Manulife Financial (MFC) 40-F 12 Feb 20 2019 FY Annual report (Canada) Financial data

Cover Page

Cover Page	12 Months Ended
	Dec. 31, 2019shares
Document Information [Line Items]
Document Type	40-F
Entity Central Index Key	0001086888
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	MANULIFE FINANCIAL CORP
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Trading Symbol	MFC
Title of 12(b) Security	Common Shares
Security Exchange Name	NYSE
Entity Address, Country	CA
Entity Interactive Data Current	Yes
Common shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	1,948,811,715
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, 2019	Dec. 31, 2018
Assets
Cash and short-term securities	$ 20,300	$ 16,215
Debt securities	198,122	185,594
Public equities	22,851	19,179
Mortgages	49,376	48,363
Private placements	37,979	35,754
Policy loans	6,471	6,446
Loans to bank clients	1,740	1,793
Real estate	12,928	12,777
Other invested assets	28,760	27,543
Total invested assets (note 3)	378,527	353,664
Other assets
Accrued investment income	2,416	2,427
Outstanding premiums	1,385	1,369
Derivatives (note 4)	19,449	13,703
Reinsurance assets (notes 6 and 7)	41,446	43,053
Deferred tax assets (note 16)	4,574	4,318
Goodwill and intangible assets (note 5)	9,975	10,097
Miscellaneous	8,250	8,431
Total other assets	87,495	83,398
Segregated funds net assets (note 22)	343,108	313,209
Total assets	809,130	750,271
Liabilities
Insurance contract liabilities (note 6)	351,161	328,654
Investment contract liabilities (note 7)	3,104	3,265
Deposits from bank clients	21,488	19,684
Derivatives (note 4)	10,284	7,803
Deferred tax liabilities (note 16)	1,972	1,814
Other liabilities	16,244	15,190
Financial liabilities	404,253	376,410
Long-term debt (note 9)	4,543	4,769
Capital instruments (note 10)	7,120	8,732
Segregated funds net liabilities (note 22)	343,108	313,209
Total liabilities	759,024	703,120
Equity
Contributed surplus	254	265
Shareholders' retained earnings	15,488	12,704
Shareholders' accumulated other comprehensive income (loss):
Pension and other post-employment plans	(350)	(426)
Available-for-sale securities	1,511	(265)
Cash flow hedges	(143)	(127)
Real estate revaluation surplus	31	20
Translation of foreign operations	5,398	7,010
Total shareholders' equity	49,138	45,964
Participating policyholders' equity	(243)	94
Non-controlling interests	1,211	1,093
Total equity	50,106	47,151
Total liabilities and equity	809,130	750,271
Preferred shares [Member]
Equity
Issued shares (note 11)	3,822	3,822
Shareholders' accumulated other comprehensive income (loss):
Total equity	3,822	3,822
Common shares [Member]
Equity
Issued shares (note 11)	23,127	22,961
Shareholders' accumulated other comprehensive income (loss):
Total equity	$ 23,127	$ 22,961

Consolidated Statements of Inco

Consolidated Statements of Income - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Premium income
Gross premiums	$ 41,059	$ 39,150
Premiums ceded to reinsurers	(5,481)	(15,138)
Net premiums	35,578	24,012
Investment income (note 3)
Investment income	15,393	13,560
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on the macro hedge program	18,200	(9,028)
Net investment income	33,593	4,532
Other revenue (note 13)	10,399	10,428
Total revenue	79,570	38,972
Contract benefits and expenses To contract holders and beneficiaries
Gross claims and benefits (note 6)	28,660	27,878
Increase (decrease) in insurance contract liabilities (note 6)	33,727	2,907
Increase (decrease) in investment contract liabilities (note 7)	170	35
Benefits and expenses ceded to reinsurers	(5,373)	(5,153)
(Increase) decrease in reinsurance assets (note 6)	(1,269)	(9,733)
Net benefits and claims	55,915	15,934
General expenses	7,686	7,957
Investment expenses (note 3)	1,748	1,708
Commissions	6,293	6,173
Interest expense	1,319	1,275
Net premium taxes	389	406
Total contract benefits and expenses	73,350	33,453
Income before income taxes	6,220	5,519
Income tax expense (note 16)	(718)	(632)
Net income	5,502	4,887
Net income (loss) attributed to:
Non-controlling interests	233	214
Participating policyholders	(333)	(127)
Shareholders	5,602	4,800
Net income	5,502	4,887
Net income attributed to shareholders	5,602	4,800
Preferred share dividends	(172)	(168)
Common shareholders' net income	$ 5,430	$ 4,632
Earnings per share
Basic earnings per common share (note 12)	$ 2.77	$ 2.34
Diluted earnings per common share (note 12)	2.77	2.33
Dividends per common share	$ 1	$ 0.91

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement of comprehensive income [abstract]
Net income	$ 5,502	$ 4,887
Foreign exchange gains (losses) on:
Translation of foreign operations	(1,933)	3,078
Net investment hedges	320	(428)
Available-for-sale financial securities:
Unrealized gains (losses) arising during the year	2,212	(458)
Reclassification of net realized (gains) losses and impairments to net income	(433)	13
Cash flow hedges:
Unrealized gains (losses) arising during the year	(28)	(34)
Reclassification of realized losses to net income	12	16
Share of other comprehensive income (losses) of associates	1	(1)
Total items that may be subsequently reclassified to net income	151	2,186
Items that will not be reclassified to net income:
Change in pension and other post-employment plans	76	(62)
Real estate revaluation reserve	11	(1)
Total items that will not be reclassified to net income	87	(63)
Other comprehensive income (loss), net of tax	238	2,123
Total comprehensive income (loss), net of tax	5,740	7,010
Total comprehensive income (loss) attributed to:
Non-controlling interests	237	212
Participating policyholders	(334)	(127)
Shareholders	5,837	6,925
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	39	(62)
Unrealized gains/losses on available-for-sale financial securities	558	(151)
Reclassification of realized gains/losses and recoveries/impairments to net income on available-for-sale financial securities	(140)	26
Unrealized gains/losses on cash flow hedges	(20)	31
Reclassification of realized gains/losses to net income on cash flow hedges	4	4
Change in pension and other post-employment plans	18	4
Real estate revaluation reserve	0	1
Total income tax expense (recovery)	$ 458	$ (146)

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, 2017		$ 3,577	$ 22,989	$ 277	$ 10,083	$ 4,087	$ 221	$ 929
Change in unrealized foreign exchange gains (losses) of net foreign operations	$ 3,078					2,650
Exercise of stock options and deferred share units			$ 59	(10)
Net income attributed to non-controlling interests	214							214
Issued (note 11)		250
Net income (loss) attributed to participating policyholders	(127)						(127)
Net Income attributed to shareholders					$ 4,800
Change in actuarial gains (losses) on pension and other post-employment plans	(62)					(62)
Common shares repurchased			(269)		(209)
Stock option expense				10
Impact of deferred tax asset rate change	(7)
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)
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
Change in unrealized foreign exchange gains (losses) of net foreign operations	(1,933)					(1,612)
Exercise of stock options and deferred share units			$ 104	(20)
Net income attributed to non-controlling interests	233							233
Opening adjustment at adoption of IFRS 16 (note 2)					(19)		(3)
Net income (loss) attributed to participating policyholders	(333)						(333)
Net Income attributed to shareholders					$ 5,602
Change in actuarial gains (losses) on pension and other post-employment plans	76					76
Common shares repurchased			(677)		(662)
Stock option expense				11
Impact of deferred tax asset rate change	(6)			(2)
Other comprehensive income (loss) attributed to non-controlling interests							(1)	4
Change in unrealized gains (losses) on available-for-sale financial securities	2,212					1,775
Preferred share dividends					$ (172)
Contributions (distributions), net								(119)
Change in unrealized gains (losses) on derivative instruments designated as cash flow hedges	(28)					(16)
Common share dividends					(1,965)
Issued under dividend reinvestment and share purchase plans			$ 739
Change in real estate revaluation reserve	11					11
Share of other comprehensive income (losses) of associates	1					1
Balance, end of year at Dec. 31, 2019	50,106	$ 3,822	$ 23,127	$ 254	$ 15,488	$ 6,447	$ (243)	$ 1,211
Total shareholders' equity, end of year	$ 49,138

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net income	$ 5,502	$ 4,887
Adjustments:
Increase in insurance contract liabilities	33,727	2,907
Increase in investment contract liabilities	170	35
(Increase) decrease in reinsurance assets excluding coinsurance transactions (note 6)	(557)	893
Amortization of (premium) discount on invested assets	117	212
Other amortization	626	747
Net realized and unrealized (gains) losses and impairment on assets	(20,265)	8,727
Deferred income tax expense (recovery)	(454)	930
Stock option expense	11	10
Cash provided by (used in) operating activities before undernoted items	18,877	19,348
Changes in policy related and operating receivables and payables	1,665	(160)
Cash provided by (used in) operating activities	20,542	19,188
Investing activities
Purchases and mortgage advances	(80,610)	(101,172)
Disposals and repayments	65,333	82,111
Change in investment broker net receivables and payables	1,159	(128)
Net cash flows from acquisition and disposal of subsidiaries and businesses	288	187
Cash provided by (used in) investing activities	(13,830)	(19,002)
Financing activities
Change in repurchase agreements and securities sold but not yet purchased	266	(189)
Redemption of long-term debt (note 9)	0	(400)
Issue of capital instruments, net (note 10)	0	597
Redemption of capital instruments (note 10)	(1,500)	(450)
Secured borrowing from securitization transactions	107	250
Changes in deposits from Bank clients, net	1,819	1,490
Lease payments (note 2)	(117)
Shareholders' dividends paid in cash	(1,398)	(1,788)
Contributions from (distributions to) non-controlling interests, net	(22)	(60)
Common shares repurchased (note 11)	(1,339)	(478)
Common shares issued, net (note 11)	104	59
Preferred shares issued, net (note 11)		245
Cash provided by (used in) financing activities	(2,080)	(724)
Cash and short-term securities
Increase (decrease) during the year	4,632	(538)
Effect of foreign exchange rate changes on cash and short-term securities	(466)	822
Balance, beginning of year	15,382	15,098
Balance, December 31	19,548	15,382
Cash and short-term securities
Gross cash and short-term securities, beginning of year	16,215	15,965
Net payments in transit, included in other liabilities, beginning of year	(833)	(867)
Balance, beginning of year	15,382	15,098
Gross cash and short-term securities, end of year	20,300	16,215
Net payments in transit, included in other liabilities, end of year	(752)	(833)
Balance, December 31	19,548	15,382
Supplemental disclosures on cash flow information
Interest received	11,549	10,952
Interest paid	1,299	1,212
Income taxes paid (refund)	$ 104	$ 461

Nature of Operations and Signif

Nature of Operations and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
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 2019 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, 2019 were authorized for issue by MFC’s Board of Directors on February 12, 2020. (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 The equity method of accounting is used to account for entities over which the Company has significant influence or joint control (“associates” or “joint ventures”), whereby the Company records its share of the associate’s or joint venture’s net assets and financial results using uniform accounting policies for similar transactions and events. Significant judgment is used to determine whether voting rights, contractual management 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, prepayment rates and volatility of these inputs. 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 including 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 6(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. 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 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 or loss 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 infrastructure and timber, as well as in agriculture and oil and gas sectors. Private equity investments are accounted for as associates or joint ventures 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 fair value of purchase consideration of an acquired business and the Company’s proportionate share of the net identifiable assets acquired. It is initially recorded at cost and subsequently measured at cost less any accumulated impairment. Goodwill is tested for impairment at least annually and whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable at the cash generating unit (“CGU”) or group of CGUs level. The Company allocates goodwill to CGUs or 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 with the carrying value of a CGU or group of CGUs. Goodwill is reduced by the amount of deficiency, if any. If the deficiency exceeds the carrying amount of goodwill, the carrying values of the remaining assets in the CGU or group of CGUs are subject to being reduced by the 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, certain investment management contracts and agricultural water rights. 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 an indication that it is not recoverable arises. 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 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 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 in the general fund, which are included 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 separately accounted for as derivatives 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 6(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 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 assets and liabilities and they relate to income taxes levied by the same tax authority on the same taxable entity. Deferred tax liabilities are recognized for all taxable temporary differences, except in respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. The Company records liabilities for uncertain tax positions if it is probable that the Company will make a payment on tax positions due to examinations by tax authorities. These provisions are measured at the Company’s best estimate of the amount expected to be paid. Provisions are reversed to income in the period in which management assesses they are no longer required or determined by statute. The Company is subject to income tax laws in various jurisdictions. Tax laws are complex and potentially subject to different interpretations by the taxpayer and the relevant tax authority. The provision for current income taxes and deferred income taxes represents management’s interpretation of the relevant tax laws and its estimate of current and future income tax implications of the transactions and events during the year. The Company may be required to change its provision for income taxes or deferred income tax balances when the ultimate deductibility of certain items is successfully challenged by taxing authorities, or if estimates used in determining the amount of deferred tax balances to recognize change significantly, or when receipt of new information indicates the need for adjustment in the amount of deferred income taxes to be recognized. Additionally, future events, such as changes in tax laws, tax regulations, or interpretations of such laws or regulations, could have an impact on the provision for income taxes, deferred tax balances and the effective tax rate. Any such changes could materially affect the amounts reported in the Consolidated Financial Statements in the period these changes occur. (m) Foreign currency translation Items included in the financial statements of each of the Company’s subsidiaries, joint ventures and associates are measured by each entity using the currency of the primary economic environment in which the entity operates (the “functional currency”). If their functional currency is other than Canadian dollar, these entities are foreign operations of the Company. Transactions in a foreign currency are translated to the functional currency at the exchange rate prevailing at the date of the transaction. Assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rat

Accounting and Reporting Change

Accounting and Reporting Changes	12 Months Ended
	Dec. 31, 2019
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Accounting and Reporting Changes	Note 2 Accounting and Reporting Changes (a) Changes in accounting and reporting policy (i) IFRS 16 “Leases” Effective January 1, 2019, the Company adopted IFRS 16 “Leases” which was issued in January 2016 and replaces IAS 17 “Leases” and IFRIC 4 “Determining whether an arrangement contains a lease”. IFRS 16 sets out principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract. The standard brings most leases on-balance The Company adopted IFRS 16 using the modified retrospective method with no restatement of comparative information. Right-of-use post-tax The Company applied the practical expedient of not reviewing lease classification under IFRS 16 for contracts not previously classified as leases. In addition, the Company has elected to expense lease payments on a straight-line basis for all leases with lease term of 12 months or less or the underlying asset has a low value. (ii) IFRS Interpretation Committee (“IFRIC”) Interpretation 23 “Uncertainty over Income Tax Treatments” Effective January 1, 2019, the Company adopted IFRIC 23 “Uncertainty over Income Tax Treatments” which was issued in June 2017. IFRIC 23 was 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 did not have a significant impact on the Company’s Consolidated Financial Statements. (iii) Amendments to IAS 28 “Investments in Associates and Joint Ventures” Effective January 1, 2019, the Company adopted the amendments to IAS 28 “Investments in Associates and Joint Ventures” which were issued in October 2017. The amendments were applied retrospectively. The amendments clarify that an entity applies IFRS 9 “Financial Instruments” to financial interests in an associate or joint venture, aside from investments in equity, 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 did not have a significant impact on the Company’s Consolidated Financial Statements. (iv) Annual Improvements 2015–2017 Cycle Effective January 1, 2019, the Company adopted amendments issued within the Annual Improvements 2015 – 2017 Cycle which was issued in December 2017. The IASB issued four minor amendments to different standards as part of the Annual Improvements process, with the amendments to be applied prospectively. Adoption of these amendments did not have a significant impact on the Company’s Consolidated Financial Statements. (v) Amendments to IAS 19 “Employee Benefits” Effective January 1, 2019, the Company adopted amendments to IAS 19 “Employee Benefits” which were issued in February 2018. The amendments were applied prospectively. 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 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. In June 2019, the exposure draft published for IFRS 17 proposed to extend the deferral date of IFRS 9 by one year to January 1, 2022. 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 IFRS 4 “Insurance Contracts”. The Company is assessing the impact of this standard. (ii) 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. Exposure Draft Amendments to IFRS 17 was published in June 2019, which proposed a number of targeted amendments for public consultation. The proposed amendments include a deferral of the effective date of IFRS 17 by one year, to January 1, 2022. The proposed amendments are subject to IASB’s re-deliberation mid-2020. 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 including proposed amendments 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. (iii) 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 permit 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. (iv) 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. (v) Interest Rate Benchmark Reform Amendments to IFRS 9, IAS 39 and IFRS 7 Amendments to IFRS 9, IAS 39 and IFRS 7 were issued in September 2019 related to interest rate benchmark reform and are effective retrospectively for annual periods beginning on or after January 1, 2020. The amendments provide temporary relief for hedge accounting to continue during the period of uncertainty before replacement of an existing interest rate benchmark with an alternative risk-free rate. The amendments apply to all hedge accounting relationships that are affected by the interest rate benchmark reform. The IASB is expected to issue further guidance addressing various accounting issues that will arise when the existing interest rate benchmark has been replaced. The Company is assessing the implications of these amendments.

Invested Assets and Investment

Invested Assets and Investment Income	12 Months Ended
	Dec. 31, 2019
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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, 2019 FVTPL (1) AFS (2) Other (3) Total carrying (4) Total fair (5) Cash and short-term securities (6) $ 1,859 $ 13,084 $ 5,357 $ 20,300 $ 20,300 Debt securities (7) Canadian government and agency 18,582 4,779 – 23,361 23,361 U.S. government and agency 11,031 17,221 – 28,252 28,252 Other government and agency 17,383 4,360 – 21,743 21,743 Corporate 116,044 5,285 – 121,329 121,329 Mortgage/asset-backed securities 3,267 170 – 3,437 3,437 Public equities 20,060 2,791 – 22,851 22,851 Mortgages – – 49,376 49,376 51,450 Private placements – – 37,979 37,979 41,743 Policy loans – – 6,471 6,471 6,471 Loans to Bank clients – – 1,740 1,740 1,742 Real estate Own use property (8) – – 1,926 1,926 3,275 Investment property – – 11,002 11,002 11,002 Other invested assets Alternative long-duration assets (9),(10) 15,252 99 9,492 24,843 25,622 Various other (11) 149 – 3,768 3,917 3,918 Total invested assets $ 203,627 $ 47,789 $ 127,111 $ 378,527 $ 386,496 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 (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 above include debt securities, mortgages, private placements and approximately $179 (2018 – $116) 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, 2019 include debt securities, private placements and other invested assets with fair values of $98, $257 and $373, respectively (2018 – $105, $230 and $465). The change in the fair value of these invested assets during the year was $71 (2018 – $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 $3,806 (2018 – $2,530), cash equivalents with maturities of less than 90 days at acquisition amounting to $11,136 (2018 – $8,713) and cash of $5,358 (2018 – $4,972). (7) Debt securities include securities which were acquired with maturities of less than one year and less than 90 days of $537 and $69, respectively (2018 – $870 and $40, respectively). (8) Includes accumulated depreciation of $414 (2018 – $391). (9) Alternative long-duration assets (“ALDA”) include investments in private equity of $6,396, infrastructure of $8,854, oil and gas of $3,245, timber and agriculture of $4,669 and various other invested assets of $1,679 (2018 – $6,769, $7,970, $3,416, $4,493 and $79 0 (10) In 2019, the Company sold $1,112 of North American Private Equity investments to Manulife Private Equity Partners, L.P, a closed-end (11) Includes $3,371 (2018 – $3,575) 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. 2019 2018 As at December 31, Carrying % of total Carrying % of total Leveraged leases $ 3,371 43 $ 3,575 51 Timber and agriculture 668 9 599 9 Real estate 1,031 13 725 11 Other 2,716 35 1,959 29 Total $ 7,786 100 $ 6,858 100 The Company’s share of profit and dividends from these investments for the year ended December 31, 2019 were $369 and $5, respectively (2018 – $369 and $13). (c) Investment income For the year ended December 31, 2019 FVTPL AFS Other (1) Total Cash and short-term securities Interest income $ 32 $ 281 $ – $ 313 Gains (losses) (2) 11 (29 ) – (18 ) Debt securities Interest income 5,557 783 – 6,340 Gains (losses) (2) 11,525 472 – 11,997 Recovery (impairment loss), net (9 ) 1 – (8 ) Public equities Dividend income 551 69 – 620 Gains (losses) (2) 3,079 109 – 3,188 Impairment loss, net – (24 ) – (24 ) Mortgages Interest income – – 1,951 1,951 Gains (losses) (2) – – 26 26 Recovery (provision), net – – 31 31 Private placements Interest income – – 1,782 1,782 Gains (losses) (2) – – (62 ) (62 ) Impairment loss, net – – (35 ) (35 ) Policy loans – – 391 391 Loans to Bank clients Interest income – – 87 87 Provision, net – – (1 ) (1 ) Real estate Rental income, net of depreciation (3) – – 505 505 Gains (losses) (2) – – 508 508 Derivatives Interest income, net 579 – (24 ) 555 Gains (losses) (2) 2,653 – (6 ) 2,647 Other invested assets Interest income – – 69 69 Oil and gas, timber, agriculture and other income – – 1,862 1,862 Gains (losses) (2) 742 (1 ) 35 776 Recovery (impairment loss), net – – 93 93 Total investment income $ 24,720 $ 1,661 $ 7,212 $ 33,593 Investment income Interest income $ 6,168 $ 1,064 $ 4,256 $ 11,488 Dividend, rental and other income 552 69 2,367 2,988 Impairments, provisions and recoveries, net (9 ) (23 ) 88 56 Other 265 539 57 861 6,976 1,649 6,768 15,393 Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on macro equity hedges Debt securities 11,521 7 – 11,528 Public equities 2,865 5 – 2,870 Mortgages – – 26 26 Private placements – – (62 ) (62 ) Real estate – – 514 514 Other invested assets 776 – (28 ) 748 Derivatives, including macro equity hedging program 2,582 – (6 ) 2,576 17,744 12 444 18,200 Total investment income $ 24,720 $ 1,661 $ 7,212 $ 33,593 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, net – (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 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 (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 total investment expenses. For the years ended December 31, 2019 2018 Related to invested assets $ 627 $ 638 Related to segregated, mutual and other funds 1,121 1,070 Total investment expenses $ 1,748 $ 1,708 (e) Investment properties The following table presents the rental income and direct operating expenses of investment properties. For the years ended December 31, 2019 2018 Rental income from investment properties $ 864 $ 1,013 Direct operating expenses of rental investment properties (464) (582 ) Total $ 400 $ 431 (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, 2019 Securitized assets Securitization program Securitized Restricted cash and Total Secured borrowing (2) HELOC securitization (1) $ 2,285 $ 8 $ 2,293 $ 2,250 CMB securitization 1,620 – 1,620 1,632 Total $ 3,905 $ 8 $ 3,913 $ 3,882 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 (1) Manulife Bank, a 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, 2019, the fair value of securitized assets and associated liabilities were $3,950 and $3,879, respectively (2018 – $3,843 and $3,756). (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, 2019 Total fair Level 1 Level 2 Level 3 Cash and short-term securities FVTPL $ 1,859 $ – $ 1,859 $ – AFS 13,084 – 13,084 – Other 5,357 5,357 – – Debt securities FVTPL Canadian government and agency 18,582 – 18,582 – U.S. government and agency 11,031 – 11,031 – Other government and agency 17,383 – 17,383 – Corporate 116,044 – 115,411 633 Residential mortgage-backed securities 13 – 13 – Commercial mortgage-backed securities 1,271 – 1,271 – Other asset-backed securities 1,983 – 1,983 – AFS Canadian government and agency 4,779 – 4,779 – U.S. government and agency 17,221 – 17,221 – Other government and agency 4,360 – 4,360 – Corporate 5,285 – 5,270 15 Residential mortgage-backed securities 1 – 1 – Commercial mortgage-backed securities 102 – 102 – Other asset-backed securities 67 – 67 – Public equities FVTPL 20,060 20,060 – – AFS 2,791 2,788 3 – Real estate – investment property (1) 11,002 – – 11,002 Other invested assets (2) 18,194 91 – 18,103 Segregated funds net assets (3) 343,108 2 93 903 44 693 4,512 Total $ 613,577 $ 3 22 199 $ 2 57 113 $ 34,265 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-backed securities 13 – 6 7 Commercial mortgage-backed securities 1,344 – 1,344 – Other asset-backed securities 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-backed securities 2 – – 2 Commercial mortgage-backed securities 128 – 128 – Other asset-backed securities 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 2 73 840 34 922 4,447 Total $ 562,520 $ 2 97 986 $ 2 30 631 $ 33,903 (1) For investment properties, the significant unobservable inputs are capitalization rates (ranging from 2.75% to 8.75% during the year and ranging from 2.75% to 8.75% during 2018) and terminal capitalization rates (ranging from 3.80% to 9.25% during the year and ranging from 3.80% to 9.25% during 2018). 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 infrastructure and timber sectors. The significant inputs used in the valuation of the Company’s infrastructure investments are primarily future distributable cash flows, terminal values and discount rates. Holding other factors constant, an increase to future distributable cash flows or terminal values would tend to increase the fair value of an infrastructure investment, while an increase in the discount rate would have the opposite effect. Discount rates during the year ranged from 7.00% to 16.5% (2018 – ranged from 8.95% 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% (2018 – ranged from 5.0% to 7.0%). 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 in investment properties and timberland properties valued as described above. The following table presents fair value of invested assets not measured at fair value by the fair value hierarchy. As at December 31, 2019 Carrying Fair value Level 1 Level 2 Level 3 Mortgages (1) $ 49,376 $ 51,450 $ – $ – $ 51,450 Private placements (2) 37,979 41,743 – 36,234 5,509 Policy loans (3) 6,471 6,471 – 6,471 – Loans to Bank clients (4) 1,740 1,742 – 1,742 – Real estate – own use property (5) 1,926 3,275 – – 3,275 Other invested assets (6) 10,566 11,346 165 – 11,181 Total invested assets disclosed at fair value $ 108,058 $ 116,027 $ 165 $ 44,447 $ 71,415 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 (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, 2019 and 2018. For segregated funds net assets, the Company had $nil transfers from Level 1 to Level 2 for the year ended December 31, 2019 (2018 – $nil). The Company had $nil transfers from Level 2 to Level 1 for the year ended December 31, 2019 (2018 – $2). 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 table presents a roll forward for invested assets, derivatives and segregated funds net assets measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31, 2019 and 2018. For the year ended Balance, Net (1) Net (2) Purchases Sales Settlements Transfer into Level 3 (3),(4) Transfer out of Level 3 (3,(4) Currency Balance, Change in Debt securities FVTPL Other government & agency $ 180 $ 1 $ – $ 16 $ (18 ) $ – $ – $ (178 ) $ (1 ) $ – $ – Corporate 784 35 – 43 (88 ) (18 ) 514 (604 ) (33 ) 633 47 Residential mortgage-backed securities 7 – – – (1 ) – – (6 ) – – – 971 36 – 59 (107 ) (18 ) 514 (788 ) (34 ) 633 47 AFS Other government & agency 37 1 – 5 (12 ) – – (31 ) – – – Corporate 120 1 – 13 (21 ) (4 ) – (93 ) (2 ) 14 – Residential mortgage-backed securities 2 – – – – – – (1 ) – 1 – Commercial mortgage-backed securities – – – 37 – – – (37 ) – – – 159 2 – 55 (33 ) (4 ) – (162 ) (2 ) 15 – Public equities FVTPL 3 1,739 – – (1,679 ) – – – (63 ) – 1,510 3 1,739 – – (1,679 ) – – – (63 ) – 1,510 Real estate –investment property 10,761 506 – 440 (457 ) – 15 – (263 ) 11,002 468 Other invested assets 17,562 (1,028 ) 2 3,401 (144 ) (1,031 ) 2 – (661 ) 18,103 (923 ) 28,323 (522 ) 2 3,841 (601 ) (1,031 ) 17 – (924 ) 29,105 (455 ) Derivatives 106 1,884 44 42 – (685 ) 135 (34 ) (36 ) 1,456 1,423 Segregated funds net assets 4,447 148 – 193 (140 ) (30 ) – – (106 ) 4,512 111 Total $ 34,009 $ 3,287 $ 46 $ 4,190 $ (2,560 ) $ (1,768 ) $ 666 $ (984 ) $ (1,165 ) $ 35,721 $ 2,636 For the year ended December 31, 2018 Balance, Net (1) Net (2) Purchases Sales Settlements Transfer into Level 3 (3),(4) Transfer out of Level 3 (3,(4) 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-backed securities 1 6 – – – – – – – 7 6 Other asset-backed securities 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-backed securities – – 1 – – – – – 1 2 – Other asset-backed securities 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 ) Derivatives 769 (666 ) (48 ) 12 – 18 9 (13 ) 25 106 (460 ) Segregated funds net assets 4,255 226 – 155 (367 ) 1 3 (17 ) 191 4,447 161 Total $ 34,870 $ (1,310 ) $ (46 ) $ 5,011 $ (4,754 ) $ (862 ) $ 12 $ (928 ) $ 2,016 $ 34,009 $ (496 ) (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) The Company uses fair values of the assets at the beginning of the year for assets transferred into and out of Level 3 except for derivatives, refer to footnote 4 below. (4) For derivatives transfer into or out of Level 3, the Company uses fair value at the end of the year and at the beginning of the year, respectively. 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, 2019
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 2019 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 quoted prices, 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, 2019 2018 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 $ 350 $ – $ 5 $ 519 $ – $ 13 Foreign currency swaps 86 3 1 91 5 – Cash flow hedges Foreign currency swaps 1,790 39 407 1,834 80 367 Forward contracts – – – 80 – 9 Equity contracts 132 16 – 101 – 12 Net investment hedges Forward contracts 2,822 7 22 1,864 21 65 Total derivatives in qualifying hedge accounting relationships 5,180 65 435 4,489 106 466 Derivatives not designated in qualifying hedge accounting relationships Interest rate swaps 283,172 15,159 8,140 300,704 11,204 5,675 Interest rate futures 13,069 – – 14,297 – – Interest rate options 12,248 423 – 11,736 314 – Foreign currency swaps 26,329 606 1,399 23,156 747 1,341 Currency rate futures 3,387 – – 4,052 – – Forward contracts 33,432 2,337 273 29,248 670 158 Equity contracts 14,582 853 37 15,492 653 163 Credit default swaps 502 6 – 652 9 – Equity futures 10,576 – – 10,908 – – Total derivatives not designated in qualifying hedge accounting relationships 397,297 19,384 9,849 410,245 13,597 7,337 Total derivatives $ 402,477 $ 19,449 $ 10,284 $ 414,734 $ 13,703 $ 7,803 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 8. Remaining term to maturity As at December 31, 2019 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total Derivative assets $ 1,248 $ 1,659 $ 1,309 $ 15,233 $ 19,449 Derivative liabilities 332 145 218 9,589 10,284 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 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, 2019 Under 1 year 1 to 5 years Over 5 years Total Positive Negative Net Credit risk equivalent (1) Risk- amount (2) Interest rate contracts OTC swap contracts $ 5,105 $ 22,288 $ 112,863 $ 140,256 $ 15,627 $ (8,910 ) $ 6,717 $ 6,891 $ 957 Cleared swap contracts 3,932 11,499 127,835 143,266 238 (240 ) (2 ) – – Forward contracts 11,709 15,089 1,283 28,081 2,312 (253 ) 2,059 398 53 Futures 13,069 – – 13,069 – – – – – Options purchased 1,266 4,454 6,528 12,248 423 – 423 560 77 Subtotal 35,081 53,330 248,509 336,920 18,600 (9,403 ) 9,197 7,849 1,087 Foreign exchange Swap contracts 998 7,519 19,688 28,205 642 (1,864 ) (1,222 ) 2,515 279 Forward contracts 8,173 – – 8,173 32 (42 ) (10 ) 138 16 Futures 3,387 – – 3,387 – – – – – Credit derivatives 275 227 – 502 6 – 6 – – Equity contracts Swap contracts 1,233 164 – 1,397 43 (16 ) 27 236 29 Futures 10,576 – – 10,576 – – – – – Options purchased 6,604 6,633 80 13,317 821 (20 ) 801 3,418 448 Subtotal including accrued interest 66,327 67,873 268,277 402,477 20,144 (11,345 ) 8,799 14,156 1,859 Less accrued interest – – – – 695 (1,061 ) (366 ) – – Total $ 66,327 $ 67,873 $ 268,277 $ 402,477 $ 19,449 $ (10,284 ) $ 9,165 $ 14,156 $ 1,859 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- 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 (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 $402 billion (2018 – $415 billion) includes $128 billion (2018 – $136 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, 2019 Fair value Level 1 Level 2 Level 3 Derivative assets Interest rate contracts $ 17,894 $ – $ 15,801 $ 2,093 Foreign exchange contracts 680 – 680 – Equity contracts 869 – 821 48 Credit default swaps 6 – 6 – Total derivative assets $ 19,449 $ – $ 17,308 $ 2,141 Derivative liabilities Interest rate contracts $ 8,397 $ – $ 7,730 $ 667 Foreign exchange contracts 1,850 – 1,849 1 Equity contracts 37 – 20 17 Total derivative liabilities $ 10,284 $ – $ 9,599 $ 685 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 Level 3 roll forward information for net derivative contracts measured using significant unobservable inputs is disclosed in note 3(g). (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, 2019 Hedged items in qualifying fair value hedging relationships Gains (losses) Gains (losses) Ineffectiveness Interest rate swaps Fixed rate liabilities $ 8 $ (6 ) $ 2 Foreign currency swaps Fixed rate assets (1 ) 2 1 Total $ 7 $ (4 ) $ 3 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 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, 2019 Hedged items in qualifying cash flow hedging relationships Gains (losses) Gains (losses) Ineffectiveness Foreign currency swaps Fixed rate assets $ (2 ) $ 1 $ – Floating rate liabilities (40 ) 37 – Fixed rate liabilities (41 ) (35 ) – Forward contracts Forecasted expenses – (9 ) – Equity contracts Stock-based compensation 35 (9 ) – Total $ (48 ) $ (15 ) $ – 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 $ – The Company anticipates that net losses of approximately $8 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 17 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, 2019 Gains (losses) Gains (losses) Ineffectiveness Non-functional $ 279 $ – $ – Forward contracts 80 – – Total $ 359 $ – $ – For the year ended December 31, 2018 Gains (losses) Gains (losses) Ineffectiveness Non-functional $ (469 ) $ – $ – Forward contracts 9 – – Total $ (460 ) $ – $ – (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, 2019 2018 Interest rate swaps $ 1,483 $ (1,894 ) Interest rate futures 571 (298 ) Interest rate options 96 (52 ) Foreign currency swaps (242 ) (122 ) Currency rate futures 88 3 Forward contracts 2,815 (355 ) Equity futures (2,436 ) 742 Equity contracts 277 (276 ) Credit default swaps (3 ) (6 ) Total $ 2,649 $ (2,258 ) (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, 2019, reinsurance ceded guaranteed minimum income benefits had a fair value of $981 (2018 – $1,148) and reinsurance assumed guaranteed minimum income benefits had a fair value of $109 (2018 – $114). 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, 2019, these embedded derivatives had a fair value of $(137) (2018 – $53). 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.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Goodwill and Intangible Assets	Note 5 Goodwill and Intangible Assets (a) Change in the carrying value of goodwill and intangible assets The following table presents the change in the carrying value of goodwill and intangible assets. As at December 31, 2019 Balance, Additions/ Amortization Effect of changes Balance, Goodwill $ 5,864 $ (6 ) $ n/a $ (115 ) $ 5,743 Indefinite life intangible assets Brand 819 – n/a (40 ) 779 Fund management contracts and other (1) 798 32 n/a (25 ) 805 1,617 32 n/a (65 ) 1,584 Finite life intangible assets (2) Distribution networks 868 6 44 (29 ) 80 1 Customer relationships 860 (2 ) 54 (9 ) 795 Software 821 357 168 (19 ) 991 Other 67 – 5 (1 ) 6 1 2,616 361 271 (58 ) 2,648 Total intangible assets 4,233 393 271 (123 ) 4,232 Total goodwill and intangible assets $ 10,097 $ 387 $ 271 $ (238 ) $ 9,975 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 (1) Fund management contracts were mostly allocated to Canada WAM and U.S. WAM CGUs with the carrying values of $273 (2018 – $273) and $380 (2018 – $400), respectively. (2) Gross carrying amount of finite life intangible assets was $1,292 for distribution networks, $1,133 for customer relationships, $2,239 for software and $130 for other (2018 – $1,331, $1,145, $2,110 and $133 ) . (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 the U.S. segment and $13 in Asia segment. (b) Goodwill impairment testing The Company completed its annual goodwill impairment testing in the fourth quarter of 2019 by determining the recoverable amounts of its businesses using valuation techniques discussed below (refer to notes 1(f) and 5(c)). The review indicated that there was no impairment of goodwill in 2019 and 2018. 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 following tables present the carrying value of goodwill by CGU or group of CGUs. As at December 31, 2019 CGU or group of CGUs Balance, Additions/ Effect of Balance, Asia Asia Insurance (excluding Japan) $ 165 $ – $ (6 ) $ 159 Japan Insurance 435 – (15 ) 420 Canada Insurance 1,962 – (5 ) 1,957 U.S. Insurance 367 – (18 ) 349 Global Wealth and Asset Management Asia WAM 196 – (9 ) 187 Canada WAM 1,436 – – 1,436 U.S. WAM 1,303 (6 ) (62 ) 1,235 Total $ 5,864 $ (6 ) $ (115 ) $ 5,743 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 Management 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 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) and 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 multiples of comparable financial institutions. The price-to-earnings multiple used by the Company for testing was 10.3 (2018 – 9.0 to 11.7). These FVLCS valuations are categorized as Level 3 of the fair value hierarchy (2018 – Level 3). Under the VIU approach, used for CGUs with insurance business, an embedded appraisal value is determined from a projection of future distributable earnings derived from both the in-force 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 28.0 per cent, 26.5 per cent and 21 per cent (2018 – 30.8 per cent, 26.8 per cent and 21 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, 2019
Text block [abstract]
Insurance Contract Liabilities and Reinsurance Assets	Note 6 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, 2019 2018 Insurance contract liabilities $ 336,156 $ 313,737 Benefits payable and provision for unreported claims 4,229 4,398 Policyholder amounts on deposit 10,776 10,519 Gross insurance contract liabilities 351,161 328,654 Reinsurance assets (1) (41,353 ) (42,925 ) Net insurance contract liabilities $ 309,808 $ 285,729 (1) The Company also holds reinsurance assets of $93 (2018 – $128) for investment contract liabilities, refer to note 7(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 of reinsurance premiums and recoveries. 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, 2019 Participating Non- Annuities Other (1) Total, net of Total Total, Asia $ 46,071 $ 32,887 $ 5,915 $ 3,064 $ 87,937 $ 1,432 $ 89,369 Canada 12,012 39,655 17,871 13,759 83,297 286 83,583 U.S. 8,734 66,163 14,763 49,199 138,859 39,411 178,270 Corporate and Other – (609 ) 36 288 (285 ) 224 (61 ) Total, net of reinsurance ceded 66,817 138,096 38,585 66,310 309,808 $ 41,353 $ 351,161 Total reinsurance ceded 9,869 13,588 16,850 1,046 41,353 Total, gross of reinsurance ceded $ 76,686 $ 151,684 $ 55,435 $ 67,356 $ 351,161 Individual insurance As at December 31, 2018 Participating Non- Annuities Other (1) Total, net of Total Total, 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 (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, 2019, excluding reinsurance assets, was estimated at $315,952 (2018 – $287,326). As at December 31, 2019, the fair value of assets backing capital and other liabilities was estimated at $501,147 (2018 – $465,497). The following table presents the carrying value of assets backing net insurance contract liabilities, other liabilities and capital. Individual insurance As at December 31, 2019 Participating Non- Annuities Other insurance (1) Other (2) Capital (3) Total Assets Debt securities $ 34,169 $ 74,113 $ 19,865 $ 31,620 $ 8,828 $ 29,527 $ 198,122 Public equities 10,907 6,453 204 253 381 4,653 22,851 Mortgages 2,921 12,140 5,203 7,916 21,165 31 49,376 Private placements 4,658 16,020 6,957 9,122 1,090 132 37,979 Real estate 3,336 6,446 1,082 1,731 113 220 12,928 Other 10,826 22,924 5,274 15,668 410,376 22,806 487,874 Total $ 66,817 $ 138,096 $ 38,585 $ 66,310 $ 441,953 $ 57,369 $ 809,130 Individual insurance As at December 31, 2018 Participating Non- 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 (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 12. (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 2019 experience was unfavourable (2018 – favourable) when compared to the Company’s assumptions. Morbidity is also monitored monthly and the overall 2019 experience was unfavourable (2018 – 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 2019, the movement in interest rates negatively (2018 – positively) impacted the Company’s net income. This negative impact was driven by decreases in risk free interest rates and corporate spreads, as well the impact of 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 2019, credit loss experience on debt securities and mortgages was favourable (2018 – 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 2019, investment experience on alternative long-duration assets backing policyholder liabilities was favourable (2018 – unfavourable) primarily due to gains in real estate properties and private equities, partially offset by losses in timber and agriculture properties as well as in oil and gas properties. In 2019, alternative long-duration asset origination exceeded (2018 – exceeded) valuation requirements. In 2019, for the business that is dynamically hedged, segregated fund guarantee experience on residual, non-dynamically In 2019, investment expense experience was unfavourable (2018 – 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, 2019 policyholder termination and premium persistency experience was unfavourable (2018 – 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 2019 were unfavourable (2018 – 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 6(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 2019 2018 Policy related assumptions 2% adverse change in future mortality rates (2),(4) Products where an increase in rates increases insurance contract liabilities $ ( 5 ) $ (500 ) 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) (5,100 ) (4,800 ) 10% adverse change in future policy termination rates (4) (2,400 ) (2,200 ) 5% increase in future expense levels (600 ) (600 ) (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, Decrease in net income 2019 2018 Policy related assumptions 2% adverse change in future mortality rates $ (300 ) $ (200 ) 5% adverse change in future morbidity incidence rates (2,500 ) (1,700 ) 5% adverse change in future morbidity claims termination rates (2,200 ) (2,800 ) 10% adverse change in future policy termination rates (400 ) (400 ) 5% increase in future expense levels (100 ) (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, 2019 Net actuarial Other (1) Net Reinsurance Gross Balance, January 1 $ 272,761 $ 12,968 $ 285,729 $ 42,925 $ 328,654 New policies (2) 3,251 – 3,251 521 3,772 Normal in-force (2) 30,171 750 30,921 (972 ) 29,949 Changes in methods and assumptions (2) 74 – 74 927 1,001 Impact of changes in foreign exchange rates (9,668 ) (499 ) (10,167 ) (2,048 ) (12,215 ) Balance, December 31 $ 296,589 $ 13,219 $ 309,808 $ 41,353 $ 351,161 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 (3) 3,269 – 3,269 388 3,657 Normal in-force (3) 2,044 985 3,029 (1,150 ) 1,879 Changes in methods and assumptions (3) (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 (1) Other insurance contract liabilities are comprised of benefits payable and provision for unreported claims and policyholder amounts on deposit. (2) In 2019, the $33,727 increase reported as the change in insurance contract liabilities on the Consolidated Statements of Income primarily consists of changes due to normal in-force (3) 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 pre-tax post-tax) (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 risks remain appropriate. This is accomplished by monitoring experience and updating assumptions which represent a best estimate of expected 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 changes in economic environment are likely to result in future changes to the actuarial assumptions, which could materially impact the insurance contract liabilities. Annual review 2019 The completion of the 2019 annual review of actuarial methods and assumptions resulted in an increase in insurance contract liabilities of $74, net of reinsurance, and a decrease in net income attributed to shareholders of $21 post-tax. Change in insurance contract liabilities, For the year ended December 31, 2019 Total Attributed to Attributed to Change in net (post-tax) Long-term care triennial review $ 11 $ – $ 11 $ (8 ) Mortality and morbidity updates 25 47 (22 ) 14 Lapses and policyholder behaviour 135 17 118 (75 ) Investment return assumptions 12 81 (69 ) 70 Other updates (109 ) (163 ) 54 (22 ) Net impact $ 74 $ (18 ) $ 92 $ (21 ) Long-term care triennial review U.S. Insurance completed a comprehensive long-term care (“LTC”) experience study. The review included all aspects of claim assumptions, the impact of policyholder benefit reductions as well as the progress on future premium rate increases and a review of margins on the business. The impact of the LTC review was approximately net neutral to net income attributed to shareholders. The experience study showed lower termination rates than expected during the elimination or “qualifying” period (which is the period between when a claim is filed and when benefit payments begin), and favourable incidence as policyholders are filing claims at a lower rate than expected. In addition, policyholders are electing to reduce their benefits in lieu of paying increased premiums. The overall claims experience review led to a post-tax The experience study included additional claims data due to the natural aging of the block of business. As a result, the Company reduced certain margins for adverse deviations, which resulted in a post-tax While the study continues to support the assumptions of both future morbidity and mortality improvement, the Company reduced its morbidity improvement assumption, which resulted in a post-tax The review of premium increases assumed in the policy liabilities resulted in a post-tax Updates to mortality and morbidity Mortality and morbidity updates resulted in a $14 post-tax Updates to lapses and policyholder behaviour Updates to lapses and policyholder behaviour assumptions resulted in a $75 post-tax The primary driver of the charge was an update to the Company’s lapse assumptions across several term and whole life product lines within the Company’s Canada Individual Insurance business, partially offset by several updates to lapse and premium persistency assumptions in other geographies. Updates to investment return assumptions Updates to investment return assumptions resulted in a $70 post-tax The primary driver of the gain was an update to the Company’s senior secured loan default rates to reflect recent experience, as well as its investment and crediting rate strategy for certain universal life products. This was partially offset by updates to certain private equity investment assumptions in Canada. Other updates Other updates resulted in a $22 post-tax Annual Review 2018 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 (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 (i) Insurance contracts contractual obligations Insurance contracts give rise to obligations fixed by agreement. As at December 31, 2019, 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 Total Insurance contract liabilities (1) $ 9,682 $ 12,084 $ 16,587 $ 758,687 $ 797,040 (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 benefits The following table presents a breakdown of gross claims and benefits. For the years ended December 31, 2019 2018 Death, disability and other claims $ 15,752 $ 15,174 Maturity and surrender benefits 8,433 7,722 Annuity payments 4,030 4,262 Policyholder dividends and experience rating refunds 1,445 1,809 Net transfers from segregated funds (1,000 ) (1,089 ) Total $ 28,660 $ 27,878 (k) Annuity coinsurance transactions On September 26, 2018, the Company entered into coinsurance agreements with Reinsurance Group of America (“RGA”) to reinsure a block of legacy U.S. individual pay-out The JHNY transaction closed with an effective date of January 1, 2019. The Company recorded an after-tax On October 31, 2018, the Company entered into coinsurance agreements with Jackson National Life Insurance Company (“Jackson”), a wholly-owned subsidiary of Prudential plc, to reinsure a block of legacy U.S. group pay-out The JHNY transaction closed with an effective date of January 1, 2019. The Company recorded an after-tax

Investment Contract Liabilities

Investment Contract Liabilities	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Investment Contract Liabilities	Note 7 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. For the years ended December 31, 2019 2018 Balance, January 1 $ 782 $ 639 New policies 66 96 Changes in market conditions 62 76 Redemptions, surrenders and maturities (86 ) (86 ) Impact of changes in foreign exchange rates (35 ) 57 Balance, December 31 $ 789 $ 782 (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. The following table presents carrying and fair values of investment contract liabilities measured at amortized cost. 2019 2018 As at December 31, Amortized cost, gross of (1) Fair value Amortized cost, gross of (1) Fair value U.S. fixed annuity products $ 1,248 $ 1,482 $ 1,357 $ 1,449 Canadian fixed annuity products 1,067 1,158 1,126 1,269 Investment contract liabilities $ 2,315 $ 2,640 $ 2,483 $ 2,718 (1) As at December 31, 2019, investment contract liabilities with the carrying value and fair value of $93 and $103, respectively (2018 – $128 and $130, respectively), were reinsured by the Company. The net carrying value and fair value of investment contracts labilities were $2,222 and $2,537 (2018 – $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, 2019 2018 Balance, January 1 $ 2,483 $ 2,487 Policy deposits 2 6 Interest 62 82 Withdrawals (182 ) (201 ) Fees (3 ) (1 ) Other 17 – Impact of changes in foreign exchange rates (64 ) 110 Balance, December 31 $ 2,315 $ 2,483 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, 2019 and 2018, all investment contracts were categorized in Level 2 of the fair value hierarchy. (c) Investment contracts contractual obligations As at December 31, 2019, 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) $ 289 $ 484 $ 476 $ 3,846 $ 5,095 (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, 2019
Text block [abstract]
Risk Management	Note 8 Risk Management The Company policies and procedures for managing risks of financial instruments are disclosed in the shaded area of the “Risk Management and Risk Factors” section of the MD&A for the year ended December 31, 2019. These disclosures are in accordance with IFRS 7 “Financial Instruments: Disclosures” and 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 8(d) and credit risk associated with reinsurance counterparties is discussed in note 8(i). (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, 2019 2018 Debt securities FVTPL $ 166,307 $ 154,737 AFS 31,815 30,857 Mortgages 49,376 48,363 Private placements 37,979 35,754 Policy loans 6,471 6,446 Loans to Bank clients 1,740 1,793 Derivative assets 19,449 13,703 Accrued investment income 2,416 2,427 Reinsurance assets 41,446 43,053 Other financial assets 5,628 4,800 Total $ 362,627 $ 341,933 As at December 31, 2019, 99% (2018 – 99%) of debt securities were investment grade-rated with ratings ranging between AAA to BBB. (ii) Credit quality Credit quality of commercial mortgages and private placements 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 The following table presents credit quality of commercial mortgages and private placements. As at December 31, 2019 AAA AA A BBB BB B and lower Total Commercial mortgages Retail $ 132 $ 1,374 $ 5,285 $ 2,039 $ 10 $ – $ 8,840 Office 77 1,540 5,808 1,402 26 18 8,871 Multi-family residential 640 1,585 2,397 714 35 – 5,371 Industrial 38 364 1,820 237 10 – 2,469 Other 260 739 976 1,290 – 8 3,273 Total commercial mortgages 1,147 5,602 16,286 5,682 81 26 28,824 Agricultural mortgages – 27 137 312 – – 476 Private placements 1,098 5,513 14,311 14,139 823 2,095 37,979 Total $ 2,245 $ 11,142 $ 30,734 $ 20,133 $ 904 $ 2,121 $ 67,279 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 Credit quality of residential mortgages and loans to Bank clients 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. The following table presents credit quality of residential mortgages and loans to Bank clients. 2019 (1) 2018 As at December 31, Insured Uninsured Total Insured Uninsured Total Residential mortgages Performing $ 6,613 $ 13,411 $ 20,024 $ 6,854 $ 12,696 $ 19,550 Non-performing 25 27 52 19 27 46 Loans to Bank clients Performing n/a 1,740 1,740 n/a 1,787 1,787 Non-performing n/a – – n/a 6 6 Total $ 6,638 $ 15,178 $ 21,816 $ 6,873 $ 14,516 $ 21,389 (1) Non-performing The carrying value of government-insured mortgages was 14% of the total mortgage portfolio as at December 31, 2019 (2018 –15%). Most of these insured mortgages are residential loans as classified in the table above. (iii) 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. The following table presents past due but not impaired and impaired financial assets. Past due but not impaired As at December 31, 2019 Less than 90 days Total Total Debt securities FVTPL $ 11 $ – $ 11 $ 167 AFS 4 1 5 – Private placements 215 – 215 7 Mortgages and loans to Bank clients 61 – 61 59 Other financial assets 60 42 102 1 Total $ 351 $ 43 $ 394 $ 234 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 The following table presents gross carrying amount and allowances for loan losses for impaired loans. As at December 31, 2019 Gross Allowances for Net carrying Private placements $ 11 $ 4 $ 7 Mortgages and loans to Bank clients 75 16 59 Total $ 86 $ 20 $ 66 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 The following table presents movement of allowance for loan losses during the year. 2019 2018 For the years ended December 31, Private Mortgages Total Private Mortgages Total Balance, January 1 $ 43 $ 52 $ 95 $ 39 $ 46 $ 85 Provisions 35 15 50 37 18 55 Recoveries – (46 ) (46 ) (27 ) (9 ) (36 ) Write-offs (1) (74 ) (5 ) (79 ) (6 ) (3 ) (9 ) Balance, December 31 $ 4 $ 16 $ 20 $ 43 $ 52 $ 95 (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, 2019, the Company had loaned securities (which are included in invested assets) with a market value of $558 (2018 – $1,518). 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, 2019, the Company had engaged in reverse repurchase transactions of $990 (2018 – $63) which are recorded as short-term receivables. In addition, the Company had engaged in repurchase transactions of $333 as at December 31, 2019 (2018 – $64) 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, 2019 Notional (1) Fair value Weighted (in years) (2) Single name CDSs (3) AA $ 24 $ – 1 A 371 5 1 BBB 107 1 2 Total single name CDSs $ 502 $ 6 1 Total CDS protection sold $ 502 $ 6 1 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 (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, 2019 and 2018. (d) Derivatives The Company’s point-in-time AA- As at December 31, 2019, the largest single counterparty exposure, without considering the impact of master netting agreements or the benefit of collateral held, was $3,047 (2018 – $2,269). The net exposure to this counterparty, after considering master netting agreements and the fair value of collateral held, was $nil (2018 – $nil). As at December 31, 2019, 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 $20,144 (2018 – $14,320). (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, 2019 Gross amounts of (1) Amounts subject to Financial and (2) Net amount (3) Net amounts Financial assets Derivative assets $ 20,144 $ (9,188 ) $ (10,889 ) $ 67 $ 67 Securities lending 558 – (558 ) – – Reverse repurchase agreements 990 – (989 ) 1 1 Total financial assets $ 21,692 $ (9,188 ) $ (12,436 ) $ 6 8 $ 6 8 Financial liabilities Derivative liabilities $ (11,345 ) $ 9,188 $ 1,903 $ (254 ) $ (53 ) Repurchase agreements (333 ) – 330 (3 ) (3 ) Total financial liabilities $ (11,678) $ 9,188 $ 2,233 $ (257 ) $ (56 ) 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 ) (1) Financial assets and liabilities include accrued interest of $696 and $1,061, respectively (2018 – $621 and $913, respectively). (2) Financial and cash collateral exclude over-collateralization. As at December 31, 2019, 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 $1,149, $526, $44 and $nil, respectively (2018 – $417, $405, $80 and $nil, respectively). As at December 31, 2019, 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, 2019 Gross amounts of Amounts subject to netting arrangement Net amounts of Credit linked note (1) $ 782 $ (782 ) $ – Variable surplus note (782 ) 782 – As at December 31, 2018 Gross amounts of Amounts subject to netting arrangement Net amounts of Credit linked note (1) $ 679 $ (679 ) $ – Variable surplus note (679 ) 679 – (1) As at December 31, 2019, the Company had no fixed surplus notes outstanding (December 31, 2018 – $nil). (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, 2019 2018 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 37% 38% Government private placements as a per cent of total private placements 12% 11% Highest exposure to a single non-government $ 1,083 $ 1,013 Largest single issuer as a per cent of the total equity portfolio 2% 2% Income producing commercial office properties (2019 – 56% of real estate, 2018 – 55%) $ 7,279 $ 7,065 Largest concentration of mortgages and real estate (2) , $ 17,038 $ 16,092 (1) Investment grade debt securities and private placements include 41% rated A, 17% rated AA and 16% rated AAA (2018 – 41%, 17% and 17%) investments based on external ratings where available. (2) Mortgages and real estate investments are diversified geographically and by property type. The following table presents debt securities and private placements portfolio by sector and industry. 2019 2018 As at December 31, Carrying value % of total Carrying value % of total Government and agency $ 77,883 33 $ 73,858 33 Utilities 44,426 19 41,929 19 Financial 31,929 13 31,340 14 Consumer 25,931 11 24,190 11 Energy 20,196 9 17,685 8 Industrial 19,024 8 17,508 8 Other 16,712 7 14,838 7 Total $ 236,101 100 $ 221,348 100 (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, 2019 Gross liabilities Reinsurance Net liabilities U.S. and Canada $ 255,999 $ (40,944 ) $ 215,055 Asia and Other 98,237 (502 ) 97,735 Total $ 354,236 $ (41,446 ) $ 312,790 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 (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, 2019, the Company had $41,446 (2018 – $43,053) of reinsurance assets. Of this, 94 per cent (2018 – 94 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, 2019
Text block [abstract]
Long-Term Debt	Note 9 Long-Term Debt (a) Carrying value of long-term debt instruments As at December 31, Issue date Maturity date Par value 2019 2018 4.70% Senior notes (1),(3) June 23, 2016 June 23, 2046 US$ 1,000 $ 1,290 $ 1,355 5.375% Senior notes (2),(3) March 4, 2016 March 4, 2046 US$ 750 962 1,010 3.527% Senior notes (2),(3) December 2, 2016 December 2, 2026 US$ 270 350 367 4.150% Senior notes (2),(3) March 4, 2016 March 4, 2026 US$ 1,000 1,292 1,356 4.90% Senior notes (2),(3) September 17, 2010 September 17, 2020 US$ 500 649 681 Total $ 4,543 $ 4,769 (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 US 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 The cash amount of interest paid on long-term debt during the year ended December 31, 2019 was $216 (2018 – $222). Issue costs are amortized over the term of the debt. (b) Fair value measurement Fair value of long-term debt instruments is determined using the following hierarchy: Level 1 – Fair value is determined using quoted market prices where available. Level 2 – When quoted market prices are not available, fair value is determined with reference to quoted prices of similar debt instruments or estimated using discounted cash flows based on observable market rates. The Company measures long-term debt at amortized cost in the Consolidated Statements of Financial Position. As at December 31, 2019, the fair value of long-term debt was $5,078 (2018 – $4,886). Fair value of long-term debt was determined using Level 2 valuation techniques (2018 – Level 2). (c) Aggregate maturities of long-term debt As at December 31, Less than 1 to 3 3 to 5 Over 5 Total 2019 $ 649 $ – $ – $ 3,894 $ 4,543 2018 – 681 – 4,088 4,769

Capital Instruments

Capital Instruments	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Capital Instruments	Note 10 Capital Instruments (a) Carrying value of capital instruments As at December 31, Issuance date Earliest par redemption Maturity date Par value 2019 2018 7.535% MFCT II Senior debenture notes (1) July 10, 2009 December 31, 2019 December 31, 2108 $ 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$ 750 969 1,017 3.00% MFC Subordinated notes (4) November 21, 2017 November 21, 2024 November 21, 2029 S$ 500 481 498 3.049% MFC Subordinated debentures (5) August 18, 2017 August 20, 2024 August 20, 2029 $ 750 747 747 3.317% MFC Subordinated debentures (5) May 9, 2018 May 9, 2023 May 9, 2028 $ 600 598 597 3.181% MLI Subordinated debentures (6) November 20, 2015 November 22, 2022 November 22, 2027 $ 1,000 998 997 3.85% MFC Subordinated notes (4) May 25, 2016 May 25, 2021 May 25, 2026 S$ 500 482 499 2.389% MLI Subordinated debentures (6) June 1, 2015 January 5, 2021 January 5, 2026 $ 350 350 349 2.10% MLI Subordinated debentures (6) March 10, 2015 June 1, 2020 June 1, 2025 $ 750 750 749 2.64% MLI Subordinated debentures (6) , December 1, 2014 January 15, 2020 January 15, 2025 $ 500 500 500 2.811% MLI Subordinated debentures (8) February 21, 2014 February 21, 2019 February 21, 2024 $ 500 – 500 7.375% JHUSA Surplus notes (9) February 25, 1994 n/a February 15, 2024 US$ 450 59 8 632 Total $ 7,120 $ 8,732 (1) MLI redeemed in full the 7.535% Manulife Financial Capital Trust II (“MFCT II”) Senior debenture notes at par, on December 30, 2019, together with accrued interest. Refer to note 17. (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) MLI redeemed in full the 2.64% subordinated debentures at par, on January 15, 2020, the earliest par redemption date. (8) MLI redeemed in full the 2.811% subordinated debentures at par, on February 21, 2019, the earliest par redemption date. (9) 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$17 (2018 – US$20), 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. (b) Fair value measurement Fair value of capital instruments is determined using the following hierarchy: Level 1 – Fair value is determined using quoted market prices where available. Level 2 – When quoted market prices are not available, fair value is determined with reference to quoted prices of similar debt instruments or estimated using discounted cash flows based on observable market rates. The Company measures capital instruments at amortized cost in the Consolidated Statements of Financial Position. As at December 31, 2019, the fair value of capital instruments was $7,333 (2018 – $8,712). Fair value of capital instruments was determined using Level 2 valuation techniques (2018 – Level 2).

Share Capital and Earnings Per

Share Capital and Earnings Per Share	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Share Capital and Earnings Per Share	Note 11 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 following tables presents information about the outstanding preferred shares as at December 31, 2019 and 2018. As at December 31, 2019 Issue date Annual (1) Earliest redemption (2) Number of Face Net amount (3) 2019 2018 Class A preferred shares Series 2 February 18, 2005 4.65% n/a 14 $ 350 $ 344 $ 344 Series 3 January 3, 2006 4.50% n/a 12 300 294 294 Class 1 preferred shares Series 3 (4),(5) March 11, 2011 2.178% June 19, 2021 6 158 155 155 Series 4 (6) June 20, 2016 floating June 19, 2021 2 42 41 41 Series 5 (4),(5) December 6, 2011 3.891% December 19, 2021 8 200 195 195 Series 7 (4),(5) February 22, 2012 4.312% March 19, 2022 10 250 244 244 Series 9 (4),(5) May 24, 2012 4.351% September 19, 2022 10 250 244 244 Series 11 (4),(5) December 4, 2012 4.731% March 19, 2023 8 200 196 196 Series 13 (4),(5) June 21, 2013 4.414% September 19, 2023 8 200 196 196 Series 15 (4),(5),(7) February 25, 2014 3.786% June 19, 2024 8 200 195 195 Series 17 (4),(5) August 15, 2014 3.90% December 19, 2019 14 350 343 343 Series 19 (4),(5) December 3, 2014 3.80% March 19, 2020 10 250 246 246 Series 21 (4),(5) February 25, 2016 5.60% June 19, 2021 17 425 417 417 Series 23 (4),(5) November 22, 2016 4.85% March 19, 2022 19 475 467 467 Series 25 (4),(5),(8) February 20, 2018 4.70% June 19, 2023 10 250 245 245 Total 156 $ 3,900 $ 3,822 $ 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, except for Class A Series 2, Class A Series 3 and Class 1 Series 4 preferred shares. Class A Series 2 and Series 3 preferred shares are past their respective earliest redemption date and MFC may redeem these 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 15 on June 19, 2019 (the earliest redemption date). Dividend rate for Class 1 Shares Series 15 was reset as specified in footnote 4 above to an annual fixed rate of 3.786% for a five-year period commencing on June 20, 2019. (8) On February 20, 2018, MFC issued 10 million of Non-Cumulative (b) Common shares The following table presents changes in common shares issued and outstanding. 2019 2018 For the years ended December 31, Number of (in millions) Amount Number of (in millions) Amount Balance, January 1 1,971 $ 22,961 1,982 $ 22,989 Repurchased for cancellation (58 ) (677 ) (23 ) (269 ) Issued under dividend reinvestment plan 31 739 9 182 Issued on exercise of stock options and deferred share units 5 104 3 59 Total 1,949 $ 23,127 1,971 $ 22,961 Normal Course Issuer Bid On November 12, 2019, MFC announced that the Toronto Stock Exchange (“TSX”) approved a normal course issuer bid (“NCIB”) permitting the purchase by MFC for cancellation of up to 58 million MFC common shares. Pursuant to the Notice of Intention filed with the TSX, purchases under the NCIB commenced on November 14, 2019 and will continue until November 13, 2020, when the NCIB expires, or such earlier date as MFC completes its purchases. As of December 31, 2019, MFC purchased and subsequently cancelled 6.3 million of its common shares pursuant to the NCIB at an average price of $25.91 per common share for a total cost of $163 million. MFC’s previous NCIB which was announced on November 12, 2018 and amended on February 19, 2019, expired on November 13, 2019. MFC purchased and subsequently cancelled 74.5 million of its common shares pursuant to the previous NCIB at an average price of $22.20 per common share for a total cost of $1.7 billion. During 2019, MFC purchased and subsequently cancelled 57.6 million of its common shares at an average price of $23.22 per common share for a total cost of $1.3 billion, including 51.3 million common shares for a total cost of $1.2 billion that were purchased under the previous NCIB. 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 2019, common shares in connection with DRIP were purchased on the open market with no applicable discount. For the dividend paid on December 19, 2019, the required common shares were purchased from treasury with a two per cent 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, 2019 2018 Basic earnings per common share $ 2.77 $ 2.34 Diluted earnings per common share 2.77 2.33 The following is a reconciliation of the number of shares in the calculation of basic and diluted earnings per share. For the years ended December 31, 2019 2018 Weighted average number of common shares (in millions) 1,958 1,983 Dilutive stock-based awards (1) 4 5 Weighted average number of diluted common shares (in millions) 1,962 1,988 (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 9 million (2018 – 7 million) anti-dilutive stock-based awards. (d) Quarterly dividend declaration subsequent to year end On February 12, 2020, the Company’s Board of Directors approved a quarterly dividend of $0.2 8 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 – $ 0.236625 per share Class 1 Shares Series 3 – $ 0.136125 per share Class 1 Shares Series 17 – $ 0.2375 per share Class 1 Shares Series 4 – $ 0.191413 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, 2019
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Capital Management	Note 12 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 capital framework issued by the Office of the Superintendent of Financial Institutions (“OSFI”) that became effective on January 1, 2018. Under this 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, 2019 2018 Total equity $ 50,106 $ 47,151 Adjusted for AOCI loss on cash flow hedges (143 ) (127 ) Total equity excluding AOCI on cash flow hedges 50,249 47,278 Qualifying capital instruments 7,120 8,732 Consolidated capital $ 57,369 $ 56,010 (b) Restrictions on dividends and capital distributions Dividends and capital distributions are restricted under the Insurance Companies 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.

Revenue from Service Contracts

Revenue from Service Contracts	12 Months Ended
	Dec. 31, 2019
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Revenue from Service Contracts	Note 13 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, 2019 Asia Canada U.S. Global Corporate Total Investment management and other related fees $ 177 $ 161 $ 542 $ 2,773 $ (198 ) $ 3,455 Transaction processing, administration, and service fees 268 827 17 2,048 – 3,160 Distribution fees and other 184 52 72 741 (44 ) 1,005 Total included in other revenue 629 1,040 631 5,562 (242 ) 7,620 Real estate management services included in net investment income 36 160 137 – 9 342 Total $ 665 $ 1,200 $ 768 $ 5,562 $ (233 ) $ 7,962 For the year ended December 31, 2018 Asia Canada U.S. Global Corporate Total Investment management and other related fees $ 148 $ 149 $ 521 $ 2,809 $ (236 ) $ 3,391 Transaction processing, administration, and service fees 242 854 17 1,939 – 3,052 Distribution fees and other 246 49 617 724 (30 ) 1,606 Total included in other revenue 636 1,052 1,155 5,472 (266 ) 8,049 Real estate management services included in net investment income 31 160 147 – 10 348 Total $ 667 $ 1,212 $ 1,302 $ 5,472 $ (256 ) $ 8,397

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2019
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Stock-Based Compensation	Note 14 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 2019 2018 For the years ended December 31, Number of (in millions ) Weighted Number of (in millions ) Weighted Outstanding, January 1 23 $ 20.29 25 $ 20.45 Granted 3 22.62 3 24.52 Exercised (4 ) 18.79 (3 ) 17.77 Expired – 18.88 (1 ) 37.35 Forfeited (1 ) 23.41 (1 ) 21.24 Outstanding, December 31 21 $ 20.91 23 $ 20.29 Exercisable, December 31 5 $ 17.56 9 $ 18.08 Options outstanding Options exercisable For the year ended December 31, 2019 Number of (in millions ) Weighted Weighted life (in years) Number of (in millions ) Weighted Weighted life (in years) $12.64 - $20.99 8 $ 16.91 4.16 4 $ 16.07 1.85 $21.00 - $24.83 13 $ 23.19 6.94 1 $ 21.27 3.37 Total 21 $ 20.91 5.93 5 $ 17.56 2.29 The weighted average fair value of each option granted in 2019 has been estimated at $4.57 (2018 – $4.97) using the Black-Scholes option-pricing model. The pricing model uses the following assumptions for these options: risk-free interest rate of 2.50% (2018 – 2.00%), dividend yield of 3.50% (2018 – 3.25%), expected volatility of 28.0% (2018 – 28.0%) and expected life of 6.3 (2018 – 6.3) 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 $11 for the year ended December 31, 2019 (2018 – $10). (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 2019, nil DSUs were granted to employees under the ESOP (2018 – nil). The number of DSUs outstanding was 298,000 as at December 31, 2019 (2018 – 337,000). In addition, for certain employees and pursuant to the Company’s deferred compensation program, the Company grants DSUs under the Restricted Share Units (“RSUs”) Plan which entitle the holder to receive payment in cash equal to the value of the same number of common shares plus credited dividends on retirement or termination of employment. In 2019, the Company granted 46,000 DSUs to certain employees which vest after 36 months (2018 – 55,000). In 2019, 49,000 DSUs (2018 – 8,000) were granted to certain employees who elected to defer receipt of all or part of their annual bonus. These DSUs vested immediately. Also, in 2019, 24,000 DSUs (2018 – nil) were granted to certain employees to defer payment of all or part of their RSUs and/or Performance Share Units (“PSUs”). These DSUs also vested immediately. Under the Stock Plan for Non-Employee The fair value of 229,000 DSUs issued during the year was $26.36 per unit as at December 31, 2019 (2018 – 141,000 at $19.37 per unit). For the years ended December 31, Number of DSUs (in thousands) 2019 2018 Outstanding, January 1 2,538 2,645 Issued 229 141 Reinvested 102 98 Redeemed (416 ) (346 ) Forfeitures and cancellations (58 ) – Outstanding, December 31 2,395 2,538 Of the DSUs outstanding as at December 31, 2019, 298,000 (2018 – 337,000) entitle the holder to receive common shares, 1,055,000 (2018 – 1,151,000) entitle the holder to receive payment in cash and 1,042,000 (2018 – 1,050,000) entitle the holder to receive payment in cash or common shares, at the option of the holder. Compensation expense related to DSUs was $10 for the year ended December 31, 2019 (2018 – $6). The carrying and fair value of the DSUs liability as at December 31, 2019 was $55 (2018 – $43) and was included in other liabilities. (c) Restricted share units and performance share units For the year ended December 31, 2019, 6.5 million RSUs (2018 – 5.5 million) and 1.1 million PSUs (2018 – 0.8 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 $26.36 per unit as at December 31, 2019 (2018 – $19.37 per unit). Each RSU and PSU entitles the holder to receive payment equal to the market value of one common share, plus credited dividends, at the time of vesting, subject to any performance conditions. RSUs and PSUs granted in February 2019 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 $128 and $17, respectively, for the year ended December 31, 2019 (2018 – $111 and $14, respectively). The carrying and fair value of the RSUs and PSUs liability as at December 31, 2019 was $205 (2018 – $128) 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, 2019
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Employee Future Benefits	Note 15 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 The Company’s final average pay defined benefit pension plans and retiree welfare plans are closed to new members. All employees may participate in capital accumulation plans including defined benefit cash balance plans, 401(k) plans and/or defined contribution plans, depending on the country of employment. During 2018, 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 resulted in the voluntary separation of 1,225 employees in Canada and 204 employees in the U.S. by the end of 2019. A curtailment loss of $22 resulting from these programs was recorded in earnings during 2018. This loss represents the increase in net defined benefit liability due to the affected employees separating sooner than had previously been assumed. 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 2020. 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 2020, the required funding for these plans is expected to be $11. 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 by investing significantly in asset classes which are highly correlated with the plans’ liabilities. In the U.S., delegated committee representatives and management review the financial status of the qualified defined benefit pension plan at least monthly, and steps are taken in accordance with an established dynamic investment policy to increase the plan’s allocation to asset classes which are highly correlated with the plan’s liabilities and reduce investment risk as the funded status improves. As at December 31, 2019, 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, 2019, 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, 2019 2018 2019 2018 Changes in defined benefit obligation: Opening balance $ 4,675 $ 4,706 $ 640 $ 665 Current service cost 40 42 – – Past service cost – amendments and curtailments – 18 – 12 Interest cost 182 165 25 24 Plan participants’ contributions 1 1 3 4 Actuarial losses (gains) due to: Experience 8 – (10 ) (7 ) Demographic assumption changes – 35 – (1 ) Economic assumption changes 413 (250 ) 56 (56 ) Benefits paid (358 ) (304 ) (46 ) (45 ) Impact of changes in foreign exchange rates (144 ) 262 (23 ) 44 Defined benefit obligation, December 31 $ 4,817 $ 4,675 $ 645 $ 640 Pension plans Retiree welfare plans For the years ended December 31, 2019 2018 2019 2018 Change in plan assets: Fair value of plan assets, opening balance $ 4,190 $ 4,328 $ 610 $ 587 Interest income 164 153 25 21 Return on plan assets (excluding interest income) 529 (315 ) 25 (16 ) Employer contributions 75 79 12 10 Plan participants’ contributions 1 1 3 4 Benefits paid (358 ) (304 ) (46 ) (45 ) Administration costs ( 9 ) ( 9 ) (2 ) (2 ) Impact of changes in foreign exchange rates (136 ) 254 (29 ) 51 Fair value of plan assets, December 31 $ 4,45 6 $ 4,1 87 $ 598 $ 610 (d) Amounts recognized in the Consolidated Statements of Financial Position Pension plans Retiree welfare plans As at December 31, 2019 2018 2019 2018 Development of net defined benefit liability Defined benefit obligation $ 4,817 $ 4,675 $ 645 $ 640 Fair value of plan assets 4,453 4,190 598 610 Deficit ( s 364 485 47 30 Effect of asset limit (1) 4 9 – – Deficit (surplus) and net defined benefit liability (asset) 368 494 47 30 Deficit is comprised of: Funded or partially funded plans (391 ) (248 ) (120 ) (121 ) Unfunded plans 759 742 167 151 Deficit (surplus) and net defined benefit liability (asset) $ 368 $ 494 $ 47 $ 30 (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 benefit changes for future service which reduced the economic benefit that can be derived by the Company from the plan’s surplus. (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, 2019 2018 2019 2018 2019 2018 2019 2018 Active members $ 550 $ 621 $ 31 $ 32 $ 301 $ 332 $ 25 $ 22 Inactive and retired members 2,529 2,431 447 457 1,437 1,291 142 129 Total $ 3,079 $ 3,052 $ 478 $ 489 $ 1,738 $ 1,623 $ 167 $ 151 (f) Fair value measurements The major categories of plan assets and the 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, 2019 Fair value % of total Fair value % of total Fair value % of total Fair value % of total Cash and cash equivalents $ 32 1% $ 35 6% $ 12 1% $ – – Equity securities (3) 563 19% 45 8% 311 21% – – Debt securities 2,155 72% 511 85% 1,123 78% – – Other investments (4) 255 8% 7 1% 2 0% – – Total $ 3,005 100% $ 598 100% $ 1,448 100% $ – – 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% $ – – (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, 2019 (2018 – 7%). (2) All the Canadian pension plan assets have daily quoted prices in active markets, except for the group annuity contract assets that represent approximately 0.1% of all Canadian pension plan assets as at December 31, 2019 (2018 – 0.2%). (3) Equity securities include direct investments in MFC common shares of $1.3 (2018 – $0.9) in the U.S. retiree welfare plan and $nil (2018 – $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, 2019 2018 2019 2018 Defined benefit current service cost $ 40 $ 42 $ – $ – Defined benefit administrative expenses 9 9 2 2 Past service cost – plan amendments and curtailments (1),(2) – 18 – 12 Service cost 49 6 9 2 14 Interest on net defined benefit (asset) liability 18 12 – 3 Defined benefit cost 67 8 1 2 17 Defined contribution cost 80 78 – – Net benefit cost $ 1 47 $ 15 9 $ 2 $ 17 (1) Past service cost – plan amendments includes $8 for 2018 for a Canadian pension plan, 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 for 2018 for the pension plans and retiree welfare plans 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, 2019 2018 2019 2018 Actuarial gains (losses) on defined benefit obligations due to: Experience $ (8 ) $ – $ 10 $ 7 Demographic assumption changes – (35 ) – 1 Economic assumption changes (413 ) 250 (56 ) 56 Return on plan assets (excluding interest income) 529 (315 ) 25 (16 ) Change in effect of asset limit 5 (9 ) – – Total re-measurement $ 113 $ (109 ) $ (21 ) $ 48 (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, 2019 2018 2019 2018 2019 2018 2019 2018 To determine the defined benefit obligation at end of year (1) Discount rate 3.2% 4.3% 3.2% 4.3% 3.1% 3.8% 3.1% 3.8% Initial health care cost trend rate (2) n/a n/a 7.5% 7.8% n/a n/a 5.6% 5.7% To determine the defined benefit cost for the 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% (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 7.5% grading to 4.5% for 2032 and years thereafter (2018 – 7.8% grading to 5.0% for 2030) and to measure the net benefit cost was 7.8% grading to 5.0% for 2030 and years thereafter (2018 – 8.5% grading to 5.0% for 2032). In Canada, the rate used to measure the retiree welfare obligation was 5.6% grading to 4.8% for 2026 and years thereafter (2018 – 5.7% grading to 4.8% for 2026) and to measure the net benefit cost was 5.7% grading to 4.8% for 2026 and years thereafter (2018 – 5.9% 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, 2019 U.S. Canada Life expectancy (in years) for those currently age 65 Males 22.6 23.7 Females 24.1 25.6 Life expectancy (in years) at age 65 for those currently age 45 Males 24.2 24.7 Females 25.7 26.5 (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, 2019 Pension plans Retiree welfare plans Discount rate: Impact of a 1% increase $ (443 ) $ (66 ) Impact of a 1% decrease 525 80 Health care cost trend rate: Impact of a 1% increase n/a 20 Impact of a 1% decrease n/a (17 ) Mortality rates (1) Impact of a 10% decrease 136 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, 2019 2018 2019 2018 U.S. plans 9.3 8.8 9.7 9.0 Canadian plans 12.3 12.4 14.3 14.3 (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, 2019 2018 2019 2018 Defined benefit plans $ 75 $ 79 $ 12 $ 10 Defined contribution plans 80 78 – – Total $ 155 $ 157 $ 12 $ 10 The Company’s best estimate of expected cash payments for employee future benefits for the year ending December 31, 2020 is $77 for defined benefit pension plans, $80 for defined contribution pension plans and $12 for retiree welfare plans.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Income Taxes	Note 16 Income Taxes (a) Income tax expense The following table presents For the years ended December 31, 2019 2018 Current tax Current year $ 1,246 $ (327 ) Adjustments related to prior year (74 ) 29 Total current tax 1,172 (298 ) Deferred tax Change related to temporary differences (454 ) 1,250 Impact of U.S. Tax Reform – (320 ) Total deferred tax (454 ) 930 Income tax expense $ 718 $ 632 The following table discloses income tax expense (recovery) recognized directly in For the years ended December 31, 2019 2018 Recognized in other comprehensive income Current income tax expense (recovery) $ 92 $ 2 Deferred income tax expense (recovery) 366 (148 ) Total recognized in other comprehensive income $ 458 $ (146 ) Recognized in equity, other than other comprehensive income Current income tax expense (recovery) $ 5 $ 6 Deferred income tax expense (recovery) (6 ) (7 ) Total income tax recognized directly in equity $ (1 ) $ (1 ) (b) Current tax receivable and payable As at December 31, 2019, the Company had approximately $600 and $121 of current tax receivable and current tax payable, respectively (2018 – $1,712 and $118). (c) Tax reconciliation 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, 2019 (2018 – 26.75 per cent) due to the following reasons . For the years ended December 31, 2019 2018 Income before income taxes $ 6,220 $ 5,519 Income tax expense at Canadian statutory tax rate $ 1,66 4 $ 1,476 Increase (decrease) in income taxes due to: Tax-exempt (260 ) (200 ) Differences in tax rate on income not subject to tax in Canada (754 ) (391 ) Adjustments to taxes related to prior years (106 ) (71 ) Impact of U.S. Tax Reform – (320 ) Other differences 17 4 138 Income tax expense $ 718 $ 632 Impact of U.S. Tax Reform On December 22, 2017, the U.S. government enacted new tax legislation with broad and complex changes to the U.S. tax code, effective January 1, 2018. In 2018, the Company finalized its estimate of the impact of these changes and reported a gain of $124 including a $196 increase in insurance contract liabilities. Refer to note 6(g) for the impact of U.S. Tax Reform on the Company’s insurance contract liabilities. ( d The following table presents the Company’s deferred tax assets and liabilities reflected on the Consolidated Statement of Financial Position. As at December 31 , 2019 2018 Deferred tax assets $ 4,574 $ 4,318 Deferred tax liabilities (1,972 ) (1,814 ) Net deferred tax assets (liabilities) $ 2,602 $ 2,504 The following table presents movement of deferred tax assets and liabilities. As at December 31, 2019 Balance, Disposals Recognized Recognized in Recognized Translation Balance, Loss carry forwards $ 1,019 $ (18 ) $ (278 ) $ – $ (1 ) $ (17) $ 705 Actuarial liabilities 5,466 – 3,093 – (1 ) (115 ) 8,443 Pensions and post-employment benefits 242 – 4 (20 ) – – 226 Tax credits 261 – (253 ) – – (8 ) – Accrued interest 1 – – – – – 1 Real estate (959 ) – (110 ) – – 23 (1,046 ) Securities and other investments (2,689 ) – (1,863 ) (347 ) 39 156 (4,704 ) Sale of investments (87 ) – 17 – – 1 (69 ) Goodwill and intangible assets (847 ) – (49 ) – – 20 (876 ) Other 97 (37 ) (107 ) 1 (31 ) (1 ) (78 ) Total $ 2,504 $ (55 ) $ 454 $ (366) $ 6 $ 59 $ 2,602 As at December 31, 2018 Balance, Disposals 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 The total deferred tax assets as at December 31, 2019 of $4,574 (2018 – $4,318) include $98 (2018 – $3,508) 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, 2019, tax loss carryforwards available were approximately $3,440 (2018 – $4,838) of which $3,293 expire between the years 202 2 The total deferred tax liability as at December 31, 2019 was $1,972 (2018 – $1,814). 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 $19,623 (2018 – $16,570).

Interests in Structured Entitie

Interests in Structured Entities	12 Months Ended
	Dec. 31, 2019
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, 2019, the Company’s consolidated timber assets relating to HVPH were $936 (2018 – $920). 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 investments and maximum exposure to loss from significant unconsolidated investment SEs, some of which are sponsored by the Company. The Company does not provide guarantees to other parties against the risk of loss from these SEs. Company’s investment (1) Company’s maximum exposure to loss (2) As at December 31, 2019 2018 2019 2018 Leveraged leases (3) $ 3,371 $ 3,575 $ 3,371 $ 3,575 Timberland companies (4) 752 788 765 821 Real estate companies (5) 541 413 541 413 Total $ 4,664 $ 4,776 $ 4,677 $ 4,809 (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 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, 2019 2018 Manulife Finance (Delaware), L.P. (2) $ 852 $ 821 Manulife Financial Capital Trust II (3) 1 999 Total $ 853 $ 1,820 (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 10 and 18. (3) This entity is an open-ended trust that was used to facilitate the Company’s financing. The Company redeemed all of its outstanding $1 billion (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 - - The following table presents investments in securitized holdings by the type and asset quality. 2019 2018 As at December 31, CMBS RMBS ABS Total Total AAA $ 1,580 $ 7 $ 1,218 $ 2,805 $ 2,471 AA – – 648 648 306 A 69 7 296 372 453 BBB – – 63 63 70 Total company exposure $ 1,649 $ 14 $ 2,225 $ 3,888 $ 3,300 (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, 2019 was $1,576 (2018 – $1,711). The Company’s retail mutual fund assets under management as at December 31, 2019 were $217,015 (2018 – $188,729).

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
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 in its capacity as an investment adviser, employer, or taxpayer. Other life insurers and asset managers, operating in the jurisdictions in which the Company does business, have been subject to a wide variety of other types of actions, some of which resulted in substantial judgments or settlements against the defendants; it is possible that the Company may become involved in similar actions in the future. In addition, government and regulatory bodies in Canada, the United States, Asia and other jurisdictions where the Company conducts business regularly make inquiries and, from time to time, require the production of information or conduct examinations concerning the Company’s compliance with, among other things, insurance laws, securities laws, and laws governing the activities of broker-dealers. In June 2018, a class action was initiated against John Hancock Life Insurance Company (U.S.A.) (“JHUSA”) and John Hancock Life Insurance Company of New York (“JHNY”) in the U.S. District Court for the Southern District of New York on behalf of owners of approximately 1,500 Performance Universal Life policies issued between 2003 and 2009 whose policies were subject to a Cost of Insurance (“COI”) increase announced in 2018. In October 2018, a second and almost identical class action was initiated against JHUSA and JHNY in the U.S. District Court for the Southern District of NY. The two cases were determined to be related, and they were assigned to the same judge. Discovery has commenced in these cases. No hearings on substantive matters have been scheduled. It is too early to assess the range of potential outcomes for these two related lawsuits. In addition to the consolidated class action, there are six non-class non-class (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 $8,682 (2018 – $10,372) of outstanding investment commitments as at December 31, 2019, of which $411 (2018 – $888) mature in 30 days, $2,507 (2018 – $3,546) mature in 31 to 365 days and $5,764 (2018 – $5,938) 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, 2019, letters of credit for which third parties are beneficiary, in the amount of $57 (2018 – $74), 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. MFC has also provided a subordinated guarantee on the day of issuance for the following subordinated debentures issued by MLI: $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, 2019 MFC (Guarantor) MLI Other Consolidation Total Total revenue $ 371 $ 79,711 $ 417 $ (929 ) $ 79,570 $ 32 Net income (loss) attributed to shareholders 5,602 5,963 (401 ) (5,562 ) 5,602 (1 ) 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 Condensed Consolidated Statements of Financial Position As at December 31, 2019 MFC (Guarantor) MLI Other Consolidation Total MFLP Invested assets $ 21 $ 378,496 $ 10 $ – $ 378,527 $ 6 Total other assets 57,474 87,774 3 (57,756 ) 87,495 1,088 Segregated funds net assets – 343,108 – – 343,108 – Insurance contract liabilities – 351,161 – – 351,161 – Investment contract liabilities – 3,104 – – 3,104 – Segregated funds net liabilities – 343,108 – – 343,108 – Total other liabilities 8,357 53,998 – (704 ) 61,651 858 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 (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. 2019 2018 As at December 31, Debt securities Other Debt securities Other In respect of: Derivatives $ 4,257 $ 17 $ 3,655 $ 102 Regulatory requirements 433 67 412 84 Repurchase agreements 330 – 64 – Non-registered – 407 – 420 Other 3 331 3 301 Total $ 5,023 $ 822 $ 4,134 $ 907 (f) Lease obligations The Company has a number of 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, 2019, the Company had no fixed surplus notes outstanding.

Segmented Information

Segmented Information	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Segmented Information	Note 19 Segmented Information The Company’s reporting segments are Asia, Canada, U.S., Global WAM and Corporate and Other. Each reporting segment is responsible for managing its operating results, developing products, defining strategies for services and distribution based on the profile and needs of its business and market. The Company’s significant product and service offerings by the reporting segments are mentioned below. Wealth and asset management businesses (Global WAM) Insurance and annuity products (Asia, Canada and U.S.) Corporate and Other Segment run-off Reporting segments Effective January 1, 2019, the Company updated its methodology for allocating capital and the related earnings to each reporting segment from the Corporate and Other segment. The following table presents results by reporting segments. As at and for the year ended December 31, 2019 Asia Canada U.S. Global WAM Corporate Total Revenue Life and health insurance $ 17,107 $ 8,714 $ 6,522 $ – $ 112 $ 32,455 Annuities and pensions 2,900 361 (138 ) – – 3,123 Net premium income 20,007 9,075 6,384 – 112 35,578 Net investment income (loss) 7,451 9,446 15,556 33 1,107 33,593 Other revenue 1,215 1,088 2,654 5,562 (120 ) 10,399 Total revenue 28,673 19,609 24,594 5,595 1,099 79,570 Contract benefits and expenses Life and health insurance 17,975 10,572 19,320 – (36 ) 47,831 Annuities and pensions 3,090 4,312 599 83 – 8,084 Net benefits and claims 21,065 14,884 19,919 83 (36 ) 55,915 Interest expense 236 508 43 6 526 1,319 Other expenses 5,148 3,237 2,944 4,362 425 16,116 Total contract benefits and expenses 26,449 18,629 22,906 4,451 915 73,350 Income (loss) before income taxes 2,224 980 1,688 1,144 184 6,220 Income tax recovery (expense) (277 ) 25 (260 ) (122 ) (84 ) (718 ) Net income (loss) 1,947 1,005 1,428 1,022 100 5,502 Less net income (loss) attributed to: Non-controlling 228 – – – 5 233 Participating policyholders (216 ) (117 ) – – – (333 ) Net income (loss) attributed to shareholders $ 1,935 $ 1,122 $ 1,428 $ 1,022 $ 95 $ 5,602 Total assets $ 127,367 $ 159,042 $ 274,993 $ 216,348 $ 31,380 $ 809,130 As at and for the year ended December 31, 2018 Asia Canada U.S. Global WAM Corporate 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) 301 2,725 1,670 (9 ) (155 ) 4,532 Other revenue 1,296 1,446 2,542 5,472 (328 ) 10,428 Total revenue 19,710 13,598 586 5,463 (385 ) 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 1,913 1,526 2,631 1,062 (1,613 ) 5,519 Income tax recovery (expense) (361 ) (311 ) (340 ) (108 ) 488 (632 ) Net income (loss) 1,552 1,215 2,291 954 (1,125 ) 4,887 Less net income (loss) attributed to: Non-controlling 208 – – – 6 214 Participating policyholders (360 ) 233 – – – (127 ) Net income (loss) attributed to shareholders $ 1,704 $ 982 $ 2,291 $ 954 $ (1,131 ) $ 4,800 Total assets $ 113,781 $ 149,219 $ 270,601 $ 194,214 $ 22,456 $ 750,271 (1) In 2018, the Company ceded premiums to RGA and Jackson for the JHNY transactions, refer to note 6(k) for details. Geographical location The results of the Company’s reporting segments differ from its geographical location primarily due to the allocation of Global WAM and Corporate and Other segments into the geographical location to which its businesses relate. The following table presents results by geographical location. For the year ended December 31, 2019 Asia Canada U.S. Other Total Revenue Life and health insurance $ 17,178 $ 8,388 $ 6,523 $ 366 $ 32,455 Annuities and pensions 2,900 361 (138 ) – 3,123 Net premium income 20,078 8,749 6,385 366 35,578 Net investment income (loss) 7,750 9,801 15,816 226 33,593 Other revenue 2,100 2,651 5,641 7 10,399 Total revenue $ 29,928 $ 21,201 $ 27,842 $ 599 $ 79,570 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

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2019
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, 1 7 (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, 2019 2018 Short-term employee benefits $ 67 $ 65 Post-employment benefits 5 5 Share-based payments 55 50 Termination benefits 8 5 Other long-term benefits 2 2 Total $ 137 $ 127

Subsidiaries

Subsidiaries	12 Months Ended
	Dec. 31, 2019
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, 2019 (100% owned unless otherwise noted in brackets Equity Interest Address Description The Manufacturers Life Insurance Company $56,795 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 $21,673 Calgary, Canada Holding company John Hancock Financial Corporation Boston, Massachusetts, U.S.A. Holding company The Manufacturers Investment Corporation Boston, Massachusetts, U.S.A. Holding company John Hancock Reassurance Company Ltd. Boston, Massachusetts, U.S.A. Captive insurance subsidiary that provides life, annuity and long-term care reinsurance to affiliates John Hancock Life Insurance Company (U.S.A.) Boston, Massachusetts, U.S.A. U.S. life insurance company licensed in all states, except New York John Hancock Subsidiaries LLC Boston, Massachusetts, U.S.A. Holding company John Hancock Financial Network, Inc. Boston, Massachusetts, U.S.A. Financial services distribution organization John Hancock Investment Management LLC Boston, Massachusetts, U.S.A. Investment advisor John Hancock Investment Management Distributors LLC Boston, Massachusetts, U.S.A. Broker-dealer Manulife Investment Management (US) LLC Boston, Massachusetts, U.S.A. Investment advisor 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 Variable Trust Advisers LLC Boston, Massachusetts, U.S.A. Investment advisor for open-end John Hancock Life & Health Insurance Company Boston, Massachusetts, U.S.A. U.S. life insurance company licensed in all states John Hancock Distributors LLC Boston, Massachusetts, U.S.A. Broker-dealer John Hancock Insurance Agency, Inc. Boston, Massachusetts, 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 $1,570 Waterloo, Canada Provides integrated banking products and service options not available from an insurance company Manulife Investment Management Holdings (Canada) Limited $935 Toronto, Canada Holding company Manulife Investment Management Limited Toronto, Canada Provides investment counseling, portfolio and mutual fund management in Canada First North American Insurance Company $7 Toronto, Canada Property and casualty insurance company NAL Resources Management Limited $8 Calgary, Canada Management company for oil and gas properties Manulife Resources Limited $19 Calgary, Canada Holds oil and gas properties Manulife Property Limited Partnership $4 Toronto, Canada Holds oil and gas royalties Manulife Property Limited Partnership II $835 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. $72 Oakville, Canada Mutual fund dealer for Canadian operations Manulife Holdings (Bermuda) Limited $17,597 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 Investment Fund Management (Vietnam) Company Limited Ho Chi Minh City, Vietnam Fund management company Manulife International Holdings Limited Hong Kong, China Holding company Manulife (International) Limited Hong Kong, China Life insurance company Manulife-Sinochem Life Insurance Co. Ltd. (51%) Shanghai, China Life insurance company Manulife Investment Management International Holdings Limited Hong Kong, China Holding company Manulife Investment Management (Hong Kong) Limited Hong Kong, China Investment management and advisory company marketing mutual funds Manulife Investment Management (Taiwan) Co., Ltd. Taipei, Taiwan (China) 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 (85.6%) (1) Bangkok, Thailand Life insurance company Manulife Asset Management (Thailand) Company Limited (93.0%) (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 Investment Management (Malaysia) Bhd (59.5%) Kuala Lumpur, Malaysia Asset management company Manulife (Singapore) Pte. Ltd. Singapore Life insurance company Manulife Investment 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 $812 Jakarta, Indonesia Life insurance company PT Manulife Aset Manajemen Indonesia Jakarta, Indonesia Investment management and investment advisor Manulife Investment Management (Europe) Limited $25 London, England Investment management company for Manulife Financial’s international funds Manulife Assurance Company of Canada $68 Toronto, Canada Life insurance company EIS Services (Bermuda) Limited $980 Hamilton, Bermuda Investment holding company Berkshire Insurance Services Inc. $1,637 Toronto, Canada Investment holding company JH Investments (Delaware), LLC Boston, Massachusetts, U.S.A. Investment holding company Manulife Securities Incorporated $117 Oakville, Canada Investment dealer Manulife Investment Management (North America) Limited $4 Toronto, Canada Investment advisor (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 97.0% and 98.5%, respectively.

Segregated Funds

Segregated Funds	12 Months Ended
	Dec. 31, 2019
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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 2019 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, 2019 and 2018. Ranges in per cent Type of fund 2019 2018 Money market funds 2% to 3% 2% to 3% Fixed income funds 14% to 15% 14% to 15% Balanced funds 2 4 5 25% to 26% Equity funds 5 8 58% 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, 2019 2018 Investments at market value Cash and short-term securities $ 3,364 $ 3,700 Debt securities 16,883 15,313 Equities 12,989 11,661 Mutual funds 304,753 277,133 Other investments 4,785 4,678 Accrued investment income 1,678 1,811 Other assets and liabilities, net (975 ) (700 ) Total segregated funds net assets $ 343,477 $ 313,596 Composition of segregated funds net assets Held by policyholders $ 343,108 $ 313,209 Held by the Company 369 387 Total segregated funds net assets $ 343,477 $ 313,596 Changes in segregated funds net assets For the years ended December 31, 2019 2018 Net policyholder cash flow Deposits from policyholders $ 38,561 $ 38,236 Net transfers to general fund (1,000 ) (1,089 ) Payments to policyholders (49,372 ) (47,475 ) (11,811 ) (10,328 ) Investment related Interest and dividends 18,872 19,535 Net realized and unrealized investment gains (losses) 37,643 (34,683 ) 56,515 (15,148 ) Other Management and administration fees (3,926 ) (3,985 ) Impact of changes in foreign exchange rates (10,897 ) 18,249 (14,823 ) 14,264 Net additions (deductions) 29,881 (11,212 ) Segregated funds net assets, beginning of year 313,596 324,808 Segregated funds net assets, end of year $ 343,477 $ 313,596 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 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, 2019
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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 12. In the United States, insurance laws in Michigan, New York, and Massachusetts, the jurisdictions in which certain of MFC’s U.S. insurance company subsidiaries are domiciled, impose general limitations on the payment of dividends and other upstream distributions or loans by these insurance subsidiaries. These limitations are described in note 12. In Asia, the insurance laws of the jurisdictions in which MFC operates either provide for specific restrictions on the payment of dividends or other distributions or loans by subsidiaries or impose solvency or other financial tests, which could affect the ability of subsidiaries to pay dividends in certain circumstances. There can be no assurance that any current or future regulatory restrictions in Canada, the United States or Asia will not impair MFC’s ability to meet its cash requirements, including, but not limited to, paying any amounts due under its 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, 2019 MFC JHUSA Other Consolidation Consolidated Assets Invested assets $ 21 $ 107,746 $ 271,100 $ (340 ) $ 378,527 Investments in unconsolidated subsidiaries 57,068 7,467 16,983 (81,518 ) – Reinsurance assets – 61,310 10,080 (29,944 ) 41,446 Other assets 406 20,859 45,111 (20,327 ) 46,049 Segregated funds net assets – 181,982 162,845 (1,719 ) 343,108 Total assets $ 57,495 $ 379,364 $ 506,119 $ (133,848 ) $ 809,130 Liabilities and equity Insurance contract liabilities $ – $ 157,398 $ 224,378 $ (30,615 ) $ 351,161 Investment contract liabilities – 1,091 2,014 (1 ) 3,104 Other liabilities 537 21,311 48,226 (20,086 ) 49,988 Long-term debt 4,543 – – – 4,543 Capital instruments 3,277 599 3,244 – 7,120 Segregated funds net liabilities – 181,982 162,845 (1,719 ) 343,108 Shareholders’ equity 49,138 16,983 64,444 (81,427 ) 49,138 Participating policyholders’ equity – – (243 ) – (243 ) Non-controlling – – 1,211 – 1,211 Total liabilities and equity $ 57,495 $ 379,364 $ 506,119 $ (133,848) $ 809,130 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 42,534 (19,545 ) 40,345 Segregated funds net assets – 168,476 146,671 (1,938 ) 313,209 Total assets $ 54,367 $ 361,335 $ 465,041 $ (130,472) $ 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 45,393 (19,313 ) 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 $ 465,041 $ (130,472 ) $ 750,271 Condensed Consolidated Statement of Income For the year ended December 31, 2019 MFC JHUSA Other Consolidation Consolidated Revenue Gross premiums $ – $ 8,599 $ 33,620 $ (1,160 ) $ 41,059 Premiums ceded to reinsurers – (3,575 ) (3,066 ) 1,160 (5,481 ) Net premium income – 5,024 30,554 – 35,578 Net investment income (loss) 355 12,128 22,108 (998 ) 33,593 Net other revenue 16 2,866 11,447 (3,930 ) 10,399 Total revenue 371 20,018 64,109 (4,928 ) 79,570 Contract benefits and expenses Net benefits and claims – 17,133 41,220 (2,438 ) 55,915 Commissions, investment and general expenses 20 3,299 13,938 (1,530 ) 15,727 Other expenses 421 206 2,041 (960 ) 1,708 Total contract benefits and expenses 441 20,638 57,199 (4,928 ) 73,350 Income (loss) before income taxes (70 ) (620 ) 6,910 – 6,220 Income tax (expense) recovery 18 347 (1,083 ) – (718 ) Income (loss) after income taxes (52 ) (273 ) 5,827 – 5,502 Equity in net income (loss) of unconsolidated subsidiaries 5,654 772 499 (6,925 ) – Net income (loss) $ 5,602 $ 499 $ 6,326 $ (6,925) $ 5,502 Net income (loss) attributed to: Non-controlling $ – $ – $ 233 $ – $ 233 Participating policyholders – 2 (333 ) (2 ) (333 ) Shareholders 5,602 497 6,426 (6,923 ) 5,602 $ 5,602 $ 499 $ 6,326 $ (6,925 ) $ 5,502 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 9,791 (1,160 ) 10,428 Total revenue 443 (2,991 ) 43,626 (2,106 ) 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 1,989 (921 ) 1,681 Total contract benefits and expenses 399 (3,743 ) 38,903 (2,106) 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 Consolidated Statement of Cash Flows For the year ended December 31, 2019 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Operating activities Net income (loss) $ 5,602 $ 499 $ 6,326 $ (6,925 ) $ 5,502 Adjustments: Equity in net income of unconsolidated subsidiaries (5,654 ) (772 ) (499 ) 6,925 – Increase (decrease) in insurance contract liabilities – 11,381 22,346 – 33,727 Increase (decrease) in investment contract liabilities – 51 119 – 170 (Increase) decrease in reinsurance assets excluding coinsurance transactions – (1,236 ) 679 – (557 ) Amortization of (premium) discount on invested assets – 40 77 – 117 Other amortization 5 118 503 – 626 Net realized and unrealized (gains) losses and impairment on assets (12 ) (7,105 ) (13,148 ) – (20,265 ) Deferred income tax expense (recovery) (18 ) (192 ) (244 ) – (454 ) Stock option expense – (1 ) 12 – 11 Cash provided by (used in) operating activities before undernoted items (77 ) 2,783 16,171 – 18,877 Dividends from unconsolidated subsidiary 3,000 623 1,123 (4,746 ) – Changes in policy related and operating receivables and payables (39 ) (146 ) 1,850 – 1,665 Cash provided by (used in) operating activities 2,884 3,260 19,144 (4,746 ) 20,542 Investing activities Purchases and mortgage advances – (24,898 ) (55,712 ) – (80,610 ) Disposals and repayments – 22,324 43,009 – 65,333 Changes in investment broker net receivables and payables – 631 528 – 1,159 Investment in common shares of subsidiaries (404 ) – – 404 – Net cash flows from acquisition and disposal of subsidiaries and businesses – – 288 – 288 Capital contribution to unconsolidated subsidiaries – (1 ) – 1 – Return of capital from unconsolidated subsidiaries – 177 – (177 ) – Notes receivable from parent – – (157 ) 157 – Notes receivable from subsidiaries (1 ) 13 – (12 ) – Cash provided by (used in) investing activities (405 ) (1,754 ) (12,044 ) 373 (13,830 ) Financing activities Change in repurchase agreements and securities sold but not yet purchased – – 266 – 266 Redemption of capital instruments – – (1,500 ) – (1,500 ) Secured borrowings from securitization transactions – – 107 – 107 Changes in deposits from Bank clients, net – – 1,819 – 1,819 Lease payments – (8 ) (109 ) – (117 ) Shareholders’ dividends paid in cash (1,398 ) – – – (1,398 ) Dividends paid to parent – (1,123 ) (3,623 ) 4,746 – Contributions from (distributions to) non-controlling – – (22 ) – (22 ) Common shares repurchased (1,339 ) – – – (1,339 ) Common shares issued, net 104 – 404 (404 ) 104 Capital contributions by parent – – 1 (1 ) – Return of capital to parent – – (177 ) 177 – Notes payable to parent – – (12 ) 12 – Notes payable to subsidiaries 157 – – (157 ) – Cash provided by (used in) financing activities (2,476 ) (1,131 ) (2,846 ) 4,373 (2,080 ) Cash and short-term securities Increase (decrease) during the year 3 375 4,254 – 4,632 Effect of foreign exchange rate changes on cash and short-term securities (2 ) (128 ) (336 ) – (466 ) Balance, beginning of year 21 2,317 13,044 – 15,382 Balance, end of year 22 2,564 16,962 – 19,548 Cash and short-term securities Beginning 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, beginning of year 21 2,317 13,044 – 15,382 End of year Gross cash and short-term securities 22 3,058 17,220 – 20,300 Net payments in transit, included in other liabilities – (494 ) (258 ) – (752 ) Net cash and short-term securities, end of year $ 22 $ 2,564 $ 16,962 $ – $ 19,548 Supplemental disclosures on cash flow information: Interest received $ 422 $ 4,252 $ 7,823 $ (948 ) $ 11,549 Interest paid 423 83 1,741 (948 ) 1,299 Income taxes paid (refund) – (788 ) 892 – 104 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 Stock option expense – – 10 – 10 Cash provided by (used in) operating activities before undernoted items 37 2,345 16,966 – 19,348 Dividends from unconsolidated subsidiary 2,700 819 777 (4,296 ) – Changes in policy related and operating receivables and payables 251 (907 ) 496 – (160 ) Cash provided by (used in) operating activities 2,988 2,257 18,239 (4,296 ) 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 flows from acquisition and disposal 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 Change 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 ) 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 Dividends paid to parent – (777 ) (3,519 ) 4,296 – 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 ) (1,168 ) 2,903 (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 (refund) (59 ) 286 234 – 461

Comparatives

Comparatives	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
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, 2019
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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 guidelines 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 insurance liabilities related to variable annuity guarantees and general account public equity investments. Dynamic hedging is the primary hedging strategy for variable annuity market risks. Dynamic hedging is employed for new variable annuity guarantees business when written or as soon as practical thereafter. We seek to manage public equity risk arising from unhedged exposures in our insurance liabilities 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 variable annuity hedging program uses a variety of exchange-traded and over-the-counter 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. Products which feature guaranteed liability cash flows (i.e. where the projected net flows are not materially dependent upon economic scenarios) are managed to a target return investment strategy. The products backed by this asset group include: ∎ Accumulation annuities (other than annuities with pass-through features), which are primarily short-to-medium-term ∎ Payout annuities, which have no surrender options and include predictable and very long-dated obligations; and ∎ Insurance products, with recurring premiums extending many years in the future, and which also include a significant component of very long-dated obligations. We seek to manage the assets backing these long-dated benefits to achieve a target return sufficient to support the obligations over their lifetime, subject to established risk tolerances, by investing in a basket of diversified alternative long-duration assets, which may include public equity investments (“ALDA and public equity”), with the balance invested in fixed income. Utilizing ALDA and public equity investments provides a suitable match for long-duration liabilities that also enhances long-term investment returns and reduces aggregate risk through diversification. Fixed income assets are managed to a benchmark developed to minimize interest rate risk against the liability cash flows not supported by ALDA and public equity investments, and to achieve target returns/spreads required to preserve long-term interest rate investment assumptions used in liability pricing. For insurance and annuity products where significant pass-through features exist, a total return strategy approach is used, generally combining fixed income with ALDA plus public equity investments. ALDA and public equity may be included to enhance long-term investment returns and reduce aggregate risk through diversification. Target investment strategies are established using portfolio analysis techniques that seek to optimize long-term investment returns while considering the risks related to embedded product guarantees and policyholder withdrawal options, the impact of regulatory and economic capital requirements and management tolerances with respect to short-term income volatility and long-term tail risk exposure. For these pass-through products such as participating insurance and universal life insurance, the investment performance of assets supporting the liabilities will be largely passed through to policyholders as changes in the amounts of dividends declared or rates of interest credited, subject to embedded minimum guarantees. Shorter duration liabilities such as fixed deferred annuities do not incorporate ALDA plus public equity into their target asset mixes. Authority to manage our investment portfolios is delegated to investment professionals who manage to benchmarks derived from the target investment strategies established for each group, including interest rate risk tolerances. Our asset liability management strategy incorporates a wide variety of risk measurement, risk mitigation and risk management, and hedging processes. The liabilities and risks to which the Company is exposed, however, cannot be completely matched or hedged due to both limitations on instruments available in investment markets and uncertainty of impact on liability cash flows from policyholder experience/behaviour. 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. Risk from small balance sheet mismatches is accepted if managed within set risk limits. Risk exposures are measured in terms of potential changes in capital ratios, due to foreign exchange rate movements, determined to represent a specified likelihood of occurrence based on internal models. 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, 2019. 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 collateralizable by qualifying mortgage loans, mortgage-backed securities and U.S. Treasury and Agency securities. Based on regulatory limitations, as of December 31, 2019, JHUSA had an estimated maximum borrowing capacity of US$3.9 billion under the FHLBI facility, with no amounts outstanding. The following table outlines the maturity of the Company’s significant financial liabilities. Maturity of financial liabilities (1) As at December 31, 2019 ($ millions) Less than 1 to 3 3 to 5 Over 5 Total Long-term debt $ 649 $ – $ – $ 3,894 $ 4,543 Capital instruments – – 598 6,522 7,120 Derivatives 332 145 218 9,589 10,284 Deposits from Bank clients (2) 16,872 2,632 1,984 – 21,488 Lease liabilities 107 142 49 76 374 (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, 2019 was $21,488 million and $21,563 million, respectively (2018 – $19,684 million and $19,731 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 (2018 – 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 $455.2 billion as at December 31, 2019 (2018 – $427.9 billion). l. Market Risk Sensitivities and Market Risk Exposure Measures Variable Annuity and Segregated Fund Guarantees Sensitivities and Risk Exposure Measures Guarantees on variable annuity products and segregated funds may include one or more of death, maturity, income and withdrawal guarantees. Variable annuity and segregated fund guarantees are contingent and only payable upon the occurrence of the relevant event, if fund values at that time are below guaranteed values. Depending on future equity market levels, liabilities on current in-force We seek to mitigate a portion of the risks embedded in our retained (i.e. net of reinsurance) variable annuity and segregated fund guarantee business through the combination of our dynamic and macro hedging strategies (see “Publicly Traded Equity Performance Risk” below). The table below shows selected information regarding the Company’s variable annuity and segregated fund investment-related guarantees gross and net of reinsurance. Variable annuity and segregated fund guarantees, net of reinsurance As at December 31, ($ millions) 2019 2018 Guarantee Fund value Amount at (4),(5) Guarantee Fund value Amount (4),(5) Guaranteed minimum income benefit $ 4,629 $ 3,696 $ 998 $ 5,264 $ 3,675 $ 1,593 Guaranteed minimum withdrawal benefit 53,355 48,031 6,030 60,494 49,214 11,388 Guaranteed minimum accumulation benefit 17,994 18,362 10 18,611 18,720 141 Gross living benefits (1),(2) 75,978 70,089 7,038 84,369 71,609 13,122 Gross death benefits (3) 9,555 17,186 802 10,663 14,654 1,567 Total gross of reinsurance 85,533 87,275 7,840 95,032 86,263 14,689 Living benefits reinsured 3,977 3,199 832 4,515 3,173 1,343 Death benefits reinsured 718 500 318 2,353 2,070 493 Total reinsured 4,695 3,699 1,150 6,868 5,243 1,836 Total, net of reinsurance $ 80,838 $ 83,576 $ 6,690 $ 88,164 $ 81,020 $ 12,853 (1) 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. (2) Contracts with guaranteed long term care benefits are included in this category. (3) Death benefits include standalone 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, 2019 was $6,690 million (2018 – $12,853 million) of which: US$3,995 million (2018 – US$6,899 million) was on our U.S. business, $1,178 million (2018 – $2,654 million) was on our Canadian business, US$104 million (2018 – US$332 million) was on our Japan business and US$145 million (2018 – US$246 million) was related to Asia (other than Japan) and our run-off Investment categories for variable contracts with guarantees Variable contracts with guarantees, including variable annuities and variable life, are invested, at the policyholder’s discretion subject to contract limitations, in various fund types within the segregated fund accounts and other investments. The account balances by investment category are set out below. As at December 31, ($ millions) Investment category 2019 2018 Equity funds $ 47,489 $ 44,333 Balanced funds 42,448 41,749 Bond funds 11,967 12,279 Money market funds 1,732 2,109 Other fixed interest rate investments 1,975 2,000 Total $ 105,611 $ 102,470 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. Market movements affect LICAT capital sensitivities both through income and other components of the regulatory capital framework. For example, LICAT is affected by changes to other comprehensive income. Publicly Traded Equity Performance Risk Sensitivities and Exposure Measures As outlined above, we have net exposure to equity risk through asset and liability mismatches; 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 macro hedging strategy is designed to mitigate public equity risk arising from variable annuity guarantees not dynamically hedged and from other unhedged exposures in our insurance liabilities. Changes in equity prices may impact other items including, but not limited to, asset-based fees earned on assets under management and administration or policyholder account value, and estimated profits and amortization of deferred policy acquisition and other costs. These items are not hedged. 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 dynamic and macro hedging programs may underperform these estimates, particularly during periods of high realized volatility and/or periods where both interest rates and equity market movements are unfavourable. The 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, 2019 ($ millions) -30% -20% -10% +10% +20% +30% Underlying sensitivity to net income attributed to shareholders (4) Variable annuity guarantees $ (3,270 ) $ (1,930 ) $ (860 ) $ 620 $ 1,060 $ 1,360 General fund equity investments (5) (1,140 ) (720 ) (330 ) 340 680 1,020 Total underlying sensitivity before hedging (4,410 ) (2,650 ) (1,190 ) 960 1,740 2,380 Impact of macro and dynamic hedge assets (6) 2,690 1,580 670 (580 ) (1,020) (1,340) Net potential impact on net income attributed to shareholders after impact of hedging $ (1,720 ) $ (1,070 ) $ (520 ) $ 380 $ 720 $ 1,040 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 General fund equity investments (5) (1,150 ) (780 ) (390 ) 290 580 860 Total underlying sensitivity before hedging (4,800 ) (3,020 ) (1,430 ) 1,180 2,190 3,030 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 $ (1,690 ) $ (1,080 ) $ (520 ) $ 360 $ 740 $ 1,100 (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, excluding impacts from asset-based fees earned on assets under management and policyholder account value. (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 equity investments includes general fund investments supporting our policy liabilities, investment in seed money investments (in new segregated and mutual funds made by Corporate and Other segment) and the impact on policy liabilities related to the projected future fee income on variable universal life and other unit linked products. The impact does not include: (i) any potential impact on public equity weightings; (ii) any gains or losses on AFS public equities held in the Corporate and Other segment; or (iii) any gains or losses on public equity investments held in Manulife Bank. The participating policy funds are largely self-supporting and generate no material impact on net income attributed to shareholders as a result of changes in equity markets. (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). Changes in equity markets impact our available and required components of the LICAT total ratio. The following table shows the potential impact to MLI’s LICAT total ratio resulting from changes in public equity market values. Potential immediate impact on MLI’s LICAT total ratio arising from public equity returns different than the expected return for policy liability valuation (1),(2),(3) Impact on MLI’s LICAT total ratio Percentage points -30% -20% -10% +10% +20% +30% December 31, 2019 (5 ) (3 ) (1 ) 1 4 5 December 31, 2018 (6 ) (4 ) (2 ) 1 5 7 (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 equity markets, as the impact on the quoted sensitivities is not considered to be material. (2) The potential impact is shown assuming that the change in value of the hedge assets does not completely offset the change in the dynamically hedged variable annuity guarantee liabilities. The estimated amount that would not be completely offset relates to our practices of not hedging the provisions for adverse deviation and of rebalancing equity hedges for dynamically hedged variable annuity liabilities at 5% intervals. (3) OSFI rules for segregated fund guarantees reflect full capital impacts of shocks over 20 quarters within a prescribed range. As such, the deterioration in equity markets could lead to further increases in capital requirements after the initial shock. Interest Rate and Spread Risk Sensitivities and Exposure Measures At December 31, 2019, 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 charge 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. At December 31, 2019, we estimated the sensitivity of our net income attributed to shareholders to a 10 basis point reduction in the URR in all geographies, and a corresponding change to stochastic risk-free modeling, to be a charge of $350 million (post-tax); The potential impact on net income attributable to shareholders does not take into account 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 realize 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 Actuarial and Accounting 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 po

Nature of Operations and Sign_2

Nature of Operations and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
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 2019 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, 2019 were authorized for issue by MFC’s Board of Directors on February 12, 2020.
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	(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 The equity method of accounting is used to account for entities over which the Company has significant influence or joint control (“associates” or “joint ventures”), whereby the Company records its share of the associate’s or joint venture’s net assets and financial results using uniform accounting policies for similar transactions and events. Significant judgment is used to determine whether voting rights, contractual management 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, prepayment rates and volatility of these inputs. 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 including 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 6(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. 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 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 or loss 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 infrastructure and timber, as well as in agriculture and oil and gas sectors. Private equity investments are accounted for as associates or joint ventures 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 fair value of purchase consideration of an acquired business and the Company’s proportionate share of the net identifiable assets acquired. It is initially recorded at cost and subsequently measured at cost less any accumulated impairment. Goodwill is tested for impairment at least annually and whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable at the cash generating unit (“CGU”) or group of CGUs level. The Company allocates goodwill to CGUs or 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 with the carrying value of a CGU or group of CGUs. Goodwill is reduced by the amount of deficiency, if any. If the deficiency exceeds the carrying amount of goodwill, the carrying values of the remaining assets in the CGU or group of CGUs are subject to being reduced by the 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, certain investment management contracts and agricultural water rights. 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 an indication that it is not recoverable arises. 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 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 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 in the general fund, which are included 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 separately accounted for as derivatives 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 6(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 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 assets and liabilities and they relate to income taxes levied by the same tax authority on the same taxable entity. Deferred tax liabilities are recognized for all taxable temporary differences, except in respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. The Company records liabilities for uncertain tax positions if it is probable that the Company will make a payment on tax positions due to examinations by tax authorities. These provisions are measured at the Company’s best estimate of the amount expected to be paid. Provisions are reversed to income in the period in which management assesses they are no longer required or determined by statute. The Company is subject to income tax laws in various jurisdictions. Tax laws are complex and potentially subject to different interpretations by the taxpayer and the relevant tax authority. The provision for current income taxes and deferred income taxes represents management’s interpretation of the relevant tax laws and its estimate of current and future income tax implications of the transactions and events during the year. The Company may be required to change its provision for income taxes or deferred income tax balances when the ultimate deductibility of certain items is successfully challenged by taxing authorities, or if estimates used in determining the amount of deferred tax balances to recognize change significantly, or when receipt of new information indicates the need for adjustment in the amount of deferred income taxes to be recognized. Additionally, future events, such as changes in tax laws, tax regulations, or interpretations of such laws or regulations, could have an impact on the provision for income taxes, deferred tax balances and the effective tax rate. Any such changes could materially affect the amounts reported in the Consolidated Financial Statements in the period these changes occur.
Foreign currency translation	(m) Foreign currency translation Items included in the financial statements of each of the Company’s subsidiaries, joint ventures and associates are measured by each entity using the currency of the primary economic environment in which the entity operates (the “functional currency”). If their functional currency is other than Canadian dollar, these entities are foreign operations of the Company. Transactions in a foreign currency are translated to the functional currency at the exchange rate prevailing at the date of the transaction. Assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate in effect at the reporting date. Revenue and expenses denominated in foreign currencies are translated at the average exchange rate prevailing during the quarter reported. Exchange gains and losses are recognized in income except for translation of net investments in foreign operations and the results of hedging these positions, and for non-monetary non-monetary The Consolidated Financial Statements are presented in Canadian dollars. The financial statements of the Company’s foreign operations are translated from their functional currencies to Canadian dollars; assets and liabilities are translated at the exchange rate at the reporting date, and revenue and expenses are translated using the average exchange rates for the period. These foreign exchange gains and losses are included in OCI.
Stock-based compensation	(n) Stock-based compensation The Company provides stock-based compensation to certain employees and directors as described in note 14. 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, unless 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 14(d)), are expensed as incurred. Under the GSOP, subject to certain conditions, the Company will match a percentage of an employee’s eligible contributions to certain maximums. All contributions are used by the plan’s trustee to purchase MFC common shares in the open market.
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 recorded according to the nature of the risks being hedged, as discussed below. In a fair value hedging relationship, changes in fair value of the hedging instruments are recorded in 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 is expected 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 6).
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 13.
Changes in accounting policy	(a) Changes in accounting and reporting policy (i) IFRS 16 “Leases” Effective January 1, 2019, the Company adopted IFRS 16 “Leases” which was issued in January 2016 and replaces IAS 17 “Leases” and IFRIC 4 “Determining whether an arrangement contains a lease”. IFRS 16 sets out principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract. The standard brings most leases on-balance The Company adopted IFRS 16 using the modified retrospective method with no restatement of comparative information. Right-of-use post-tax The Company applied the practical expedient of not reviewing lease classification under IFRS 16 for contracts not previously classified as leases. In addition, the Company has elected to expense lease payments on a straight-line basis for all leases with lease term of 12 months or less or the underlying asset has a low value. (ii) IFRS Interpretation Committee (“IFRIC”) Interpretation 23 “Uncertainty over Income Tax Treatments” Effective January 1, 2019, the Company adopted IFRIC 23 “Uncertainty over Income Tax Treatments” which was issued in June 2017. IFRIC 23 was 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 did not have a significant impact on the Company’s Consolidated Financial Statements. (iii) Amendments to IAS 28 “Investments in Associates and Joint Ventures” Effective January 1, 2019, the Company adopted the amendments to IAS 28 “Investments in Associates and Joint Ventures” which were issued in October 2017. The amendments were applied retrospectively. The amendments clarify that an entity applies IFRS 9 “Financial Instruments” to financial interests in an associate or joint venture, aside from investments in equity, 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 did not have a significant impact on the Company’s Consolidated Financial Statements. (iv) Annual Improvements 2015–2017 Cycle Effective January 1, 2019, the Company adopted amendments issued within the Annual Improvements 2015 – 2017 Cycle which was issued in December 2017. The IASB issued four minor amendments to different standards as part of the Annual Improvements process, with the amendments to be applied prospectively. Adoption of these amendments did not have a significant impact on the Company’s Consolidated Financial Statements. (v) Amendments to IAS 19 “Employee Benefits” Effective January 1, 2019, the Company adopted amendments to IAS 19 “Employee Benefits” which were issued in February 2018. The amendments were applied prospectively. 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 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. In June 2019, the exposure draft published for IFRS 17 proposed to extend the deferral date of IFRS 9 by one year to January 1, 2022. 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 IFRS 4 “Insurance Contracts”. The Company is assessing the impact of this standard. (ii) 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. Exposure Draft Amendments to IFRS 17 was published in June 2019, which proposed a number of targeted amendments for public consultation. The proposed amendments include a deferral of the effective date of IFRS 17 by one year, to January 1, 2022. The proposed amendments are subject to IASB’s re-deliberation mid-2020. 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 including proposed amendments 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. (iii) 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 permit 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. (iv) 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. (v) Interest Rate Benchmark Reform Amendments to IFRS 9, IAS 39 and IFRS 7 Amendments to IFRS 9, IAS 39 and IFRS 7 were issued in September 2019 related to interest rate benchmark reform and are effective retrospectively for annual periods beginning on or after January 1, 2020. The amendments provide temporary relief for hedge accounting to continue during the period of uncertainty before replacement of an existing interest rate benchmark with an alternative risk-free rate. The amendments apply to all hedge accounting relationships that are affected by the interest rate benchmark reform. The IASB is expected to issue further guidance addressing various accounting issues that will arise when the existing interest rate benchmark has been replaced. The Company is assessing the implications of these amendments.

Invested Assets and Investmen_2

Invested Assets and Investment Income (Tables)	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Schedule of Carrying Values and Fair Values of Invested Assets	(a) Carrying values and fair values of invested assets As at December 31, 2019 FVTPL (1) AFS (2) Other (3) Total carrying (4) Total fair (5) Cash and short-term securities (6) $ 1,859 $ 13,084 $ 5,357 $ 20,300 $ 20,300 Debt securities (7) Canadian government and agency 18,582 4,779 – 23,361 23,361 U.S. government and agency 11,031 17,221 – 28,252 28,252 Other government and agency 17,383 4,360 – 21,743 21,743 Corporate 116,044 5,285 – 121,329 121,329 Mortgage/asset-backed securities 3,267 170 – 3,437 3,437 Public equities 20,060 2,791 – 22,851 22,851 Mortgages – – 49,376 49,376 51,450 Private placements – – 37,979 37,979 41,743 Policy loans – – 6,471 6,471 6,471 Loans to Bank clients – – 1,740 1,740 1,742 Real estate Own use property (8) – – 1,926 1,926 3,275 Investment property – – 11,002 11,002 11,002 Other invested assets Alternative long-duration assets (9),(10) 15,252 99 9,492 24,843 25,622 Various other (11) 149 – 3,768 3,917 3,918 Total invested assets $ 203,627 $ 47,789 $ 127,111 $ 378,527 $ 386,496 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 (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 above include debt securities, mortgages, private placements and approximately $179 (2018 – $116) 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, 2019 include debt securities, private placements and other invested assets with fair values of $98, $257 and $373, respectively (2018 – $105, $230 and $465). The change in the fair value of these invested assets during the year was $71 (2018 – $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 $3,806 (2018 – $2,530), cash equivalents with maturities of less than 90 days at acquisition amounting to $11,136 (2018 – $8,713) and cash of $5,358 (2018 – $4,972). (7) Debt securities include securities which were acquired with maturities of less than one year and less than 90 days of $537 and $69, respectively (2018 – $870 and $40, respectively). (8) Includes accumulated depreciation of $414 (2018 – $391). (9) Alternative long-duration assets (“ALDA”) include investments in private equity of $6,396, infrastructure of $8,854, oil and gas of $3,245, timber and agriculture of $4,669 and various other invested assets of $1,679 (2018 – $6,769, $7,970, $3,416, $4,493 and $79 0 (10) In 2019, the Company sold $1,112 of North American Private Equity investments to Manulife Private Equity Partners, L.P, a closed-end (11) Includes $3,371 (2018 – $3,575) 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	(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. 2019 2018 As at December 31, Carrying % of total Carrying % of total Leveraged leases $ 3,371 43 $ 3,575 51 Timber and agriculture 668 9 599 9 Real estate 1,031 13 725 11 Other 2,716 35 1,959 29 Total $ 7,786 100 $ 6,858 100 The Company’s share of profit and dividends from these investments for the year ended December 31, 2019 were $369 and $5, respectively (2018 – $369 and $13).
Schedule of Investment Income	(c) Investment income For the year ended December 31, 2019 FVTPL AFS Other (1) Total Cash and short-term securities Interest income $ 32 $ 281 $ – $ 313 Gains (losses) (2) 11 (29 ) – (18 ) Debt securities Interest income 5,557 783 – 6,340 Gains (losses) (2) 11,525 472 – 11,997 Recovery (impairment loss), net (9 ) 1 – (8 ) Public equities Dividend income 551 69 – 620 Gains (losses) (2) 3,079 109 – 3,188 Impairment loss, net – (24 ) – (24 ) Mortgages Interest income – – 1,951 1,951 Gains (losses) (2) – – 26 26 Recovery (provision), net – – 31 31 Private placements Interest income – – 1,782 1,782 Gains (losses) (2) – – (62 ) (62 ) Impairment loss, net – – (35 ) (35 ) Policy loans – – 391 391 Loans to Bank clients Interest income – – 87 87 Provision, net – – (1 ) (1 ) Real estate Rental income, net of depreciation (3) – – 505 505 Gains (losses) (2) – – 508 508 Derivatives Interest income, net 579 – (24 ) 555 Gains (losses) (2) 2,653 – (6 ) 2,647 Other invested assets Interest income – – 69 69 Oil and gas, timber, agriculture and other income – – 1,862 1,862 Gains (losses) (2) 742 (1 ) 35 776 Recovery (impairment loss), net – – 93 93 Total investment income $ 24,720 $ 1,661 $ 7,212 $ 33,593 Investment income Interest income $ 6,168 $ 1,064 $ 4,256 $ 11,488 Dividend, rental and other income 552 69 2,367 2,988 Impairments, provisions and recoveries, net (9 ) (23 ) 88 56 Other 265 539 57 861 6,976 1,649 6,768 15,393 Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on macro equity hedges Debt securities 11,521 7 – 11,528 Public equities 2,865 5 – 2,870 Mortgages – – 26 26 Private placements – – (62 ) (62 ) Real estate – – 514 514 Other invested assets 776 – (28 ) 748 Derivatives, including macro equity hedging program 2,582 – (6 ) 2,576 17,744 12 444 18,200 Total investment income $ 24,720 $ 1,661 $ 7,212 $ 33,593 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, net – (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 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 (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 total investment expenses. For the years ended December 31, 2019 2018 Related to invested assets $ 627 $ 638 Related to segregated, mutual and other funds 1,121 1,070 Total investment expenses $ 1,748 $ 1,708
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, 2019 2018 Rental income from investment properties $ 864 $ 1,013 Direct operating expenses of rental investment properties (464) (582 ) Total $ 400 $ 431
Summary of Securitized Assets and Secured Borrowing Liabilities	Securitized assets and secured borrowing liabilities As at December 31, 2019 Securitized assets Securitization program Securitized Restricted cash and Total Secured borrowing (2) HELOC securitization (1) $ 2,285 $ 8 $ 2,293 $ 2,250 CMB securitization 1,620 – 1,620 1,632 Total $ 3,905 $ 8 $ 3,913 $ 3,882 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 (1) Manulife Bank, a 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, 2019 Total fair Level 1 Level 2 Level 3 Cash and short-term securities FVTPL $ 1,859 $ – $ 1,859 $ – AFS 13,084 – 13,084 – Other 5,357 5,357 – – Debt securities FVTPL Canadian government and agency 18,582 – 18,582 – U.S. government and agency 11,031 – 11,031 – Other government and agency 17,383 – 17,383 – Corporate 116,044 – 115,411 633 Residential mortgage-backed securities 13 – 13 – Commercial mortgage-backed securities 1,271 – 1,271 – Other asset-backed securities 1,983 – 1,983 – AFS Canadian government and agency 4,779 – 4,779 – U.S. government and agency 17,221 – 17,221 – Other government and agency 4,360 – 4,360 – Corporate 5,285 – 5,270 15 Residential mortgage-backed securities 1 – 1 – Commercial mortgage-backed securities 102 – 102 – Other asset-backed securities 67 – 67 – Public equities FVTPL 20,060 20,060 – – AFS 2,791 2,788 3 – Real estate – investment property (1) 11,002 – – 11,002 Other invested assets (2) 18,194 91 – 18,103 Segregated funds net assets (3) 343,108 2 93 903 44 693 4,512 Total $ 613,577 $ 3 22 199 $ 2 57 113 $ 34,265 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-backed securities 13 – 6 7 Commercial mortgage-backed securities 1,344 – 1,344 – Other asset-backed securities 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-backed securities 2 – – 2 Commercial mortgage-backed securities 128 – 128 – Other asset-backed securities 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 2 73 840 34 922 4,447 Total $ 562,520 $ 2 97 986 $ 2 30 631 $ 33,903 (1) For investment properties, the significant unobservable inputs are capitalization rates (ranging from 2.75% to 8.75% during the year and ranging from 2.75% to 8.75% during 2018) and terminal capitalization rates (ranging from 3.80% to 9.25% during the year and ranging from 3.80% to 9.25% during 2018). 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 infrastructure and timber sectors. The significant inputs used in the valuation of the Company’s infrastructure investments are primarily future distributable cash flows, terminal values and discount rates. Holding other factors constant, an increase to future distributable cash flows or terminal values would tend to increase the fair value of an infrastructure investment, while an increase in the discount rate would have the opposite effect. Discount rates during the year ranged from 7.00% to 16.5% (2018 – ranged from 8.95% 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% (2018 – ranged from 5.0% to 7.0%). 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 in investment properties and timberland properties valued as described above.
Summary of Fair Values and the Fair Value Hierarchy	The following table presents fair value of invested assets not measured at fair value by the fair value hierarchy. As at December 31, 2019 Carrying Fair value Level 1 Level 2 Level 3 Mortgages (1) $ 49,376 $ 51,450 $ – $ – $ 51,450 Private placements (2) 37,979 41,743 – 36,234 5,509 Policy loans (3) 6,471 6,471 – 6,471 – Loans to Bank clients (4) 1,740 1,742 – 1,742 – Real estate – own use property (5) 1,926 3,275 – – 3,275 Other invested assets (6) 10,566 11,346 165 – 11,181 Total invested assets disclosed at fair value $ 108,058 $ 116,027 $ 165 $ 44,447 $ 71,415 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 (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 table presents a roll forward for invested assets, derivatives and segregated funds net assets measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31, 2019 and 2018. For the year ended Balance, Net (1) Net (2) Purchases Sales Settlements Transfer into Level 3 (3),(4) Transfer out of Level 3 (3,(4) Currency Balance, Change in Debt securities FVTPL Other government & agency $ 180 $ 1 $ – $ 16 $ (18 ) $ – $ – $ (178 ) $ (1 ) $ – $ – Corporate 784 35 – 43 (88 ) (18 ) 514 (604 ) (33 ) 633 47 Residential mortgage-backed securities 7 – – – (1 ) – – (6 ) – – – 971 36 – 59 (107 ) (18 ) 514 (788 ) (34 ) 633 47 AFS Other government & agency 37 1 – 5 (12 ) – – (31 ) – – – Corporate 120 1 – 13 (21 ) (4 ) – (93 ) (2 ) 14 – Residential mortgage-backed securities 2 – – – – – – (1 ) – 1 – Commercial mortgage-backed securities – – – 37 – – – (37 ) – – – 159 2 – 55 (33 ) (4 ) – (162 ) (2 ) 15 – Public equities FVTPL 3 1,739 – – (1,679 ) – – – (63 ) – 1,510 3 1,739 – – (1,679 ) – – – (63 ) – 1,510 Real estate –investment property 10,761 506 – 440 (457 ) – 15 – (263 ) 11,002 468 Other invested assets 17,562 (1,028 ) 2 3,401 (144 ) (1,031 ) 2 – (661 ) 18,103 (923 ) 28,323 (522 ) 2 3,841 (601 ) (1,031 ) 17 – (924 ) 29,105 (455 ) Derivatives 106 1,884 44 42 – (685 ) 135 (34 ) (36 ) 1,456 1,423 Segregated funds net assets 4,447 148 – 193 (140 ) (30 ) – – (106 ) 4,512 111 Total $ 34,009 $ 3,287 $ 46 $ 4,190 $ (2,560 ) $ (1,768 ) $ 666 $ (984 ) $ (1,165 ) $ 35,721 $ 2,636 For the year ended December 31, 2018 Balance, Net (1) Net (2) Purchases Sales Settlements Transfer into Level 3 (3),(4) Transfer out of Level 3 (3,(4) 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-backed securities 1 6 – – – – – – – 7 6 Other asset-backed securities 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-backed securities – – 1 – – – – – 1 2 – Other asset-backed securities 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 ) Derivatives 769 (666 ) (48 ) 12 – 18 9 (13 ) 25 106 (460 ) Segregated funds net assets 4,255 226 – 155 (367 ) 1 3 (17 ) 191 4,447 161 Total $ 34,870 $ (1,310 ) $ (46 ) $ 5,011 $ (4,754 ) $ (862 ) $ 12 $ (928 ) $ 2,016 $ 34,009 $ (496 ) (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) The Company uses fair values of the assets at the beginning of the year for assets transferred into and out of Level 3 except for derivatives, refer to footnote 4 below. (4) For derivatives transfer into or out of Level 3, the Company uses fair value at the end of the year and at the beginning of the year, respectively.

Derivative and Hedging Instru_2

Derivative and Hedging Instruments (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 2018 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 $ 350 $ – $ 5 $ 519 $ – $ 13 Foreign currency swaps 86 3 1 91 5 – Cash flow hedges Foreign currency swaps 1,790 39 407 1,834 80 367 Forward contracts – – – 80 – 9 Equity contracts 132 16 – 101 – 12 Net investment hedges Forward contracts 2,822 7 22 1,864 21 65 Total derivatives in qualifying hedge accounting relationships 5,180 65 435 4,489 106 466 Derivatives not designated in qualifying hedge accounting relationships Interest rate swaps 283,172 15,159 8,140 300,704 11,204 5,675 Interest rate futures 13,069 – – 14,297 – – Interest rate options 12,248 423 – 11,736 314 – Foreign currency swaps 26,329 606 1,399 23,156 747 1,341 Currency rate futures 3,387 – – 4,052 – – Forward contracts 33,432 2,337 273 29,248 670 158 Equity contracts 14,582 853 37 15,492 653 163 Credit default swaps 502 6 – 652 9 – Equity futures 10,576 – – 10,908 – – Total derivatives not designated in qualifying hedge accounting relationships 397,297 19,384 9,849 410,245 13,597 7,337 Total derivatives $ 402,477 $ 19,449 $ 10,284 $ 414,734 $ 13,703 $ 7,803
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 8. Remaining term to maturity As at December 31, 2019 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total Derivative assets $ 1,248 $ 1,659 $ 1,309 $ 15,233 $ 19,449 Derivative liabilities 332 145 218 9,589 10,284 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 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, 2019 Under 1 year 1 to 5 years Over 5 years Total Positive Negative Net Credit risk equivalent (1) Risk- amount (2) Interest rate contracts OTC swap contracts $ 5,105 $ 22,288 $ 112,863 $ 140,256 $ 15,627 $ (8,910 ) $ 6,717 $ 6,891 $ 957 Cleared swap contracts 3,932 11,499 127,835 143,266 238 (240 ) (2 ) – – Forward contracts 11,709 15,089 1,283 28,081 2,312 (253 ) 2,059 398 53 Futures 13,069 – – 13,069 – – – – – Options purchased 1,266 4,454 6,528 12,248 423 – 423 560 77 Subtotal 35,081 53,330 248,509 336,920 18,600 (9,403 ) 9,197 7,849 1,087 Foreign exchange Swap contracts 998 7,519 19,688 28,205 642 (1,864 ) (1,222 ) 2,515 279 Forward contracts 8,173 – – 8,173 32 (42 ) (10 ) 138 16 Futures 3,387 – – 3,387 – – – – – Credit derivatives 275 227 – 502 6 – 6 – – Equity contracts Swap contracts 1,233 164 – 1,397 43 (16 ) 27 236 29 Futures 10,576 – – 10,576 – – – – – Options purchased 6,604 6,633 80 13,317 821 (20 ) 801 3,418 448 Subtotal including accrued interest 66,327 67,873 268,277 402,477 20,144 (11,345 ) 8,799 14,156 1,859 Less accrued interest – – – – 695 (1,061 ) (366 ) – – Total $ 66,327 $ 67,873 $ 268,277 $ 402,477 $ 19,449 $ (10,284 ) $ 9,165 $ 14,156 $ 1,859 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- 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 (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, 2019 Fair value Level 1 Level 2 Level 3 Derivative assets Interest rate contracts $ 17,894 $ – $ 15,801 $ 2,093 Foreign exchange contracts 680 – 680 – Equity contracts 869 – 821 48 Credit default swaps 6 – 6 – Total derivative assets $ 19,449 $ – $ 17,308 $ 2,141 Derivative liabilities Interest rate contracts $ 8,397 $ – $ 7,730 $ 667 Foreign exchange contracts 1,850 – 1,849 1 Equity contracts 37 – 20 17 Total derivative liabilities $ 10,284 $ – $ 9,599 $ 685 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
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, 2019 Hedged items in qualifying fair value hedging relationships Gains (losses) Gains (losses) Ineffectiveness Interest rate swaps Fixed rate liabilities $ 8 $ (6 ) $ 2 Foreign currency swaps Fixed rate assets (1 ) 2 1 Total $ 7 $ (4 ) $ 3 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
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, 2019 Hedged items in qualifying cash flow hedging relationships Gains (losses) Gains (losses) Ineffectiveness Foreign currency swaps Fixed rate assets $ (2 ) $ 1 $ – Floating rate liabilities (40 ) 37 – Fixed rate liabilities (41 ) (35 ) – Forward contracts Forecasted expenses – (9 ) – Equity contracts Stock-based compensation 35 (9 ) – Total $ (48 ) $ (15 ) $ – 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 $ –
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, 2019 Gains (losses) Gains (losses) Ineffectiveness Non-functional $ 279 $ – $ – Forward contracts 80 – – Total $ 359 $ – $ – For the year ended December 31, 2018 Gains (losses) Gains (losses) Ineffectiveness Non-functional $ (469 ) $ – $ – Forward contracts 9 – – Total $ (460 ) $ – $ –
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, 2019 2018 Interest rate swaps $ 1,483 $ (1,894 ) Interest rate futures 571 (298 ) Interest rate options 96 (52 ) Foreign currency swaps (242 ) (122 ) Currency rate futures 88 3 Forward contracts 2,815 (355 ) Equity futures (2,436 ) 742 Equity contracts 277 (276 ) Credit default swaps (3 ) (6 ) Total $ 2,649 $ (2,258 )

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Summary of Carrying Amounts of Goodwill and Intangible Assets	(a) Change in the carrying value of goodwill and intangible assets The following table presents the change in the carrying value of goodwill and intangible assets. As at December 31, 2019 Balance, Additions/ Amortization Effect of changes Balance, Goodwill $ 5,864 $ (6 ) $ n/a $ (115 ) $ 5,743 Indefinite life intangible assets Brand 819 – n/a (40 ) 779 Fund management contracts and other (1) 798 32 n/a (25 ) 805 1,617 32 n/a (65 ) 1,584 Finite life intangible assets (2) Distribution networks 868 6 44 (29 ) 80 1 Customer relationships 860 (2 ) 54 (9 ) 795 Software 821 357 168 (19 ) 991 Other 67 – 5 (1 ) 6 1 2,616 361 271 (58 ) 2,648 Total intangible assets 4,233 393 271 (123 ) 4,232 Total goodwill and intangible assets $ 10,097 $ 387 $ 271 $ (238 ) $ 9,975 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 (1) Fund management contracts were mostly allocated to Canada WAM and U.S. WAM CGUs with the carrying values of $273 (2018 – $273) and $380 (2018 – $400), respectively. (2) Gross carrying amount of finite life intangible assets was $1,292 for distribution networks, $1,133 for customer relationships, $2,239 for software and $130 for other (2018 – $1,331, $1,145, $2,110 and $133 ) . (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 the 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, 2019 CGU or group of CGUs Balance, Additions/ Effect of Balance, Asia Asia Insurance (excluding Japan) $ 165 $ – $ (6 ) $ 159 Japan Insurance 435 – (15 ) 420 Canada Insurance 1,962 – (5 ) 1,957 U.S. Insurance 367 – (18 ) 349 Global Wealth and Asset Management Asia WAM 196 – (9 ) 187 Canada WAM 1,436 – – 1,436 U.S. WAM 1,303 (6 ) (62 ) 1,235 Total $ 5,864 $ (6 ) $ (115 ) $ 5,743 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 Management 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 The valuation techniques, significant assumptions and sensitivities, where applicable, applied in the goodwill impairment testing are described below.

Insurance Contract Liabilitie_2

Insurance Contract Liabilities and Reinsurance Assets (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 2018 Insurance contract liabilities $ 336,156 $ 313,737 Benefits payable and provision for unreported claims 4,229 4,398 Policyholder amounts on deposit 10,776 10,519 Gross insurance contract liabilities 351,161 328,654 Reinsurance assets (1) (41,353 ) (42,925 ) Net insurance contract liabilities $ 309,808 $ 285,729
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, 2019 Participating Non- Annuities Other (1) Total, net of Total Total, Asia $ 46,071 $ 32,887 $ 5,915 $ 3,064 $ 87,937 $ 1,432 $ 89,369 Canada 12,012 39,655 17,871 13,759 83,297 286 83,583 U.S. 8,734 66,163 14,763 49,199 138,859 39,411 178,270 Corporate and Other – (609 ) 36 288 (285 ) 224 (61 ) Total, net of reinsurance ceded 66,817 138,096 38,585 66,310 309,808 $ 41,353 $ 351,161 Total reinsurance ceded 9,869 13,588 16,850 1,046 41,353 Total, gross of reinsurance ceded $ 76,686 $ 151,684 $ 55,435 $ 67,356 $ 351,161 Individual insurance As at December 31, 2018 Participating Non- Annuities Other (1) Total, net of Total Total, 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 (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, 2019 Participating Non- Annuities Other insurance (1) Other (2) Capital (3) Total Assets Debt securities $ 34,169 $ 74,113 $ 19,865 $ 31,620 $ 8,828 $ 29,527 $ 198,122 Public equities 10,907 6,453 204 253 381 4,653 22,851 Mortgages 2,921 12,140 5,203 7,916 21,165 31 49,376 Private placements 4,658 16,020 6,957 9,122 1,090 132 37,979 Real estate 3,336 6,446 1,082 1,731 113 220 12,928 Other 10,826 22,924 5,274 15,668 410,376 22,806 487,874 Total $ 66,817 $ 138,096 $ 38,585 $ 66,310 $ 441,953 $ 57,369 $ 809,130 Individual insurance As at December 31, 2018 Participating Non- 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 (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 12.
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 2019 2018 Policy related assumptions 2% adverse change in future mortality rates (2),(4) Products where an increase in rates increases insurance contract liabilities $ ( 5 ) $ (500 ) 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) (5,100 ) (4,800 ) 10% adverse change in future policy termination rates (4) (2,400 ) (2,200 ) 5% increase in future expense levels (600 ) (600 ) (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 2019 annual review of actuarial methods and assumptions resulted in an increase in insurance contract liabilities of $74, net of reinsurance, and a decrease in net income attributed to shareholders of $21 post-tax. Change in insurance contract liabilities, For the year ended December 31, 2019 Total Attributed to Attributed to Change in net (post-tax) Long-term care triennial review $ 11 $ – $ 11 $ (8 ) Mortality and morbidity updates 25 47 (22 ) 14 Lapses and policyholder behaviour 135 17 118 (75 ) Investment return assumptions 12 81 (69 ) 70 Other updates (109 ) (163 ) 54 (22 ) Net impact $ 74 $ (18 ) $ 92 $ (21 ) 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 (684 ) (94 ) (590 ) 392 Net impact $ (174 ) $ (236 ) $ 62 $ (51 )
Summary of Insurance Contract Liabilities, Payments Due by Period	Insurance contracts give rise to obligations fixed by agreement. As at December 31, 2019, 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 Total Insurance contract liabilities (1) $ 9,682 $ 12,084 $ 16,587 $ 758,687 $ 797,040 (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, 2019 2018 Death, disability and other claims $ 15,752 $ 15,174 Maturity and surrender benefits 8,433 7,722 Annuity payments 4,030 4,262 Policyholder dividends and experience rating refunds 1,445 1,809 Net transfers from segregated funds (1,000 ) (1,089 ) Total $ 28,660 $ 27,878
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, Decrease in net income 2019 2018 Policy related assumptions 2% adverse change in future mortality rates $ (300 ) $ (200 ) 5% adverse change in future morbidity incidence rates (2,500 ) (1,700 ) 5% adverse change in future morbidity claims termination rates (2,200 ) (2,800 ) 10% adverse change in future policy termination rates (400 ) (400 ) 5% increase in future expense levels (100 ) (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, 2019 Net actuarial Other (1) Net Reinsurance Gross Balance, January 1 $ 272,761 $ 12,968 $ 285,729 $ 42,925 $ 328,654 New policies (2) 3,251 – 3,251 521 3,772 Normal in-force (2) 30,171 750 30,921 (972 ) 29,949 Changes in methods and assumptions (2) 74 – 74 927 1,001 Impact of changes in foreign exchange rates (9,668 ) (499 ) (10,167 ) (2,048 ) (12,215 ) Balance, December 31 $ 296,589 $ 13,219 $ 309,808 $ 41,353 $ 351,161 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 (3) 3,269 – 3,269 388 3,657 Normal in-force (3) 2,044 985 3,029 (1,150 ) 1,879 Changes in methods and assumptions (3) (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 (1) Other insurance contract liabilities are comprised of benefits payable and provision for unreported claims and policyholder amounts on deposit. (2) In 2019, the $33,727 increase reported as the change in insurance contract liabilities on the Consolidated Statements of Income primarily consists of changes due to normal in-force (3) 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 pre-tax post-tax)

Investment Contract Liabiliti_2

Investment Contract Liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
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. For the years ended December 31, 2019 2018 Balance, January 1 $ 782 $ 639 New policies 66 96 Changes in market conditions 62 76 Redemptions, surrenders and maturities (86 ) (86 ) Impact of changes in foreign exchange rates (35 ) 57 Balance, December 31 $ 789 $ 782
Summary of Investment Contract Liabilities Measured at Amortized Cost and Fair Value Associated with these Contracts	The following table presents carrying and fair values of investment contract liabilities measured at amortized cost. 2019 2018 As at December 31, Amortized cost, gross of (1) Fair value Amortized cost, gross of (1) Fair value U.S. fixed annuity products $ 1,248 $ 1,482 $ 1,357 $ 1,449 Canadian fixed annuity products 1,067 1,158 1,126 1,269 Investment contract liabilities $ 2,315 $ 2,640 $ 2,483 $ 2,718 (1) As at December 31, 2019, investment contract liabilities with the carrying value and fair value of $93 and $103, respectively (2018 – $128 and $130, respectively), were reinsured by the Company. The net carrying value and fair value of investment contracts labilities were $2,222 and $2,537 (2018 – $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, 2019 2018 Balance, January 1 $ 2,483 $ 2,487 Policy deposits 2 6 Interest 62 82 Withdrawals (182 ) (201 ) Fees (3 ) (1 ) Other 17 – Impact of changes in foreign exchange rates (64 ) 110 Balance, December 31 $ 2,315 $ 2,483
Summary of Contractual Obligations and Commitments Relating to Investment Contracts	As at December 31, 2019, 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) $ 289 $ 484 $ 476 $ 3,846 $ 5,095 (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, 2019
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, 2019 2018 Debt securities FVTPL $ 166,307 $ 154,737 AFS 31,815 30,857 Mortgages 49,376 48,363 Private placements 37,979 35,754 Policy loans 6,471 6,446 Loans to Bank clients 1,740 1,793 Derivative assets 19,449 13,703 Accrued investment income 2,416 2,427 Reinsurance assets 41,446 43,053 Other financial assets 5,628 4,800 Total $ 362,627 $ 341,933
Summary of Credit Quality and Carrying Value of Commercial Mortgages and Private Placements	The following table presents credit quality of commercial mortgages and private placements. As at December 31, 2019 AAA AA A BBB BB B and lower Total Commercial mortgages Retail $ 132 $ 1,374 $ 5,285 $ 2,039 $ 10 $ – $ 8,840 Office 77 1,540 5,808 1,402 26 18 8,871 Multi-family residential 640 1,585 2,397 714 35 – 5,371 Industrial 38 364 1,820 237 10 – 2,469 Other 260 739 976 1,290 – 8 3,273 Total commercial mortgages 1,147 5,602 16,286 5,682 81 26 28,824 Agricultural mortgages – 27 137 312 – – 476 Private placements 1,098 5,513 14,311 14,139 823 2,095 37,979 Total $ 2,245 $ 11,142 $ 30,734 $ 20,133 $ 904 $ 2,121 $ 67,279 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
Summary of Carrying Value of Past Due but Not Impaired and Impaired Financial Assets	The following table presents past due but not impaired and impaired financial assets. Past due but not impaired As at December 31, 2019 Less than 90 days Total Total Debt securities FVTPL $ 11 $ – $ 11 $ 167 AFS 4 1 5 – Private placements 215 – 215 7 Mortgages and loans to Bank clients 61 – 61 59 Other financial assets 60 42 102 1 Total $ 351 $ 43 $ 394 $ 234 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
Summary of Company's Loans That are Considered Impaired	The following table presents gross carrying amount and allowances for loan losses for impaired loans. As at December 31, 2019 Gross Allowances for Net carrying Private placements $ 11 $ 4 $ 7 Mortgages and loans to Bank clients 75 16 59 Total $ 86 $ 20 $ 66 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
Summary of Reconciliation of Allowance for Loan Losses	The following table presents movement of allowance for loan losses during the year. 2019 2018 For the years ended December 31, Private Mortgages Total Private Mortgages Total Balance, January 1 $ 43 $ 52 $ 95 $ 39 $ 46 $ 85 Provisions 35 15 50 37 18 55 Recoveries – (46 ) (46 ) (27 ) (9 ) (36 ) Write-offs (1) (74 ) (5 ) (79 ) (6 ) (3 ) (9 ) Balance, December 31 $ 4 $ 16 $ 20 $ 43 $ 52 $ 95 (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, 2019 Notional (1) Fair value Weighted (in years) (2) Single name CDSs (3) AA $ 24 $ – 1 A 371 5 1 BBB 107 1 2 Total single name CDSs $ 502 $ 6 1 Total CDS protection sold $ 502 $ 6 1 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 (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, 2019 Gross amounts of (1) Amounts subject to Financial and (2) Net amount (3) Net amounts Financial assets Derivative assets $ 20,144 $ (9,188 ) $ (10,889 ) $ 67 $ 67 Securities lending 558 – (558 ) – – Reverse repurchase agreements 990 – (989 ) 1 1 Total financial assets $ 21,692 $ (9,188 ) $ (12,436 ) $ 6 8 $ 6 8 Financial liabilities Derivative liabilities $ (11,345 ) $ 9,188 $ 1,903 $ (254 ) $ (53 ) Repurchase agreements (333 ) – 330 (3 ) (3 ) Total financial liabilities $ (11,678) $ 9,188 $ 2,233 $ (257 ) $ (56 ) 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 ) (1) Financial assets and liabilities include accrued interest of $696 and $1,061, respectively (2018 – $621 and $913, respectively). (2) Financial and cash collateral exclude over-collateralization. As at December 31, 2019, 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 $1,149, $526, $44 and $nil, respectively (2018 – $417, $405, $80 and $nil, respectively). As at December 31, 2019, 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, 2019 Gross amounts of Amounts subject to netting arrangement Net amounts of Credit linked note (1) $ 782 $ (782 ) $ – Variable surplus note (782 ) 782 – As at December 31, 2018 Gross amounts of Amounts subject to netting arrangement Net amounts of Credit linked note (1) $ 679 $ (679 ) $ – Variable surplus note (679 ) 679 – (1) As at December 31, 2019, the Company had no fixed surplus notes outstanding (December 31, 2018 – $nil).
Schedule of Distribution of Debt Securities and Private Placements Portfolio by Sector and Industry	The following table presents debt securities and private placements portfolio by sector and industry. 2019 2018 As at December 31, Carrying value % of total Carrying value % of total Government and agency $ 77,883 33 $ 73,858 33 Utilities 44,426 19 41,929 19 Financial 31,929 13 31,340 14 Consumer 25,931 11 24,190 11 Energy 20,196 9 17,685 8 Industrial 19,024 8 17,508 8 Other 16,712 7 14,838 7 Total $ 236,101 100 $ 221,348 100
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, 2019 Gross liabilities Reinsurance Net liabilities U.S. and Canada $ 255,999 $ (40,944 ) $ 215,055 Asia and Other 98,237 (502 ) 97,735 Total $ 354,236 $ (41,446 ) $ 312,790 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
Asset classes and individual investment risks [Member]
Statement [LineItems]
Schedule of Risk Concentrations	As at December 31, 2019 2018 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 37% 38% Government private placements as a per cent of total private placements 12% 11% Highest exposure to a single non-government $ 1,083 $ 1,013 Largest single issuer as a per cent of the total equity portfolio 2% 2% Income producing commercial office properties (2019 – 56% of real estate, 2018 – 55%) $ 7,279 $ 7,065 Largest concentration of mortgages and real estate (2) , $ 17,038 $ 16,092 (1) Investment grade debt securities and private placements include 41% rated A, 17% rated AA and 16% rated AAA (2018 – 41%, 17% 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	The following table presents credit quality of residential mortgages and loans to Bank clients. 2019 (1) 2018 As at December 31, Insured Uninsured Total Insured Uninsured Total Residential mortgages Performing $ 6,613 $ 13,411 $ 20,024 $ 6,854 $ 12,696 $ 19,550 Non-performing 25 27 52 19 27 46 Loans to Bank clients Performing n/a 1,740 1,740 n/a 1,787 1,787 Non-performing n/a – – n/a 6 6 Total $ 6,638 $ 15,178 $ 21,816 $ 6,873 $ 14,516 $ 21,389 (1) Non-performing

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2019
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 2019 2018 4.70% Senior notes (1),(3) June 23, 2016 June 23, 2046 US$ 1,000 $ 1,290 $ 1,355 5.375% Senior notes (2),(3) March 4, 2016 March 4, 2046 US$ 750 962 1,010 3.527% Senior notes (2),(3) December 2, 2016 December 2, 2026 US$ 270 350 367 4.150% Senior notes (2),(3) March 4, 2016 March 4, 2026 US$ 1,000 1,292 1,356 4.90% Senior notes (2),(3) September 17, 2010 September 17, 2020 US$ 500 649 681 Total $ 4,543 $ 4,769 (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 US 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
Aggregate Maturities of Long-term Debt	(c) Aggregate maturities of long-term debt As at December 31, Less than 1 to 3 3 to 5 Over 5 Total 2019 $ 649 $ – $ – $ 3,894 $ 4,543 2018 – 681 – 4,088 4,769

Capital Instruments (Tables)

Capital Instruments (Tables)	12 Months Ended
	Dec. 31, 2019
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 2019 2018 7.535% MFCT II Senior debenture notes (1) July 10, 2009 December 31, 2019 December 31, 2108 $ 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$ 750 969 1,017 3.00% MFC Subordinated notes (4) November 21, 2017 November 21, 2024 November 21, 2029 S$ 500 481 498 3.049% MFC Subordinated debentures (5) August 18, 2017 August 20, 2024 August 20, 2029 $ 750 747 747 3.317% MFC Subordinated debentures (5) May 9, 2018 May 9, 2023 May 9, 2028 $ 600 598 597 3.181% MLI Subordinated debentures (6) November 20, 2015 November 22, 2022 November 22, 2027 $ 1,000 998 997 3.85% MFC Subordinated notes (4) May 25, 2016 May 25, 2021 May 25, 2026 S$ 500 482 499 2.389% MLI Subordinated debentures (6) June 1, 2015 January 5, 2021 January 5, 2026 $ 350 350 349 2.10% MLI Subordinated debentures (6) March 10, 2015 June 1, 2020 June 1, 2025 $ 750 750 749 2.64% MLI Subordinated debentures (6) , December 1, 2014 January 15, 2020 January 15, 2025 $ 500 500 500 2.811% MLI Subordinated debentures (8) February 21, 2014 February 21, 2019 February 21, 2024 $ 500 – 500 7.375% JHUSA Surplus notes (9) February 25, 1994 n/a February 15, 2024 US$ 450 59 8 632 Total $ 7,120 $ 8,732 (1) MLI redeemed in full the 7.535% Manulife Financial Capital Trust II (“MFCT II”) Senior debenture notes at par, on December 30, 2019, together with accrued interest. Refer to note 17. (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) MLI redeemed in full the 2.64% subordinated debentures at par, on January 15, 2020, the earliest par redemption date. (8) MLI redeemed in full the 2.811% subordinated debentures at par, on February 21, 2019, the earliest par redemption date. (9) 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$17 (2018 – US$20), 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.

Share Capital and Earnings Pe_2

Share Capital and Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Statement [LineItems]
Summary of Additional Information on Preferred Shares Outstanding	(a) Preferred shares The following tables presents information about the outstanding preferred shares as at December 31, 2019 and 2018. As at December 31, 2019 Issue date Annual (1) Earliest redemption (2) Number of Face Net amount (3) 2019 2018 Class A preferred shares Series 2 February 18, 2005 4.65% n/a 14 $ 350 $ 344 $ 344 Series 3 January 3, 2006 4.50% n/a 12 300 294 294 Class 1 preferred shares Series 3 (4),(5) March 11, 2011 2.178% June 19, 2021 6 158 155 155 Series 4 (6) June 20, 2016 floating June 19, 2021 2 42 41 41 Series 5 (4),(5) December 6, 2011 3.891% December 19, 2021 8 200 195 195 Series 7 (4),(5) February 22, 2012 4.312% March 19, 2022 10 250 244 244 Series 9 (4),(5) May 24, 2012 4.351% September 19, 2022 10 250 244 244 Series 11 (4),(5) December 4, 2012 4.731% March 19, 2023 8 200 196 196 Series 13 (4),(5) June 21, 2013 4.414% September 19, 2023 8 200 196 196 Series 15 (4),(5),(7) February 25, 2014 3.786% June 19, 2024 8 200 195 195 Series 17 (4),(5) August 15, 2014 3.90% December 19, 2019 14 350 343 343 Series 19 (4),(5) December 3, 2014 3.80% March 19, 2020 10 250 246 246 Series 21 (4),(5) February 25, 2016 5.60% June 19, 2021 17 425 417 417 Series 23 (4),(5) November 22, 2016 4.85% March 19, 2022 19 475 467 467 Series 25 (4),(5),(8) February 20, 2018 4.70% June 19, 2023 10 250 245 245 Total 156 $ 3,900 $ 3,822 $ 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, except for Class A Series 2, Class A Series 3 and Class 1 Series 4 preferred shares. Class A Series 2 and Series 3 preferred shares are past their respective earliest redemption date and MFC may redeem these 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 15 on June 19, 2019 (the earliest redemption date). Dividend rate for Class 1 Shares Series 15 was reset as specified in footnote 4 above to an annual fixed rate of 3.786% for a five-year period commencing on June 20, 2019. (8) On February 20, 2018, MFC issued 10 million of Non-Cumulative
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, 2019 2018 Basic earnings per common share $ 2.77 $ 2.34 Diluted earnings per common share 2.77 2.33
Summary of Reconciliation of Denominator (Number of Shares) in Calculation of Basic and Diluted Earnings Per Share	The following is a reconciliation of the number of shares in the calculation of basic and diluted earnings per share. For the years ended December 31, 2019 2018 Weighted average number of common shares (in millions) 1,958 1,983 Dilutive stock-based awards (1) 4 5 Weighted average number of diluted common shares (in millions) 1,962 1,988 (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 9 million (2018 – 7 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 – $ 0.236625 per share Class 1 Shares Series 3 – $ 0.136125 per share Class 1 Shares Series 17 – $ 0.2375 per share Class 1 Shares Series 4 – $ 0.191413 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
Common shares [Member]
Statement [LineItems]
Summary of Changes in Issued and Outstanding Shares	The following table presents changes in common shares issued and outstanding. 2019 2018 For the years ended December 31, Number of (in millions) Amount Number of (in millions) Amount Balance, January 1 1,971 $ 22,961 1,982 $ 22,989 Repurchased for cancellation (58 ) (677 ) (23 ) (269 ) Issued under dividend reinvestment plan 31 739 9 182 Issued on exercise of stock options and deferred share units 5 104 3 59 Total 1,949 $ 23,127 1,971 $ 22,961

Capital Management (Tables)

Capital Management (Tables)	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Schedule of Consolidated Capital	Consolidated capital As at December 31, 2019 2018 Total equity $ 50,106 $ 47,151 Adjusted for AOCI loss on cash flow hedges (143 ) (127 ) Total equity excluding AOCI on cash flow hedges 50,249 47,278 Qualifying capital instruments 7,120 8,732 Consolidated capital $ 57,369 $ 56,010 (b) Restrictions on dividends and capital distributions

Revenue from Service Contracts

Revenue from Service Contracts (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 Asia Canada U.S. Global Corporate Total Investment management and other related fees $ 177 $ 161 $ 542 $ 2,773 $ (198 ) $ 3,455 Transaction processing, administration, and service fees 268 827 17 2,048 – 3,160 Distribution fees and other 184 52 72 741 (44 ) 1,005 Total included in other revenue 629 1,040 631 5,562 (242 ) 7,620 Real estate management services included in net investment income 36 160 137 – 9 342 Total $ 665 $ 1,200 $ 768 $ 5,562 $ (233 ) $ 7,962 For the year ended December 31, 2018 Asia Canada U.S. Global Corporate Total Investment management and other related fees $ 148 $ 149 $ 521 $ 2,809 $ (236 ) $ 3,391 Transaction processing, administration, and service fees 242 854 17 1,939 – 3,052 Distribution fees and other 246 49 617 724 (30 ) 1,606 Total included in other revenue 636 1,052 1,155 5,472 (266 ) 8,049 Real estate management services included in net investment income 31 160 147 – 10 348 Total $ 667 $ 1,212 $ 1,302 $ 5,472 $ (256 ) $ 8,397

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Schedule of Options Outstanding	Options outstanding 2019 2018 For the years ended December 31, Number of (in millions ) Weighted Number of (in millions ) Weighted Outstanding, January 1 23 $ 20.29 25 $ 20.45 Granted 3 22.62 3 24.52 Exercised (4 ) 18.79 (3 ) 17.77 Expired – 18.88 (1 ) 37.35 Forfeited (1 ) 23.41 (1 ) 21.24 Outstanding, December 31 21 $ 20.91 23 $ 20.29 Exercisable, December 31 5 $ 17.56 9 $ 18.08
Schedule of Range of Exercise Prices of Outstanding Share Options	Options outstanding Options exercisable For the year ended December 31, 2019 Number of (in millions ) Weighted Weighted life (in years) Number of (in millions ) Weighted Weighted life (in years) $12.64 - $20.99 8 $ 16.91 4.16 4 $ 16.07 1.85 $21.00 - $24.83 13 $ 23.19 6.94 1 $ 21.27 3.37 Total 21 $ 20.91 5.93 5 $ 17.56 2.29
Schedule of Deferred Share Units	The fair value of 229,000 DSUs issued during the year was $26.36 per unit as at December 31, 2019 (2018 – 141,000 at $19.37 per unit). For the years ended December 31, Number of DSUs (in thousands) 2019 2018 Outstanding, January 1 2,538 2,645 Issued 229 141 Reinvested 102 98 Redeemed (416 ) (346 ) Forfeitures and cancellations (58 ) – Outstanding, December 31 2,395 2,538

Employee Future Benefits (Table

Employee Future Benefits (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 2018 2019 2018 Changes in defined benefit obligation: Opening balance $ 4,675 $ 4,706 $ 640 $ 665 Current service cost 40 42 – – Past service cost – amendments and curtailments – 18 – 12 Interest cost 182 165 25 24 Plan participants’ contributions 1 1 3 4 Actuarial losses (gains) due to: Experience 8 – (10 ) (7 ) Demographic assumption changes – 35 – (1 ) Economic assumption changes 413 (250 ) 56 (56 ) Benefits paid (358 ) (304 ) (46 ) (45 ) Impact of changes in foreign exchange rates (144 ) 262 (23 ) 44 Defined benefit obligation, December 31 $ 4,817 $ 4,675 $ 645 $ 640 Pension plans Retiree welfare plans For the years ended December 31, 2019 2018 2019 2018 Change in plan assets: Fair value of plan assets, opening balance $ 4,190 $ 4,328 $ 610 $ 587 Interest income 164 153 25 21 Return on plan assets (excluding interest income) 529 (315 ) 25 (16 ) Employer contributions 75 79 12 10 Plan participants’ contributions 1 1 3 4 Benefits paid (358 ) (304 ) (46 ) (45 ) Administration costs ( 9 ) ( 9 ) (2 ) (2 ) Impact of changes in foreign exchange rates (136 ) 254 (29 ) 51 Fair value of plan assets, December 31 $ 4,45 6 $ 4,1 87 $ 598 $ 610
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, 2019 2018 2019 2018 Development of net defined benefit liability Defined benefit obligation $ 4,817 $ 4,675 $ 645 $ 640 Fair value of plan assets 4,453 4,190 598 610 Deficit ( s 364 485 47 30 Effect of asset limit (1) 4 9 – – Deficit (surplus) and net defined benefit liability (asset) 368 494 47 30 Deficit is comprised of: Funded or partially funded plans (391 ) (248 ) (120 ) (121 ) Unfunded plans 759 742 167 151 Deficit (surplus) and net defined benefit liability (asset) $ 368 $ 494 $ 47 $ 30 (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 benefit changes for future service which reduced the economic benefit that can be derived by the Company from the plan’s surplus.
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, 2019 2018 2019 2018 2019 2018 2019 2018 Active members $ 550 $ 621 $ 31 $ 32 $ 301 $ 332 $ 25 $ 22 Inactive and retired members 2,529 2,431 447 457 1,437 1,291 142 129 Total $ 3,079 $ 3,052 $ 478 $ 489 $ 1,738 $ 1,623 $ 167 $ 151
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 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, 2019 Fair value % of total Fair value % of total Fair value % of total Fair value % of total Cash and cash equivalents $ 32 1% $ 35 6% $ 12 1% $ – – Equity securities (3) 563 19% 45 8% 311 21% – – Debt securities 2,155 72% 511 85% 1,123 78% – – Other investments (4) 255 8% 7 1% 2 0% – – Total $ 3,005 100% $ 598 100% $ 1,448 100% $ – – 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% $ – – (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, 2019 (2018 – 7%). (2) All the Canadian pension plan assets have daily quoted prices in active markets, except for the group annuity contract assets that represent approximately 0.1% of all Canadian pension plan assets as at December 31, 2019 (2018 – 0.2%). (3) Equity securities include direct investments in MFC common shares of $1.3 (2018 – $0.9) in the U.S. retiree welfare plan and $nil (2018 – $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, 2019 2018 2019 2018 Defined benefit current service cost $ 40 $ 42 $ – $ – Defined benefit administrative expenses 9 9 2 2 Past service cost – plan amendments and curtailments (1),(2) – 18 – 12 Service cost 49 6 9 2 14 Interest on net defined benefit (asset) liability 18 12 – 3 Defined benefit cost 67 8 1 2 17 Defined contribution cost 80 78 – – Net benefit cost $ 1 47 $ 15 9 $ 2 $ 17 (1) Past service cost – plan amendments includes $8 for 2018 for a Canadian pension plan, 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 for 2018 for the pension plans and retiree welfare plans 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, 2019 2018 2019 2018 Actuarial gains (losses) on defined benefit obligations due to: Experience $ (8 ) $ – $ 10 $ 7 Demographic assumption changes – (35 ) – 1 Economic assumption changes (413 ) 250 (56 ) 56 Return on plan assets (excluding interest income) 529 (315 ) 25 (16 ) Change in effect of asset limit 5 (9 ) – – Total re-measurement $ 113 $ (109 ) $ (21 ) $ 48
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, 2019 2018 2019 2018 2019 2018 2019 2018 To determine the defined benefit obligation at end of year (1) Discount rate 3.2% 4.3% 3.2% 4.3% 3.1% 3.8% 3.1% 3.8% Initial health care cost trend rate (2) n/a n/a 7.5% 7.8% n/a n/a 5.6% 5.7% To determine the defined benefit cost for the 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% (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 7.5% grading to 4.5% for 2032 and years thereafter (2018 – 7.8% grading to 5.0% for 2030) and to measure the net benefit cost was 7.8% grading to 5.0% for 2030 and years thereafter (2018 – 8.5% grading to 5.0% for 2032). In Canada, the rate used to measure the retiree welfare obligation was 5.6% grading to 4.8% for 2026 and years thereafter (2018 – 5.7% grading to 4.8% for 2026) and to measure the net benefit cost was 5.7% grading to 4.8% for 2026 and years thereafter (2018 – 5.9% 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, 2019 U.S. Canada Life expectancy (in years) for those currently age 65 Males 22.6 23.7 Females 24.1 25.6 Life expectancy (in years) at age 65 for those currently age 45 Males 24.2 24.7 Females 25.7 26.5
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, 2019 Pension plans Retiree welfare plans Discount rate: Impact of a 1% increase $ (443 ) $ (66 ) Impact of a 1% decrease 525 80 Health care cost trend rate: Impact of a 1% increase n/a 20 Impact of a 1% decrease n/a (17 ) Mortality rates (1) Impact of a 10% decrease 136 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, 2019 2018 2019 2018 U.S. plans 9.3 8.8 9.7 9.0 Canadian plans 12.3 12.4 14.3 14.3
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, 2019 2018 2019 2018 Defined benefit plans $ 75 $ 79 $ 12 $ 10 Defined contribution plans 80 78 – – Total $ 155 $ 157 $ 12 $ 10

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Components of Income Tax Expense (Recovery) Recognized	The following table presents For the years ended December 31, 2019 2018 Current tax Current year $ 1,246 $ (327 ) Adjustments related to prior year (74 ) 29 Total current tax 1,172 (298 ) Deferred tax Change related to temporary differences (454 ) 1,250 Impact of U.S. Tax Reform – (320 ) Total deferred tax (454 ) 930 Income tax expense $ 718 $ 632 The following table discloses income tax expense (recovery) recognized directly in For the years ended December 31, 2019 2018 Recognized in other comprehensive income Current income tax expense (recovery) $ 92 $ 2 Deferred income tax expense (recovery) 366 (148 ) Total recognized in other comprehensive income $ 458 $ (146 ) Recognized in equity, other than other comprehensive income Current income tax expense (recovery) $ 5 $ 6 Deferred income tax expense (recovery) (6 ) (7 ) Total income tax recognized directly in equity $ (1 ) $ (1 )
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, 2019 (2018 – 26.75 per cent) due to the following reasons . For the years ended December 31, 2019 2018 Income before income taxes $ 6,220 $ 5,519 Income tax expense at Canadian statutory tax rate $ 1,66 4 $ 1,476 Increase (decrease) in income taxes due to: Tax-exempt (260 ) (200 ) Differences in tax rate on income not subject to tax in Canada (754 ) (391 ) Adjustments to taxes related to prior years (106 ) (71 ) Impact of U.S. Tax Reform – (320 ) Other differences 17 4 138 Income tax expense $ 718 $ 632
Summary of Deferred Tax Assets and Liabilities	The following table presents the Company’s deferred tax assets and liabilities reflected on the Consolidated Statement of Financial Position. As at December 31 , 2019 2018 Deferred tax assets $ 4,574 $ 4,318 Deferred tax liabilities (1,972 ) (1,814 ) Net deferred tax assets (liabilities) $ 2,602 $ 2,504
Components of Deferred Tax Assets and Liabilties	The following table presents movement of deferred tax assets and liabilities. As at December 31, 2019 Balance, Disposals Recognized Recognized in Recognized Translation Balance, Loss carry forwards $ 1,019 $ (18 ) $ (278 ) $ – $ (1 ) $ (17) $ 705 Actuarial liabilities 5,466 – 3,093 – (1 ) (115 ) 8,443 Pensions and post-employment benefits 242 – 4 (20 ) – – 226 Tax credits 261 – (253 ) – – (8 ) – Accrued interest 1 – – – – – 1 Real estate (959 ) – (110 ) – – 23 (1,046 ) Securities and other investments (2,689 ) – (1,863 ) (347 ) 39 156 (4,704 ) Sale of investments (87 ) – 17 – – 1 (69 ) Goodwill and intangible assets (847 ) – (49 ) – – 20 (876 ) Other 97 (37 ) (107 ) 1 (31 ) (1 ) (78 ) Total $ 2,504 $ (55 ) $ 454 $ (366) $ 6 $ 59 $ 2,602 As at December 31, 2018 Balance, Disposals 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

Interests in Structured Entit_2

Interests in Structured Entities (Tables)	12 Months Ended
	Dec. 31, 2019
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 investments and maximum exposure to loss from significant unconsolidated investment SEs, some of which are sponsored by the Company. The Company does not provide guarantees to other parties against the risk of loss from these SEs. Company’s investment (1) Company’s maximum exposure to loss (2) As at December 31, 2019 2018 2019 2018 Leveraged leases (3) $ 3,371 $ 3,575 $ 3,371 $ 3,575 Timberland companies (4) 752 788 765 821 Real estate companies (5) 541 413 541 413 Total $ 4,664 $ 4,776 $ 4,677 $ 4,809 (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 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, 2019 2018 Manulife Finance (Delaware), L.P. (2) $ 852 $ 821 Manulife Financial Capital Trust II (3) 1 999 Total $ 853 $ 1,820 (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 10 and 18. (3) This entity is an open-ended trust that was used to facilitate the Company’s financing. The Company redeemed all of its outstanding $1 billion
Schedule of Securitized Holdings by Type and Asset Quality	The following table presents investments in securitized holdings by the type and asset quality. 2019 2018 As at December 31, CMBS RMBS ABS Total Total AAA $ 1,580 $ 7 $ 1,218 $ 2,805 $ 2,471 AA – – 648 648 306 A 69 7 296 372 453 BBB – – 63 63 70 Total company exposure $ 1,649 $ 14 $ 2,225 $ 3,888 $ 3,300

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 MFC (Guarantor) MLI Other Consolidation Total Total revenue $ 371 $ 79,711 $ 417 $ (929 ) $ 79,570 $ 32 Net income (loss) attributed to shareholders 5,602 5,963 (401 ) (5,562 ) 5,602 (1 ) 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
Summary of Condensed Consolidated Statements of Financial Position for MFC and MFLP	Condensed Consolidated Statements of Financial Position As at December 31, 2019 MFC (Guarantor) MLI Other Consolidation Total MFLP Invested assets $ 21 $ 378,496 $ 10 $ – $ 378,527 $ 6 Total other assets 57,474 87,774 3 (57,756 ) 87,495 1,088 Segregated funds net assets – 343,108 – – 343,108 – Insurance contract liabilities – 351,161 – – 351,161 – Investment contract liabilities – 3,104 – – 3,104 – Segregated funds net liabilities – 343,108 – – 343,108 – Total other liabilities 8,357 53,998 – (704 ) 61,651 858 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
Schedule of Pledged Assets	The amounts pledged are as follows. 2019 2018 As at December 31, Debt securities Other Debt securities Other In respect of: Derivatives $ 4,257 $ 17 $ 3,655 $ 102 Regulatory requirements 433 67 412 84 Repurchase agreements 330 – 64 – Non-registered – 407 – 420 Other 3 331 3 301 Total $ 5,023 $ 822 $ 4,134 $ 907

Segmented Information (Tables)

Segmented Information (Tables)	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Summary of Results by Segments	The following table presents results by reporting segments. As at and for the year ended December 31, 2019 Asia Canada U.S. Global WAM Corporate Total Revenue Life and health insurance $ 17,107 $ 8,714 $ 6,522 $ – $ 112 $ 32,455 Annuities and pensions 2,900 361 (138 ) – – 3,123 Net premium income 20,007 9,075 6,384 – 112 35,578 Net investment income (loss) 7,451 9,446 15,556 33 1,107 33,593 Other revenue 1,215 1,088 2,654 5,562 (120 ) 10,399 Total revenue 28,673 19,609 24,594 5,595 1,099 79,570 Contract benefits and expenses Life and health insurance 17,975 10,572 19,320 – (36 ) 47,831 Annuities and pensions 3,090 4,312 599 83 – 8,084 Net benefits and claims 21,065 14,884 19,919 83 (36 ) 55,915 Interest expense 236 508 43 6 526 1,319 Other expenses 5,148 3,237 2,944 4,362 425 16,116 Total contract benefits and expenses 26,449 18,629 22,906 4,451 915 73,350 Income (loss) before income taxes 2,224 980 1,688 1,144 184 6,220 Income tax recovery (expense) (277 ) 25 (260 ) (122 ) (84 ) (718 ) Net income (loss) 1,947 1,005 1,428 1,022 100 5,502 Less net income (loss) attributed to: Non-controlling 228 – – – 5 233 Participating policyholders (216 ) (117 ) – – – (333 ) Net income (loss) attributed to shareholders $ 1,935 $ 1,122 $ 1,428 $ 1,022 $ 95 $ 5,602 Total assets $ 127,367 $ 159,042 $ 274,993 $ 216,348 $ 31,380 $ 809,130 As at and for the year ended December 31, 2018 Asia Canada U.S. Global WAM Corporate 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) 301 2,725 1,670 (9 ) (155 ) 4,532 Other revenue 1,296 1,446 2,542 5,472 (328 ) 10,428 Total revenue 19,710 13,598 586 5,463 (385 ) 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 1,913 1,526 2,631 1,062 (1,613 ) 5,519 Income tax recovery (expense) (361 ) (311 ) (340 ) (108 ) 488 (632 ) Net income (loss) 1,552 1,215 2,291 954 (1,125 ) 4,887 Less net income (loss) attributed to: Non-controlling 208 – – – 6 214 Participating policyholders (360 ) 233 – – – (127 ) Net income (loss) attributed to shareholders $ 1,704 $ 982 $ 2,291 $ 954 $ (1,131 ) $ 4,800 Total assets $ 113,781 $ 149,219 $ 270,601 $ 194,214 $ 22,456 $ 750,271 (1) In 2018, the Company ceded premiums to RGA and Jackson for the JHNY transactions, refer to note 6(k) for details.
Summary of Results by Geographic Location	The results of the Company’s reporting segments differ from its geographical location is primarily due to the allocation of Global WAM and Corporate and Other segments into the geographical location to which its businesses relate. The following table presents results by geographical location. For the year ended December 31, 2019 Asia Canada U.S. Other Total Revenue Life and health insurance $ 17,178 $ 8,388 $ 6,523 $ 366 $ 32,455 Annuities and pensions 2,900 361 (138 ) – 3,123 Net premium income 20,078 8,749 6,385 366 35,578 Net investment income (loss) 7,750 9,801 15,816 226 33,593 Other revenue 2,100 2,651 5,641 7 10,399 Total revenue $ 29,928 $ 21,201 $ 27,842 $ 599 $ 79,570 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

Related Parties (Tables)

Related Parties (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 2018 Short-term employee benefits $ 67 $ 65 Post-employment benefits 5 5 Share-based payments 55 50 Termination benefits 8 5 Other long-term benefits 2 2 Total $ 137 $ 127

Subsidiaries (Tables)

Subsidiaries (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 (100% owned unless otherwise noted in brackets Equity Interest Address Description The Manufacturers Life Insurance Company $56,795 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 $21,673 Calgary, Canada Holding company John Hancock Financial Corporation Boston, Massachusetts, U.S.A. Holding company The Manufacturers Investment Corporation Boston, Massachusetts, U.S.A. Holding company John Hancock Reassurance Company Ltd. Boston, Massachusetts, U.S.A. Captive insurance subsidiary that provides life, annuity and long-term care reinsurance to affiliates John Hancock Life Insurance Company (U.S.A.) Boston, Massachusetts, U.S.A. U.S. life insurance company licensed in all states, except New York John Hancock Subsidiaries LLC Boston, Massachusetts, U.S.A. Holding company John Hancock Financial Network, Inc. Boston, Massachusetts, U.S.A. Financial services distribution organization John Hancock Investment Management LLC Boston, Massachusetts, U.S.A. Investment advisor John Hancock Investment Management Distributors LLC Boston, Massachusetts, U.S.A. Broker-dealer Manulife Investment Management (US) LLC Boston, Massachusetts, U.S.A. Investment advisor 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 Variable Trust Advisers LLC Boston, Massachusetts, U.S.A. Investment advisor for open-end John Hancock Life & Health Insurance Company Boston, Massachusetts, U.S.A. U.S. life insurance company licensed in all states John Hancock Distributors LLC Boston, Massachusetts, U.S.A. Broker-dealer John Hancock Insurance Agency, Inc. Boston, Massachusetts, 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 $1,570 Waterloo, Canada Provides integrated banking products and service options not available from an insurance company Manulife Investment Management Holdings (Canada) Limited $935 Toronto, Canada Holding company Manulife Investment Management Limited Toronto, Canada Provides investment counseling, portfolio and mutual fund management in Canada First North American Insurance Company $7 Toronto, Canada Property and casualty insurance company NAL Resources Management Limited $8 Calgary, Canada Management company for oil and gas properties Manulife Resources Limited $19 Calgary, Canada Holds oil and gas properties Manulife Property Limited Partnership $4 Toronto, Canada Holds oil and gas royalties Manulife Property Limited Partnership II $835 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. $72 Oakville, Canada Mutual fund dealer for Canadian operations Manulife Holdings (Bermuda) Limited $17,597 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 Investment Fund Management (Vietnam) Company Limited Ho Chi Minh City, Vietnam Fund management company Manulife International Holdings Limited Hong Kong, China Holding company Manulife (International) Limited Hong Kong, China Life insurance company Manulife-Sinochem Life Insurance Co. Ltd. (51%) Shanghai, China Life insurance company Manulife Investment Management International Holdings Limited Hong Kong, China Holding company Manulife Investment Management (Hong Kong) Limited Hong Kong, China Investment management and advisory company marketing mutual funds Manulife Investment Management (Taiwan) Co., Ltd. Taipei, Taiwan (China) 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 (85.6%) (1) Bangkok, Thailand Life insurance company Manulife Asset Management (Thailand) Company Limited (93.0%) (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 Investment Management (Malaysia) Bhd (59.5%) Kuala Lumpur, Malaysia Asset management company Manulife (Singapore) Pte. Ltd. Singapore Life insurance company Manulife Investment 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 $812 Jakarta, Indonesia Life insurance company PT Manulife Aset Manajemen Indonesia Jakarta, Indonesia Investment management and investment advisor Manulife Investment Management (Europe) Limited $25 London, England Investment management company for Manulife Financial’s international funds Manulife Assurance Company of Canada $68 Toronto, Canada Life insurance company EIS Services (Bermuda) Limited $980 Hamilton, Bermuda Investment holding company Berkshire Insurance Services Inc. $1,637 Toronto, Canada Investment holding company JH Investments (Delaware), LLC Boston, Massachusetts, U.S.A. Investment holding company Manulife Securities Incorporated $117 Oakville, Canada Investment dealer Manulife Investment Management (North America) Limited $4 Toronto, Canada Investment advisor (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 97.0% and 98.5%, respectively.

Segregated Funds (Tables)

Segregated Funds (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 and 2018. Ranges in per cent Type of fund 2019 2018 Money market funds 2% to 3% 2% to 3% Fixed income funds 14% to 15% 14% to 15% Balanced funds 2 4 5 25% to 26% Equity funds 5 8 58% 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, 2019 2018 Investments at market value Cash and short-term securities $ 3,364 $ 3,700 Debt securities 16,883 15,313 Equities 12,989 11,661 Mutual funds 304,753 277,133 Other investments 4,785 4,678 Accrued investment income 1,678 1,811 Other assets and liabilities, net (975 ) (700 ) Total segregated funds net assets $ 343,477 $ 313,596 Composition of segregated funds net assets Held by policyholders $ 343,108 $ 313,209 Held by the Company 369 387 Total segregated funds net assets $ 343,477 $ 313,596
Summary of Changes in Segregated Funds Net Assets	Changes in segregated funds net assets For the years ended December 31, 2019 2018 Net policyholder cash flow Deposits from policyholders $ 38,561 $ 38,236 Net transfers to general fund (1,000 ) (1,089 ) Payments to policyholders (49,372 ) (47,475 ) (11,811 ) (10,328 ) Investment related Interest and dividends 18,872 19,535 Net realized and unrealized investment gains (losses) 37,643 (34,683 ) 56,515 (15,148 ) Other Management and administration fees (3,926 ) (3,985 ) Impact of changes in foreign exchange rates (10,897 ) 18,249 (14,823 ) 14,264 Net additions (deductions) 29,881 (11,212 ) Segregated funds net assets, beginning of year 313,596 324,808 Segregated funds net assets, end of year $ 343,477 $ 313,596

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, 2019
Text block [abstract]
Condensed Consolidated Statement of Financial Position	Condensed Consolidated Statement of Financial Position As at December 31, 2019 MFC JHUSA Other Consolidation Consolidated Assets Invested assets $ 21 $ 107,746 $ 271,100 $ (340 ) $ 378,527 Investments in unconsolidated subsidiaries 57,068 7,467 16,983 (81,518 ) – Reinsurance assets – 61,310 10,080 (29,944 ) 41,446 Other assets 406 20,859 45,111 (20,327 ) 46,049 Segregated funds net assets – 181,982 162,845 (1,719 ) 343,108 Total assets $ 57,495 $ 379,364 $ 506,119 $ (133,848 ) $ 809,130 Liabilities and equity Insurance contract liabilities $ – $ 157,398 $ 224,378 $ (30,615 ) $ 351,161 Investment contract liabilities – 1,091 2,014 (1 ) 3,104 Other liabilities 537 21,311 48,226 (20,086 ) 49,988 Long-term debt 4,543 – – – 4,543 Capital instruments 3,277 599 3,244 – 7,120 Segregated funds net liabilities – 181,982 162,845 (1,719 ) 343,108 Shareholders’ equity 49,138 16,983 64,444 (81,427 ) 49,138 Participating policyholders’ equity – – (243 ) – (243 ) Non-controlling – – 1,211 – 1,211 Total liabilities and equity $ 57,495 $ 379,364 $ 506,119 $ (133,848) $ 809,130 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 42,534 (19,545 ) 40,345 Segregated funds net assets – 168,476 146,671 (1,938 ) 313,209 Total assets $ 54,367 $ 361,335 $ 465,041 $ (130,472) $ 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 45,393 (19,313 ) 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 $ 465,041 $ (130,472 ) $ 750,271
Condensed Consolidated Statement of Income	Condensed Consolidated Statement of Income For the year ended December 31, 2019 MFC JHUSA Other Consolidation Consolidated Revenue Gross premiums $ – $ 8,599 $ 33,620 $ (1,160 ) $ 41,059 Premiums ceded to reinsurers – (3,575 ) (3,066 ) 1,160 (5,481 ) Net premium income – 5,024 30,554 – 35,578 Net investment income (loss) 355 12,128 22,108 (998 ) 33,593 Net other revenue 16 2,866 11,447 (3,930 ) 10,399 Total revenue 371 20,018 64,109 (4,928 ) 79,570 Contract benefits and expenses Net benefits and claims – 17,133 41,220 (2,438 ) 55,915 Commissions, investment and general expenses 20 3,299 13,938 (1,530 ) 15,727 Other expenses 421 206 2,041 (960 ) 1,708 Total contract benefits and expenses 441 20,638 57,199 (4,928 ) 73,350 Income (loss) before income taxes (70 ) (620 ) 6,910 – 6,220 Income tax (expense) recovery 18 347 (1,083 ) – (718 ) Income (loss) after income taxes (52 ) (273 ) 5,827 – 5,502 Equity in net income (loss) of unconsolidated subsidiaries 5,654 772 499 (6,925 ) – Net income (loss) $ 5,602 $ 499 $ 6,326 $ (6,925) $ 5,502 Net income (loss) attributed to: Non-controlling $ – $ – $ 233 $ – $ 233 Participating policyholders – 2 (333 ) (2 ) (333 ) Shareholders 5,602 497 6,426 (6,923 ) 5,602 $ 5,602 $ 499 $ 6,326 $ (6,925 ) $ 5,502 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 9,791 (1,160 ) 10,428 Total revenue 443 (2,991 ) 43,626 (2,106 ) 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 1,989 (921 ) 1,681 Total contract benefits and expenses 399 (3,743 ) 38,903 (2,106) 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
Consolidated Statement of Cash Flows	Consolidated Statement of Cash Flows For the year ended December 31, 2019 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Operating activities Net income (loss) $ 5,602 $ 499 $ 6,326 $ (6,925 ) $ 5,502 Adjustments: Equity in net income of unconsolidated subsidiaries (5,654 ) (772 ) (499 ) 6,925 – Increase (decrease) in insurance contract liabilities – 11,381 22,346 – 33,727 Increase (decrease) in investment contract liabilities – 51 119 – 170 (Increase) decrease in reinsurance assets excluding coinsurance transactions – (1,236 ) 679 – (557 ) Amortization of (premium) discount on invested assets – 40 77 – 117 Other amortization 5 118 503 – 626 Net realized and unrealized (gains) losses and impairment on assets (12 ) (7,105 ) (13,148 ) – (20,265 ) Deferred income tax expense (recovery) (18 ) (192 ) (244 ) – (454 ) Stock option expense – (1 ) 12 – 11 Cash provided by (used in) operating activities before undernoted items (77 ) 2,783 16,171 – 18,877 Dividends from unconsolidated subsidiary 3,000 623 1,123 (4,746 ) – Changes in policy related and operating receivables and payables (39 ) (146 ) 1,850 – 1,665 Cash provided by (used in) operating activities 2,884 3,260 19,144 (4,746 ) 20,542 Investing activities Purchases and mortgage advances – (24,898 ) (55,712 ) – (80,610 ) Disposals and repayments – 22,324 43,009 – 65,333 Changes in investment broker net receivables and payables – 631 528 – 1,159 Investment in common shares of subsidiaries (404 ) – – 404 – Net cash flows from acquisition and disposal of subsidiaries and businesses – – 288 – 288 Capital contribution to unconsolidated subsidiaries – (1 ) – 1 – Return of capital from unconsolidated subsidiaries – 177 – (177 ) – Notes receivable from parent – – (157 ) 157 – Notes receivable from subsidiaries (1 ) 13 – (12 ) – Cash provided by (used in) investing activities (405 ) (1,754 ) (12,044 ) 373 (13,830 ) Financing activities Change in repurchase agreements and securities sold but not yet purchased – – 266 – 266 Redemption of capital instruments – – (1,500 ) – (1,500 ) Secured borrowings from securitization transactions – – 107 – 107 Changes in deposits from Bank clients, net – – 1,819 – 1,819 Lease payments – (8 ) (109 ) – (117 ) Shareholders’ dividends paid in cash (1,398 ) – – – (1,398 ) Dividends paid to parent – (1,123 ) (3,623 ) 4,746 – Contributions from (distributions to) non-controlling – – (22 ) – (22 ) Common shares repurchased (1,339 ) – – – (1,339 ) Common shares issued, net 104 – 404 (404 ) 104 Capital contributions by parent – – 1 (1 ) – Return of capital to parent – – (177 ) 177 – Notes payable to parent – – (12 ) 12 – Notes payable to subsidiaries 157 – – (157 ) – Cash provided by (used in) financing activities (2,476 ) (1,131 ) (2,846 ) 4,373 (2,080 ) Cash and short-term securities Increase (decrease) during the year 3 375 4,254 – 4,632 Effect of foreign exchange rate changes on cash and short-term securities (2 ) (128 ) (336 ) – (466 ) Balance, beginning of year 21 2,317 13,044 – 15,382 Balance, end of year 22 2,564 16,962 – 19,548 Cash and short-term securities Beginning 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, beginning of year 21 2,317 13,044 – 15,382 End of year Gross cash and short-term securities 22 3,058 17,220 – 20,300 Net payments in transit, included in other liabilities – (494 ) (258 ) – (752 ) Net cash and short-term securities, end of year $ 22 $ 2,564 $ 16,962 $ – $ 19,548 Supplemental disclosures on cash flow information: Interest received $ 422 $ 4,252 $ 7,823 $ (948 ) $ 11,549 Interest paid 423 83 1,741 (948 ) 1,299 Income taxes paid (refund) – (788 ) 892 – 104 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 Stock option expense – – 10 – 10 Cash provided by (used in) operating activities before undernoted items 37 2,345 16,966 – 19,348 Dividends from unconsolidated subsidiary 2,700 819 777 (4,296 ) – Changes in policy related and operating receivables and payables 251 (907 ) 496 – (160 ) Cash provided by (used in) operating activities 2,988 2,257 18,239 (4,296 ) 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 flows from acquisition and disposal 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 Change 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 ) 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 Dividends paid to parent – (777 ) (3,519 ) 4,296 – 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 ) (1,168 ) 2,903 (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 (refund) (59 ) 286 234 – 461

IFRS 7 Disclosures (Tables)

IFRS 7 Disclosures (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 ($ millions) Less than 1 to 3 3 to 5 Over 5 Total Long-term debt $ 649 $ – $ – $ 3,894 $ 4,543 Capital instruments – – 598 6,522 7,120 Derivatives 332 145 218 9,589 10,284 Deposits from Bank clients (2) 16,872 2,632 1,984 – 21,488 Lease liabilities 107 142 49 76 374 (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, 2019 was $21,488 million and $21,563 million, respectively (2018 – $19,684 million and $19,731 million, respectively). Fair value is determined by discounting contractual cash flows, using market interest rates currently offered for deposits with similar terms and conditions. All deposits from Bank clients were categorized in Level 2 of the fair value hierarchy (2018 – Level 2).
Summary of Variable Annuity and Segregated Fund Guarantees, Net of Reinsurance	The table below shows selected information regarding the Company’s variable annuity and segregated fund investment-related guarantees gross and net of reinsurance. Variable annuity and segregated fund guarantees, net of reinsurance As at December 31, ($ millions) 2019 2018 Guarantee Fund value Amount at (4),(5) Guarantee Fund value Amount (4),(5) Guaranteed minimum income benefit $ 4,629 $ 3,696 $ 998 $ 5,264 $ 3,675 $ 1,593 Guaranteed minimum withdrawal benefit 53,355 48,031 6,030 60,494 49,214 11,388 Guaranteed minimum accumulation benefit 17,994 18,362 10 18,611 18,720 141 Gross living benefits (1),(2) 75,978 70,089 7,038 84,369 71,609 13,122 Gross death benefits (3) 9,555 17,186 802 10,663 14,654 1,567 Total gross of reinsurance 85,533 87,275 7,840 95,032 86,263 14,689 Living benefits reinsured 3,977 3,199 832 4,515 3,173 1,343 Death benefits reinsured 718 500 318 2,353 2,070 493 Total reinsured 4,695 3,699 1,150 6,868 5,243 1,836 Total, net of reinsurance $ 80,838 $ 83,576 $ 6,690 $ 88,164 $ 81,020 $ 12,853 (1) 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. (2) Contracts with guaranteed long term care benefits are included in this category. (3) Death benefits include standalone 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, 2019 was $6,690 million (2018 – $12,853 million) of which: US$3,995 million (2018 – US$6,899 million) was on our U.S. business, $1,178 million (2018 – $2,654 million) was on our Canadian business, US$104 million (2018 – US$332 million) was on our Japan business and US$145 million (2018 – US$246 million) was related to Asia (other than Japan) and our run-off
Summary of Investment Categories for Variable Contracts with Guarantees	Variable contracts with guarantees, including variable annuities and variable life, are invested, at the policyholder’s discretion subject to contract limitations, in various fund types within the segregated fund accounts and other investments. The account balances by investment category are set out below. As at December 31, ($ millions) Investment category 2019 2018 Equity funds $ 47,489 $ 44,333 Balanced funds 42,448 41,749 Bond funds 11,967 12,279 Money market funds 1,732 2,109 Other fixed interest rate investments 1,975 2,000 Total $ 105,611 $ 102,470
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, 2019 ($ millions) -30% -20% -10% +10% +20% +30% Underlying sensitivity to net income attributed to shareholders (4) Variable annuity guarantees $ (3,270 ) $ (1,930 ) $ (860 ) $ 620 $ 1,060 $ 1,360 General fund equity investments (5) (1,140 ) (720 ) (330 ) 340 680 1,020 Total underlying sensitivity before hedging (4,410 ) (2,650 ) (1,190 ) 960 1,740 2,380 Impact of macro and dynamic hedge assets (6) 2,690 1,580 670 (580 ) (1,020) (1,340) Net potential impact on net income attributed to shareholders after impact of hedging $ (1,720 ) $ (1,070 ) $ (520 ) $ 380 $ 720 $ 1,040 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 General fund equity investments (5) (1,150 ) (780 ) (390 ) 290 580 860 Total underlying sensitivity before hedging (4,800 ) (3,020 ) (1,430 ) 1,180 2,190 3,030 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 $ (1,690 ) $ (1,080 ) $ (520 ) $ 360 $ 740 $ 1,100 (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, excluding impacts from asset-based fees earned on assets under management and policyholder account value. (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 equity investments includes general fund investments supporting our policy liabilities, investment in seed money investments (in new segregated and mutual funds made by Corporate and Other segment) and the impact on policy liabilities related to the projected future fee income on variable universal life and other unit linked products. The impact does not include: (i) any potential impact on public equity weightings; (ii) any gains or losses on AFS public equities held in the Corporate and Other segment; or (iii) any gains or losses on public equity investments held in Manulife Bank. The participating policy funds are largely self-supporting and generate no material impact on net income attributed to shareholders as a result of changes in equity markets. (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) 2019 2018 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 ) $ (100 ) $ 100 From fair value changes in AFS fixed income assets held in the Corporate and Other segment, if realized 1,700 (1,600 ) 1,600 (1,500) MLI’s LICAT total ratio (Percentage points) LICAT total ratio change in percentage points (5) 4 (4 ) 3 (3 ) (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) LICAT impacts include realized and unrealized fair value changes in AFS fixed income assets. LICAT impacts do not reflect the impact of the scenario switch discussed below.
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),(7) As at December 31, ($ millions) 2019 2018 -10% +10% -10% +10% Real estate, agriculture and timber assets $ (1,300 ) $ 1,200 $ (1,300) $ 1,200 Private equities and other ALDA (1,800 ) 1,700 (1,600 ) 1,600 Alternative long-duration assets $ (3,100 ) $ 2,900 $ (2,900) $ 2,800 (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 businesses are reflected in the sensitivities when the changes take place. (7) The impact from a 10% change in ALDA returns increased from December 31, 2018 as the changes in actuarial methods and assumptions, outlined below (see “Critical Actuarial and Accounting Policies”), resulted in a lengthening of the policy liability cash flows, a portion of which is assumed to be supported by ALDA.
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) 2019 2018 As at December 31, -50bp +50bp -50bp +50bp Net income attributed to shareholders ($ millions) (6) $ (800) $ 800 $ (600) $ 600 MLI’s LICAT total ratio (change in percentage points) (7) (7 ) 5 (5 ) 5 Swap spreads 2019 2018 As at December 31, -20bp +20bp -20bp +20bp Net income attributed to shareholders ($ millions) $ 100 $ (100) $ 100 $ (100) MLI’s LICAT total ratio (change in percentage points) (7) nil nil nil nil (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.

Nature of Operations and Sign_3

Nature of Operations and Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2019
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

Accounting and Reporting Chan_2

Accounting and Reporting Changes - Additional Information (Detail) $ in Thousands	Jan. 01, 2019USD ($)
Disclosure of quantitative information about leases for lessee [abstract]
Right of use asset	$ 381
Lease liability	410
Impact of lease adjustment net of tax	22
Impact of lease adjustment net of tax recognized in retained earnings	19
Impact of lease adjustment net of tax recognized in equity	$ 3

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, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	$ 20,300	$ 16,215	$ 15,965
Debt securities	198,122	185,594
Public equities	22,851	19,179
Mortgages	49,376	48,363
Private placements	37,979	35,754
Policy loans	6,471	6,446
Loans to bank clients	1,740	1,793
Real estate	12,928	12,777
Total invested assets	378,527	353,664
Other invested assets	28,760	27,543
FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	1,859	1,080
Debt securities	116,044	107,425
Public equities	20,060	16,721
Total invested assets	203,627	187,409
AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	13,084	10,163
Debt securities	5,285	5,245
Public equities	2,791	2,458
Total invested assets	47,789	43,579
Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	5,357	4,972
Mortgages	49,376	48,363
Private placements	37,979	35,754
Policy loans	6,471	6,446
Loans to bank clients	1,740	1,793
Total invested assets	127,111	122,676
Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	20,300	16,215
Public equities	22,851	19,179
Mortgages	51,450	48,628
Private placements	41,743	36,103
Policy loans	6,471	6,446
Loans to bank clients	1,742	1,797
Total invested assets	386,496	356,217
Canadian government and agency [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	23,361	23,787
Canadian government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	18,582	16,445
Canadian government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	4,779	7,342
Canadian government and agency [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	23,361	23,787
U.S. government and agency [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	28,252	25,924
U.S. government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	11,031	11,934
U.S. government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	17,221	13,990
U.S. government and agency [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	28,252	25,924
Other government and agency [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	21,743	20,260
Other government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	17,383	16,159
Other government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	4,360	4,101
Other government and agency [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	21,743	20,260
Corporate [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	121,329	112,670
Corporate [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	116,044	107,425
Corporate [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	5,285	5,245
Corporate [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	121,329	112,670
Mortgage/asset-backed securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	3,437	2,953
Mortgage/asset-backed securities [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	3,267	2,774
Mortgage/asset-backed securities [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	170	179
Mortgage/asset-backed securities [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	3,437	2,953
Real estate own use property [Member]
Disclosure of fair value measurement of assets [Line Items]
Real estate		2,016
Other invested assets	1,926
Real estate own use property [Member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Real estate		2,016
Other invested assets	1,926
Real estate own use property [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Real estate		3,179
Other invested assets	3,275
Investment property [Member]
Disclosure of fair value measurement of assets [Line Items]
Real estate		10,761
Other invested assets	11,002
Investment property [Member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Real estate		10,761
Other invested assets	11,002
Investment property [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Real estate		10,761
Other invested assets	11,002
Alternative long-duration assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	24,843	23,438
Alternative long-duration assets [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	15,252	14,720
Alternative long-duration assets [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	99	101
Alternative long-duration assets [Member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	9,492	8,617
Alternative long-duration assets [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	25,622	24,211
Various other [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	3,917	4,105
Various other [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	149	151
Various other [Member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	3,768	3,954
Various other [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	$ 3,918	$ 4,104

Invested Assets and Investmen_4

Invested Assets and Investment Income - Schedule of Carrying Values and Fair Values of Invested Assets (Parenthetical) (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of fair value measurement of assets [Line Items]
Debt securities	$ 198,122,000	$ 185,594,000
Private placements	37,979,000	35,754,000
Other invested assets	28,760,000	27,543,000
Invested assets	378,527,000	353,664,000
Less than 1 year [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	537,000	870,000
Less than 90 days [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	69,000	40,000
Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Private placements	41,743,000	36,103,000
Change in the fair value of these invested assets	0	21,000
Invested assets	386,496,000	356,217,000
Real estate own use property [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	1,926,000
Real estate own use property [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	3,275,000
Alternative long-duration assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	24,843,000	23,438,000
Alternative long-duration assets [Member] | Private equity [Member]
Disclosure of fair value measurement of assets [Line Items]
Total carrying value	6,396,000	6,769,000
Alternative long-duration assets [Member] | Power and infrastructure [Member]
Disclosure of fair value measurement of assets [Line Items]
Total carrying value	8,854,000	7,970,000
Alternative long-duration assets [Member] | Oil and gas [Member]
Disclosure of fair value measurement of assets [Line Items]
Total carrying value	3,245,000	3,416,000
Alternative long-duration assets [Member] | Timber and agriculture [Member]
Disclosure of fair value measurement of assets [Line Items]
Total carrying value	4,669,000	4,493,000
Alternative long-duration assets [Member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Total carrying value	1,679,000	790,000
Alternative long-duration assets [Member] | Hydroelectric Power [member]
Disclosure of fair value measurement of assets [Line Items]
Total carrying value	418,000
Alternative long-duration assets [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	25,622,000	24,211,000
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	0	2,530,000
Cash equivalents	0	8,713,000
Cash	0	4,972,000
Other [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets leveraged leases	0	3,575,000
SPPI qualifying [member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	0	116
SPPI non qualifying [member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	0	105,000
Private placements	0	230,000
Other invested assets	0	465,000
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	$ 0	391,000
John Hancock Infrastructure Master Fund LP [member]
Disclosure of fair value measurement of assets [Line Items]
Invested assets		$ 1,422,000
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		$ 510,000
Partnership voting rights		8.50%
Other joint ventures [member]
Disclosure of fair value measurement of assets [Line Items]
Invested assets		$ 1,314,000

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, 2019	Dec. 31, 2018
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Investments in associates carrying value	$ 7,786	$ 6,858
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	$ 3,371	$ 3,575
Percentage of investments in associates carrying value	43.00%	51.00%
Timber and agriculture [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Investments in associates carrying value	$ 668	$ 599
Percentage of investments in associates carrying value	9.00%	9.00%
Real estate [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Investments in associates carrying value	$ 1,031	$ 725
Percentage of investments in associates carrying value	13.00%	11.00%
Other [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Investments in associates carrying value	$ 2,716	$ 1,959
Percentage of investments in associates carrying value	35.00%	29.00%

Invested Assets and Investmen_6

Invested Assets and Investment Income - Additional Information (Detail) - CAD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of fair value measurement of assets [Line Items]
Dividends received from associates and joint ventures	$ 0
Fair value of securitized assets	809,130,000,000	$ 750,271,000,000
Fair value of securitized liabilities	759,024,000,000	703,120,000,000
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period	0	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	0	2,000,000
Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Profit (loss) from associates and joint ventures	369,000,000	369,000,000
Dividends received from associates and joint ventures	5,000,000	13,000,000
Securitized assets [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Fair value of securitized assets	3,950,000,000	3,843,000,000
Fair value of securitized liabilities	3,879,000,000	$ 3,756,000,000
North American Private Equity [Member]
Disclosure of fair value measurement of assets [Line Items]
Equity Investments Sold to Related Partners	$ 1,112,000,000

Invested Assets and Investmen_7

Invested Assets and Investment Income - Schedule of Investment Income (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Investment Income [line items]
Rental income, net of depreciation	$ 864	$ 1,013
Net Investment income	33,593	4,532
Investment income	15,393	13,560
Debt securities [Member]
Disclosure of Investment Income [line items]
Interest income	6,340	6,078
Gains (losses)	11,997	(6,303)
Impairment loss, net	(8)	18
Cash and short-term securities [Member]
Disclosure of Investment Income [line items]
Interest income	313	268
Gains (losses)	(18)	(12)
Public equities [Member]
Disclosure of Investment Income [line items]
Dividend income	620	556
Gains (losses)	3,188	(1,266)
Impairment loss, net	(24)	(43)
Mortgages [Member]
Disclosure of Investment Income [line items]
Interest income	1,951	1,824
Gains (losses)	26	56
Provision, net		(8)
Recovery (provision), net	31
Private placements [Member]
Disclosure of Investment Income [line items]
Interest income	1,782	1,729
Gains (losses)	(62)	(83)
Impairment loss, net	(35)	(10)
Policy loans [member]
Disclosure of Investment Income [line items]
Net Investment income	391	371
Loans to Bank clients [Member]
Disclosure of Investment Income [line items]
Interest income	87	81
Provision, net	(1)	(1)
Real estate [Member]
Disclosure of Investment Income [line items]
Rental income, net of depreciation	505	515
Gains (losses)	508	445
Derivatives [Member]
Disclosure of Investment Income [line items]
Interest income	555	656
Gains (losses)	2,647	(2,224)
Other invested assets [Member]
Disclosure of Investment Income [line items]
Interest income	69	74
Oil and gas, timber, agriculture and other income	1,862	1,758
Gains (losses)	776	173
Impairment loss, net		(120)
Recovery (impairment loss), net	93
Interest income [member]
Disclosure of Investment Income [line items]
Investment income	11,488	11,081
Dividend, rental and other income [member]
Disclosure of Investment Income [line items]
Investment income	2,988	2,829
Impairments, provisions and recoveries, net [Member]
Disclosure of Investment Income [line items]
Investment income	56	(164)
Other [Member]
Disclosure of Investment Income [line items]
Investment income	861	(186)
Insurance and investment contract liabilities and macro equity hedges [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	18,200	(9,028)
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	11,528	(5,994)
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	2,870	(1,444)
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	26	55
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	(62)	(83)
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	514	449
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	748	213
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	2,576	(2,224)
FVTPL [Member]
Disclosure of Investment Income [line items]
Net Investment income	24,720	(2,992)
Investment income	6,976	6,368
Realized and unrealized gains (losses) on assets	17,744	(9,360)
FVTPL [Member] | Debt securities [Member]
Disclosure of Investment Income [line items]
Interest income	5,557	5,432
Gains (losses)	11,525	(5,993)
Impairment loss, net	(9)	18
FVTPL [Member] | Cash and short-term securities [Member]
Disclosure of Investment Income [line items]
Interest income	32	18
Gains (losses)	11	(74)
FVTPL [Member] | Public equities [Member]
Disclosure of Investment Income [line items]
Dividend income	551	484
Gains (losses)	3,079	(1,596)
FVTPL [Member] | Derivatives [Member]
Disclosure of Investment Income [line items]
Interest income	579	689
Gains (losses)	2,653	(2,251)
FVTPL [Member] | Other invested assets [Member]
Disclosure of Investment Income [line items]
Gains (losses)	742	283
Impairment loss, net		(2)
FVTPL [Member] | Interest income [member]
Disclosure of Investment Income [line items]
Investment income	6,168	6,139
FVTPL [Member] | Dividend, rental and other income [member]
Disclosure of Investment Income [line items]
Investment income	552	484
FVTPL [Member] | Impairments, provisions and recoveries, net [Member]
Disclosure of Investment Income [line items]
Investment income	(9)	16
FVTPL [Member] | Other [Member]
Disclosure of Investment Income [line items]
Investment income	265	(271)
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	11,521	(6,012)
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	2,865	(1,454)
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	776	357
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	2,582	(2,251)
AFS [Member]
Disclosure of Investment Income [line items]
Net Investment income	1,661	1,003
Investment income	1,649	979
Realized and unrealized gains (losses) on assets	12	24
AFS [Member] | Debt securities [Member]
Disclosure of Investment Income [line items]
Interest income	783	646
Gains (losses)	472	(310)
Impairment loss, net	1
AFS [Member] | Cash and short-term securities [Member]
Disclosure of Investment Income [line items]
Interest income	281	250
Gains (losses)	(29)	62
AFS [Member] | Public equities [Member]
Disclosure of Investment Income [line items]
Dividend income	69	72
Gains (losses)	109	330
Impairment loss, net	(24)	(43)
AFS [Member] | Other invested assets [Member]
Disclosure of Investment Income [line items]
Gains (losses)	(1)
Impairment loss, net		(4)
AFS [Member] | Interest income [member]
Disclosure of Investment Income [line items]
Investment income	1,064	896
AFS [Member] | Dividend, rental and other income [member]
Disclosure of Investment Income [line items]
Investment income	69	72
AFS [Member] | Impairments, provisions and recoveries, net [Member]
Disclosure of Investment Income [line items]
Investment income	(23)	(47)
AFS [Member] | Other [Member]
Disclosure of Investment Income [line items]
Investment income	539	58
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	7	18
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	5	10
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)
Other [Member]
Disclosure of Investment Income [line items]
Net Investment income	7,212	6,521
Investment income	6,768	6,213
Other [Member] | Cash and short-term securities [Member]
Disclosure of Investment Income [line items]
Interest income	0
Gains (losses)	0
Other [Member] | Mortgages [Member]
Disclosure of Investment Income [line items]
Interest income	1,951	1,824
Gains (losses)	26	56
Provision, net		(8)
Recovery (provision), net	31
Other [Member] | Private placements [Member]
Disclosure of Investment Income [line items]
Interest income	1,782	1,729
Gains (losses)	(62)	(83)
Impairment loss, net	(35)	(10)
Other [Member] | Policy loans [member]
Disclosure of Investment Income [line items]
Net Investment income	391	371
Other [Member] | Loans to Bank clients [Member]
Disclosure of Investment Income [line items]
Interest income	87	81
Provision, net	(1)	(1)
Other [Member] | Real estate [Member]
Disclosure of Investment Income [line items]
Rental income, net of depreciation	505	515
Gains (losses)	508	445
Other [Member] | Derivatives [Member]
Disclosure of Investment Income [line items]
Interest income	(24)	(33)
Gains (losses)	(6)	27
Other [Member] | Other invested assets [Member]
Disclosure of Investment Income [line items]
Interest income	69	74
Oil and gas, timber, agriculture and other income	1,862	1,758
Gains (losses)	35	(110)
Impairment loss, net		(114)
Recovery (impairment loss), net	93
Other [Member] | Interest income [member]
Disclosure of Investment Income [line items]
Investment income	4,256	4,046
Other [Member] | Dividend, rental and other income [member]
Disclosure of Investment Income [line items]
Investment income	2,367	2,273
Other [Member] | Impairments, provisions and recoveries, net [Member]
Disclosure of Investment Income [line items]
Investment income	88	(133)
Other [Member] | Other [Member]
Disclosure of Investment Income [line items]
Investment income	57	27
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	444	308
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	26	55
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	(62)	(83)
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	514	449
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	(28)	(140)
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	$ (6)	$ 27

Invested Assets and Investmen_8

Invested Assets and Investment Income - Summary of Total Investment Expenses (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Investment Expenses [line items]
Total investment expenses	$ 1,748	$ 1,708
Related to invested assets [Member]
Investment Expenses [line items]
Total investment expenses	627	638
Related to segregated, mutual and other funds [Member]
Investment Expenses [line items]
Total investment expenses	$ 1,121	$ 1,070

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, 2019	Dec. 31, 2018
Disclosure of detailed information about investment property [abstract]
Rental income from investment properties	$ 864	$ 1,013
Direct operating expenses of rental investment properties	(464)	(582)
Total	$ 400	$ 431

Invested Assets and Investme_10

Invested Assets and Investment Income - Summary of Securitized Assets and Secured Borrowing Liabilities (Detail) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Securitised Assets	$ 3,913	$ 3,818
SecuredBorrowingLiabilities	3,882	3,774
HELOC securitization [Member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Securitised Assets	2,293	2,293
CMB securitization [member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Securitised Assets	1,620	1,525
Securitized mortgages [Member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Securitised Assets	3,905	3,810
Securitized mortgages [Member] | HELOC securitization [Member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Securitised Assets	2,285	2,285
Securitized mortgages [Member] | CMB securitization [member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Securitised Assets	1,620	1,525
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
Restricted cash and short-term securities [member] | CMB securitization [member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Securitised Assets	0
HELOC securitization [Member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
SecuredBorrowingLiabilities	2,250	2,250
CMB securitization [member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
SecuredBorrowingLiabilities	$ 1,632	$ 1,524

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, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of fair value measurement of assets [Line Items]
Debt securities	$ 198,122	$ 185,594
Public equities	22,851	19,179
Real estate - investment property	12,928	12,777
Other invested assets	28,760	27,543
Segregated funds net assets	343,108	313,209
Total assets	809,130	750,271
FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	1,859	1,080
Debt securities	116,044	107,425
Public equities	20,060	16,721
AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	13,084	10,163
Debt securities	5,285	5,245
Public equities	2,791	2,458
Other cash and short-term securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	5,357	4,972
Real estate [Member]
Disclosure of fair value measurement of assets [Line Items]
Real estate - investment property	11,002	10,761
Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	18,194	17,562
Canadian government and agency [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	23,361	23,787
Canadian government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	18,582	16,445
Canadian government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	4,779	7,342
U.S. government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	11,031	11,934
U.S. government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	17,221	13,990
Other government and agency [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	21,743	20,260
Other government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	17,383	16,159
Other government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	4,360	4,101
Residential mortgage asset-backed securities [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	13	13
Residential mortgage asset-backed securities [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	1	2
Commercial mortgage asset-backed securities [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	1,271	1,344
Commercial mortgage asset-backed securities [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	102	128
Other securitized assets [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	1,983	1,417
Other securitized assets [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	67	49
Financial assets at fair value, class [Member]
Disclosure of fair value measurement of assets [Line Items]
Total assets	613,577	562,520
Level 1 [Member]
Disclosure of fair value measurement of assets [Line Items]
Segregated funds net assets	293,903	273,840
Level 1 [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Public equities	20,060	16,718
Level 1 [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Public equities	2,788	2,456
Level 1 [Member] | Other cash and short-term securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	5,357	4,972
Level 1 [Member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	91
Level 1 [Member] | Financial assets at fair value, class [Member]
Disclosure of fair value measurement of assets [Line Items]
Total assets	322,199	297,986
Level 2 [Member]
Disclosure of fair value measurement of assets [Line Items]
Segregated funds net assets	44,693	34,922
Level 2 [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	1,859	1,080
Debt securities	115,411	106,641
Level 2 [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	13,084	10,163
Debt securities	5,270	5,125
Public equities	3	2
Level 2 [Member] | Canadian government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	18,582	16,445
Level 2 [Member] | Canadian government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	4,779	7,342
Level 2 [Member] | U.S. government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	11,031	11,934
Level 2 [Member] | U.S. government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	17,221	13,990
Level 2 [Member] | Other government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	17,383	15,979
Level 2 [Member] | Other government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	4,360	4,064
Level 2 [Member] | Residential mortgage asset-backed securities [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	13	6
Level 2 [Member] | Residential mortgage asset-backed securities [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	1
Level 2 [Member] | Commercial mortgage asset-backed securities [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	1,271	1,344
Level 2 [Member] | Commercial mortgage asset-backed securities [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	102	128
Level 2 [Member] | Other securitized assets [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	1,983	1,417
Level 2 [Member] | Other securitized assets [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	67	49
Level 2 [Member] | Financial assets at fair value, class [Member]
Disclosure of fair value measurement of assets [Line Items]
Total assets	257,113	230,631
Level 3 [Member]
Disclosure of fair value measurement of assets [Line Items]
Segregated funds net assets	4,512	4,447
Total assets	35,721	34,009	$ 34,870
Level 3 [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	633	784
Public equities		3
Level 3 [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	15	120
Level 3 [Member] | Real estate [Member]
Disclosure of fair value measurement of assets [Line Items]
Real estate - investment property	11,002	10,761
Total assets	29,105	28,323	28,732
Level 3 [Member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	18,103	17,562
Level 3 [Member] | Other invested assets [Member] | Real estate [Member]
Disclosure of fair value measurement of assets [Line Items]
Total assets	18,103	17,562	$ 16,203
Level 3 [Member] | Other government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities		180
Level 3 [Member] | Other government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities		37
Level 3 [Member] | Residential mortgage asset-backed securities [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities		7
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] | Financial assets at fair value, class [Member]
Disclosure of fair value measurement of assets [Line Items]
Total assets	$ 34,265	$ 33,903

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, 2019	Dec. 31, 2018
Bottom of range [Member]
Disclosure of fair value measurement of assets [Line Items]
Investment properties capitalization rates	0.00%	2.75%
Investment properties terminal capitalization rates	0.00%	3.80%
Top of range [Member]
Disclosure of fair value measurement of assets [Line Items]
Investment properties capitalization rates	0.00%	8.75%
Investment properties terminal capitalization rates	0.00%	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	0.00%	8.95%
Power and infrastructure [Member] | Top of range [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets fair value discount rate	0.00%	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	0.00%	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	0.00%	7.00%

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, 2019	Dec. 31, 2018
Carrying value [Member]
Disclosure of financial assets [Line Items]
Carrying value	$ 108,058	$ 104,353
Carrying value [Member] | Mortgages [Member]
Disclosure of financial assets [Line Items]
Carrying value	49,376	48,363
Carrying value [Member] | Private placements [Member]
Disclosure of financial assets [Line Items]
Carrying value	37,979	35,754
Carrying value [Member] | Policy loans [member]
Disclosure of financial assets [Line Items]
Carrying value	6,471	6,446
Carrying value [Member] | Loans to Bank clients [Member]
Disclosure of financial assets [Line Items]
Carrying value	1,740	1,793
Carrying value [Member] | Real estate own use property [Member]
Disclosure of financial assets [Line Items]
Carrying value	1,926	2,016
Carrying value [Member] | Other invested assets [Member]
Disclosure of financial assets [Line Items]
Carrying value	10,566	9,981
Fair value [Member]
Disclosure of financial assets [Line Items]
Total fair value	116,027	106,906
Fair value [Member] | Mortgages [Member]
Disclosure of financial assets [Line Items]
Total fair value	51,450	48,628
Fair value [Member] | Private placements [Member]
Disclosure of financial assets [Line Items]
Total fair value	41,743	36,103
Fair value [Member] | Policy loans [member]
Disclosure of financial assets [Line Items]
Total fair value	6,471	6,446
Fair value [Member] | Loans to Bank clients [Member]
Disclosure of financial assets [Line Items]
Total fair value	1,742	1,797
Fair value [Member] | Real estate own use property [Member]
Disclosure of financial assets [Line Items]
Total fair value	3,275	3,179
Fair value [Member] | Other invested assets [Member]
Disclosure of financial assets [Line Items]
Total fair value	11,346	10,753
Level 1 [Member]
Disclosure of financial assets [Line Items]
Total fair value	165	121
Level 1 [Member] | Other invested assets [Member]
Disclosure of financial assets [Line Items]
Total fair value	165	121
Level 2 [Member]
Disclosure of financial assets [Line Items]
Total fair value	44,447	38,568
Level 2 [Member] | Private placements [Member]
Disclosure of financial assets [Line Items]
Total fair value	36,234	30,325
Level 2 [Member] | Policy loans [member]
Disclosure of financial assets [Line Items]
Total fair value	6,471	6,446
Level 2 [Member] | Loans to Bank clients [Member]
Disclosure of financial assets [Line Items]
Total fair value	1,742	1,797
Level 3 [Member]
Disclosure of financial assets [Line Items]
Total fair value	71,415	68,217
Level 3 [Member] | Mortgages [Member]
Disclosure of financial assets [Line Items]
Total fair value	51,450	48,628
Level 3 [Member] | Private placements [Member]
Disclosure of financial assets [Line Items]
Total fair value	5,509	5,778
Level 3 [Member] | Real estate own use property [Member]
Disclosure of financial assets [Line Items]
Total fair value	3,275	3,179
Level 3 [Member] | Other invested assets [Member]
Disclosure of financial assets [Line Items]
Total fair value	$ 11,181	$ 10,632

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, 2019	Dec. 31, 2018
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	$ 750,271
Asset at end of period	809,130	$ 750,271
Debt securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	185,594
Asset at end of period	198,122	185,594
Public equities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	19,179
Asset at end of period	22,851	19,179
Level 3 [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	34,009	34,870
Net realized/unrealized gains (losses) included in net income	3,287	(1,310)
Net realized/unrealized gains (losses) included in net AOCI	46	(46)
Purchases	4,190	5,011
Sales	(2,560)	(4,754)
Settlements	(1,768)	(862)
Transfer into Level 3	666	12
Transfer out of Level 3	(984)	(928)
Currency Movement	(1,165)	2,016
Asset at end of period	35,721	34,009
Change in unrealized gains (losses) on assets still held	2,636	(496)
Level 3 [Member] | Derivatives [member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	106	769
Net realized/unrealized gains (losses) included in net income	1,884	(666)
Net realized/unrealized gains (losses) included in net AOCI	44	(48)
Purchases	42	12
Settlements	(685)	18
Transfer into Level 3	135	9
Transfer out of Level 3	(34)	(13)
Currency Movement	(36)	25
Asset at end of period	1,456	106
Change in unrealized gains (losses) on assets still held	1,423	(460)
Level 3 [Member] | Public equities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	3	3
Net realized/unrealized gains (losses) included in net income	1,739
Sales	(1,679)
Currency Movement	(63)
Asset at end of period		3
Change in unrealized gains (losses) on assets still held	1,510
Level 3 [Member] | Segregated funds net assets [member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	4,447	4,255
Net realized/unrealized gains (losses) included in net income	148	226
Purchases	193	155
Sales	(140)	(367)
Settlements	(30)	1
Transfer into Level 3		3
Transfer out of Level 3		(17)
Currency Movement	(106)	191
Asset at end of period	4,512	4,447
Change in unrealized gains (losses) on assets still held	111	161
Level 3 [Member] | FVTPL [Member] | Debt securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	971	975
Net realized/unrealized gains (losses) included in net income	36	7
Purchases	59	248
Sales	(107)	(146)
Settlements	(18)	(32)
Transfer into Level 3	514
Transfer out of Level 3	(788)	(149)
Currency Movement	(34)	68
Asset at end of period	633	971
Change in unrealized gains (losses) on assets still held	47	(7)
Level 3 [Member] | FVTPL [Member] | Public equities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	3	3
Net realized/unrealized gains (losses) included in net income	1,739
Sales	(1,679)
Currency Movement	(63)
Asset at end of period		3
Change in unrealized gains (losses) on assets still held	1,510
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	180	239
Net realized/unrealized gains (losses) included in net income	1	(2)
Purchases	16	27
Sales	(18)	(85)
Settlements		(14)
Transfer out of Level 3	(178)
Currency Movement	(1)	15
Asset at end of period	0	180
Change in unrealized gains (losses) on assets still held		(3)
Level 3 [Member] | FVTPL [Member] | Corporate [member] | Debt securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	784	710
Net realized/unrealized gains (losses) included in net income	35	3
Purchases	43	190
Sales	(88)	(61)
Settlements	(18)	(18)
Transfer into Level 3	514
Transfer out of Level 3	(604)	(93)
Currency Movement	(33)	53
Asset at end of period	633	784
Change in unrealized gains (losses) on assets still held	47	(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	7	1
Net realized/unrealized gains (losses) included in net income		6
Sales	(1)
Transfer out of Level 3	(6)
Asset at end of period		7
Change in unrealized gains (losses) on assets still held		6
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		25
Purchases		31
Transfer out of Level 3		(56)
Level 3 [Member] | AFS [Member] | Debt securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	159	136
Net realized/unrealized gains (losses) included in net income	2
Net realized/unrealized gains (losses) included in net AOCI		1
Purchases	55	55
Sales	(33)	(27)
Settlements	(4)	(8)
Transfer into Level 3		0
Transfer out of Level 3	(162)	(8)
Currency Movement	(2)	10
Asset at end of period	15	159
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	37	47
Net realized/unrealized gains (losses) included in net income	1
Purchases	5	6
Sales	(12)	(15)
Settlements		(4)
Transfer out of Level 3	(31)	0
Currency Movement		3
Asset at end of period		37
Level 3 [Member] | AFS [Member] | Corporate [member] | Debt securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	120	88
Net realized/unrealized gains (losses) included in net income	1
Purchases	13	49
Sales	(21)	(12)
Settlements	(4)	(4)
Transfer out of Level 3	(93)	(7)
Currency Movement	(2)	6
Asset at end of period	14	120
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	2
Net realized/unrealized gains (losses) included in net AOCI		1
Transfer out of Level 3	(1)
Currency Movement		1
Asset at end of period	1	2
Level 3 [Member] | AFS [Member] | Commercial mortgage asset-backed securities [Member] | Debt securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Purchases	37
Transfer out of Level 3	(37)
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
Transfer out of Level 3		(1)
Level 3 [Member] | Real estate [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	28,323	28,732
Net realized/unrealized gains (losses) included in net income	(522)	(877)
Net realized/unrealized gains (losses) included in net AOCI	2	1
Purchases	3,841	4,541
Sales	(601)	(4,214)
Settlements	(1,031)	(841)
Transfer into Level 3	17
Transfer out of Level 3		(741)
Currency Movement	(924)	1,722
Asset at end of period	29,105	28,323
Change in unrealized gains (losses) on assets still held	(455)	(190)
Level 3 [Member] | Real estate [Member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	17,562	16,203
Net realized/unrealized gains (losses) included in net income	(1,028)	(1,168)
Net realized/unrealized gains (losses) included in net AOCI	2	1
Purchases	3,401	3,926
Sales	(144)	(1,636)
Settlements	(1,031)	(841)
Transfer into Level 3	2
Transfer out of Level 3		(35)
Currency Movement	(661)	1,112
Asset at end of period	18,103	17,562
Change in unrealized gains (losses) on assets still held	(923)	(434)
Level 3 [Member] | Real estate [Member] | Investment property [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	10,761	12,529
Net realized/unrealized gains (losses) included in net income	506	291
Purchases	440	615
Sales	(457)	(2,578)
Transfer into Level 3	15
Transfer out of Level 3		(706)
Currency Movement	(263)	610
Asset at end of period	11,002	10,761
Change in unrealized gains (losses) on assets still held	$ 468	$ 244

Derivative and Hedging Instru_3

Derivative and Hedging Instruments - Summary of Gross Notional Amount and Fair Value of Derivative Instruments (Detail) - CAD ($)	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about hedges [Line Items]
Notional amount	$ 402,477,000,000	$ 414,734,000,000
Fair value, assets	19,449,000,000	13,703,000,000
Fair value, liabilities	10,284,000,000	7,803,000,000
Designated [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	5,180,000,000	4,489,000,000
Designated [Member] | Fair value hedges [Member] | Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	350,000,000	519,000,000
Designated [Member] | Fair value hedges [Member] | Foreign currency swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	86,000,000	91,000,000
Designated [Member] | Cash flow hedges [Member] | Foreign currency swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	1,790,000,000	1,834,000,000
Designated [Member] | Cash flow hedges [Member] | Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount		80,000,000
Designated [Member] | Cash flow hedges [Member] | Equity contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	132,000,000	101,000,000
Designated [Member] | Hedges of net investment in foreign operations [Member] | Foreign Currency Forwards [member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	2,822,000,000	1,864,000,000
Non designated [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	397,297,000,000	410,245,000,000
Fair value, assets	19,384,000,000	13,597,000,000
Fair value, liabilities	9,849,000,000	7,337,000,000
Non designated [Member] | Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	283,172,000,000	300,704,000,000
Non designated [Member] | Foreign currency swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	26,329,000,000	23,156,000,000
Non designated [Member] | Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	33,432,000,000	29,248,000,000
Non designated [Member] | Equity contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	14,582,000,000	15,492,000,000
Non designated [Member] | Interest rate futures [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	13,069,000,000	14,297,000,000
Non designated [Member] | Interest rate options [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	12,248,000,000	11,736,000,000
Non designated [Member] | Currency rate futures [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	3,387,000,000	4,052,000,000
Non designated [Member] | Credit default swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	502,000,000	652,000,000
Non designated [Member] | Equity futures [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	10,576,000,000	10,908,000,000
Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	19,449,000,000	13,703,000,000
Fair value, liabilities	10,284,000,000	7,803,000,000
Fair value [Member] | Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	17,894,000,000	12,155,000,000
Fair value, liabilities	8,397,000,000	5,815,000,000
Fair value [Member] | Equity contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	869,000,000	653,000,000
Fair value, liabilities	37,000,000	174,000,000
Fair value [Member] | Credit default swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	6,000,000	9,000,000
Fair value [Member] | Designated [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	65,000,000	106,000,000
Fair value, liabilities	435,000,000	466,000,000
Fair value [Member] | Designated [Member] | Fair value hedges [Member] | Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, liabilities	5,000,000	13,000,000
Fair value [Member] | Designated [Member] | Fair value hedges [Member] | Foreign currency swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	3,000,000	5,000,000
Fair value, liabilities	1,000,000
Fair value [Member] | Designated [Member] | Cash flow hedges [Member] | Foreign currency swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	39,000,000	80,000,000
Fair value, liabilities	407,000,000	367,000,000
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
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
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	7,000,000	21,000,000
Fair value, liabilities	22,000,000	65,000,000
Fair value [Member] | Non designated [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	19,449,000,000	13,703,000,000
Fair value, liabilities	10,284,000,000	7,803,000,000
Fair value [Member] | Non designated [Member] | Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	15,159,000,000	11,204,000,000
Fair value, liabilities	8,140,000,000	5,675,000,000
Fair value [Member] | Non designated [Member] | Foreign currency swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	606,000,000	747,000,000
Fair value, liabilities	1,399,000,000	1,341,000,000
Fair value [Member] | Non designated [Member] | Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	2,337,000,000	670,000,000
Fair value, liabilities	273,000,000	158,000,000
Fair value [Member] | Non designated [Member] | Equity contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	853,000,000	653,000,000
Fair value, liabilities	37,000,000	163,000,000
Fair value [Member] | Non designated [Member] | Interest rate options [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	423,000,000	314,000,000
Fair value [Member] | Non designated [Member] | Credit default swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	$ 6,000,000	$ 9,000,000

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, 2019	Dec. 31, 2018
Disclosure of detailed information about hedges [Line Items]
Derivative assets	$ 19,449,000,000	$ 13,703,000,000
Derivative liabilities	10,284,000,000	7,803,000,000
Remaining term to maturity (notional amounts)	402,477,000,000	414,734,000,000
Credit risk equivalent	14,156,000,000	10,933,000,000
Risk- weighted amount	1,859,000,000	1,505,000,000
Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	19,449,000,000	13,703,000,000
Derivative liabilities	10,284,000,000	7,803,000,000
Fair value, net	9,165,000,000	5,900,000,000
Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	336,920,000,000	352,462,000,000
Credit risk equivalent	7,849,000,000	5,936,000,000
Risk- weighted amount	1,087,000,000	882,000,000
Interest rate swaps [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	18,600,000,000	12,799,000,000
Derivative liabilities	(9,403,000,000)	(6,699,000,000)
Fair value, net	9,197,000,000	6,100,000,000
Interest rate swaps [Member] | OTC swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	140,256,000,000	147,880,000,000
Credit risk equivalent	6,891,000,000	5,301,000,000
Risk- weighted amount	957,000,000	787,000,000
Interest rate swaps [Member] | OTC swap contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	15,627,000,000	11,750,000,000
Derivative liabilities	(8,910,000,000)	(6,477,000,000)
Fair value, net	6,717,000,000	5,273,000,000
Interest rate swaps [Member] | Cleared swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	143,266,000,000	153,343,000,000
Interest rate swaps [Member] | Cleared swap contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	238,000,000	95,000,000
Derivative liabilities	(240,000,000)	(96,000,000)
Fair value, net	(2,000,000)	(1,000,000)
Interest rate swaps [Member] | Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	28,081,000,000	25,206,000,000
Credit risk equivalent	398,000,000	259,000,000
Risk- weighted amount	53,000,000	37,000,000
Interest rate swaps [Member] | Forward contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	2,312,000,000	637,000,000
Derivative liabilities	(253,000,000)	(126,000,000)
Fair value, net	2,059,000,000	511,000,000
Interest rate swaps [Member] | Futures [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	13,069,000,000	14,297,000,000
Interest rate swaps [Member] | Options purchased [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	12,248,000,000	11,736,000,000
Credit risk equivalent	560,000,000	376,000,000
Risk- weighted amount	77,000,000	58,000,000
Interest rate swaps [Member] | Options purchased [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	423,000,000	317,000,000
Fair value, net	423,000,000	317,000,000
Foreign exchange [Member] | Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	8,173,000,000	5,986,000,000
Credit risk equivalent	138,000,000	108,000,000
Risk- weighted amount	16,000,000	13,000,000
Foreign exchange [Member] | Forward contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	32,000,000	54,000,000
Derivative liabilities	(42,000,000)	(106,000,000)
Fair value, net	(10,000,000)	(52,000,000)
Foreign exchange [Member] | Futures [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	3,387,000,000	4,052,000,000
Foreign exchange [Member] | Swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	28,205,000,000	25,081,000,000
Credit risk equivalent	2,515,000,000	2,309,000,000
Risk- weighted amount	279,000,000	256,000,000
Foreign exchange [Member] | Swap contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	642,000,000	807,000,000
Derivative liabilities	(1,864,000,000)	(1,736,000,000)
Fair value, net	(1,222,000,000)	(929,000,000)
Credit derivatives [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	502,000,000	652,000,000
Credit derivatives [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	6,000,000	10,000,000
Fair value, net	6,000,000	10,000,000
Equity contracts [Member] | Futures [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	10,576,000,000	10,908,000,000
Equity contracts [Member] | Options purchased [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	13,317,000,000	12,723,000,000
Credit risk equivalent	3,418,000,000	2,277,000,000
Risk- weighted amount	448,000,000	316,000,000
Equity contracts [Member] | Options purchased [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	821,000,000	621,000,000
Derivative liabilities	(20,000,000)	(118,000,000)
Fair value, net	801,000,000	503,000,000
Equity contracts [Member] | Swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	1,397,000,000	2,870,000,000
Credit risk equivalent	236,000,000	303,000,000
Risk- weighted amount	29,000,000	38,000,000
Equity contracts [Member] | Swap contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	43,000,000	29,000,000
Derivative liabilities	(16,000,000)	(57,000,000)
Fair value, net	27,000,000	(28,000,000)
Financial Instruments [member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	402,477,000,000	414,734,000,000
Credit risk equivalent	14,156,000,000	10,933,000,000
Risk- weighted amount	1,859,000,000	1,505,000,000
Financial Instruments [member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	20,144,000,000	14,320,000,000
Derivative liabilities	(11,345,000,000)	(8,716,000,000)
Fair value, net	8,799,000,000	5,604,000,000
Accrued interest [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	695,000,000	617,000,000
Derivative liabilities	(1,061,000,000)	(913,000,000)
Fair value, net	(366,000,000)	(296,000,000)
Less than 1 year [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	1,248,000,000	649,000,000
Derivative liabilities	332,000,000	359,000,000
Remaining term to maturity (notional amounts)	66,327,000,000	65,862,000,000
Less than 1 year [Member] | Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	35,081,000,000	34,939,000,000
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)	5,105,000,000	3,495,000,000
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)	3,932,000,000	5,723,000,000
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)	11,709,000,000	10,258,000,000
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)	13,069,000,000	14,297,000,000
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)	1,266,000,000	1,166,000,000
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)	8,173,000,000	5,926,000,000
Less than 1 year [Member] | Foreign exchange [Member] | Futures [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	3,387,000,000	4,052,000,000
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)	998,000,000	1,024,000,000
Less than 1 year [Member] | Credit derivatives [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	275,000,000	143,000,000
Less than 1 year [Member] | Equity contracts [Member] | Futures [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	10,576,000,000	10,908,000,000
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)	6,604,000,000	6,142,000,000
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)	1,233,000,000	2,728,000,000
Less than 1 year [Member] | Financial Instruments [member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	66,327,000,000	65,862,000,000
1 to 3 years [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	1,659,000,000	671,000,000
Derivative liabilities	145,000,000	229,000,000
3 to 5 years [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	1,309,000,000	795,000,000
Derivative liabilities	218,000,000	227,000,000
Over 5 years [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	15,233,000,000	11,588,000,000
Derivative liabilities	9,589,000,000	6,988,000,000
Remaining term to maturity (notional amounts)	268,277,000,000	277,310,000,000
Over 5 years [Member] | Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	248,509,000,000	259,534,000,000
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)	112,863,000,000	121,817,000,000
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)	127,835,000,000	131,480,000,000
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)	1,283,000,000	648,000,000
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)	6,528,000,000	5,589,000,000
Over 5 years [Member] | Foreign exchange [Member] | Swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	19,688,000,000	17,776,000,000
Over 5 years [Member] | Equity contracts [Member] | Options purchased [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	80,000,000
Over 5 years [Member] | Financial Instruments [member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	268,277,000,000	277,310,000,000
1 to 5 years [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	67,873,000,000	71,562,000,000
1 to 5 years [Member] | Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	53,330,000,000	57,989,000,000
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)	22,288,000,000	22,568,000,000
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)	11,499,000,000	16,140,000,000
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)	15,089,000,000	14,300,000,000
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)	4,454,000,000	4,981,000,000
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
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)	7,519,000,000	6,281,000,000
1 to 5 years [Member] | Credit derivatives [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	227,000,000	509,000,000
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)	6,633,000,000	6,581,000,000
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)	164,000,000	142,000,000
1 to 5 years [Member] | Financial Instruments [member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	$ 67,873,000,000	$ 71,562,000,000

Derivative and Hedging Instru_5

Derivative and Hedging Instruments - Additional Information (Detail) - CAD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about hedges [Line Items]
Notional amount	$ 402,477,000,000	$ 414,734,000,000
Fair value of reinsurance ceded guaranteed minimum income benefits	981,000,000	1,148,000,000
Fair value of reinsurance assumed guaranteed minimum income benefits	109,000,000	114,000,000
Fair value of credit and interest rate embedded derivatives	(137,000,000)	53,000,000
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	$ 8,000,000
Maximum time frame for which variable cash flows are hedged	17 years
Variable annuity guarantee dynamic hedging and macro equity risk hedging programs [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	$ 128,000,000,000	$ 136,000,000,000

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, 2019	Dec. 31, 2018
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	$ 19,449	$ 13,703
Total derivative liabilities	10,284	7,803
Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	19,449	13,703
Total derivative liabilities	10,284	7,803
Interest rate swaps [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	17,894	12,155
Total derivative liabilities	8,397	5,815
Foreign Exchange Contract [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	680	886
Total derivative liabilities	1,850	1,814
Equity contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	869	653
Total derivative liabilities	37	174
Credit default swaps [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	6	9
Level 2 [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	17,308	13,043
Total derivative liabilities	9,599	7,249
Level 2 [Member] | Interest rate swaps [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	15,801	11,537
Total derivative liabilities	7,730	5,318
Level 2 [Member] | Foreign Exchange Contract [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	680	876
Total derivative liabilities	1,849	1,813
Level 2 [Member] | Equity contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	821	621
Total derivative liabilities	20	118
Level 2 [Member] | Credit default swaps [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	6	9
Level 3 [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	2,141	660
Total derivative liabilities	685	554
Level 3 [Member] | Interest rate swaps [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	2,093	618
Total derivative liabilities	667	497
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	1
Level 3 [Member] | Equity contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	48	32
Total derivative liabilities	$ 17	$ 56

Derivative and Hedging Instru_7

Derivative and Hedging Instruments - Summary of Recognized Gains Losses on Derivatives and Hedged Items in Fair Value Hedges in Investment Income (Detail) - Fair value hedges [Member] - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about hedges [Line Items]
Gains (losses) recognized on derivatives	$ 7	$ 11
Gains (losses) recognized for hedged items	(4)	(9)
Ineffectiveness recognized in investment income	3	2
Interest rate swaps [Member] | Fixed rate assets [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) recognized on derivatives		1
Gains (losses) recognized for hedged items		(1)
Interest rate swaps [Member] | Fixed rate liabilities [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) recognized on derivatives	8	3
Gains (losses) recognized for hedged items	(6)	(3)
Ineffectiveness recognized in investment income	2
Foreign currency swaps [Member] | Fixed rate assets [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) recognized on derivatives	(1)	7
Gains (losses) recognized for hedged items	2	(5)
Ineffectiveness recognized in investment income	$ 1	$ 2

Derivative and Hedging Instru_8

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, 2019	Dec. 31, 2018
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives	$ (48)	$ (5)
Gains (losses) reclassified from AOCI into investment income	(15)	4
Interest rate swaps [Member] | Forecasted liabilities [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) reclassified from AOCI into investment income		(20)
Foreign currency swaps [Member] | Fixed rate assets [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives	(2)
Gains (losses) reclassified from AOCI into investment income	1	(1)
Foreign currency swaps [Member] | Floating rate liabilities [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives	(40)	(36)
Gains (losses) reclassified from AOCI into investment income	37	(62)
Foreign currency swaps [Member] | Fixed rate liabilities [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives	(41)	60
Gains (losses) reclassified from AOCI into investment income	(35)	62
Forward contracts [Member] | Forecasted expenses [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives		(8)
Gains (losses) reclassified from AOCI into investment income	(9)	(2)
Equity contracts [Member] | Stock-based compensation [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives	35	(21)
Gains (losses) reclassified from AOCI into investment income	$ (9)	$ 27

Derivative and Hedging Instru_9

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, 2019	Dec. 31, 2018
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives	$ 359	$ (460)
Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives	80	9
Non-functional currency denominated debt [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives	$ 279	$ (469)

Derivative and Hedging Instr_10

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, 2019	Dec. 31, 2018
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	$ 2,649	$ (2,258)
Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	1,483	(1,894)
Interest rate futures [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	571	(298)
Interest rate options [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	96	(52)
Foreign currency swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	(242)	(122)
Currency rate futures [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	88	3
Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	2,815	(355)
Equity futures [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	(2,436)	742
Equity contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	277	(276)
Credit default swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	$ (3)	$ (6)

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, 2019	Dec. 31, 2018
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Goodwill Beginning balance	$ 5,864	$ 5,713
Total intangible assets Beginning balance	4,233	4,127
Goodwill Additions/ disposals	(6)	(65)
Total intangible assets Additions/ Disposals	393	145
Effect of changes in foreign exchange rates	(115)	216
Goodwill Ending balance	5,743	5,864
Total goodwill and intangible assets Beginning balance	10,097	9,840
Total goodwill and intangible assets Additions/ Disposals	387	80
Amortization expense	271	255
Effect of changes in foreign exchange rates	(123)	432
Effect of changes in foreign exchange rates - Total intangible assets	(238)	216
Total goodwill and intangible assets Ending balance	9,975	10,097
Total intangible assets Ending balance	4,232	4,233
Distribution networks [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Total intangible assets Beginning balance	868	989
Total intangible assets Additions/ Disposals	6	(133)
Amortization expense	44	48
Effect of changes in foreign exchange rates - Total intangible assets	(29)	60
Total intangible assets Ending balance	801	868
Customer relationships [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Total intangible assets Beginning balance	860	899
Total intangible assets Additions/ Disposals	(2)
Amortization expense	54	55
Effect of changes in foreign exchange rates - Total intangible assets	(9)	16
Total intangible assets Ending balance	795	860
Software [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Total intangible assets Beginning balance	821	661
Total intangible assets Additions/ Disposals	357	275
Amortization expense	168	147
Effect of changes in foreign exchange rates - Total intangible assets	(19)	32
Total intangible assets Ending balance	991	821
Other [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Total intangible assets Beginning balance	67	70
Amortization expense	5	5
Effect of changes in foreign exchange rates - Total intangible assets	(1)	2
Total intangible assets Ending balance	61	67
Finite life intangible assets [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Total intangible assets Beginning balance	2,616	2,619
Total intangible assets Additions/ Disposals	361	142
Amortization expense	271	255
Effect of changes in foreign exchange rates - Total intangible assets	(58)	110
Total intangible assets Ending balance	2,648	2,616
Brand [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Total intangible assets Beginning balance	819	753
Effect of changes in foreign exchange rates - Total intangible assets	(40)	66
Total intangible assets Ending balance	779	819
Fund management contracts and other [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Total intangible assets Beginning balance	798	755
Total intangible assets Additions/ Disposals	32	3
Effect of changes in foreign exchange rates - Total intangible assets	(25)	40
Total intangible assets Ending balance	805	798
Indefinite life intangible assets [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Total intangible assets Beginning balance	1,617	1,508
Total intangible assets Additions/ Disposals	32	3
Effect of changes in foreign exchange rates - Total intangible assets	(65)	106
Total intangible assets Ending balance	$ 1,584	$ 1,617

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, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Intangible assets ending balance	$ 4,232	$ 4,233	$ 4,127
Goodwill disposals	65
Distribution networks [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Intangible assets ending balance	801	868	989
Intangible assets disposals	96
Customer relationships [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Intangible assets ending balance	795	860	899
Software [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Intangible assets ending balance	991	821	661
Other [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Intangible assets ending balance	61	67	70
Fund management contracts and other [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Intangible assets ending balance	805	798	$ 755
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	273	273
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	380	400
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	1,292	1,331
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	1,133	1,145
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	2,239	2,110
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	$ 130	$ 133

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2019CAD ($)Multiple	Dec. 31, 2018CAD ($)Multiple
Disclosure of detailed information about intangible assets [Line Items]
Impairment loss recognised in profit or loss good will | $	$ 0	$ 0
Price-to-earnings multiples	10.3
Canada [member]
Disclosure of detailed information about intangible assets [Line Items]
Tax rate applied to cash flow projections	26.50%	26.80%
U.S. [member]
Disclosure of detailed information about intangible assets [Line Items]
Tax rate applied to cash flow projections	21.00%	21.00%
Japan [Member]
Disclosure of detailed information about intangible assets [Line Items]
Tax rate applied to cash flow projections	28.00%	30.80%
Bottom of range [Member]
Disclosure of detailed information about intangible assets [Line Items]
Price-to-earnings multiples		9
Growth rate used to extrapolate cash flow projections	0.00%	5.00%
After-tax discount rate applied to cash flow projections	7.50%	7.50%
Pre-tax discount rate applied to cash flow projections	9.40%	10.20%
Top of range [Member]
Disclosure of detailed information about intangible assets [Line Items]
Price-to-earnings multiples		11.7
Growth rate used to extrapolate cash flow projections	20.00%	17.00%
After-tax discount rate applied to cash flow projections	10.00%	14.20%
Pre-tax discount rate applied to cash flow projections	12.50%	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, 2019	Dec. 31, 2018
Disclosure of reconciliation of changes in goodwill [Line items]
Goodwill Beginning balance	$ 5,864	$ 5,713
Goodwill Additions/ disposals	(6)	(65)
Effect of changes in foreign exchange rates	(115)	216
Goodwill Ending balance	5,743	5,864
Asia Insurance, excluding Japan [member]
Disclosure of reconciliation of changes in goodwill [Line items]
Goodwill Beginning balance	165	154
Effect of changes in foreign exchange rates	(6)	11
Goodwill Ending balance	159	165
Japan insurance [member]
Disclosure of reconciliation of changes in goodwill [Line items]
Goodwill Beginning balance	435	391
Effect of changes in foreign exchange rates	(15)	44
Goodwill Ending balance	420	435
Canadian insurance [member]
Disclosure of reconciliation of changes in goodwill [Line items]
Goodwill Beginning balance	1,962	1,954
Effect of changes in foreign exchange rates	(5)	8
Goodwill Ending balance	1,957	1,962
US insurance [member]
Disclosure of reconciliation of changes in goodwill [Line items]
Goodwill Beginning balance	367	400
Goodwill Additions/ disposals		(65)
Effect of changes in foreign exchange rates	(18)	32
Goodwill Ending balance	349	367
Asia wealth and asset management [member]
Disclosure of reconciliation of changes in goodwill [Line items]
Goodwill Beginning balance	196	180
Effect of changes in foreign exchange rates	(9)	16
Goodwill Ending balance	187	196
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	1,303	1,198
Goodwill Additions/ disposals	(6)
Effect of changes in foreign exchange rates	(62)	105
Goodwill Ending balance	$ 1,235	$ 1,303

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, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of insurance contract liabilities and reinsurance assets [abstract]
Gross insurance contract liabilities	$ 336,156	$ 313,737
Gross benefits payable and provision for unreported claims)	4,229	4,398
Gross policyholder amounts on deposit	10,776	10,519
Gross insurance contract liabilities	351,161	328,654	$ 304,605
Reinsurance assets	(41,353)	(42,925)
Net insurance contract liabilities	$ 309,808	$ 285,729

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, 2019	Dec. 31, 2018
Disclosure of insurance contract liabilities and reinsurance assets [abstract]
Reinsurance assets for investment contract liabilities	$ 93	$ 128

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, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	$ 309,808	$ 285,729
Total reinsurance ceded	41,353	42,925
Total, gross of reinsurance ceded	351,161	328,654	$ 304,605
Other insurance contract liabilities [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Total, gross of reinsurance ceded	13,219	12,968	$ 11,155
Gross insurance contract liabilities [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	309,808	285,729
Total reinsurance ceded	41,353	42,925
Total, gross of reinsurance ceded	351,161	328,654
Gross insurance contract liabilities [Member] | Corporate and other [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	(285)	(168)
Total reinsurance ceded	224	100
Total, gross of reinsurance ceded	(61)	(68)
Gross insurance contract liabilities [Member] | Asia [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	87,937	76,127
Total reinsurance ceded	1,432	1,332
Total, gross of reinsurance ceded	89,369	77,459
Gross insurance contract liabilities [Member] | Canada [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	83,297	76,628
Total reinsurance ceded	286	(202)
Total, gross of reinsurance ceded	83,583	76,426
Gross insurance contract liabilities [Member] | U.S. [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	138,859	133,142
Total reinsurance ceded	39,411	41,695
Total, gross of reinsurance ceded	178,270	174,837
Gross insurance contract liabilities [Member] | Individual insurance participating [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	66,817	57,886
Total reinsurance ceded	9,869	11,596
Total, gross of reinsurance ceded	76,686	69,482
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	46,071	38,470
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	12,012	10,743
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	8,734	8,673
Gross insurance contract liabilities [Member] | Individual insurance non-participating [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	138,096	127,035
Total reinsurance ceded	13,588	12,303
Total, gross of reinsurance ceded	151,684	139,338
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	(609)	(601)
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	32,887	29,547
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	39,655	34,677
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	66,163	63,412
Gross insurance contract liabilities [Member] | Annuities and pensions [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	38,585	39,572
Total reinsurance ceded	16,850	17,927
Total, gross of reinsurance ceded	55,435	57,499
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	36	46
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	5,915	5,062
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	17,871	18,339
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	14,763	16,125
Gross insurance contract liabilities [Member] | Other insurance contract liabilities [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	66,310	61,236
Total reinsurance ceded	1,046	1,099
Total, gross of reinsurance ceded	67,356	62,335
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	288	387
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	3,064	3,048
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	13,759	12,869
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	$ 49,199	$ 44,932

Insurance Contract Liabilitie_6

Insurance Contract Liabilities and Reinsurance Assets - Additional Information (Detail) - CAD ($) $ in Millions	Jan. 01, 2019	Oct. 31, 2018	Sep. 26, 2018	Dec. 31, 2019	Dec. 31, 2018
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Fair value of assets backing net insurance contract liabilities excluding reinsurance assets				$ 315,952	$ 287,326
Fair value of assets backing capital and other liabilities				501,147	465,497
Change in insurance and investment contract liabilities				74	(174)
Change in net income attributed to shareholders (post-tax)				(21)	(51)
Increase of reinsurance assets				(557)	893
John Hancock Life Insurance Company of New York [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Ceded premiums	$ 131
Increase of reinsurance assets	132
Quota share coinsurance agreements, percentage		90.00%
Coinsurance, after tax gain	18
John Hancock Life Insurance Company USA [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
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	581
Increase of reinsurance assets	621
Coinsurance, after tax gain	31
Ceded commission paid	$ 35
Reinsurance Group of America [Member] | John Hancock Life Insurance Company of New York [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Quota share coinsurance agreements, percentage			90.00%
Reinsurance Group of America [Member] | John Hancock Life Insurance Company USA [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Quota share coinsurance agreements, percentage			100.00%
Mortality and morbidity updates [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in insurance and investment contract liabilities				25	319
Change in net income attributed to shareholders (post-tax)				14	(360)
Lapses and policyholder behavior [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in insurance and investment contract liabilities				135	287
Change in net income attributed to shareholders (post-tax)				(75)	(226)
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)
Investment return assumptions [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in insurance and investment contract liabilities				12	(96)
Change in net income attributed to shareholders (post-tax)				70	143
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				(109)	(684)
Change in net income attributed to shareholders (post-tax)				(22)	392
Long Term Care Triennial Review [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in insurance and investment contract liabilities				11
Change in net income attributed to shareholders (post-tax)				(8)
Gain loss to net income attributed to shareholders after tax due to policy related assumptions				$ 2,000
Margin on policy change				30.00%
Gain loss to net income attributed to shareholders after tax due to morbidity improvement				$ 700
Gain loss to net income attributed to shareholders after tax due to adverse deviations				700
Gain loss for the impact of benefit reduction				$ 200
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				$ 29,402	$ 28,790

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, 2019	Dec. 31, 2018
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	$ 809,130	$ 750,271
Mortgages [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	49,376	48,363
Private placements [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	37,979	35,754
Real estate [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	12,928	12,777
Debt securities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	198,122	185,594
Public equities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	22,851	19,179
Other [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	487,874	448,604
Individual insurance participating [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	66,817	57,886
Individual insurance participating [Member] | Mortgages [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	2,921	2,218
Individual insurance participating [Member] | Private placements [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	4,658	4,151
Individual insurance participating [Member] | Real estate [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	3,336	3,106
Individual insurance participating [Member] | Debt securities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	34,169	30,934
Individual insurance participating [Member] | Public equities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	10,907	8,416
Individual insurance participating [Member] | Other [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	10,826	9,061
Individual insurance non-participating [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	138,096	127,035
Individual insurance non-participating [Member] | Mortgages [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	12,140	11,111
Individual insurance non-participating [Member] | Private placements [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	16,020	14,131
Individual insurance non-participating [Member] | Real estate [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	6,446	6,028
Individual insurance non-participating [Member] | Debt securities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	74,113	67,387
Individual insurance non-participating [Member] | Public equities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	6,453	5,562
Individual insurance non-participating [Member] | Other [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	22,924	22,816
Annuities and pensions [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	38,585	39,572
Annuities and pensions [Member] | Mortgages [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	5,203	4,972
Annuities and pensions [Member] | Private placements [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	6,957	6,960
Annuities and pensions [Member] | Real estate [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	1,082	1,214
Annuities and pensions [Member] | Debt securities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	19,865	20,469
Annuities and pensions [Member] | Public equities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	204	172
Annuities and pensions [Member] | Other [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	5,274	5,785
Other insurance contract liabilities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	66,310	61,236
Other insurance contract liabilities [Member] | Mortgages [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	7,916	8,732
Other insurance contract liabilities [Member] | Private placements [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	9,122	8,581
Other insurance contract liabilities [Member] | Real estate [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	1,731	1,799
Other insurance contract liabilities [Member] | Debt securities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	31,620	28,435
Other insurance contract liabilities [Member] | Public equities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	253	262
Other insurance contract liabilities [Member] | Other [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	15,668	13,427
Other Liabilities [member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	441,953	408,532
Other Liabilities [member] | Mortgages [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	21,165	21,295
Other Liabilities [member] | Private placements [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	1,090	1,772
Other Liabilities [member] | Real estate [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	113	397
Other Liabilities [member] | Debt securities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	8,828	10,061
Other Liabilities [member] | Public equities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	381	589
Other Liabilities [member] | Other [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	410,376	374,418
Capital [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	57,369	56,010
Capital [Member] | Mortgages [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	31	35
Capital [Member] | Private placements [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	132	159
Capital [Member] | Real estate [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	220	233
Capital [Member] | Debt securities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	29,527	28,308
Capital [Member] | Public equities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	4,653	4,178
Capital [Member] | Other [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	$ 22,806	$ 23,097

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, 2019	Dec. 31, 2018
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)	$ (500)
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	(5,100)	(4,800)
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	(2,400)	(2,200)
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)	$ (600)

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, 2019
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] - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
2% Adverse change in future mortality rates [Member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Decrease in net income attributed to shareholders	$ (300)	$ (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	(2,500)	(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	(2,200)	(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)	(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)	$ (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, 2019	Dec. 31, 2018
Disclosure of changes in insurance contract liabilities [Line Items]
Beginning balance	$ 328,654	$ 304,605
New policies	3,772	3,657
Normal in-force movement	29,949	1,879
Changes in methods and assumptions	1,001	(782)
Impact of changes in foreign exchange rates	(12,215)	19,295
Ending balance	351,161	328,654
Net actuarial liabilities [Member]
Disclosure of changes in insurance contract liabilities [Line Items]
Beginning balance	272,761	263,091
New policies	3,251	3,269
Normal in-force movement	30,171	2,044
Changes in methods and assumptions	74	(173)
Impact of annuity coinsurance transactions		(11,156)
Impact of changes in foreign exchange rates	(9,668)	15,686
Ending balance	296,589	272,761
Other insurance contract liabilities [Member]
Disclosure of changes in insurance contract liabilities [Line Items]
Beginning balance	12,968	11,155
Normal in-force movement	750	985
Changes in methods and assumptions		(1)
Impact of changes in foreign exchange rates	(499)	829
Ending balance	13,219	12,968
Net insurance contract liabilities [Member]
Disclosure of changes in insurance contract liabilities [Line Items]
Beginning balance	285,729	274,246
New policies	3,251	3,269
Normal in-force movement	30,921	3,029
Changes in methods and assumptions	74	(174)
Impact of annuity coinsurance transactions		(11,156)
Impact of changes in foreign exchange rates	(10,167)	16,515
Ending balance	309,808	285,729
Reinsurance assets [member]
Disclosure of changes in insurance contract liabilities [Line Items]
Beginning balance	42,925	30,359
New policies	521	388
Normal in-force movement	(972)	(1,150)
Changes in methods and assumptions	927	(608)
Impact of annuity coinsurance transactions		11,156
Impact of changes in foreign exchange rates	(2,048)	2,780
Ending balance	$ 41,353	$ 42,925

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, 2019	Dec. 31, 2018
Reconciliation of changes in liabilities under insurance contracts and reinsurance contracts issued [abstract]
Change in gross insurance contract liabilities	$ 34,721	$ 4,754
Change in insurance contract liabilities	33,727	2,907
Increase in insurance contract liabilities	34,056	3,632
Contract liabilities in gross claims and benefits	$ 665	1,122
Impact of U.S. Tax Reform		196
Impact of U.S. Tax Reform, post-tax		$ 154

Insurance Contract Liabiliti_13

Insurance Contract Liabilities and Reinsurance Assets - Summary of Actuarial Methods and Assumptions (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Total	$ 74	$ (174)
Attributed to participating policyholders' account	(18)	(236)
Attributed to shareholders'account	92	62
Change in net income attributed to shareholders	(21)	(51)
Mortality and morbidity updates [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Total	25	319
Attributed to participating policyholders' account	47	(192)
Attributed to shareholders'account	(22)	511
Change in net income attributed to shareholders	14	(360)
Lapses and policyholder behavior [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Total	135	287
Attributed to participating policyholders' account	17
Attributed to shareholders'account	118	287
Change in net income attributed to shareholders	(75)	(226)
Investment return assumptions [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Total	12	(96)
Attributed to participating policyholders' account	81	50
Attributed to shareholders'account	(69)	(146)
Change in net income attributed to shareholders	70	143
Other updates [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Total	(109)	(684)
Attributed to participating policyholders' account	(163)	(94)
Attributed to shareholders'account	54	(590)
Change in net income attributed to shareholders	(22)	$ 392
Long Term Care Triennial Review [Member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Total	11
Attributed to shareholders'account	11
Change in net income attributed to shareholders	$ (8)

Insurance Contract Liabiliti_14

Insurance Contract Liabilities and Reinsurance Assets - Summary of Insurance Contract Liabilities, Payments Due by Period (Detail) $ in Millions	Dec. 31, 2019CAD ($)
Disclosure of types of insurance contracts [Line Items]
Insurance contract liabilities	$ 797,040
Less than 1 year [Member]
Disclosure of types of insurance contracts [Line Items]
Insurance contract liabilities	9,682
1 to 3 years [Member]
Disclosure of types of insurance contracts [Line Items]
Insurance contract liabilities	12,084
3 to 5 years [Member]
Disclosure of types of insurance contracts [Line Items]
Insurance contract liabilities	16,587
Over 5 years [Member]
Disclosure of types of insurance contracts [Line Items]
Insurance contract liabilities	$ 758,687

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, 2019	Dec. 31, 2018
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [Line Items]
Gross claims and benefits	$ 28,660	$ 27,878
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	15,752	15,174
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	8,433	7,722
Annuity payments [Member]
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [Line Items]
Gross claims and benefits	4,030	4,262
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	1,445	1,809
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	$ (1,000)	$ (1,089)

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, 2019	Dec. 31, 2018
Disclosure of Investment Contract Liabilities [line items]
Beginning balance	$ 3,265
Ending balance	3,104	$ 3,265
Fair value [Member]
Disclosure of Investment Contract Liabilities [line items]
Beginning balance	782	639
New policies	66	96
Changes in market conditions	62	76
Redemptions, surrenders and maturities	(86)	(86)
Impact of changes in foreign exchange rates	(35)	57
Ending balance	$ 789	$ 782

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, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities	$ 3,104	$ 3,265
Amortized cost, gross of reinsurance ceded [Member]
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities	2,315	2,483	$ 2,487
Amortized cost, gross of reinsurance ceded [Member] | U.S. fixed annuity products [Member]
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities	1,248	1,357
Amortized cost, gross of reinsurance ceded [Member] | Canadian fixed annuity products [Member]
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities	1,067	1,126
Fair value [Member]
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities	2,640	2,718
Fair value [Member] | U.S. fixed annuity products [Member]
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities	1,482	1,449
Fair value [Member] | Canadian fixed annuity products [Member]
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities	$ 1,158	$ 1,269

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, 2019	Dec. 31, 2018
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities reinsured	$ 93	$ 128
Investment contract liabilities	3,104	3,265
Carrying amount [member]
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities reinsured	93	128
Investment contract liabilities	2,222	2,355
Fair value [Member]
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities reinsured	103	130
Investment contract liabilities	$ 2,537	$ 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, 2019	Dec. 31, 2018
Disclosure of Investment Contract Liabilities [line items]
Beginning balance	$ 3,265
Ending balance	3,104	$ 3,265
Amortized cost, gross of reinsurance ceded [Member]
Disclosure of Investment Contract Liabilities [line items]
Beginning balance	2,483	2,487
Policy deposits	2	6
Interest	62	82
Withdrawals	(182)	(201)
Fees	(3)	(1)
Other	17
Impact of changes in foreign exchange rates	(64)	110
Ending balance	$ 2,315	$ 2,483

Investment Contract Liabiliti_7

Investment Contract Liabilities - Summary of Contractual Obligations and Commitments Relating to Investment Contracts (Detail) $ in Millions	Dec. 31, 2019CAD ($)
Disclosure of Investment Contract Liabilities [line items]
Contractual obligations and commitments	$ 5,095
Less than 1 year [Member]
Disclosure of Investment Contract Liabilities [line items]
Contractual obligations and commitments	289
1 to 3 years [Member]
Disclosure of Investment Contract Liabilities [line items]
Contractual obligations and commitments	484
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	$ 3,846

Risk Management - Additional In

Risk Management - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2019CAD ($)	Dec. 31, 2018CAD ($)	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%
Percentage of total mortgage portfolio	14.00%	15.00%
Loaned securities included in invested assets	$ 21,692,000,000	$ 15,901,000,000
Reverse repurchase transactions recorded as short-term receivables	990,000,000	63,000,000
Repurchase transactions recorded as payables	$ 333,000,000	64,000,000
Term of credit default swaps	5 years
Credit protection purchased	$ 0	0
Mitigated exposure to credit risk	12,038,000,000	7,848,000,000
Largest single counterparty exposure without master netting agreements or the benefit of collateral held	9,188,000,000	6,707,000,000
Largest single counterparty exposure with master netting agreements or the benefit of collateral held	68,000,000	245,000,000
Maximum credit exposure related to derivatives	20,144,000,000	14,320,000,000
Reinsurance assets	$ 41,446,000,000	$ 43,053,000,000
Percentage ceded to reinsurers	94.00%	94.00%
Exposure to credit risk	$ 26,638,000,000	$ 24,435,000,000
Net exposure after offsetting agreements and benefit of fair value of collateral held	14,808,000,000	18,618,000,000
Fixed Surplus Note [Member]
Disclosure of Risk Management [line items]
Net amounts of financial instruments presented in the Consolidated Statements of Financial Position	0	0
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	3,047,000,000	2,269,000,000
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	23.00%	19.00%
Securities lending [Member]
Disclosure of Risk Management [line items]
Loaned securities included in invested assets	$ 558,000,000	$ 1,518,000,000

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, 2019	Dec. 31, 2018
Disclosure of external credit grades [Line Items]
Credit exposure	$ 362,627	$ 341,933
Mortgages [Member]
Disclosure of external credit grades [Line Items]
Credit exposure	49,376	48,363
Private placements [Member]
Disclosure of external credit grades [Line Items]
Credit exposure	37,979	35,754
Policy loans [member]
Disclosure of external credit grades [Line Items]
Credit exposure	6,471	6,446
Loans to Bank clients [Member]
Disclosure of external credit grades [Line Items]
Credit exposure	1,740	1,793
Derivative Assets [Member]
Disclosure of external credit grades [Line Items]
Credit exposure	19,449	13,703
Accrued investment income [member]
Disclosure of external credit grades [Line Items]
Credit exposure	2,416	2,427
Reinsurance assets [member]
Disclosure of external credit grades [Line Items]
Credit exposure	41,446	43,053
Other financial assets [Member]
Disclosure of external credit grades [Line Items]
Credit exposure	5,628	4,800
FVTPL [Member]
Disclosure of external credit grades [Line Items]
Credit exposure	166,307	154,737
AFS [Member]
Disclosure of external credit grades [Line Items]
Credit exposure	$ 31,815	$ 30,857

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, 2019	Dec. 31, 2018
Commercial mortgages [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	$ 28,824	$ 28,215
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	8,840	8,377
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	8,871	8,706
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	5,371	5,323
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	2,469	2,814
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	3,273	2,995
Agricultural mortgages [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	476	552
Private placements [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	37,979	35,754
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	67,279	64,521
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	1,147	1,076
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	132	82
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	77	56
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	640	613
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	38	36
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	260	289
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	1,098	1,143
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	2,245	2,219
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	5,602	5,146
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	1,374	1,524
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	1,540	1,495
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	1,585	1,427
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	364	366
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	739	334
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	27	163
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	5,513	4,968
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	11,142	10,277
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	16,286	15,440
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	5,285	4,459
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	5,808	5,454
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	2,397	2,407
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	1,820	1,953
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	976	1,167
A [Member] | Agricultural mortgages [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	137
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	14,311	13,304
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	30,734	28,744
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	5,682	6,246
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	2,039	2,227
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	1,402	1,650
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	714	839
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	237	339
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	1,290	1,191
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	312	389
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	14,139	14,055
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	20,133	20,690
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	81	213
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	10	11
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	26	45
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	35	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	10	120
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	823	733
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	904	946
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	26	94
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
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	18	6
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	8	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	2,095	1,551
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	$ 2,121	$ 1,645

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, 2019	Dec. 31, 2018
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	$ 21,816	$ 21,389
Residential mortgages [Member] | Performing [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	20,024	19,550
Residential mortgages [Member] | Non-performing [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	52	46
Loans to Bank clients [Member] | Performing [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	1,740	1,787
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
Insured [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	6,638	6,873
Insured [Member] | Residential mortgages [Member] | Performing [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	6,613	6,854
Insured [Member] | Residential mortgages [Member] | Non-performing [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	25	19
Uninsured [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	15,178	14,516
Uninsured [Member] | Residential mortgages [Member] | Performing [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	13,411	12,696
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	27
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	$ 1,740	1,787
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

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, 2019	Dec. 31, 2018
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	$ 394	$ 204
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	215	15
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	61	70
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	102	103
Impaired [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets	234	179
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	7	18
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	59	120
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	11	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	167	39
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	5	2
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
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	351	176
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	215	15
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	61	70
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	60	77
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	11	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	4
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	43	28
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	42	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	$ 1	$ 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, 2019	Dec. 31, 2018
Disclosure of financial assets that are either past due or impaired [Line Items]
Net carrying value	$ 66	$ 138
Private placements [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Net carrying value	7	18
Mortgages and loans to Bank clients [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Net carrying value	59	120
Gross Carrying Value [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Net carrying value	86	233
Gross Carrying Value [Member] | Private placements [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Net carrying value	11	61
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	75	172
Allowances for losses [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Net carrying value	20	95
Allowances for losses [Member] | Private placements [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Net carrying value	4	43
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	$ 16	$ 52

Risk Management - Summary of Re

Risk Management - Summary of Reconciliation of Allowance for Loan Losses (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of credit risk exposure [Line Items]
Beginning balance	$ 95	$ 85
Provisions	50	55
Recoveries	(46)	(36)
Write-offs	(79)	(9)
Ending balance	20	95
Private placements [Member]
Disclosure of credit risk exposure [Line Items]
Beginning balance	43	39
Provisions	35	37
Recoveries		(27)
Write-offs	(74)	(6)
Ending balance	4	43
Mortgages and loans to Bank clients [Member]
Disclosure of credit risk exposure [Line Items]
Beginning balance	52	46
Provisions	15	18
Recoveries	(46)	(9)
Write-offs	(5)	(3)
Ending balance	$ 16	$ 52

Risk Management - Summary of _3

Risk Management - Summary of Credit Default Swap Protection Sold (Detail) - CAD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of information about credit exposures designated as measured at fair value through profit or loss [Line Items]
Notional amount	$ 402,477,000,000	$ 414,734,000,000
Credit default swaps [Member]
Disclosure of information about credit exposures designated as measured at fair value through profit or loss [Line Items]
Notional amount	502,000,000	652,000,000
Fair value	$ 6,000,000	$ 9,000,000
Weighted average maturity (in years)	1 year	2 years
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	$ 24,000,000	$ 25,000,000
Weighted average maturity (in years)	1 year	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	$ 371,000,000	$ 447,000,000
Fair value	$ 5,000,000	$ 7,000,000
Weighted average maturity (in years)	1 year	2 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	$ 107,000,000	$ 180,000,000
Fair value	$ 1,000,000	$ 2,000,000
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	$ 502,000,000	$ 652,000,000
Fair value	$ 6,000,000	$ 9,000,000
Weighted average maturity (in years)	1 year	2 years

Risk Management - Summary of Ef

Risk Management - Summary of Effect of Conditional Master Netting and Similar Arrangements (Detail) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of offsetting of financial liabilities [Line Items]
Gross amounts of financial instruments presented in the Consolidated Statements of Financial Position	$ 21,692	$ 15,901
Amounts subject to an enforceable master netting arrangement or similar agreements	(9,188)	(6,707)
Financial and cash collateral pledged (received)	(12,436)	(8,949)
Net amount including financing trusts	68	245
Net amounts excluding financing trusts	68	245
Gross amounts of financial instruments presented in the Consolidated Statements of Financial Position	(11,678)	(8,780)
Amounts subject to an enforceable master netting arrangement or similar agreements	9,188	6,707
Financial and cash collateral pledged (received)	2,233	1,869
Net amount including financing trusts	(257)	(204)
Net amounts excluding financing trusts	(56)	(33)
Derivative Assets [Member]
Disclosure of offsetting of financial liabilities [Line Items]
Gross amounts of financial instruments presented in the Consolidated Statements of Financial Position	20,144	14,320
Amounts subject to an enforceable master netting arrangement or similar agreements	(9,188)	(6,644)
Financial and cash collateral pledged (received)	(10,889)	(7,431)
Net amount including financing trusts	67	245
Net amounts excluding financing trusts	67	245
Securities lending [Member]
Disclosure of offsetting of financial liabilities [Line Items]
Gross amounts of financial instruments presented in the Consolidated Statements of Financial Position	558	1,518
Financial and cash collateral pledged (received)	(558)	(1,518)
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	990	63
Amounts subject to an enforceable master netting arrangement or similar agreements		(63)
Financial and cash collateral pledged (received)	(989)
Net amount including financing trusts	1
Net amounts excluding financing trusts	1
Derivative Liabilities [Member]
Disclosure of offsetting of financial liabilities [Line Items]
Gross amounts of financial instruments presented in the Consolidated Statements of Financial Position	(11,345)	(8,716)
Amounts subject to an enforceable master netting arrangement or similar agreements	9,188	6,644
Financial and cash collateral pledged (received)	1,903	1,868
Net amount including financing trusts	(254)	(204)
Net amounts excluding financing trusts	(53)	(33)
Repurchase agreements [Member]
Disclosure of offsetting of financial liabilities [Line Items]
Gross amounts of financial instruments presented in the Consolidated Statements of Financial Position	(333)	(64)
Amounts subject to an enforceable master netting arrangement or similar agreements		63
Financial and cash collateral pledged (received)	330	$ 1
Net amount including financing trusts	(3)
Net amounts excluding financing trusts	$ (3)

Risk Management - Summary of _4

Risk Management - Summary of Effect of Conditional Master Netting and Similar Arrangements (Parenthetical) (Detail) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of offsetting of financial assets [abstract]
Accrued interest receivable	$ 696	$ 621
Accrued interest payable	1,061	913
Over-collateralized on OTC derivative assets	1,149	417
Over-collateralized on OTC derivative liabilities	526	405
Over-collateralized on securities lending and reverse purchase agreements	44	80
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, 2019	Dec. 31, 2018
Disclosure of offsetting of financial liabilities [Line Items]
Gross amounts of financial instruments	$ 11,678	$ 8,780
Credit Linked Note [member]
Disclosure of offsetting of financial liabilities [Line Items]
Gross amounts of financial instruments	782	679
Amounts subject to an enforceable netting arrangement	(782)	(679)
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	(782)	(679)
Amounts subject to an enforceable netting arrangement	782	679
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, 2019	Dec. 31, 2018
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	37.00%	38.00%
Government private placements as a per cent of total private placements	12.00%	11.00%
Highest exposure to a single non-government debt security and private placement issuer	$ 1,083	$ 1,013
Largest single issuer as a per cent of the total equity portfolio	2.00%	2.00%
Income producing commercial office properties (2019 – 56% of real estate, 2018 – 55%)	$ 7,279	$ 7,065
Largest concentration of mortgages and real estate(2) – Ontario Canada (2019 – 27%, 2018 – 26%)	$ 17,038	$ 16,092

Risk Management - Schedule of_2

Risk Management - Schedule of Risk Concentrations (Parenthetical) (Detail)	Dec. 31, 2019	Dec. 31, 2018
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	56.00%	55.00%
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	27.00%	26.00%
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%	41.00%
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%	17.00%
AAA [Member]
Disclosure of nature and extent of risks arising from financial instruments [Line Items]
Investment grade debt securities and private placements rate	16.00%	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, 2019	Dec. 31, 2018
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 236,101	$ 221,348
% 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	$ 77,883	$ 73,858
% of total	33.00%	33.00%
Utilities [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 44,426	$ 41,929
% of total	19.00%	19.00%
Financial [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 31,929	$ 31,340
% of total	13.00%	14.00%
Consumer [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 25,931	$ 24,190
% of total	11.00%	11.00%
Energy [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 20,196	$ 17,685
% of total	9.00%	8.00%
Industrial [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 19,024	$ 17,508
% of total	8.00%	8.00%
Other [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 16,712	$ 14,838
% of total	7.00%	7.00%

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, 2019	Dec. 31, 2018
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	$ 312,790	$ 289,032
US and Canada [Member]
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	215,055	203,621
Asia and Other [Member]
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	97,735	85,411
Gross insurance contract liabilities [Member]
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	354,236	332,085
Gross insurance contract liabilities [Member] | US and Canada [Member]
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	255,999	246,255
Gross insurance contract liabilities [Member] | Asia and Other [Member]
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	98,237	85,830
Reinsurance assets [Member]
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	(41,446)	(43,053)
Reinsurance assets [Member] | US and Canada [Member]
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	(40,944)	(42,634)
Reinsurance assets [Member] | Asia and Other [Member]
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	$ (502)	$ (419)

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, 2019CAD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018CAD ($)
Disclosure of detailed information about borrowings [Line Items]
Long-term debt	$ 4,543		$ 4,769
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	$ 1,290		1,355
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	$ 962		1,010
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	$ 350		367
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	$ 1,292		1,356
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	$ 649		$ 681

Long-Term Debt - Carrying Val_2

Long-Term Debt - Carrying Value of Long Term Debt Instruments (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2019
5.375% Senior notes [Member]
Disclosure of detailed information about borrowings [Line Items]
Number of basis points	40.00%
3.527% Senior notes [Member]
Disclosure of detailed information about borrowings [Line Items]
Number of basis points	20.00%
4.150% Senior notes [Member]
Disclosure of detailed information about borrowings [Line Items]
Number of basis points	35.00%
4.90% Senior notes [Member]
Disclosure of detailed information about borrowings [Line Items]
Number of basis points	35.00%

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about borrowings [Line Items]
Interest paid on long-term debt	$ 216	$ 222
Level 2 [Member]
Disclosure of detailed information about borrowings [Line Items]
Fair value of long-term debt	$ 5,078	$ 4,886

Long-Term Debt - Aggregate Matu

Long-Term Debt - Aggregate Maturities of Long-term Debt (Detail) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about borrowings [Line Items]
Long-term debt	$ 4,543	$ 4,769
Less than 1 year [Member]
Disclosure of detailed information about borrowings [Line Items]
Long-term debt	649
One to three years [Member]
Disclosure of detailed information about borrowings [Line Items]
Long-term debt		681
Over 5 years [Member]
Disclosure of detailed information about borrowings [Line Items]
Long-term debt	$ 3,894	$ 4,088

Capital Instruments - Schedule

Capital Instruments - Schedule of Carrying Value of Capital Instruments (Detail)	12 Months Ended
	Dec. 31, 2019CAD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019SGD ($)	Dec. 31, 2018CAD ($)
Carrying value of capital instruments [line items]
Total	$ 7,120,000,000			$ 8,732,000,000
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	$ 969,000,000			1,017,000,000
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	$ 598,000,000			632,000,000
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, 2108
Par value	$ 1,000
Total				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	$ 481,000,000			498,000,000
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. 18, 2017
Earliest par redemption date	Aug. 20, 2024
Maturity date	Aug. 20, 2029
Par value	$ 750
Total	$ 747,000,000			747,000,000
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	$ 598,000,000			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	$ 998,000,000			997,000,000
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	$ 482,000,000			499,000,000
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	$ 350,000,000			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	$ 750,000,000			749,000,000
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			500,000,000
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

Capital Instruments - Schedul_2

Capital Instruments - Schedule of Carrying Value of Capital Instruments (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Jan. 15, 2020	Feb. 21, 2019
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 February 21, 2019 [member]
Carrying value of capital instruments [line items]
Bond redemption variable interest rate				2.811%
On January 15, 2020 [member]
Carrying value of capital instruments [line items]
Bond redemption variable interest rate			2.64%
On December 31, 2019 [Member] | Jhusa Issuer [Member]
Carrying value of capital instruments [line items]
Bond redemption variable interest rate	7.535%
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	83.20%
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	105.00%
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	78.00%
3.85% MFC Subordinated notes [Member]
Carrying value of capital instruments [line items]
Floating interest rate, adjustment to basis	197.00%
John Hancock Financial Corporation [Member] | 7.375% JHUSA Surplus notes [Member]
Carrying value of capital instruments [line items]
Unamortized fair value increment	$ 17	$ 20
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	157.00%
Manufacturers life insurance company [Member] | 2.389% MLI Subordinated debentures [Member]
Carrying value of capital instruments [line items]
Floating interest rate, adjustment to basis	83.00%
Manufacturers life insurance company [Member] | 2.10% MLI Subordinated debentures [Member]
Carrying value of capital instruments [line items]
Floating interest rate, adjustment to basis	72.00%
Manufacturers life insurance company [Member] | 2.64% MLI Subordinated debentures [Member]
Carrying value of capital instruments [line items]
Floating interest rate, adjustment to basis	73.00%
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%
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%

Capital Instruments - Additiona

Capital Instruments - Additional Information (Detail) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Level 2 [Member]
Fair value of capital instruments [line items]
Capital instruments	$ 7,333	$ 8,712

Share Capital and Earnings Pe_3

Share Capital and Earnings Per Share - Summary of Further Information on Preferred Shares Outstanding (Detail) - CAD ($) shares in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of classes of share capital [Line Items]
Face amount	$ 402,477,000,000	$ 414,734,000,000
Class 1, Series 4 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Issue date	Jun. 20, 2016
Earliest redemption date	Jun. 19, 2021
Number of shares	2
Face amount	$ 42,000,000
Net amount	$ 41,000,000	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	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	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	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	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	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	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	3.786%
Earliest redemption date	Jun. 19, 2024
Number of shares	8
Face amount	$ 200,000,000
Net amount	$ 195,000,000	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	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	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	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	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	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	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	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	$ 3,822,000,000

Share Capital and Earnings Pe_4

Share Capital and Earnings Per Share - Summary of Further Information on Preferred Shares Outstanding (Parenthetical) (Detail) - CAD ($)	Jun. 20, 2019	Dec. 31, 2019
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%
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%
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]
Annual dividend rate	3.786
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%
Non-cumlative share issued		$ 25
Proceeds from issuance of preferred stock, Gross		$ 250
Number of shares, issued		10

Share Capital and Earnings Pe_5

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, 2019	Dec. 31, 2018
Disclosure of classes of share capital [Line Items]
Balance, beginning of year	$ 47,151
Balance, end of year	$ 50,106	$ 47,151
Common shares [Member]
Disclosure of classes of share capital [Line Items]
Balance, beginning of year	1,971	1,982
Repurchased for cancellation	(58)	(23)
Issued under dividend reinvestment plan	31	9
Issued on exercise of stock options and deferred share units	5	3
Balance, end of year	1,949	1,971
Balance, beginning of year	$ 22,961	$ 22,989
Repurchased for cancellation	(677)	(269)
Issued under dividend reinvestment plan	739	182
Issued on exercise of stock options and deferred share units	104	59
Balance, end of year	$ 23,127	$ 22,961

Share Capital and Earnings Pe_6

Share Capital and Earnings Per share - Additional Information (Detail) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions	Nov. 12, 2019	Nov. 12, 2018	Dec. 31, 2019
NCIB [Member]
Disclosure of Dividends [line items]
Average per common share			$ 25.91
Share purchased and cancelled subsequently			6.3
Total Cost of Share			$ 163
Common shares [Member]
Disclosure of Dividends [line items]
Average per common share		$ 22.20	$ 23.22
Share purchased and cancelled subsequently		74.5	57.6
Total Cost of Share		$ 1,700	$ 1,300
Common shares [Member] | NCIB [Member]
Disclosure of Dividends [line items]
Total Cost of Share			$ 1,200
Common Shares increase decrease			51.3
Common shares [Member] | Major ordinary share transactions [Member]
Disclosure of Dividends [line items]
Stock approved to be repurchased	58
Dividend declared but not paid			$ 0.28

Share Capital and Earnings Pe_7

Share Capital and Earnings Per Share - Summary of Basic and Diluted Earnings Per Common Share (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Earnings per share [abstract]
Basic earnings per common share	$ 2.77	$ 2.34
Diluted earnings per common share	$ 2.77	$ 2.33

Share Capital and Earnings Pe_8

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, 2019	Dec. 31, 2018
Earnings per share [abstract]
Weighted average number of common shares (in millions)	1,958	1,983
Dilutive stock-based awards(in millions)	4	5
Weighted average number of diluted common shares (in millions)	1,962	1,988

Share Capital and Earnings Pe_9

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, 2019	Dec. 31, 2018
Share based payments arrangements [Member]
Earnings per share [Line Items]
Anti-dilutive stock-based awards excluded from the calculation of EPS	9	7

Share Capital and Earnings P_10

Share Capital and Earnings Per share - Schedule of Dividends Payable on Non-cumulative Preferred Shares (Detail) - Major ordinary share transactions [Member]	Feb. 26, 2020$ / 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	0.236625
Class 1, Series 17 Preferred shares [Member]
Disclosure of Dividends [line items]
Dividend declared but not paid	0.2375
Class 1, Series 19 Preferred shares [Member]
Disclosure of Dividends [line items]
Dividend declared but not paid	0.2375
Class 1, Series 21 Preferred shares [Member]
Disclosure of Dividends [line items]
Dividend declared but not paid	0.35
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	0.29375
Class A, Series 2 Preferred shares [Member]
Disclosure of Dividends [line items]
Dividend declared but not paid	0.29063
Class A, Series 3 Preferred shares [Member]
Disclosure of Dividends [line items]
Dividend declared but not paid	0.28125
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	0.191413
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	0.2695
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, 2019	Dec. 31, 2018
Disclosure of classes of share capital [abstract]
Total equity	$ 50,106	$ 47,151
Adjusted for AOCI loss on cash flow hedges	(143)	(127)
Total equity excluding AOCI on cash flow hedges	50,249	47,278
Qualifying capital instruments	7,120	8,732
Consolidated capital	$ 57,369	$ 56,010

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, 2019	Dec. 31, 2018
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	$ 7,962	$ 8,397
Real estate management services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	342	348
Asia [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	665	667
Asia [member] | Real estate management services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	36	31
Canada [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,200	1,212
Canada [member] | Real estate management services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	160	160
U.S. [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	768	1,302
U.S. [member] | Real estate management services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	137	147
Other revenue [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	7,620	8,049
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	3,455	3,391
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	3,160	3,052
Other revenue [member] | Distribution fees and other [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,005	1,606
Other revenue [member] | Asia [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	629	636
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	177	148
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	268	242
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	184	246
Other revenue [member] | Canada [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,040	1,052
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	161	149
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	827	854
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	52	49
Other revenue [member] | U.S. [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	631	1,155
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	542	521
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	72	617
Global wealth and asset management [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	5,562	5,472
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	5,562	5,472
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	2,773	2,809
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	2,048	1,939
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	741	724
Corporate and other [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	(233)	(256)
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	9	10
Corporate and other [member] | Other revenue [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	(242)	(266)
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	(198)	(236)
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	$ (44)	$ (30)

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail)	Feb. 28, 2019	Dec. 31, 2019CAD ($)EquityOptions$ / sharesshares	Dec. 31, 2018CAD ($)EquityOptions$ / shares	Dec. 31, 2017Equity
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Compensation expense		$ 11,000,000	$ 10,000,000
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		$ 4.57	$ 4.97
Risk-free interest rate		2.50%	2.00%
Dividend yield		3.50%	3.25%
Expected volatility		28.00%	28.00%
Expected life		6 years 3 months 18 days	6 years 3 months 18 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		0 years
Number of common shares to be received on retirement or termination | shares		1
Fair value of equity issued | Equity		0	0
Number of shares outstanding | Equity		298,000	337,000
Deferred Share Units [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Compensation expense		$ 10,000,000	$ 6,000,000
Number of equity granted		46,000	55,000
Number of other equity instruments entitle holder to receive payment in cash | Options		1,055,000	1,151,000
Number of other equity entitle holder to receive payment in cash or common shares | Options		1,042,000	1,050,000
Amount of the liability relating to equity		$ 55,000,000	$ 43,000,000
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		49,000	8,000
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		24,000	0
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		229,000	141,000
Number of shares outstanding | Equity		2,395,000	2,538,000	2,645,000
Fair value of equity granted | $ / shares		$ 26.36	$ 19.37
Deferred Share Units [Member] | Bottom of range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Vesting period		36 months
Restricted share units (RSUs) [member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Compensation expense		$ 128,000,000	$ 111,000,000
Vesting period	36 months
Number of equity granted		6,500,000	5,500,000
Fair value of equity granted | $ / shares		$ 26.36	$ 19.37
Vesting date	Feb. 28, 2022
Performance share units (PSUs) [member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Compensation expense		$ 17,000,000	$ 14,000,000
Vesting period	36 months
Number of equity granted		1,100,000	800,000
Fair value of equity granted | $ / shares		$ 26.36	$ 19.37
Vesting date	Feb. 28, 2022
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		$ 205,000,000	$ 128,000,000

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Options Outstanding (Detail) shares in Millions, Unit_pure in Millions	12 Months Ended
	Dec. 31, 2019$ / sharesshares	Dec. 31, 2018$ / sharesshares
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Number of options, Beginning balance	23	25
Number of options, Granted	3	3
Number of options, Exercised	(4)	(3)
Number of options' Expired	0	(1)
Number of options' Forfeited	(1)	(1)
Number of options, Ending balance | shares	21	23
Number of options, Exercisable, Ending balance	5	9
Weighted average exercise price, Beginning balance	$ 20.29	$ 20.45
Weighted average exercise price, Granted	22.62	24.52
Weighted average exercise price, Exercised	18.79	17.77
Weighted average exercise price, Expired	18.88	37.35
Weighted average exercise price, Forfeited	23.41	21.24
Weighted average exercise price, Ending balance	20.91	20.29
Weighted average exercise price, Exercisable, Ending balance	$ 17.56	$ 18.08

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Range of Exercise Prices of Outstanding Share Options (Detail)	12 Months Ended
	Dec. 31, 2019$ / shares	Dec. 31, 2018$ / shares	Dec. 31, 2017$ / shares
Disclosure of range of exercise prices of outstanding share options [Line Items]
Number of options, Options outstanding	21,000,000	23,000,000	25,000,000
Weighted average exercise price, Options outstanding	$ 20.91	$ 20.29	$ 20.45
Weighted average remaining contractual life (in years)	5 years 11 months 4 days
Number of options, Options exercisable	5,000,000	9,000,000
Weighted average exercise price, Options exercisable	$ 17.56	$ 18.08
Weighted average remaining contractual life (in years), Options exercisable	2.29
$12.64 - $20.99 [Member]
Disclosure of range of exercise prices of outstanding share options [Line Items]
Number of options, Options outstanding	8,000,000
Weighted average exercise price, Options outstanding	$ 16.91
Weighted average remaining contractual life (in years)	4 years 1 month 27 days
Number of options, Options exercisable	4,000,000
Weighted average exercise price, Options exercisable	$ 16.07
Weighted average remaining contractual life (in years), Options exercisable	1.85
$21.00 - $24.83 [Member]
Disclosure of range of exercise prices of outstanding share options [Line Items]
Number of options, Options outstanding	13,000,000
Weighted average exercise price, Options outstanding	$ 23.19
Weighted average remaining contractual life (in years)	6 years 11 months 8 days
Number of options, Options exercisable	1,000,000
Weighted average exercise price, Options exercisable	$ 21.27
Weighted average remaining contractual life (in years), Options exercisable	3.37

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, 2019	Dec. 31, 2018
Disclosure of range of exercise prices of outstanding share options [Line Items]
Beginning balance	2,538,000	2,645,000
Issued	229,000	141,000
Reinvested	102,000	98,000
Redeemed	(416,000)	(346,000)
Forfeitures and cancellations	(58,000)
Ending balance	2,395,000	2,538,000

Employee Future Benefits - Addi

Employee Future Benefits - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2019CAD ($)Employees	Dec. 31, 2018CAD ($)
Disclosure of defined benefit plans [Line Items]
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	1,225
U.S. [member]
Disclosure of defined benefit plans [Line Items]
Number of employees under voluntary exit program | Employees	204
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	$ 11,000,000
Return-seeking assets [Member]
Disclosure of defined benefit plans [Line Items]
Target asset allocation for plan	27.00%
Return-seeking assets [Member] | Canada [member]
Disclosure of defined benefit plans [Line Items]
Target asset allocation for plan	20.00%
Liability-hedging assets [Member]
Disclosure of defined benefit plans [Line Items]
Target asset allocation for plan	73.00%
Liability-hedging assets [Member] | Canada [member]
Disclosure of defined benefit plans [Line Items]
Target asset allocation for plan	80.00%
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	$ 77,000,000
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	80,000,000
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, 2019	Dec. 31, 2018
Actuarial losses (gains) due to:
Ending balance	$ 0
Pension defined benefit plans [member]
Disclosure of net defined benefit liability (asset) [Line Items]
Beginning balance	494,000,000
Actuarial losses (gains) due to:
Experience	8,000,000
Demographic assumption changes		$ 35,000,000
Economic assumption changes	413,000,000	(250,000,000)
Return on plan assets (excluding interest income)	(529,000,000)	315,000,000
Ending balance	368,000,000	494,000,000
Pension defined benefit plans [member] | Present value of defined benefit obligation [Member]
Disclosure of net defined benefit liability (asset) [Line Items]
Beginning balance	4,675,000,000	4,706,000,000
Current service cost	40,000,000	42,000,000
Past service cost – amendments and curtailments		18,000,000
Interest cost	182,000,000	165,000,000
Plan participants' contributions	1,000,000	1,000,000
Actuarial losses (gains) due to:
Experience	8,000,000
Demographic assumption changes		35,000,000
Economic assumption changes	413,000,000	(250,000,000)
Benefits paid	(358,000,000)	(304,000,000)
Impact of changes in foreign exchange rates	(144,000,000)	262,000,000
Ending balance	4,817,000,000	4,675,000,000
Pension defined benefit plans [member] | Plan assets [Member]
Disclosure of net defined benefit liability (asset) [Line Items]
Beginning balance	4,187,000,000	4,328,000,000
Interest cost	164,000,000	153,000,000
Plan participants' contributions	1,000,000	1,000,000
Actuarial losses (gains) due to:
Benefits paid	(358,000,000)	(304,000,000)
Impact of changes in foreign exchange rates	(136,000,000)	254,000,000
Return on plan assets (excluding interest income)	529,000,000	(315,000,000)
Ending balance	4,456,000,000	4,187,000,000
Employer contributions	75,000,000	79,000,000
Administration costs	(9,000,000)	(9,000,000)
Retiree welfare plans [Member]
Disclosure of net defined benefit liability (asset) [Line Items]
Beginning balance	30,000,000
Actuarial losses (gains) due to:
Experience	(10,000,000)	(7,000,000)
Demographic assumption changes		(1,000,000)
Economic assumption changes	56,000,000	(56,000,000)
Return on plan assets (excluding interest income)	(25,000,000)	16,000,000
Ending balance	47,000,000	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	640,000,000	665,000,000
Past service cost – amendments and curtailments		12,000,000
Interest cost	25,000,000	24,000,000
Plan participants' contributions	3,000,000	4,000,000
Actuarial losses (gains) due to:
Experience	(10,000,000)	(7,000,000)
Demographic assumption changes		(1,000,000)
Economic assumption changes	56,000,000	(56,000,000)
Benefits paid	(46,000,000)	(45,000,000)
Impact of changes in foreign exchange rates	(23,000,000)	44,000,000
Ending balance	645,000,000	640,000,000
Retiree welfare plans [Member] | Plan assets [Member]
Disclosure of net defined benefit liability (asset) [Line Items]
Beginning balance	610,000,000	587,000,000
Interest cost	25,000,000	21,000,000
Plan participants' contributions	3,000,000	4,000,000
Actuarial losses (gains) due to:
Benefits paid	(46,000,000)	(45,000,000)
Impact of changes in foreign exchange rates	(29,000,000)	51,000,000
Return on plan assets (excluding interest income)	25,000,000	(16,000,000)
Ending balance	598,000,000	610,000,000
Employer contributions	12,000,000	10,000,000
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, 2019	Dec. 31, 2018
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	4,817,000,000	$ 4,675,000,000
Fair value of plan assets	4,453,000,000	4,190,000,000
Deficit	364,000,000	485,000,000
Effect of asset limit	4,000,000	9,000,000
Deficit and net defined benefit liability	368,000,000	494,000,000
Pension defined benefit plans [member] | Funded [Member]
Disclosure of defined benefit plans [Line Items]
Deficit and net defined benefit liability	(391,000,000)	(248,000,000)
Pension defined benefit plans [member] | Unfunded [Member]
Disclosure of defined benefit plans [Line Items]
Deficit and net defined benefit liability	759,000,000	742,000,000
Retiree welfare plans [Member]
Disclosure of defined benefit plans [Line Items]
Defined benefit obligation	645,000,000	640,000,000
Fair value of plan assets	598,000,000	610,000,000
Deficit	47,000,000	30,000,000
Deficit and net defined benefit liability	47,000,000	30,000,000
Retiree welfare plans [Member] | Funded [Member]
Disclosure of defined benefit plans [Line Items]
Deficit and net defined benefit liability	(120,000,000)	(121,000,000)
Retiree welfare plans [Member] | Unfunded [Member]
Disclosure of defined benefit plans [Line Items]
Deficit and net defined benefit liability	$ 167,000,000	$ 151,000,000

Employee Future Benefits - Su_3

Employee Future Benefits - Summary of Disaggregation of Defined Benefit Obligation (Detail) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Pension defined benefit plans [member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	$ 4,817	$ 4,675
Retiree welfare plans [Member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	645	640
U.S. plans [Member] | Pension defined benefit plans [member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	3,079	3,052
U.S. plans [Member] | Pension defined benefit plans [member] | Active [member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	550	621
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	2,529	2,431
U.S. plans [Member] | Retiree welfare plans [Member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	478	489
U.S. plans [Member] | Retiree welfare plans [Member] | Active [member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	31	32
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	447	457
Canadian plans [Member] | Pension defined benefit plans [member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	1,738	1,623
Canadian plans [Member] | Pension defined benefit plans [member] | Active [member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	301	332
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	1,437	1,291
Canadian plans [Member] | Retiree welfare plans [Member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	167	151
Canadian plans [Member] | Retiree welfare plans [Member] | Active [member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	25	22
Canadian plans [Member] | Retiree welfare plans [Member] | Inactive and retired members [Member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	$ 142	$ 129

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, 2019	Dec. 31, 2018
Pension defined benefit plans [member]
Disclosure of fair value of plan assets [Line Items]
Total	$ 4,453,000,000	$ 4,190,000,000
Retiree welfare plans [Member]
Disclosure of fair value of plan assets [Line Items]
Total	598,000,000	610,000,000
U.S. plans [Member]
Disclosure of fair value of plan assets [Line Items]
Equity securities	1,300,000	900,000
U.S. plans [Member] | Pension defined benefit plans [member] | Fair value measurements [member]
Disclosure of fair value of plan assets [Line Items]
Other investments	255,000,000	252,000,000
Total	$ 3,005,000,000	$ 2,866,000,000
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	$ 2,155,000,000	$ 2,088,000,000
Percentage of fair value measurements	72.00%	73.00%
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	$ 32,000,000	$ 26,000,000
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	$ 563,000,000	$ 500,000,000
Percentage of fair value measurements	19.00%	17.00%
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	8.00%	9.00%
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	$ 598,000,000	$ 610,000,000
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	$ 511,000,000	$ 514,000,000
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	$ 35,000,000	$ 51,000,000
Percentage of fair value measurements	6.00%	8.00%
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	$ 45,000,000	$ 38,000,000
Percentage of fair value measurements	8.00%	6.00%
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	2,000,000	3,000,000
Total	$ 1,448,000,000	$ 1,324,000,000
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	$ 1,123,000,000	$ 1,033,000,000
Percentage of fair value measurements	78.00%	79.00%
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	$ 12,000,000	$ 19,000,000
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	$ 311,000,000	$ 269,000,000
Percentage of fair value measurements	21.00%	20.00%
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, 2019	Dec. 31, 2018
U.S. plans [Member]
Disclosure of fair value of plan assets [Line Items]
Percentage of plan assets	7.00%	7.00%
Equity securities	$ 1,300,000	$ 900,000
Canadian plans [Member]
Disclosure of fair value of plan assets [Line Items]
Percentage of plan assets	0.10%	0.20%
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, 2019	Dec. 31, 2018
Pension defined benefit plans [member]
Disclosure of defined benefit plans [Line Items]
Defined benefit current service cost	$ 40	$ 42
Defined benefit administrative expenses	9	9
Past service cost – amendments and curtailments		18
Service cost	49	69
Interest on net defined benefit (asset) liability	18	12
Defined benefit cost	67	81
Defined contribution cost	80	78
Net benefit cost	147	159
Retiree welfare plans [Member]
Disclosure of defined benefit plans [Line Items]
Defined benefit administrative expenses	2	2
Past service cost – amendments and curtailments		12
Service cost	2	14
Interest on net defined benefit (asset) liability		3
Defined benefit cost	2	17
Net benefit cost	$ 2	$ 17

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, 2019CAD ($)
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, 2019	Dec. 31, 2018
Pension defined benefit plans [member]
Disclosure of defined benefit plans [Line Items]
Experience	$ (8)
Demographic assumption changes		$ (35)
Economic assumption changes	(413)	250
Return on plan assets (excluding interest income)	529	(315)
Change in effect of asset limit	(4)	(9)
Total re-measurement effects	113	(109)
Retiree welfare plans [Member]
Disclosure of defined benefit plans [Line Items]
Experience	10	7
Demographic assumption changes		1
Economic assumption changes	(56)	56
Return on plan assets (excluding interest income)	25	(16)
Total re-measurement effects	$ (21)	$ 48

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, 2019	Dec. 31, 2018
U.S. plans [Member] | Pension defined benefit plans [member] | Defined benefit obligation [Member]
Disclosure of defined benefit plans [Line Items]
Discount rate	3.20%	4.30%
U.S. plans [Member] | Pension defined benefit plans [member] | Defined benefit cost [Member]
Disclosure of defined benefit plans [Line Items]
Discount rate	4.30%	3.60%
U.S. plans [Member] | Retiree welfare plans [Member] | Defined benefit obligation [Member]
Disclosure of defined benefit plans [Line Items]
Discount rate	3.20%	4.30%
Initial health care cost trend rate	7.50%	7.80%
U.S. plans [Member] | Retiree welfare plans [Member] | Defined benefit cost [Member]
Disclosure of defined benefit plans [Line Items]
Discount rate	4.30%	3.60%
Initial health care cost trend rate	7.80%	8.50%
Canadian plans [Member] | Pension defined benefit plans [member] | Defined benefit obligation [Member]
Disclosure of defined benefit plans [Line Items]
Discount rate	3.10%	3.80%
Canadian plans [Member] | Pension defined benefit plans [member] | Defined benefit cost [Member]
Disclosure of defined benefit plans [Line Items]
Discount rate	3.80%	3.50%
Canadian plans [Member] | Retiree welfare plans [Member] | Defined benefit obligation [Member]
Disclosure of defined benefit plans [Line Items]
Discount rate	3.10%	3.80%
Initial health care cost trend rate	5.60%	5.70%
Canadian plans [Member] | Retiree welfare plans [Member] | Defined benefit cost [Member]
Disclosure of defined benefit plans [Line Items]
Discount rate	3.80%	3.60%
Initial health care cost trend rate	5.70%	5.90%

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, 2019	Dec. 31, 2018
Retiree welfare plans [Member] | 2032 [Member] | Top of range [Member]
Disclosure of defined benefit plans [Line Items]
Health care cost trend rate	7.50%	7.80%
Retiree welfare plans [Member] | 2032 [Member] | Bottom of range [Member]
Disclosure of defined benefit plans [Line Items]
Health care cost trend rate	4.50%	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	5.60%	5.70%
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	7.80%	8.50%
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	5.70%	5.90%
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, 2019yr
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)	22.6
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)	24.1
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)	24.2
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)	25.7
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)	23.7
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)	25.6
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)	24.7
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)	26.5

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, 2019CAD ($)
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	$ (443)
Impact of decrease in actuarial assumption	525
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	(66)
Impact of decrease in actuarial assumption	80
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	20
Impact of decrease in actuarial assumption	(17)
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	136
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, 2019
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	0 years
Male [Member] | Canada [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase in life expectancy due to decrease in mortality rate	0 years
Female [Member] | U.S. [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase in life expectancy due to decrease in mortality rate	0 years
Female [Member] | Canada [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase in life expectancy due to decrease in mortality rate	0 years
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, 2019	Dec. 31, 2018
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	9.3	8.8
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	12.3	12.4
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	9.7	9
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	14.3

Employee Future Benefits - S_15

Employee Future Benefits - Summary of Cash Payments (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Pension defined benefit plans [member]
Disclosure of net defined benefit liability (asset) [Line Items]
Cash payment for future benefit plans	$ 155	$ 157
Retiree welfare plans [member]
Disclosure of net defined benefit liability (asset) [Line Items]
Cash payment for future benefit plans	12	10
Defined benefit plans [Member] | Pension defined benefit plans [member]
Disclosure of net defined benefit liability (asset) [Line Items]
Cash payment for future benefit plans	75	79
Defined benefit plans [Member] | Retiree welfare plans [member]
Disclosure of net defined benefit liability (asset) [Line Items]
Cash payment for future benefit plans	12	10
Defined contribution plans [Member] | Pension defined benefit plans [member]
Disclosure of net defined benefit liability (asset) [Line Items]
Cash payment for future benefit plans	$ 80	$ 78

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, 2019	Dec. 31, 2018
Current tax
Current year	$ 1,246	$ (327)
Adjustments to prior year	(74)	29
Current tax	1,172	(298)
Deferred tax
Change related to temporary differences	(454)	1,250
Impact of U.S. Tax Reform		(320)
Total deferred tax	(454)	930
Income tax expense	$ 718	$ 632

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, 2019	Dec. 31, 2018
Major components of tax expense (income) [abstract]
Current income tax expense (recovery)	$ 92	$ 2
Deferred income tax expense (recovery)	366	(148)
Total income tax expense (recovery)	$ 458	$ (146)

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, 2019	Dec. 31, 2018
Major components of tax expense (income) [abstract]
Current income tax expense (recovery)	$ 5	$ 6
Deferred income tax expense (recovery)	(6)	(7)
Total income tax recognized directly in equity	$ (1)	$ (1)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Major components of tax expense (income) [abstract]
Effective income tax rate	26.75%	26.75%
Gain from impact of tax reform	$ 124
Increase in insurance contract liabilities	196
Current tax receivable	600	$ 1,712
Current tax payable	121	118
Deferred tax assets	4,574	4,318
Deferred tax assets - recognition dependent on future taxable profits	98	3,508
Operating tax loss carry forward	3,440	4,838
Operating tax loss carry forward expired in future	3,293
Operating tax loss carry forward without expiration date	147
Capital tax loss carry forward	31	20
Tax benefit on loss carry forwards for which deferred tax asset recognized	705	1,019
Tax benefit of loss carry forwards for which no deferred tax asset recognized	93	121
Tax credit carry forwards which expire in future	157	426
Tax credit carryforwards of which benefit not recognized	$ 157	165
Tax credit/Loss carryforwards expiration period	between the years 2027 and 2029
Deferred tax liability	$ 1,972	1,814
Aggregate amount of taxable temporary differences associated with the Company's own investments in subsidiaries, not included in financial statements	$ 19,623	$ 16,570

Income Taxes - Summary of Recon

Income Taxes - Summary of Reconciliation of Income Tax Expense (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of accounting profit multiplied by applicable tax rates [abstract]
Income before income taxes	$ 6,220	$ 5,519
Income tax expense at Canadian statutory tax rate	1,664	1,476
Increase (decrease) in income taxes due to:
Tax-exempt investment income	(260)	(200)
Differences in tax rate on income not subject to tax in Canada	(754)	(391)
Adjustments to taxes related to prior years	(106)	(71)
Impact of U.S. Tax Reform		(320)
Other differences	174	138
Income tax expense	$ 718	$ 632

Income Taxes - Summary of Defer

Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets and liabilities [abstract]
Deferred tax assets	$ 4,574	$ 4,318
Deferred tax liabilities	(1,972)	(1,814)
Net deferred tax assets (liabilities)	$ 2,602	$ 2,504	$ 3,288

Income Taxes - Significant Comp

Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	$ 2,504	$ 3,288
Disposals	(55)
Recognized in Income Statement	(454)	930
Recognized in Other Comprehensive Income	366	(148)
Recognized in Equity	6	7
Translation and Other	59	(9)
Ending balance	2,602	2,504
Loss carry forwards [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	1,019	596
Disposals	(18)
Recognized in Income Statement	(278)	387
Recognized in Equity	(1)	7
Translation and Other	(17)	29
Ending balance	705	1,019
Actuarial liabilities [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	5,466	7,878
Recognized in Income Statement	3,093	(2,697)
Recognized in Equity	(1)	3
Translation and Other	(115)	282
Ending balance	8,443	5,466
Pensions and post-employment benefits [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	242	208
Recognized in Income Statement	4	27
Recognized in Other Comprehensive Income	(20)	7
Ending balance	226	242
Tax credits [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	261	454
Recognized in Income Statement	(253)	(224)
Translation and Other	(8)	31
Ending balance		261
Accrued interest [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	1	1
Recognized in Income Statement	0
Ending balance	1	1
Real estate [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	(959)	(1,062)
Recognized in Income Statement	(110)	150
Recognized in Other Comprehensive Income		(1)
Translation and Other	23	(46)
Ending balance	(1,046)	(959)
Securities and other investments [member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	(2,689)	(3,807)
Recognized in Income Statement	(1,863)	1,234
Recognized in Other Comprehensive Income	(347)	136
Recognized in Equity	39	1
Translation and Other	156	(253)
Ending balance	(4,704)	(2,689)
Sale of investments [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	(87)	(105)
Recognized in Income Statement	17	18
Translation and Other	1
Ending balance	(69)	(87)
Goodwill and intangible assets [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	(847)	(825)
Recognized in Income Statement	(49)	18
Translation and Other	20	(40)
Ending balance	(876)	(847)
Other [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	97	(50)
Disposals	(37)
Recognized in Income Statement	(107)	157
Recognized in Other Comprehensive Income	1	6
Recognized in Equity	(31)	(4)
Translation and Other	(1)	(12)
Ending balance	$ (78)	$ 97

Interests in Structured Entit_3

Interests in Structured Entities - Additional Information (Detail) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 30, 2019	Dec. 31, 2018
Disclosure of unconsolidated structured entities [Line Items]
Investment in startup capital of mutual funds	$ 1,576		$ 1,711
Retail mutual fund assets under management	217,015		188,729
MFCT II Senior Debenture [Member]
Disclosure of unconsolidated structured entities [Line Items]
Outstanding of Principal Amount for Debenture notes		$ 1,000
Hancock Victoria Plantations Holdings PTY Limited [Member]
Disclosure of unconsolidated structured entities [Line Items]
Consolidated timber assets	$ 936		$ 920

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, 2019	Dec. 31, 2018
Disclosure of unconsolidated structured entities [Line Items]
Company's investment	$ 4,664	$ 4,776
Company's maximum exposure to loss	4,677	4,809
Leveraged leases [Member]
Disclosure of unconsolidated structured entities [Line Items]
Company's investment	3,371	3,575
Company's maximum exposure to loss	3,371	3,575
Timberland companies [Member]
Disclosure of unconsolidated structured entities [Line Items]
Company's investment	752	788
Company's maximum exposure to loss	765	821
Real estate companies [Member]
Disclosure of unconsolidated structured entities [Line Items]
Company's investment	541	413
Company's maximum exposure to loss	$ 541	$ 413

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, 2019	Dec. 31, 2018
Disclosure of unconsolidated structured entities [Line Items]
Company's interests	$ 853	$ 1,820
Manulife Finance (Delaware), L.P.[Member]
Disclosure of unconsolidated structured entities [Line Items]
Company's interests	852	821
Manulife Financial Capital Trust II [Member]
Disclosure of unconsolidated structured entities [Line Items]
Company's interests	$ 1	$ 999

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, 2019	Dec. 31, 2018
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	$ 3,888	$ 3,300
AAA [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	2,805	2,471
AA [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	648	306
A [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	372	453
BBB [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	63	$ 70
CMBS [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	1,649
CMBS [Member] | AAA [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	1,580
CMBS [Member] | A [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	69
RMBS [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	14
RMBS [Member] | AAA [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	7
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	2,225
Asset backed securities [member] | AAA [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	1,218
Asset backed securities [member] | AA [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	648
Asset backed securities [member] | A [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	296
Asset backed securities [member] | BBB [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	$ 63

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions, $ in Millions	Mar. 18, 2019USD ($)	May 31, 2018USD ($)	Dec. 31, 2019CAD ($)	Dec. 31, 2018CAD ($)	Nov. 20, 2015CAD ($)	Jun. 01, 2015CAD ($)	Mar. 10, 2015CAD ($)	Dec. 01, 2014CAD ($)
Disclosure of commitments and contingencies [line items]
Legal settlement amount		$ 91
Legal settlement amount granted by court	$ 91
Investment commitments outstanding			$ 8,682	$ 10,372
Letters of credit outstanding			57	74
Aggregate future minimum lease payments			374	575
Debt outstanding			4,543	4,769
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	$ 350	$ 750	$ 500
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
Mature in 30 Days [Member]
Disclosure of commitments and contingencies [line items]
Investment commitments outstanding			411	888
Less than 1 year [Member]
Disclosure of commitments and contingencies [line items]
Investment commitments outstanding			2,507	3,546
Debt outstanding			649
Mature after One year [Member]
Disclosure of commitments and contingencies [line items]
Investment commitments outstanding			$ 5,764	$ 5,938

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, 2019	Dec. 31, 2018
Condensed Income Statements, Captions [Line Items]
Total revenue	$ 79,570	$ 38,972
Net income (loss) attributed to shareholders	5,602	4,800
MFC [Member]
Condensed Income Statements, Captions [Line Items]
Total revenue	371	443
Net income (loss) attributed to shareholders	5,602	4,800
MLI consolidated [Member]
Condensed Income Statements, Captions [Line Items]
Total revenue	79,711	38,994
Net income (loss) attributed to shareholders	5,963	5,076
Other subsidiaries of MFC on a combined basis [Member]
Condensed Income Statements, Captions [Line Items]
Total revenue	417	434
Net income (loss) attributed to shareholders	(401)	(419)
Consolidating adjustments [Member]
Condensed Income Statements, Captions [Line Items]
Total revenue	(929)	(899)
Net income (loss) attributed to shareholders	(5,562)	(4,657)
Manulife Finance (Delaware), L.P.[Member]
Condensed Income Statements, Captions [Line Items]
Total revenue	32	62
Net income (loss) attributed to shareholders	$ (1)	$ 22

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, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Balance Sheet Statements, Captions [Line Items]
Invested assets	$ 378,527	$ 353,664
Total other assets	87,495	83,398
Segregated funds net assets	343,108	313,209
Insurance contract liabilities	351,161	328,654	$ 304,605
Investment contract liabilities	3,104	3,265
Segregated funds net liabilities	343,108	313,209
Total other liabilities	61,651	57,992
MFC [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Invested assets	21	21
Total other assets	57,474	54,346
Total other liabilities	8,357	8,403
MLI consolidated [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Invested assets	378,496	353,632
Total other assets	87,774	83,523
Segregated funds net assets	343,108	313,209
Insurance contract liabilities	351,161	328,654
Investment contract liabilities	3,104	3,265
Segregated funds net liabilities	343,108	313,209
Total other liabilities	53,998	50,043
Other subsidiaries of MFC on a combined basis [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Invested assets	10	11
Total other assets	3	3
Consolidating adjustments [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Total other assets	(57,756)	(54,474)
Total other liabilities	(704)	(454)
Manulife Finance (Delaware), L.P.[Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Invested assets	6	11
Total other assets	1,088	1,059
Total other liabilities	$ 858	$ 833

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Pledged Assets (Detail) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Debt securities [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	$ 5,023	$ 4,134
Debt securities [Member] | Derivatives [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	4,257	3,655
Debt securities [Member] | Regulatory requirements [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	433	412
Debt securities [Member] | Repurchase agreements [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	330	64
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	822	907
Other [Member] | Derivatives [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	17	102
Other [Member] | Regulatory requirements [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	67	84
Other [Member] | Non-registered retirement plans in trust [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	407	420
Other [Member] | Other [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	$ 331	$ 301

Segmented Information - Summary

Segmented Information - Summary of Results by Segments (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of operating segments [line items]
Net premium income	$ 35,578	$ 24,012
Net investment income (loss)	33,593	4,532
Other revenue	10,399	10,428
Total revenue	79,570	38,972
Net benefits and claims	55,915	15,934
Interest expense	1,319	1,275
Other expenses	16,116	16,244
Total contract benefits and expenses	73,350	33,453
Income (loss) before income taxes	6,220	5,519
Income tax recovery (expense)	(718)	(632)
Net income (loss)	5,502	4,887
Non-controlling interests	233	214
Participating policyholders	(333)	(127)
Net income (loss) attributed to shareholders	5,602	4,800
Total assets	809,130	750,271
Life and health insurance [Member]
Disclosure of operating segments [line items]
Net premium income	32,455	30,352
Net benefits and claims	47,831	23,137
Annuities and pensions [Member]
Disclosure of operating segments [line items]
Net premium income	3,123	(6,340)
Net benefits and claims	8,084	(7,203)
Operating segments [Member] | Asia Division [Member]
Disclosure of operating segments [line items]
Net premium income	20,007	18,113
Net investment income (loss)	7,451	301
Other revenue	1,215	1,296
Total revenue	28,673	19,710
Net benefits and claims	21,065	12,861
Interest expense	236	187
Other expenses	5,148	4,749
Total contract benefits and expenses	26,449	17,797
Income (loss) before income taxes	2,224	1,913
Income tax recovery (expense)	(277)	(361)
Net income (loss)	1,947	1,552
Non-controlling interests	228	208
Participating policyholders	(216)	(360)
Net income (loss) attributed to shareholders	1,935	1,704
Total assets	127,367	113,781
Operating segments [Member] | Asia Division [Member] | Life and health insurance [Member]
Disclosure of operating segments [line items]
Net premium income	17,107	14,938
Net benefits and claims	17,975	10,875
Operating segments [Member] | Asia Division [Member] | Annuities and pensions [Member]
Disclosure of operating segments [line items]
Net premium income	2,900	3,175
Net benefits and claims	3,090	1,986
Operating segments [Member] | Canadian Division [Member]
Disclosure of operating segments [line items]
Net premium income	9,075	9,427
Net investment income (loss)	9,446	2,725
Other revenue	1,088	1,446
Total revenue	19,609	13,598
Net benefits and claims	14,884	8,562
Interest expense	508	447
Other expenses	3,237	3,063
Total contract benefits and expenses	18,629	12,072
Income (loss) before income taxes	980	1,526
Income tax recovery (expense)	25	(311)
Net income (loss)	1,005	1,215
Participating policyholders	(117)	233
Net income (loss) attributed to shareholders	1,122	982
Total assets	159,042	149,219
Operating segments [Member] | Canadian Division [Member] | Life and health insurance [Member]
Disclosure of operating segments [line items]
Net premium income	8,714	8,975
Net benefits and claims	10,572	8,044
Operating segments [Member] | Canadian Division [Member] | Annuities and pensions [Member]
Disclosure of operating segments [line items]
Net premium income	361	452
Net benefits and claims	4,312	518
Operating segments [Member] | US Division [Member]
Disclosure of operating segments [line items]
Net premium income	6,384	(3,626)
Net investment income (loss)	15,556	1,670
Other revenue	2,654	2,542
Total revenue	24,594	586
Net benefits and claims	19,919	(5,529)
Interest expense	43	56
Other expenses	2,944	3,428
Total contract benefits and expenses	22,906	(2,045)
Income (loss) before income taxes	1,688	2,631
Income tax recovery (expense)	(260)	(340)
Net income (loss)	1,428	2,291
Net income (loss) attributed to shareholders	1,428	2,291
Total assets	274,993	270,601
Operating segments [Member] | US Division [Member] | Life and health insurance [Member]
Disclosure of operating segments [line items]
Net premium income	6,522	6,341
Net benefits and claims	19,320	4,255
Operating segments [Member] | US Division [Member] | Annuities and pensions [Member]
Disclosure of operating segments [line items]
Net premium income	(138)	(9,967)
Net benefits and claims	599	(9,784)
Operating segments [Member] | Global wealth and asset management [member]
Disclosure of operating segments [line items]
Net investment income (loss)	33	(9)
Other revenue	5,562	5,472
Total revenue	5,595	5,463
Net benefits and claims	83	77
Interest expense	6	2
Other expenses	4,362	4,322
Total contract benefits and expenses	4,451	4,401
Income (loss) before income taxes	1,144	1,062
Income tax recovery (expense)	(122)	(108)
Net income (loss)	1,022	954
Net income (loss) attributed to shareholders	1,022	954
Total assets	216,348	194,214
Operating segments [Member] | Global wealth and asset management [member] | Annuities and pensions [Member]
Disclosure of operating segments [line items]
Net benefits and claims	83	77
Corporate and other [member]
Disclosure of operating segments [line items]
Net premium income	112	98
Net investment income (loss)	1,107	(155)
Other revenue	(120)	(328)
Total revenue	1,099	(385)
Net benefits and claims	(36)	(37)
Interest expense	526	583
Other expenses	425	682
Total contract benefits and expenses	915	1,228
Income (loss) before income taxes	184	(1,613)
Income tax recovery (expense)	(84)	488
Net income (loss)	100	(1,125)
Non-controlling interests	5	6
Net income (loss) attributed to shareholders	95	(1,131)
Total assets	31,380	22,456
Corporate and other [member] | Life and health insurance [Member]
Disclosure of operating segments [line items]
Net premium income	112	98
Net benefits and claims	$ (36)	$ (37)

Segmented Information - Summa_2

Segmented Information - Summary of Results by Geographic Location (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of geographical areas [line items]
Net premium income	$ 35,578	$ 24,012
Net investment income (loss)	33,593	4,532
Other revenue	10,399	10,428
Total revenue	79,570	38,972
Life and health insurance [Member]
Disclosure of geographical areas [line items]
Net premium income	32,455	30,352
Annuities and pensions [Member]
Disclosure of geographical areas [line items]
Net premium income	3,123	(6,340)
Asia [member]
Disclosure of geographical areas [line items]
Net premium income	20,078	18,185
Net investment income (loss)	7,750	371
Other revenue	2,100	2,115
Total revenue	29,928	20,671
Asia [member] | Life and health insurance [Member]
Disclosure of geographical areas [line items]
Net premium income	17,178	15,010
Asia [member] | Annuities and pensions [Member]
Disclosure of geographical areas [line items]
Net premium income	2,900	3,175
Canada [member]
Disclosure of geographical areas [line items]
Net premium income	8,749	9,013
Net investment income (loss)	9,801	2,933
Other revenue	2,651	2,904
Total revenue	21,201	14,850
Canada [member] | Life and health insurance [Member]
Disclosure of geographical areas [line items]
Net premium income	8,388	8,561
Canada [member] | Annuities and pensions [Member]
Disclosure of geographical areas [line items]
Net premium income	361	452
U.S. [member]
Disclosure of geographical areas [line items]
Net premium income	6,385	(3,625)
Net investment income (loss)	15,816	1,032
Other revenue	5,641	5,395
Total revenue	27,842	2,802
U.S. [member] | Life and health insurance [Member]
Disclosure of geographical areas [line items]
Net premium income	6,523	6,342
U.S. [member] | Annuities and pensions [Member]
Disclosure of geographical areas [line items]
Net premium income	(138)	(9,967)
Other [Member]
Disclosure of geographical areas [line items]
Net premium income	366	439
Net investment income (loss)	226	196
Other revenue	7	14
Total revenue	599	649
Other [Member] | Life and health insurance [Member]
Disclosure of geographical areas [line items]
Net premium income	366	$ 439
Other [Member] | Annuities and pensions [Member]
Disclosure of geographical areas [line items]
Net premium income	$ 0

Related Parties - Summary of Co

Related Parties - Summary of Compensation of Key Management Personnel (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Compensation Of Key Management Personnel [abstract]
Short-term employee benefits	$ 67	$ 65
Post-employment benefits	5	5
Share-based payments	55	50
Termination benefits	8	5
Other long-term benefits	2	2
Total	$ 137	$ 127

Subsidiaries - Summary of Direc

Subsidiaries - Summary of Directly and Indirectly Held Major Operating Subsidiaries (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
The Manufacturers Life Insurance Company [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	The Manufacturers Life Insurance Company
Equity Interest	$ 56,795
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
Equity Interest	$ 21,673
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	Boston, Massachusetts, 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	Boston, Massachusetts, 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.
Address	Boston, Massachusetts, 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	Boston, Massachusetts, 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	Boston, Massachusetts, 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 Investment Management LLC [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	John Hancock Investment Management 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 Investment Management Distributors LLC [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	John Hancock Investment Management Distributors 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 Investment Management (US) LLC [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Investment Management (US) 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%
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 Variable Trust Advisers LLC [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	John Hancock Variable Trust Advisers LLC
Address	Boston, Massachusetts, U.S.A.
Description	Investment advisor for open-end mutual funds
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	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%
John Hancock Insurance Agency, Inc. [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	John Hancock Insurance Agency, Inc.
Address	Boston, Massachusetts, 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
Equity Interest	$ 1,570
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 Investment Management Holdings (Canada) Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Investment Management Holdings (Canada) Limited
Equity Interest	$ 935
Address	Toronto, Canada
Description	Holding company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Investment Management Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Investment 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
Equity Interest	$ 7
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
Equity Interest	$ 8
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
Equity Interest	$ 19
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
Equity Interest	$ 4
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
Equity Interest	$ 835
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.
Equity Interest	$ 72
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
Equity Interest	$ 17,597
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 Investment Fund Management (Vietnam) Company Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Investment Fund 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	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Investment Management International Holdings Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Investment 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 Investment Management (Hong Kong) Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Investment 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 Investment Management (Taiwan) Co., Ltd. [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Investment 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 (Japan)
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 (85.6%)
Address	Bangkok, Thailand
Description	Life insurance company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Asset Management (Thailand) Company Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Asset Management (Thailand) Company Limited (93.0%)
Address	Bangkok, Thailand
Description	Investment management company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
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	100.00%
Percentage of voting rights held in subsidiary	100.00%
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	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Investment Management (Malaysia) Bhd [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Investment Management (Malaysia) Bhd (59.5%)
Address	Kuala Lumpur, Malaysia
Description	Asset management company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
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 Investment Management (Singapore) Pte. Ltd. [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Investment 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	100.00%
Percentage of voting rights held in subsidiary	100.00%
PT Asuransi Jiwa Manulife Indonesia [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	PT Asuransi Jiwa Manulife Indonesia
Equity Interest	$ 812
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 and investment advisor
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Investment Management (Europe) Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Investment Management (Europe) Limited
Equity Interest	$ 25
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
Equity Interest	$ 68
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
Equity Interest	$ 980
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.
Equity Interest	$ 1,637
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
Equity Interest	$ 117
Address	Oakville, Canada
Description	Investment dealer
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Investment Management (North America) Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Investment Management (North America) Limited
Equity Interest	$ 4
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, 2019	Dec. 31, 2018
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	24.00%	25.00%
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%	58.00%
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	25.00%	26.00%
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, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Composition Of Segregated Fund [line items]
Total segregated funds net assets	$ 343,477	$ 313,596	$ 324,808
Composition of segregated funds net assets
Held by policyholders	343,108	313,209
Held by the Company	369	387
Cash and short-term securities [Member]
Disclosure of Composition Of Segregated Fund [line items]
Total segregated funds net assets	3,364	3,700
Debt securities [Member]
Disclosure of Composition Of Segregated Fund [line items]
Total segregated funds net assets	16,883	15,313
Equity [Member]
Disclosure of Composition Of Segregated Fund [line items]
Total segregated funds net assets	12,989	11,661
Mutual funds [Member]
Disclosure of Composition Of Segregated Fund [line items]
Total segregated funds net assets	304,753	277,133
Other investments [Member]
Disclosure of Composition Of Segregated Fund [line items]
Total segregated funds net assets	4,785	4,678
Accrued investment income [member]
Disclosure of Composition Of Segregated Fund [line items]
Total segregated funds net assets	1,678	1,811
Other assets and liabilities, net [Member]
Disclosure of Composition Of Segregated Fund [line items]
Total segregated funds net assets	$ (975)	$ (700)

Segregated Funds - Summary of_3

Segregated Funds - Summary of Changes in Segregated Funds Net Assets (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Net policyholder cash flow
Deposits from policyholders	$ 38,561	$ 38,236
Net transfers to general fund	(1,000)	(1,089)
Payments to policyholders	(49,372)	(47,475)
Net policyholder cash flow	(11,811)	(10,328)
Investment related
Interest and dividends	18,872	19,535
Net realized and unrealized investment gains (losses)	37,643	(34,683)
Investment related	56,515	(15,148)
Other
Management and administration fees	(3,926)	(3,985)
Impact of changes in foreign exchange rates	(10,897)	18,249
Other	(14,823)	14,264
Net additions (deductions)	29,881	(11,212)
Segregated funds net assets, beginning of year	313,596	324,808
Segregated funds net assets, end of year	$ 343,477	$ 313,596

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, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets
Invested assets	$ 378,527	$ 353,664
Reinsurance assets	41,446	43,053
Other assets	46,049	40,345
Segregated funds net assets	343,108	313,209
Total assets	809,130	750,271
Liabilities and Equity
Insurance contract liabilities	351,161	328,654	$ 304,605
Investment contract liabilities	3,104	3,265
Other liabilities	49,988	44,491
Long-term debt	4,543	4,769
Capital instruments	7,120	8,732
Segregated funds net liabilities	343,108	313,209
Shareholders' equity	49,138	45,964
Participating policyholders' equity	(243)	94
Non-controlling interests	1,211	1,093
Total liabilities and equity	809,130	750,271
MFC (Guarantor) [Member]
Assets
Invested assets	21	21
Investments in unconsolidated subsidiaries	57,068	54,015
Other assets	406	331
Total assets	57,495	54,367
Liabilities and Equity
Other liabilities	537	275
Long-term debt	4,543	4,769
Capital instruments	3,277	3,359
Shareholders' equity	49,138	45,964
Total liabilities and equity	57,495	54,367
JHUSA (Issuer) [Member]
Assets
Invested assets	107,746	105,043
Investments in unconsolidated subsidiaries	7,467	7,356
Reinsurance assets	61,310	63,435
Other assets	20,859	17,025
Segregated funds net assets	181,982	168,476
Total assets	379,364	361,335
Liabilities and Equity
Insurance contract liabilities	157,398	155,162
Investment contract liabilities	1,091	1,191
Other liabilities	21,311	18,136
Capital instruments	599	632
Segregated funds net liabilities	181,982	168,476
Shareholders' equity	16,983	17,738
Total liabilities and equity	379,364	361,335
Other subsidiaries
Assets
Invested assets	271,100	248,962
Investments in unconsolidated subsidiaries	16,983	17,738
Reinsurance assets	10,080	9,136
Other assets	45,111	42,534
Segregated funds net assets	162,845	146,671
Total assets	506,119	465,041
Liabilities and Equity
Insurance contract liabilities	224,378	203,682
Investment contract liabilities	2,014	2,076
Other liabilities	48,226	45,393
Capital instruments	3,244	4,741
Segregated funds net liabilities	162,845	146,671
Shareholders' equity	64,444	61,291
Participating policyholders' equity	(243)	94
Non-controlling interests	1,211	1,093
Total liabilities and equity	506,119	465,041
Consolidation adjustments [Member]
Assets
Invested assets	(340)	(362)
Investments in unconsolidated subsidiaries	(81,518)	(79,109)
Reinsurance assets	(29,944)	(29,518)
Other assets	(20,327)	(19,545)
Segregated funds net assets	(1,719)	(1,938)
Total assets	(133,848)	(130,472)
Liabilities and Equity
Insurance contract liabilities	(30,615)	(30,190)
Investment contract liabilities	(1)	(2)
Other liabilities	(20,086)	(19,313)
Segregated funds net liabilities	(1,719)	(1,938)
Shareholders' equity	(81,427)	(79,029)
Total liabilities and equity	$ (133,848)	$ (130,472)

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, 2019	Dec. 31, 2018
Revenue
Gross premiums	$ 41,059	$ 39,150
Premiums ceded to reinsurers	(5,481)	(15,138)
Net premium income	35,578	24,012
Net investment income (loss)	33,593	4,532
Net other revenue	10,399	10,428
Total revenue	79,570	38,972
Contract benefits and expenses
Net benefits and claims	55,915	15,934
Commissions, investment and general expenses	15,727	15,838
Other expenses	1,708	1,681
Total contract benefits and expenses	73,350	33,453
Income (loss) before income taxes	6,220	5,519
Income tax expense (note 16)	(718)	(632)
Income (loss) after income taxes	5,502	4,887
Net income	5,502	4,887
Net income (loss) attributed to:
Non-controlling interests	233	214
Participating policyholders	(333)	(127)
Shareholders	5,602	4,800
Net income	5,502	4,887
Consolidation adjustments [Member]
Revenue
Gross premiums	(1,160)	(1,116)
Premiums ceded to reinsurers	1,160	1,116
Net investment income (loss)	(998)	(946)
Net other revenue	(3,930)	(1,160)
Total revenue	(4,928)	(2,106)
Contract benefits and expenses
Net benefits and claims	(2,438)	475
Commissions, investment and general expenses	(1,530)	(1,660)
Other expenses	(960)	(921)
Total contract benefits and expenses	(4,928)	(2,106)
Equity in net income (loss) of unconsolidated subsidiaries	(6,925)	(8,154)
Net income	(6,925)	(8,154)
Net income (loss) attributed to:
Participating policyholders	(2)	10
Shareholders	(6,923)	(8,164)
Net income	(6,925)	(8,154)
MFC (Guarantor) [Member]
Revenue
Net investment income (loss)	355	445
Net other revenue	16	(2)
Total revenue	371	443
Contract benefits and expenses
Commissions, investment and general expenses	20	19
Other expenses	421	380
Total contract benefits and expenses	441	399
Income (loss) before income taxes	(70)	44
Income tax expense (note 16)	18	(11)
Income (loss) after income taxes	(52)	33
Equity in net income (loss) of unconsolidated subsidiaries	5,654	4,767
Net income	5,602	4,800
Net income (loss) attributed to:
Shareholders	5,602	4,800
Net income	5,602	4,800
JHUSA (Issuer) [Member]
Revenue
Gross premiums	8,599	8,452
Premiums ceded to reinsurers	(3,575)	(14,149)
Net premium income	5,024	(5,697)
Net investment income (loss)	12,128	907
Net other revenue	2,866	1,799
Total revenue	20,018	(2,991)
Contract benefits and expenses
Net benefits and claims	17,133	(7,403)
Commissions, investment and general expenses	3,299	3,427
Other expenses	206	233
Total contract benefits and expenses	20,638	(3,743)
Income (loss) before income taxes	(620)	752
Income tax expense (note 16)	347	223
Income (loss) after income taxes	(273)	975
Equity in net income (loss) of unconsolidated subsidiaries	772	1,206
Net income	499	2,181
Net income (loss) attributed to:
Participating policyholders	2	(10)
Shareholders	497	2,191
Net income	499	2,181
Other subsidiaries
Revenue
Gross premiums	33,620	31,814
Premiums ceded to reinsurers	(3,066)	(2,105)
Net premium income	30,554	29,709
Net investment income (loss)	22,108	4,126
Net other revenue	11,447	9,791
Total revenue	64,109	43,626
Contract benefits and expenses
Net benefits and claims	41,220	22,862
Commissions, investment and general expenses	13,938	14,052
Other expenses	2,041	1,989
Total contract benefits and expenses	57,199	38,903
Income (loss) before income taxes	6,910	4,723
Income tax expense (note 16)	(1,083)	(844)
Income (loss) after income taxes	5,827	3,879
Equity in net income (loss) of unconsolidated subsidiaries	499	2,181
Net income	6,326	6,060
Net income (loss) attributed to:
Non-controlling interests	233	214
Participating policyholders	(333)	(127)
Shareholders	6,426	5,973
Net income	$ 6,326	$ 6,060

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, 2019	Dec. 31, 2018
Operating activities
Net income (loss)	$ 5,502	$ 4,887
Adjustments:
Increase (decrease) in insurance contract liabilities	33,727	2,907
Increase (decrease) in investment contract liabilities	170	35
(Increase) decrease in reinsurance assets excluding coinsurance transactions	(557)	893
Amortization of (premium) discount on invested assets	117	212
Other amortization	626	747
Net realized and unrealized (gains) losses and impairment on assets	(20,265)	8,727
Deferred income tax expense (recovery)	(454)	930
Stock option expense	11	10
Cash provided by (used in) operating activities before undernoted items	18,877	19,348
Dividends from unconsolidated subsidiary	0
Changes in policy related and operating receivables and payables	1,665	(160)
Cash provided by (used in) operating activities	20,542	19,188
Investing activities
Purchases and mortgage advances	(80,610)	(101,172)
Disposals and repayments	65,333	82,111
Changes in investment broker net receivables and payables	1,159	(128)
Net cash flows from acquisition and disposal of subsidiaries and businesses	288	187
Cash provided by (used in) investing activities	(13,830)	(19,002)
Financing activities
Change in repurchase agreements and securities sold but not yet purchased	266	(189)
Redemption of long-term debt		(400)
Issue of capital instruments, net		597
Redemption of capital instruments	(1,500)	(450)
Secured borrowings from securitization transactions	107	250
Changes in deposits from Bank clients, net	1,819	1,490
Lease payments	(117)
Shareholders' dividends paid in cash	(1,398)	(1,788)
Contributions from (distributions to) non-controlling interests, net	(22)	(60)
Common shares repurchased	(1,339)	(478)
Common shares issued, net	104	59
Preferred shares issued, net		245
Cash provided by (used in) financing activities	(2,080)	(724)
Increase (decrease) during the year	4,632	(538)
Effect of foreign exchange rate changes on cash and short-term securities	(466)	822
Balance, beginning of year	15,382	15,098
Balance, December 31	19,548	15,382
Cash and short-term securities
Gross cash and short-term securities, beginning of year	16,215	15,965
Net payments in transit, included in other liabilities, beginning of year	(833)	(867)
Balance, beginning of year	15,382	15,098
Gross cash and short-term securities, end of year	20,300	16,215
Net payments in transit, included in other liabilities, end of year	(752)	(833)
Balance, December 31	19,548	15,382
Supplemental disclosures on cash flow information:
Interest received	11,549	10,952
Interest paid	1,299	1,212
Income taxes paid (refund)	104	461
MFC (Guarantor) [Member]
Operating activities
Net income (loss)	5,602	4,800
Adjustments:
Equity in net income of unconsolidated subsidiaries	(5,654)	(4,767)
Other amortization	5	4
Net realized and unrealized (gains) losses and impairment on assets	(12)	(11)
Deferred income tax expense (recovery)	(18)	11
Cash provided by (used in) operating activities before undernoted items	(77)	37
Dividends from unconsolidated subsidiary	3,000	2,700
Changes in policy related and operating receivables and payables	(39)	251
Cash provided by (used in) operating activities	2,884	2,988
Investing activities
Investment in common shares of subsidiaries	(404)	(1,284)
Notes receivable from subsidiaries	(1)	(23)
Cash provided by (used in) investing activities	(405)	(1,307)
Financing activities
Redemption of long-term debt		(400)
Issue of capital instruments, net		597
Shareholders' dividends paid in cash	(1,398)	(1,788)
Common shares repurchased	(1,339)	(478)
Common shares issued, net	104	59
Preferred shares issued, net		245
Notes payable to subsidiaries	157	83
Cash provided by (used in) financing activities	(2,476)	(1,682)
Increase (decrease) during the year	3	(1)
Effect of foreign exchange rate changes on cash and short-term securities	(2)	1
Balance, beginning of year	21	21
Balance, December 31	22	21
Cash and short-term securities
Gross cash and short-term securities, beginning of year	21	21
Balance, beginning of year	21	21
Gross cash and short-term securities, end of year	22	21
Balance, December 31	22	21
Supplemental disclosures on cash flow information:
Interest received	422	427
Interest paid	423	373
Income taxes paid (refund)		(59)
JHUSA (Issuer) [Member]
Operating activities
Net income (loss)	499	2,181
Adjustments:
Equity in net income of unconsolidated subsidiaries	(772)	(1,206)
Increase (decrease) in insurance contract liabilities	11,381	(5,273)
Increase (decrease) in investment contract liabilities	51	(86)
(Increase) decrease in reinsurance assets excluding coinsurance transactions	(1,236)	1,609
Amortization of (premium) discount on invested assets	40	58
Other amortization	118	225
Net realized and unrealized (gains) losses and impairment on assets	(7,105)	4,158
Deferred income tax expense (recovery)	(192)	679
Stock option expense	(1)
Cash provided by (used in) operating activities before undernoted items	2,783	2,345
Dividends from unconsolidated subsidiary	623	819
Changes in policy related and operating receivables and payables	(146)	(907)
Cash provided by (used in) operating activities	3,260	2,257
Investing activities
Purchases and mortgage advances	(24,898)	(38,799)
Disposals and repayments	22,324	35,817
Changes in investment broker net receivables and payables	631	(169)
Capital contribution to unconsolidated subsidiaries	(1)	(14)
Return of capital from unconsolidated subsidiaries	177	72
Notes receivable from subsidiaries	13	(61)
Cash provided by (used in) investing activities	(1,754)	(3,154)
Financing activities
Lease payments	(8)
Dividends paid to parent	(1,123)	(777)
Cash provided by (used in) financing activities	(1,131)	(777)
Increase (decrease) during the year	375	(1,674)
Effect of foreign exchange rate changes on cash and short-term securities	(128)	353
Balance, beginning of year	2,317	3,638
Balance, December 31	2,564	2,317
Cash and short-term securities
Gross cash and short-term securities, beginning of year	2,783	4,133
Net payments in transit, included in other liabilities, beginning of year	(466)	(495)
Balance, beginning of year	2,317	3,638
Gross cash and short-term securities, end of year	3,058	2,783
Net payments in transit, included in other liabilities, end of year	(494)	(466)
Balance, December 31	2,564	2,317
Supplemental disclosures on cash flow information:
Interest received	4,252	4,381
Interest paid	83	92
Income taxes paid (refund)	(788)	286
Other subsidiaries
Operating activities
Net income (loss)	6,326	6,060
Adjustments:
Equity in net income of unconsolidated subsidiaries	(499)	(2,181)
Increase (decrease) in insurance contract liabilities	22,346	8,180
Increase (decrease) in investment contract liabilities	119	121
(Increase) decrease in reinsurance assets excluding coinsurance transactions	679	(716)
Amortization of (premium) discount on invested assets	77	154
Other amortization	503	518
Net realized and unrealized (gains) losses and impairment on assets	(13,148)	4,580
Deferred income tax expense (recovery)	(244)	240
Stock option expense	12	10
Cash provided by (used in) operating activities before undernoted items	16,171	16,966
Dividends from unconsolidated subsidiary	1,123	777
Changes in policy related and operating receivables and payables	1,850	496
Cash provided by (used in) operating activities	19,144	18,239
Investing activities
Purchases and mortgage advances	(55,712)	(62,373)
Disposals and repayments	43,009	46,294
Changes in investment broker net receivables and payables	528	41
Net cash flows from acquisition and disposal of subsidiaries and businesses	288	187
Notes receivable from parent	(157)	(83)
Cash provided by (used in) investing activities	(12,044)	(15,934)
Financing activities
Change in repurchase agreements and securities sold but not yet purchased	266	(189)
Redemption of capital instruments	(1,500)	(450)
Secured borrowings from securitization transactions	107	250
Changes in deposits from Bank clients, net	1,819	1,490
Lease payments	(109)
Contributions from (distributions to) non-controlling interests, net	(22)	(60)
Common shares issued, net	404	1,284
Dividends paid to parent	(3,623)	(3,519)
Capital contributions by parent	1	14
Return of capital to parent	(177)	(72)
Notes payable to parent	(12)	84
Cash provided by (used in) financing activities	(2,846)	(1,168)
Increase (decrease) during the year	4,254	1,137
Effect of foreign exchange rate changes on cash and short-term securities	(336)	468
Balance, beginning of year	13,044	11,439
Balance, December 31	16,962	13,044
Cash and short-term securities
Gross cash and short-term securities, beginning of year	13,411	11,811
Net payments in transit, included in other liabilities, beginning of year	(367)	(372)
Balance, beginning of year	13,044	11,439
Gross cash and short-term securities, end of year	17,220	13,411
Net payments in transit, included in other liabilities, end of year	(258)	(367)
Balance, December 31	16,962	13,044
Supplemental disclosures on cash flow information:
Interest received	7,823	7,074
Interest paid	1,741	1,677
Income taxes paid (refund)	892	234
Consolidation adjustments [Member]
Operating activities
Net income (loss)	(6,925)	(8,154)
Adjustments:
Equity in net income of unconsolidated subsidiaries	6,925	8,154
Dividends from unconsolidated subsidiary	(4,746)	(4,296)
Changes in policy related and operating receivables and payables	0
Cash provided by (used in) operating activities	(4,746)	(4,296)
Investing activities
Investment in common shares of subsidiaries	404	1,284
Capital contribution to unconsolidated subsidiaries	1	14
Return of capital from unconsolidated subsidiaries	(177)	(72)
Notes receivable from parent	157	83
Notes receivable from subsidiaries	(12)	84
Cash provided by (used in) investing activities	373	1,393
Financing activities
Common shares issued, net	(404)	(1,284)
Dividends paid to parent	4,746	4,296
Capital contributions by parent	(1)	(14)
Return of capital to parent	177	72
Notes payable to parent	12	(84)
Notes payable to subsidiaries	(157)	(83)
Cash provided by (used in) financing activities	4,373	2,903
Supplemental disclosures on cash flow information:
Interest received	(948)	(930)
Interest paid	$ (948)	$ (930)

IFRS 7 Disclosures - Summary of

IFRS 7 Disclosures - Summary of Risk Management Strategies (Detail)	12 Months Ended
	Dec. 31, 2019
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, 2019CAD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Financial Instruments - Disclosures under IFRS 7 [line items]
Total unencumbered assets	$ 455,200	$ 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
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
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				3,900,000,000
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, 2019	Dec. 31, 2018
Disclosure Of Maturity Analysis For Financial Liabilities [line items]
Long-term debt	$ 4,543	$ 4,769
Capital instruments	7,120	8,732
Derivatives	10,284	7,803
Deposits from bank clients	21,488	19,684
Lease liabilities	374
Less than 1 year [Member]
Disclosure Of Maturity Analysis For Financial Liabilities [line items]
Long-term debt	649
Capital instruments	0
Derivatives	332	359
Deposits from bank clients	16,872
Lease liabilities	107
1 to 3 years [Member]
Disclosure Of Maturity Analysis For Financial Liabilities [line items]
Long-term debt	0
Capital instruments	0
Derivatives	145	229
Deposits from bank clients	2,632
Lease liabilities	142
3 to 5 years [Member]
Disclosure Of Maturity Analysis For Financial Liabilities [line items]
Long-term debt	0
Capital instruments	598
Derivatives	218	227
Deposits from bank clients	1,984
Lease liabilities	49
Over 5 years [Member]
Disclosure Of Maturity Analysis For Financial Liabilities [line items]
Long-term debt	3,894	4,088
Capital instruments	6,522
Derivatives	9,589	$ 6,988
Deposits from bank clients	0
Lease liabilities	$ 76

IFRS 7 Disclosures - Schedule_2

IFRS 7 Disclosures - Schedule of Maturity of Financial Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Maturity Analysis For Financial Liabilities [line items]
Carrying value of deposits from Bank clients	$ 21,488	$ 19,684
Level 2 [Member]
Disclosure Of Maturity Analysis For Financial Liabilities [line items]
Fair value of deposits from Bank clients	$ 21,563	$ 19,731

IFRS 7 Disclosures - Variable A

IFRS 7 Disclosures - Variable Annuity and Segregated Fund Guarantees, Net of Reinsurance (Detail) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Total gross of reinsurance, Guarantee value	$ 85,533	$ 95,032
Total reinsured, Guarantee value	4,695	6,868
Total, net of reinsurance, Guarantee value	80,838	88,164
Total gross of reinsurance, Fund value	87,275	86,263
Total reinsured, Fund value	3,699	5,243
Total, net of reinsurance, Fund value	83,576	81,020
Total gross of reinsurance, Amount at risk	7,840	14,689
Total reinsured, Amount at risk	1,150	1,836
Total, net of reinsurance, Amount at risk	6,690	12,853
Guaranteed minimum income benefit [Member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Total gross of reinsurance, Guarantee value	4,629	5,264
Total gross of reinsurance, Fund value	3,696	3,675
Total gross of reinsurance, Amount at risk	998	1,593
Guaranteed minimum withdrawal benefit [Member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Total gross of reinsurance, Guarantee value	53,355	60,494
Total gross of reinsurance, Fund value	48,031	49,214
Total gross of reinsurance, Amount at risk	6,030	11,388
Guaranteed Minimum Accumulation Benefit 1 [member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Total gross of reinsurance, Guarantee value	17,994	18,611
Total gross of reinsurance, Fund value	18,362	18,720
Total gross of reinsurance, Amount at risk	10	141
Living benefits [Member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Total gross of reinsurance, Guarantee value	75,978	84,369
Total reinsured, Guarantee value	3,977	4,515
Total gross of reinsurance, Fund value	70,089	71,609
Total reinsured, Fund value	3,199	3,173
Total gross of reinsurance, Amount at risk	7,038	13,122
Total reinsured, Amount at risk	832	1,343
Death benefits [Member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Total gross of reinsurance, Guarantee value	9,555	10,663
Total reinsured, Guarantee value	718	2,353
Total gross of reinsurance, Fund value	17,186	14,654
Total reinsured, Fund value	500	2,070
Total gross of reinsurance, Amount at risk	802	1,567
Total reinsured, Amount at risk	$ 318	$ 493

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, 2019CAD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2018USD ($)
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Amount at risk net of reinsurance	$ 6,690		$ 12,853
U.S. [member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Amount at risk net of reinsurance		$ 3,995		$ 6,899
Canada [member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Amount at risk net of reinsurance	$ 1,178		$ 2,654
Japan [Member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Amount at risk net of reinsurance		104		332
Asia [member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Amount at risk net of reinsurance		$ 145		$ 246

IFRS 7 Disclosures - Summary _2

IFRS 7 Disclosures - Summary of Account Balances by Investment Category (Detail) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Investment Categories For Variable Contracts With Guarantees [line items]
Investments for variable contracts with guarantees	$ 105,611	$ 102,470
Equity funds [Member]
Investment Categories For Variable Contracts With Guarantees [line items]
Investments for variable contracts with guarantees	47,489	44,333
Balanced funds [Member]
Investment Categories For Variable Contracts With Guarantees [line items]
Investments for variable contracts with guarantees	42,448	41,749
Bond funds [Member]
Investment Categories For Variable Contracts With Guarantees [line items]
Investments for variable contracts with guarantees	11,967	12,279
Money market funds [Member]
Investment Categories For Variable Contracts With Guarantees [line items]
Investments for variable contracts with guarantees	1,732	2,109
Other fixed interest rate investments [Member]
Investment Categories For Variable Contracts With Guarantees [line items]
Investments for variable contracts with guarantees	$ 1,975	$ 2,000

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, 2019	Dec. 31, 2018
-30% [member]
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items]
Variable annuity guarantees	$ (3,270)	$ (3,650)
General fund equity investments	(1,140)	(1,150)
Total underlying sensitivity before hedging	(4,410)	(4,800)
Impact of macro and dynamic hedge assets	2,690	3,110
Net potential impact on net income attributed to shareholders after impact of hedging	(1,720)	(1,690)
-20% [member]
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items]
Variable annuity guarantees	(1,930)	(2,240)
General fund equity investments	(720)	(780)
Total underlying sensitivity before hedging	(2,650)	(3,020)
Impact of macro and dynamic hedge assets	1,580	1,940
Net potential impact on net income attributed to shareholders after impact of hedging	(1,070)	(1,080)
-10% [member]
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items]
Variable annuity guarantees	(860)	(1,040)
General fund equity investments	(330)	(390)
Total underlying sensitivity before hedging	(1,190)	(1,430)
Impact of macro and dynamic hedge assets	670	910
Net potential impact on net income attributed to shareholders after impact of hedging	(520)	(520)
+10% [member]
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items]
Variable annuity guarantees	620	890
General fund equity investments	340	290
Total underlying sensitivity before hedging	960	1,180
Impact of macro and dynamic hedge assets	(580)	(820)
Net potential impact on net income attributed to shareholders after impact of hedging	380	360
20% change in market value equity.
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items]
Variable annuity guarantees	1,060	1,610
General fund equity investments	680	580
Total underlying sensitivity before hedging	1,740	2,190
Impact of macro and dynamic hedge assets	(1,020)	(1,450)
Net potential impact on net income attributed to shareholders after impact of hedging	720	740
+30% [member]
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items]
Variable annuity guarantees	1,360	2,170
General fund equity investments	1,020	860
Total underlying sensitivity before hedging	2,380	3,030
Impact of macro and dynamic hedge assets	(1,340)	(1,930)
Net potential impact on net income attributed to shareholders after impact of hedging	$ 1,040	$ 1,100

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, 2019	Dec. 31, 2018
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 to MLI's LICAT Total Ratio Resulting from Changes in Public Equity Market Values (Detail)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
-30% [member]
Statement [line items]
Impact on MLI's LICAT total ratio	(5)	(6)
-20% [member]
Statement [line items]
Impact on MLI's LICAT total ratio	(3)	(4)
-10% [member]
Statement [line items]
Impact on MLI's LICAT total ratio	(1)	(2)
10% [member]
Statement [line items]
Impact on MLI's LICAT total ratio	1	1
20% [member]
Statement [line items]
Impact on MLI's LICAT total ratio	4	5
30% [member]
Statement [line items]
Impact on MLI's LICAT total ratio	5	7

IFRS 7 Disclosures - Summary _4

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, 2019	Dec. 31, 2018
-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	1,700	1,600
+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	$ (1,600)	$ (1,500)

IFRS 7 Disclosures - Summary _5

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, 2019	Dec. 31, 2018
+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	$ 800	$ 600
-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	(800)	(600)
+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)	(100)
-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	100
-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	(3,100)	(2,900)
-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	(1,800)	(1,600)
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	1,200	1,200
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	$ 1,700	$ 1,600

IFRS 7 Disclosures - Summary _6

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, 2019	Dec. 31, 2018
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