 $ 5,864 As at December 31, 2017 CGU or group of CGUs Balance, Additions/ Effect of Balance, Asia Asia Insurance (excluding Japan) $ 160 $ – $ (6 ) $ 154 Japan Insurance 403 – (12 ) 391 Canada Insurance 1,960 – (6 ) 1,954 U.S. Insurance 428 – (28 ) 400 Global Wealth and Asset Managment Asia WAM 194 – (14 ) 180 Canada WAM 1,436 – – 1,436 U.S. WAM 1,303 – (105 ) 1,198 Total $ 5,884 $ – $ (171 ) $ 5,713

Insurance Contract Liabilitie_2

Insurance Contract Liabilities and Reinsurance Assets (Tables)	12 Months Ended
	Dec. 31, 2018
Statement [LineItems]
Summary of Insurance Contract Liabilities and Reinsurance Assets	The components of gross and net insurance contract liabilities are shown below. As at December 31, 2018 2017 Gross insurance contract liabilities $ 313,737 $ 291,767 Gross benefits payable and provision for unreported claims 4,398 3,376 Gross policyholder amounts on deposit 10,519 9,462 Gross insurance contract liabilities 328,654 304,605 Reinsurance assets (1) (42,925 ) (30,359 ) Net insurance contract liabilities $ 285,729 $ 274,246
Summary of Composition of Insurance Contract Liabilities and Reinsurance Assets by Line of Business and Reporting Segment	The composition of insurance contract liabilities and reinsurance assets by the line of business and reporting segment is as follows. Gross insurance contract liabilities Individual insurance As at December 31, 2018 Participating Non- participating Annuities Other (1) Total, net of Total Total, gross of Asia $ 38,470 $ 29,547 $ 5,062 $ 3,048 $ 76,127 $ 1,332 $ 77,459 Canada 10,743 34,677 18,339 12,869 76,628 (202 ) 76,426 U.S. 8,673 63,412 16,125 44,932 133,142 41,695 174,837 Corporate and Other – (601 ) 46 387 (168 ) 100 (68 ) Total, net of reinsurance ceded 57,886 127,035 39,572 61,236 285,729 $ 42,925 $ 328,654 Total reinsurance ceded 11,596 12,303 17,927 1,099 42,925 Total, gross of reinsurance ceded $ 69,482 $ 139,338 $ 57,499 $ 62,335 $ 328,654 Individual insurance As at December 31, 2017 Participating Non- participating Annuities Other (1) Total, net of Total Total, gross of Asia $ 32,737 $ 22,705 $ 4,366 $ 2,435 $ 62,243 $ 911 $ 63,154 Canada 11,132 34,091 19,141 11,834 76,198 (676 ) 75,522 U.S. 8,569 57,599 26,161 43,522 135,851 29,952 165,803 Corporate and Other – (515 ) 48 421 (46 ) 172 126 Total, net of reinsurance ceded 52,438 113,880 49,716 58,212 274,246 $ 30,359 $ 304,605 Total reinsurance ceded 11,492 11,238 6,539 1,090 30,359 Total, gross of reinsurance ceded $ 63,930 $ 125,118 $ 56,255 $ 59,302 $ 304,605 (1) Other insurance contract liabilities include group insurance and individual and group health including long-term care insurance.
Summary of Carrying Value of Assets Backing Net Insurance Contract Liabilities, Other Liabilities and Capital	The following table presents the carrying value of assets backing net insurance contract liabilities, other liabilities and capital. Individual insurance As at December 31, 2018 Participating Non- participating Annuities Other insurance (1) Other (2) Capital (3) Total Assets Debt securities $ 30,934 $ 67,387 $ 20,469 $ 28,435 $ 10,061 $ 28,308 $ 185,594 Public equities 8,416 5,562 172 262 589 4,178 19,179 Mortgages 2,218 11,111 4,972 8,732 21,295 35 48,363 Private placements 4,151 14,131 6,960 8,581 1,772 159 35,754 Real estate 3,106 6,028 1,214 1,799 397 233 12,777 Other 9,061 22,816 5,785 13,427 374,418 23,097 448,604 Total $ 57,886 $ 127,035 $ 39,572 $ 61,236 $ 408,532 $ 56,010 $ 750,271 Individual insurance As at December 31, 2017 Participating Non- participating Annuities Other insurance (1) Other (2) Capital (3) Total Assets Debt securities $ 27,946 $ 63,128 $ 26,621 $ 25,211 $ 6,635 $ 24,459 $ 174,000 Public equities 9,264 5,855 171 332 1,029 4,894 21,545 Mortgages 2,017 10,286 7,009 6,891 18,476 63 44,742 Private placements 3,645 12,128 8,059 7,739 367 194 32,132 Real estate 2,963 6,198 1,136 2,516 769 228 13,810 Other 6,603 16,285 6,720 15,523 377,352 20,821 443,304 Total $ 52,438 $ 113,880 $ 49,716 $ 58,212 $ 404,628 $ 50,659 $ 729,533 (1) Other insurance contract liabilities include group insurance and individual and group health including long-term care insurance. (2) Other liabilities are non-insurance (3) Capital is defined in note 13.
Summary of Potential Impact on Net Income Attributed to Shareholders Arising From Changes to Non-economic Assumptions	Potential impact on net income attributed to shareholders arising from changes to non-economic (1) As at December 31, Decrease in net income 2018 2017 Policy related assumptions 2% adverse change in future mortality rates (2),(4) Products where an increase in rates increases insurance contract liabilities $ (500 ) $ (400 ) Products where a decrease in rates increases insurance contract liabilities (500 ) (500 ) 5% adverse change in future morbidity rates (incidence and termination) (3),(4),(5) (4,800 ) (5,100 ) 10% adverse change in future policy termination rates (4) (2,200 ) (2,100 ) 5% increase in future expense levels (600 ) (500 ) (1) 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 non-economic (2) An increase in mortality rates will generally increase policy liabilities for life insurance contracts whereas a decrease in mortality rates will generally increase policy liabilities for policies with longevity risk such as payout annuities. (3) No amounts related to morbidity risk are included for policies where the policy liability provides only for claims costs expected over a short period, generally less than one year, such as Group Life and Health. (4) The impacts of the adverse sensitivities on LTC for morbidity, mortality and lapse do not assume any partial 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. (5) This includes a 5% deterioration in incidence rates and 5% deterioration in claim termination rates.
Summary of Actuarial Methods and Assumptions	The completion of the 2018 annual review of actuarial methods and assumptions resulted in a decrease in insurance contract liabilities of $174, net of reinsurance, and a decrease in net income attributed to shareholders of $51 post-tax. Change in insurance contract liabilities, For the year ended December 31, 2018 Total Attributed to Attributed to Change in net (post-tax) Mortality and morbidity updates $ 319 $ (192 ) $ 511 $ (360 ) Lapses and policyholder behaviour 287 – 287 (226 ) Investment return assumptions (96 ) 50 (146 ) 143 Other updates (684 ) (94 ) (590 ) 392 Net impact $ (174 ) $ (236 ) $ 62 $ (51 ) Change in insurance contract liabilities, net of reinsurance For the year ended December 31, 2017 Total Attributed to Attributed to Change in net (post-tax) Mortality and morbidity updates $ (254 ) $ 9 $ (263 ) $ 299 Lapses and policyholder behaviour 1,019 – 1,019 (783 ) Other updates ALDA and public equity investment return assumptions 1,296 5 1,291 (892 ) Corporate spread assumptions (515 ) (1 ) (514 ) 344 Refinements to liability and tax cash flows (1,049 ) – (1,049 ) 696 Other (220 ) 84 (304 ) 301 Net impact $ 277 $ 97 $ 180 $ (35 )
Summary of Insurance Contract Liabilities, Payments Due by Period	As at December 31, 2018, the Company’s contractual obligations and commitments relating to insurance contracts are as follows. Payments due by period Less than 1 to 3 years 3 to 5 years Over 5 years Total Insurance contract liabilities (1) $ 9,327 $ 10,863 $ 17,994 $ 750,238 $ 788,422 (1) Insurance contract liability 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
Summary of Gross Claims and Benefits	The following table presents a breakdown of gross claims and benefits. For the years ended December 31, 2018 2017 Death, disability and other claims $ 15,174 $ 14,871 Maturity and surrender benefits 7,722 6,302 Annuity payments 4,262 4,470 Policyholder dividends and experience rating refunds 1,809 1,085 Net transfers from segregated funds (1,089 ) (1,734 ) Total $ 27,878 $ 24,994
Long term care [member]
Statement [LineItems]
Summary of Potential Impact on Net Income Attributed to Shareholders Arising From Changes to Non-economic Assumptions	Potential impact on net income attributed to shareholders arising from changes to non-economic (1),(2) As at December 31, 2018 Decrease in net income Policy related assumptions 2% adverse change in future mortality rates $ (200 ) 5% adverse change in future morbidity incidence rates (1,700 ) 5% adverse change in future morbidity claims termination rates (2,800 ) 10% adverse change in future policy termination rates (400 ) 5% increase in future expense levels (100 ) (1) The impacts of the adverse sensitivities on LTC for morbidity, mortality and lapse do not assume any partial 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. (2) The impact of favourable changes to all the sensitivities is relatively symmetrical.
Life insurance contracts [Member]
Statement [LineItems]
Summary of Change in Insurance Contract Liabilities	The change in insurance contract liabilities was a result of the following business activities and changes in actuarial estimates. For the year ended December 31, 2018 Net actuarial Other (1) Net Reinsurance Gross Balance, January 1 $ 263,091 $ 11,155 $ 274,246 $ 30,359 $ 304,605 New policies (2) 3,269 – 3,269 388 3,657 Normal in-force (2) 2,044 985 3,029 (1,150 ) 1,879 Changes in methods and assumptions (2) (173 ) (1 ) (174 ) (608 ) (782 ) Impact of annuity coinsurance transactions (11,156 ) – (11,156 ) 11,156 – Impact of changes in foreign exchange rates 15,686 829 16,515 2,780 19,295 Balance, December 31 $ 272,761 $ 12,968 $ 285,729 $ 42,925 $ 328,654 For the year ended December 31, 2017 Net actuarial Other (1) Net Reinsurance Gross Balance, January 1 $ 251,738 $ 10,815 $ 262,553 $ 34,952 $ 297,505 New policies (3) 3,545 – 3,545 441 3,986 Normal in-force (3) 15,192 930 16,122 (3,097 ) 13,025 Changes in methods and assumptions (3) 305 (28 ) 277 47 324 Impact of U.S. Tax Reform (3),(4) 2,246 – 2,246 – 2,246 Increase due to decision to change the portfolio asset mix supporting legacy businesses (3),(5) 1,340 – 1,340 43 1,383 Impact of changes in foreign exchange rates (11,275 ) (562 ) (11,837 ) (2,027 ) (13,864 ) Balance, December 31 $ 263,091 $ 11,155 $ 274,246 $ 30,359 $ 304,605 (1) Other insurance contract liabilities are comprised of benefits payable and provision for unreported claims and policyholder amounts on deposit. (2) In 2018, the $2,907 increase reported as the change in insurance contract liabilities on the Consolidated Statements of Income primarily consists of changes due to normal in-force movement, new policies and changes in methods and assumptions. These three items in the gross insurance contract liabilities were netted off by an increase of $4,754, of which $3,632 is included in the Consolidated Statements of Income increase in insurance contract liabilities and $1,122 is included in gross claims and benefits. The Consolidated Statements of Income change in insurance contract liabilities also includes the change in embedded derivatives associated with insurance contracts. The Company finalized its estimate of U.S. Tax reform which resulted in a $196 pre-tax post-tax) (3) In 2017, the $20,023 increase reported as the change in insurance contract liabilities on the Consolidated Statements of Income primarily consists of changes due to normal in-force (4) In 2017, the impact of U.S. Tax Reform, which includes the lowering of the U.S. corporate tax rate from 35% to 21% and limits on the tax deductibility of reserves, resulted in a $2,246 pre-tax post-tax) (5) In 2017, the decision to reduce the allocation to ALDA in the portfolio asset mix supporting the Company’s North American legacy businesses resulted in an increase in policy liabilities due to the impact on future expected investment income on assets supporting the policies.

Investment Contract Liabiliti_2

Investment Contract Liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Text block [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 during the year. For the years ended December 31, 2018 2017 Balance, January 1 $ 639 $ 631 New policies 96 50 Changes in market conditions 76 76 Redemptions, surrenders and maturities (86 ) (72 ) Impact of changes in foreign exchange rates 57 (46 ) Balance, December 31 $ 782 $ 639
Summary of Investment Contract Liabilities Measured at Amortized Cost and Fair Value Associated with these Contracts	Carrying value and fair value of investment contract liabilities measured at amortized cost. 2018 2017 As at December 31, Amortized (1) Fair value Amortized cost, gross of (1) Fair value U.S. fixed annuity products $ 1,357 $ 1,449 $ 1,282 $ 1,433 Canadian fixed annuity products 1,126 1,269 1,205 1,354 Investment contract liabilities $ 2,483 $ 2,718 $ 2,487 $ 2,787 (1) During the year, investment contract labilities with the carrying value and fair value of $128 and $130, respectively (2017 – $nil and $nil, respectively), were reinsured by the Company. As at December 31, 2018, the net carrying value and fair value of investment contracts labilities were $2,355 and $2,588, respectively.
Summary of Changes in Investment Contract Liabilities Measured at Amortized Cost	The changes in investment contract liabilities measured at amortized cost was a result of the following business activities. For the years ended December 31, 2018 2017 Balance, January 1 $ 2,487 $ 2,644 Policy deposits 6 68 Interest 82 100 Withdrawals (201 ) (232 ) Fees (1 ) (1 ) Other – (1 ) Impact of changes in foreign exchange rates 110 (91 ) Balance, December 31 $ 2,483 $ 2,487
Summary of Contractual Obligations and Commitments Relating to Investment Contracts	As at December 31, 2018, the Company’s contractual obligations and commitments relating to the investment contracts are as follows. Payments due by period Less than 1 to 3 years 3 to 5 years Over 5 Total Investment contract liabilities (1) $ 193 $ 492 $ 476 $ 4,312 $ 5,473 (1) Due to the nature of the products, the timing of net cash flows may be before contract maturity. Cash flows are undiscounted.

Risk Management (Tables)

Risk Management (Tables)	12 Months Ended
	Dec. 31, 2018
Statement [LineItems]
Summary of Gross Carrying Amount of Financial Instruments Subject to Credit Exposure	The following table presents the gross carrying amount of financial instruments subject to credit exposure, without considering any collateral held or other credit enhancements. As at December 31, 2018 2017 Debt securities FVTPL $ 154,737 $ 147,024 AFS 30,857 26,976 Mortgages 48,363 44,742 Private placements 35,754 32,132 Policy loans 6,446 5,808 Loans to Bank clients 1,793 1,737 Derivative assets 13,703 15,569 Accrued investment income 2,427 2,182 Reinsurance assets 43,053 30,359 Other financial assets 4,800 5,253 Total $ 341,933 $ 311,782
Summary of Credit Quality and Carrying Value of Commercial Mortgages and Private Placements	Credit quality of commercial mortgages and private placements. As at December 31, 2018 AAA AA A BBB BB B and lower Total Commercial mortgages Retail $ 82 $ 1,524 $ 4,459 $ 2,227 $ 11 $ 74 $ 8,377 Office 56 1,495 5,454 1,650 45 6 8,706 Multi-family residential 613 1,427 2,407 839 37 – 5,323 Industrial 36 366 1,953 339 120 – 2,814 Other 289 334 1,167 1,191 – 14 2,995 Total commercial mortgages 1,076 5,146 15,440 6,246 213 94 28,215 Agricultural mortgages – 163 – 389 – – 552 Private placements 1,143 4,968 13,304 14,055 733 1,551 35,754 Total $ 2,219 $ 10,277 $ 28,744 $ 20,690 $ 946 $ 1,645 $ 64,521 As at December 31, 2017 AAA AA A BBB BB B and lower Total Commercial mortgages Retail $ 110 $ 1,517 $ 4,363 $ 2,050 $ 44 $ 57 $ 8,141 Office 57 1,272 4,635 1,647 70 28 7,709 Multi-family residential 523 1,395 1,805 726 – – 4,449 Industrial 33 386 1,542 477 145 – 2,583 Other 362 331 1,012 973 14 – 2,692 Total commercial mortgages 1,085 4,901 13,357 5,873 273 85 25,574 Agricultural mortgages – 159 – 405 25 – 589 Private placements 1,038 4,246 11,978 13,160 717 993 32,132 Total $ 2,123 $ 9,306 $ 25,335 $ 19,438 $ 1,015 $ 1,078 $ 58,295
Summary of Carrying Value of Past Due but Not Impaired and Impaired Financial Assets	Past due but not impaired and impaired financial assets Past due but not impaired As at December 31, 2018 Less than 90 days Total Total Debt securities FVTPL $ 14 $ – $ 14 $ 39 AFS – 2 2 1 Private placements 15 – 15 18 Mortgages and loans to Bank clients 70 – 70 120 Other financial assets 77 26 103 1 Total $ 176 $ 28 $ 204 $ 179 Past due but not impaired As at December 31, 2017 Less than 90 days Total Total Debt securities FVTPL $ – $ – $ – $ 45 AFS 104 2 106 1 Private placements 363 – 363 40 Mortgages and loans to Bank clients 76 16 92 86 Other financial assets 46 26 72 1 Total $ 589 $ 44 $ 633 $ 173
Summary of Company's Loans That are Considered Impaired	Impaired loans As at December 31, 2018 Gross Allowances for Net carrying Private placements $ 61 $ 43 $ 18 Mortgages and loans to Bank clients 172 52 120 Total $ 233 $ 95 $ 138 As at December 31, 2017 Gross Allowances for Net carrying Private placements $ 79 $ 39 $ 40 Mortgages and loans to Bank clients 132 46 86 Total $ 211 $ 85 $ 126
Summary of Reconciliation of Allowance for Loan Losses	Allowance for loan losses 2018 2017 For the years ended December 31, Private Mortgages Total Private Mortgages Total Balance, January 1 $ 39 $ 46 $ 85 $ 92 $ 26 $ 118 Provisions 37 18 55 2 33 35 Recoveries (27 ) (9 ) (36 ) (12 ) (1 ) (13 ) Write-offs (1) (6 ) (3 ) (9 ) (43 ) (12 ) (55 ) Balance, December 31 $ 43 $ 52 $ 95 $ 39 $ 46 $ 85 (1) Includes disposals and impact of changes in foreign exchange rates.
Summary of Credit Default Swap Protection Sold	The following table presents 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, 2018 Notional (1) Fair value Weighted (in years) (2) Single name CDSs (3) AA $ 25 $ – 2 A 447 7 2 BBB 180 2 2 Total single name CDSs $ 652 $ 9 2 Total CDS protection sold $ 652 $ 9 2 As at December 31, 2017 Notional (1) Fair value Weighted (in years) (2) Single name CDSs (3) AAA $ 13 $ – 1 AA 35 1 2 A 408 10 3 BBB 150 3 2 Total single name CDSs $ 606 $ 14 3 Total CDS protection sold $ 606 $ 14 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 obligation. (2) The weighted average maturity of the CDS is weighted based on notional amounts. (3) Rating agency designations are based on S&P where available followed by Moody’s, DBRS, and Fitch. If no rating is available from a rating agency, an internally developed rating is used.
Summary of Effect of Conditional Master Netting and Similar Arrangements	The following table 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. Related amounts not set off in the As at December 31, 2018 Gross amounts of (1) Amounts subject to Financial and (2) Net amount (3) Net amounts Financial assets Derivative assets $ 14,320 $ (6,644 ) $ (7,431 ) $ 245 $ 245 Securities lending 1,518 – (1,518 ) – – Reverse repurchase agreements 63 (63 ) – – – Total financial assets $ 15,901 $ (6,707 ) $ (8,949 ) $ 245 $ 245 Financial liabilities Derivative liabilities $ (8,716 ) $ 6,644 $ 1,868 $ (204 ) $ (33 ) Repurchase agreements (64 ) 63 1 – – Total financial liabilities $ (8,780 ) $ 6,707 $ 1,869 $ (204 ) $ (33 ) Related amounts not set off in the As at December 31, 2017 Gross amounts of (1) Amounts subject to Financial and (2) Net amount (3) Net amounts Financial assets Derivative assets $ 16,204 $ (6,714 ) $ (9,395 ) $ 95 $ 95 Securities lending 1,563 – (1,563 ) – – Reverse repurchase agreements 230 (46 ) (184 ) – – Total financial assets $ 17,997 $ (6,760 ) $ (11,142 ) $ 95 $ 95 Financial liabilities Derivative liabilities $ (8,649 ) $ 6,714 $ 1,718 $ (217 ) $ (30 ) Repurchase agreements (228 ) 46 182 – – Total financial liabilities $ (8,877 ) $ 6,760 $ 1,900 $ (217 ) $ (30 ) (1) Financial assets and liabilities include accrued interest of $621 and $913, respectively (2017 – $638 and $827, respectively). (2) Financial and cash collateral exclude over-collateralization. As at December 31, 2018, the Company was over-collateralized on OTC derivative assets, OTC derivative liabilities, securities lending and reverse purchase agreements and repurchase agreements in the amounts of $417, $405, $80 and $nil, respectively (2017 – $743, $382, $79 and $nil, respectively). As at December 31, 2018, collateral pledged (received) does not include collateral-in-transit (3) Includes derivative contracts entered between the Company and its financing trusts which it does not consolidate. The Company does not exchange collateral on derivative contracts entered with these trusts. Refer to note 17.
Summary of the Effect of Unconditional Netting	The following table presents the effect of unconditional netting. As at December 31, 2018 Gross amounts of Amounts subject to Net amounts of Credit linked note (1) $ 679 $ (679 ) $ – Variable surplus note (679 ) 679 – As at December 31, 2017 Gross amounts of Amounts subject to Net amounts of Credit linked note (1) $ 461 $ (461 ) $ – Variable surplus note (461 ) 461 – (1) In 2017, the Company entered into a twenty-year financing facility with a third party, agreeing to issue variable surplus notes in exchange for an equal amount of credit linked notes. These notes are held to support JHUSA excess reserves under U.S. National Association of Insurance Commissioners’ Model Regulation XXX. In certain scenarios, the credit linked note will be drawn upon by the Company which will issue fixed surplus notes equal to the draw payment received. The third party has agreed to fund any such payment under the credit-linked notes in return for a fee. As at December 31, 2018, the Company had no fixed surplus notes outstanding.
Schedule of Distribution of Debt Securities and Private Placements Portfolio by Sector and Industry	Debt securities and private placements portfolio by sector and industry. 2018 2017 As at December 31, Carrying value % of total Carrying value % of total Government and agency $ 73,858 33 $ 71,888 35 Utilities 41,929 19 40,568 20 Financial 31,340 14 27,923 13 Energy 17,685 8 16,428 8 Industrial 17,508 8 14,691 7 Consumer (non-cyclical) 16,483 7 14,009 7 Consumer (cyclical) 7,707 3 5,916 3 Securitized 3,300 2 3,577 2 Telecommunications 3,716 2 3,324 2 Basic materials 3,539 2 3,248 2 Technology 2,352 1 2,475 1 Media and internet 1,112 1 1,136 – Diversified and miscellaneous 819 – 949 – Total $ 221,348 100 $ 206,132 100
Schedule 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, 2018 Gross liabilities Reinsurance Net liabilities U.S. and Canada $ 246,255 $ (42,634 ) $ 203,621 Asia and Other 85,830 (419 ) 85,411 Total $ 332,085 $ (43,053 ) $ 289,032 As at December 31, 2017 Gross liabilities Reinsurance Net liabilities U.S. and Canada $ 237,434 $ (30,225 ) $ 207,209 Asia and Other 70,521 (134 ) 70,387 Total $ 307,955 $ (30,359 ) $ 277,596
Asset classes and individual investment risks [Member]
Statement [LineItems]
Schedule of Risk Concentrations	As at December 31, 2018 2017 Debt securities and private placements rated as investment grade BBB or higher (1) 98% 98% Government debt securities as a per cent of total debt securities 38% 39% Government private placements as a per cent of total private placements 11% 10% Highest exposure to a single non-government $ 1,013 $ 1,044 Largest single issuer as a per cent of the total equity portfolio 2% 2% Income producing commercial office properties (2018 – 55% of real estate, 2017 – 64%) $ 7,065 $ 8,836 Largest concentration of mortgages and real estate (2) $ 16,092 $ 14,779 (1) Investment grade debt securities and private placements include 41% rated A, 17% rated AA and 17% rated AAA (2017 – 42%, 16% and 17%) investments based on external ratings where available. (2) Mortgages and real estate investments are diversified geographically and by property type.
Residential mortgages and loans to bank clients [Member]
Statement [LineItems]
Summary of Carrying Value of Residential Mortgages and Loans to Bank Clients	Credit quality of residential mortgages and loans to Bank clients. 2018 (1) 2017 As at December 31, Insured Uninsured Total Insured Uninsured Total Residential mortgages Performing $ 6,854 $ 12,696 $ 19,550 $ 7,256 $ 11,310 $ 18,566 Non-performing 19 27 46 4 9 13 Loans to Bank clients Performing n/a 1,787 1,787 n/a 1,734 1,734 Non-performing n/a 6 6 n/a 3 3 Total $ 6,873 $ 14,516 $ 21,389 $ 7,260 $ 13,056 $ 20,316 (1) Non-performing

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2018
Text block [abstract]
Summary of Carrying Value of Long Term Debt Instruments	(a) Carrying value of long-term debt instruments As at December 31, Issue date Maturity date Par value 2018 2017 4.70% Senior notes (1),(3) June 23, 2016 June 23, 2046 US$ 1,000 $ 1,355 $ 1,246 5.375% Senior notes (2),(3) March 4, 2016 March 4, 2046 US$ 750 1,010 928 3.527% Senior notes (2),(3) December 2, 2016 December 2, 2026 US$ 270 367 338 4.150% Senior notes (2),(3) March 4, 2016 March 4, 2026 US$ 1,000 1,356 1,246 4.90% Senior notes (2),(3) September 17, 2010 September 17, 2020 US$ 500 681 626 5.505% Medium-term notes (4) June 26, 2008 June 26, 2018 $ 400 – 400 Total $ 4,769 $ 4,784 (1) MFC may redeem the notes in whole, but not in part, on June 23, 2021 and thereafter on every June 23, at a redemption price equal to par, together with accrued and unpaid interest. (2) 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 corresponding U.S. Treasury bond plus a specified number of basis points. The specified number of basis points is as follows: 5.375% – 40 bps, 3.527% – 20 bps, 4.150% – 35 bps, and 4.90% – 35 bps. (3) 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 (4) On June 26, 2018, the 5.505% Medium term notes matured.
Aggregate Maturities of Long-term Debt	(c) Aggregate maturities of long-term debt As at December 31, 2018 2017 Less than one year $ – $ 400 One to two years 681 – Two to three years – 626 Greater than five years 4,088 3,758 Total $ 4,769 $ 4,784

Capital Instruments (Tables)

Capital Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Text block [abstract]
Schedule of Carrying Value of Capital Instruments	(a) Carrying value of capital instruments As at December 31, Issuance date Earliest par redemption Maturity date Par value 2018 2017 7.535% MFCT II Senior debenture notes (1) July 10, 2009 December 31, 2019 December 31, 2108 $ 1,000 $ 1,000 $ 1,000 JHFC Subordinated notes (2) December 14, 2006 n/a December 15, 2036 $ 650 647 647 4.061% MFC Subordinated notes (3) February 24, 2017 February 24, 2027 February 24, 2032 US$ 750 1,017 935 3.00% MFC Subordinated notes (4) November 21, 2017 November 21, 2024 November 21, 2029 S$ 500 498 467 3.049% MFC Subordinated debentures (5) August 18, 2017 August 20, 2024 August 20, 2029 $ 750 747 746 3.317% MFC Subordinated debentures (5) May 9, 2018 May 9, 2023 May 9, 2028 $ 600 597 – 3.181% MLI Subordinated debentures (6) November 20, 2015 November 22, 2022 November 22, 2027 $ 1,000 997 996 3.85% MFC Subordinated notes (4) May 25, 2016 May 25, 2021 May 25, 2026 S$ 500 499 467 2.389% MLI Subordinated debentures (6) June 1, 2015 January 5, 2021 January 5, 2026 $ 350 349 349 2.10% MLI Subordinated debentures (6) March 10, 2015 June 1, 2020 June 1, 2025 $ 750 749 748 2.64% MLI Subordinated debentures (6) December 1, 2014 January 15, 2020 January 15, 2025 $ 500 500 499 2.811% MLI Subordinated debentures (6) February 21, 2014 February 21, 2019 February 21, 2024 $ 500 500 499 7.375% JHUSA Surplus notes (7) February 25, 1994 n/a February 15, 2024 US$ 450 632 584 2.926% MLI Subordinated debentures (8) November 29, 2013 November 29, 2018 November 29, 2023 $ 250 – 250 2.819% MLI Subordinated debentures (8) February 25, 2013 February 26, 2018 February 26, 2023 $ 200 – 200 Total $ 8,732 $ 8,387 (1) Issued by MLI to Manulife Financial Capital Trust II (MFCT II), a wholly owned unconsolidated related party to the Company. On the earliest par redemption date and on every fifth anniversary thereafter (each, a “Interest Reset Date”), the rate of interest will reset to equal the yield on 5-year (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 to the Company. The note bears interest at a floating rate equal to the 90-day (3) On the earliest par redemption date, the interest rate will reset to equal the 5-Year Mid-Swap (4) On the earliest par redemption date, the interest rate will reset to equal the 5-year (5) Interest is fixed for the period up to the earliest par redemption date, thereafter, the interest rate will reset to a floating rate equal to the 90-day (6) Interest is fixed for the period up to the earliest par redemption date, thereafter the interest rate will reset to a floating rate equal to the 90-day (7) Issued by John Hancock Mutual Life Insurance Company, now John Hancock Life Insurance Company (U.S.A.). Any payment of interest or principal on the surplus notes requires prior approval from the Department of Insurance and Financial Services of the State of Michigan. The carrying value of the surplus notes reflects an unamortized fair value increment of US$20 (2017 – US$23), which arose as a result of the acquisition of John Hancock Financial Services, Inc. The amortization of the fair value adjustment is recorded in interest expense. (8) MLI redeemed in full the 2.926% and 2.819% subordinated debentures at par, on November 29, 2018 and February 26, 2018, respectively, the earliest par redemption dates.

Share Capital and Earnings Pe_2

Share Capital and Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2018
Statement [LineItems]
Summary of Additional Information on Preferred Shares Outstanding	Additional information for the outstanding preferred shares as at December 31, 2018 As at December 31, 2018 Issue date Annual (1) Earliest redemption (2) Number of (in millions) Face Net (3) Class A preferred shares Series 2 February 18, 2005 4.65% n/a 14 $ 350 $ 344 Series 3 January 3, 2006 4.50% n/a 12 300 294 Class 1 preferred shares Series 3 (4),(5) March 11, 2011 2.178% June 19, 2021 6 158 155 Series 4 June 20, 2016 floating (6) n/a 2 42 41 Series 5 (4),(5) December 6, 2011 3.891% December 19, 2021 8 200 195 Series 7 (4),(5) February 22, 2012 4.312% March 19, 2022 10 250 244 Series 9 (4),(5) May 24, 2012 4.351% September 19, 2022 10 250 244 Series 11 (4),(5),(7) December 4, 2012 4.731% March 19, 2023 8 200 196 Series 13 (4),(5),(8) June 21, 2013 4.414% September 19, 2023 8 200 196 Series 15 (4),(5) February 25, 2014 3.90% June 19, 2019 8 200 195 Series 17 (4),(5) August 15, 2014 3.90% December 19, 2019 14 350 343 Series 19 (4),(5) December 3, 2014 3.80% March 19, 2020 10 250 246 Series 21 (4),(5) February 25, 2016 5.60% June 19, 2021 17 425 417 Series 23 (4),(5) November 22, 2016 4.85% March 19, 2022 19 475 467 Series 25 (4),(5) February 20, 2018 4.70% June 19, 2023 10 250 245 Total 156 $ 3,900 $ 3,822 (1) Holders of Class A and Class 1 preferred shares are entitled to receive non-cumulative (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 date or every five years thereafter, with the exception of 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 shares, in whole or in part, at par at any time, subject to regulatory approval, as noted. MFC may redeem the Class 1 Series 4, in whole or in part, at any time, at $25.00 per share if redeemed on June 19, 2021 and on June 19 every five years thereafter, or at $25.50 per share if redeemed on any other date after June 19, 2016, subject to regulatory approval, as noted. (3) Net of after-tax (4) 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 shares is: Series 3 – 1.41%, Series 5 – 2.90%, Series 7 – 3.13%, Series 9 – 2.86%, Series 11 – 2.61%, Series 13 – 2.22%, Series 15 – 2.16%, Series 17 – 2.36%, Series 19 – 2.30%, Series 21 – 4.97%, Series 23 – 3.83% and Series 25 – 2.55%. (5) 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 (6) The floating dividend rate for the Class 1 Shares Series 4 equals the three-month Government of Canada Treasury bill yield plus 1.41%. (7) MFC did not exercise its right to redeem all or any of the outstanding Class 1 Shares Series 11 on March 19, 2018 (the earliest redemption date). Dividend rate for Class 1 Shares Series 11 was reset as specified in footnote 4 above to an annual fixed rate of 4.731% for a five-year period commencing on March 20, 2018. (8) MFC did not exercise its right to redeem all or any of the outstanding Class 1 Shares Series 13 on September 19, 2018 (the earliest redemption date). Dividend rate for Class 1 Shares Series 13 was reset as specified in footnote 4 above to an annual fixed rate of 4.414% for a five-year period commencing on September 20, 2018.
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, 2018 2017 Basic earnings per common share $ 2.34 $ 0.98 Diluted earnings per common share 2.33 0.98
Summary of Reconciliation of Denominator (Number 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 share. For the years ended December 31, 2018 2017 Weighted average number of common shares (in millions) 1,983 1,978 Dilutive stock-based awards (1) 5 8 Weighted average number of diluted common shares (in millions) 1,988 1,986 (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 7 million (2017 – 2 million) anti-dilutive stock-based awards.
Summary of Dividends Payable on Non-cumulative Preferred Shares	The Board also declared dividends on the following non-cumulative Class A Shares Series 2 – $0.29063 per share Class 1 Shares Series 13 – $0.275875 per share Class A Shares Series 3 – $0.28125 per share Class 1 Shares Series 15 – $0.24375 per share Class 1 Shares Series 3 – $0.136125 per share Class 1 Shares Series 17 – $0.24375 per share Class 1 Shares Series 4 – $0.193315 per share Class 1 Shares Series 19 – $0.2375 per share Class 1 Shares Series 5 – $0.243188 per share Class 1 Shares Series 21 – $0.35 per share Class 1 Shares Series 7 – $0.2695 per share Class 1 Shares Series 23 – $0.303125 per share Class 1 Shares Series 9 – $0.271938 per share Class 1 Shares Series 25 – $0.29375 per share Class 1 Shares Series 11 – $0.295688 per share
Preferred shares [Member]
Statement [LineItems]
Summary of Changes in Issued and Outstanding Shares	The changes in issued and outstanding preferred shares are as follows. 2018 2017 For the years ended December 31, Number of (in millions) Amount Number of (in millions) Amount Balance, January 1 146 $ 3,577 146 $ 3,577 Issued, Class 1 shares, Series 25 (1) 10 250 – – Issuance costs, net of tax – (5 ) – – Balance, December 31 156 $ 3,822 146 $ 3,577 (1) On February 20, 2018, MFC issued 10 million of Non-Cumulative
Common shares [Member]
Statement [LineItems]
Summary of Changes in Issued and Outstanding Shares	The changes in common shares issued and outstanding are as follows. 2018 2017 For the years ended December 31, Number of (in millions) Amount Number of (in millions) Amount Balance, January 1 1,982 $ 22,989 1,975 $ 22,865 Repurchased for cancellation (23 ) (269 ) – – Issued under dividend reinvestment plan 9 182 – – Issued on exercise of stock options and deferred share units 3 59 7 124 Total 1,971 $ 22,961 1,982 $ 22,989

Capital Management (Tables)

Capital Management (Tables)	12 Months Ended
	Dec. 31, 2018
Text block [abstract]
Schedule of Consolidated Capital	Consolidated capital As at December 31, 2018 2017 Total equity $ 47,151 $ 42,163 Adjusted for AOCI loss on cash flow hedges (127 ) (109 ) Total equity excluding AOCI on cash flow hedges 47,278 42,272 Qualifying capital instruments 8,732 8,387 Consolidated capital $ 56,010 $ 50,659

Revenue from Service Contracts

Revenue from Service Contracts (Tables)	12 Months Ended
	Dec. 31, 2018
Text block [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, 2018 Asia Canada U.S. Global Corporate Total Investment management and other related fees $ 328 $ 149 $ 521 $ 2,805 $ (236 ) $ 3,567 Transaction processing, administration, and service fees 226 854 17 1,939 – 3,036 Distribution fees and other 255 49 617 724 (30 ) 1,615 Total included in other revenue 809 1,052 1,155 5,468 (266 ) 8,218 Real estate management services reported in net investment income 31 160 147 – 10 348 Total $ 840 $ 1,212 $ 1,302 $ 5,468 $ (256 ) $ 8,566 For the year ended December 31, 2017 Asia Canada U.S. Global Corporate Total Investment management and other related fees $ 351 $ 137 $ 569 $ 2,397 $ (232 ) $ 3,222 Transaction processing, administration, and service fees 206 871 17 1,978 3 3,075 Distribution fees and other 269 64 626 785 (42 ) 1,702 Total included in other revenue 826 1,072 1,212 5,160 (271 ) 7,999 Real estate management services reported in net investment income 22 161 156 – 5 344 Total $ 848 $ 1,233 $ 1,368 $ 5,160 $ (266 ) $ 8,343

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2018
Text block [abstract]
Schedule of Options Outstanding	Options outstanding 2018 2017 For the years ended December 31, Number of (in millions ) Weighted Number of (in millions ) Weighted Outstanding, January 1 25 $ 20.45 30 $ 19.80 Granted 3 24.52 4 24.56 Exercised (3 ) 17.77 (7 ) 16.03 Expired (1 ) 37.35 (1 ) 39.47 Forfeited (1 ) 21.24 (1 ) 20.86 Outstanding, December 31 23 $ 20.29 25 $ 20.45 Exercisable, December 31 9 $ 18.08 12 $ 19.93
Schedule of Range of Exercise Prices of Outstanding Share Options	Options outstanding Options exercisable For the year ended December 31, 2018 Number of options (in millions ) Weighted Weighted life (in years) Number of (in millions ) Weighted Weighted life (in years) $12.64 – $20.99 11 $ 17.27 4.00 7 $ 17.06 2.09 $21.00 – $24.83 12 $ 23.26 6.95 2 $ 21.27 3.25 Total 23 $ 20.29 5.49 9 $ 18.08 2.37
Schedule of Deferred Share Units	For the years ended December 31, Number of DSUs (in thousands) 2018 2017 Outstanding, January 1 2,645 2,682 Issued 141 156 Reinvested 98 88 Redeemed (346 ) (279 ) Forfeitures and cancellations – (2 ) Outstanding, December 31 2,538 2,645

Employee Future Benefits (Table

Employee Future Benefits (Tables)	12 Months Ended
	Dec. 31, 2018
Text block [abstract]
Summary of Pension and Retiree Welfare Plans	(c) Pension and retiree welfare plans Pension plans Retiree welfare plans For the years ended December 31, 2018 2017 2018 2017 Changes in defined benefit obligation: Opening balance $ 4,706 $ 4,767 $ 665 $ 682 Current service cost 42 48 – 1 Past service cost – amendments 8 – – – Past service cost – curtailments 10 – 12 – Interest cost 165 182 24 26 Plan participants’ contributions 1 1 4 4 Actuarial losses (gains) due to: Experience – 15 (7 ) (9 ) Demographic assumption changes 35 – (1 ) – Economic assumption changes (250 ) 214 (56 ) 41 Benefits paid (304 ) (315 ) (45 ) (45 ) Impact of changes in foreign exchange rates 262 (206 ) 44 (35 ) Defined benefit obligation, December 31 $ 4,675 $ 4,706 $ 640 $ 665 Pension plans Retiree welfare plans For the years ended December 31, 2018 2017 2018 2017 Change in plan assets: Fair value of plan assets, opening balance $ 4,328 $ 4,277 $ 587 $ 603 Interest income 153 164 21 23 Return on plan assets (excluding interest income) (315 ) 312 (16 ) 30 Employer contributions 79 85 10 12 Plan participants’ contributions 1 1 4 4 Benefits paid (304 ) (315 ) (45 ) (45 ) Administration costs (6 ) (5 ) (2 ) (2 ) Impact of changes in foreign exchange rates 254 (191 ) 51 (38 ) Fair value of plan assets, December 31 $ 4,190 $ 4,328 $ 610 $ 587
Summary of Amounts Recognized in Consolidated Statements of Financial Position	(d) Amounts recognized in the Consolidated Statements of Financial Position Pension plans Retiree welfare plans As at December 31, 2018 2017 2018 2017 Development of net defined benefit liability Defined benefit obligation $ 4,675 $ 4,706 $ 640 $ 665 Fair value of plan assets 4,190 4,328 610 587 Deficit 485 378 30 78 Effect of asset limit (1) 9 – – – Deficit and net defined benefit liability 494 378 30 78 Deficit is comprised of: Funded or partially funded plans (248 ) (383 ) (121 ) (72 ) Unfunded plans 742 761 151 150 Deficit and net defined benefit liability $ 494 $ 378 $ 30 $ 78 (1) In 2018, the Company recognized an impairment of $9 on the net defined benefit asset for one of its registered pension plans in Canada. This was due to the conversion of most plan benefits for future service from defined benefit to defined contribution which reduced the economic benefit that can be derived by the Company from the plan’s surplus. For the other funded pension plans, the present value of the economic benefits available in the form of reductions in future contributions to the plans remains greater than the surplus that is expected to develop.
Summary of Disaggregation of Defined Benefit Obligation	(e) Disaggregation of defined benefit obligation U.S. plans Canadian plans Pension plans Retiree welfare plans Pension plans Retiree welfare plans As at December 31, 2018 2017 2018 2017 2018 2017 2018 2017 Active members $ 621 $ 592 $ 32 $ 34 $ 332 $ 393 $ 22 $ 20 Inactive and retired members 2,431 2,434 457 481 1,291 1,287 129 130 Total $ 3,052 $ 3,026 $ 489 $ 515 $ 1,623 $ 1,680 $ 151 $ 150
Summary of Major Categories of Plan Assets and Actual Per Cent Allocation to Each Category	(f) Fair value measurements The major categories of plan assets and the actual per cent allocation to each category are as follows. U.S. plans (1) Canadian plans (2) Pension plans Retiree welfare plans Pension plans Retiree welfare plans As at December 31, 2018 Fair value % of total Fair value % of total Fair value % of total Fair value % of total Cash and cash equivalents $ 26 1% $ 51 8% $ 19 1% $ – – Equity securities (3) 500 17% 38 6% 269 20% – – Debt securities 2,088 73% 514 85% 1,033 79% – – Other investments (4) 252 9% 7 1% 3 0% – – Total $ 2,866 100% $ 610 100% $ 1,324 100% $ – – U.S. plans (1) Canadian plans (2) Pension plans Retiree welfare plans Pension plans Retiree welfare plans As at December 31, 2017 Fair value % of total Fair value % of total Fair value % of total Fair value % of total Cash and cash equivalents $ 33 1% $ 33 6% $ 5 1% $ – – Equity securities (3) 695 24% 45 8% 212 15% – – Debt securities 1,979 67% 502 85% 1,165 84% – – Other investments (4) 235 8% 7 1% 4 0% – – Total $ 2,942 100% $ 587 100% $ 1,386 100% $ – – (1) All the U.S. pension and retiree welfare plan assets have daily quoted prices in active markets, except for the private equity, timber and agriculture assets. In the aggregate, the latter assets represent approximately 7% of all U.S. pension and retiree welfare plan assets as at December 31, 2018 (2017 – 6%). (2) All the Canadian pension plan assets have daily quoted prices in active markets, except for the group annuity contract assets that represent approximately 0.2% of all Canadian pension plan assets as at December 31, 2018 (2017 – 0.3%). (3) Equity securities include direct investments in MFC common shares of $0.9 (2017 – $1.3) in the U.S. retiree welfare plan and $nil (2017 – $nil) in Canada. (4) Other U.S. plan assets include investment in private equity, timberland and agriculture, and managed futures. Other Canadian pension plan assets include investment in the group annuity contract.
Summary of Components of Net Benefit Cost for Pension Plans and Retiree Welfare Plans	(g) Net benefit cost recognized in the Consolidated Statements of Income Components of the net benefit cost for the pension plans and retiree welfare plans were as follows. Pension plans Retiree welfare plans For the years ended December 31, 2018 2017 2018 2017 Defined benefit current service cost $ 42 $ 48 $ – $ 1 Defined benefit administrative expenses 6 5 2 2 Past service cost – plan amendments (1) 8 – – – Past service cost – curtailments (2) 10 – 12 – Service cost 66 53 14 3 Interest on net defined benefit (asset) liability 12 18 3 3 Defined benefit cost 78 71 17 6 Defined contribution cost 78 75 – – Net benefit cost $ 156 $ 146 $ 17 $ 6 (1) Past service cost – plan amendments includes $8, reflecting a surplus sharing agreement between the Company and certain legacy employees in Canada, which received regulatory approval in 2018. (2) Past service cost – curtailments includes $22 in total, reflecting the cost of the voluntary exit and voluntary retirement programs described in section (a) of this note.
Summary of Re-measurement Effects Recognized in Other Comprehensive Income	(h) Re-measurement Pension plans Retiree welfare plans For the years ended December 31, 2018 2017 2018 2017 Actuarial gains (losses) on defined benefit obligations due to: Experience $ – $ (15 ) $ 7 $ 9 Demographic assumption changes (35 ) – 1 – Economic assumption changes 250 (214 ) 56 (41 ) Return on plan assets (excluding interest income) (315 ) 312 (16 ) 30 Change in effect of asset limit (9 ) – – – Total re-measurement $ (109 ) $ 83 $ 48 $ (2 )
Summary of Key Assumptions Used by to Determine Defined Benefit Obligation and Net Benefit Cost for Defined Benefit Pension Plans and Retiree Welfare Plans	(i) Assumptions The 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 were as follows. U.S. Plans Canadian Plans Pension plans Retiree welfare plans Pension plans Retiree welfare plans For the years ended December 31, 2018 2017 2018 2017 2018 2017 2018 2017 To determine the defined benefit obligation at end of year (1) Discount rate 4.3% 3.6% 4.3% 3.6% 3.8% 3.5% 3.8% 3.6% Initial health care cost trend rate (2) n/a n/a 7.8% 8.5% n/a n/a 5.7% 5.9% To determine the defined benefit cost for the year (1) Discount rate 3.6% 4.1% 3.6% 4.1% 3.5% 3.9% 3.6% 4.0% Initial health care cost trend rate (2) n/a n/a 8.5% 8.8% n/a n/a 5.9% 6.0% (1) Inflation and salary increase assumptions are not shown as they do not materially affect obligations and cost. (2) The health care cost trend rate used to measure the U.S. based retiree welfare obligation was 7.8% grading to 5.0% for 2030 and years thereafter (2017 – 8.5% grading to 5.0% for 2032) and to measure the net benefit cost was 8.5% grading to 5.0% for 2032 and years thereafter (2017 – 8.8% grading to 5.0% for 2032). In Canada, the rate used to measure the retiree welfare obligation was 5.7% grading to 4.8% for 2026 and years thereafter (2017 – 5.9% grading to 4.8% for 2026) and to measure the net benefit cost was 5.9% grading to 4.8% for 2026 and years thereafter (2017 – 6.0% grading to 4.8% for 2026).
Summary of Life Expectancies Underlying Values of Obligations in Defined Benefit Pension and Retiree Welfare Plans	Assumptions regarding future mortality are based on published statistics and mortality tables. The current life expectancies underlying the values of the obligations in the defined benefit pension and retiree welfare plans are as follows. As at December 31, 2018 U.S. Canada Life expectancy (in years) for those currently age 65 Males 22.5 23.6 Females 24.0 25.5 Life expectancy (in years) at age 65 for those currently age 45 Males 24.1 24.6 Females 25.6 26.4
Summary of Potential Impact on Obligations Arising From Changes in Key Assumptions	(j) 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 potential impact on the obligations arising from changes in the key assumptions is set out in the following table. The sensitivities assume all other assumptions are held constant. In actuality, inter-relationships with other assumptions may exist. As at December 31, 2018 Pension plans Retiree welfare plans Discount rate: Impact of a 1% increase $ (423 ) $ (62 ) Impact of a 1% decrease 500 74 Health care cost trend rate: Impact of a 1% increase n/a 21 Impact of a 1% decrease n/a (18 ) Mortality rates (1) Impact of a 10% decrease 114 14 (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 0.9 years for U.S. males and females and 0.8 years for Canadian males and females.
Summary of Weighted Average Duration of the Defined Benefit Obligations	(k) Maturity profile The weighted average duration (in years) of the defined benefit obligations is as follows. Pension plans Retiree welfare plans As at December 31, 2018 2017 2018 2017 U.S. plans 8.8 9.5 9.0 9.8 Canadian plans 12.4 12.8 14.3 14.2
Summary of Cash Payments	(l) Cash flows – contributions Total cash payments for all employee future benefits, comprised of cash contributed by the Company to funded defined benefit pension and retiree welfare plans, cash payments directly to beneficiaries in respect of unfunded pension and retiree welfare plans, and cash contributed to defined contribution pension plans, are as follows. Pension plans Retiree welfare plans For the years ended December 31, 2018 2017 2018 2017 Defined benefit plans $ 79 $ 85 $ 10 $ 12 Defined contribution plans 78 77 – – Total $ 157 $ 162 $ 10 $ 12

Interests in Structured Entit_2

Interests in Structured Entities (Tables)	12 Months Ended
	Dec. 31, 2018
Investments accounted for using equity method [abstract]
Schedule Investment and Maximum Exposure to Loss Related to Significant Unconsolidated Structured Entities	The following table presents the Company’s investment 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 these SEs. Company’s investment (1) Company’s maximum exposure to loss (2) As at December 31, 2018 2017 2018 2017 Leveraged leases (3) $ 3,575 $ 3,273 $ 3,575 $ 3,273 Timberland companies (4) 788 736 821 786 Real estate companies (5) 566 361 566 361 Total $ 4,929 $ 4,370 $ 4,962 $ 4,420 (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 AOCI. (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 is expected to occur only upon the entity’s bankruptcy/liquidation, or in case of a natural disaster in the case of the timber companies. (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 to third-party lessees under long-term leases. The Company owns equity capital in these business trusts. The Company does not consolidate any of the trusts that are party to the lease arrangements because the Company does not have decision-making power over them. (4) 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. (5) 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 and maximum exposure to loss from significant unconsolidated financing SEs are as follows. Company’s interests (1) As at December 31, 2018 2017 Manulife Finance (Delaware), L.P. (2) $ 821 $ 835 Manulife Financial Capital Trust II (3) 999 1,000 Total $ 1,820 $ 1,835 (1) The Company’s interests include amounts borrowed from the SEs and the Company’s investment in their subordinated capital, and foreign currency and interest swaps with them, if any. (2) This entity is a wholly-owned partnership used to facilitate the Company’s financing. Refer to notes 11 and 18. (3) This entity is an open-ended trust that is used to facilitate the Company’s financing. Refer to note 11.
Schedule of Securitized Holdings by Type and Asset Quality	The following table presents investments in securitized holdings by the type and asset quality. 2018 2017 As at December 31, CMBS RMBS ABS Total Total AAA $ 1,653 $ 8 $ 810 $ 2,471 $ 2,503 AA – – 306 306 401 A 72 7 374 453 504 BBB – – 70 70 142 BB and below – – – – 26 Total company exposure $ 1,725 $ 15 $ 1,560 $ 3,300 $ 3,576

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Text block [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, 2018 MFC MLI Other Consolidation Total MFLP Total revenue $ 443 $ 38,994 $ 434 $ (899) $ 38,972 $ 62 Net income (loss) attributed to shareholders 4,800 5,076 (419 ) (4,657) 4,800 22 For the year ended December 31, 2017 MFC MLI Other Consolidation Total MFLP Total revenue $ 182 $ 58,445 $ 270 $ (574 ) $ 58,323 $ 29 Net income (loss) attributed to shareholders 2,104 2,467 (257 ) (2,210 ) 2,104 6
Summary of Condensed Consolidated Statements of Financial Position for MFC and MFLP	Condensed Consolidated Statements of Financial Position As at December 31, 2018 MFC MLI Other Consolidation Total MFLP Invested assets $ 21 $ 353,632 $ 11 $ – $ 353,664 $ 11 Total other assets 54,346 83,523 3 (54,474 ) 83,398 1,059 Segregated funds net assets – 313,209 – – 313,209 – Insurance contract liabilities – 328,654 – – 328,654 – Investment contract liabilities – 3,265 – – 3,265 – Segregated funds net liabilities – 313,209 – – 313,209 – Total other liabilities 8,403 50,043 – (454 ) 57,992 833 As at December 31, 2017 MFC MLI Other Consolidation Total MFLP Invested assets $ 21 $ 334,191 $ 10 $ – $ 334,222 $ 5 Total other assets 48,688 71,180 4 (48,868 ) 71,004 1,033 Segregated funds net assets – 324,307 – – 324,307 – Insurance contract liabilities – 304,605 – – 304,605 – Investment contract liabilities – 3,126 – – 3,126 – Segregated funds net liabilities – 324,307 – – 324,307 – Total other liabilities 7,696 48,145 – (509 ) 55,332 831
Schedule of Pledged Assets	The amounts pledged are as follows. 2018 2017 As at December 31, Debt securities Other Debt securities Other In respect of: Derivatives $ 3,655 $ 102 $ 3,189 $ 44 Regulatory requirements 412 84 398 86 Real estate – – – 2 Repurchase agreements 64 – 228 – Non-registered – 420 – 412 Other 3 301 3 271 Total $ 4,134 $ 907 $ 3,818 $ 815

Segmented Information (Tables)

Segmented Information (Tables)	12 Months Ended
	Dec. 31, 2018
Text block [abstract]
Summary of Results by Segments	By segment As at and for the year ended December 31, 2018 Asia Canada U.S. Global WAM Corporate and Other Total Revenue Life and health insurance $ 14,938 $ 8,975 $ 6,341 $ – $ 98 $ 30,352 Annuities and pensions (1) 3,175 452 (9,967 ) – – (6,340 ) Net premium income 18,113 9,427 (3,626 ) – 98 24,012 Net investment income (loss) 278 2,764 1,723 (8 ) (225 ) 4,532 Other revenue 1,296 1,446 2,542 5,472 (328 ) 10,428 Total revenue 19,687 13,637 639 5,464 (455 ) 38,972 Contract benefits and expenses Life and health insurance 10,875 8,044 4,255 – (37 ) 23,137 Annuities and pensions 1,986 518 (9,784 ) 77 – (7,203 ) Net benefits and claims 12,861 8,562 (5,529 ) 77 (37 ) 15,934 Interest expense 187 447 56 2 583 1,275 Other expenses 4,749 3,063 3,428 4,322 682 16,244 Total contract benefits and expenses 17,797 12,072 (2,045 ) 4,401 1,228 33,453 Income (loss) before income taxes 1,890 1,565 2,684 1,063 (1,683 ) 5,519 Income tax recovery (expense) (355 ) (321 ) (352 ) (108 ) 504 (632 ) Net income (loss) 1,535 1,244 2,332 955 (1,179 ) 4,887 Less net income (loss) attributed to: Non-controlling 208 – – – 6 214 Participating policyholders (360 ) 233 – – – (127 ) Net income (loss) attributed to shareholders $ 1,687 $ 1,011 $ 2,332 $ 955 $ (1,185 ) $ 4,800 Total assets $ 112,327 $ 214,101 $ 272,228 $ 130,379 $ 21,236 $ 750,271 As at and for the year ended December 31, 2017 Asia Canada U.S. Global WAM Corporate and Other Total Revenue Life and health insurance $ 13,145 $ 4,322 $ 6,778 $ – $ 110 $ 24,355 Annuities and pensions 2,568 443 844 – – 3,855 Net premium income 15,713 4,765 7,622 – 110 28,210 Net investment income (loss) 4,044 4,560 10,657 42 64 19,367 Other revenue 933 1,862 3,039 5,158 (246 ) 10,746 Total revenue 20,690 11,187 21,318 5,200 (72 ) 58,323 Contract benefits and expenses Life and health insurance 11,881 5,018 16,193 – 268 33,360 Annuities and pensions 1,889 2,404 1,574 74 – 5,941 Net benefits and claims 13,770 7,422 17,767 74 268 39,301 Interest expense 164 307 36 1 631 1,139 Other expenses 4,360 3,069 3,374 4,193 386 15,382 Total contract benefits and expenses 18,294 10,798 21,177 4,268 1,285 55,822 Income (loss) before income taxes 2,396 389 141 932 (1,357 ) 2,501 Income tax recovery (expense) (405 ) 159 (1,342 ) 146 1,203 (239 ) Net income (loss) 1,991 548 (1,201 ) 1,078 (154 ) 2,262 Less net income (loss) attributed to: Non-controlling 187 – – – 7 194 Participating policyholders (30 ) (6 ) – – – (36 ) Net income (loss) attributed to shareholders $ 1,834 $ 554 $ (1,201 ) $ 1,078 $ (161 ) $ 2,104 Total assets $ 96,354 $ 217,813 $ 263,523 $ 131,779 $ 20,064 $ 729,533 (1) During the year, the Company ceded premiums to reinsure a block of legacy U.S. individual pay-out annuities business, refer to note 7(k) for details.
Summary of Results by Geographic Location	The results of the Company’s reporting segments differ from its geographic segments primarily due to the allocation of the Company’s Global WAM and Corporate and Other segments into the geographic segments to which its businesses relate. By geographic location As at and for the year ended December 31, 2018 Asia Canada U.S. Other Total Revenue Life and health insurance $ 15,010 $ 8,561 $ 6,342 $ 439 $ 30,352 Annuities and pensions 3,175 452 (9,967 ) – (6,340 ) Net premium income 18,185 9,013 (3,625 ) 439 24,012 Net investment income (loss) 371 2,933 1,032 196 4,532 Other revenue 2,115 2,904 5,395 14 10,428 Total revenue $ 20,671 $ 14,850 $ 2,802 $ 649 $ 38,972 As at and for the year ended December 31, 2017 Asia Canada U.S. Other Total Revenue Life and health insurance $ 13,215 $ 3,894 $ 6,780 $ 466 $ 24,355 Annuities and pensions 2,568 443 844 – 3,855 Net premium income 15,783 4,337 7,624 466 28,210 Net investment income (loss) 4,258 4,642 10,407 60 19,367 Other revenue 1,632 3,187 5,911 16 10,746 Total revenue $ 21,673 $ 12,166 $ 23,942 $ 542 $ 58,323

Related Parties (Tables)

Related Parties (Tables)	12 Months Ended
	Dec. 31, 2018
Text block [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, 2018 2017 Short-term employee benefits $ 65 $ 78 Post-employment benefits 5 5 Share-based payments 50 59 Termination benefits 5 6 Other long-term benefits 2 2 Total $ 127 $ 150

Subsidiaries (Tables)

Subsidiaries (Tables)	12 Months Ended
	Dec. 31, 2018
Investments accounted for using equity method [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, 2018 (100% owned unless otherwise noted in brackets beside company name) Address Description The Manufacturers Life Insurance Company Toronto, Canada Leading Canadian-based financial services company that offers a diverse range of financial protection products and wealth management services Manulife Holdings (Alberta) Limited Calgary, Canada Holding company John Hancock Financial Corporation Wilmington, Delaware, U.S.A. Holding company The Manufacturers Investment Corporation Michigan, U.S.A. Holding company John Hancock Reassurance Company Ltd. Michigan, 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.) Michigan, U.S.A. U.S. life insurance company licensed in all states, except New York John Hancock Subsidiaries LLC Wilmington, Delaware, U.S.A. Holding company John Hancock Financial Network, Inc. Boston, Massachusetts, U.S.A. Financial services distribution organization John Hancock Advisers, LLC Boston, Massachusetts, U.S.A. Investment advisor John Hancock Funds, LLC Boston, Massachusetts, U.S.A. Broker-dealer Manulife Asset Management (U.S.), LLC Wilmington, Delaware, U.S.A. Asset management company Hancock Natural Resource Group, Inc. Boston, Massachusetts, 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 Investment Management Services, LLC Boston, Massachusetts, U.S.A. Investment advisor John Hancock Life & Health Insurance Company Boston, Massachusetts, U.S.A. U.S. life insurance company licensed in all states John Hancock Distributors, LLC Wilmington, Delaware, U.S.A. Broker-dealer John Hancock Insurance Agency, Inc. Wilmington, Delaware, 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 annuity reinsurance to affiliates Manulife Bank of Canada Waterloo, Canada Provides integrated banking products and service options not available from an insurance company Manulife Asset Management Holdings (Canada), Inc. Toronto, Canada Holding company Manulife Asset Management Limited Toronto, Canada Provides investment counseling, portfolio and mutual fund management in Canada First North American Insurance Company Toronto, Canada Property and casualty insurance company NAL Resources Management Limited Calgary, Canada Management company for oil and gas properties Manulife Resources Limited Calgary, Canada Holds oil and gas properties Manulife Property Limited Partnership Toronto, Canada Holds oil and gas royalties Manulife Property Limited Partnership II Toronto, Canada Holds oil and gas royalties and foreign bonds and equities Manulife Western Holdings Limited Partnership Calgary, Canada Holds oil and gas properties Manulife Securities Investment Services, Inc. Oakville, Canada Mutual fund dealer for Canadian operations Manulife Holdings (Bermuda) Limited Hamilton, Bermuda Holding company Manufacturers P&C Limited St. Michael, Barbados Provides property and casualty reinsurance Manulife Financial Asia Limited Hong Kong, China Holding company Manulife (Cambodia) PLC Phnom Penh, Cambodia Life insurance company Manufacturers Life Reinsurance Limited St. Michael, Barbados Provides life and annuity reinsurance to affiliates Manulife (Vietnam) Limited Ho Chi Minh City, Vietnam Life insurance company Manulife Asset 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 Manulife Asset Management International Holdings Limited Hong Kong, China Holding company Manulife Asset Management (Hong Kong) Limited Hong Kong, China Investment management and advisory company marketing mutual funds Manulife Asset Management (Taiwan) Co., Ltd. Taipei, Taiwan (China) Asset management company Manulife Life Insurance Company (Japan) Tokyo, Japan Life insurance company Manulife Asset Management (Japan) Limited Tokyo, Japan Investment management and advisory company and mutual fund business Manulife Insurance (Thailand) Public Company Limited (85.8%) (1) Bangkok, Thailand Life insurance company Manulife Asset Management (Thailand) Company Limited (92.7%) (1) Bangkok, Thailand Investment management company Manulife Holdings Berhad (59.5%) Kuala Lumpur, Malaysia Holding company Manulife Insurance Berhad (59.5%) Kuala Lumpur, Malaysia Life insurance company Manulife Asset Management Services Berhad (59.5%) Kuala Lumpur, Malaysia Asset management company Manulife (Singapore) Pte. Ltd. Singapore Life insurance company Manulife Asset Management (Singapore) Pte. Ltd. Singapore Asset management company 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 company marketing mutual funds and discretionary funds Manulife Asset Management (Europe) Limited London, England Investment management company for Manulife Financial’s international funds Manulife Assurance Company of Canada Toronto, Canada Life insurance company EIS Services (Bermuda) Limited Hamilton, Bermuda Investment holding company Berkshire Insurance Services Inc. Toronto, Canada Investment holding company JH Investments (Delaware), LLC Boston, Massachusetts, U.S.A. Investment holding company Manulife Securities Incorporated Oakville, Canada Investment dealer Manulife Asset Management (North America) Limited Toronto, Canada Investment advisor Regional Power Inc. Mississauga, Canada Developer and operator of hydro-electric power projects (1) MFC voting rights percentages are the same as the ownership percentages except for Manulife Insurance (Thailand) Public Company Limited and Manulife Asset Management (Thailand) Company Limited where MFC’s voting rights are 93.0% and 96.4%, respectively.

Segregated Funds (Tables)

Segregated Funds (Tables)	12 Months Ended
	Dec. 31, 2018
Text block [abstract]
Summary of Composition of Net Assets by Categories of Segregated Funds	The composition of net assets by categories of segregated funds was within the following ranges for the years ended December 31, 2018 and 2017. Ranges in per cent Type of fund 2018 2017 Money market funds 2% to 3% 2% to 3% Fixed income funds 14% to 15% 14% to 15% Balanced funds 25% to 26% 22% to 29% Equity funds 58% to 60% 55% to 60%
Summary of Composition of Segregated Funds Net Assets	The carrying value and change in segregated funds net assets are as follows. Segregated funds net assets As at December 31, 2018 2017 Investments at market value Cash and short-term securities $ 3,700 $ 4,756 Debt securities 15,313 15,472 Equities 11,661 12,624 Mutual funds 277,133 288,007 Other investments 4,678 4,514 Accrued investment income 1,811 201 Other assets and liabilities, net (700 ) (766 ) Total segregated funds net assets $ 313,596 $ 324,808 Composition of segregated funds net assets Held by policyholders $ 313,209 $ 324,307 Held by the Company 387 501 Total segregated funds net assets $ 313,596 $ 324,808
Summary of Changes in Segregated Funds Net Assets	Changes in segregated funds net assets For the years ended December 31, 2018 2017 Net policyholder cash flow Deposits from policyholders $ 38,236 $ 34,776 Net transfers to general fund (1,089 ) (1,734 ) Payments to policyholders (47,475 ) (46,305 ) (10,328 ) (13,263 ) Investment related Interest and dividends 19,535 16,930 Net realized and unrealized investment gains (losses) (34,683 ) 24,384 (15,148 ) 41,314 Other Management and administration fees (3,985 ) (4,161 ) Impact of changes in foreign exchange rates 18,249 (14,790 ) 14,264 (18,951 ) Net additions (deductions) (11,212 ) 9,100 Segregated funds net assets, beginning of year 324,808 315,708 Segregated funds net assets, end of year $ 313,596 $ 324,808

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, 2018
Text block [abstract]
Condensed Consolidated Statement of Financial Position	Condensed Consolidated Statement of Financial Position As at December 31, 2018 MFC JHUSA Other Consolidation Consolidated Assets Invested assets $ 21 $ 105,043 $ 248,962 $ (362 ) $ 353,664 Investments in unconsolidated subsidiaries 54,015 7,356 17,738 (79,109 ) – Reinsurance assets – 63,435 9,136 (29,518 ) 43,053 Other assets 331 17,025 43,213 (20,224 ) 40,345 Segregated funds net assets – 168,476 146,671 (1,938 ) 313,209 Total assets $ 54,367 $ 361,335 $ 465,720 $ (131,151 ) $ 750,271 Liabilities and equity Insurance contract liabilities $ – $ 155,162 $ 203,682 $ (30,190 ) $ 328,654 Investment contract liabilities – 1,191 2,076 (2 ) 3,265 Other liabilities 275 18,136 46,072 (19,992 ) 44,491 Long-term debt 4,769 – – – 4,769 Capital instruments 3,359 632 4,741 – 8,732 Segregated funds net liabilities – 168,476 146,671 (1,938 ) 313,209 Shareholders’ equity 45,964 17,738 61,291 (79,029 ) 45,964 Participating policyholders’ equity – – 94 – 94 Non-controlling – – 1,093 – 1,093 Total liabilities and equity $ 54,367 $ 361,335 $ 465,720 $ (131,151 ) $ 750,271 Condensed Consolidated Statement of Financial Position As at December 31, 2017 MFC JHUSA Other Consolidation Consolidated Assets Invested assets $ 21 $ 108,144 $ 226,421 $ (364 ) $ 334,222 Investments in unconsolidated subsidiaries 48,374 6,509 14,999 (69,882 ) – Reinsurance assets – 49,927 8,281 (27,849 ) 30,359 Other assets 314 18,678 40,715 (19,062 ) 40,645 Segregated funds net assets – 176,139 149,812 (1,644 ) 324,307 Total assets $ 48,709 $ 359,397 $ 440,228 $ (118,801 ) $ 729,533 Liabilities and equity Insurance contract liabilities $ – $ 147,155 $ 185,884 $ (28,434 ) $ 304,605 Investment contract liabilities – 1,130 1,998 (2 ) 3,126 Other liabilities 297 19,399 41,395 (18,930 ) 42,161 Long-term debt 4,784 – – – 4,784 Capital instruments 2,615 584 5,188 – 8,387 Segregated funds net liabilities – 176,139 149,812 (1,644 ) 324,307 Shareholders’ equity 41,013 14,990 54,801 (69,791 ) 41,013 Participating policyholders’ equity – – 221 – 221 Non-controlling – – 929 – 929 Total liabilities and equity $ 48,709 $ 359,397 $ 440,228 $ (118,801 ) $ 729,533
Condensed Consolidated Statement of Income	Condensed Consolidated Statement of Income For the year ended December 31, 2018 MFC JHUSA Other Consolidation Consolidated Revenue Gross premiums $ – $ 8,452 $ 31,814 $ (1,116 ) $ 39,150 Premiums ceded to reinsurers – (14,149 ) (2,105 ) 1,116 (15,138 ) Net premium income – (5,697 ) 29,709 – 24,012 Net investment income (loss) 445 907 4,126 (946 ) 4,532 Net other revenue (2 ) 1,799 9,820 (1,189 ) 10,428 Total revenue 443 (2,991 ) 43,655 (2,135 ) 38,972 Contract benefits and expenses Net benefits and claims – (7,403 ) 22,862 475 15,934 Commissions, investment and general expenses 19 3,427 14,052 (1,660 ) 15,838 Other expenses 380 233 2,018 (950 ) 1,681 Total contract benefits and expenses 399 (3,743 ) 38,932 (2,135 ) 33,453 Income (loss) before income taxes 44 752 4,723 – 5,519 Income tax (expense) recovery (11 ) 223 (844 ) – (632 ) Income (loss) after income taxes 33 975 3,879 – 4,887 Equity in net income (loss) of unconsolidated subsidiaries 4,767 1,206 2,181 (8,154 ) – Net income (loss) $ 4,800 $ 2,181 $ 6,060 $ (8,154 ) $ 4,887 Net income (loss) attributed to: Non-controlling $ – $ – $ 214 $ – $ 214 Participating policyholders – (10 ) (127 ) 10 (127 ) Shareholders 4,800 2,191 5,973 (8,164 ) 4,800 $ 4,800 $ 2,181 $ 6,060 $ (8,154 ) $ 4,887 Condensed Consolidated Statement of Income For the year ended December 31, 2017 MFC JHUSA Other Consolidation Consolidated Revenue Gross premiums $ – $ 8,561 $ 22,895 $ 4,905 $ 36,361 Premiums ceded to reinsurers – 2,523 (5,765 ) (4,909 ) (8,151 ) Net premium income – 11,084 17,130 (4 ) 28,210 Net investment income (loss) 178 7,986 11,947 (744 ) 19,367 Net other revenue 4 2,874 10,864 (2,996 ) 10,746 Total revenue 182 21,944 39,941 (3,744 ) 58,323 Contract benefits and expenses Net benefits and claims – 20,803 19,179 (681 ) 39,301 Commissions, investment and general expenses 11 3,208 13,852 (2,049 ) 15,022 Other expenses 404 194 1,915 (1,014 ) 1,499 Total contract benefits and expenses 415 24,205 34,946 (3,744 ) 55,822 Income (loss) before income taxes (233 ) (2,261 ) 4,995 – 2,501 Income tax (expense) recovery 62 1,134 (1,435 ) – (239 ) Income (loss) after income taxes (171 ) (1,127 ) 3,560 – 2,262 Equity in net income (loss) of unconsolidated subsidiaries 2,275 628 (486 ) (2,417 ) – Net income (loss) $ 2,104 $ (499 ) $ 3,074 $ (2,417 ) $ 2,262 Net income (loss) attributed to: Non-controlling $ – $ – $ 194 $ – $ 194 Participating policyholders – (10 ) (36 ) 10 (36 ) Shareholders 2,104 (489 ) 2,916 (2,427 ) 2,104 $ 2,104 $ (499 ) $ 3,074 $ (2,417 ) $ 2,262
Consolidated Statement of Cash Flows	Consolidated Statement of Cash Flows For the year ended December 31, 2018 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Operating activities Net income (loss) $ 4,800 $ 2,181 $ 6,060 $ (8,154 ) $ 4,887 Adjustments: Equity in net income of unconsolidated subsidiaries (4,767 ) (1,206 ) (2,181 ) 8,154 – Increase (decrease) in insurance contract liabilities – (5,273 ) 8,180 – 2,907 Increase (decrease) in investment contract liabilities – (86 ) 121 – 35 (Increase) decrease in reinsurance assets excluding coinsurance transactions – 1,609 (716 ) – 893 Amortization of (premium) discount on invested assets – 58 154 – 212 Other amortization 4 225 518 – 747 Net realized and unrealized (gains) losses and impairment on assets (11 ) 4,158 4,580 – 8,727 Deferred income tax expense (recovery) 11 679 240 – 930 Restructuring charge – 43 113 – 156 Stock option expense – – 10 – 10 Cash provided by (used in) operating activities before undernoted items 37 2,388 17,079 – 19,504 Dividends from unconsolidated subsidiary 2,700 405 777 (3,882 ) – Changes in policy related and operating receivables and payables 251 (536 ) (31 ) – (316 ) Cash provided by (used in) operating activities 2,988 2,257 17,825 (3,882 ) 19,188 Investing activities Purchases and mortgage advances – (38,799 ) (62,373 ) – (101,172 ) Disposals and repayments – 35,817 46,294 – 82,111 Changes in investment broker net receivables and payables – (169 ) 41 – (128 ) Investment in common shares of subsidiaries (1,284 ) – – 1,284 – Net cash decrease from purchase of subsidiaries and businesses – – 187 – 187 Capital contribution to unconsolidated subsidiaries – (14 ) – 14 – Return of capital from unconsolidated subsidiaries – 72 – (72 ) – Notes receivable from parent – – (83 ) 83 – Notes receivable from subsidiaries (23 ) (61 ) – 84 – Cash provided by (used in) investing activities (1,307 ) (3,154 ) (15,934 ) 1,393 (19,002 ) Financing activities (Decrease) increase in repurchase agreements and securities sold but not yet purchased – – (189 ) – (189 ) Redemption of long-term debt (400 ) – – – (400 ) Issue of capital instruments, net 597 – – – 597 Redemption of capital instruments – – (450 ) – (450 ) Secured borrowings from securitization transactions – – 250 – 250 Changes in deposits from Bank clients, net – – 1,490 – 1,490 Shareholders’ dividends paid in cash (1,788 ) – – – (1,788 ) Dividends paid to parent – (777 ) (3,105 ) 3,882 – Contributions from (distributions to) non-controlling – – (60 ) – (60 ) Common shares repurchased (478 ) – – – (478 ) Common shares issued, net 59 – 1,284 (1,284 ) 59 Preferred shares issued, net 245 – – – 245 Capital contributions by parent – – 14 (14 ) – Return of capital to parent – – (72 ) 72 – Notes payable to parent – – 84 (84 ) – Notes payable to subsidiaries 83 – – (83 ) – Cash provided by (used in) financing activities (1,682 ) (777 ) (754 ) 2,489 (724 ) Cash and short-term securities Increase (decrease) during the year (1 ) (1,674 ) 1,137 – (538 ) Effect of foreign exchange rate changes on cash and short-term securities 1 353 468 – 822 Balance, beginning of year 21 3,638 11,439 – 15,098 Balance, end of year 21 2,317 13,044 – 15,382 Cash and short-term securities Beginning of year Gross cash and short-term securities 21 4,133 11,811 – 15,965 Net payments in transit, included in other liabilities – (495 ) (372 ) – (867 ) Net cash and short-term securities, beginning of year 21 3,638 11,439 – 15,098 End of year Gross cash and short-term securities 21 2,783 13,411 – 16,215 Net payments in transit, included in other liabilities – (466 ) (367 ) – (833 ) Net cash and short-term securities, end of year $ 21 $ 2,317 $ 13,044 $ – $ 15,382 Supplemental disclosures on cash flow information: Interest received $ 427 $ 4,381 $ 7,074 $ (930 ) $ 10,952 Interest paid 373 92 1,677 (930 ) 1,212 Income taxes paid (59 ) 286 234 – 461 Consolidated Statement of Cash Flows For the year ended December 31, 2017 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Operating activities Net income (loss) $ 2,104 $ (499 ) $ 3,074 $ (2,417 ) $ 2,262 Adjustments: Equity in net income of unconsolidated subsidiaries (2,275 ) (628 ) 486 2,417 – Increase (decrease) in insurance contract liabilities – 16,877 3,146 – 20,023 Increase (decrease) in investment contract liabilities – 55 118 – 173 (Increase) decrease in reinsurance assets – (1,890 ) 4,159 – 2,269 Amortization of (premium) discount on invested assets – 24 206 – 230 Other amortization 4 123 433 – 560 Net realized and unrealized (gains) losses and impairment on assets (7 ) (2,609 ) (4,572 ) – (7,188 ) Deferred income tax expense (recovery) (59 ) (2,239 ) 1,967 – (331 ) Stock option expense – (4 ) 19 – 15 Cash provided by (used in) operating activities before undernoted items (233 ) 9,210 9,036 – 18,013 Dividends from unconsolidated subsidiary 2,700 125 1,175 (4,000 ) – Changes in policy related and operating receivables and payables (45 ) (4,627 ) 4,450 – (222 ) Cash provided by (used in) operating activities 2,422 4,708 14,661 (4,000 ) 17,791 Investing activities Purchases and mortgage advances – (30,645 ) (56,579 ) – (87,224 ) Disposals and repayments – 26,952 43,768 – 70,720 Changes in investment broker net receivables and payables – 182 45 – 227 Investment in common shares of subsidiaries (2,473 ) – – 2,473 – Net cash decrease from purchase of subsidiaries and businesses – – (10 ) – (10 ) Capital contribution to unconsolidated subsidiaries – (63 ) – 63 – Return of capital from unconsolidated subsidiaries – 11 – (11 ) – Notes receivables from affiliates – – 201 (201 ) – Notes receivable from parent – 368 24 (392 ) – Notes receivable from subsidiaries (16 ) (10 ) – 26 – Cash provided by (used in) investing activities (2,489 ) (3,205 ) (12,551 ) 1,958 (16,287 ) Financing activities (Decrease) increase in repurchase agreements and securities sold but not yet purchased – – (29 ) – (29 ) Redemption of long-term debt (600 ) – (7 ) – (607 ) Issue of capital instruments, net 2,209 – – – 2,209 Redemption of capital instruments – – (899 ) – (899 ) Secured borrowings from securitization transactions – – 741 – 741 Changes in deposits from Bank clients, net – – 261 – 261 Shareholders’ dividends paid in cash (1,780 ) – – – (1,780 ) Contributions from (distributions to) non-controlling – – (6 ) – (6 ) Common shares issued, net 124 – 2,473 (2,473 ) 124 Dividends paid to parent – (1,175 ) (2,825 ) 4,000 – Capital contributions by parent – – 63 (63 ) – Return of capital to parent – – (11 ) 11 – Notes payable to affiliates – (201 ) – 201 – Notes payable to parent – – 26 (26 ) – Notes payable to subsidiaries (24 ) – (368 ) 392 – Cash provided by (used in) financing activities (71 ) (1,376 ) (581 ) 2,042 14 Cash and short-term securities Increase (decrease) during the year (138 ) 127 1,529 – 1,518 Effect of foreign exchange rate changes on cash and short-term securities (2 ) (276 ) (380 ) – (658 ) Balance, beginning of year 161 3,787 10,290 – 14,238 Balance, end of year 21 3,638 11,439 – 15,098 Cash and short-term securities Beginning of year Gross cash and short-term securities 161 4,317 10,673 – 15,151 Net payments in transit, included in other liabilities – (530 ) (383 ) – (913 ) Net cash and short-term securities, beginning of year 161 3,787 10,290 – 14,238 End of year Gross cash and short-term securities 21 4,133 11,811 – 15,965 Net payments in transit, included in other liabilities – (495 ) (372 ) – (867 ) Net cash and short-term securities, end of year $ 21 $ 3,638 $ 11,439 $ – $ 15,098 Supplemental disclosures on cash flow information: Interest received $ 273 $ 4,391 $ 6,504 $ (572 ) $ 10,596 Interest paid 392 96 1,202 (572 ) 1,118 Income taxes paid 99 1,084 177 – 1,360

IFRS 7 Disclosures (Tables)

IFRS 7 Disclosures (Tables)	12 Months Ended
	Dec. 31, 2018
Statement [LineItems]
Summary of Risk Management Strategies	The following table outlines our key market risks and identifies the risk management strategies which contribute to managing these risks. Risk Management Strategy Key Market Risk Publicly Interest Rate Alternative Long-Duration Foreign Liquidity Risk Product design and pricing ✓ ✓ ✓ ✓ ✓ Variable annuity guarantee dynamic hedging ✓ ✓ ✓ ✓ Macro equity risk hedging ✓ ✓ ✓ Asset liability management ✓ ✓ ✓ ✓ ✓ Foreign exchange management ✓ ✓ Liquidity risk management ✓
Schedule of Maturity of Financial Liabilities	The following table outlines the maturity of the Company’s significant financial liabilities. Maturity of financial liabilities (1) As at December 31, 2018 ($ millions) Less than 1 to 3 3 to 5 Over 5 Total Long-term debt $ – $ 681 $ – $ 4,088 $ 4,769 Capital instruments – – – 8,732 8,732 Derivatives 359 229 227 6,988 7,803 Deposits from Bank clients (2) 15,351 2,147 2,185 1 19,684 Lease obligations 129 203 93 150 575 (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, 2018 was $19,684 million and $19,731 million, respectively (2017 – $18,131 million and $18,149 million, respectively). Fair value is determined by discounting contractual cash flows, using market interest rates currently offered for deposits with similar terms and conditions. All deposits from Bank clients were categorized in Level 2 of the fair value hierarchy (2017 – Level 2).
Summary of Variable Annuity and Segregated Fund Guarantees, Net of Reinsurance	The table below shows selected information regarding the Company’s variable annuity and segregated fund investment-related guarantees gross and net of reinsurance. Variable annuity and segregated fund guarantees, net of reinsurance As at December 31, ($ millions) 2018 2017 Guarantee Fund value Amount at (4),(5) Guarantee Fund value Amount (4),(5) Guaranteed minimum income benefit (1) $ 5,264 $ 3,675 $ 1,593 $ 5,201 $ 4,195 $ 1,074 Guaranteed minimum withdrawal benefit 60,494 49,214 11,388 61,767 56,512 5,943 Guaranteed minimum accumulation benefit 18,611 18,720 141 18,162 18,705 11 Gross living benefits (2) 84,369 71,609 13,122 85,130 79,412 7,028 Gross death benefits (3) 10,663 14,654 1,567 10,743 16,973 1,001 Total gross of reinsurance 95,032 86,263 14,689 95,873 96,385 8,029 Living benefits reinsured 4,515 3,173 1,343 4,522 3,667 911 Death benefits reinsured 2,353 2,070 493 3,014 3,040 435 Total reinsured 6,868 5,243 1,836 7,536 6,707 1,346 Total, net of reinsurance $ 88,164 $ 81,020 $ 12,853 $ 88,337 $ 89,678 $ 6,683 (1) Contracts with guaranteed long-term care benefits are included in this category. (2) 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 3. (3) 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. (4) Amount at risk (in-the-money (5) The amount at risk net of reinsurance at December 31, 2018 was $12,853 million (2017 – $6,683 million) of which: US$6,899 million (2017 – US$3,982 million) was on our U.S. business, $2,654 million (2017 – $1,342 million) was on our Canadian business, US$332 million (2017 – US$95 million) was on our Japan business and US$246 million (2017 – US$181 million) was related to Asia (other than Japan) and our run-off
Summary of Investment Categories for Variable Contracts with Guarantees	Variable contracts with guarantees, including variable annuities and variable life, are invested, at the policyholder’s discretion subject to contract limitations, in various fund types within the segregated fund accounts and other investments. The account balances by investment category are set out below. As at December 31, ($ millions) Investment category 2018 2017 Equity funds $ 43,528 $ 47,508 Balanced funds 41,625 47,369 Bond funds 12,309 13,095 Money market funds 2,107 1,905 Other fixed interest rate investments 1,997 1,777 Total $ 101,566 $ 111,654
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders Arising from Changes to Public Equity Returns	Potential immediate impact on net income attributed to shareholders arising from changes to public equity returns (1),(2),(3) As at December 31, 2018 ($ millions) -30% -20% -10% +10% +20% +30% Underlying sensitivity to net income attributed to shareholders (4) Variable annuity guarantees $ (3,650 ) $ (2,240 ) $ (1,040 ) $ 890 $ 1,610 $ 2,170 Asset based fees (annualized) (480 ) (320 ) (160 ) 160 320 480 General fund equity investments (5) (1,150 ) (780 ) (390 ) 290 580 860 Total underlying sensitivity before hedging (5,280 ) (3,340 ) (1,590 ) 1,340 2,510 3,510 Impact of macro and dynamic hedge assets (6) 3,110 1,940 910 (820 ) (1,450 ) (1,930 ) Net potential impact on net income attributed to shareholders after impact of hedging $ (2,170 ) $ (1,400 ) $ (680 ) $ 520 $ 1,060 $ 1,580 As at December 31, 2017 ($ millions) -30% -20% -10% +10% +20% +30% Underlying sensitivity to net income attributed to shareholders (4) Variable annuity guarantees $ (3,940 ) $ (2,260 ) $ (960 ) $ 670 $ 1,110 $ 1,410 Asset based fees (annualized) (510 ) (340 ) (170 ) 170 340 510 General fund equity investments (5) (930 ) (590 ) (270 ) 270 540 810 Total underlying sensitivity before hedging (5,380 ) (3,190 ) (1,400 ) 1,110 1,990 2,730 Impact of macro and dynamic hedge assets (6) 3,220 1,850 790 (640 ) (1,100 ) (1,410 ) Net potential impact on net income attributed to shareholders after impact of hedging $ (2,160 ) $ (1,340 ) $ (610 ) $ 470 $ 890 $ 1,320 (1) See “Caution Related to Sensitivities” above. (2) The tables show the potential impact on net income attributed to shareholders resulting from an immediate 10%, 20% and 30% change in market values of publicly traded equities followed by a return to the expected level of growth assumed in the valuation of policy liabilities. (3) Please refer to “Sensitivity of Earnings to Changes in Assumptions” for more information on the level of growth assumed and on the net income sensitivity to changes in these long-term assumptions. (4) Defined as earnings sensitivity to a change in public equity markets including settlements on reinsurance contracts, but before the offset of hedge assets or other risk mitigants. (5) This impact for general fund equities is calculated as at a point-in-time (6) Includes the impact of rebalancing equity hedges in the macro and dynamic hedging program. The impact of dynamic hedge rebalancing represents the impact of rebalancing equity hedges for dynamically hedged variable annuity guarantee best estimate liabilities at 5% intervals but does not include any impact in respect of other sources of hedge ineffectiveness (e.g. fund tracking, realized volatility and equity, interest rate correlations different from expected among other factors).
Summary of Potential Impact on Net Income Attributed to Shareholders and MLI's LICAT Total Ratio of an Immediate Parallel Change in Interest Rates Relative to Rates Assumed in the Valuation of Policy Liabilities	Potential impact on net income attributed to shareholders and MLI’s LICAT total ratio of an immediate parallel change in interest rates relative to rates assumed in the valuation of policy liabilities (1),(2),(3),(4) 2018 2017 As at December 31, -50bp +50bp -50bp +50bp Net income attributed to shareholders ($ millions) Excluding change in market value of AFS fixed income assets held in the Corporate and Other segment $ (100 ) $ 100 $ (200 ) $ 100 From fair value changes in AFS fixed income assets held in the Corporate and Other segment, if realized 1,600 (1,500 ) 1,100 (1,000 ) (1) See “Caution Related to Sensitivities” above. In addition, estimates exclude changes to the net actuarial gains/losses with respect to the Company’s pension obligations as a result of changes in interest rates, as the impact on the quoted sensitivities is not considered to be material. (2) 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. (3) The amount of gain or loss that can be realized on AFS fixed income assets held in the Corporate and Other segment will depend on the aggregate amount of unrealized gain or loss. (4) Sensitivities are based on projected asset and liability cash flows and the impact of realizing fair value changes in AFS fixed income is based on the holdings at the end of the period. (5) Includes all LICAT impacts, including realized and unrealized fair value changes in AFS fixed income assets. The LICAT ratio is not applicable before January 1, 2018.
Alternative Long-Duration Asset Performance Risk [member]
Statement [LineItems]
Summary of Potential Impact on Net Income Attributed to Shareholders Arising from Changes to Spreads	Potential impact on net income attributed to shareholders arising from changes in ALDA returns (1),(2),(3),(4),(5),(6) As at December 31, ($ millions) 2018 2017 -10% +10% -10% +10% Real estate, agriculture and timber assets $ (1,300 ) $ 1,200 $ (1,300 ) $ 1,300 Private equities and other ALDA (1,600 ) 1,600 (1,500 ) 1,400 Alternative long-duration assets $ (2,900 ) $ 2,800 $ (2,800 ) $ 2,700 (1) See “Caution Related to Sensitivities” above. (2) This impact is calculated as at a point-in-time (3) 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 ALDA returns. For some classes of ALDA, where there is not an appropriate long-term benchmark available, the return assumptions used in valuation are not permitted by the Standards of Practice and CIA guidance to result in a lower reserve than an assumption based on a historical return benchmark for public equities in the same jurisdiction. (4) Net income impact does not consider any impact of the market correction on assumed future return assumptions. (5) Please refer to “Sensitivity of Earnings to Changes in Assumptions” below, for more information on the level of growth assumed and on the net income sensitivity to changes in these long-term assumptions. (6) The impact of changes to the portfolio asset mix supporting our North American legacy business are reflected in the sensitivities when the changes take place.
Corporate and swap spreads [Member]
Statement [LineItems]
Summary of Potential Impact on Net Income Attributed to Shareholders Arising from Changes to Spreads	Potential impact on net income attributed to shareholders and MLI’s LICAT total ratio arising from changes to corporate spreads and swap spreads (1),(2),(3) Corporate spreads (4),(5) 2018 2017 As at December 31, -50bp +50bp -50bp +50bp Net income attributed to shareholders ($ millions) $ (600 ) $ 600 $ (1,000 ) $ 1,000 As at December 31, -20bp +20bp -20bp +20bp Net income attributed to shareholders ($ millions) $ 100 $ (100 ) $ 400 $ (400 ) (1) See “Caution Related to Sensitivities” above. (2) The impact on net income attributed to shareholders assumes no gains or losses are realized on our AFS fixed income assets held in the Corporate and Other segment and excludes the impact of changes in segregated fund bond values due to changes in credit spreads. 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 corporate and swap spreads. (3) Sensitivities are based on projected asset and liability cash flows. (4) Corporate spreads are assumed to grade to the long-term average over five years. (5) As the sensitivity to a 50 basis point decline in corporate spreads includes the impact of a change in deterministic reinvestment scenarios where applicable, the impact of changes to corporate spreads for less than, or more than, the amounts indicated are unlikely to be linear. (6) Includes all LICAT impacts, including realized and unrealized fair value changes in AFS fixed income assets. Under LICAT, spread movements are determined from a selection of investment grade bond indices with BBB and better bonds for each jurisdiction. For LICAT, we use the following indices: FTSE TMX Canada All Corporate Bond Index, Barclays USD Liquid Investment Grade Corporate Index, and Nomura-BPI (Japan). The LICAT ratio is not applicable before January 1, 2018.

Nature of Operations and Sign_3

Nature of Operations and Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2018
Bottom of range [Member]
Disclosure of changes in accounting estimates [Line Items]
Estimated useful life of property	30 years
Finite -Lived intangible assets, useful life	6 years
Capital asset, useful life	2 years
Bottom of range [Member] | Software [Member]
Disclosure of changes in accounting estimates [Line Items]
Finite -Lived intangible assets, useful life	3 years
Top of range [Member]
Disclosure of changes in accounting estimates [Line Items]
Estimated useful life of property	60 years
Finite -Lived intangible assets, useful life	68 years
Capital asset, useful life	10 years
Top of range [Member] | Software [Member]
Disclosure of changes in accounting estimates [Line Items]
Finite -Lived intangible assets, useful life	5 years

Invested Assets and Investmen_3

Invested Assets and Investment Income - Schedule of Carrying Values and Fair Values of Invested Assets (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	$ 16,215	$ 15,965	$ 15,151
Debt securities	185,594	174,000
Public equities	19,179	21,545
Mortgages	48,363	44,742
Private placements	35,754	32,132
Policy loans	6,446	5,808
Loans to bank clients	1,793	1,737
Real estate	12,777	13,810
Total invested assets	353,664	334,222
Other invested assets	27,543	24,483
FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	1,080	439
Debt securities	107,425	96,785
Public equities	16,721	18,473
Total invested assets	187,409	178,096
AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	10,163	11,429
Debt securities	5,245	5,366
Public equities	2,458	3,072
Total invested assets	43,579	41,565
Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	4,972	4,097
Mortgages	48,363	44,742
Private placements	35,754	32,132
Policy loans	6,446	5,808
Loans to bank clients	1,793	1,737
Total invested assets	122,676	114,561
Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	16,215	15,965
Public equities	19,179	21,545
Mortgages	48,628	46,065
Private placements	36,103	34,581
Policy loans	6,446	5,808
Loans to bank clients	1,797	1,742
Total invested assets	356,217	339,488
Canadian government and agency [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	23,787	22,778
Canadian government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	16,445	17,886
Canadian government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	7,342	4,892
Canadian government and agency [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	23,787	22,778
U.S. government and agency [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	25,924	25,969
U.S. government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	11,934	12,497
U.S. government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	13,990	13,472
U.S. government and agency [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	25,924	25,969
Other government and agency [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	20,260	19,826
Other government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	16,159	16,838
Other government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	4,101	2,988
Other government and agency [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	20,260	19,826
Corporate [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	112,670	102,151
Corporate [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	107,425	96,785
Corporate [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	5,245	5,366
Corporate [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	112,670	102,151
Mortgage/asset-backed securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	2,953	3,276
Mortgage/asset-backed securities [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	2,774	3,018
Mortgage/asset-backed securities [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	179	258
Mortgage/asset-backed securities [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	2,953	3,276
Real estate own use property [Member]
Disclosure of fair value measurement of assets [Line Items]
Real estate	2,016	1,281
Real estate own use property [Member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Real estate	2,016	1,281
Real estate own use property [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Real estate	3,179	2,448
Investment property [Member]
Disclosure of fair value measurement of assets [Line Items]
Real estate	10,761	12,529
Investment property [Member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Real estate	10,761	12,529
Investment property [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Real estate	10,761	12,529
Alternative long-duration assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	23,438	20,730
Alternative long-duration assets [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	14,720	12,018
Alternative long-duration assets [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	101	88
Alternative long-duration assets [Member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	8,617	8,624
Alternative long-duration assets [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	24,211	21,053
Various other [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	4,105	3,753
Various other [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	151	142
Various other [Member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	3,954	3,611
Various other [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	$ 4,104	$ 3,752

Invested Assets and Investmen_4

Invested Assets and Investment Income - Schedule of Carrying Values and Fair Values of Invested Assets (Parenthetical) (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of fair value measurement of assets [Line Items]
Debt securities	$ 185,594	$ 174,000
Private placements	35,754	32,132
Other invested assets	27,543	24,483
Change in the fair value of these invested assets	(460)	832
Invested assets	353,664	334,222
Less than 1 year [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	870	1,768
Less than 90 days [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	40	161
Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Private placements	36,103	34,581
Change in the fair value of these invested assets	21
Invested assets	356,217	339,488
Alternative long-duration assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	23,438	20,730
Alternative long-duration assets [Member] | Private equity [Member]
Disclosure of fair value measurement of assets [Line Items]
Total carrying value	6,769	4,959
Alternative long-duration assets [Member] | Power and infrastructure [Member]
Disclosure of fair value measurement of assets [Line Items]
Total carrying value	7,970	7,355
Alternative long-duration assets [Member] | Oil and gas [Member]
Disclosure of fair value measurement of assets [Line Items]
Total carrying value	3,416	2,813
Alternative long-duration assets [Member] | Timber and agriculture [Member]
Disclosure of fair value measurement of assets [Line Items]
Total carrying value	4,493	5,033
Alternative long-duration assets [Member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Total carrying value	791	570
Alternative long-duration assets [Member] | Hydroelectric Power [member]
Disclosure of fair value measurement of assets [Line Items]
Total carrying value		426
Alternative long-duration assets [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	24,211	21,053
Cash and short-term securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Short-term securities with maturities of less than one year	2,530	2,737
Cash equivalents	8,713	9,131
Cash	4,972	4,097
Other [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets leveraged leases	3,575	3,273
SPPI qualifying [member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	600
SPPI non qualifying [member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	105
Private placements	230
Other invested assets	465
Accumulated depreciation and amortisation [Member] | Real estate own use property [Member]
Disclosure of fair value measurement of assets [Line Items]
Accumulated depreciation of own use property	391	389
John Hancock Infrastructure Master Fund LP [member]
Disclosure of fair value measurement of assets [Line Items]
Invested assets	$ 1,422
John Hancock Infrastructure Master Fund LP [member] | Top of range [Member]
Disclosure of fair value measurement of assets [Line Items]
Partnership voting rights	1.00%
Manulife Us Real Estate Investment Trust [member]
Disclosure of fair value measurement of assets [Line Items]
Invested assets	$ 510	$ 395
Partnership voting rights	8.50%	9.50%
Other joint ventures [member]
Disclosure of fair value measurement of assets [Line Items]
Invested assets	$ 1,314
Hancock Us Real Estate Fund Lp [member]
Disclosure of fair value measurement of assets [Line Items]
Invested assets		$ 619
Partnership voting rights		11.70%

Invested Assets and Investmen_5

Invested Assets and Investment Income - Schedule of Other Invested Assets Include Investments in Associates and Joint Ventures Accounted Using Equity Method (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Investments in associates carrying value	$ 6,858	$ 5,757
Percentage of investments in associates carrying value	100.00%	100.00%
Leveraged leases [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Investments in associates carrying value	$ 3,575	$ 3,273
Percentage of investments in associates carrying value	51.00%	56.00%
Timber and agriculture [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Investments in associates carrying value	$ 599	$ 451
Percentage of investments in associates carrying value	9.00%	8.00%
Real estate [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Investments in associates carrying value	$ 725	$ 498
Percentage of investments in associates carrying value	11.00%	9.00%
Other [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Investments in associates carrying value	$ 1,959	$ 1,535
Percentage of investments in associates carrying value	29.00%	27.00%

Invested Assets and Investmen_6

Invested Assets and Investment Income - Additional Information (Detail) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of fair value measurement of assets [Line Items]
Fair value of securitized assets	$ 750,271,000,000	$ 729,533,000,000
Fair value of securitized liabilities	703,120,000,000	687,370,000,000
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period	0
Segregated funds [Member]
Disclosure of fair value measurement of 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	2,000,000	5,000,000
Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Profit (loss) from associates and joint ventures	369,000,000	291,000,000
Dividends received from associates and joint ventures	13,000,000	14,000,000
Securitized assets [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Fair value of securitized assets	3,843,000,000	3,533,000,000
Fair value of securitized liabilities	$ 3,756,000,000	$ 3,503,000,000

Invested Assets and Investmen_7

Invested Assets and Investment Income - Schedule of Investment Income (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Investment Income [line items]
Rental income, net of depreciation	$ 1,013	$ 1,120
Net Investment income	4,532	19,367
Investment income	13,560	13,649
Debt securities [Member]
Disclosure of Investment Income [line items]
Interest income	6,078	5,679
Gains (losses)	(6,303)	3,485
Impairment loss	(18)	15
Cash and short-term securities [Member]
Disclosure of Investment Income [line items]
Interest income	268	160
Gains (losses)	(12)	(25)
Public equities [Member]
Disclosure of Investment Income [line items]
Dividend income	556	603
Gains (losses)	(1,266)	2,598
Impairment loss	43	(14)
Mortgages [Member]
Disclosure of Investment Income [line items]
Interest income	1,824	1,685
Gains (losses)	56	69
Provision, net	8	(32)
Private placements [Member]
Disclosure of Investment Income [line items]
Interest income	1,729	1,553
Gains (losses)	(83)	43
Impairment loss	10	10
Policy loans [member]
Disclosure of Investment Income [line items]
Net Investment income	371	365
Loans to Bank clients [Member]
Disclosure of Investment Income [line items]
Interest income	81	68
Provision, net	1
Real estate [Member]
Disclosure of Investment Income [line items]
Rental income, net of depreciation	515	517
Gains (losses)	445	341
Impairment loss		(4)
Derivatives [Member]
Disclosure of Investment Income [line items]
Interest income	656	893
Gains (losses)	(2,224)	(945)
Other invested assets [Member]
Disclosure of Investment Income [line items]
Interest income	74	174
Oil and gas, timber, agriculture and other income	1,758	1,690
Gains (losses)	173	484
Impairment loss	120	45
Interest income [member]
Disclosure of Investment Income [line items]
Investment income	11,081	10,577
Dividend, rental and other income [member]
Disclosure of Investment Income [line items]
Investment income	2,829	2,810
Impairments, provisions and recoveries, net [Member]
Disclosure of Investment Income [line items]
Investment income	(164)	(70)
Other [Member]
Disclosure of Investment Income [line items]
Investment income	(186)	332
Insurance and investment contract liabilities and macro equity hedges [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	(9,028)	5,718
Insurance and investment contract liabilities and macro equity hedges [Member] | Debt securities [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	(5,994)	3,686
Insurance and investment contract liabilities and macro equity hedges [Member] | Public equities [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	(1,444)	2,235
Insurance and investment contract liabilities and macro equity hedges [Member] | Mortgages [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	55	69
Insurance and investment contract liabilities and macro equity hedges [Member] | Private placements [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	(83)	40
Insurance and investment contract liabilities and macro equity hedges [Member] | Real estate [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	449	350
Insurance and investment contract liabilities and macro equity hedges [Member] | Other invested assets [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	213	441
Insurance and investment contract liabilities and macro equity hedges [Member] | Derivatives, including macro equity hedging program [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	(2,224)	(1,103)
FVTPL [Member]
Disclosure of Investment Income [line items]
Net Investment income	(2,992)	11,954
Investment income	6,368	6,918
FVTPL [Member] | Debt securities [Member]
Disclosure of Investment Income [line items]
Interest income	5,432	5,102
Gains (losses)	(5,993)	3,690
Impairment loss	(18)	16
FVTPL [Member] | Cash and short-term securities [Member]
Disclosure of Investment Income [line items]
Interest income	18	7
Gains (losses)	(74)	22
FVTPL [Member] | Public equities [Member]
Disclosure of Investment Income [line items]
Dividend income	484	524
Gains (losses)	(1,596)	2,372
FVTPL [Member] | Derivatives [Member]
Disclosure of Investment Income [line items]
Interest income	689	809
Gains (losses)	(2,251)	(1,029)
FVTPL [Member] | Other invested assets [Member]
Disclosure of Investment Income [line items]
Gains (losses)	283	441
Impairment loss	2
FVTPL [Member] | Interest income [member]
Disclosure of Investment Income [line items]
Investment income	6,139	5,918
FVTPL [Member] | Dividend, rental and other income [member]
Disclosure of Investment Income [line items]
Investment income	484	524
FVTPL [Member] | Impairments, provisions and recoveries, net [Member]
Disclosure of Investment Income [line items]
Investment income	16	16
FVTPL [Member] | Other [Member]
Disclosure of Investment Income [line items]
Investment income	(271)	460
FVTPL [Member] | Insurance and investment contract liabilities and macro equity hedges [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	(9,360)	5,036
FVTPL [Member] | Insurance and investment contract liabilities and macro equity hedges [Member] | Debt securities [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	(6,012)	3,694
FVTPL [Member] | Insurance and investment contract liabilities and macro equity hedges [Member] | Public equities [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	(1,454)	2,200
FVTPL [Member] | Insurance and investment contract liabilities and macro equity hedges [Member] | Other invested assets [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	357	329
FVTPL [Member] | Insurance and investment contract liabilities and macro equity hedges [Member] | Derivatives, including macro equity hedging program [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	(2,251)	(1,187)
AFS [Member]
Disclosure of Investment Income [line items]
Net Investment income	1,003	761
Investment income	979	743
AFS [Member] | Debt securities [Member]
Disclosure of Investment Income [line items]
Interest income	646	577
Gains (losses)	(310)	(205)
Impairment loss		(1)
AFS [Member] | Cash and short-term securities [Member]
Disclosure of Investment Income [line items]
Interest income	250	153
Gains (losses)	62	(47)
AFS [Member] | Public equities [Member]
Disclosure of Investment Income [line items]
Dividend income	72	79
Gains (losses)	330	226
Impairment loss	43	(14)
AFS [Member] | Other invested assets [Member]
Disclosure of Investment Income [line items]
Gains (losses)		(7)
Impairment loss	4
AFS [Member] | Interest income [member]
Disclosure of Investment Income [line items]
Investment income	896	730
AFS [Member] | Dividend, rental and other income [member]
Disclosure of Investment Income [line items]
Investment income	72	79
AFS [Member] | Impairments, provisions and recoveries, net [Member]
Disclosure of Investment Income [line items]
Investment income	(47)	(15)
AFS [Member] | Other [Member]
Disclosure of Investment Income [line items]
Investment income	58	(51)
AFS [Member] | Insurance and investment contract liabilities and macro equity hedges [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	24	18
AFS [Member] | Insurance and investment contract liabilities and macro equity hedges [Member] | Debt securities [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	18	(8)
AFS [Member] | Insurance and investment contract liabilities and macro equity hedges [Member] | Public equities [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	10	35
AFS [Member] | Insurance and investment contract liabilities and macro equity hedges [Member] | Other invested assets [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	(4)	(9)
Other [Member]
Disclosure of Investment Income [line items]
Net Investment income	6,521	6,652
Investment income	6,213	5,988
Other [Member] | Mortgages [Member]
Disclosure of Investment Income [line items]
Interest income	1,824	1,685
Gains (losses)	56	69
Provision, net	8	(32)
Other [Member] | Private placements [Member]
Disclosure of Investment Income [line items]
Interest income	1,729	1,553
Gains (losses)	(83)	43
Impairment loss	10	10
Other [Member] | Policy loans [member]
Disclosure of Investment Income [line items]
Net Investment income	371	365
Other [Member] | Loans to Bank clients [Member]
Disclosure of Investment Income [line items]
Interest income	81	68
Provision, net	1
Other [Member] | Real estate [Member]
Disclosure of Investment Income [line items]
Rental income, net of depreciation	515	517
Gains (losses)	445	341
Impairment loss		(4)
Other [Member] | Derivatives [Member]
Disclosure of Investment Income [line items]
Interest income	(33)	84
Gains (losses)	27	84
Other [Member] | Other invested assets [Member]
Disclosure of Investment Income [line items]
Interest income	74	174
Oil and gas, timber, agriculture and other income	1,758	1,690
Gains (losses)	(110)	50
Impairment loss	114	45
Other [Member] | Interest income [member]
Disclosure of Investment Income [line items]
Investment income	4,046	3,929
Other [Member] | Dividend, rental and other income [member]
Disclosure of Investment Income [line items]
Investment income	2,273	2,207
Other [Member] | Impairments, provisions and recoveries, net [Member]
Disclosure of Investment Income [line items]
Investment income	(133)	(71)
Other [Member] | Other [Member]
Disclosure of Investment Income [line items]
Investment income	27	(77)
Other [Member] | Insurance and investment contract liabilities and macro equity hedges [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	308	664
Other [Member] | Insurance and investment contract liabilities and macro equity hedges [Member] | Mortgages [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	55	69
Other [Member] | Insurance and investment contract liabilities and macro equity hedges [Member] | Private placements [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	(83)	40
Other [Member] | Insurance and investment contract liabilities and macro equity hedges [Member] | Real estate [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	449	350
Other [Member] | Insurance and investment contract liabilities and macro equity hedges [Member] | Other invested assets [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	(140)	121
Other [Member] | Insurance and investment contract liabilities and macro equity hedges [Member] | Derivatives, including macro equity hedging program [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	$ 27	$ 84

Invested Assets and Investmen_8

Invested Assets and Investment Income - Summary of Total Investment Expenses (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Investment Expenses [line items]
Total investment expenses	$ 1,708	$ 1,673
Related to invested assets [Member]
Investment Expenses [line items]
Total investment expenses	638	625
Related to segregated, mutual and other funds [Member]
Investment Expenses [line items]
Total investment expenses	$ 1,070	$ 1,048

Invested Assets and Investmen_9

Invested Assets and Investment Income - Summary of Rental Income of Investment Properties (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about investment property [abstract]
Rental income from investment properties	$ 1,013	$ 1,120
Direct operating expenses of rental investment properties	(582)	(694)
Total	$ 431	$ 426

Invested Assets and Investme_10

Invested Assets and Investment Income - Summary of Securitized Assets and Secured Borrowing Liabilities (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Securitised Assets	$ 3,818	$ 3,512
SecuredBorrowingLiabilities	3,774	3,523
HELOC securitization [Member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Securitised Assets	2,293	2,032
CMB securitization [member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Securitised Assets	1,525	1,480
Securitized mortgages [Member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Securitised Assets	3,810	3,504
Securitized mortgages [Member] | HELOC securitization [Member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Securitised Assets	2,285	2,024
Securitized mortgages [Member] | CMB securitization [member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Securitised Assets	1,525	1,480
Restricted cash and short-term securities [member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Securitised Assets	8	8
Restricted cash and short-term securities [member] | HELOC securitization [Member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Securitised Assets	8	8
HELOC securitization [Member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
SecuredBorrowingLiabilities	2,250	2,000
CMB securitization [member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
SecuredBorrowingLiabilities	$ 1,524	$ 1,523

Invested Assets and Investme_11

Invested Assets and Investment Income - Summary of Invested Assets and Segregated Funds Net Assets, Measured at Fair Value (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of fair value measurement of assets [Line Items]
Debt securities	$ 185,594	$ 174,000
Public equities	19,179	21,545
Real estate - investment property	12,777	13,810
Other invested assets	27,543	24,483
Segregated funds net assets	313,209	324,307
Total assets	750,271	729,533
FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	1,080	439
Debt securities	107,425	96,785
Public equities	16,721	18,473
AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	10,163	11,429
Debt securities	5,245	5,366
Public equities	2,458	3,072
Other cash and short-term securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	4,972	4,097
Real estate [Member]
Disclosure of fair value measurement of assets [Line Items]
Real estate - investment property	10,761	12,529
Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	17,562	16,203
Canadian government and agency [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	23,787	22,778
Canadian government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	16,445	17,886
Canadian government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	7,342	4,892
U.S. government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	11,934	12,497
U.S. government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	13,990	13,472
Other government and agency [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	20,260	19,826
Other government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	16,159	16,838
Other government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	4,101	2,988
Residential mortgage asset-backed securities [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	13	8
Residential mortgage asset-backed securities [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	2	37
Commercial mortgage asset-backed securities [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	1,344	1,099
Commercial mortgage asset-backed securities [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	128	138
Other securitized assets [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	1,417	1,911
Other securitized assets [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	49	83
Financial assets at fair value, class [Member]
Disclosure of fair value measurement of assets [Line Items]
Total assets	562,520	564,549
Level 1 [Member]
Disclosure of fair value measurement of assets [Line Items]
Segregated funds net assets	276,178	286,490
Level 1 [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities		2
Public equities	16,718	18,470
Level 1 [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Public equities	2,456	3,069
Level 1 [Member] | Other cash and short-term securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	4,972	4,097
Level 1 [Member] | Financial assets at fair value, class [Member]
Disclosure of fair value measurement of assets [Line Items]
Total assets	300,324	312,128
Level 2 [Member]
Disclosure of fair value measurement of assets [Line Items]
Segregated funds net assets	32,584	33,562
Level 2 [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	1,080	439
Debt securities	106,641	96,073
Level 2 [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	10,163	11,429
Debt securities	5,125	5,278
Public equities	2	3
Level 2 [Member] | Canadian government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	16,445	17,886
Level 2 [Member] | Canadian government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	7,342	4,892
Level 2 [Member] | U.S. government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	11,934	12,497
Level 2 [Member] | U.S. government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	13,990	13,472
Level 2 [Member] | Other government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	15,979	16,599
Level 2 [Member] | Other government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	4,064	2,941
Level 2 [Member] | Residential mortgage asset-backed securities [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	6	7
Level 2 [Member] | Residential mortgage asset-backed securities [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities		37
Level 2 [Member] | Commercial mortgage asset-backed securities [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	1,344	1,099
Level 2 [Member] | Commercial mortgage asset-backed securities [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	128	138
Level 2 [Member] | Other securitized assets [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	1,417	1,886
Level 2 [Member] | Other securitized assets [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	49	82
Level 2 [Member] | Financial assets at fair value, class [Member]
Disclosure of fair value measurement of assets [Line Items]
Total assets	228,293	218,320
Level 3 [Member]
Disclosure of fair value measurement of assets [Line Items]
Segregated funds net assets	4,447	4,255
Total assets	33,903	34,101	$ 33,282
Level 3 [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	784	710
Public equities	3	3
Level 3 [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	120	88
Level 3 [Member] | Real estate [Member]
Disclosure of fair value measurement of assets [Line Items]
Real estate - investment property	10,761	12,529
Level 3 [Member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	17,562	16,203
Total assets	17,562	16,203	$ 14,849
Level 3 [Member] | Other government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	180	239
Level 3 [Member] | Other government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	37	47
Level 3 [Member] | Residential mortgage asset-backed securities [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	7	1
Level 3 [Member] | Residential mortgage asset-backed securities [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	2
Level 3 [Member] | Other securitized assets [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities		25
Level 3 [Member] | Other securitized assets [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities		1
Level 3 [Member] | Financial assets at fair value, class [Member]
Disclosure of fair value measurement of assets [Line Items]
Total assets	$ 33,903	$ 34,101

Invested Assets and Investme_12

Invested Assets and Investment Income - Summary of Invested Assets and Segregated Funds Net Assets, Measured at Fair Value (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Bottom of range [Member]
Disclosure of fair value measurement of assets [Line Items]
Investment properties capitalization rates	2.75%	3.50%
Investment properties terminal capitalization rates	3.65%	4.00%
Top of range [Member]
Disclosure of fair value measurement of assets [Line Items]
Investment properties capitalization rates	8.75%	9.00%
Investment properties terminal capitalization rates	9.25%	9.25%
Power and infrastructure [Member] | Bottom of range [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets fair value discount rate	8.95%	9.20%
Power and infrastructure [Member] | Top of range [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets fair value discount rate	16.50%	16.50%
Timberland Investment [Member] | Bottom of range [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets fair value discount rate	5.00%	5.00%
Timberland Investment [Member] | Top of range [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets fair value discount rate	7.00%	7.50%

Invested Assets and Investme_13

Invested Assets and Investment Income - Summary of Fair Values and the Fair Value Hierarchy (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Carrying value [Member]
Disclosure of financial assets [Line Items]
Carrying value	$ 104,353	$ 93,980
Carrying value [Member] | Mortgages [Member]
Disclosure of financial assets [Line Items]
Carrying value	48,363	44,742
Carrying value [Member] | Private placements [Member]
Disclosure of financial assets [Line Items]
Carrying value	35,754	32,132
Carrying value [Member] | Policy loans [member]
Disclosure of financial assets [Line Items]
Carrying value	6,446	5,808
Carrying value [Member] | Loans to Bank clients [Member]
Disclosure of financial assets [Line Items]
Carrying value	1,793	1,737
Carrying value [Member] | Real estate own use property [Member]
Disclosure of financial assets [Line Items]
Carrying value	2,016	1,281
Carrying value [Member] | Other invested assets [Member]
Disclosure of financial assets [Line Items]
Carrying value	9,981	8,280
Fair value [Member]
Disclosure of financial assets [Line Items]
Total fair value	106,906	99,246
Fair value [Member] | Mortgages [Member]
Disclosure of financial assets [Line Items]
Total fair value	48,628	46,065
Fair value [Member] | Private placements [Member]
Disclosure of financial assets [Line Items]
Total fair value	36,103	34,581
Fair value [Member] | Policy loans [member]
Disclosure of financial assets [Line Items]
Total fair value	6,446	5,808
Fair value [Member] | Loans to Bank clients [Member]
Disclosure of financial assets [Line Items]
Total fair value	1,797	1,742
Fair value [Member] | Real estate own use property [Member]
Disclosure of financial assets [Line Items]
Total fair value	3,179	2,448
Fair value [Member] | Other invested assets [Member]
Disclosure of financial assets [Line Items]
Total fair value	10,753	8,602
Level 1 [Member]
Disclosure of financial assets [Line Items]
Total fair value	121	88
Level 1 [Member] | Other invested assets [Member]
Disclosure of financial assets [Line Items]
Total fair value	121	88
Level 2 [Member]
Disclosure of financial assets [Line Items]
Total fair value	38,568	36,064
Level 2 [Member] | Private placements [Member]
Disclosure of financial assets [Line Items]
Total fair value	30,325	28,514
Level 2 [Member] | Policy loans [member]
Disclosure of financial assets [Line Items]
Total fair value	6,446	5,808
Level 2 [Member] | Loans to Bank clients [Member]
Disclosure of financial assets [Line Items]
Total fair value	1,797	1,742
Level 3 [Member]
Disclosure of financial assets [Line Items]
Total fair value	68,217	63,094
Level 3 [Member] | Mortgages [Member]
Disclosure of financial assets [Line Items]
Total fair value	48,628	46,065
Level 3 [Member] | Private placements [Member]
Disclosure of financial assets [Line Items]
Total fair value	5,778	6,067
Level 3 [Member] | Real estate own use property [Member]
Disclosure of financial assets [Line Items]
Total fair value	3,179	2,448
Level 3 [Member] | Other invested assets [Member]
Disclosure of financial assets [Line Items]
Total fair value	$ 10,632	$ 8,514

Invested Assets and Investme_14

Invested Assets and Investment Income - Summary of Invested Assets and Segregated Funds Net Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3) (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	$ 729,533
Asset at end of period	750,271	$ 729,533
Debt securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	174,000
Asset at end of period	185,594	174,000
Public equities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	21,545
Asset at end of period	19,179	21,545
Level 3 [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	34,101	33,282
Net realized/unrealized gains (losses) included in net income	(644)	770
Net realized/unrealized gains (losses) included in net AOCI	2	1
Purchases	4,999	4,707
Sales	(4,754)	(2,077)
Settlements	(880)	(942)
Transfer into Level 3	3	25
Transfer out of Level 3	(915)	(205)
Currency Movement	1,991	(1,460)
Asset at end of period	33,903	34,101
Change in unrealized gains (losses) on assets still held	(36)	558
Level 3 [Member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	16,203	14,849
Net realized/unrealized gains (losses) included in net income	(1,168)	395
Net realized/unrealized gains (losses) included in net AOCI	1
Purchases	3,926	3,022
Sales	(1,636)	(435)
Settlements	(841)	(837)
Transfer out of Level 3	(35)
Currency Movement	1,112	(791)
Asset at end of period	17,562	16,203
Change in unrealized gains (losses) on assets still held	(434)	244
Level 3 [Member] | Public equities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	3	7
Sales		(4)
Asset at end of period	3	3
Level 3 [Member] | Real estate and other [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	28,732	27,605
Net realized/unrealized gains (losses) included in net income	(877)	696
Net realized/unrealized gains (losses) included in net AOCI	1
Purchases	4,541	4,279
Sales	(4,214)	(1,702)
Settlements	(841)	(837)
Transfer out of Level 3	(741)
Currency Movement	1,722	(1,309)
Asset at end of period	28,323	28,732
Change in unrealized gains (losses) on assets still held	(190)	508
Level 3 [Member] | Segregated funds net assets [member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	4,255	4,574
Net realized/unrealized gains (losses) included in net income	226	60
Purchases	155	261
Sales	(367)	(248)
Settlements	1	(54)
Transfer into Level 3	3
Transfer out of Level 3	(17)	(184)
Currency Movement	191	(154)
Asset at end of period	4,447	4,255
Change in unrealized gains (losses) on assets still held	161	45
Level 3 [Member] | FVTPL [Member] | Debt securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	975	966
Net realized/unrealized gains (losses) included in net income	7	15
Purchases	248	131
Sales	(146)	(97)
Settlements	(32)	(43)
Transfer into Level 3		24
Transfer out of Level 3	(149)	(21)
Currency Movement	68
Asset at end of period	971	975
Change in unrealized gains (losses) on assets still held	(7)	5
Level 3 [Member] | FVTPL [Member] | Public equities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	3	7
Sales		(4)
Asset at end of period	3	3
Level 3 [Member] | FVTPL [Member] | Other government and agency [Member] | Debt securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	239	272
Net realized/unrealized gains (losses) included in net income	(2)	(3)
Purchases	27	26
Sales	(85)	(58)
Settlements	(14)	(6)
Currency Movement	15	8
Asset at end of period	180	239
Change in unrealized gains (losses) on assets still held	(3)	(3)
Level 3 [Member] | FVTPL [Member] | Corporate [member] | Debt securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	710	651
Net realized/unrealized gains (losses) included in net income	3	19
Purchases	190	105
Sales	(61)	(34)
Settlements	(18)	(29)
Transfer into Level 3		24
Transfer out of Level 3	(93)	(21)
Currency Movement	53	(5)
Asset at end of period	784	710
Change in unrealized gains (losses) on assets still held	(10)	10
Level 3 [Member] | FVTPL [Member] | Residential mortgage asset-backed securities [Member] | Debt securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	1	2
Net realized/unrealized gains (losses) included in net income	6
Currency Movement		(1)
Asset at end of period	7	1
Change in unrealized gains (losses) on assets still held	6	(1)
Level 3 [Member] | FVTPL [Member] | Commercial mortgage asset-backed securities [Member] | Debt securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period		6
Sales		(5)
Settlements		(1)
Level 3 [Member] | FVTPL [Member] | Other securitized assets [Member] | Debt securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	25	35
Net realized/unrealized gains (losses) included in net income		(1)
Purchases	31
Settlements		(7)
Transfer out of Level 3	(56)
Currency Movement		(2)
Asset at end of period		25
Change in unrealized gains (losses) on assets still held		(1)
Level 3 [Member] | AFS [Member] | Debt securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	136	130
Net realized/unrealized gains (losses) included in net income		(1)
Net realized/unrealized gains (losses) included in net AOCI	1	1
Purchases	55	36
Sales	(27)	(26)
Settlements	(8)	(8)
Transfer into Level 3		1
Transfer out of Level 3	(8)
Currency Movement	10	3
Asset at end of period	159	136
Level 3 [Member] | AFS [Member] | Other government and agency [Member] | Debt securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	47	51
Net realized/unrealized gains (losses) included in net income		(1)
Net realized/unrealized gains (losses) included in net AOCI		(2)
Purchases	6	14
Sales	(15)	(15)
Settlements	(4)	(2)
Transfer into Level 3		1
Currency Movement	3	1
Asset at end of period	37	47
Level 3 [Member] | AFS [Member] | Corporate [member] | Debt securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	88	74
Net realized/unrealized gains (losses) included in net AOCI		4
Purchases	49	22
Sales	(12)	(10)
Settlements	(4)	(4)
Transfer out of Level 3	(7)
Currency Movement	6	2
Asset at end of period	120	88
Level 3 [Member] | AFS [Member] | Residential mortgage asset-backed securities [Member] | Debt securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period		1
Net realized/unrealized gains (losses) included in net AOCI	1	(1)
Currency Movement	1
Asset at end of period	2
Level 3 [Member] | AFS [Member] | Commercial mortgage asset-backed securities [Member] | Debt securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period		2
Sales		(1)
Settlements		(1)
Level 3 [Member] | AFS [Member] | Other securitized assets [Member] | Debt securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	1	2
Settlements		(1)
Transfer out of Level 3	(1)
Asset at end of period		1
Level 3 [Member] | Real estate [Member] | Investment property [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	12,529	12,756
Net realized/unrealized gains (losses) included in net income	291	301
Purchases	615	1,257
Sales	(2,578)	(1,267)
Transfer out of Level 3	(706)
Currency Movement	610	(518)
Asset at end of period	10,761	12,529
Change in unrealized gains (losses) on assets still held	$ 244	$ 264

Derivative and Hedging Instru_3

Derivative and Hedging Instruments - Summary of Gross Notional Amount and Fair Value of Derivative Instruments (Detail) - CAD ($)	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about hedges [Line Items]
Notional amount	$ 414,734,000,000	$ 336,773,000,000
Fair value, assets	13,703,000,000	15,569,000,000
Fair value, liabilities	7,803,000,000	7,822,000,000
Designated [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	4,489,000,000	2,679,000,000
Designated [Member] | Fair value hedges [Member] | Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	519,000,000	548,000,000
Designated [Member] | Fair value hedges [Member] | Foreign currency swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	91,000,000	84,000,000
Designated [Member] | Cash flow hedges [Member] | Foreign currency swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	1,834,000,000	1,757,000,000
Designated [Member] | Cash flow hedges [Member] | Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	80,000,000	165,000,000
Designated [Member] | Cash flow hedges [Member] | Equity contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	101,000,000	125,000,000
Designated [Member] | Hedges of net investment in foreign operations [Member] | Foreign Currency Forwards [member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	1,864,000,000
Non designated [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	410,245,000,000	334,094,000,000
Non designated [Member] | Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	300,704,000,000	246,270,000,000
Non designated [Member] | Foreign currency swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	23,156,000,000	16,321,000,000
Non designated [Member] | Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	29,248,000,000	20,341,000,000
Non designated [Member] | Equity contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	15,492,000,000	13,597,000,000
Non designated [Member] | Interest rate futures [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	14,297,000,000	11,551,000,000
Non designated [Member] | Interest rate options [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	11,736,000,000	10,093,000,000
Non designated [Member] | Currency rate futures [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	4,052,000,000	3,157,000,000
Non designated [Member] | Credit default swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	652,000,000	606,000,000
Non designated [Member] | Equity futures [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	10,908,000,000	12,158,000,000
Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	13,703,000,000	15,569,000,000
Fair value, liabilities	7,803,000,000	7,822,000,000
Fair value [Member] | Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	12,155,000,000	14,199,000,000
Fair value, liabilities	5,815,000,000	6,309,000,000
Fair value [Member] | Equity contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	653,000,000	829,000,000
Fair value, liabilities	174,000,000	23,000,000
Fair value [Member] | Credit default swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	9,000,000	14,000,000
Fair value [Member] | Designated [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	106,000,000	37,000,000
Fair value, liabilities	466,000,000	362,000,000
Fair value [Member] | Designated [Member] | Fair value hedges [Member] | Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, liabilities	13,000,000	20,000,000
Fair value [Member] | Designated [Member] | Fair value hedges [Member] | Foreign currency swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	5,000,000	1,000,000
Fair value, liabilities		4,000,000
Fair value [Member] | Designated [Member] | Cash flow hedges [Member] | Foreign currency swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	80,000,000	20,000,000
Fair value, liabilities	367,000,000	333,000,000
Fair value [Member] | Designated [Member] | Cash flow hedges [Member] | Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, liabilities	9,000,000	4,000,000
Fair value [Member] | Designated [Member] | Cash flow hedges [Member] | Equity contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets		16,000,000
Fair value, liabilities	12,000,000	1,000,000
Fair value [Member] | Designated [Member] | Hedges of net investment in foreign operations [Member] | Foreign Currency Forwards [member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	21,000,000
Fair value, liabilities	65,000,000
Fair value [Member] | Non designated [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	13,597,000,000	15,532,000,000
Fair value, liabilities	7,337,000,000	7,460,000,000
Fair value [Member] | Non designated [Member] | Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	11,204,000,000	12,984,000,000
Fair value, liabilities	5,675,000,000	6,251,000,000
Fair value [Member] | Non designated [Member] | Foreign currency swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	747,000,000	494,000,000
Fair value, liabilities	1,341,000,000	1,122,000,000
Fair value [Member] | Non designated [Member] | Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	670,000,000	915,000,000
Fair value, liabilities	158,000,000	65,000,000
Fair value [Member] | Non designated [Member] | Equity contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	653,000,000	813,000,000
Fair value, liabilities	163,000,000	22,000,000
Fair value [Member] | Non designated [Member] | Interest rate options [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	314,000,000	312,000,000
Fair value [Member] | Non designated [Member] | Credit default swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	$ 9,000,000	$ 14,000,000

Derivative and Hedging Instru_4

Derivative and Hedging Instruments - Summary of Fair Values of Derivative Instruments by Remaining Term to Maturity (Detail) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about hedges [Line Items]
Derivative assets	$ 13,703,000,000	$ 15,569,000,000
Derivative liabilities	7,803,000,000	7,822,000,000
Remaining term to maturity (notional amounts)	414,734,000,000	336,773,000,000
Credit risk equivalent	10,933,000,000	12,262,000,000
Risk- weighted amount	1,505,000,000	1,457,000,000
Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	13,703,000,000	15,569,000,000
Derivative liabilities	7,803,000,000	7,822,000,000
Fair value, net	5,900,000,000	7,747,000,000
Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	352,462,000,000	285,787,000,000
Credit risk equivalent	5,936,000,000	7,344,000,000
Risk- weighted amount	882,000,000	905,000,000
Interest rate swaps [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	12,799,000,000	14,839,000,000
Derivative liabilities	6,699,000,000	7,111,000,000
Fair value, net	6,100,000,000	7,728,000,000
Interest rate swaps [Member] | OTC swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	147,880,000,000	138,714,000,000
Credit risk equivalent	5,301,000,000	6,588,000,000
Risk- weighted amount	787,000,000	809,000,000
Interest rate swaps [Member] | OTC swap contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	11,750,000,000	13,379,000,000
Derivative liabilities	6,477,000,000	6,867,000,000
Fair value, net	5,273,000,000	6,512,000,000
Interest rate swaps [Member] | Cleared swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	153,343,000,000	108,104,000,000
Interest rate swaps [Member] | Cleared swap contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	95,000,000	245,000,000
Derivative liabilities	96,000,000	206,000,000
Fair value, net	(1,000,000)	39,000,000
Interest rate swaps [Member] | Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	25,206,000,000	17,325,000,000
Credit risk equivalent	259,000,000	285,000,000
Risk- weighted amount	37,000,000	35,000,000
Interest rate swaps [Member] | Forward contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	637,000,000	903,000,000
Derivative liabilities	126,000,000	38,000,000
Fair value, net	511,000,000	865,000,000
Interest rate swaps [Member] | Futures [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	14,297,000,000	11,551,000,000
Interest rate swaps [Member] | Options purchased [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	11,736,000,000	10,093,000,000
Credit risk equivalent	376,000,000	471,000,000
Risk- weighted amount	58,000,000	61,000,000
Interest rate swaps [Member] | Options purchased [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	317,000,000	312,000,000
Fair value, net	317,000,000	312,000,000
Foreign exchange [Member] | Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	5,986,000,000	3,181,000,000
Credit risk equivalent	108,000,000	101,000,000
Risk- weighted amount	13,000,000	12,000,000
Foreign exchange [Member] | Forward contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	54,000,000	12,000,000
Derivative liabilities	106,000,000	31,000,000
Fair value, net	(52,000,000)	(19,000,000)
Foreign exchange [Member] | Futures [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	4,052,000,000	3,157,000,000
Foreign exchange [Member] | Swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	25,081,000,000	18,162,000,000
Credit risk equivalent	2,309,000,000	1,874,000,000
Risk- weighted amount	256,000,000	200,000,000
Foreign exchange [Member] | Swap contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	807,000,000	510,000,000
Derivative liabilities	1,736,000,000	1,483,000,000
Fair value, net	(929,000,000)	(973,000,000)
Credit derivatives [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	652,000,000	606,000,000
Credit derivatives [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	10,000,000	14,000,000
Fair value, net	10,000,000	14,000,000
Equity contracts [Member] | Futures [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	10,908,000,000	12,158,000,000
Equity contracts [Member] | Options purchased [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	12,723,000,000	10,941,000,000
Credit risk equivalent	2,277,000,000	2,606,000,000
Risk- weighted amount	316,000,000	305,000,000
Equity contracts [Member] | Options purchased [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	621,000,000	769,000,000
Derivative liabilities	118,000,000	10,000,000
Fair value, net	503,000,000	759,000,000
Equity contracts [Member] | Swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	2,870,000,000	2,781,000,000
Credit risk equivalent	303,000,000	337,000,000
Risk- weighted amount	38,000,000	35,000,000
Equity contracts [Member] | Swap contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	29,000,000	60,000,000
Derivative liabilities	57,000,000	14,000,000
Fair value, net	(28,000,000)	46,000,000
Financial Instruments [member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	414,734,000,000	336,773,000,000
Credit risk equivalent	10,933,000,000	12,262,000,000
Risk- weighted amount	1,505,000,000	1,457,000,000
Financial Instruments [member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	14,320,000,000	16,204,000,000
Derivative liabilities	8,716,000,000	8,649,000,000
Fair value, net	5,604,000,000	7,555,000,000
Accrued interest [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	617,000,000	635,000,000
Derivative liabilities	913,000,000	827,000,000
Fair value, net	(296,000,000)	(192,000,000)
Less than 1 year [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	649,000,000	605,000,000
Derivative liabilities	359,000,000	224,000,000
Remaining term to maturity (notional amounts)	65,862,000,000	53,882,000,000
Less than 1 year [Member] | Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	34,939,000,000	27,179,000,000
Less than 1 year [Member] | Interest rate swaps [Member] | OTC swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	3,495,000,000	7,161,000,000
Less than 1 year [Member] | Interest rate swaps [Member] | Cleared swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	5,723,000,000	1,615,000,000
Less than 1 year [Member] | Interest rate swaps [Member] | Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	10,258,000,000	6,036,000,000
Less than 1 year [Member] | Interest rate swaps [Member] | Futures [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	14,297,000,000	11,551,000,000
Less than 1 year [Member] | Interest rate swaps [Member] | Options purchased [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	1,166,000,000	816,000,000
Less than 1 year [Member] | Foreign exchange [Member] | Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	5,926,000,000	3,046,000,000
Less than 1 year [Member] | Foreign exchange [Member] | Futures [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	4,052,000,000	3,157,000,000
Less than 1 year [Member] | Foreign exchange [Member] | Swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	1,024,000,000	999,000,000
Less than 1 year [Member] | Credit derivatives [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	143,000,000	38,000,000
Less than 1 year [Member] | Equity contracts [Member] | Futures [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	10,908,000,000	12,158,000,000
Less than 1 year [Member] | Equity contracts [Member] | Options purchased [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	6,142,000,000	4,693,000,000
Less than 1 year [Member] | Equity contracts [Member] | Swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	2,728,000,000	2,612,000,000
Less than 1 year [Member] | Financial Instruments [member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	65,862,000,000	53,882,000,000
1 to 3 years [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	671,000,000	822,000,000
Derivative liabilities	229,000,000	149,000,000
3 to 5 years [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	795,000,000	889,000,000
Derivative liabilities	227,000,000	168,000,000
Over 5 years [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	11,588,000,000	13,253,000,000
Derivative liabilities	6,988,000,000	7,281,000,000
Remaining term to maturity (notional amounts)	277,310,000,000	224,851,000,000
Over 5 years [Member] | Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	259,534,000,000	212,069,000,000
Over 5 years [Member] | Interest rate swaps [Member] | OTC swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	121,817,000,000	112,412,000,000
Over 5 years [Member] | Interest rate swaps [Member] | Cleared swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	131,480,000,000	93,561,000,000
Over 5 years [Member] | Interest rate swaps [Member] | Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	648,000,000	675,000,000
Over 5 years [Member] | Interest rate swaps [Member] | Options purchased [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	5,589,000,000	5,421,000,000
Over 5 years [Member] | Foreign exchange [Member] | Swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	17,776,000,000	12,682,000,000
Over 5 years [Member] | Equity contracts [Member] | Options purchased [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)		100,000,000
Over 5 years [Member] | Financial Instruments [member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	277,310,000,000	224,851,000,000
1 to 5 years [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	71,562,000,000	58,040,000,000
1 to 5 years [Member] | Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	57,989,000,000	46,539,000,000
1 to 5 years [Member] | Interest rate swaps [Member] | OTC swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	22,568,000,000	19,141,000,000
1 to 5 years [Member] | Interest rate swaps [Member] | Cleared swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	16,140,000,000	12,928,000,000
1 to 5 years [Member] | Interest rate swaps [Member] | Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	14,300,000,000	10,614,000,000
1 to 5 years [Member] | Interest rate swaps [Member] | Options purchased [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	4,981,000,000	3,856,000,000
1 to 5 years [Member] | Foreign exchange [Member] | Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	60,000,000	135,000,000
1 to 5 years [Member] | Foreign exchange [Member] | Swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	6,281,000,000	4,481,000,000
1 to 5 years [Member] | Credit derivatives [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	509,000,000	568,000,000
1 to 5 years [Member] | Equity contracts [Member] | Options purchased [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	6,581,000,000	6,148,000,000
1 to 5 years [Member] | Equity contracts [Member] | Swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	142,000,000	169,000,000
1 to 5 years [Member] | Financial Instruments [member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	$ 71,562,000,000	$ 58,040,000,000

Derivative and Hedging Instru_5

Derivative and Hedging Instruments - Additional Information (Detail) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about hedges [Line Items]
Notional amount	$ 414,734,000,000	$ 336,773,000,000
Fair value of reinsurance ceded guaranteed minimum income benefits	1,148,000,000	1,079,000,000
Fair value of reinsurance assumed guaranteed minimum income benefits	114,000,000	100,000,000
Fair value of credit and interest rate embedded derivatives	53,000,000	123,000,000
Shareholders' accumulated other comprehensive income (loss) ("AOCI") [Member]
Disclosure of detailed information about hedges [Line Items]
Net loss that will be reclassified from AOCI to net income within next 12 months	$ 31,000,000
Maximum time frame for which variable cash flows are hedged	18 years
Variable annuity guarantee dynamic hedging and macro equity risk hedging programs [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	$ 136,000,000,000	$ 114,000,000,000

Derivative and Hedging Instru_6

Derivative and Hedging Instruments - Summary of Fair Value and Fair Value Hierarchy of Derivative Instruments (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	$ 13,703	$ 15,569
Total derivative liabilities	7,803	7,822
Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	13,703	15,569
Total derivative liabilities	7,803	7,822
Interest rate swaps [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	12,155	14,199
Total derivative liabilities	5,815	6,309
Foreign Exchange Contract [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	886	527
Total derivative liabilities	1,814	1,490
Equity contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	653	829
Total derivative liabilities	174	23
Credit default swaps [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	9	14
Level 2 [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	13,043	14,490
Total derivative liabilities	7,249	7,512
Level 2 [Member] | Interest rate swaps [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	11,537	13,181
Total derivative liabilities	5,318	6,012
Level 2 [Member] | Foreign Exchange Contract [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	876	527
Total derivative liabilities	1,813	1,490
Level 2 [Member] | Equity contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	621	768
Total derivative liabilities	118	10
Level 2 [Member] | Credit default swaps [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	9	14
Level 3 [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	660	1,079
Total derivative liabilities	554	310
Level 3 [Member] | Interest rate swaps [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	618	1,018
Total derivative liabilities	497	297
Level 3 [Member] | Foreign Exchange Contract [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	10
Total derivative liabilities	1
Level 3 [Member] | Equity contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	32	61
Total derivative liabilities	$ 56	$ 13

Derivative and Hedging Instru_7

Derivative and Hedging Instruments - Net Derivative Significant Unobservable Inputs Used in Fair Value Measurement (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Roll forwards for net derivative contracts measured at fair value using significant unobservable inputs abstract
Balance at the beginning of the year	$ 769	$ 163
Net income	(666)	1,082
OCI	(48)	(9)
Purchases	12	22
Settlements	18	(103)
Into Level 3	9
Out of Level 3	(13)	(363)
Currency movement	25	(23)
Balance at the end of the year	106	769
Change in unrealized gains (losses) on instruments still held	$ (460)	$ 832

Derivative and Hedging Instru_8

Derivative and Hedging Instruments - Summary of Recognized Gains Losses on Derivatives and Hedged Items in Fair Value Hedges in Investment Income (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about hedges [Line Items]
Gains (losses) recognized on derivatives	$ (460)	$ 832
Fair value hedges [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) recognized on derivatives	11	(17)
Gains (losses) recognized for hedged items	(9)	18
Ineffectiveness recognized in investment income	2	1
Fair value hedges [Member] | Interest rate swaps [Member] | Fixed rate assets [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) recognized on derivatives	1	2
Gains (losses) recognized for hedged items	(1)	(3)
Ineffectiveness recognized in investment income		(1)
Fair value hedges [Member] | Interest rate swaps [Member] | Fixed rate liabilities [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) recognized on derivatives	3	(17)
Gains (losses) recognized for hedged items	(3)	17
Fair value hedges [Member] | Foreign currency swaps [Member] | Fixed rate assets [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) recognized on derivatives	7	(2)
Gains (losses) recognized for hedged items	(5)	4
Ineffectiveness recognized in investment income	$ 2	$ 2

Derivative and Hedging Instru_9

Derivative and Hedging Instruments - Summary of Effects of Derivatives in Cash Flow Hedging Relationships (Detail) - Cash flow hedges [Member] - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives	$ (5)	$ 163
Gains (losses) reclassified from AOCI into investment income	4	58
Ineffectiveness recognized in investment income	0	0
Interest rate swaps [Member] | Forecasted liabilities [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) reclassified from AOCI into investment income	(20)	(17)
Ineffectiveness recognized in investment income	0	0
Foreign currency swaps [Member] | Fixed rate assets [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives		3
Gains (losses) reclassified from AOCI into investment income	(1)	(1)
Ineffectiveness recognized in investment income	0	0
Foreign currency swaps [Member] | Floating rate liabilities [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives	(36)	95
Gains (losses) reclassified from AOCI into investment income	(62)	50
Ineffectiveness recognized in investment income	0	0
Foreign currency swaps [Member] | Fixed rate liabilities [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives	60	35
Gains (losses) reclassified from AOCI into investment income	62	7
Ineffectiveness recognized in investment income	0	0
Forward contracts [Member] | Forecasted expenses [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives	(8)	10
Gains (losses) reclassified from AOCI into investment income	(2)	(10)
Ineffectiveness recognized in investment income	0	0
Equity contracts [Member] | Stock-based compensation [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives	(21)	20
Gains (losses) reclassified from AOCI into investment income	27	29
Ineffectiveness recognized in investment income	$ 0	$ 0

Derivative and Hedging Instr_10

Derivative and Hedging Instruments - Summary of Effects of Net Investment Hedging Relationships (Detail) - Hedges of net investment in foreign operations [Member] - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives	$ (460)	$ 355
Gains (losses) reclassified from AOCI into investment income	0	0
Ineffectiveness recognized in investment income	0	0
Foreign Currency Forwards [member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives	9
Gains (losses) reclassified from AOCI into investment income	0
Ineffectiveness recognized in investment income	0
Non-functional currency denominated debt [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives	(469)	355
Gains (losses) reclassified from AOCI into investment income	0	0
Ineffectiveness recognized in investment income	$ 0	$ 0

Derivative and Hedging Instr_11

Derivative and Hedging Instruments - Summary of Effects of Derivatives Not Designated in Qualifying Hedge Accounting Relationships (Detail) - Non designated [Member] - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	$ (2,258)	$ (1,024)
Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	(1,894)	(927)
Interest rate futures [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	(298)	372
Interest rate options [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	(52)	(96)
Foreign currency swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	(122)	529
Currency rate futures [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	3	(92)
Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	(355)	1,231
Equity futures [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	742	(2,190)
Equity contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	(276)	153
Credit default swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	$ (6)	$ (4)

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Recovery) Recognized in Consolidated Statements of Income (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Current tax
Current year	$ (327)	$ 608
Adjustments to prior year	29	(38)
Current tax	(298)	570
Deferred tax
Change related to temporary differences	1,250	(803)
Impact of U.S. Tax Reform	(320)	472
Income tax expense	$ 632	$ 239

Income Taxes - Components of _2

Income Taxes - Components of Income Tax Expense (Recovery) Recognized in Other Comprehensive Income ("OCI") (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Major components of tax expense (income) [abstract]
Current income tax expense (recovery)	$ 2	$ 116
Deferred income tax expense (recovery)	(148)	320
Total income tax expense (recovery)	$ (146)	$ 436

Income Taxes - Components of _3

Income Taxes - Components of Income Tax Expense (Recovery) Recognized in Equity (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Major components of tax expense (income) [abstract]
Current income tax expense (recovery)	$ 6
Deferred income tax expense (recovery)	(7)	$ (2)
Income tax expense (recovery)	$ (1)	$ (2)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - CAD ($) $ in Millions	Dec. 22, 2017	Dec. 31, 2018	Dec. 31, 2017
Major components of tax expense (income) [abstract]
Effective income tax rate		26.75%	26.75%
Provisional charge for the estimated impact of U.S. Tax Reform, after-tax	$ 1,800
Gain from impact of tax reform		$ 124
Increase in insurance contract liabilities		196
Current tax receivable		1,712	$ 778
Current tax payable		118	178
Deferred tax assets		4,318	4,569
Deferred tax assets - recognition dependent on future taxable profits		3,508	4,527
Operating tax loss carry forward		4,838	3,164
Operating tax loss carry forward expired in future		4,713
Operating tax loss carry forward without expiration date		125
Capital tax loss carry forward		20	8
Tax benefit on loss carry forwards for which deferred tax asset recognized		1,019	596
Tax benefit of loss carry forwards for which no deferred tax asset recognized		121	171
Tax credit carry forwards which expire in future		426	606
Tax credit carryforwards of which benefit not recognized		$ 165	152
Tax credit/Loss carryforwards expiration period		Between the years 2020 and 2038
Deferred tax liability		$ 1,814	1,281
Aggregate amount of taxable temporary differences associated with the Company's own investments in subsidiaries, not included in financial statements		$ 16,570	$ 11,780

Income Taxes - Summary of Recon

Income Taxes - Summary of Reconciliation of Income Tax Expense (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of accounting profit multiplied by applicable tax rates [abstract]
Income before income taxes	$ 5,519	$ 2,501
Income tax expense at Canadian statutory tax rate	1,476	669
Increase (decrease) in income taxes due to:
Tax-exempt investment income	(200)	(242)
Differences in tax rate on income not subject to tax in Canada	(391)	(551)
Adjustments to taxes related to prior years	(71)	(182)
Impact of U.S. Tax Reform	(320)	472
Other differences	138	73
Income tax expense	$ 632	$ 239

Income Taxes - Summary of Defer

Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets and liabilities [abstract]
Deferred tax assets	$ 4,318	$ 4,569
Deferred tax liabilities	(1,814)	(1,281)
Net deferred tax assets (liabilities)	$ 2,504	$ 3,288	$ 3,080

Income Taxes - Significant Comp

Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	$ 3,288	$ 3,080
Recognized in Income Statement	(930)	331
Recognized in Other Comprehensive Income	148	(320)
Recognized in Equity	7	2
Translation and Other	(9)	195
Ending balance	2,504	3,288
Loss carry forwards [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	596	942
Recognized in Income Statement	387	(311)
Recognized in Equity	7	3
Translation and Other	29	(38)
Ending balance	1,019	596
Actuarial liabilities [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	7,878	9,366
Recognized in Income Statement	(2,697)	(1,053)
Recognized in Other Comprehensive Income		(17)
Recognized in Equity	3
Translation and Other	282	(418)
Ending balance	5,466	7,878
Pensions and post-employment benefits [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	208	352
Recognized in Income Statement	27	(87)
Recognized in Other Comprehensive Income	7	(54)
Translation and Other		(3)
Ending balance	242	208
Tax credits [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	454	875
Recognized in Income Statement	(224)	(369)
Translation and Other	31	(52)
Ending balance	261	454
Accrued interest [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	1	17
Recognized in Income Statement		(12)
Recognized in Equity		(3)
Translation and Other		(1)
Ending balance	1	1
Real estate [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	(1,062)	(1,396)
Recognized in Income Statement	150	284
Recognized in Other Comprehensive Income	(1)	(9)
Translation and Other	(46)	59
Ending balance	(959)	(1,062)
Securities and other investments [member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	(3,807)	(6,064)
Recognized in Income Statement	1,234	2,172
Recognized in Other Comprehensive Income	136	(239)
Recognized in Equity	1
Translation and Other	(253)	324
Ending balance	(2,689)	(3,807)
Sale of investments [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	(105)	(163)
Recognized in Income Statement	18	58
Ending balance	(87)	(105)
Goodwill and intangible assets [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	(825)	(1,059)
Recognized in Income Statement	18	197
Translation and Other	(40)	37
Ending balance	(847)	(825)
Other [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	(50)	210
Recognized in Income Statement	157	(548)
Recognized in Other Comprehensive Income	6	(1)
Recognized in Equity	(4)	2
Translation and Other	(12)	287
Ending balance	$ 97	$ (50)

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Summary of Carrying Amounts of Goodwill and Intangible Assets (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Goodwill Beginning balance	$ 5,713	$ 5,884
Total intangible assets Beginning balance	4,127	4,223
Goodwill Additions/ disposals	(65)
Total intangible assets Additions/ Disposals	145	303
Effect of changes in foreign exchange rates	216	(171)
Goodwill Ending balance	5,864	5,713
Total goodwill and intangible assets Beginning balance	9,840	10,107
Total goodwill and intangible assets Additions/ Disposals	80	303
Amortization expense	255	229
Effect of changes in foreign exchange rates	432	(341)
Effect of changes in foreign exchange rates - Total intangible assets	216	(170)
Total goodwill and intangible assets Ending balance	10,097	9,840
Total intangible assets Ending balance	4,233	4,127
Distribution networks [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Total intangible assets Beginning balance	989	1,093
Total intangible assets Additions/ Disposals	(133)
Amortization expense	48	47
Effect of changes in foreign exchange rates - Total intangible assets	60	(57)
Total intangible assets Ending balance	868	989
Customer relationships [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Total intangible assets Beginning balance	899	969
Amortization expense	55	56
Effect of changes in foreign exchange rates - Total intangible assets	16	(14)
Total intangible assets Ending balance	860	899
Software [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Total intangible assets Beginning balance	661	494
Total intangible assets Additions/ Disposals	275	303
Amortization expense	147	121
Effect of changes in foreign exchange rates - Total intangible assets	32	(15)
Total intangible assets Ending balance	821	661
Other [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Total intangible assets Beginning balance	70	77
Amortization expense	5	5
Effect of changes in foreign exchange rates - Total intangible assets	2	(2)
Total intangible assets Ending balance	67	70
Finite life intangible assets [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Total intangible assets Beginning balance	2,619	2,633
Total intangible assets Additions/ Disposals	142	303
Amortization expense	255	229
Effect of changes in foreign exchange rates - Total intangible assets	110	(88)
Total intangible assets Ending balance	2,616	2,619
Brand [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Total intangible assets Beginning balance	753	805
Effect of changes in foreign exchange rates - Total intangible assets	66	(52)
Total intangible assets Ending balance	819	753
Fund management contracts and other [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Total intangible assets Beginning balance	755	785
Total intangible assets Additions/ Disposals	3
Effect of changes in foreign exchange rates - Total intangible assets	40	(30)
Total intangible assets Ending balance	798	755
Indefinite life intangible assets [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Total intangible assets Beginning balance	1,508	1,590
Total intangible assets Additions/ Disposals	3
Effect of changes in foreign exchange rates - Total intangible assets	106	(82)
Total intangible assets Ending balance	$ 1,617	$ 1,508

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Summary of Carrying Amounts of Goodwill and Intangible Assets (Parenthetical) (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Intangible assets ending balance	$ 4,233	$ 4,127	$ 4,223
Goodwill disposals	65
Distribution networks [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Intangible assets ending balance	868	989	1,093
Intangible assets disposals	96
Customer relationships [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Intangible assets ending balance	860	899	969
Software [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Intangible assets ending balance	821	661	494
Other [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Intangible assets ending balance	67	70	77
Fund management contracts and other [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Intangible assets ending balance	798	755	$ 785
US wealth and asset management [member] | Fund management contracts and other [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Intangible assets ending balance	400	367
Canada wealth and asset management [member] | Fund management contracts and other [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Intangible assets ending balance	273	273
U.S. [member] | Distribution networks [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Impairment	27
Asia [member] | Distribution networks [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Impairment	13
Gross Carrying Value [Member] | Distribution networks [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Gross carrying amount of finite life intangible assets	1,331	1,294
Gross Carrying Value [Member] | Customer relationships [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Gross carrying amount of finite life intangible assets	1,145	1,128
Gross Carrying Value [Member] | Software [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Gross carrying amount of finite life intangible assets	2,110	1,841
Gross Carrying Value [Member] | Other [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Gross carrying amount of finite life intangible assets	$ 133	$ 126

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2018CAD ($)Multiple	Dec. 31, 2017CAD ($)Multiple
Disclosure of detailed information about intangible assets [Line Items]
Impairment loss recognised in profit or loss good will | $	$ 0	$ 0
Canada [member]
Disclosure of detailed information about intangible assets [Line Items]
Tax rate applied to cash flow projections	30.80%	30.80%
U.S. [member]
Disclosure of detailed information about intangible assets [Line Items]
Tax rate applied to cash flow projections	26.80%	26.80%
Japan [Member]
Disclosure of detailed information about intangible assets [Line Items]
Tax rate applied to cash flow projections	21.00%	35.00%
Bottom of range [Member]
Disclosure of detailed information about intangible assets [Line Items]
Price-to-earnings multiples	9	10.6
Growth rate used to extrapolate cash flow projections	0.00%	(5.00%)
After-tax discount rate applied to cash flow projections	7.50%	9.20%
Pre-tax discount rate applied to cash flow projections	10.20%	11.30%
Top of range [Member]
Disclosure of detailed information about intangible assets [Line Items]
Price-to-earnings multiples	11.7	14.8
Growth rate used to extrapolate cash flow projections	17.00%	17.00%
After-tax discount rate applied to cash flow projections	14.20%	14.20%
Pre-tax discount rate applied to cash flow projections	20.40%	20.40%

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Summary of Impairment Testing of Goodwill (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of reconciliation of changes in goodwill [Line items]
Goodwill Beginning balance	$ 5,713	$ 5,884
Goodwill Additions/ disposals	(65)
Effect of changes in foreign exchange rates	216	(171)
Goodwill Ending balance	5,864	5,713
Asia Insurance, excluding Japan [member]
Disclosure of reconciliation of changes in goodwill [Line items]
Goodwill Beginning balance	154	160
Effect of changes in foreign exchange rates	11	(6)
Goodwill Ending balance	165	154
Japan insurance [member]
Disclosure of reconciliation of changes in goodwill [Line items]
Goodwill Beginning balance	391	403
Effect of changes in foreign exchange rates	44	(12)
Goodwill Ending balance	435	391
Canadian insurance [member]
Disclosure of reconciliation of changes in goodwill [Line items]
Goodwill Beginning balance	1,954	1,960
Effect of changes in foreign exchange rates	8	(6)
Goodwill Ending balance	1,962	1,954
US insurance [member]
Disclosure of reconciliation of changes in goodwill [Line items]
Goodwill Beginning balance	400	428
Goodwill Additions/ disposals	(65)
Effect of changes in foreign exchange rates	32	(28)
Goodwill Ending balance	367	400
Asia wealth and asset management [member]
Disclosure of reconciliation of changes in goodwill [Line items]
Goodwill Beginning balance	180	194
Effect of changes in foreign exchange rates	16	(14)
Goodwill Ending balance	196	180
Canada wealth and asset management [member]
Disclosure of reconciliation of changes in goodwill [Line items]
Goodwill Beginning balance	1,436	1,436
Goodwill Ending balance	1,436	1,436
US wealth and asset management [member]
Disclosure of reconciliation of changes in goodwill [Line items]
Goodwill Beginning balance	1,198	1,303
Effect of changes in foreign exchange rates	105	(105)
Goodwill Ending balance	$ 1,303	$ 1,198

Insurance Contract Liabilitie_3

Insurance Contract Liabilities and Reinsurance Assets - Summary of Components of Gross and Net Insurance Contract Liabilities (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of insurance contract liabilities and reinsurance assets [abstract]
Gross insurance contract liabilities	$ 313,737	$ 291,767
Gross benefits payable and provision for unreported claims	4,398	3,376
Gross policyholder amounts on deposit	10,519	9,462
Gross insurance contract liabilities	328,654	304,605	$ 297,505
Reinsurance assets	(42,925)	(30,359)
Net insurance contract liabilities	$ 285,729	$ 274,246

Insurance Contract Liabilitie_4

Insurance Contract Liabilities and Reinsurance Assets - Summary of Components of Gross and Net Insurance Contract Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of insurance contract liabilities and reinsurance assets [abstract]
Reinsurance assets for investment contract liabilities	$ 128	$ 0

Insurance Contract Liabilitie_5

Insurance Contract Liabilities and Reinsurance Assets - Summary of Composition of Insurance Contract Liabilities and Reinsurance Assets by Line of Business and Reporting Segment (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	$ 285,729	$ 274,246
Total reinsurance ceded	(42,925)	(30,359)
Total, gross of reinsurance ceded	328,654	304,605	$ 297,505
Other insurance contract liabilities [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Total, gross of reinsurance ceded	12,968	11,155	$ 10,815
Gross insurance contract liabilities [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	285,729	274,246
Total reinsurance ceded	42,925	30,359
Total, gross of reinsurance ceded	328,654	304,605
Gross insurance contract liabilities [Member] | Corporate and other [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	(168)	(46)
Total reinsurance ceded	100	172
Total, gross of reinsurance ceded	(68)	126
Gross insurance contract liabilities [Member] | Asia [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	76,127	62,243
Total reinsurance ceded	1,332	911
Total, gross of reinsurance ceded	77,459	63,154
Gross insurance contract liabilities [Member] | Canada [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	76,628	76,198
Total reinsurance ceded	(202)	(676)
Total, gross of reinsurance ceded	76,426	75,522
Gross insurance contract liabilities [Member] | U.S. [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	133,142	135,851
Total reinsurance ceded	41,695	29,952
Total, gross of reinsurance ceded	174,837	165,803
Gross insurance contract liabilities [Member] | Individual insurance participating [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	57,886	52,438
Total reinsurance ceded	11,596	11,492
Total, gross of reinsurance ceded	69,482	63,930
Gross insurance contract liabilities [Member] | Individual insurance participating [Member] | Asia [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	38,470	32,737
Gross insurance contract liabilities [Member] | Individual insurance participating [Member] | Canada [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	10,743	11,132
Gross insurance contract liabilities [Member] | Individual insurance participating [Member] | U.S. [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	8,673	8,569
Gross insurance contract liabilities [Member] | Individual insurance non-participating [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	127,035	113,880
Total reinsurance ceded	12,303	11,238
Total, gross of reinsurance ceded	139,338	125,118
Gross insurance contract liabilities [Member] | Individual insurance non-participating [Member] | Corporate and other [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	(601)	(515)
Gross insurance contract liabilities [Member] | Individual insurance non-participating [Member] | Asia [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	29,547	22,705
Gross insurance contract liabilities [Member] | Individual insurance non-participating [Member] | Canada [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	34,677	34,091
Gross insurance contract liabilities [Member] | Individual insurance non-participating [Member] | U.S. [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	63,412	57,599
Gross insurance contract liabilities [Member] | Annuities and pensions [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	39,572	49,716
Total reinsurance ceded	17,927	6,539
Total, gross of reinsurance ceded	57,499	56,255
Gross insurance contract liabilities [Member] | Annuities and pensions [Member] | Corporate and other [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	46	48
Gross insurance contract liabilities [Member] | Annuities and pensions [Member] | Asia [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	5,062	4,366
Gross insurance contract liabilities [Member] | Annuities and pensions [Member] | Canada [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	18,339	19,141
Gross insurance contract liabilities [Member] | Annuities and pensions [Member] | U.S. [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	16,125	26,161
Gross insurance contract liabilities [Member] | Other insurance contract liabilities [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	61,236	58,212
Total reinsurance ceded	1,099	1,090
Total, gross of reinsurance ceded	62,335	59,302
Gross insurance contract liabilities [Member] | Other insurance contract liabilities [Member] | Corporate and other [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	387	421
Gross insurance contract liabilities [Member] | Other insurance contract liabilities [Member] | Asia [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	3,048	2,435
Gross insurance contract liabilities [Member] | Other insurance contract liabilities [Member] | Canada [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	12,869	11,834
Gross insurance contract liabilities [Member] | Other insurance contract liabilities [Member] | U.S. [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	$ 44,932	$ 43,522

Insurance Contract Liabilitie_6

Insurance Contract Liabilities and Reinsurance Assets - Additional Information (Detail) - CAD ($) $ in Millions	Feb. 07, 2019	Oct. 31, 2018	Jul. 01, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Fair value of assets backing net insurance contract liabilities excluding reinsurance assets				$ 278,521	$ 287,326	$ 278,521
Fair value of assets backing capital and other liabilities				456,278	465,497	456,278
Change in insurance and investment contract liabilities					(174)	277
Change in net income attributed to shareholders (post-tax)					(51)	(35)
Change in net income attributed to shareholders				2,800	(62)
Coinsurance, after tax loss			$ 74
Ceded premiums			3,700
Increase of reinsurance assets			$ 3,600		(9,733)	2,269
Quota share coinsurance agreements, percentage			100.00%
Jackson National Life Insurance Company [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Ceded premiums		$ 7,000
Increase of reinsurance assets		$ 7,500
Quota share coinsurance agreements, percentage		100.00%
Coinsurance, after tax gain		$ 142,000
Mortality and morbidity updates [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in insurance and investment contract liabilities					319	(254)
Change in net income attributed to shareholders (post-tax)					(360)	299
Change in net income attributed to shareholders					(511)
Mortality and morbidity updates [member] | U.S. [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in net income attributed to shareholders (post-tax)						(384)
Mortality and morbidity updates [member] | Canada [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in net income attributed to shareholders (post-tax)						264
Mortality and morbidity updates [member] | Canada [member] | Retail Insurance Business [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in net income attributed to shareholders (post-tax)						222
Mortality and morbidity updates [member] | Asia [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in net income attributed to shareholders (post-tax)						264
Mortality and morbidity updates [member] | Japan [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in net income attributed to shareholders (post-tax)						197
Lapses and policyholder behavior [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in insurance and investment contract liabilities					287	1,019
Change in net income attributed to shareholders (post-tax)					(226)	(783)
Change in net income attributed to shareholders					(287)
Lapses and policyholder behavior [member] | U.S. [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in net income attributed to shareholders (post-tax)					(252)
Lapses and policyholder behavior [member] | Canada [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in net income attributed to shareholders (post-tax)						(315)
Lapses and policyholder behavior [member] | Canada [member] | Segregated funds [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in net income attributed to shareholders (post-tax)						(242)
Lapses and policyholder behavior [member] | Japan [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in net income attributed to shareholders (post-tax)						(226)
Investment return assumptions [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in insurance and investment contract liabilities					(96)
Change in net income attributed to shareholders (post-tax)					143
Change in net income attributed to shareholders					146
Investment return assumptions [member] | Bond default rates [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in net income attributed to shareholders (post-tax)					401
Investment return assumptions [member] | ALDA and Public Equity Investment Return Assumptions [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in net income attributed to shareholders (post-tax)					(210)
Investment return assumptions [member] | Other refinements [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in net income attributed to shareholders (post-tax)					(48)
Other updates [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in insurance and investment contract liabilities					(684)
Change in net income attributed to shareholders (post-tax)					392	449
Change in net income attributed to shareholders					$ 590
Other updates [member] | ALDA and Public Equity Investment Return Assumptions [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in insurance and investment contract liabilities						1,296
Change in net income attributed to shareholders (post-tax)						(892)
Other updates [member] | Other refinements [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in insurance and investment contract liabilities						(220)
Change in net income attributed to shareholders (post-tax)						301
Other updates [member] | Corporate Spread Assumptions [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in insurance and investment contract liabilities						(515)
Change in net income attributed to shareholders (post-tax)						344
Other updates [member] | Refinements To Liability and Tax Cash Flows [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in insurance and investment contract liabilities						(1,049)
Change in net income attributed to shareholders (post-tax)						696
Other updates [member] | U.S. [member] | Refinements To Liability and Tax Cash Flows [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in net income attributed to shareholders (post-tax)						696
Scenario Forecast [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Reinsurance transaction, after-tax gain	$ 80
Bottom of range [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Percentage provision for adverse deviation assumptions not specifically provided					5.00%
Top of range [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Percentage provision for adverse deviation assumptions not specifically provided					20.00%
MLI and John Hancock Life Insurance Company [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Assets and insurance contract liabilities related to closed blocks participating policies				$ 28,135	$ 28,790	$ 28,135

Insurance Contract Liabilitie_7

Insurance Contract Liabilities and Reinsurance Assets - Summary of Carrying Value of Assets Backing Net Insurance Contract Liabilities, Other Liabilities and Capital (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	$ 750,271	$ 729,533
Mortgages [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	48,363	44,742
Private placements [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	35,754	32,132
Real estate [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	12,777	13,810
Debt securities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	185,594	174,000
Public equities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	19,179	21,545
Other [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	448,604	443,304
Individual insurance participating [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	57,886	52,438
Individual insurance participating [Member] | Mortgages [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	2,218	2,017
Individual insurance participating [Member] | Private placements [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	4,151	3,645
Individual insurance participating [Member] | Real estate [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	3,106	2,963
Individual insurance participating [Member] | Debt securities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	30,934	27,946
Individual insurance participating [Member] | Public equities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	8,416	9,264
Individual insurance participating [Member] | Other [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	9,061	6,603
Individual insurance non-participating [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	127,035	113,880
Individual insurance non-participating [Member] | Mortgages [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	11,111	10,286
Individual insurance non-participating [Member] | Private placements [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	14,131	12,128
Individual insurance non-participating [Member] | Real estate [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	6,028	6,198
Individual insurance non-participating [Member] | Debt securities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	67,387	63,128
Individual insurance non-participating [Member] | Public equities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	5,562	5,855
Individual insurance non-participating [Member] | Other [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	22,816	16,285
Annuities and pensions [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	39,572	49,716
Annuities and pensions [Member] | Mortgages [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	4,972	7,009
Annuities and pensions [Member] | Private placements [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	6,960	8,059
Annuities and pensions [Member] | Real estate [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	1,214	1,136
Annuities and pensions [Member] | Debt securities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	20,469	26,621
Annuities and pensions [Member] | Public equities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	172	171
Annuities and pensions [Member] | Other [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	5,785	6,720
Other insurance contract liabilities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	61,236	58,212
Other insurance contract liabilities [Member] | Mortgages [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	8,732	6,891
Other insurance contract liabilities [Member] | Private placements [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	8,581	7,739
Other insurance contract liabilities [Member] | Real estate [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	1,799	2,516
Other insurance contract liabilities [Member] | Debt securities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	28,435	25,211
Other insurance contract liabilities [Member] | Public equities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	262	332
Other insurance contract liabilities [Member] | Other [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	13,427	15,523
Other Liabilities [member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	408,532	404,628
Other Liabilities [member] | Mortgages [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	21,295	18,476
Other Liabilities [member] | Private placements [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	1,772	367
Other Liabilities [member] | Real estate [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	397	769
Other Liabilities [member] | Debt securities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	10,061	6,635
Other Liabilities [member] | Public equities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	589	1,029
Other Liabilities [member] | Other [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	374,418	377,352
Capital [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	56,010	50,659
Capital [Member] | Mortgages [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	35	63
Capital [Member] | Private placements [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	159	194
Capital [Member] | Real estate [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	233	228
Capital [Member] | Debt securities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	28,308	24,459
Capital [Member] | Public equities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	4,178	4,894
Capital [Member] | Other [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	$ 23,097	$ 20,821

Insurance Contract Liabilitie_8

Insurance Contract Liabilities and Reinsurance Assets - Summary of Potential Impact on Net Income Attributed to Shareholders Arising From Changes to Non-economic Assumptions (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
2% Adverse change in future mortality rates [Member] | Products where an increase in rates increases insurance contract liabilities [Member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Decrease in net income attributed to shareholders	$ (500)	$ (400)
2% Adverse change in future mortality rates [Member] | Products where a decrease in rates increases insurance contract liabilities [Member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Decrease in net income attributed to shareholders	(500)	(500)
5% adverse change in future morbidity rates (incidence and termination) [Member] | Long term care [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Decrease in net income attributed to shareholders	(4,800)	(5,100)
10% Adverse change in future policy termination rates [Member] | Long term care [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Decrease in net income attributed to shareholders	(2,200)	(2,100)
5% increase in future expense levels [Member] | Long term care [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Decrease in net income attributed to shareholders	$ (600)	$ (500)

Insurance Contract Liabilitie_9

Insurance Contract Liabilities and Reinsurance Assets - Summary of Potential Impact on Net Income Attributed to Shareholders Arising From Changes to Non-economic Assumptions (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2018
Disclosure of sensitivity analysis for actuarial assumptions [abstract]
Deterioration in incidence rate	5.00%
Deterioration in claim termination rates	5.00%

Insurance Contract Liabiliti_10

Insurance Contract Liabilities and Reinsurance Assets - Summary of Potential Impact on Net Income Attributed to Shareholders Arising From Changes to Non-economic Assumptions For Long-Term Care (Detail) - Long term care [member] $ in Millions	Dec. 31, 2018CAD ($)
2% Adverse change in future mortality rates [Member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Decrease in net income attributed to shareholders	$ (200)
5% adverse change in future morbidity incidence rates [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Decrease in net income attributed to shareholders	(1,700)
5% adverse change in future morbidity claims termination rates [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Decrease in net income attributed to shareholders	(2,800)
10% adverse change in future policy termination rates [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Decrease in net income attributed to shareholders	(400)
5% increase in future expense levels [Member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Decrease in net income attributed to shareholders	$ (100)

Insurance Contract Liabiliti_11

Insurance Contract Liabilities and Reinsurance Assets - Summary of Change in Insurance Contract Liabilities (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of changes in insurance contract liabilities [Line Items]
Beginning balance	$ 304,605	$ 297,505
New policies	3,657	3,986
Normal in-force movement	1,879	13,025
Changes in methods and assumptions	(782)	324
Impact of U.S. Tax Reform		2,246
Increase due to decision to change the portfolio asset mix supporting legacy businesses		1,383
Impact of changes in foreign exchange rates	19,295	(13,864)
Ending balance	328,654	304,605
Net actuarial liabilities [Member]
Disclosure of changes in insurance contract liabilities [Line Items]
Beginning balance	263,091	251,738
New policies	3,269	3,545
Normal in-force movement	2,044	15,192
Changes in methods and assumptions	(173)	305
Impact of U.S. Tax Reform		2,246
Impact of annuity coinsurance transactions	(11,156)
Increase due to decision to change the portfolio asset mix supporting legacy businesses		1,340
Impact of changes in foreign exchange rates	15,686	(11,275)
Ending balance	272,761	263,091
Other insurance contract liabilities [Member]
Disclosure of changes in insurance contract liabilities [Line Items]
Beginning balance	11,155	10,815
Normal in-force movement	985	930
Changes in methods and assumptions	(1)	(28)
Impact of changes in foreign exchange rates	829	(562)
Ending balance	12,968	11,155
Net insurance contract liabilities [Member]
Disclosure of changes in insurance contract liabilities [Line Items]
Beginning balance	274,246	262,553
New policies	3,269	3,545
Normal in-force movement	3,029	16,122
Changes in methods and assumptions	(174)	277
Impact of U.S. Tax Reform		2,246
Impact of annuity coinsurance transactions	(11,156)
Increase due to decision to change the portfolio asset mix supporting legacy businesses		1,340
Impact of changes in foreign exchange rates	16,515	(11,837)
Ending balance	285,729	274,246
Reinsurance assets [member]
Disclosure of changes in insurance contract liabilities [Line Items]
Beginning balance	30,359	34,952
New policies	388	441
Normal in-force movement	(1,150)	(3,097)
Changes in methods and assumptions	(608)	47
Impact of annuity coinsurance transactions	11,156
Increase due to decision to change the portfolio asset mix supporting legacy businesses		43
Impact of changes in foreign exchange rates	2,780	(2,027)
Ending balance	$ 42,925	$ 30,359

Insurance Contract Liabiliti_12

Insurance Contract Liabilities and Reinsurance Assets - Summary of Change in Insurance Contract Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of changes in liabilities under insurance contracts and reinsurance contracts issued [abstract]
Change in gross insurance contract liabilities	$ 4,754	$ 20,964
Change in insurance contract liabilities	2,907	20,023
Increase in insurance contract liabilities	3,632	20,212
Contract liabilities in gross claims and benefits	1,122	$ 752
Impact of U.S. Tax Reform	$ 196
Corporate tax rate	21.00%	35.00%
Impact of U.S. Tax Reform, post-tax	$ 154
Impact of U.S. Tax Reform		$ 2,246
Impact of U.S. Tax Reform, post-tax		1,774
Impact of U.S. Tax Reform, deferred tax impact	$ (320)	$ 472

Insurance Contract Liabiliti_13

Insurance Contract Liabilities and Reinsurance Assets - Summary of Actuarial Methods and Assumptions (Detail) - CAD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Total		$ (174)	$ 277
Attributed to participating policyholders' account		(236)
Attributed to participating policyholders' account			97
Attributed to shareholders'account	$ (2,800)	62
Attributed to shareholders'account			180
Change in net income attributed to shareholders		(51)	(35)
Mortality and morbidity updates [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Total		319	(254)
Attributed to participating policyholders' account		(192)
Attributed to participating policyholders' account			9
Attributed to shareholders'account		511
Attributed to shareholders'account			(263)
Change in net income attributed to shareholders		(360)	299
Lapses and policyholder behavior [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Total		287	1,019
Attributed to shareholders'account		287
Attributed to shareholders'account			1,019
Change in net income attributed to shareholders		(226)	(783)
Investment return assumptions [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Total		(96)
Attributed to participating policyholders' account		50
Attributed to shareholders'account		(146)
Change in net income attributed to shareholders		143
Investment return assumptions [member] | ALDA and Public Equity Investment Return Assumptions [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Change in net income attributed to shareholders		(210)
Investment return assumptions [member] | Other refinements [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Change in net income attributed to shareholders		(48)
Other updates [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Total		(684)
Attributed to participating policyholders' account		(94)
Attributed to shareholders'account		(590)
Change in net income attributed to shareholders		$ 392	449
Other updates [member] | ALDA and Public Equity Investment Return Assumptions [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Total			1,296
Attributed to participating policyholders' account			5
Attributed to shareholders'account			1,291
Change in net income attributed to shareholders			(892)
Other updates [member] | Corporate Spread Assumptions [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Total			(515)
Attributed to participating policyholders' account			(1)
Attributed to shareholders'account			(514)
Change in net income attributed to shareholders			344
Other updates [member] | Refinements To Liability and Tax Cash Flows [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Total			(1,049)
Attributed to shareholders'account			(1,049)
Change in net income attributed to shareholders			696
Other updates [member] | Other refinements [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Total			(220)
Attributed to participating policyholders' account			84
Attributed to shareholders'account			(304)
Change in net income attributed to shareholders			$ 301

Insurance Contract Liabiliti_14

Insurance Contract Liabilities and Reinsurance Assets - Summary of Insurance Contract Liabilities, Payments Due by Period (Detail) $ in Millions	Dec. 31, 2018CAD ($)
Disclosure of types of insurance contracts [Line Items]
Insurance contract liabilities	$ 788,422
Less than 1 year [Member]
Disclosure of types of insurance contracts [Line Items]
Insurance contract liabilities	9,327
1 to 3 years [Member]
Disclosure of types of insurance contracts [Line Items]
Insurance contract liabilities	10,863
3 to 5 years [Member]
Disclosure of types of insurance contracts [Line Items]
Insurance contract liabilities	17,994
Over 5 years [Member]
Disclosure of types of insurance contracts [Line Items]
Insurance contract liabilities	$ 750,238

Insurance Contract Liabiliti_15

Insurance Contract Liabilities and Reinsurance Assets - Summary of Gross Claims and Benefits (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [Line Items]
Gross claims and benefits	$ 27,878	$ 24,994
Death, disability and other claims [Member]
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [Line Items]
Gross claims and benefits	15,174	14,871
Maturity and surrender benefits [Member]
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [Line Items]
Gross claims and benefits	7,722	6,302
Annuity payments [Member]
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [Line Items]
Gross claims and benefits	4,262	4,470
Policyholder dividends and experience rating refunds [Member]
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [Line Items]
Gross claims and benefits	1,809	1,085
Net transfers from segregated funds [Member]
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [Line Items]
Gross claims and benefits	$ (1,089)	$ (1,734)

Investment Contract Liabiliti_3

Investment Contract Liabilities - Summary of Movement in Investment Contract Liabilities Measured at Fair Value (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Investment Contract Liabilities [line items]
Beginning balance	$ 3,126
Ending balance	3,265	$ 3,126
Fair value [Member]
Disclosure of Investment Contract Liabilities [line items]
Beginning balance	639	631
New policies	96	50
Changes in market conditions	76	76
Redemptions, surrenders and maturities	(86)	(72)
Impact of changes in foreign exchange rates	57	(46)
Ending balance	$ 782	$ 639

Investment Contract Liabiliti_4

Investment Contract Liabilities - Summary of Investment Contract Liabilities Measured at Amortized Cost and Fair Value Associated with Contracts (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities	$ 3,265	$ 3,126
Amortized cost, gross of reinsurance ceded [Member]
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities	2,483	2,487	$ 2,644
Amortized cost, gross of reinsurance ceded [Member] | U.S. fixed annuity products [Member]
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities	1,357	1,282
Amortized cost, gross of reinsurance ceded [Member] | Canadian fixed annuity products [Member]
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities	1,126	1,205
Fair value [Member]
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities	2,718	2,787
Fair value [Member] | U.S. fixed annuity products [Member]
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities	1,449	1,433
Fair value [Member] | Canadian fixed annuity products [Member]
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities	$ 1,269	$ 1,354

Investment Contract Liabiliti_5

Investment Contract Liabilities - Summary of Investment Contract Liabilities Measured at Amortized Cost and Fair Value Associated with Contracts (Parenthetical) (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities reinsured	$ 128	$ 0
Investment contract liabilities	3,265	3,126
Carrying amount [member]
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities reinsured	128	0
Investment contract liabilities	2,355
Fair value [Member]
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities reinsured	130	$ 0
Investment contract liabilities	$ 2,588

Investment Contract Liabiliti_6

Investment Contract Liabilities - Summary of Changes in Investment Contract Liabilities Measured at Amortized Cost (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Investment Contract Liabilities [line items]
Beginning balance	$ 3,126
Ending balance	3,265	$ 3,126
Amortized cost, gross of reinsurance ceded [Member]
Disclosure of Investment Contract Liabilities [line items]
Beginning balance	2,487	2,644
Policy deposits	6	68
Interest	82	100
Withdrawals	(201)	(232)
Fees	(1)	(1)
Other		(1)
Impact of changes in foreign exchange rates	110	(91)
Ending balance	$ 2,483	$ 2,487

Investment Contract Liabiliti_7

Investment Contract Liabilities - Summary of Contractual Obligations and Commitments Relating to Investment Contracts (Detail) $ in Millions	Dec. 31, 2018CAD ($)
Disclosure of Investment Contract Liabilities [line items]
Contractual obligations and commitments	$ 5,473
Less than 1 year [Member]
Disclosure of Investment Contract Liabilities [line items]
Contractual obligations and commitments	193
1 to 3 years [Member]
Disclosure of Investment Contract Liabilities [line items]
Contractual obligations and commitments	492
3 to 5 years [Member]
Disclosure of Investment Contract Liabilities [line items]
Contractual obligations and commitments	476
Over 5 years [Member]
Disclosure of Investment Contract Liabilities [line items]
Contractual obligations and commitments	$ 4,312

Risk Management - Additional In

Risk Management - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2018CAD ($)	Dec. 31, 2017CAD ($)	Dec. 31, 2017USD ($)
Disclosure of Risk Management [line items]
Percentage of debt securities in investment grade with ratings ranging between AAA to BBB	99.00%	99.00%	99.00%
Percentage of total mortgage portfolio	15.00%	17.00%	17.00%
Loaned securities included in invested assets	$ 15,901,000,000	$ 17,997,000,000
Reverse repurchase transactions recorded as short-term receivables	63,000,000	230,000,000
Repurchase transactions recorded as payables	$ 64,000,000	228,000,000
Term of credit default swaps	5 years
Credit protection purchased	$ 0	0
Mitigated exposure to credit risk	7,848,000,000	10,138,000,000
Largest single counterparty exposure without master netting agreements or the benefit of collateral held	6,707,000,000	6,760,000,000
Largest single counterparty exposure with master netting agreements or the benefit of collateral held	245,000,000	95,000,000
Maximum credit exposure related to derivatives	14,320,000,000	16,204,000,000
Reinsurance assets	$ 43,053,000,000	$ 30,359,000,000
Percentage ceded to reinsurers	94.00%	92.00%
Exposure to credit risk	$ 24,435,000,000	$ 13,855,000,000
Net exposure after offsetting agreements and benefit of fair value of collateral held	18,618,000,000	16,504,000,000
Bottom of range [Member]
Disclosure of Risk Management [line items]
Global retention limit			$ 30
Top of range [Member]
Disclosure of Risk Management [line items]
Global retention limit			$ 35
Derivatives [Member]
Disclosure of Risk Management [line items]
Largest single counterparty exposure without master netting agreements or the benefit of collateral held	2,269,000,000	2,629,000,000
Largest single counterparty exposure with master netting agreements or the benefit of collateral held	$ 0	$ 0
AA Credit Grades or Higher [Member]
Disclosure of Risk Management [line items]
Derivative exposure with counterparties, percentage	19.00%	20.00%	20.00%
Securities lending [Member]
Disclosure of Risk Management [line items]
Loaned securities included in invested assets	$ 1,518,000,000	$ 1,563,000,000

Risk Management - Summary of Gr

Risk Management - Summary of Gross Carrying Amount of Financial Instruments Subject to Credit Exposure (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of external credit grades [Line Items]
Credit exposure	$ 341,933	$ 311,782
Mortgages [Member]
Disclosure of external credit grades [Line Items]
Credit exposure	48,363	44,742
Private placements [Member]
Disclosure of external credit grades [Line Items]
Credit exposure	35,754	32,132
Policy loans [member]
Disclosure of external credit grades [Line Items]
Credit exposure	6,446	5,808
Loans to Bank clients [Member]
Disclosure of external credit grades [Line Items]
Credit exposure	1,793	1,737
Derivative Assets [Member]
Disclosure of external credit grades [Line Items]
Credit exposure	13,703	15,569
Accrued investment income [member]
Disclosure of external credit grades [Line Items]
Credit exposure	2,427	2,182
Reinsurance assets [member]
Disclosure of external credit grades [Line Items]
Credit exposure	43,053	30,359
Other financial assets [Member]
Disclosure of external credit grades [Line Items]
Credit exposure	4,800	5,253
FVTPL [Member]
Disclosure of external credit grades [Line Items]
Credit exposure	154,737	147,024
AFS [Member]
Disclosure of external credit grades [Line Items]
Credit exposure	$ 30,857	$ 26,976

Risk Management - Summary of Cr

Risk Management - Summary of Credit Quality and Carrying Value of Commercial Mortgages and Private Placements (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Commercial mortgages [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	$ 28,215	$ 25,574
Commercial mortgages [Member] | Retail [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	8,377	8,141
Commercial mortgages [Member] | Office [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	8,706	7,709
Commercial mortgages [Member] | Multi-family residential [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	5,323	4,449
Commercial mortgages [Member] | Industrial [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	2,814	2,583
Commercial mortgages [Member] | Other [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	2,995	2,692
Agricultural mortgages [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	552	589
Private placements [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	35,754	32,132
Commercial mortgages and private placements [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	64,521	58,295
AAA [Member] | Commercial mortgages [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	1,076	1,085
AAA [Member] | Commercial mortgages [Member] | Retail [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	82	110
AAA [Member] | Commercial mortgages [Member] | Office [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	56	57
AAA [Member] | Commercial mortgages [Member] | Multi-family residential [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	613	523
AAA [Member] | Commercial mortgages [Member] | Industrial [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	36	33
AAA [Member] | Commercial mortgages [Member] | Other [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	289	362
AAA [Member] | Private placements [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	1,143	1,038
AAA [Member] | Commercial mortgages and private placements [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	2,219	2,123
AA [Member] | Commercial mortgages [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	5,146	4,901
AA [Member] | Commercial mortgages [Member] | Retail [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	1,524	1,517
AA [Member] | Commercial mortgages [Member] | Office [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	1,495	1,272
AA [Member] | Commercial mortgages [Member] | Multi-family residential [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	1,427	1,395
AA [Member] | Commercial mortgages [Member] | Industrial [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	366	386
AA [Member] | Commercial mortgages [Member] | Other [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	334	331
AA [Member] | Agricultural mortgages [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	163	159
AA [Member] | Private placements [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	4,968	4,246
AA [Member] | Commercial mortgages and private placements [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	10,277	9,306
A [Member] | Commercial mortgages [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	15,440	13,357
A [Member] | Commercial mortgages [Member] | Retail [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	4,459	4,363
A [Member] | Commercial mortgages [Member] | Office [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	5,454	4,635
A [Member] | Commercial mortgages [Member] | Multi-family residential [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	2,407	1,805
A [Member] | Commercial mortgages [Member] | Industrial [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	1,953	1,542
A [Member] | Commercial mortgages [Member] | Other [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	1,167	1,012
A [Member] | Private placements [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	13,304	11,978
A [Member] | Commercial mortgages and private placements [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	28,744	25,335
BBB [Member] | Commercial mortgages [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	6,246	5,873
BBB [Member] | Commercial mortgages [Member] | Retail [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	2,227	2,050
BBB [Member] | Commercial mortgages [Member] | Office [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	1,650	1,647
BBB [Member] | Commercial mortgages [Member] | Multi-family residential [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	839	726
BBB [Member] | Commercial mortgages [Member] | Industrial [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	339	477
BBB [Member] | Commercial mortgages [Member] | Other [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	1,191	973
BBB [Member] | Agricultural mortgages [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	389	405
BBB [Member] | Private placements [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	14,055	13,160
BBB [Member] | Commercial mortgages and private placements [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	20,690	19,438
BB [Member] | Commercial mortgages [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	213	273
BB [Member] | Commercial mortgages [Member] | Retail [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	11	44
BB [Member] | Commercial mortgages [Member] | Office [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	45	70
BB [Member] | Commercial mortgages [Member] | Multi-family residential [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	37
BB [Member] | Commercial mortgages [Member] | Industrial [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	120	145
BB [Member] | Commercial mortgages [Member] | Other [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value		14
BB [Member] | Agricultural mortgages [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value		25
BB [Member] | Private placements [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	733	717
BB [Member] | Commercial mortgages and private placements [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	946	1,015
B and lower [Member] | Commercial mortgages [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	94	85
B and lower [Member] | Commercial mortgages [Member] | Retail [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	74	57
B and lower [Member] | Commercial mortgages [Member] | Office [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	6	28
B and lower [Member] | Commercial mortgages [Member] | Other [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	14
B and lower [Member] | Private placements [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	1,551	993
B and lower [Member] | Commercial mortgages and private placements [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	$ 1,645	$ 1,078

Risk Management - Summary of Ca

Risk Management - Summary of Carrying Value of Residential Mortgages and Loans to Bank Clients (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	$ 21,389	$ 20,316
Residential mortgages [Member] | Performing [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	19,550	18,566
Residential mortgages [Member] | Non-performing [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	46	13
Loans to Bank clients [Member] | Performing [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	1,787	1,734
Loans to Bank clients [Member] | Non-performing [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	6	3
Insured [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	6,873	7,260
Insured [Member] | Residential mortgages [Member] | Performing [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	6,854	7,256
Insured [Member] | Residential mortgages [Member] | Non-performing [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	19	4
Uninsured [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	14,516	13,056
Uninsured [Member] | Residential mortgages [Member] | Performing [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	12,696	11,310
Uninsured [Member] | Residential mortgages [Member] | Non-performing [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	27	9
Uninsured [Member] | Loans to Bank clients [Member] | Performing [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	1,787	1,734
Uninsured [Member] | Loans to Bank clients [Member] | Non-performing [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	$ 6	$ 3

Risk Management - Summary of _2

Risk Management - Summary of Carrying Value of Past Due but not Impaired and Impaired Financial Assets (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Financial assets past due but not impaired [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets	$ 204	$ 633
Financial assets past due but not impaired [Member] | Private placements [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets	15	363
Financial assets past due but not impaired [Member] | Mortgages and loans to Bank clients [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets	70	92
Financial assets past due but not impaired [Member] | Other financial assets [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets	103	72
Impaired [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets	179	173
Impaired [Member] | Private placements [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets	18	40
Impaired [Member] | Mortgages and loans to Bank clients [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets	120	86
Impaired [Member] | Other financial assets [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets	1	1
FVTPL [Member] | Financial assets past due but not impaired [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets	14
FVTPL [Member] | Impaired [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets	39	45
AFS [Member] | Financial assets past due but not impaired [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets	2	106
AFS [Member] | Impaired [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets	1	1
Less than 90 days [Member] | Financial assets past due but not impaired [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets	176	589
Less than 90 days [Member] | Financial assets past due but not impaired [Member] | Private placements [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets	15	363
Less than 90 days [Member] | Financial assets past due but not impaired [Member] | Mortgages and loans to Bank clients [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets	70	76
Less than 90 days [Member] | Financial assets past due but not impaired [Member] | Other financial assets [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets	77	46
Less than 90 days [Member] | FVTPL [Member] | Financial assets past due but not impaired [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets	14
Less than 90 days [Member] | AFS [Member] | Financial assets past due but not impaired [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets		104
90 days and greater [Member] | Financial assets past due but not impaired [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets	28	44
90 days and greater [Member] | Financial assets past due but not impaired [Member] | Mortgages and loans to Bank clients [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets		16
90 days and greater [Member] | Financial assets past due but not impaired [Member] | Other financial assets [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets	26	26
90 days and greater [Member] | AFS [Member] | Financial assets past due but not impaired [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets	$ 2	$ 2

Risk Management - Summary of Co

Risk Management - Summary of Company's Loans Considered Impaired (Detail) - Financial assets impaired loan [member] - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of financial assets that are either past due or impaired [Line Items]
Net carrying value	$ 138	$ 126
Private placements [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Net carrying value	18	40
Mortgages and loans to Bank clients [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Net carrying value	120	86
Gross Carrying Value [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Net carrying value	233	211
Gross Carrying Value [Member] | Private placements [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Net carrying value	61	79
Gross Carrying Value [Member] | Mortgages and loans to Bank clients [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Net carrying value	172	132
Allowances for losses [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Net carrying value	95	85
Allowances for losses [Member] | Private placements [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Net carrying value	43	39
Allowances for losses [Member] | Mortgages and loans to Bank clients [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Net carrying value	$ 52	$ 46

Risk Management - Summary of Re

Risk Management - Summary of Reconciliation of Allowance for Loan Losses (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of credit risk exposure [Line Items]
Beginning balance	$ 85	$ 118
Provisions	55	35
Recoveries	(36)	(13)
Write-offs	(9)	(55)
Ending balance	95	85
Private placements [Member]
Disclosure of credit risk exposure [Line Items]
Beginning balance	39	92
Provisions	37	2
Recoveries	(27)	(12)
Write-offs	(6)	(43)
Ending balance	43	39
Mortgages and loans to Bank clients [Member]
Disclosure of credit risk exposure [Line Items]
Beginning balance	46	26
Provisions	18	33
Recoveries	(9)	(1)
Write-offs	(3)	(12)
Ending balance	$ 52	$ 46

Risk Management - Summary of _3

Risk Management - Summary of Credit Default Swap Protection Sold (Detail) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of information about credit exposures designated as measured at fair value through profit or loss [Line Items]
Notional amount	$ 414,734,000,000	$ 336,773,000,000
Credit default swaps [Member]
Disclosure of information about credit exposures designated as measured at fair value through profit or loss [Line Items]
Notional amount	652,000,000	606,000,000
Fair value	$ 9,000,000	$ 14,000,000
Weighted average maturity (in years)	2 years	3 years
Credit default swaps [Member] | AAA [Member]
Disclosure of information about credit exposures designated as measured at fair value through profit or loss [Line Items]
Notional amount		$ 13,000,000
Weighted average maturity (in years)		1 year
Credit default swaps [Member] | AA [Member]
Disclosure of information about credit exposures designated as measured at fair value through profit or loss [Line Items]
Notional amount	$ 25,000,000	$ 35,000,000
Fair value		$ 1,000,000
Weighted average maturity (in years)	2 years	2 years
Credit default swaps [Member] | A [Member]
Disclosure of information about credit exposures designated as measured at fair value through profit or loss [Line Items]
Notional amount	$ 447,000,000	$ 408,000,000
Fair value	$ 7,000,000	$ 10,000,000
Weighted average maturity (in years)	2 years	3 years
Credit default swaps [Member] | BBB [Member]
Disclosure of information about credit exposures designated as measured at fair value through profit or loss [Line Items]
Notional amount	$ 180,000,000	$ 150,000,000
Fair value	$ 2,000,000	$ 3,000,000
Weighted average maturity (in years)	2 years	2 years
Credit default swaps [Member] | Single name CDSs [Member]
Disclosure of information about credit exposures designated as measured at fair value through profit or loss [Line Items]
Notional amount	$ 652,000,000	$ 606,000,000
Fair value	$ 9,000,000	$ 14,000,000
Weighted average maturity (in years)	2 years	3 years

Risk Management - Summary of Ef

Risk Management - Summary of Effect of Conditional Master Netting and Similar Arrangements (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of offsetting of financial liabilities [Line Items]
Gross amounts of financial instruments presented in the Consolidated Statements of Financial Position	$ 15,901	$ 17,997
Amounts subject to an enforceable master netting arrangement or similar agreements	(6,707)	(6,760)
Financial and cash collateral pledged (received)	(8,949)	(11,142)
Net amount including financing trusts	245	95
Net amounts excluding financing trusts	245	95
Gross amounts of financial instruments presented in the Consolidated Statements of Financial Position	(8,780)	(8,877)
Amounts subject to an enforceable master netting arrangement or similar agreements	6,707	6,760
Financial and cash collateral pledged (received)	1,869	1,900
Net amount including financing trusts	(204)	(217)
Net amounts excluding financing trusts	(33)	(30)
Derivative Assets [Member]
Disclosure of offsetting of financial liabilities [Line Items]
Gross amounts of financial instruments presented in the Consolidated Statements of Financial Position	14,320	16,204
Amounts subject to an enforceable master netting arrangement or similar agreements	(6,644)	(6,714)
Financial and cash collateral pledged (received)	(7,431)	(9,395)
Net amount including financing trusts	245	95
Net amounts excluding financing trusts	245	95
Securities lending [Member]
Disclosure of offsetting of financial liabilities [Line Items]
Gross amounts of financial instruments presented in the Consolidated Statements of Financial Position	1,518	1,563
Financial and cash collateral pledged (received)	(1,518)	(1,563)
Reverse repurchase agreements [Member]
Disclosure of offsetting of financial liabilities [Line Items]
Gross amounts of financial instruments presented in the Consolidated Statements of Financial Position	63	230
Amounts subject to an enforceable master netting arrangement or similar agreements	(63)	(46)
Financial and cash collateral pledged (received)		(184)
Derivative Liabilities [Member]
Disclosure of offsetting of financial liabilities [Line Items]
Gross amounts of financial instruments presented in the Consolidated Statements of Financial Position	(8,716)	(8,649)
Amounts subject to an enforceable master netting arrangement or similar agreements	6,644	6,714
Financial and cash collateral pledged (received)	1,868	1,718
Net amount including financing trusts	(204)	(217)
Net amounts excluding financing trusts	(33)	(30)
Repurchase agreements [Member]
Disclosure of offsetting of financial liabilities [Line Items]
Gross amounts of financial instruments presented in the Consolidated Statements of Financial Position	(64)	(228)
Amounts subject to an enforceable master netting arrangement or similar agreements	63	46
Financial and cash collateral pledged (received)	$ 1	$ 182

Risk Management - Summary of _4

Risk Management - Summary of Effect of Conditional Master Netting and Similar Arrangements (Parenthetical) (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of offsetting of financial assets [abstract]
Accrued interest receivable	$ 621	$ 913
Accrued interest payable	638	827
Over-collateralized on OTC derivative assets	417	743
Over-collateralized on OTC derivative liabilities	405	382
Over-collateralized on securities lending and reverse purchase agreements	80	79
Over-collateralized on repurchase agreements	$ 0	$ 0

Risk Management - Summary of th

Risk Management - Summary of the Effect of Unconditional Netting (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of offsetting of financial liabilities [Line Items]
Gross amounts of financial instruments	$ 8,780	$ 8,877
Credit Linked Note [member]
Disclosure of offsetting of financial liabilities [Line Items]
Gross amounts of financial instruments	679	461
Amounts subject to an enforceable netting arrangement	(679)	(461)
Net amounts of financial instruments presented in the Consolidated Statements of Financial Position	0	0
Variable Funding Surplus Note [member]
Disclosure of offsetting of financial liabilities [Line Items]
Gross amounts of financial instruments	(679)	(461)
Amounts subject to an enforceable netting arrangement	679	461
Net amounts of financial instruments presented in the Consolidated Statements of Financial Position	$ 0	$ 0

Risk Management - Schedule of R

Risk Management - Schedule of Risk Concentrations (Detail) - Asset classes and individual investment risks [Member] - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of nature and extent of risks arising from financial instruments [Line Items]
Debt securities and private placements rated as investment grade BBB or higher	98.00%	98.00%
Government debt securities as a per cent of total debt securities	38.00%	39.00%
Government private placements as a per cent of total private placements	11.00%	10.00%
Highest exposure to a single non-government debt security and private placement issuer	$ 1,013	$ 1,044
Largest single issuer as a per cent of the total equity portfolio	2.00%	2.00%
Income producing commercial office properties (2018 - 55% of real estate, 2017 - 64%)	$ 7,065	$ 8,836
Largest concentration of mortgages and real estate(2) - Ontario Canada (2018 - 26%, 2017 - 25%)	$ 16,092	$ 14,779

Risk Management - Schedule of_2

Risk Management - Schedule of Risk Concentrations (Parenthetical) (Detail)	Dec. 31, 2018	Dec. 31, 2017
Asset classes and individual investment risks [Member]
Disclosure of nature and extent of risks arising from financial instruments [Line Items]
Income producing commercial office properties, percentage	55.00%	64.00%
Ontario Canada [Member] | Asset classes and individual investment risks [Member]
Disclosure of nature and extent of risks arising from financial instruments [Line Items]
Largest concentration of mortgages and real estate, percentage	26.00%	25.00%
A [Member]
Disclosure of nature and extent of risks arising from financial instruments [Line Items]
Investment grade debt securities and private placements rate	41.00%	42.00%
AA [Member]
Disclosure of nature and extent of risks arising from financial instruments [Line Items]
Investment grade debt securities and private placements rate	17.00%	16.00%
AAA [Member]
Disclosure of nature and extent of risks arising from financial instruments [Line Items]
Investment grade debt securities and private placements rate	17.00%	17.00%

Risk Management - Schedule of D

Risk Management - Schedule of Distribution of Debt Securities and Private Placements Portfolio by Sector and Industry (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 221,348	$ 206,132
% of total	100.00%	100.00%
Government and agency [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 73,858	$ 71,888
% of total	33.00%	35.00%
Utilities [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 41,929	$ 40,568
% of total	19.00%	20.00%
Financial [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 31,340	$ 27,923
% of total	14.00%	13.00%
Energy [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 17,685	$ 16,428
% of total	8.00%	8.00%
Industrial [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 17,508	$ 14,691
% of total	8.00%	7.00%
Consumer (non-cyclical) [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 16,483	$ 14,009
% of total	7.00%	7.00%
Consumer (cyclical) [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 7,707	$ 5,916
% of total	3.00%	3.00%
Securitized [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 3,300	$ 3,577
% of total	2.00%	2.00%
Telecommunications [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 3,716	$ 3,324
% of total	2.00%	2.00%
Basic materials [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 3,539	$ 3,248
% of total	2.00%	2.00%
Technology [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 2,352	$ 2,475
% of total	1.00%	1.00%
Media and internet [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 1,112	$ 1,136
% of total	1.00%
Diversified and miscellaneous [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 819	$ 949

Risk Management - Schedule of G

Risk Management - Schedule of Geographic Concentration of Insurance and Investment Contract Liabilities, Including Embedded Derivatives (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	$ 289,032	$ 277,596
US and Canada [Member]
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	203,621	207,209
Asia and Other [Member]
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	85,411	70,387
Gross insurance contract liabilities [Member]
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	332,085	307,955
Gross insurance contract liabilities [Member] | US and Canada [Member]
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	246,255	237,434
Gross insurance contract liabilities [Member] | Asia and Other [Member]
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	85,830	70,521
Reinsurance assets [Member]
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	(43,053)	(30,359)
Reinsurance assets [Member] | US and Canada [Member]
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	(42,634)	(30,225)
Reinsurance assets [Member] | Asia and Other [Member]
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	$ (419)	$ (134)

Long-Term Debt - Carrying Value

Long-Term Debt - Carrying Value of Long Term Debt Instruments (Detail) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018CAD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017CAD ($)
Disclosure of detailed information about borrowings [Line Items]
Long-term debt	$ 4,769		$ 4,784
4.70% Senior notes [Member]
Disclosure of detailed information about borrowings [Line Items]
Issue date	Jun. 23, 2016
Maturity date	Jun. 23, 2046
Par value		$ 1,000
Long-term debt	$ 1,355		1,246
5.375% Senior notes [Member]
Disclosure of detailed information about borrowings [Line Items]
Issue date	Mar. 4, 2016
Maturity date	Mar. 4, 2046
Par value		750
Long-term debt	$ 1,010		928
3.527% Senior notes [Member]
Disclosure of detailed information about borrowings [Line Items]
Issue date	Dec. 2, 2016
Maturity date	Dec. 2, 2026
Par value		270
Long-term debt	$ 367		338
4.150% Senior notes [Member]
Disclosure of detailed information about borrowings [Line Items]
Issue date	Mar. 4, 2016
Maturity date	Mar. 4, 2026
Par value		1,000
Long-term debt	$ 1,356		1,246
4.90% Senior notes [Member]
Disclosure of detailed information about borrowings [Line Items]
Issue date	Sep. 17, 2010
Maturity date	Sep. 17, 2020
Par value		500
Long-term debt	$ 681		626
5.505% Medium term notes [member]
Disclosure of detailed information about borrowings [Line Items]
Issue date	Jun. 26, 2008
Maturity date	Jun. 26, 2018
Par value		$ 400
Long-term debt			$ 400

Long-Term Debt - Carrying Val_2

Long-Term Debt - Carrying Value of Long Term Debt Instruments (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2018
5.375% Senior notes [Member]
Disclosure of detailed information about borrowings [Line Items]
Number of basis points	0.40%
3.527% Senior notes [Member]
Disclosure of detailed information about borrowings [Line Items]
Number of basis points	0.20%
4.150% Senior notes [Member]
Disclosure of detailed information about borrowings [Line Items]
Number of basis points	0.35%
4.90% Senior notes [Member]
Disclosure of detailed information about borrowings [Line Items]
Number of basis points	0.35%

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about borrowings [Line Items]
Interest paid on long-term debt	$ 222	$ 324
Level 2 [Member]
Disclosure of detailed information about borrowings [Line Items]
Fair value of long-term debt	$ 4,886	$ 5,186

Long-Term Debt - Aggregate Matu

Long-Term Debt - Aggregate Maturities of Long-term Debt (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about borrowings [Line Items]
Long-term debt	$ 4,769	$ 4,784
Less than 1 year [Member]
Disclosure of detailed information about borrowings [Line Items]
Long-term debt		400
One to two years [Member]
Disclosure of detailed information about borrowings [Line Items]
Long-term debt	681
Two to three years [Member]
Disclosure of detailed information about borrowings [Line Items]
Long-term debt		626
Over 5 years [Member]
Disclosure of detailed information about borrowings [Line Items]
Long-term debt	$ 4,088	$ 3,758

Capital Instruments - Schedule

Capital Instruments - Schedule of Carrying Value of Capital Instruments (Detail)	12 Months Ended
	Dec. 31, 2018CAD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018SGD ($)	Dec. 31, 2017CAD ($)
Carrying value of capital instruments [line items]
Par value	$ 414,734,000,000			$ 336,773,000,000
Total	$ 8,732,000,000			8,387,000,000
JHFC subordinated notes [member]
Carrying value of capital instruments [line items]
Issuance date	Dec. 14, 2006
Maturity date	Dec. 15, 2036
Par value	$ 650
Total	$ 647,000,000			647,000,000
4.061% MFC subordinated notes [member]
Carrying value of capital instruments [line items]
Capital instruments interest rate	4.061%	4.061%	4.061%
Issuance date	Feb. 24, 2017
Earliest par redemption date	Feb. 24, 2027
Maturity date	Feb. 24, 2032
Par value		$ 750
Total	$ 1,017,000,000			935,000,000
7.375% JHUSA Surplus notes [Member]
Carrying value of capital instruments [line items]
Capital instruments interest rate	7.375%	7.375%	7.375%
Issuance date	Feb. 25, 1994
Maturity date	Feb. 15, 2024
Par value		$ 450
Total	$ 632,000,000			584,000,000
7.535% MFCT II Senior debenture notes [member]
Carrying value of capital instruments [line items]
Capital instruments interest rate	7.535%	7.535%	7.535%
Issuance date	Jul. 10, 2009
Earliest par redemption date	Dec. 31, 2019
Maturity date	Dec. 31, 2018
Par value	$ 1,000
Total	$ 1,000,000,000			1,000,000,000
3.00% MFC subordinated notes [member]
Carrying value of capital instruments [line items]
Capital instruments interest rate	3.00%	3.00%	3.00%
Issuance date	Nov. 21, 2017
Earliest par redemption date	Nov. 21, 2024
Maturity date	Nov. 21, 2029
Par value			$ 500
Total	$ 498,000,000			467,000,000
3.049% MFC Subordinated debentures [member]
Carrying value of capital instruments [line items]
Capital instruments interest rate	3.049%	3.049%	3.049%
Issuance date	Aug. 17, 2017
Earliest par redemption date	Aug. 20, 2024
Maturity date	Aug. 20, 2029
Par value	$ 750
Total	$ 747,000,000			746,000,000
3.317% MFC Subordinated debentures [member]
Carrying value of capital instruments [line items]
Capital instruments interest rate	3.317%	3.317%	3.317%
Issuance date	May 9, 2018
Earliest par redemption date	May 9, 2023
Maturity date	May 9, 2028
Par value	$ 600
Total	$ 597,000,000
3.181% MLI Subordinated debentures [Member]
Carrying value of capital instruments [line items]
Capital instruments interest rate	3.181%	3.181%	3.181%
Issuance date	Nov. 20, 2015
Earliest par redemption date	Nov. 22, 2022
Maturity date	Nov. 22, 2027
Par value	$ 1,000
Total	$ 997,000,000			996,000,000
3.85% MFC Subordinated notes [Member]
Carrying value of capital instruments [line items]
Capital instruments interest rate	3.85%	3.85%	3.85%
Issuance date	May 25, 2016
Earliest par redemption date	May 25, 2021
Maturity date	May 25, 2026
Par value			$ 500
Total	$ 499,000,000			467,000,000
2.389% MLI Subordinated debentures [Member]
Carrying value of capital instruments [line items]
Capital instruments interest rate	2.389%	2.389%	2.389%
Issuance date	Jun. 1, 2015
Earliest par redemption date	Jan. 5, 2021
Maturity date	Jan. 5, 2026
Par value	$ 350
Total	$ 349,000,000			349,000,000
2.10% MLI Subordinated debentures [Member]
Carrying value of capital instruments [line items]
Capital instruments interest rate	2.10%	2.10%	2.10%
Issuance date	Mar. 10, 2015
Earliest par redemption date	Jun. 1, 2020
Maturity date	Jun. 1, 2025
Par value	$ 750
Total	$ 749,000,000			748,000,000
2.64% MLI Subordinated debentures [Member]
Carrying value of capital instruments [line items]
Capital instruments interest rate	2.64%	2.64%	2.64%
Issuance date	Dec. 1, 2014
Earliest par redemption date	Jan. 15, 2020
Maturity date	Jan. 15, 2025
Par value	$ 500
Total	$ 500,000,000			499,000,000
2.811% MLI Subordinated debentures [Member]
Carrying value of capital instruments [line items]
Capital instruments interest rate	2.811%	2.811%	2.811%
Issuance date	Feb. 21, 2014
Earliest par redemption date	Feb. 21, 2019
Maturity date	Feb. 21, 2024
Par value	$ 500
Total	$ 500,000,000			499,000,000
2.926% MLI Subordinated debentures [Member]
Carrying value of capital instruments [line items]
Capital instruments interest rate	2.926%	2.926%	2.926%
Issuance date	Nov. 29, 2013
Earliest par redemption date	Nov. 29, 2018
Maturity date	Nov. 29, 2023
Par value	$ 250
Total				250,000,000
2.819% MLI Subordinated debentures [Member]
Carrying value of capital instruments [line items]
Capital instruments interest rate	2.819%	2.819%	2.819%
Issuance date	Feb. 25, 2013
Earliest par redemption date	Feb. 26, 2018
Maturity date	Feb. 26, 2023
Par value	$ 200
Total				$ 200,000,000

Capital Instruments - Schedul_2

Capital Instruments - Schedule of Carrying Value of Capital Instruments (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Nov. 29, 2018	Feb. 26, 2018
Carrying value of capital instruments [line items]
Interest rate, basis	5-year Singapore Dollar Swap Rate plus a specified number of basis points
Interest rate reset period	5 years
On November 29, 2018 [member]
Carrying value of capital instruments [line items]
Bond redemption variable interest rate			2.926%
On February 26, 2018 [member]
Carrying value of capital instruments [line items]
Bond redemption variable interest rate				2.819%
JHFC subordinated notes [member]
Carrying value of capital instruments [line items]
Interest rate, basis	90-day Bankers’ Acceptance rate plus 0.72%
Floating interest rate, adjustment to basis	0.72%
4.061% MFC subordinated notes [member]
Carrying value of capital instruments [line items]
Interest rate, basis	5-Year US Dollar Mid-Swap Rate plus 1.647
Floating interest rate, adjustment to basis	1.647%
Interest rate reset period	5 years
3.00% MFC subordinated notes [member]
Carrying value of capital instruments [line items]
Floating interest rate, adjustment to basis	0.832%
3.049% MFC Subordinated debentures [member]
Carrying value of capital instruments [line items]
Interest rate, basis	90-day Bankers' Acceptance rate plus a specified number of basis points.
Floating interest rate, adjustment to basis	1.05%
3.317% MFC Subordinated debentures [member]
Carrying value of capital instruments [line items]
Interest rate, basis	90-day Bankers' Acceptance rate plus a specified number of basis points.
Floating interest rate, adjustment to basis	0.78%
3.85% MFC Subordinated notes [Member]
Carrying value of capital instruments [line items]
Floating interest rate, adjustment to basis	1.97%
John Hancock Financial Corporation [Member] | 7.375% JHUSA Surplus notes [Member]
Carrying value of capital instruments [line items]
Unamortized fair value increment	$ 20	$ 23
Manufacturers life insurance company [Member]
Carrying value of capital instruments [line items]
Interest rate, basis	90-day Bankers' Acceptance rate plus a specified number of basis points
Manufacturers life insurance company [Member] | 3.181% MLI Subordinated debentures [Member]
Carrying value of capital instruments [line items]
Floating interest rate, adjustment to basis	1.57%
Manufacturers life insurance company [Member] | 2.389% MLI Subordinated debentures [Member]
Carrying value of capital instruments [line items]
Floating interest rate, adjustment to basis	0.83%
Manufacturers life insurance company [Member] | 2.10% MLI Subordinated debentures [Member]
Carrying value of capital instruments [line items]
Floating interest rate, adjustment to basis	0.72%
Manufacturers life insurance company [Member] | 2.64% MLI Subordinated debentures [Member]
Carrying value of capital instruments [line items]
Floating interest rate, adjustment to basis	0.73%
Manufacturers life insurance company [Member] | 2.811% MLI Subordinated debentures [Member]
Carrying value of capital instruments [line items]
Floating interest rate, adjustment to basis	0.80%
Manufacturers life insurance company [Member] | Government of Canada bonds [Member]
Carrying value of capital instruments [line items]
Debt instrument, maturity period	5 years	5 years
Floating interest rate, adjustment to basis	5.20%	5.20%
Manufacturers life insurance company [Member] | Government of Canada bonds [Member] | Prior to December 31, 2019 [Member]
Carrying value of capital instruments [line items]
Bond redemption variable interest rate	1.0325%	1.0325%
Manufacturers life insurance company [Member] | Government of Canada bonds [Member] | After December 31, 2019 [Member]
Carrying value of capital instruments [line items]
Bond redemption variable interest rate	2.065%	2.065%

Capital Instruments - Additiona

Capital Instruments - Additional Information (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Level 2 [Member]
Fair value of capital instruments [line items]
Capital instruments	$ 8,712	$ 8,636

Share Capital and Earnings Pe_3

Share Capital and Earnings Per Share - Summary of Changes in Issued and Outstanding Shares - Preferred Shares (Detail) - CAD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of classes of share capital [Line Items]
Balance, beginning of year	$ 42,163
Balance, end of year	47,151	$ 42,163
Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Balance, beginning of year	3,577	3,577
Issued, amount	250
Issuance costs, net of tax	(5)
Balance, end of year	$ 3,822	$ 3,577
Balance, beginning of year	146	146
Balance, end of year	156	146
Class 1, Series 25 Preferred Shares [Member]
Disclosure of classes of share capital [Line Items]
Issued, amount	$ 250
Number of shares, issued	10	0
Balance, end of year	10

Share Capital and Earnings Pe_4

Share Capital and Earnings Per Share - Summary of Changes in Issued and Outstanding Shares - Preferred Shares (Parenthetical) (Detail) - Class 1, Series 25 Preferred Shares [Member] $ / shares in Millions, $ in Millions	Feb. 20, 2018CAD ($)$ / shares
Disclosure of classes of share capital [Line Items]
Non-cumlative share issued | $ / shares	$ 25
Proceeds from issuance of preferred stock, Gross | $	$ 250

Share Capital and Earnings Pe_5

Share Capital and Earnings Per Share - Summary of Further Information on Preferred Shares Outstanding (Detail) - CAD ($) shares in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of classes of share capital [Line Items]
Face amount	$ 414,734,000,000	$ 336,773,000,000
Class 1, Series 4 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Issue date	Jun. 20, 2016
Number of shares	2
Face amount	$ 42,000,000
Net amount	$ 41,000,000
Class 1, Series 3 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Issue date	Mar. 11, 2011
Annual dividend rate	2.178%
Earliest redemption date	Jun. 19, 2021
Number of shares	6
Face amount	$ 158,000,000
Net amount	$ 155,000,000
Class 1, Series 5 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Issue date	Dec. 6, 2011
Annual dividend rate	3.891%
Earliest redemption date	Dec. 19, 2021
Number of shares	8
Face amount	$ 200,000,000
Net amount	$ 195,000,000
Class 1, Series 7 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Issue date	Feb. 22, 2012
Annual dividend rate	4.312%
Earliest redemption date	Mar. 19, 2022
Number of shares	10
Face amount	$ 250,000,000
Net amount	$ 244,000,000
Class 1, Series 9 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Issue date	May 24, 2012
Annual dividend rate	4.351%
Earliest redemption date	Sep. 19, 2022
Number of shares	10
Face amount	$ 250,000,000
Net amount	$ 244,000,000
Class 1, Series 11 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Issue date	Dec. 4, 2012
Annual dividend rate	4.731%
Earliest redemption date	Mar. 19, 2023
Number of shares	8
Face amount	$ 200,000,000
Net amount	$ 196,000,000
Class 1, Series 13 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Issue date	Jun. 21, 2013
Annual dividend rate	4.414%
Earliest redemption date	Sep. 19, 2023
Number of shares	8
Face amount	$ 200,000,000
Net amount	$ 196,000,000
Class 1, Series 15 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Issue date	Feb. 25, 2014
Annual dividend rate	3.90%
Earliest redemption date	Jun. 19, 2019
Number of shares	8
Face amount	$ 200,000,000
Net amount	$ 195,000,000
Class 1, Series 17 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Issue date	Aug. 15, 2014
Annual dividend rate	3.90%
Earliest redemption date	Dec. 19, 2019
Number of shares	14
Face amount	$ 350,000,000
Net amount	$ 343,000,000
Class 1, Series 19 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Issue date	Dec. 3, 2014
Annual dividend rate	3.80%
Earliest redemption date	Mar. 19, 2020
Number of shares	10
Face amount	$ 250,000,000
Net amount	$ 246,000,000
Class 1, Series 21 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Issue date	Feb. 25, 2016
Annual dividend rate	5.60%
Earliest redemption date	Jun. 19, 2021
Number of shares	17
Face amount	$ 425,000,000
Net amount	$ 417,000,000
Class 1, Series 23 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Issue date	Nov. 22, 2016
Annual dividend rate	4.85%
Earliest redemption date	Mar. 19, 2022
Number of shares	19
Face amount	$ 475,000,000
Net amount	$ 467,000,000
Class 1, Series 25 Preferred Shares [Member]
Disclosure of classes of share capital [Line Items]
Issue date	Feb. 20, 2018
Annual dividend rate	4.70%
Earliest redemption date	Jun. 19, 2023
Number of shares	10
Face amount	$ 250,000,000
Net amount	$ 245,000,000
Class A, Series 2 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Issue date	Feb. 18, 2005
Annual dividend rate	4.65%
Number of shares	14
Face amount	$ 350,000,000
Net amount	$ 344,000,000
Class A, Series 3 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Issue date	Jan. 3, 2006
Annual dividend rate	4.50%
Number of shares	12
Face amount	$ 300,000,000
Net amount	$ 294,000,000
Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Number of shares	156
Face amount	$ 3,900,000,000
Net amount	$ 3,822,000,000

Share Capital and Earnings Pe_6

Share Capital and Earnings Per Share - Summary of Further Information on Preferred Shares Outstanding (Parenthetical) (Detail) - $ / shares	Sep. 19, 2018	Mar. 19, 2018	Dec. 31, 2018
Class 1, Series 4 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Annual dividend rate			Floating
Class 1, Series 4 Preferred shares [Member] | If redeemed on June 19, 2021 [Member]
Disclosure of classes of share capital [Line Items]
Price per share			$ 25
Class 1, Series 4 Preferred shares [Member] | If redeemed after June 19, 2021 [Member]
Disclosure of classes of share capital [Line Items]
Price per share			$ 25.50
Class 1, Series 4 Preferred shares [Member] | Major ordinary share transactions [Member]
Disclosure of classes of share capital [Line Items]
Basis spread on dividend rate			1.41%
Floating dividend rate, description			Three-month Government of Canada Treasury bill yield plus 1.41%.
Class 1, Series 3 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Specified yield percentage			1.41%
Class 1, Series 5 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Specified yield percentage			2.90%
Class 1, Series 7 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Specified yield percentage			3.13%
Annual dividend rate	4.414%
Class 1, Series 9 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Specified yield percentage			2.86%
Class 1, Series 11 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Specified yield percentage			2.61%
Annual dividend rate		4.731%
Class 1, Series 13 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Specified yield percentage			2.22%
Class 1, Series 15 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Specified yield percentage			2.16%
Class 1, Series 17 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Specified yield percentage			2.36%
Class 1, Series 19 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Specified yield percentage			2.30%
Class 1, Series 21 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Specified yield percentage			4.97%
Class 1, Series 23 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Specified yield percentage			3.83%
Class 1, Series 25 Preferred Shares [Member]
Disclosure of classes of share capital [Line Items]
Specified yield percentage			2.55%

Share Capital and Earnings Pe_7

Share Capital and Earnings Per Share - Summary of Changes in Issued and Outstanding Shares - Common Shares (Detail) - CAD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of classes of share capital [Line Items]
Balance, beginning of year	$ 42,163
Balance, end of year	$ 47,151	$ 42,163
Common shares [Member]
Disclosure of classes of share capital [Line Items]
Balance, beginning of year	1,982	1,975
Repurchased for cancellation	(23)
Issued under dividend reinvestment plan	9
Issued on exercise of stock options and deferred share units	3	7
Balance, end of year	1,971	1,982
Balance, beginning of year	$ 22,989	$ 22,865
Repurchased for cancellation	(269)
Issued under dividend reinvestment plan	182
Issued on exercise of stock options and deferred share units	59	124
Balance, end of year	$ 22,961	$ 22,989

Share Capital and Earnings Pe_8

Share Capital and Earnings Per share - Additional Information (Detail) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions	Feb. 07, 2019	Nov. 12, 2018	Dec. 31, 2018
Major ordinary share transactions [Member]
Disclosure of Dividends [line items]
Stock repurchased for cancellation, share			23
Stock repurchased for cancellation, value			$ 478
Major ordinary share transactions [Member] | Shareholders' Retained Earnings [Member]
Disclosure of Dividends [line items]
Stock repurchased for cancellation, value			$ 209
Major ordinary share transactions [Member] | Dividend Reinvestment Plan [member]
Disclosure of Dividends [line items]
Percentage of share purchase discount for payment of dividend			2.00%
Common shares [Member]
Disclosure of Dividends [line items]
Stock repurchased for cancellation, share			(23)
Stock repurchased for cancellation, value			$ 269
Common shares [Member] | Major ordinary share transactions [Member]
Disclosure of Dividends [line items]
Stock approved to be repurchased for cancellation, share		40
Stock repurchased for cancellation, value			$ 269
Dividend declared but not paid	$ 0.25

Share Capital and Earnings Pe_9

Share Capital and Earnings Per Share - Summary of Basic and Diluted Earnings Per Common Share (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Earnings per share [abstract]
Basic earnings per common share	$ 2.34	$ 0.98
Diluted earnings per common share	$ 2.33	$ 0.98

Share Capital and Earnings P_10

Share Capital and Earnings Per Share - Summary of Reconciliation of Denominator (Number of Shares) in Calculation of Basic and Diluted Earnings Per Share (Detail) - shares shares in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Earnings per share [abstract]
Weighted average number of common shares (in millions)	1,983	1,978
Dilutive stock-based awards(in millions)	5	8
Weighted average number of diluted common shares (in millions)	1,988	1,986

Share Capital and Earnings P_11

Share Capital and Earnings Per Share - Summary of Reconciliation of Denominator (Number of Shares) in Calculation of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - shares shares in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Share based payments arrangements [Member]
Earnings per share [Line Items]
Anti-dilutive stock-based awards excluded from the calculation of EPS	7	2

Share Capital and Earnings P_12

Share Capital and Earnings Per share - Schedule of Dividends Payable on Non-cumulative Preferred Shares (Detail) - Major ordinary share transactions [Member]	Feb. 27, 2019$ / shares
Class 1, Series 13 Preferred shares [Member]
Disclosure of Dividends [line items]
Dividend declared but not paid	$ 0.275875
Class 1, Series 15 Preferred shares [Member]
Disclosure of Dividends [line items]
Dividend declared but not paid	0.243750
Class 1, Series 17 Preferred shares [Member]
Disclosure of Dividends [line items]
Dividend declared but not paid	0.243750
Class 1, Series 19 Preferred shares [Member]
Disclosure of Dividends [line items]
Dividend declared but not paid	0.237500
Class 1, Series 21 Preferred shares [Member]
Disclosure of Dividends [line items]
Dividend declared but not paid	0.350000
Class 1, Series 23 Preferred shares [Member]
Disclosure of Dividends [line items]
Dividend declared but not paid	0.303125
Class 1, Series 25 Preferred Shares [Member]
Disclosure of Dividends [line items]
Dividend declared but not paid	0.293750
Class A, Series 2 Preferred shares [Member]
Disclosure of Dividends [line items]
Dividend declared but not paid	0.290630
Class A, Series 3 Preferred shares [Member]
Disclosure of Dividends [line items]
Dividend declared but not paid	0.281250
Class 1, Series 3 Preferred shares [Member]
Disclosure of Dividends [line items]
Dividend declared but not paid	0.136125
Class 1, Series 4 Preferred shares [Member]
Disclosure of Dividends [line items]
Dividend declared but not paid	0.193315
Class 1, Series 5 Preferred shares [Member]
Disclosure of Dividends [line items]
Dividend declared but not paid	0.243188
Class 1, Series 7 Preferred shares [Member]
Disclosure of Dividends [line items]
Dividend declared but not paid	0.269500
Class 1, Series 9 Preferred shares [Member]
Disclosure of Dividends [line items]
Dividend declared but not paid	0.271938
Class 1, Series 11 Preferred shares [Member]
Disclosure of Dividends [line items]
Dividend declared but not paid	$ 0.295688

Capital Management - Schedule o

Capital Management - Schedule of Consolidated Capital (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of classes of share capital [abstract]
Total equity	$ 47,151	$ 42,163
Adjusted for AOCI loss on cash flow hedges	(127)	(109)
Total equity excluding AOCI on cash flow hedges	47,278	42,272
Qualifying capital instruments	8,732	8,387
Consolidated capital	$ 56,010	$ 50,659

Capital Management - Additional

Capital Management - Additional Information (Detail)	Dec. 31, 2018CAD ($)
Bottom of range [Member]
Disclosure of classes of share capital [Line Items]
Aggregate liquidation entitlement	$ 200,000,000

Revenue from Service Contract_2

Revenue from Service Contracts - Summary of Revenue from Service Contracts by Service Lines and Reporting Segments (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	$ 8,566	$ 8,343
Real estate management services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	348	344
Asia [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	840	848
Asia [member] | Real estate management services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	31	22
Canada [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,212	1,233
Canada [member] | Real estate management services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	160	161
U.S. [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,302	1,368
U.S. [member] | Real estate management services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	147	156
Other revenue [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	8,218	7,999
Other revenue [member] | Investment management and other related fees [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	3,567	3,222
Other revenue [member] | Transaction processing, administration, and service fees [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	3,036	3,075
Other revenue [member] | Distribution fees and other [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,615	1,702
Other revenue [member] | Asia [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	809	826
Other revenue [member] | Asia [member] | Investment management and other related fees [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	328	351
Other revenue [member] | Asia [member] | Transaction processing, administration, and service fees [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	226	206
Other revenue [member] | Asia [member] | Distribution fees and other [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	255	269
Other revenue [member] | Canada [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,052	1,072
Other revenue [member] | Canada [member] | Investment management and other related fees [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	149	137
Other revenue [member] | Canada [member] | Transaction processing, administration, and service fees [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	854	871
Other revenue [member] | Canada [member] | Distribution fees and other [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	49	64
Other revenue [member] | U.S. [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,155	1,212
Other revenue [member] | U.S. [member] | Investment management and other related fees [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	521	569
Other revenue [member] | U.S. [member] | Transaction processing, administration, and service fees [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	17	17
Other revenue [member] | U.S. [member] | Distribution fees and other [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	617	626
Global wealth and asset management [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	5,468	5,160
Global wealth and asset management [member] | Other revenue [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	5,468	5,160
Global wealth and asset management [member] | Other revenue [member] | Investment management and other related fees [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	2,805	2,397
Global wealth and asset management [member] | Other revenue [member] | Transaction processing, administration, and service fees [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,939	1,978
Global wealth and asset management [member] | Other revenue [member] | Distribution fees and other [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	724	785
Corporate and other [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	(256)	(266)
Corporate and other [member] | Real estate management services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	10	5
Corporate and other [member] | Other revenue [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	(266)	(271)
Corporate and other [member] | Other revenue [member] | Investment management and other related fees [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	(236)	(232)
Corporate and other [member] | Other revenue [member] | Transaction processing, administration, and service fees [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		3
Corporate and other [member] | Other revenue [member] | Distribution fees and other [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	$ (30)	$ (42)

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail)	1 Months Ended	12 Months Ended
	Feb. 28, 2018	Dec. 31, 2018CAD ($)EquityOptions$ / sharesshares	Dec. 31, 2017CAD ($)EquityOptions$ / sharesshares	Dec. 31, 2016Equity
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Compensation expense		$ 9,000,000	$ 16,000,000
Black scholes option pricing model [member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Weighted average fair value of options granted		$ 4.97	$ 5.18
Risk-free interest rate		2.00%	1.25%
Dividend yield		3.25%	3.00%
Expected volatility		28.00%	29.50%
Expected life		6 years 3 months 18 days	6 years 8 months 12 days
Executive Stock Option Plan [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Description of share-based payment arrangement		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.
Shares reserved for future issuance | shares		73,600,000
Executive Stock Option Plan [Member] | Top of range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Option vesting period		4 years
Option expiration period		10 years
Deferred Share Units under ESOP [member]
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 | shares		1
Fair value of equity issued		0	0
Number of shares outstanding		337,000	610,000
Deferred Share Units [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Compensation expense		$ 6,000,000	$ 13,000,000
Number of equity granted		55,000	23,000
Number of other equity instruments entitle holder to receive payment in cash | Options		1,151,000	1,103,000
Number of other equity entitle holder to receive payment in cash or common shares | Options		1,050,000	932,000
Amount of the liability relating to equity		$ 43,000,000	$ 53,000,000
Deferred Share Units [Member] | Defer receipt of all or part of annual bonus [member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of equity granted		8,000	0
Deferred Share Units [Member] | Defer payment of all or part of RSUs or PSUs [member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of equity granted		0	43,000
Deferred Share Units [Member] | Board of Director [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Fair value of equity issued | Equity		141,000	156,000
Number of shares outstanding | Equity		2,538,000	2,645,000	2,682,000
Fair value of equity granted | $ / shares		$ 19.37	$ 26.22
Deferred Share Units [Member] | Bottom of range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Vesting period		34 months	34 months
Board of Director [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Shares reserved for future issuance | shares			1,000,000
Restricted share units (RSUs) [member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Compensation expense		$ 111,000,000	$ 125,000,000
Vesting period	34 months
Number of equity granted		5,500,000	5,600,000
Fair value of equity granted | $ / shares		$ 19.37	$ 26.22
Vesting date	Dec. 15, 2020
Performance share units (PSUs) [member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Compensation expense		$ 14,000,000	$ 21,000,000
Vesting period	36 months
Number of equity granted		800,000	1,000,000
Fair value of equity granted | $ / shares		$ 19.37	$ 26.22
Vesting date	Feb. 28, 2021
Restricted share units and performance share units [member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Amount of the liability relating to equity		$ 128,000,000	$ 228,000,000

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Options Outstanding (Detail) shares in Millions, pure in Millions	12 Months Ended
	Dec. 31, 2018CAD ($)shares	Dec. 31, 2017CAD ($)shares
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Number of options, Beginning balance	25	30
Number of options, Granted	3	4
Number of options, Exercised	(3)	(7)
Number of options' Expired	(1)	(1)
Number of options' Forfeited	(1)	(1)
Number of options, Ending balance | shares	23	25
Number of options, Exercisable, Ending balance	9	12
Weighted average exercise price, Beginning balance	$ 20.45	$ 19.80
Weighted average exercise price, Granted	24.52	24.56
Weighted average exercise price, Exercised	17.77	16.03
Weighted average exercise price, Expired	37.35	39.47
Weighted average exercise price, Forfeited	21.24	20.86
Weighted average exercise price, Ending balance	20.29	20.45
Weighted average exercise price, Exercisable, Ending balance	$ 18.08	$ 19.93

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Range of Exercise Prices of Outstanding Share Options (Detail)	12 Months Ended
	Dec. 31, 2018CAD ($)	Dec. 31, 2017CAD ($)	Dec. 31, 2016CAD ($)
Disclosure of range of exercise prices of outstanding share options [Line Items]
Number of options, Options outstanding	23,000,000	25,000,000	30,000,000
Weighted average exercise price, Options outstanding	$ 20.29	$ 20.45	$ 19.80
Weighted average remaining contractual life (in years)	5.49
Number of options, Options exercisable	9,000,000	12,000,000
Weighted average exercise price, Options exercisable	$ 18.08	$ 19.93
Weighted average remaining contractual life (in years), Options exercisable	2.37
$12.64 - $20.99 [Member]
Disclosure of range of exercise prices of outstanding share options [Line Items]
Number of options, Options outstanding	11,000,000
Weighted average exercise price, Options outstanding	$ 17.27
Weighted average remaining contractual life (in years)	4
Number of options, Options exercisable	7,000,000
Weighted average exercise price, Options exercisable	$ 17.06
Weighted average remaining contractual life (in years), Options exercisable	2.09
$21.00 - $24.93 [Member]
Disclosure of range of exercise prices of outstanding share options [Line Items]
Number of options, Options outstanding	12,000,000
Weighted average exercise price, Options outstanding	$ 23.26
Weighted average remaining contractual life (in years)	6.95
Number of options, Options exercisable	2,000,000
Weighted average exercise price, Options exercisable	$ 21.27
Weighted average remaining contractual life (in years), Options exercisable	3.25

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of Other Equity Instruments (Detail) - Deferred Share Units [Member] - Board of Director [Member] - Equity	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of range of exercise prices of outstanding share options [Line Items]
Beginning balance	2,645,000	2,682,000
Issued	141,000	156,000
Reinvested	98,000	88,000
Redeemed	(346,000)	(279,000)
Forfeitures and cancellations		(2,000)
Ending balance	2,538,000	2,645,000

Employee Future Benefits - Addi

Employee Future Benefits - Additional Information (Detail)	3 Months Ended	12 Months Ended
	Dec. 31, 2018CAD ($)Employees	Dec. 31, 2018CAD ($)Employees	Dec. 31, 2017CAD ($)
Disclosure of defined benefit plans [Line Items]
Percentage of final average pay pension plans to global pension obligations			50.00%
Curtailment gain (loss)	$ 22,000,000
Plan assets set aside for non-qualified cash balance plan			$ 0
Assets set aside for plan			$ 0
Canada [member]
Disclosure of defined benefit plans [Line Items]
Number of employees under voluntary exit program | Employees	1,270	1,270
U.S. [member]
Disclosure of defined benefit plans [Line Items]
Number of employees under voluntary exit program | Employees	229	229
Canadian plans [Member]
Disclosure of defined benefit plans [Line Items]
Estimate of expected cash payments for employee future benefits for the year ending December 31, 2018		$ 12,000,000
Return-seeking assets [Member]
Disclosure of defined benefit plans [Line Items]
Target asset allocation for plan	27.00%	27.00%
Return-seeking assets [Member] | Canada [member]
Disclosure of defined benefit plans [Line Items]
Target asset allocation for plan	0.20%	0.20%
Liability-hedging assets [Member]
Disclosure of defined benefit plans [Line Items]
Target asset allocation for plan	73.00%	73.00%
Liability-hedging assets [Member] | Canada [member]
Disclosure of defined benefit plans [Line Items]
Target asset allocation for plan	0.80%	0.80%
Pension defined benefit plans [member]
Disclosure of defined benefit plans [Line Items]
Estimate of expected cash payments for employee future benefits for the year ending December 31, 2018		$ 88,000,000
Defined contribution pension plans [Member]
Disclosure of defined benefit plans [Line Items]
Estimate of expected cash payments for employee future benefits for the year ending December 31, 2018		78,000,000
Retiree welfare plans [Member]
Disclosure of defined benefit plans [Line Items]
Estimate of expected cash payments for employee future benefits for the year ending December 31, 2018		$ 12,000,000

Employee Future Benefits - Summ

Employee Future Benefits - Summary of Pension and Retiree Welfare Plans (Detail) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of net defined benefit liability (asset) [Line Items]
Beginning balance	$ 0
Actuarial losses (gains) due to:
Ending balance		$ 0
Pension defined benefit plans [member]
Disclosure of net defined benefit liability (asset) [Line Items]
Beginning balance	378,000,000
Actuarial losses (gains) due to:
Experience		15,000,000
Demographic assumption changes	35,000,000
Economic assumption changes	(250,000,000)	214,000,000
Ending balance	494,000,000	378,000,000
Return on plan assets (excluding interest income)	315,000,000	(312,000,000)
Pension defined benefit plans [member] | Present value of defined benefit obligation [Member]
Disclosure of net defined benefit liability (asset) [Line Items]
Beginning balance	4,706,000,000	4,767,000,000
Current service cost	42,000,000	48,000,000
Past service cost - amendments	8,000,000
Past service cost - curtailments	10,000,000
Interest cost	165,000,000	182,000,000
Plan participants' contributions	1,000,000	1,000,000
Actuarial losses (gains) due to:
Experience		15,000,000
Demographic assumption changes	35,000,000
Economic assumption changes	(250,000,000)	214,000,000
Benefits paid	(304,000,000)	(315,000,000)
Impact of changes in foreign exchange rates	262,000,000	(206,000,000)
Ending balance	4,675,000,000	4,706,000,000
Pension defined benefit plans [member] | Plan assets [Member]
Disclosure of net defined benefit liability (asset) [Line Items]
Beginning balance	4,328,000,000	4,277,000,000
Interest cost	153,000,000	164,000,000
Plan participants' contributions	1,000,000	1,000,000
Actuarial losses (gains) due to:
Benefits paid	(304,000,000)	(315,000,000)
Impact of changes in foreign exchange rates	254,000,000	(191,000,000)
Ending balance	4,190,000,000	4,328,000,000
Return on plan assets (excluding interest income)	(315,000,000)	312,000,000
Employer contributions	79,000,000	85,000,000
Administration costs	(6,000,000)	(5,000,000)
Retiree welfare plans [Member]
Disclosure of net defined benefit liability (asset) [Line Items]
Beginning balance	78,000,000
Actuarial losses (gains) due to:
Experience	(7,000,000)	(9,000,000)
Demographic assumption changes	(1,000,000)
Economic assumption changes	(56,000,000)	41,000,000
Ending balance	30,000,000	78,000,000
Return on plan assets (excluding interest income)	16,000,000	(30,000,000)
Retiree welfare plans [Member] | Present value of defined benefit obligation [Member]
Disclosure of net defined benefit liability (asset) [Line Items]
Beginning balance	665,000,000	682,000,000
Current service cost		1,000,000
Past service cost - curtailments	12,000,000
Interest cost	24,000,000	26,000,000
Plan participants' contributions	4,000,000	4,000,000
Actuarial losses (gains) due to:
Experience	(7,000,000)	(9,000,000)
Demographic assumption changes	(1,000,000)
Economic assumption changes	(56,000,000)	41,000,000
Benefits paid	(45,000,000)	(45,000,000)
Impact of changes in foreign exchange rates	44,000,000	(35,000,000)
Ending balance	640,000,000	665,000,000
Retiree welfare plans [Member] | Plan assets [Member]
Disclosure of net defined benefit liability (asset) [Line Items]
Beginning balance	587,000,000	603,000,000
Interest cost	21,000,000	23,000,000
Plan participants' contributions	4,000,000	4,000,000
Actuarial losses (gains) due to:
Benefits paid	(45,000,000)	(45,000,000)
Impact of changes in foreign exchange rates	51,000,000	(38,000,000)
Ending balance	610,000,000	587,000,000
Return on plan assets (excluding interest income)	(16,000,000)	30,000,000
Employer contributions	10,000,000	12,000,000
Administration costs	$ (2,000,000)	$ (2,000,000)

Employee Future Benefits - Su_2

Employee Future Benefits - Summary of Amounts Recognized in Consolidated Statements of Financial Position (Detail) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of defined benefit plans [Line Items]
Deficit and net defined benefit liability		$ 0
Pension defined benefit plans [member]
Disclosure of defined benefit plans [Line Items]
Defined benefit obligation	$ 4,675,000,000	4,706,000,000
Fair value of plan assets	4,190,000,000	4,328,000,000
Deficit	485,000,000	378,000,000
Effect of asset limit	9,000,000
Deficit and net defined benefit liability	494,000,000	378,000,000
Pension defined benefit plans [member] | Funded [Member]
Disclosure of defined benefit plans [Line Items]
Deficit and net defined benefit liability	(248,000,000)	(383,000,000)
Pension defined benefit plans [member] | Unfunded [Member]
Disclosure of defined benefit plans [Line Items]
Deficit and net defined benefit liability	742,000,000	761,000,000
Retiree welfare plans [Member]
Disclosure of defined benefit plans [Line Items]
Defined benefit obligation	640,000,000	665,000,000
Fair value of plan assets	610,000,000	587,000,000
Deficit	30,000,000	78,000,000
Deficit and net defined benefit liability	30,000,000	78,000,000
Retiree welfare plans [Member] | Funded [Member]
Disclosure of defined benefit plans [Line Items]
Deficit and net defined benefit liability	(121,000,000)	(72,000,000)
Retiree welfare plans [Member] | Unfunded [Member]
Disclosure of defined benefit plans [Line Items]
Deficit and net defined benefit liability	$ 151,000,000	$ 150,000,000

Employee Future Benefits - Su_3

Employee Future Benefits - Summary of Disaggregation of Defined Benefit Obligation (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Pension defined benefit plans [member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	$ 4,675	$ 4,706
Retiree welfare plans [Member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	640	665
U.S. plans [Member] | Pension defined benefit plans [member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	3,052	3,026
U.S. plans [Member] | Pension defined benefit plans [member] | Active [member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	621	592
U.S. plans [Member] | Pension defined benefit plans [member] | Inactive and retired members [Member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	2,431	2,434
U.S. plans [Member] | Retiree welfare plans [Member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	489	515
U.S. plans [Member] | Retiree welfare plans [Member] | Active [member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	32	34
U.S. plans [Member] | Retiree welfare plans [Member] | Inactive and retired members [Member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	457	481
Canadian plans [Member] | Pension defined benefit plans [member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	1,623	1,680
Canadian plans [Member] | Pension defined benefit plans [member] | Active [member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	332	393
Canadian plans [Member] | Pension defined benefit plans [member] | Inactive and retired members [Member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	1,291	1,287
Canadian plans [Member] | Retiree welfare plans [Member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	151	150
Canadian plans [Member] | Retiree welfare plans [Member] | Active [member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	22	20
Canadian plans [Member] | Retiree welfare plans [Member] | Inactive and retired members [Member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	$ 129	$ 130

Employee Future Benefits - Su_4

Employee Future Benefits - Summary of Major Categories of Plan Assets and Actual Per Cent Allocation to Each Category (Detail) - CAD ($)	Dec. 31, 2018	Dec. 31, 2017
Pension defined benefit plans [member]
Disclosure of fair value of plan assets [Line Items]
Total	$ 4,190,000,000	$ 4,328,000,000
Retiree welfare plans [Member]
Disclosure of fair value of plan assets [Line Items]
Total	610,000,000	587,000,000
U.S. plans [Member]
Disclosure of fair value of plan assets [Line Items]
Equity securities	900,000	700,000
U.S. plans [Member] | Pension defined benefit plans [member] | Fair value measurements [member]
Disclosure of fair value of plan assets [Line Items]
Other investments	252,000,000	235,000,000
Total	$ 2,866,000,000	$ 2,942,000,000
Percentage of fair value measurements	100.00%	100.00%
U.S. plans [Member] | Pension defined benefit plans [member] | Fair value measurements [member] | Debt securities [Member]
Disclosure of fair value of plan assets [Line Items]
Debt securities	$ 2,088,000,000	$ 1,979,000,000
Percentage of fair value measurements	73.00%	67.00%
U.S. plans [Member] | Pension defined benefit plans [member] | Fair value measurements [member] | Cash and cash equivalents [Member]
Disclosure of fair value of plan assets [Line Items]
Cash and cash equivalents	$ 26,000,000	$ 33,000,000
Percentage of fair value measurements	1.00%	1.00%
U.S. plans [Member] | Pension defined benefit plans [member] | Fair value measurements [member] | Equity securities [Member]
Disclosure of fair value of plan assets [Line Items]
Equity securities	$ 500,000,000	$ 695,000,000
Percentage of fair value measurements	17.00%	24.00%
U.S. plans [Member] | Pension defined benefit plans [member] | Fair value measurements [member] | Other investments [member]
Disclosure of fair value of plan assets [Line Items]
Percentage of fair value measurements	9.00%	8.00%
U.S. plans [Member] | Retiree welfare plans [Member] | Fair value measurements [member]
Disclosure of fair value of plan assets [Line Items]
Other investments	$ 7,000,000	$ 7,000,000
Total	$ 610,000,000	$ 587,000,000
Percentage of fair value measurements	100.00%	100.00%
U.S. plans [Member] | Retiree welfare plans [Member] | Fair value measurements [member] | Debt securities [Member]
Disclosure of fair value of plan assets [Line Items]
Debt securities	$ 514,000,000	$ 502,000,000
Percentage of fair value measurements	85.00%	85.00%
U.S. plans [Member] | Retiree welfare plans [Member] | Fair value measurements [member] | Cash and cash equivalents [Member]
Disclosure of fair value of plan assets [Line Items]
Cash and cash equivalents	$ 51,000,000	$ 33,000,000
Percentage of fair value measurements	8.00%	6.00%
U.S. plans [Member] | Retiree welfare plans [Member] | Fair value measurements [member] | Equity securities [Member]
Disclosure of fair value of plan assets [Line Items]
Equity securities	$ 38,000,000	$ 45,000,000
Percentage of fair value measurements	6.00%	8.00%
U.S. plans [Member] | Retiree welfare plans [Member] | Fair value measurements [member] | Other investments [member]
Disclosure of fair value of plan assets [Line Items]
Percentage of fair value measurements	1.00%	1.00%
Canadian plans [Member]
Disclosure of fair value of plan assets [Line Items]
Equity securities	$ 0	$ 0
Canadian plans [Member] | Pension defined benefit plans [member] | Fair value measurements [member]
Disclosure of fair value of plan assets [Line Items]
Other investments	3,000,000	4,000,000
Total	$ 1,324,000,000	$ 1,386,000,000
Percentage of fair value measurements	100.00%	100.00%
Canadian plans [Member] | Pension defined benefit plans [member] | Fair value measurements [member] | Debt securities [Member]
Disclosure of fair value of plan assets [Line Items]
Debt securities	$ 1,033,000,000	$ 1,165,000,000
Percentage of fair value measurements	79.00%	84.00%
Canadian plans [Member] | Pension defined benefit plans [member] | Fair value measurements [member] | Cash and cash equivalents [Member]
Disclosure of fair value of plan assets [Line Items]
Cash and cash equivalents	$ 19,000,000	$ 5,000,000
Percentage of fair value measurements	1.00%	1.00%
Canadian plans [Member] | Pension defined benefit plans [member] | Fair value measurements [member] | Equity securities [Member]
Disclosure of fair value of plan assets [Line Items]
Equity securities	$ 269,000,000	$ 212,000,000
Percentage of fair value measurements	20.00%	15.00%
Canadian plans [Member] | Pension defined benefit plans [member] | Fair value measurements [member] | Other investments [member]
Disclosure of fair value of plan assets [Line Items]
Percentage of fair value measurements	0.00%	0.00%

Employee Future Benefits - Su_5

Employee Future Benefits - Summary of Major Categories of Plan Assets and Actual Per Cent Allocation to Each Category (Parenthetical) (Detail) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
U.S. plans [Member]
Disclosure of fair value of plan assets [Line Items]
Percentage of plan assets	7.00%	6.00%
Equity securities	$ 900,000	$ 700,000
Canadian plans [Member]
Disclosure of fair value of plan assets [Line Items]
Percentage of plan assets	0.20%	0.30%
Equity securities	$ 0	$ 0

Employee Future Benefits - Su_6

Employee Future Benefits - Summary of Components of Net Benefit Cost for Pension Plans and Retiree Welfare Plans (Detail) - Net Benefit Cost Recognized in the Consolidated Statements of Income [Member] - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Pension defined benefit plans [member]
Disclosure of defined benefit plans [Line Items]
Defined benefit current service cost	$ 42	$ 48
Defined benefit administrative expenses	6	5
Past service cost - plan amendments	8
Past service cost - curtailments	10
Service cost	66	53
Interest on net defined benefit (asset) liability	12	18
Defined benefit cost	78	71
Defined contribution cost	78	75
Net benefit cost	156	146
Retiree welfare plans [Member]
Disclosure of defined benefit plans [Line Items]
Defined benefit current service cost		1
Defined benefit administrative expenses	2	2
Past service cost - curtailments	12
Service cost	14	3
Interest on net defined benefit (asset) liability	3	3
Defined benefit cost	17	6
Net benefit cost	$ 17	$ 6

Employee Future Benefits - Su_7

Employee Future Benefits - Summary of Components of Net Benefit Cost for Pension Plans and Retiree Welfare Plans (Parenthetical) (Detail) - Standard Life Plc [Member] - Defined Benefit Plans Provision [Member] $ in Millions	12 Months Ended
	Dec. 31, 2018CAD ($)
Disclosure of defined benefit plans [Line Items]
Past service cost amendments	$ 8
Past service cost - curtailments	$ 22

Employee Future Benefits - Su_8

Employee Future Benefits - Summary of Re-measurement Effects Recognized in Other Comprehensive Income (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Pension defined benefit plans [member]
Disclosure of defined benefit plans [Line Items]
Experience		$ (15)
Demographic assumption changes	$ (35)
Economic assumption changes	250	(214)
Return on plan assets (excluding interest income)	(315)	312
Change in effect of asset limit	(9)
Total re-measurement effects	(109)	83
Retiree welfare plans [Member]
Disclosure of defined benefit plans [Line Items]
Experience	7	9
Demographic assumption changes	1
Economic assumption changes	56	(41)
Return on plan assets (excluding interest income)	(16)	30
Total re-measurement effects	$ 48	$ (2)

Employee Future Benefits - Su_9

Employee Future Benefits - Summary of Key Assumptions Used by to Determine Defined Benefit Obligation and Net Benefit Cost for Defined Benefit Pension Plans and Retiree Welfare Plans (Detail)	Dec. 31, 2018	Dec. 31, 2017
U.S. plans [Member] | Pension defined benefit plans [member] | Defined benefit obligation [Member]
Disclosure of defined benefit plans [Line Items]
Discount rate	4.30%	3.60%
U.S. plans [Member] | Pension defined benefit plans [member] | Defined benefit cost [Member]
Disclosure of defined benefit plans [Line Items]
Discount rate	3.60%	4.10%
U.S. plans [Member] | Retiree welfare plans [Member] | Defined benefit obligation [Member]
Disclosure of defined benefit plans [Line Items]
Discount rate	4.30%	3.60%
Initial health care cost trend rate	7.80%	8.50%
U.S. plans [Member] | Retiree welfare plans [Member] | Defined benefit cost [Member]
Disclosure of defined benefit plans [Line Items]
Discount rate	3.60%	4.10%
Initial health care cost trend rate	8.50%	8.80%
Canadian plans [Member] | Pension defined benefit plans [member] | Defined benefit obligation [Member]
Disclosure of defined benefit plans [Line Items]
Discount rate	3.80%	3.50%
Canadian plans [Member] | Pension defined benefit plans [member] | Defined benefit cost [Member]
Disclosure of defined benefit plans [Line Items]
Discount rate	3.50%	3.90%
Canadian plans [Member] | Retiree welfare plans [Member] | Defined benefit obligation [Member]
Disclosure of defined benefit plans [Line Items]
Discount rate	3.80%	3.60%
Initial health care cost trend rate	5.70%	5.90%
Canadian plans [Member] | Retiree welfare plans [Member] | Defined benefit cost [Member]
Disclosure of defined benefit plans [Line Items]
Discount rate	3.60%	4.00%
Initial health care cost trend rate	5.90%	6.00%

Employee Future Benefits - S_10

Employee Future Benefits - Summary of Key Assumptions Used by to Determine Defined Benefit Obligation and Net Benefit Cost for Defined Benefit Pension Plans and Retiree Welfare Plans (Parenthetical) (Detail)	Dec. 31, 2018	Dec. 31, 2017
Retiree welfare plans [Member] | 2032 [Member] | Top of range [Member]
Disclosure of defined benefit plans [Line Items]
Health care cost trend rate	7.80%	8.50%
Retiree welfare plans [Member] | 2032 [Member] | Bottom of range [Member]
Disclosure of defined benefit plans [Line Items]
Health care cost trend rate	5.00%	5.00%
Retiree welfare plans [Member] | Canadian plans [Member] | 2026 [Member] | Top of range [Member]
Disclosure of defined benefit plans [Line Items]
Health care cost trend rate	5.70%	5.90%
Retiree welfare plans [Member] | Canadian plans [Member] | 2026 [Member] | Bottom of range [Member]
Disclosure of defined benefit plans [Line Items]
Health care cost trend rate	4.80%	4.80%
Defined benefit cost [Member] | 2032 [Member] | Top of range [Member]
Disclosure of defined benefit plans [Line Items]
Health care cost trend rate	8.50%	8.80%
Defined benefit cost [Member] | 2032 [Member] | Bottom of range [Member]
Disclosure of defined benefit plans [Line Items]
Health care cost trend rate	5.00%	5.00%
Defined benefit cost [Member] | Canadian plans [Member] | 2026 [Member] | Top of range [Member]
Disclosure of defined benefit plans [Line Items]
Health care cost trend rate	5.90%	6.00%
Defined benefit cost [Member] | Canadian plans [Member] | 2026 [Member] | Bottom of range [Member]
Disclosure of defined benefit plans [Line Items]
Health care cost trend rate	4.80%	4.80%

Employee Future Benefits - S_11

Employee Future Benefits - Summary of Life Expectancies Underlying Values of Obligations in Defined Benefit Pension and Retiree Welfare Plans (Detail)	Dec. 31, 2018yr
U.S. [member] | Life expectancy (in years) for those currently age 65 [Member] | Male [Member]
Disclosure of defined benefit plans [Line Items]
Life expectancy (in years)	22.5
U.S. [member] | Life expectancy (in years) for those currently age 65 [Member] | Female [Member]
Disclosure of defined benefit plans [Line Items]
Life expectancy (in years)	24
U.S. [member] | Life expectancy (in years) at age 65 for those currently age 45 [Member] | Male [Member]
Disclosure of defined benefit plans [Line Items]
Life expectancy (in years)	24.1
U.S. [member] | Life expectancy (in years) at age 65 for those currently age 45 [Member] | Female [Member]
Disclosure of defined benefit plans [Line Items]
Life expectancy (in years)	25.6
Canada [member] | Life expectancy (in years) for those currently age 65 [Member] | Male [Member]
Disclosure of defined benefit plans [Line Items]
Life expectancy (in years)	23.6
Canada [member] | Life expectancy (in years) for those currently age 65 [Member] | Female [Member]
Disclosure of defined benefit plans [Line Items]
Life expectancy (in years)	25.5
Canada [member] | Life expectancy (in years) at age 65 for those currently age 45 [Member] | Male [Member]
Disclosure of defined benefit plans [Line Items]
Life expectancy (in years)	24.6
Canada [member] | Life expectancy (in years) at age 65 for those currently age 45 [Member] | Female [Member]
Disclosure of defined benefit plans [Line Items]
Life expectancy (in years)	26.4

Employee Future Benefits - S_12

Employee Future Benefits - Summary of Potential Impact on Obligations Arising From Changes in Key Assumptions (Detail) $ in Millions	Dec. 31, 2018CAD ($)
Actuarial assumption of discount rates [Member] | Pension defined benefit plans [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Impact of increase in actuarial assumption	$ (423)
Impact of decrease in actuarial assumption	500
Actuarial assumption of discount rates [Member] | Retiree welfare plans [Member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Impact of increase in actuarial assumption	(62)
Impact of decrease in actuarial assumption	74
Actuarial assumption of medical cost trend rates [Member] | Retiree welfare plans [Member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Impact of increase in actuarial assumption	21
Impact of decrease in actuarial assumption	(18)
Actuarial assumption of decrease in inflation rates [Member] | Pension defined benefit plans [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Impact of decrease in actuarial assumption	114
Actuarial assumption of decrease in inflation rates [Member] | Retiree welfare plans [Member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Impact of decrease in actuarial assumption	$ 14

Employee Future Benefits - S_13

Employee Future Benefits - Summary of Potential Impact on Obligations Arising From Changes in Key Assumptions (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2018
U.S. [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Decrease in mortality rates	10.00%
Canada [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Decrease in mortality rates	10.00%
Male [Member] | U.S. [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase in life expectancy due to decrease in mortality rate	10 months 25 days
Male [Member] | Canada [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase in life expectancy due to decrease in mortality rate	9 months 18 days
Female [Member] | U.S. [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase in life expectancy due to decrease in mortality rate	10 months 25 days
Female [Member] | Canada [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase in life expectancy due to decrease in mortality rate	9 months 18 days
Actuarial assumption of discount rates [Member] | Pension defined benefit plans [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Percentage of reasonably possible increase in actuarial assumption	0.00%
Percentage of reasonably possible decrease in actuarial assumption	0.00%
Actuarial assumption of discount rates [Member] | Retiree welfare plans [Member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Percentage of reasonably possible increase in actuarial assumption	0.00%
Percentage of reasonably possible decrease in actuarial assumption	0.00%
Actuarial assumption of medical cost trend rates [Member] | Pension defined benefit plans [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Percentage of reasonably possible increase in actuarial assumption	0.00%
Percentage of reasonably possible decrease in actuarial assumption	0.00%
Actuarial assumption of medical cost trend rates [Member] | Retiree welfare plans [Member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Percentage of reasonably possible increase in actuarial assumption	0.00%
Percentage of reasonably possible decrease in actuarial assumption	0.00%

Employee Future Benefits - S_14

Employee Future Benefits - Summary of Weighted Average Duration of the Defined Benefit Obligations (Detail) - yr	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Pension defined benefit plans [member] | U.S. plans [Member]
Disclosure of defined benefit plans [Line Items]
Weighted average duration (in years) of the defined benefit obligations	8.8	9.5
Pension defined benefit plans [member] | Canadian plans [Member]
Disclosure of defined benefit plans [Line Items]
Weighted average duration (in years) of the defined benefit obligations	12.4	12.8
Retiree welfare plans [Member] | U.S. plans [Member]
Disclosure of defined benefit plans [Line Items]
Weighted average duration (in years) of the defined benefit obligations	9	9.8
Retiree welfare plans [Member] | Canadian plans [Member]
Disclosure of defined benefit plans [Line Items]
Weighted average duration (in years) of the defined benefit obligations	14.3	14.2

Employee Future Benefits - S_15

Employee Future Benefits - Summary of Cash Payments (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Pension defined benefit plans [member]
Disclosure of net defined benefit liability (asset) [Line Items]
Cash payment for future benefit plans	$ 157	$ 162
Pension defined benefit plans [member] | Defined benefit plans [Member]
Disclosure of net defined benefit liability (asset) [Line Items]
Cash payment for future benefit plans	79	85
Pension defined benefit plans [member] | Defined contribution plans [Member]
Disclosure of net defined benefit liability (asset) [Line Items]
Cash payment for future benefit plans	78	77
Retiree welfare plans [Member]
Disclosure of net defined benefit liability (asset) [Line Items]
Cash payment for future benefit plans	10	12
Retiree welfare plans [Member] | Defined benefit plans [Member]
Disclosure of net defined benefit liability (asset) [Line Items]
Cash payment for future benefit plans	$ 10	$ 12

Interests in Structured Entit_3

Interests in Structured Entities - Additional Information (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of unconsolidated structured entities [Line Items]
Investment in startup capital of mutual funds	$ 1,711	$ 1,918
Retail mutual fund assets under management	182,219	191,507
Hancock Victoria Plantations Holdings PTY Limited [Member]
Disclosure of unconsolidated structured entities [Line Items]
Consolidated timber assets	$ 920	$ 884

Interests in Structured Entit_4

Interests in Structured Entities - Schedule Investment and Maximum Exposure to Loss Related to Significant Unconsolidated Structured Entities (Detail) - Unconsolidated structured entities [Member] - Investment SEs [Member] - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of unconsolidated structured entities [Line Items]
Company's investment	$ 4,929	$ 4,370
Company's maximum exposure to loss	4,962	4,420
Leveraged leases [Member]
Disclosure of unconsolidated structured entities [Line Items]
Company's investment	3,575	3,273
Company's maximum exposure to loss	3,575	3,273
Timberland companies [Member]
Disclosure of unconsolidated structured entities [Line Items]
Company's investment	788	736
Company's maximum exposure to loss	821	786
Real estate companies [Member]
Disclosure of unconsolidated structured entities [Line Items]
Company's investment	566	361
Company's maximum exposure to loss	$ 566	$ 361

Interests in Structured Entit_5

Interests in Structured Entities - Schedule of Interests and Maximum Exposure to Loss From Significant Unconsolidated Financing Structured Entities (Detail) - Unconsolidated structured entities [Member] - Financing SEs [Member] - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of unconsolidated structured entities [Line Items]
Company's interests	$ 1,820	$ 1,835
Manulife Finance (Delaware), L.P.[Member]
Disclosure of unconsolidated structured entities [Line Items]
Company's interests	821	835
Manulife Financial Capital Trust II [Member]
Disclosure of unconsolidated structured entities [Line Items]
Company's interests	$ 999	$ 1,000

Interests in Structured Entit_6

Interests in Structured Entities - Schedule of Securitized Holdings by the Type and Asset Quality (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	$ 3,300	$ 3,576
AAA [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	2,471	2,503
AA [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	306	401
A [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	453	504
BBB [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	70	142
BB and below [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings		$ 26
CMBS [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	1,725
CMBS [Member] | AAA [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	1,653
CMBS [Member] | A [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	72
RMBS [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	15
RMBS [Member] | AAA [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	8
RMBS [Member] | A [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	7
Asset backed securities [member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	1,560
Asset backed securities [member] | AAA [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	810
Asset backed securities [member] | AA [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	306
Asset backed securities [member] | A [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	374
Asset backed securities [member] | BBB [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	$ 70

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Nov. 01, 2018USD ($)	May 31, 2018USD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2017CAD ($)	Nov. 20, 2015CAD ($)	Jun. 01, 2015CAD ($)	Mar. 10, 2015CAD ($)	Dec. 01, 2014CAD ($)	Feb. 21, 2014CAD ($)
Disclosure of commitments and contingencies [line items]
Legal settlement amount		$ 91
Legal settlement amount granted by court	$ 91
Investment commitments outstanding			$ 10,372,000,000	$ 8,235,000,000
Letters of credit outstanding			74,000,000	77,000,000
Aggregate future minimum lease payments			575,000,000	838,000,000
Debt outstanding			4,769,000,000	4,784,000,000
Variable Surplus Note [member]
Disclosure of commitments and contingencies [line items]
Debt outstanding			0	0
The Manufacturers Life Insurance Company [Member]
Disclosure of commitments and contingencies [line items]
Subordinate guaranteed issued					$ 1,000,000,000	$ 350,000,000	$ 750,000,000	$ 750,000,000	$ 500,000,000
The Manufacturers Life Insurance Company [Member] | Subordinated debentures due on December 15, 2041 [Member]
Disclosure of commitments and contingencies [line items]
Guaranteed payment of amounts on subordinated debenture			650,000,000
Mature in 30 Days [Member]
Disclosure of commitments and contingencies [line items]
Investment commitments outstanding			888,000,000	682,000,000
Less than 1 year [Member]
Disclosure of commitments and contingencies [line items]
Investment commitments outstanding			3,546,000,000	2,177,000,000
Aggregate future minimum lease payments			129,000,000
Debt outstanding				400,000,000
Mature after One year [Member]
Disclosure of commitments and contingencies [line items]
Investment commitments outstanding			$ 5,938,000,000	$ 5,376,000,000

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Condensed Consolidated Statements of Income Information for MFC and MFLP (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Condensed Income Statements, Captions [Line Items]
Total revenue	$ 38,972	$ 58,323
Net income (loss) attributed to shareholders	4,800	2,104
MFC [Member]
Condensed Income Statements, Captions [Line Items]
Total revenue	443	182
Net income (loss) attributed to shareholders	4,800	2,104
MLI consolidated [Member]
Condensed Income Statements, Captions [Line Items]
Total revenue	38,994	58,445
Net income (loss) attributed to shareholders	5,076	2,467
Other subsidiaries of MFC on a combined basis [Member]
Condensed Income Statements, Captions [Line Items]
Total revenue	434	270
Net income (loss) attributed to shareholders	(419)	(257)
Consolidating adjustments [Member]
Condensed Income Statements, Captions [Line Items]
Total revenue	(899)	(574)
Net income (loss) attributed to shareholders	(4,657)	(2,210)
Manulife Finance (Delaware), L.P.[Member]
Condensed Income Statements, Captions [Line Items]
Total revenue	62	29
Net income (loss) attributed to shareholders	$ 22	$ 6

Commitments and Contingencies_3

Commitments and Contingencies - Summary of Condensed Consolidated Statements of Financial Position for MFC and MFLP (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Balance Sheet Statements, Captions [Line Items]
Invested assets	$ 353,664	$ 334,222
Total other assets	83,398	71,004
Segregated funds net assets	313,209	324,307
Insurance contract liabilities	328,654	304,605	$ 297,505
Investment contract liabilities	3,265	3,126
Segregated funds net liabilities	313,209	324,307
Total other liabilities	57,992	55,332
MFC [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Invested assets	21	21
Total other assets	54,346	48,688
Total other liabilities	8,403	7,696
MLI consolidated [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Invested assets	353,632	334,191
Total other assets	83,523	71,180
Segregated funds net assets	313,209	324,307
Insurance contract liabilities	328,654	304,605
Investment contract liabilities	3,265	3,126
Segregated funds net liabilities	313,209	324,307
Total other liabilities	50,043	48,145
Other subsidiaries of MFC on a combined basis [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Invested assets	11	10
Total other assets	3	4
Consolidating adjustments [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Total other assets	(54,474)	(48,868)
Total other liabilities	(454)	(509)
Manulife Finance (Delaware), L.P.[Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Invested assets	11	5
Total other assets	1,059	1,033
Total other liabilities	$ 833	$ 831

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Pledged Assets (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Debt securities [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	$ 4,134	$ 3,818
Debt securities [Member] | Derivatives [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	3,655	3,189
Debt securities [Member] | Regulatory requirements [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	412	398
Debt securities [Member] | Repurchase agreements [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	64	228
Debt securities [Member] | Other [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	3	3
Other [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	907	815
Other [Member] | Derivatives [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	102	44
Other [Member] | Regulatory requirements [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	84	86
Other [Member] | Real estate [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount		2
Other [Member] | Non-registered retirement plans in trust [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	420	412
Other [Member] | Other [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	$ 301	$ 271

Segmented Information - Summary

Segmented Information - Summary of Results by Segments (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of operating segments [line items]
Net premium income	$ 24,012	$ 28,210
Net investment income (loss)	4,532	19,367
Other revenue	10,428	10,746
Total revenue	38,972	58,323
Net benefits and claims	15,934	39,301
Interest expense	1,275	1,139
Other expenses	16,244	15,382
Total contract benefits and expenses	33,453	55,822
Income (loss) before income taxes	5,519	2,501
Income tax recovery (expense)	(632)	(239)
Net income (loss)	4,887	2,262
Non-controlling interests	214	194
Participating policyholders	(127)	(36)
Net income (loss) attributed to shareholders	4,800	2,104
Total assets	750,271	729,533
Life and health insurance [Member]
Disclosure of operating segments [line items]
Net premium income	30,352	24,355
Net benefits and claims	23,137	33,360
Annuities and pensions [Member]
Disclosure of operating segments [line items]
Net premium income	(6,340)	3,855
Net benefits and claims	(7,203)	5,941
Operating segments [Member] | Asia Division [Member]
Disclosure of operating segments [line items]
Net premium income	18,113	15,713
Net investment income (loss)	278	4,044
Other revenue	1,296	933
Total revenue	19,687	20,690
Net benefits and claims	12,861	13,770
Interest expense	187	164
Other expenses	4,749	4,360
Total contract benefits and expenses	17,797	18,294
Income (loss) before income taxes	1,890	2,396
Income tax recovery (expense)	(355)	(405)
Net income (loss)	1,535	1,991
Non-controlling interests	208	187
Participating policyholders	(360)	(30)
Net income (loss) attributed to shareholders	1,687	1,834
Total assets	112,327	96,354
Operating segments [Member] | Asia Division [Member] | Life and health insurance [Member]
Disclosure of operating segments [line items]
Net premium income	14,938	13,145
Net benefits and claims	10,875	11,881
Operating segments [Member] | Asia Division [Member] | Annuities and pensions [Member]
Disclosure of operating segments [line items]
Net premium income	3,175	2,568
Net benefits and claims	1,986	1,889
Operating segments [Member] | Canadian Division [Member]
Disclosure of operating segments [line items]
Net premium income	9,427	4,765
Net investment income (loss)	2,764	4,560
Other revenue	1,446	1,862
Total revenue	13,637	11,187
Net benefits and claims	8,562	7,422
Interest expense	447	307
Other expenses	3,063	3,069
Total contract benefits and expenses	12,072	10,798
Income (loss) before income taxes	1,565	389
Income tax recovery (expense)	(321)	159
Net income (loss)	1,244	548
Participating policyholders	233	(6)
Net income (loss) attributed to shareholders	1,011	554
Total assets	214,101	217,813
Operating segments [Member] | Canadian Division [Member] | Life and health insurance [Member]
Disclosure of operating segments [line items]
Net premium income	8,975	4,322
Net benefits and claims	8,044	5,018
Operating segments [Member] | Canadian Division [Member] | Annuities and pensions [Member]
Disclosure of operating segments [line items]
Net premium income	452	443
Net benefits and claims	518	2,404
Operating segments [Member] | US Division [Member]
Disclosure of operating segments [line items]
Net premium income	(3,626)	7,622
Net investment income (loss)	1,723	10,657
Other revenue	2,542	3,039
Total revenue	639	21,318
Net benefits and claims	(5,529)	17,767
Interest expense	56	36
Other expenses	3,428	3,374
Total contract benefits and expenses	(2,045)	21,177
Income (loss) before income taxes	2,684	141
Income tax recovery (expense)	(352)	(1,342)
Net income (loss)	2,332	(1,201)
Net income (loss) attributed to shareholders	2,332	(1,201)
Total assets	272,228	263,523
Operating segments [Member] | US Division [Member] | Life and health insurance [Member]
Disclosure of operating segments [line items]
Net premium income	6,341	6,778
Net benefits and claims	4,255	16,193
Operating segments [Member] | US Division [Member] | Annuities and pensions [Member]
Disclosure of operating segments [line items]
Net premium income	(9,967)	844
Net benefits and claims	(9,784)	1,574
Operating segments [Member] | Global wealth and asset management [member]
Disclosure of operating segments [line items]
Net investment income (loss)	(8)	42
Other revenue	5,472	5,158
Total revenue	5,464	5,200
Net benefits and claims	77	74
Interest expense	2	1
Other expenses	4,322	4,193
Total contract benefits and expenses	4,401	4,268
Income (loss) before income taxes	1,063	932
Income tax recovery (expense)	(108)	146
Net income (loss)	955	1,078
Net income (loss) attributed to shareholders	955	1,078
Total assets	130,379	131,779
Operating segments [Member] | Global wealth and asset management [member] | Annuities and pensions [Member]
Disclosure of operating segments [line items]
Net benefits and claims	77	74
Corporate and other [member]
Disclosure of operating segments [line items]
Net premium income	98	110
Net investment income (loss)	(225)	64
Other revenue	(328)	(246)
Total revenue	(455)	(72)
Net benefits and claims	(37)	268
Interest expense	583	631
Other expenses	682	386
Total contract benefits and expenses	1,228	1,285
Income (loss) before income taxes	(1,683)	(1,357)
Income tax recovery (expense)	504	1,203
Net income (loss)	(1,179)	(154)
Non-controlling interests	6	7
Net income (loss) attributed to shareholders	(1,185)	(161)
Total assets	21,236	20,064
Corporate and other [member] | Life and health insurance [Member]
Disclosure of operating segments [line items]
Net premium income	98	110
Net benefits and claims	$ (37)	$ 268

Segmented Information - Summa_2

Segmented Information - Summary of Results by Geographic Location (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of geographical areas [line items]
Net premium income	$ 24,012	$ 28,210
Net investment income (loss)	4,532	19,367
Other revenue	10,428	10,746
Total revenue	38,972	58,323
Life and health insurance [Member]
Disclosure of geographical areas [line items]
Net premium income	30,352	24,355
Annuities and pensions [Member]
Disclosure of geographical areas [line items]
Net premium income	(6,340)	3,855
Asia [member]
Disclosure of geographical areas [line items]
Net premium income	18,185	15,783
Net investment income (loss)	371	4,258
Other revenue	2,115	1,632
Total revenue	20,671	21,673
Asia [member] | Life and health insurance [Member]
Disclosure of geographical areas [line items]
Net premium income	15,010	13,215
Asia [member] | Annuities and pensions [Member]
Disclosure of geographical areas [line items]
Net premium income	3,175	2,568
Canada [member]
Disclosure of geographical areas [line items]
Net premium income	9,013	4,337
Net investment income (loss)	2,933	4,642
Other revenue	2,904	3,187
Total revenue	14,850	12,166
Canada [member] | Life and health insurance [Member]
Disclosure of geographical areas [line items]
Net premium income	8,561	3,894
Canada [member] | Annuities and pensions [Member]
Disclosure of geographical areas [line items]
Net premium income	452	443
U.S. [member]
Disclosure of geographical areas [line items]
Net premium income	(3,625)	7,624
Net investment income (loss)	1,032	10,407
Other revenue	5,395	5,911
Total revenue	2,802	23,942
U.S. [member] | Life and health insurance [Member]
Disclosure of geographical areas [line items]
Net premium income	6,342	6,780
U.S. [member] | Annuities and pensions [Member]
Disclosure of geographical areas [line items]
Net premium income	(9,967)	844
Other [Member]
Disclosure of geographical areas [line items]
Net premium income	439	466
Net investment income (loss)	196	60
Other revenue	14	16
Total revenue	649	542
Other [Member] | Life and health insurance [Member]
Disclosure of geographical areas [line items]
Net premium income	$ 439	$ 466

Related Parties - Summary of Co

Related Parties - Summary of Compensation of Key Management Personnel (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Compensation Of Key Management Personnel [abstract]
Short-term employee benefits	$ 65	$ 78
Post-employment benefits	5	5
Share-based payments	50	59
Termination benefits	5	6
Other long-term benefits	2	2
Total	$ 127	$ 150

Subsidiaries - Summary of Direc

Subsidiaries - Summary of Directly and Indirectly Held Major Operating Subsidiaries (Detail)	12 Months Ended
	Dec. 31, 2018
The Manufacturers Life Insurance Company [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	The Manufacturers Life Insurance Company
Address	Toronto, Canada
Description	Leading Canadian-based financial services company that offers a diverse range of financial protection products and wealth management services
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Holdings (Alberta) Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Holdings (Alberta) Limited
Address	Calgary, Canada
Description	Holding company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
John Hancock Financial Corporation [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	John Hancock Financial Corporation
Address	Wilmington, Delaware, U.S.A.
Description	Holding company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
The Manufacturers Investment Corporation [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	The Manufacturers Investment Corporation
Address	Michigan, U.S.A.
Description	Holding company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
John Hancock Reassurance Company Ltd. [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	John Hancock Reassurance Company Ltd. U.S.A.
Address	Michigan, U.S.A.
Description	Captive insurance subsidiary that provides life, annuity and long-term care reinsurance to affiliates
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
John Hancock Life Insurance Company (U.S.A.) [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	John Hancock Life Insurance Company (U.S.A.)
Address	Michigan, U.S.A.
Description	U.S. life insurance company licensed in all states, except New York
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
John Hancock Subsidiaries LLC [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	John Hancock Subsidiaries LLC
Address	Wilmington, Delaware, U.S.A.
Description	Holding company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
John Hancock Financial Network, Inc. [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	John Hancock Financial Network, Inc.
Address	Boston, Massachusetts, U.S.A.
Description	Financial services distribution organization
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
John Hancock Advisers, LLC [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	John Hancock Advisers, LLC
Address	Boston, Massachusetts, U.S.A.
Description	Investment advisor
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
John Hancock Funds LLC [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	John Hancock Funds, LLC
Address	Boston, Massachusetts, U.S.A.
Description	Broker-dealer
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Asset Management (U.S.) LLC [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Asset Management (US) LLC
Address	Wilmington, Delaware, U.S.A.
Description	Asset management company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Hancock Natural Resource Group, Inc. [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Hancock Natural Resource Group, Inc.
Address	Boston, Massachusetts, U.S.A.
Description	Manager of globally diversified timberland and agricultural portfolios
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
John Hancock Life Insurance Company of New York [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	John Hancock Life Insurance Company of New York
Address	New York, U.S.A.
Description	U.S. life insurance company licensed in New York
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
John Hancock Investment Management Services, LLC [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	John Hancock Investment Management Services, LLC
Address	Boston, Massachusetts, U.S.A.
Description	Investment advisor
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
John Hancock Life & Health Insurance Company [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	John Hancock Life & Health Insurance Company
Address	Boston, Massachusetts, U.S.A.
Description	U.S. life insurance company licensed in all states
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
John Hancock Distributors, LLC [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	John Hancock Distributors LLC
Address	Wilmington, Delaware, U.S.A.
Description	Broker-dealer
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
John Hancock Insurance Agency, Inc. [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	John Hancock Insurance Agency, Inc.
Address	Wilmington, Delaware, U.S.A.
Description	Insurance agency
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Reinsurance Limited [member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Reinsurance Limited
Address	Hamilton, Bermuda
Description	Provides life and financial reinsurance to affiliates
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Reinsurance (Bermuda) Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Reinsurance (Bermuda) Limited
Address	Hamilton, Bermuda
Description	Provides life and annuity reinsurance to affiliates
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Bank of Canada [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Bank of Canada
Address	Waterloo, Canada
Description	Provides integrated banking products and service options not available from an insurance company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Asset Management Holdings (Canada) Inc. [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Asset Management Holdings (Canada) Inc.
Address	Toronto, Canada
Description	Holding company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Asset Management Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Asset Management Limited
Address	Toronto, Canada
Description	Provides investment counseling, portfolio and mutual fund management in Canada
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
First North American Insurance Company [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	First North American Insurance Company
Address	Toronto, Canada
Description	Property and casualty insurance company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
NAL Resources Management Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	NAL Resources Management Limited
Address	Calgary, Canada
Description	Management company for oil and gas properties
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Resources Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Resources Limited
Address	Calgary, Canada
Description	Holds oil and gas properties
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Property Limited Partnership [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Property Limited Partnership
Address	Toronto, Canada
Description	Holds oil and gas royalties
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Property Limited Partnership II [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Property Limited Partnership II
Address	Toronto, Canada
Description	Holds oil and gas royalties and foreign bonds and equities
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Western Holdings Limited Partnership [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Western Holdings Limited Partnership
Address	Calgary, Canada
Description	Holds oil and gas properties
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Securities Investment Services Inc. [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Securities Investment Services Inc.
Address	Oakville, Canada
Description	Mutual fund dealer for Canadian operations
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Holdings (Bermuda) Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Holdings (Bermuda) Limited
Address	Hamilton, Bermuda
Description	Holding company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manufacturers P & C Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manufacturers P & C Limited
Address	St. Michael, Barbados
Description	Provides property and casualty reinsurance
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Financial Asia Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Financial Asia Limited
Address	Hong Kong, China
Description	Holding company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife (Cambodia) PLC [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife (Cambodia) PLC
Address	Phnom Penh, Cambodia
Description	Life insurance company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manufacturers Life Reinsurance Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manufacturers Life Reinsurance Limited
Address	St. Michael, Barbados
Description	Provides life and annuity reinsurance to affiliates
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife (Vietnam) Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife (Vietnam) Limited
Address	Ho Chi Minh City, Vietnam
Description	Life insurance company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Asset Management (Vietnam) Company Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Asset Management (Vietnam) Company Limited
Address	Ho Chi Minh City, Vietnam
Description	Fund management company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife International Holdings Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife International Holdings Limited
Address	Hong Kong, China
Description	Holding company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife (International) Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife (International) Limited
Address	Hong Kong, China
Description	Life insurance company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife-Sinochem Life Insurance Co. Ltd. [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife-Sinochem Life Insurance Co. Ltd. (51%)
Address	Shanghai, China
Description	Life insurance company
Percentage of ownership interest in subsidiary	51.00%
Percentage of voting rights held in subsidiary	51.00%
Manulife Asset Management International Holdings Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Asset Management International Holdings Limited
Address	Hong Kong, China
Description	Holding company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Asset Management (Hong Kong) Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Asset Management (Hong Kong) Limited
Address	Hong Kong, China
Description	Investment management and advisory company marketing mutual funds
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Asset Management (Taiwan) Co., Ltd. [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Asset Management (Taiwan) Co. Ltd.
Address	Taipei, Taiwan (China)
Description	Asset management company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Life Insurance Company (Japan) [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Life Insurance Company
Address	Tokyo, Japan
Description	Life insurance company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Asset Management (Japan) Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Asset Management (Japan) Limited
Address	Tokyo, Japan
Description	Investment management and advisory company and mutual fund business
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Insurance (Thailand) Public Company Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Insurance (Thailand) Public Company Limited (85.8%)(1)
Address	Bangkok, Thailand
Description	Life insurance company
Percentage of ownership interest in subsidiary	85.80%
Percentage of voting rights held in subsidiary	85.80%
Manulife Asset Management (Thailand) Company Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Asset Management (Thailand) Company Limited (93.6%)(1)
Address	Bangkok, Thailand
Description	Investment management company
Percentage of ownership interest in subsidiary	92.70%
Percentage of voting rights held in subsidiary	92.70%
Manulife Holdings Berhad [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Holdings Berhad (59.5%)
Address	Kuala Lumpur, Malaysia
Description	Holding company
Percentage of ownership interest in subsidiary	59.50%
Percentage of voting rights held in subsidiary	59.50%
Manulife Insurance Berhad [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Insurance Berhad (59.5%)
Address	Kuala Lumpur, Malaysia
Description	Life insurance company
Percentage of ownership interest in subsidiary	59.50%
Percentage of voting rights held in subsidiary	59.50%
Manulife Asset Management Services Berhad [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Asset Management Services Berhad (59.5%)
Address	Kuala Lumpur, Malaysia
Description	Asset management company
Percentage of ownership interest in subsidiary	59.50%
Percentage of voting rights held in subsidiary	59.50%
Manulife (Singapore) Pte. Ltd. [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife (Singapore) Pte. Ltd.
Address	Singapore
Description	Life insurance company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Asset Management (Singapore) Pte. Ltd. [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Asset Management (Singapore) Pte. Ltd.
Address	Singapore
Description	Asset management company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
The Manufacturers Life Insurance Co. (Phils.) Inc. [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	The Manufacturers Life Insurance Co. (Phils.), Inc.
Address	Makati City, Philippines
Description	Life insurance company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Chinabank Life Assurance Corporation [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Chinabank Life Assurance Corporation (60%)
Address	Makati City, Philippines
Description	Life insurance company
Percentage of ownership interest in subsidiary	60.00%
Percentage of voting rights held in subsidiary	60.00%
PT Asuransi Jiwa Manulife Indonesia [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	PT Asuransi Jiwa Manulife Indonesia
Address	Jakarta, Indonesia
Description	Life insurance company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
PT Manulife Aset Manajemen Indonesia [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	PT Manulife Aset Manajemen Indonesia
Address	Jakarta, Indonesia
Description	Investment management company marketing mutual funds and discretionary funds
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Asset Management (Europe) Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Asset Management (Europe) Limited
Address	London, England
Description	Investment management company for Manulife Financial's international funds
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Assurance Company of Canada [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Assurance Company of Canada
Address	Toronto, Canada
Description	Life insurance company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
EIS Services Bermuda Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	EIS Services (Bermuda) Limited
Address	Hamilton, Bermuda
Description	Investment holding company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Berkshire Insurance Services Inc [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Berkshire Insurance Services Inc.
Address	Toronto, Canada
Description	Investment holding company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
JH Investments (Delaware) LLC [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	JH Investments (Delaware) LLC
Address	Boston, Massachusetts, U.S.A.
Description	Investment holding company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Securities Incorporated [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Securities Incorporated
Address	Oakville, Canada
Description	Investment dealer
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Asset Management (North America) Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Asset Management (North America) Limited
Address	Toronto, Canada
Description	Investment advisor
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Regional Power Inc. [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Regional Power Inc.
Address	Mississauga, Canada
Description	Developer and operator of hydro-electric power projects
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%

Segregated Funds - Summary of C

Segregated Funds - Summary of Composition of Net Assets by Categories of Segregated Funds (Detail)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Bottom of range [Member] | Money market funds [Member]
Disclosure of composition of net assets by categories of segregated funds [line items]
Type of fund	2.00%	2.00%
Bottom of range [Member] | Fixed income funds [Member]
Disclosure of composition of net assets by categories of segregated funds [line items]
Type of fund	14.00%	14.00%
Bottom of range [Member] | Balanced funds [Member]
Disclosure of composition of net assets by categories of segregated funds [line items]
Type of fund	25.00%	22.00%
Bottom of range [Member] | Equity funds [Member]
Disclosure of composition of net assets by categories of segregated funds [line items]
Type of fund	58.00%	55.00%
Top of range [Member] | Money market funds [Member]
Disclosure of composition of net assets by categories of segregated funds [line items]
Type of fund	3.00%	3.00%
Top of range [Member] | Fixed income funds [Member]
Disclosure of composition of net assets by categories of segregated funds [line items]
Type of fund	15.00%	15.00%
Top of range [Member] | Balanced funds [Member]
Disclosure of composition of net assets by categories of segregated funds [line items]
Type of fund	26.00%	29.00%
Top of range [Member] | Equity funds [Member]
Disclosure of composition of net assets by categories of segregated funds [line items]
Type of fund	60.00%	60.00%

Segregated Funds - Summary of_2

Segregated Funds - Summary of Composition of Segregated Funds Net Assets (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of Composition Of Segregated Fund [line items]
Total segregated funds net assets	$ 313,596	$ 324,808	$ 315,708
Composition of segregated funds net assets
Held by policyholders	313,209	324,307
Held by the Company	387	501
Cash and short-term securities [Member]
Disclosure of Composition Of Segregated Fund [line items]
Total segregated funds net assets	3,700	4,756
Debt securities [Member]
Disclosure of Composition Of Segregated Fund [line items]
Total segregated funds net assets	15,313	15,472
Equity [Member]
Disclosure of Composition Of Segregated Fund [line items]
Total segregated funds net assets	11,661	12,624
Mutual funds [Member]
Disclosure of Composition Of Segregated Fund [line items]
Total segregated funds net assets	277,133	288,007
Other investments [Member]
Disclosure of Composition Of Segregated Fund [line items]
Total segregated funds net assets	4,678	4,514
Accrued investment income [member]
Disclosure of Composition Of Segregated Fund [line items]
Total segregated funds net assets	1,811	201
Other assets and liabilities, net [Member]
Disclosure of Composition Of Segregated Fund [line items]
Total segregated funds net assets	$ (700)	$ (766)

Segregated Funds - Summary of_3

Segregated Funds - Summary of Changes in Segregated Funds Net Assets (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Net policyholder cash flow
Deposits from policyholders	$ 38,236	$ 34,776
Net transfers to general fund	(1,089)	(1,734)
Payments to policyholders	(47,475)	(46,305)
Net policyholder cash flow	(10,328)	(13,263)
Investment related
Interest and dividends	19,535	16,930
Net realized and unrealized investment gains (losses)	(34,683)	24,384
Investment related	(15,148)	41,314
Other
Management and administration fees	(3,985)	(4,161)
Impact of changes in foreign exchange rates	18,249	(14,790)
Other	14,264	(18,951)
Net additions (deductions)	(11,212)	9,100
Segregated funds net assets, beginning of year	324,808	315,708
Segregated funds net assets, end of year	$ 313,596	$ 324,808

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.) - Summary of Condensed Consolidated Statement of Financial Position (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets
Invested assets	$ 353,664	$ 334,222
Reinsurance assets	43,053	30,359
Other assets	40,345	40,645
Segregated funds net assets	313,209	324,307
Total assets	750,271	729,533
Liabilities and Equity
Insurance contract liabilities	328,654	304,605	$ 297,505
Investment contract liabilities	3,265	3,126
Other liabilities	44,491	42,161
Long-term debt	4,769	4,784
Capital instruments	8,732	8,387
Segregated funds net liabilities	313,209	324,307
Shareholders' equity	45,964	41,013
Participating policyholders' equity	94	221
Non-controlling interests	1,093	929
Total liabilities and equity	750,271	729,533
MFC (Guarantor) [Member]
Assets
Invested assets	21	21
Investments in unconsolidated subsidiaries	54,015	48,374
Other assets	331	314
Total assets	54,367	48,709
Liabilities and Equity
Other liabilities	275	297
Long-term debt	4,769	4,784
Capital instruments	3,359	2,615
Shareholders' equity	45,964	41,013
Total liabilities and equity	54,367	48,709
JHUSA (Issuer) [Member]
Assets
Invested assets	105,043	108,144
Investments in unconsolidated subsidiaries	7,356	6,509
Reinsurance assets	63,435	49,927
Other assets	17,025	18,678
Segregated funds net assets	168,476	176,139
Total assets	361,335	359,397
Liabilities and Equity
Insurance contract liabilities	155,162	147,155
Investment contract liabilities	1,191	1,130
Other liabilities	18,136	19,399
Capital instruments	632	584
Segregated funds net liabilities	168,476	176,139
Shareholders' equity	17,738	14,990
Total liabilities and equity	361,335	359,397
Other subsidiaries
Assets
Invested assets	248,962	226,421
Investments in unconsolidated subsidiaries	17,738	14,999
Reinsurance assets	9,136	8,281
Other assets	43,213	40,715
Segregated funds net assets	146,671	149,812
Total assets	465,720	440,228
Liabilities and Equity
Insurance contract liabilities	203,682	185,884
Investment contract liabilities	2,076	1,998
Other liabilities	46,072	41,395
Capital instruments	4,741	5,188
Segregated funds net liabilities	146,671	149,812
Shareholders' equity	61,291	54,801
Participating policyholders' equity	94	221
Non-controlling interests	1,093	929
Total liabilities and equity	465,720	440,228
Consolidation adjustments [Member]
Assets
Invested assets	(362)	(364)
Investments in unconsolidated subsidiaries	(79,109)	(69,882)
Reinsurance assets	(29,518)	(27,849)
Other assets	(20,224)	(19,062)
Segregated funds net assets	(1,938)	(1,644)
Total assets	(131,151)	(118,801)
Liabilities and Equity
Insurance contract liabilities	(30,190)	(28,434)
Investment contract liabilities	(2)	(2)
Other liabilities	(19,992)	(18,930)
Segregated funds net liabilities	(1,938)	(1,644)
Shareholders' equity	(79,029)	(69,791)
Total liabilities and equity	$ (131,151)	$ (118,801)

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.) - Summary of Condensed Consolidated Statement of Income (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Revenue
Gross premiums	$ 39,150	$ 36,361
Premiums ceded to reinsurers	(15,138)	(8,151)
Net premium income	24,012	28,210
Net investment income (loss)	4,532	19,367
Net other revenue	10,428	10,746
Total revenue	38,972	58,323
Contract benefits and expenses
Net benefits and claims	15,934	39,301
Commissions, investment and general expenses	15,838	15,022
Other expenses	1,681	1,499
Total contract benefits and expenses	33,453	55,822
Income (loss) before income taxes	5,519	2,501
Income tax (expense) recovery	(632)	(239)
Income (loss) after income taxes	4,887	2,262
Net income	4,887	2,262
Net income (loss) attributed to:
Non-controlling interests	214	194
Participating policyholders	(127)	(36)
Shareholders	4,800	2,104
Net income	4,887	2,262
Consolidation adjustments [Member]
Revenue
Gross premiums	(1,116)	4,905
Premiums ceded to reinsurers	1,116	(4,909)
Net premium income		(4)
Net investment income (loss)	(946)	(744)
Net other revenue	(1,189)	(2,996)
Total revenue	(2,135)	(3,744)
Contract benefits and expenses
Net benefits and claims	475	(681)
Commissions, investment and general expenses	(1,660)	(2,049)
Other expenses	(950)	(1,014)
Total contract benefits and expenses	(2,135)	(3,744)
Equity in net income (loss) of unconsolidated subsidiaries	(8,154)	(2,417)
Net income	(8,154)	(2,417)
Net income (loss) attributed to:
Participating policyholders	10	10
Shareholders	(8,164)	(2,427)
Net income	(8,154)	(2,417)
MFC (Guarantor) [Member]
Revenue
Net investment income (loss)	445	178
Net other revenue	(2)	4
Total revenue	443	182
Contract benefits and expenses
Commissions, investment and general expenses	19	11
Other expenses	380	404
Total contract benefits and expenses	399	415
Income (loss) before income taxes	44	(233)
Income tax (expense) recovery	(11)	62
Income (loss) after income taxes	33	(171)
Equity in net income (loss) of unconsolidated subsidiaries	4,767	2,275
Net income	4,800	2,104
Net income (loss) attributed to:
Shareholders	4,800	2,104
Net income	4,800	2,104
JHUSA (Issuer) [Member]
Revenue
Gross premiums	8,452	8,561
Premiums ceded to reinsurers	(14,149)	2,523
Net premium income	(5,697)	11,084
Net investment income (loss)	907	7,986
Net other revenue	1,799	2,874
Total revenue	(2,991)	21,944
Contract benefits and expenses
Net benefits and claims	(7,403)	20,803
Commissions, investment and general expenses	3,427	3,208
Other expenses	233	194
Total contract benefits and expenses	(3,743)	24,205
Income (loss) before income taxes	752	(2,261)
Income tax (expense) recovery	223	1,134
Income (loss) after income taxes	975	(1,127)
Equity in net income (loss) of unconsolidated subsidiaries	1,206	628
Net income	2,181	(499)
Net income (loss) attributed to:
Participating policyholders	(10)	(10)
Shareholders	2,191	(489)
Net income	2,181	(499)
Other subsidiaries
Revenue
Gross premiums	31,814	22,895
Premiums ceded to reinsurers	(2,105)	(5,765)
Net premium income	29,709	17,130
Net investment income (loss)	4,126	11,947
Net other revenue	9,820	10,864
Total revenue	43,655	39,941
Contract benefits and expenses
Net benefits and claims	22,862	19,179
Commissions, investment and general expenses	14,052	13,852
Other expenses	2,018	1,915
Total contract benefits and expenses	38,932	34,946
Income (loss) before income taxes	4,723	4,995
Income tax (expense) recovery	(844)	(1,435)
Income (loss) after income taxes	3,879	3,560
Equity in net income (loss) of unconsolidated subsidiaries	2,181	(486)
Net income	6,060	3,074
Net income (loss) attributed to:
Non-controlling interests	214	194
Participating policyholders	(127)	(36)
Shareholders	5,973	2,916
Net income	$ 6,060	$ 3,074

Information Provided in Conne_5

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.) - Consolidated Statement of Cash Flows (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Operating activities
Net income (loss)	$ 4,887	$ 2,262
Adjustments:
Increase (decrease) in insurance contract liabilities	2,907	20,023
Increase (decrease) in investment contract liabilities	35	173
(Increase) decrease in reinsurance assets excluding coinsurance transactions	893	2,269
Amortization of (premium) discount on invested assets	212	230
Other amortization	747	560
Net realized and unrealized (gains) losses and impairment on assets	8,727	(7,188)
Deferred income tax expense (recovery)	930	(331)
Restructuring charge	156
Stock option expense	10	15
Cash provided by (used in) operating activities before undernoted items	19,504	18,013
Changes in policy related and operating receivables and payables	(316)	(222)
Cash provided by (used in) operating activities	19,188	17,791
Investing activities
Purchases and mortgage advances	(101,172)	(87,224)
Disposals and repayments	82,111	70,720
Changes in investment broker net receivables and payables	(128)	227
Net cash decrease from purchase of subsidiaries and businesses	187	(10)
Cash provided by (used in) investing activities	(19,002)	(16,287)
Financing activities
(Decrease) increase in repurchase agreements and securities sold but not yet purchased	(189)	(29)
Redemption of long-term debt	(400)	(607)
Issue of capital instruments, net	597	2,209
Redemption of capital instruments	(450)	(899)
Secured borrowings from securitization transactions	250	741
Changes in deposits from Bank clients, net	1,490	261
Shareholders' dividends paid in cash	(1,788)	(1,780)
Contributions from (distributions to) non-controlling interests, net	(60)	(6)
Common shares repurchased	(478)
Common shares issued, net	59	124
Preferred shares issued, net	245
Cash provided by (used in) financing activities	(724)	14
Increase (decrease) during the year	(538)	1,518
Effect of foreign exchange rate changes on cash and short-term securities	822	(658)
Balance, beginning of year	15,098	14,238
Balance, December 31	15,382	15,098
Cash and short-term securities
Gross cash and short-term securities, beginning of year	15,965	15,151
Net payments in transit, included in other liabilities, beginning of year	(867)	(913)
Balance, beginning of year	15,098	14,238
Gross cash and short-term securities, end of year	16,215	15,965
Net payments in transit, included in other liabilities, end of year	(833)	(867)
Balance, December 31	15,382	15,098
Supplemental disclosures on cash flow information:
Interest received	10,952	10,596
Interest paid	1,212	1,118
Income taxes paid	461	1,360
MFC (Guarantor) [Member]
Operating activities
Net income (loss)	4,800	2,104
Adjustments:
Equity in net income of unconsolidated subsidiaries	(4,767)	(2,275)
Other amortization	4	4
Net realized and unrealized (gains) losses and impairment on assets	(11)	(7)
Deferred income tax expense (recovery)	11	(59)
Cash provided by (used in) operating activities before undernoted items	37	(233)
Dividends from unconsolidated subsidiary	2,700	2,700
Changes in policy related and operating receivables and payables	251	(45)
Cash provided by (used in) operating activities	2,988	2,422
Investing activities
Investment in common shares of subsidiaries	(1,284)	(2,473)
Notes receivable from subsidiaries	(23)	(16)
Cash provided by (used in) investing activities	(1,307)	(2,489)
Financing activities
Redemption of long-term debt	(400)	(600)
Issue of capital instruments, net	597	2,209
Shareholders' dividends paid in cash	(1,788)	(1,780)
Common shares repurchased	(478)
Common shares issued, net	59	124
Preferred shares issued, net	245
Notes payable to subsidiaries	83	(24)
Cash provided by (used in) financing activities	(1,682)	(71)
Increase (decrease) during the year	(1)	(138)
Effect of foreign exchange rate changes on cash and short-term securities	1	(2)
Balance, beginning of year	21	161
Balance, December 31	21	21
Cash and short-term securities
Gross cash and short-term securities, beginning of year	21	161
Balance, beginning of year	21	161
Gross cash and short-term securities, end of year	21	21
Balance, December 31	21	21
Supplemental disclosures on cash flow information:
Interest received	427	273
Interest paid	373	392
Income taxes paid	(59)	99
JHUSA (Issuer) [Member]
Operating activities
Net income (loss)	2,181	(499)
Adjustments:
Equity in net income of unconsolidated subsidiaries	(1,206)	(628)
Increase (decrease) in insurance contract liabilities	(5,273)	16,877
Increase (decrease) in investment contract liabilities	(86)	55
(Increase) decrease in reinsurance assets excluding coinsurance transactions	1,609	(1,890)
Amortization of (premium) discount on invested assets	58	24
Other amortization	225	123
Net realized and unrealized (gains) losses and impairment on assets	4,158	(2,609)
Deferred income tax expense (recovery)	679	(2,239)
Restructuring charge	43
Stock option expense		(4)
Cash provided by (used in) operating activities before undernoted items	2,388	9,210
Dividends from unconsolidated subsidiary	405	125
Changes in policy related and operating receivables and payables	(536)	(4,627)
Cash provided by (used in) operating activities	2,257	4,708
Investing activities
Purchases and mortgage advances	(38,799)	(30,645)
Disposals and repayments	35,817	26,952
Changes in investment broker net receivables and payables	(169)	182
Capital contribution to unconsolidated subsidiaries	(14)	(63)
Return of capital from unconsolidated subsidiaries	72	11
Notes receivable from parent		368
Notes receivable from subsidiaries	(61)	(10)
Cash provided by (used in) investing activities	(3,154)	(3,205)
Financing activities
Dividends paid to parent	(777)	(1,175)
Notes payable to affiliates		(201)
Cash provided by (used in) financing activities	(777)	(1,376)
Increase (decrease) during the year	(1,674)	127
Effect of foreign exchange rate changes on cash and short-term securities	353	(276)
Balance, beginning of year	3,638	3,787
Balance, December 31	2,317	3,638
Cash and short-term securities
Gross cash and short-term securities, beginning of year	4,133	4,317
Net payments in transit, included in other liabilities, beginning of year	(495)	(530)
Balance, beginning of year	3,638	3,787
Gross cash and short-term securities, end of year	2,783	4,133
Net payments in transit, included in other liabilities, end of year	(466)	(495)
Balance, December 31	2,317	3,638
Supplemental disclosures on cash flow information:
Interest received	4,381	4,391
Interest paid	92	96
Income taxes paid	286	1,084
Other subsidiaries
Operating activities
Net income (loss)	6,060	3,074
Adjustments:
Equity in net income of unconsolidated subsidiaries	(2,181)	486
Increase (decrease) in insurance contract liabilities	8,180	3,146
Increase (decrease) in investment contract liabilities	121	118
(Increase) decrease in reinsurance assets excluding coinsurance transactions	(716)	4,159
Amortization of (premium) discount on invested assets	154	206
Other amortization	518	433
Net realized and unrealized (gains) losses and impairment on assets	4,580	(4,572)
Deferred income tax expense (recovery)	240	1,967
Restructuring charge	113
Stock option expense	10	19
Cash provided by (used in) operating activities before undernoted items	17,079	9,036
Dividends from unconsolidated subsidiary	777	1,175
Changes in policy related and operating receivables and payables	(31)	4,450
Cash provided by (used in) operating activities	17,825	14,661
Investing activities
Purchases and mortgage advances	(62,373)	(56,579)
Disposals and repayments	46,294	43,768
Changes in investment broker net receivables and payables	41	45
Net cash decrease from purchase of subsidiaries and businesses	187	(10)
Notes receivables from affiliates		201
Notes receivable from parent	(83)	24
Cash provided by (used in) investing activities	(15,934)	(12,551)
Financing activities
(Decrease) increase in repurchase agreements and securities sold but not yet purchased	(189)	(29)
Redemption of long-term debt		(7)
Redemption of capital instruments	(450)	(899)
Secured borrowings from securitization transactions	250	741
Changes in deposits from Bank clients, net	1,490	261
Dividends paid to parent	(3,105)	(2,825)
Contributions from (distributions to) non-controlling interests, net	(60)	(6)
Common shares issued, net	1,284	2,473
Capital contributions by parent	14	63
Return of capital to parent	(72)	(11)
Notes payable to parent	84	26
Notes payable to subsidiaries		(368)
Cash provided by (used in) financing activities	(754)	(581)
Increase (decrease) during the year	1,137	1,529
Effect of foreign exchange rate changes on cash and short-term securities	468	(380)
Balance, beginning of year	11,439	10,290
Balance, December 31	13,044	11,439
Cash and short-term securities
Gross cash and short-term securities, beginning of year	11,811	10,673
Net payments in transit, included in other liabilities, beginning of year	(372)	(383)
Balance, beginning of year	11,439	10,290
Gross cash and short-term securities, end of year	13,411	11,811
Net payments in transit, included in other liabilities, end of year	(367)	(372)
Balance, December 31	13,044	11,439
Supplemental disclosures on cash flow information:
Interest received	7,074	6,504
Interest paid	1,677	1,202
Income taxes paid	234	177
Consolidation adjustments [Member]
Operating activities
Net income (loss)	(8,154)	(2,417)
Adjustments:
Equity in net income of unconsolidated subsidiaries	8,154	2,417
Dividends from unconsolidated subsidiary	(3,882)	(4,000)
Cash provided by (used in) operating activities	(3,882)	(4,000)
Investing activities
Investment in common shares of subsidiaries	1,284	2,473
Capital contribution to unconsolidated subsidiaries	14	63
Return of capital from unconsolidated subsidiaries	(72)	(11)
Notes receivables from affiliates		(201)
Notes receivable from parent	83	(392)
Notes receivable from subsidiaries	84	26
Cash provided by (used in) investing activities	1,393	1,958
Financing activities
Dividends paid to parent	3,882	4,000
Common shares issued, net	(1,284)	(2,473)
Capital contributions by parent	(14)	(63)
Return of capital to parent	72	11
Notes payable to affiliates		201
Notes payable to parent	(84)	(26)
Notes payable to subsidiaries	(83)	392
Cash provided by (used in) financing activities	2,489	2,042
Supplemental disclosures on cash flow information:
Interest received	(930)	(572)
Interest paid	$ (930)	$ (572)

IFRS 7 Disclosures - Summary of

IFRS 7 Disclosures - Summary of Risk Management Strategies (Detail)	12 Months Ended
	Dec. 31, 2018
Publicly Traded Equity Performance Risk [member]
Disclosure of risk management strategy [line items]
Product design and pricing	Yes
Variable annuity guarantee dynamic hedging	Yes
Macro equity risk hedging	Yes
Asset liability management	Yes
Foreign exchange management	No
Liquidity risk management	No
Interest Rate and Spread Risk [member]
Disclosure of risk management strategy [line items]
Product design and pricing	Yes
Variable annuity guarantee dynamic hedging	Yes
Macro equity risk hedging	No
Asset liability management	Yes
Foreign exchange management	No
Liquidity risk management	No
Alternative Long-Duration Asset Performance Risk [member]
Disclosure of risk management strategy [line items]
Product design and pricing	Yes
Variable annuity guarantee dynamic hedging	No
Macro equity risk hedging	No
Asset liability management	Yes
Foreign exchange management	No
Liquidity risk management	No
Foreign Exchange Risk [member]
Disclosure of risk management strategy [line items]
Product design and pricing	Yes
Variable annuity guarantee dynamic hedging	Yes
Macro equity risk hedging	Yes
Asset liability management	Yes
Foreign exchange management	Yes
Liquidity risk management	No
Liquidity Risk [member]
Disclosure of risk management strategy [line items]
Product design and pricing	Yes
Variable annuity guarantee dynamic hedging	Yes
Macro equity risk hedging	Yes
Asset liability management	Yes
Foreign exchange management	Yes
Liquidity risk management	Yes

IFRS 7 Disclosures - Additional

IFRS 7 Disclosures - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017CAD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2018USD ($)
Financial Instruments - Disclosures under IFRS 7 [line items]
Total unencumbered assets		$ 396,800	$ 427,900
Dynamically hedged variable annuity guarantee best estimate liabilities, rebalancing percentage intervals	5.00%
Sensitivity of net income attributed to shareholders	0.50%
Variable annuity guarantee liabilities, rebalanced basis point intervals	0.20%
50 basis point decrease in interest [member]
Financial Instruments - Disclosures under IFRS 7 [line items]
Sensitivity of our net income attributed to shareholders due to change in interest rate	$ 100,000,000
50 basis point increase in interest [member]
Financial Instruments - Disclosures under IFRS 7 [line items]
Sensitivity of our net income attributed to shareholders due to change in interest rate	$ 100,000,000
Unsecured revolving credit facility [Member] | Canadian chartered banks [Member]
Financial Instruments - Disclosures under IFRS 7 [line items]
Estimated maximum borrowing capacity			$ 500
Unsecured revolving credit facility [Member] | U.S.banks [Member]
Financial Instruments - Disclosures under IFRS 7 [line items]
Estimated maximum borrowing capacity				$ 500,000,000
Amounts outstanding				0
FHLBI facility [Member]
Financial Instruments - Disclosures under IFRS 7 [line items]
Estimated maximum borrowing capacity				3,800,000,000
Amounts outstanding				$ 0
10% [member]
Financial Instruments - Disclosures under IFRS 7 [line items]
Percentage of expected changes in market values of publicly traded equities	10.00%	10.00%
20% [member]
Financial Instruments - Disclosures under IFRS 7 [line items]
Percentage of expected changes in market values of publicly traded equities	20.00%	20.00%
30% [member]
Financial Instruments - Disclosures under IFRS 7 [line items]
Percentage of expected changes in market values of publicly traded equities	30.00%	30.00%

IFRS 7 Disclosures - Schedule o

IFRS 7 Disclosures - Schedule of Maturity of Financial Liabilities (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Maturity Analysis For Financial Liabilities [line items]
Long-term debt	$ 4,769	$ 4,784
Capital instruments	8,732	8,387
Derivatives	7,803	7,822
Deposits from bank clients	19,684	18,131
Lease obligations	575	838
Less than 1 year [Member]
Disclosure Of Maturity Analysis For Financial Liabilities [line items]
Long-term debt		400
Derivatives	359	224
Deposits from bank clients	15,351
Lease obligations	129
1 to 3 years [Member]
Disclosure Of Maturity Analysis For Financial Liabilities [line items]
Long-term debt	681
Derivatives	229	149
Deposits from bank clients	2,147
Lease obligations	203
3 to 5 years [Member]
Disclosure Of Maturity Analysis For Financial Liabilities [line items]
Derivatives	227	168
Deposits from bank clients	2,185
Lease obligations	93
Over 5 years [Member]
Disclosure Of Maturity Analysis For Financial Liabilities [line items]
Long-term debt	4,088	3,758
Capital instruments	8,732
Derivatives	6,988	$ 7,281
Deposits from bank clients	1
Lease obligations	$ 150

IFRS 7 Disclosures - Schedule_2

IFRS 7 Disclosures - Schedule of Maturity of Financial Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Maturity Analysis For Financial Liabilities [line items]
Carrying value of deposits from Bank clients	$ 19,684	$ 18,131
Level 2 [Member]
Disclosure Of Maturity Analysis For Financial Liabilities [line items]
Fair value of deposits from Bank clients	$ 19,731	$ 18,149

IFRS 7 Disclosures - Variable A

IFRS 7 Disclosures - Variable Annuity and Segregated Fund Guarantees, Net of Reinsurance (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Total gross of reinsurance, Guarantee value	$ 95,032	$ 95,873
Total reinsured, Guarantee value	6,868	7,536
Total, net of reinsurance, Guarantee value	88,164	88,337
Total gross of reinsurance, Fund value	86,263	96,385
Total reinsured, Fund value	5,243	6,707
Total, net of reinsurance, Fund value	81,020	89,678
Total gross of reinsurance, Amount at risk	14,689	8,029
Total reinsured, Amount at risk	1,836	1,346
Total, net of reinsurance, Amount at risk	12,853	6,683
Guaranteed minimum income benefit [Member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Total gross of reinsurance, Guarantee value	5,264	5,201
Total gross of reinsurance, Fund value	3,675	4,195
Total gross of reinsurance, Amount at risk	1,593	1,074
Guaranteed minimum withdrawal benefit [Member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Total gross of reinsurance, Guarantee value	60,494	61,767
Total gross of reinsurance, Fund value	49,214	56,512
Total gross of reinsurance, Amount at risk	11,388	5,943
Guaranteed Minimum Accumulation Benefit 1 [member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Total gross of reinsurance, Guarantee value	18,611	18,162
Total gross of reinsurance, Fund value	18,720	18,705
Total gross of reinsurance, Amount at risk	141	11
Living benefits [Member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Total gross of reinsurance, Guarantee value	84,369	85,130
Total reinsured, Guarantee value	4,515	4,522
Total gross of reinsurance, Fund value	71,609	79,412
Total reinsured, Fund value	3,173	3,667
Total gross of reinsurance, Amount at risk	13,122	7,028
Total reinsured, Amount at risk	1,343	911
Death benefits [Member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Total gross of reinsurance, Guarantee value	10,663	10,743
Total reinsured, Guarantee value	2,353	3,014
Total gross of reinsurance, Fund value	14,654	16,973
Total reinsured, Fund value	2,070	3,040
Total gross of reinsurance, Amount at risk	1,567	1,001
Total reinsured, Amount at risk	$ 493	$ 435

IFRS 7 Disclosures - Variable_2

IFRS 7 Disclosures - Variable Annuity and Segregated Fund Guarantees, Net of Reinsurance (Parenthetical) (Detail) $ in Millions, $ in Millions	Dec. 31, 2018CAD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017CAD ($)	Dec. 31, 2017USD ($)
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Amount at risk net of reinsurance	$ 12,853		$ 6,683
U.S. [member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Amount at risk net of reinsurance		$ 6,899		$ 3,982
Canada [member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Amount at risk net of reinsurance	$ 2,654		$ 1,342
Japan [Member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Amount at risk net of reinsurance		332		95
Asia [member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Amount at risk net of reinsurance		$ 246		$ 181

IFRS 7 Disclosures - Summary _2

IFRS 7 Disclosures - Summary of Account Balances by Investment Category (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Investment Categories For Variable Contracts With Guarantees [line items]
Investments for variable contracts with guarantees	$ 101,566	$ 111,654
Equity funds [Member]
Investment Categories For Variable Contracts With Guarantees [line items]
Investments for variable contracts with guarantees	43,528	47,508
Balanced funds [Member]
Investment Categories For Variable Contracts With Guarantees [line items]
Investments for variable contracts with guarantees	41,625	47,369
Bond funds [Member]
Investment Categories For Variable Contracts With Guarantees [line items]
Investments for variable contracts with guarantees	12,309	13,095
Money market funds [Member]
Investment Categories For Variable Contracts With Guarantees [line items]
Investments for variable contracts with guarantees	2,107	1,905
Other fixed interest rate investments [Member]
Investment Categories For Variable Contracts With Guarantees [line items]
Investments for variable contracts with guarantees	$ 1,997	$ 1,777

IFRS 7 Disclosures - Schedule_3

IFRS 7 Disclosures - Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders Arising from Changes to Public Equity Returns (Detail) - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
-30% [member]
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items]
Variable annuity guarantees	$ (3,650)	$ (3,940)
Asset based fees	(480)	(510)
General fund equity investments	(1,150)	(930)
Total underlying sensitivity before hedging	(5,280)	(5,380)
Impact of macro and dynamic hedge assets	3,110	3,220
Net potential impact on net income attributed to shareholders after impact of hedging	(2,170)	(2,160)
-20% [member]
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items]
Variable annuity guarantees	(2,240)	(2,260)
Asset based fees	(320)	(340)
General fund equity investments	(780)	(590)
Total underlying sensitivity before hedging	(3,340)	(3,190)
Impact of macro and dynamic hedge assets	1,940	1,850
Net potential impact on net income attributed to shareholders after impact of hedging	(1,400)	(1,340)
-10% [member]
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items]
Variable annuity guarantees	(1,040)	(960)
Asset based fees	(160)	(170)
General fund equity investments	(390)	(270)
Total underlying sensitivity before hedging	(1,590)	(1,400)
Impact of macro and dynamic hedge assets	910	790
Net potential impact on net income attributed to shareholders after impact of hedging	(680)	(610)
10% [member]
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items]
Variable annuity guarantees	890	670
Asset based fees	160	170
General fund equity investments	290	270
Total underlying sensitivity before hedging	1,340	1,110
Impact of macro and dynamic hedge assets	(820)	(640)
Net potential impact on net income attributed to shareholders after impact of hedging	520	470
20% [member]
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items]
Variable annuity guarantees	1,610	1,110
Asset based fees	320	340
General fund equity investments	580	540
Total underlying sensitivity before hedging	2,510	1,990
Impact of macro and dynamic hedge assets	(1,450)	(1,100)
Net potential impact on net income attributed to shareholders after impact of hedging	1,060	890
30% [member]
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items]
Variable annuity guarantees	2,170	1,410
Asset based fees	480	510
General fund equity investments	860	810
Total underlying sensitivity before hedging	3,510	2,730
Impact of macro and dynamic hedge assets	(1,930)	(1,410)
Net potential impact on net income attributed to shareholders after impact of hedging	$ 1,580	$ 1,320

IFRS 7 Disclosures - Schedule_4

IFRS 7 Disclosures - Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders Arising from Changes to Public Equity Returns (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items]
Interval percentage of which impact of rebalancing equity hedges for dynamically hedged variable annuity guarantee best estimate liabilities	5.00%	5.00%
10% [member]
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items]
Percentage of changes in market values of publicly traded equities	10.00%	10.00%
20% [member]
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items]
Percentage of changes in market values of publicly traded equities	20.00%	20.00%
30% [member]
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items]
Percentage of changes in market values of publicly traded equities	30.00%	30.00%

IFRS 7 Disclosures - Summary _3

IFRS 7 Disclosures - Summary of Potential Impact on Net Income Attributed to Shareholders and MLI's LICAT Ratio of an Immediate Parallel Change in Interest Rates (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
-50bp [member]
Disclosure of Interest Rate and Spread Risk Sensitivities and Exposure Measures [line items]
Excluding change in market value of AFS fixed income assets held in the Corporate and Other segment	$ (100)	$ (200)
From fair value changes in AFS fixed income assets held in the Corporate and Other segment, if realized	1,600	1,100
+50bp [member]
Disclosure of Interest Rate and Spread Risk Sensitivities and Exposure Measures [line items]
Excluding change in market value of AFS fixed income assets held in the Corporate and Other segment	100	100
From fair value changes in AFS fixed income assets held in the Corporate and Other segment, if realized	$ (1,500)	$ (1,000)

IFRS 7 Disclosures - Summary _4

IFRS 7 Disclosures - Summary of Potential Impact on Net Income Attributed to Shareholders Arising from Changes to Spreads (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
+50bp [member] | Corporate spreads [member]
Disclosure of Interest Rate and Spread Risk Sensitivities and Exposure Measures [line items]
Potential impact on net income attributed to shareholders arising from changes to spreads	$ 600	$ 1,000
-50bp [member] | Corporate spreads [member]
Disclosure of Interest Rate and Spread Risk Sensitivities and Exposure Measures [line items]
Potential impact on net income attributed to shareholders arising from changes to spreads	(600)	(1,000)
+20bp [member] | Swap contracts [Member]
Disclosure of Interest Rate and Spread Risk Sensitivities and Exposure Measures [line items]
Potential impact on net income attributed to shareholders arising from changes to spreads	(100)	(400)
-20bp [member] | Swap contracts [Member]
Disclosure of Interest Rate and Spread Risk Sensitivities and Exposure Measures [line items]
Potential impact on net income attributed to shareholders arising from changes to spreads	100	400
-10% [member] | Alternative Long-Duration Asset Performance Risk [member]
Disclosure of Interest Rate and Spread Risk Sensitivities and Exposure Measures [line items]
Potential impact on net income attributed to shareholders arising from changes to spreads	(2,900)	(2,800)
-10% [member] | Alternative Long-Duration Asset Performance Risk [member] | Real estate, agriculture and timber assets [member]
Disclosure of Interest Rate and Spread Risk Sensitivities and Exposure Measures [line items]
Potential impact on net income attributed to shareholders arising from changes to spreads	(1,300)	(1,300)
-10% [member] | Alternative Long-Duration Asset Performance Risk [member] | Private equities and other ALDA [member]
Disclosure of Interest Rate and Spread Risk Sensitivities and Exposure Measures [line items]
Potential impact on net income attributed to shareholders arising from changes to spreads	(1,600)	(1,500)
10% [member] | Alternative Long-Duration Asset Performance Risk [member]
Disclosure of Interest Rate and Spread Risk Sensitivities and Exposure Measures [line items]
Potential impact on net income attributed to shareholders arising from changes to spreads	2,800	2,700
10% [member] | Alternative Long-Duration Asset Performance Risk [member] | Real estate, agriculture and timber assets [member]
Disclosure of Interest Rate and Spread Risk Sensitivities and Exposure Measures [line items]
Potential impact on net income attributed to shareholders arising from changes to spreads	1,200	1,300
10% [member] | Alternative Long-Duration Asset Performance Risk [member] | Private equities and other ALDA [member]
Disclosure of Interest Rate and Spread Risk Sensitivities and Exposure Measures [line items]
Potential impact on net income attributed to shareholders arising from changes to spreads	$ 1,600	$ 1,400

IFRS 7 Disclosures - Summary _5

IFRS 7 Disclosures - Summary of Potential Impact on Net Income Attributed to Shareholders Arising from Changes to Spreads (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Corporate spreads [member]
Disclosure of Interest Rate and Spread Risk Sensitivities and Exposure Measures [line items]
Spreads period assumed to grade to long-term average	5 years	5 years