Manulife Financial (MFC) 40-F 9 Feb 22 2021 FY Annual report (Canada) Financial data

Cover Page

Cover Page	12 Months Ended
	Dec. 31, 2021shares
Document Information [Line Items]
Document Type	40-F
Entity Central Index Key	0001086888
Amendment Flag	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
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
Entity Address, State or Province	ON
ICFR Auditor Attestation Flag	true
Entity File Number	1-14942
Entity Incorporation, State or Country Code	Z4
Entity Address, Address Line One	200 Bloor Street East
Entity Address, City or Town	Toronto
Entity Address, Postal Zip Code	M4W 1E5
City Area Code	416
Local Phone Number	926-3000
Annual Information Form	true
Audited Annual Financial Statements	true
Document Annual Report	true
Document Registration Statement	false
Auditor Name	Ernst & Young LLP
Auditor Firm ID	1263
Auditor Location	Toronto, Ontario, Canada
Business Contact [Member]
Document Information [Line Items]
Entity Address, State or Province	MA
Contact Personnel Name	James D. Gallagher
Entity Address, Address Line One	200 Berkeley Street
Entity Address, City or Town	Boston
Entity Address, Postal Zip Code	02116
City Area Code	617
Local Phone Number	663-3000
Common shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	1,942,637,458
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	6,537,903
Class 1 Shares Series 4 [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	1,462,097
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 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
Class 1 Shares Series 27 [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	2,000,000
Class 1 Shares Series 28 [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	1,200,000

Consolidated Statements of Fina

Consolidated Statements of Financial Position - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and short-term securities	$ 22,594	$ 26,167
Debt securities	224,139	218,724
Public equities	28,067	23,722
Mortgages	52,014	50,207
Private placements	42,842	40,756
Policy loans	6,397	6,398
Loans to bank clients	2,506	1,976
Real estate	13,233	12,832
Other invested assets	35,306	30,195
Total invested assets (note 3)	427,098	410,977
Other assets
Accrued investment income	2,641	2,523
Outstanding premiums	1,294	1,444
Derivatives (note 4)	17,503	27,793
Reinsurance assets (notes 6 and 7)	44,579	45,836
Deferred tax assets (note 16)	5,254	4,842
Goodwill and intangible assets (note 5)	9,915	9,929
Miscellaneous	9,571	9,569
Total other assets	90,757	101,936
Segregated funds net assets (note 22)	399,788	367,436
Total assets	917,643	880,349
Liabilities
Insurance contract liabilities (note 6)	392,275	385,554
Investment contract liabilities (note 7)	3,117	3,288
Deposits from bank clients	20,720	20,889
Derivatives (note 4)	10,038	14,962
Deferred tax liabilities (note 16)	2,769	2,614
Other liabilities	18,205	18,607
Financial liabilities	447,124	445,914
Long-term debt (note 9)	4,882	6,164
Capital instruments (note 10)	6,980	7,829
Segregated funds net liabilities (note 22)	399,788	367,436
Total liabilities	858,774	827,343
Equity
Contributed surplus	262	261
Shareholders' and other equity holders' retained earnings	23,492	18,887
Shareholders' accumulated other comprehensive income (loss):
Pension and other post-employment plans	(114)	(313)
Available-for-sale securities	848	1,838
Cash flow hedges	(156)	(229)
Real estate revaluation reserve	23	34
Translation of foreign operations	4,579	4,993
Total shareholders' and other equity	58,408	52,335
Participating policyholders' equity	(1,233)	(784)
Non-controlling interests	1,694	1,455
Total equity	58,869	53,006
Total liabilities and equity	917,643	880,349
Preferred shares and other equity [Member]
Equity
Issued shares (note 11)	6,381	3,822
Shareholders' accumulated other comprehensive income (loss):
Total equity	6,381	3,822
Common shares [Member]
Equity
Issued shares (note 11)	23,093	23,042
Shareholders' accumulated other comprehensive income (loss):
Total equity	$ 23,093	$ 23,042

Consolidated Statements of Inco

Consolidated Statements of Income - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Premium income
Gross premiums	$ 44,344	$ 41,408
Premiums ceded to reinsurers	(5,279)	(8,491)
Net premiums	39,065	32,917
Investment income (note 3)
Investment income	15,627	16,433
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on the macro hedge program	(4,003)	18,967
Net investment income	11,624	35,400
Other revenue (note 13)	11,132	10,591
Total revenue	61,821	78,908
Contract benefits and expenses
Gross claims and benefits (note 6)	31,110	30,133
Increase (decrease) in insurance contract liabilities (note 6)	10,719	36,982
Increase (decrease) in investment contract liabilities (note 7)	44	178
Benefits and expenses ceded to reinsurers	(6,805)	(6,795)
(Increase) decrease in reinsurance assets (note 6)	754	(5,263)
Net benefits and claims	35,822	55,235
General expenses	7,828	7,510
Investment expenses (note 3)	1,980	1,787
Commissions	6,638	6,043
Interest expense	1,011	1,181
Net premium taxes	417	381
Total contract benefits and expenses	53,696	72,137
Income before income taxes	8,125	6,771
Income tax expense (note 16)	(1,213)	(1,195)
Net income	6,912	5,576
Net income (loss) attributed to:
Non-controlling interests	255	250
Participating policyholders	(448)	(545)
Shareholders and other equity holders	7,105	5,871
Net income	6,912	5,576
Net income attributed to shareholders	7,105	5,871
Preferred share dividends and other equity distributions	(215)	(171)
Common shareholders' net income	$ 6,890	$ 5,700
Earnings per share
Basic earnings per common share (note 11)	$ 3.55	$ 2.94
Diluted earnings per common share (note 11)	3.54	2.93
Dividends per common share	$ 1.17	$ 1.12

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement of comprehensive income [abstract]
Net income	$ 6,912	$ 5,576
Foreign exchange gains (losses) on:
Translation of foreign operations	(514)	(505)
Net investment hedges	100	100
Available-for-sale financial securities:
Unrealized gains (losses) arising during the year	(980)	2,506
Reclassification of net realized (gains) losses and impairments to net income	(13)	(2,175)
Cash flow hedges:
Unrealized gains (losses) arising during the year	77	(81)
Reclassification of net realized (gains) losses and impairments to net income	(4)	(5)
Share of other comprehensive income (losses) of associates	(1)	2
Total items that may be subsequently reclassified to net income	(1,335)	(158)
Items that will not be reclassified to net income:
Change in pension and other post-employment plans	199	37
Real estate revaluation reserve	(11)	5
Total items that will not be reclassified to net income	188	42
Other comprehensive income (loss), net of tax	(1,147)	(116)
Total comprehensive income (loss), net of tax	5,765	5,460
Total comprehensive income (loss) attributed to:
Non-controlling interests	252	254
Participating policyholders	(449)	(541)
Shareholders and other equity holders	5,962	5,747
Income tax expense (recovery) on:
Unrealized gains/losses on available-for-sale financial securities	(181)	574
Reclassification of realized gains/losses and recoveries/impairments to net income on available-for-sale financial securities	21	(576)
Unrealized gains/losses on cash flow hedges	15	(19)
Reclassification of realized gains/losses to net income on cash flow hedges	(1)	(2)
Unrealized foreign exchange gains/losses on net investment hedges	21	8
Share of other comprehensive income (loss) of associates		(1)
Change in pension and other post-employment plans	61	9
Real estate revaluation reserve		2
Total income tax expense (recovery)	$ (64)	$ (5)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - CAD ($) shares in Millions, $ in Millions	Total	Preferred shares and other equity [Member]	Common shares [Member]	Shareholders and other equity holders retained earnings [Member]	Contributed Surplus [Member]	Shareholders' accumulated other comprehensive income (loss) ("AOCI") [Member]	Participating Policyholders' Equity [Member]	Non-controlling Interests [Member]
Balance, beginning of year at Dec. 31, 2019		$ 3,822	$ 23,127	$ 15,488	$ 254	$ 6,447	$ (243)	$ 1,211
Change in unrealized foreign exchange gains (losses) of net foreign operations	$ (505)					(405)
Exercise of stock options and deferred share units			$ 36		(7)
Net income attributed to non-controlling interests	250							250
Net income (loss) attributed to participating policyholders	(545)						(545)
Net income attributed to shareholders				$ 5,871
Change in actuarial gains (losses) on pension and other post-employment plans	37					37
Common shares repurchased (note 11)			(121)	(132)
Stock option expense					14
Other comprehensive income (loss) attributed to policyholders and non-controlling interests							4	4
Change in unrealized gains (losses) on available-for-sale financial securities	2,506					325
Contributions (distributions/disposal), net								(10)
Change in unrealized gains (losses) on derivative instruments designated as cash flow hedges	(81)					(86)
Preferred share dividends and other equity distributions				$ (171)
Common share dividends				(2,169)
Change in real estate revaluation reserve	5					3
Share of other comprehensive income (losses) of associates	2					2
Balance, end of year at Dec. 31, 2020	53,006	3,822	$ 23,042	18,887	261	6,323	(784)	1,455
Total shareholders' equity, end of year	52,335
Issued (note 11)		3,200
Redeemed (note 11)		(612)
Issuance costs, net of tax		(29)
Change in unrealized foreign exchange gains (losses) of net foreign operations	(514)					(414)
Exercise of stock options and deferred share units			51		(8)
Net income attributed to non-controlling interests	255							255
Net income (loss) attributed to participating policyholders	(448)						(448)
Net income attributed to shareholders				7,105
Change in actuarial gains (losses) on pension and other post-employment plans	199					199
Stock option expense					9
Other comprehensive income (loss) attributed to policyholders and non-controlling interests							(1)	(3)
Change in unrealized gains (losses) on available-for-sale financial securities	(980)					(989)
Contributions (distributions/disposal), net								(13)
Change in unrealized gains (losses) on derivative instruments designated as cash flow hedges	77					73
Preferred share dividends and other equity distributions				(215)
Preferred shares redeemed (note 11)				(13)
Common share dividends				(2,272)
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, 2021	58,869	$ 6,381	$ 23,093	$ 23,492	$ 262	$ 5,180	$ (1,233)	$ 1,694
Total shareholders' equity, end of year	$ 58,408

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net income	$ 6,912	$ 5,576
Adjustments:
Increase in insurance contract liabilities	10,719	36,982
Increase in investment contract liabilities	44	178
(Increase) decrease in reinsurance assets excluding coinsurance transactions (note 6)	754	(2,374)
Amortization of (premium) discount on invested assets	181	154
Other amortization	529	656
Net realized and unrealized (gains) losses and impairment on assets	4,824	(22,521)
Deferred income tax expense (recovery)	(127)	280
Stock option expense	9	14
Cash provided by (used in) operating activities before undernoted items	23,845	18,945
Changes in policy related and operating receivables and payables	(690)	1,103
Cash provided by (used in) operating activities	23,155	20,048
Investing activities
Purchases and mortgage advances	(120,965)	(111,981)
Disposals and repayments	96,728	98,850
Change in investment broker net receivables and payables	(186)	(1,017)
Net cash flows from acquisition and disposal of subsidiaries and businesses	(19)
Cash provided by (used in) investing activities	(24,442)	(14,148)
Financing activities
Issue of long-term debt, net (note 9)		2,455
Redemption of long-term debt (note 9)	(1,250)	(652)
Issue of capital instruments, net (note 10)		1,990
Redemption of capital instruments (note 10)	(818)	(1,250)
Secured borrowings (note 3 (f))	26	1,376
Change in repurchase agreements and securities sold but not yet purchased	186	24
Changes in deposits from Bank clients, net	(164)	(579)
Lease payments	(124)	(134)
Shareholders' dividends and other equity distributions	(2,500)	(2,340)
Common shares repurchased (note 11)		(253)
Common shares issued, net (note 11)	51	36
Preferred shares and other equity issued, net (note 11)	3,171
Preferred shares redeemed, net (note 11)	(612)
Contributions from (distributions to) non-controlling interests, net	(13)	(10)
Cash provided by (used in) financing activities	(2,047)	663
Cash and short-term securities
Increase (decrease) during the year	(3,334)	6,563
Effect of foreign exchange rate changes on cash and short-term securities	(319)	(528)
Net cash and short-term securities, January 1	25,583	19,548
Net cash and short-term securities, December 31	21,930	25,583
Cash and short-term securities
Gross cash and short-term securities, beginning of year	26,167	20,300
Net payments in transit, included in other liabilities, beginning of year	(584)	(752)
Gross cash and short-term securities, end of year	22,594	26,167
Net cash and short-term securities, January 1	25,583	19,548
Net payments in transit, included in other liabilities, end of year	(664)	(584)
Net cash and short-term securities, December 31	21,930	25,583
Supplemental disclosures on cash flow information
Interest received	11,376	11,736
Interest paid	981	1,188
Income taxes paid	$ 571	$ 1,358

Nature of Operations and Signif

Nature of Operations and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
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 and Risk Factors” in the 2021 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, 2021 were authorized for issue by MFC’s Board of Directors on February 9, 2022. (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 evaluating assumptions used in measuring insurance and investment contract liabilities, assessing assets for impairment, determining pension and other post-employment benefit obligation and expense assumptions, determining income taxes and uncertain tax positions, and estimating fair values of certain invested assets. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimates are revised and in any future years affected. Although some variability is inherent in these estimates, management believes that the amounts recorded are appropriate. The 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. The Company’s results and operations have been and may continue to be adversely impacted by COVID-19 The uncertainty regarding key inputs used in establishing the carrying amounts of certain invested assets are outlined in note 3. The Company has applied appropriate measurement techniques using reasonable judgment and estimates from the perspective of a market participant to reflect current economic conditions. The impact of these techniques has been reflected in these Financial Statements. Changes in the inputs used could materially impact the respective carrying values. (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; fair value is an exit value. When available, quoted market prices are used to determine fair value. If quoted market prices are not available, fair value is typically based upon alternative valuation techniques such as discounted cash flows, matrix pricing, consensus pricing services and other techniques. Broker quotes are generally used when external public vendor prices are not available. The Company has a valuation process in place that includes a review of price movements relative to the market, a comparison of prices between vendors, and a comparison to internal matrix pricing which uses 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 measurement results according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company’s valuation techniques based on their reliability. A level is assigned to each fair value measurement based on the lowest level input significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are defined as follows: Level 1 – Fair value measurements that reflect unadjusted, quoted prices in active markets for identical assets and liabilities that the Company can access at the measurement date, reflecting market transactions. Level 2 – Fair value measurements using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in inactive markets, inputs that are observable that are not prices (such as interest rates, credit risks, etc.) and inputs that are derived from or corroborated by observable market data. Most debt 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, credit default 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 it controls, including certain structured entities. Subsidiaries are entities controlled by the Company. The Company has control over an entity when the Company has the power to govern the financial and operating policies of the entity and is exposed to variable returns from its activities which are significant in relation to the total variable returns of the entity and the Company is able to use its power over the entity to affect the Company’s share of variable returns of the entity. In assessing control, significant judgment is applied while considering all relevant facts and circumstances. When assessing decision making power over an entity, the Company considers the extent of its rights relative to the management of the entity, the level of voting rights held over the entity which are potentially or presently exercisable, the existence of any contractual management agreements which may provide the Company with power over the entity’s financial and operating policies, and to the extent of other parties’ ownership in the entity, if any, the possibility for de facto control being present. When assessing variable returns from an entity, the Company considers the significance of direct and indirect financial and non-financial 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 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 revenue 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 rights and other relationships with the entity, if any, provide the Company with significant influence or joint control over the entity. Gains and losses on the sale of associates or joint ventures are included in income when realized, while impairment losses are recognized immediately when there is objective evidence of impairment. Gains and losses on commercial transactions with associates or joint ventures are eliminated to the extent of the Company’s interest in the equity of the associate or joint venture. Investments in associates and joint ventures are included in other invested assets on the Company’s Consolidated Statements of Financial Position. (e) Invested assets Invested assets that are considered financial instruments are classified as fair value through profit or loss (“FVTPL”), lo a 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 fair value valuations within the three levels of the fair value hierarchy for invested assets carried at fair value or 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 debt securities held for meeting short-term cash commitments. Short-term securities are comprised of investments due to mature within one year of the date of purchase. Short-term securities are carried at fair value. Commercial paper and discount notes are classified as Level 2 for fair value disclosure purposes 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 or amortized cost. 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 for fair value disclosure purposes 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. Debt securities which are classified as held-to-maturity Public equities are comprised of common and preferred equities and mutual fund shares and are carried at fair value. Public equities are generally classified as Level 1 for fair value disclosure purposes, 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. Significant 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 disclosure 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 liabilities within 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 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 subsequent 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, loans to Bank clients and certain other invested assets 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. Loans originated by the Company are recognized on a settlement date basis. Real estate consists of both own use property and investment property. Own use property, held for use for the Company’s operations, 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 primarily 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 group of CGUs for impairment testing at the lowest level within the entity where the goodwill is monitored for internal management purposes. The allocation is made to those CGUs or group of CGUs that are expected to benefit from the business combination in which the goodwill arose. Any potential impairment of goodwill is identified by comparing the recoverable amount with the carrying value of a CGU or group of CGUs. Goodwill is reduced by the amount of deficiency, if any. If the deficiency exceeds the carrying amount of goodwill, the carrying values of the remaining assets in the CGU or group of CGUs are subject to being reduced by the remaining deficiency on a pro-rata The recoverable amount of a CGU or group of CGUs is the higher of the estimated fair value less costs to sell or the value-in-use value-in-use, pre-tax market assessments of the time value of money and the risks specific to the CGU or group of CGUs. In some cases, the most re c Intangible assets with indefinite useful lives include the John Hancock brand name, certain investment management contracts and certain agricultural water rights. The indefinite useful life assessment for the John Hancock brand name is based on the brand name being protected by indefinitely renewable trademarks in markets where branded products are sold, and for certain investment management contracts based on the ability to renew these contracts indefinitely. In addition, there are no legal, regulatory or contractual provisions that limit the useful lives of these intangible assets. Certain agricultural water rights are held in perpetuity. An intangible asset with an indefinite useful life is not amortized but is subject to an annual impairment test which is performed more frequently if an indication that it is not recoverable arises. Intangible assets with finite useful lives include acquired distribution networks, customer relationships, capitalized software, and certain investment management contracts and other contractual rights. Distribution networks, customer relationships, and other finite life intangible assets are amortized over their estimated useful lives, six hree (g) Miscellaneous assets Miscellaneous assets include assets held in a rabbi trust with respect to unfunded defined benefit obligations, defined benefit assets, if any, deferred acquisition costs and capital assets. Rabbi trust assets are carried at fair value. Defined benefit assets carrying value is explained in note 1(o). Deferred acquisition costs are carried at cost less accumulated amortization and are amortized over the period 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 (h) Segregated funds The Company manages segregated funds on behalf of policyholders, which are presented as segregated fund net assets with offsetting segregated funds net liabilities to policyholders in the amount of their account balances. Amounts invested by the Company in segregated funds for seed purposes are presented within invested asset categories based on the nature of the underlying investments. 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 from the investments. The Company has determined that it does not have control over the underlying investments as it acts as an agent on behalf of segregated fund policyholders. The methodology applied to determine the fair value of investments held in segregated funds is consistent with that applied to invested assets held by the general fund, as described above in note 1(e). Segregated funds liabilities are measured based on the value of the segregated funds net assets. Investment returns on segregated funds assets 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 and administering 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 FVTPL by election. The election reduces accounting mismatches between FVTPL assets supporting these contracts and the related contract 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 FVTPL. (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 amoun

Accounting and Reporting Change

Accounting and Reporting Changes	12 Months Ended
	Dec. 31, 2021
Text block [abstract]
Accounting and Reporting Changes	Note 2 Accounting and Reporting Changes (a) Changes in accounting and reporting policy Interest Rate Benchmark Reform Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 were issued in August 2020, are related to interest rate benchmark reform and are effective retrospectively for annual periods beginning January 1, 2021. The amendments provide relief from modification of financial assets and liabilities, and discontinuation of hedge relationships, when changing risk free interest rate benchmarks due to interest rate benchmark reform. The amendments include a practical expedient to treat changes in risk free rates as a change to a floating interest rate with an update to the effective rate of interest, rather than as a change in future cash flows which might require adjustments to carrying values through recording a modification gain or loss. The Company’s exposure to these changes through invested assets, derivatives and subordinate debt is not significant and has not resulted in significant changes to the Company’s risk management strategies. (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 conjunction with the amendments to IFRS 17 “Insurance Contracts” issued in June 2020, the IASB amended IFRS 4 “Insurance Contracts” to permit eligible insurers to apply IFRS 9 effective January 1, 2023, alongside IFRS 17. 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, 2023 as permitted under the June 2020 amendments to IFRS 4 “Insurance Contracts”. The Company is assessing the impact of this standard on the Company’s Consolidated Financial Statements. (ii) IFRS 17 “Insurance Contracts” IFRS 17 “Insurance Contracts” was issued in May 2017 to be effective for years beginning on January 1, 2021. Amendments to IFRS 17 “Insurance Contracts” were issued in June 2020 and include a two-year deferral of the effective date. IFRS 17 as amended, is effective for years beginning on January 1, 2023, 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. Narrow-scope amendments to IFRS 17 “Insurance Contracts” were issued in December 2021 and are effective on initial application of IFRS 17 and IFRS 9 “Financial Instruments” which the Company will adopt on January 1, 2023. The amendments remove accounting mismatches between insurance contract liabilities and financial assets in scope of IFRS 9 within comparative prior periods when initially applying IFRS 17 and IFRS 9. The amendments allow insurers to present comparative information on financial assets as if IFRS 9 were fully applicable during the comparative period. The amendments do not permit application of IFRS 9 hedge accounting principles to the comparative period. The Company is considering the effect of these amendments on its IFRS 9 transition disclosures. The principles underlying IFRS 17 differ from CALM as permitted by IFRS 4. While there are many differences, the following outlines some of the key differences: • Under IFRS 17 the discount rate used to estimate the present value of insurance contract 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 insurance contract 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 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 asset and is independent of the liability measurement. • Under IFRS 17 the discount rate is not related to the expected return on ALDA and public equity assets, and as a result, the earnings sensitivity of a change in return assumptions for ALDA and public equity will be significantly reduced. • Under IFRS 17 the discount rate used to present value future cashflows is disconnected from the assets the Company holds to support its insurance contract liabilities. As a result, the Company is considering electing the other comprehensive income option under IFRS 17 for insurance contract liabilities and the fair value through other comprehensive income option under IFRS 9 for fixed income assets. • Under IFRS 17 new business gains are recorded on the Consolidated Statements of Financial Position (in the Contractual Service Margin component of the insurance contract liability) and amortized into income as services are provided. New business losses are recorded into income immediately. Under CALM, both new business gains and new business losses are recognized in income immediately. • The change in timing of recognition of earnings under IFRS 17 does not impact the cash flows generated by the business, and, hence, IFRS 17 does not impact the economics of the Company’s business. The value of new business will be recorded in the Contractual Service Margin on the Consolidated Statements of Financial Position. An increase in the Contractual Service Margin is indicative of growth in future earnings, all else being equal. The Company continues its assessment of the implications of this standard and expects that it will have a significant impact on the Company’s Consolidated Financial Statements. The establishment of a Contractual Service Margin on in-force business is expected to lead to an increase in insurance contract liabilities and a corresponding decrease in equity upon transition. The Contractual Service Margin represents unearned profits that are expected to amortize into income as services are provided. The Company continues to evaluate the potential impacts of all other changes including available accounting policy choices under IFRS 17 on the measurement of its insurance contract liabilities. (iii) Annual Improvements 2018 – 2020 Cycle Annual Improvements 2018 – 2020 Cycle was issued in May 2020 and is effective on or after January 1, 2022. The IASB issued four minor amendments to different standards as part of the Annual Improvements process, to be applied prospectively. Adoption of these amendments is not expected to have a significant impact on the Company’s Consolidated Financial Statements. (iv) Amendments to IFRS 3 “Business Combinations” Amendments to IFRS 3 “Business Combinations” were issued in May 2020, and are effective on or after January 1, 2022, with earlier application permitted. The amendments update references within IFRS 3 to the 2018 Conceptual Framework and require that the principles in IAS 37 “Provisions, Contingent Liabilities and Contingent Assets” be used to identify liabilities and contingent assets arising from a business combination. Adoption of these amendments is not expected to have a significant impact on the Company’s Consolidated Financial Statements. (v) Amendments to IAS 37 “Provisions, Contingent Liabilities and Contingent Assets” Amendments to IAS 37 “Provisions, Contingent Liabilities and Contingent Assets” were issued in May 2020, and are effective on or after January 1, 2022, with earlier application permitted. The amendments address identifying onerous contracts and specify the cost of fulfilling a contract which includes all costs directly related to the contract. These include incremental direct costs and allocations of other costs that relate directly to fulfilling the contract. Adoption of these amendments is not expected to have a significant impact on the Company’s Consolidated Financial Statements. (vi) Amendments to IAS 1 “Presentation of Financial Statements” Amendments to IAS 1 “Presentation of Financial Statements” and IFRS Practice Statement 2 “Making Materiality Judgements” were issued in February 2021 and are effective prospectively on or after January 1, 2023 with earlier application permitted. The amendments address the process of selecting accounting policy disclosures, which will be based on assessments of the materiality of the accounting policies to the entity’s financial statements. Adoption of these amendments is not expected to have a significant impact on the Company’s Consolidated Financial Statements. (vii) Amendments to IAS 8 “Accounting Policies, Changes to Accounting Estimates and Errors” Amendments to IAS 8 “Accounting Policies, Changes to Accounting Estimates and Errors” were issued in February 2021, and are effective prospectively on or after January 1, 2023, with earlier application permitted. The amendments include new definitions of estimate and change in accounting estimate, intended to help clarify the distinction among changes in accounting estimates, changes in accounting policies, and corrections of errors. Adoption of these amendments is not expected to have a significant impact on the Company’s Consolidated Financial Statements.

Invested Assets and Investment

Invested Assets and Investment Income	12 Months Ended
	Dec. 31, 2021
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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, 2021 FVTPL (1) AFS (2) Other (3) Total carrying (4) Total fair (5) Cash and short-term securities (6) $ 2,214 $ 14,339 $ 6,041 $ 22,594 $ 22,594 Debt securities (3),(7),(8) Canadian government and agency 18,706 3,964 – 22,670 22,670 U.S. government and agency 12,607 18,792 852 32,251 32,254 Other government and agency 21,888 2,871 – 24,759 24,759 Corporate 133,763 7,332 468 141,563 141,560 Mortgage/asset-backed securities 2,758 138 – 2,896 2,896 Public equities (9) 25,716 2,351 – 28,067 28,067 Mortgages – – 52,014 52,014 54,089 Private placements (8) – – 42,842 42,842 47,276 Policy loans – – 6,397 6,397 6,397 Loans to Bank clients – – 2,506 2,506 2,503 Real estate Own use property (10) – – 1,812 1,812 3,024 Investment property – – 11,421 11,421 11,421 Other invested assets Alternative long-duration assets (11) 21,022 89 10,093 31,204 31,863 Various other (12) 135 – 3,967 4,102 4,102 Total invested assets $ 238,809 $ 49,876 $ 138,413 $ 427,098 $ 435,475 As at December 31, 2020 FVTPL (1) AFS (2) Other (3) Total carrying (4) Total fair (5) Cash and short-term securities (6) $ 2,079 $ 18,314 $ 5,774 $ 26,167 $ 26,167 Debt securities (7),(8) Canadian government and agency 20,667 4,548 – 25,215 25,215 U.S. government and agency 11,449 19,787 – 31,236 31,236 Other government and agency 19,732 4,613 – 24,345 24,345 Corporate 128,297 6,566 – 134,863 134,863 Mortgage/asset-backed securities 2,916 149 – 3,065 3,065 Public equities (9) 22,071 1,651 – 23,722 23,722 Mortgages – – 50,207 50,207 54,230 Private placements (8) – – 40,756 40,756 47,890 Policy loans – – 6,398 6,398 6,398 Loans to Bank clients – – 1,976 1,976 1,982 Real estate Own use property (10) – – 1,850 1,850 3,017 Investment property – – 10,982 10,982 10,982 Other invested assets Alternative long-duration assets (11) 16,183 88 9,901 26,172 27,029 Various other (12) 145 – 3,878 4,023 4,023 Total invested assets $ 223,539 $ 55,716 $ 131,722 $ 410,977 $ 424,164 (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 available-for-sale (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, and leveraged leases. Also includes debt securities classified as held-to-maturity (4) Invested assets above include debt securities, mortgages, private placements and approximately $323 (2020 – $246) of other invested assets, which primarily have contractual cash flows that qualify as Solely Payment of Principal and Interest (“SPPI”). Invested assets which do not have SPPI qualifying cash flows as at December 31, 2021 include debt securities, private placements and other invested assets with fair values of $nil, $181 and $518, respectively (2020 – $94, $211 and $380, respectively). The change in the fair value of these invested assets during the year was $15 (2020 – $44). (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 $7,314 (2020 – $7,062) cash equivalents with maturities of less than 90 days at acquisition amounting to $9,239 (2020 – $13,331) and cash of $6,041 (2020 – $5,774). (7) Debt securities include securities which were acquired with maturities of less than one year and less than 90 days of $2,196 and $347, respectively (2020 – $1,971 and $129, respectively). (8) Floating rate invested assets above which are subject to interest rate benchmark reform, but have not yet transitioned to replacement reference rates, include debt securities benchmarked to CDOR and USD LIBOR of $176 and $1,002 (2020 – $109 and $842 , The interest rate benchmark reform is expected to have an impact on the valuation of invested assets whose value is tied to the affected interest rate benchmarks. The Company has assessed its exposure at the contract level, by benchmark and instrument type. The Company is monitoring market developments with respect to alternative reference rates and the time horizon during which they will evolve. As at December 31, 2021, the interest rate benchmark reform has not resulted in significant changes in the Company’s risk management strategy. (9) Includes $5 (2020 – $229) of public equities that are managed in conjunction with the Company’s alternative long - (10) Includes accumulated depreciation of $407 (2020 – $376). (11) Alternative long-duration assets (“ALDA”) include investments in private equity of $11,598, infrastructure of $9,824, oil and gas of $1,950, timber and agriculture of $5,259 and various other invested assets of $2,573 (2020 – $7,954, $9,127, $2,296, $4,819 and $1,976, respectively). (12) Includes $3,457 (2020 – $3,371) of leveraged leases. Refer to note 1(e). (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. 2021 2020 As at December 31, Carrying % of total Carrying % of total Leveraged leases $ 3,457 40 $ 3,371 40 Timber and agriculture 808 9 694 8 Real estate 1,528 17 1,187 14 Other 3,025 34 3,222 38 Total $ 8,818 100 $ 8,474 100 The Company’s share of profit and dividends from these investments for the year ended December 31, 2021 were $1,300 and $2, respectively (2020 – $315 and $2). (c) Investment income For the year ended December 31, 2021 FVTPL AFS Other (1) Total Cash and short-term securities Interest income $ 12 $ 84 $ – $ 96 Gains (losses) (2) 85 (22 ) – 63 Debt securities Interest income 5,645 576 9 6,230 Gains (losses) (2) (5,600 ) (266 ) – (5,866 ) Recovery (impairment loss), net 28 1 – 29 Public equities Dividend income 670 61 – 731 Gains (losses) (2) 3,221 250 – 3,471 Impairment loss, net – (3 ) – (3 ) Mortgages Interest income – – 1,709 1,709 Gains (losses) (2) – – 133 133 Provision, net – – 1 1 Private placements Interest income – – 1,931 1,931 Gains (losses) (2) – – 270 270 Impairment loss, net – – 45 45 Policy loans – – 366 366 Loans to Bank clients Interest income – – 77 77 Provision, net – – (2 ) (2 ) Real estate Rental income, net of depreciation (3) – – 453 453 Gains (losses) (2) – – 677 677 Derivatives Interest income, net 1,085 – (35 ) 1,050 Gains (losses) (2) (5,925 ) – (14 ) (5,939 ) Other invested assets Interest income – – 57 57 Oil and gas, timber, agriculture and other income – – 2,996 2,996 Gains (losses) (2) 2,554 23 527 3,104 Impairment loss, net – – (55 ) (55 ) Total investment income $ 1,775 $ 704 $ 9,145 $ 11,624 Investment income Interest income $ 6,742 $ 661 $ 4,114 $ 11,517 Dividend, rental and other income 670 61 3,449 4,180 Impairments, provisions and recoveries, net 28 (2 ) (11 ) 15 Other (76 ) (66 ) 57 (85 ) 7,364 654 7,609 15,627 Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on the macro hedge program Debt securities (5,605 ) 20 – (5,585 ) Public equities 3,187 33 – 3,220 Mortgages – – 133 133 Private placements – – 270 270 Real estate – – 696 696 Other invested assets 2,628 (3 ) 451 3,076 Derivatives, including macro hedge program (5,799 ) – (14 ) (5,813 ) (5,589 ) 50 1,536 (4,003 ) Total investment income $ 1,775 $ 704 $ 9,145 $ 11,624 For the year ended December 31, 2020 FVTPL AFS Other (1) Total Cash and short-term securities Interest income $ 24 $ 145 $ – $ 169 Gains (losses) (2) (24 ) (112 ) – (136 ) Debt securities Interest income 5,805 692 – 6,497 Gains (losses) (2) 10,739 2,785 – 13,524 Impairment loss, net (113 ) (6 ) – (119 ) Public equities Dividend income 517 38 – 555 Gains (losses) (2) 2,020 21 – 2,041 Impairment loss, net – (54 ) – (54 ) Mortgages Interest income – – 1,837 1,837 Gains (losses) (2) – – 86 86 Provision, net – – (18 ) (18 ) Private placements Interest income – – 1,883 1,883 Gains (losses) (2) – – (18 ) (18 ) Impairment loss, net – – (88 ) (88 ) Policy loans – – 390 390 Loans to Bank clients Interest income – – 72 72 Provision, net – – (2 ) (2 ) Real estate Rental income, net of depreciation (3) – – 468 468 Gains (losses) (2) – – (18 ) (18 ) Derivatives Interest income, net 924 – (31 ) 893 Gains (losses) (2) 6,501 – 28 6,529 Other invested assets Interest income – – 72 72 Oil and gas, timber, agriculture and other income – – 1,435 1,435 Gains (losses) (2) (210 ) 1 32 (177 ) Impairment loss, net (9 ) (16 ) (396 ) (421 ) Total investment income $ 26,174 $ 3,494 $ 5,732 $ 35,400 Investment income Interest income $ 6,753 $ 837 $ 4,223 $ 11,813 Dividend, rental and other income 517 38 1,903 2,458 Impairments, provisions and recoveries, net (123 ) (76 ) (504 ) (703 ) Other 241 2,685 (61 ) 2,865 7,388 3,484 5,561 16,433 Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on the macro hedge program Debt securities 10,747 1 – 10,748 Public equities 1,908 9 – 1,917 Mortgages – – 86 86 Private placements – – (47 ) (47 ) Real estate – – 1 1 Other invested assets (318 ) – 103 (215 ) Derivatives, including macro hedge program 6,449 – 28 6,477 18,786 10 171 18,967 Total investment income $ 26,174 $ 3,494 $ 5,732 $ 35,400 (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, 2021 2020 Related to invested assets $ 633 $ 649 Related to segregated, mutual and other funds 1,347 1,138 Total investment expenses $ 1,980 $ 1,787 (e) Investment properties The following table presents the rental income and direct operating expenses of investment properties. For the years ended December 31, 2021 2020 Rental income from investment properties $ 837 $ 874 Direct operating expenses of rental investment properties (464 ) (491 ) Total $ 373 $ 383 (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 is no credit exposure from securitized mortgages under the Canada Mortgage and Housing Corporation (“CMHC”) sponsored CMB securitization program as they are insured by CMHC and other third-party insurance programs against borrowers’ default. Mortgages securitized in the Platinum Canadian Mortgage Trust II (“PCMT II”) program are uninsured. Cash flows received from the underlying securitized 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, 2021 Securitized assets Securitization program Securitized Restricted cash and Total Secured borrowing (2) HELOC securitization (1) $ 2,618 $ 1 $ 2,619 $ 2,500 CMB securitization 2,075 – 2,075 2,098 Total $ 4,693 $ 1 $ 4,694 $ 4,598 As at December 31, 2020 Securitized assets Securitization program Securitized Restricted cash and Total Secured borrowing (2) HELOC securitization (1) $ 2,356 $ – $ 2,356 $ 2,250 CMB securitization 2,273 – 2,273 2,332 Total $ 4,629 $ – $ 4,629 $ 4,582 (1) Manulife Bank, a subsidiary, securitizes a portion of its HELOC receivables through Platinum Canadian Mortgage Trust II (“PCMT II”). PCMT II funds the purchase of the co-ownership (2) The PCMT II notes payable have floating rates of interest and are secured by the PCMT II assets. Under the terms of the agreements, no principal is expected to be repaid within one year, $383 within 1-3 years, $1,815 within 3-5 years and $302 beyond 5 years. There is no specific maturity date for the contractual agreements. Under the terms of the notes, additional collateral must be provided to the series as added credit protection and the Series Purchase Agreements govern the amount of over-collateralization for each of the term notes outstanding. Manulife Bank also securitizes insured amortizing mortgages under the National Housing Act Mortgage-Backed Securities (“NHA MBS”) program sponsored by CMHC. Manulife Bank participates in CMB programs by selling NHA MBS securities to Canada Housing Trust (“CHT”), as a source of fixed rate funding. As at December 31, 2021, the fair value of securitized assets and associated liabilities were $4,725 and $4,601, respectively (2020 – $4,679 and $4,661). (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, 2021 Total fair value Level 1 Level 2 Level 3 Cash and short-term securities FVTPL $ 2,214 $ – $ 2,214 $ – AFS 14,339 – 14,339 – Other 6,041 6,041 – – Debt securities FVTPL Canadian government and agency 18,706 – 18,706 – U.S. government and agency 12,607 – 12,607 – Other government and agency 21,888 – 21,888 – Corporate 133,763 – 133,723 40 Residential mortgage-backed securities 8 – 8 – Commercial mortgage-backed securities 1,103 – 1,103 – Other asset-backed securities 1,647 – 1,619 28 AFS Canadian government and agency 3,964 – 3,964 – U.S. government and agency 18,792 – 18,792 – Other government and agency 2,871 – 2,871 – Corporate 7,332 – 7,331 1 Residential mortgage-backed securities 1 – 1 – Commercial mortgage-backed securities 79 – 79 – Other asset-backed securities 58 – 58 – Public equities FVTPL 25,716 25,716 – – AFS 2,351 2,349 2 – Real estate – investment property (1) 11,421 – – 11,421 Other invested assets (2) 24,300 257 – 24,043 Segregated funds net assets (3) 399,788 361,447 34,060 4,281 Total $ 708,989 $ 395,810 $ 273,365 $ 39,814 As at December 31, 2020 Total fair value Level 1 Level 2 Level 3 Cash and short-term securities FVTPL $ 2,079 $ – $ 2,079 $ – AFS 18,314 – 18,314 – Other 5,774 5,774 – – Debt securities FVTPL Canadian government and agency 20,667 – 20,667 – U.S. government and agency 11,449 – 11,449 – Other government and agency 19,732 – 19,732 – Corporate 128,297 – 127,787 510 Residential mortgage-backed securities 9 – 9 – Commercial mortgage-backed securities 1,172 – 1,172 – Other asset-backed securities 1,735 – 1,690 45 AFS Canadian government and agency 4,548 – 4,548 – U.S. government and agency 19,787 – 19,787 – Other government and agency 4,613 – 4,613 – Corporate 6,566 – 6,563 3 Residential mortgage-backed securities 1 – 1 – Commercial mortgage-backed securities 93 – 93 – Other asset-backed securities 55 – 55 – Public equities FVTPL 22,071 22,071 – – AFS 1,651 1,651 – – Real estate – investment property (1) 10,982 – – 10,982 Other invested assets (2) 19,149 100 – 19,049 Segregated funds net assets (3) 367,436 327,437 35,797 4,202 Total $ 666,180 $ 357,033 $ 274,356 $ 34,791 (1) For real estate investment properties, the significant unobservable inputs are capitalization rates (ranging from 2.25% to 9.00% during the year and ra n (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 7.25% to 20.0% (2020 – ranged from 7.00% to 15.6%). 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 4.5% to 7.0% (2020 – 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, 2021 Carrying value Fair value Level 1 Level 2 Level 3 Mortgages (1) $ 52,014 $ 54,089 $ – $ – $ 54,089 Private placements (2) 42,842 47,276 – 42,110 5,166 Policy loans (3) 6,397 6,397 – 6,397 – Loans to Bank clients (4) 2,506 2,503 – 2,503 – Real estate – own (5) 1,812 3,024 – – 3,024 Public Bonds HTM 1,320 1,320 – 1,320 – Other invested assets (6) 11,006 11,665 120 – 11,545 Total invested assets disclosed at fair value $ 117,897 $ 126,274 $ 120 $ 52,330 $ 73,824 As at December 31, 2020 Carrying value Fair value Level 1 Level 2 Level 3 Mortgages (1) $ 50,207 $ 54,230 $ – $ – $ 54,230 Private placements (2) 40,756 47,890 – 41,398 6,492 Policy loans (3) 6,398 6,398 – 6,398 – Loans to Bank clients (4) 1,976 1,982 – 1,982 – Real estate – own (5) 1,850 3,017 – – 3,017 Other invested assets (6) 11,046 11,903 128 – 11,775 Total invested assets disclosed at fair value $ 112,233 $ 125,420 $ 128 $ 49,778 $ 75,514 (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 (disposed of during 2021) 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. As a result of COVID-19 Real Estate – Timberland and Farmland – Private Equity – Infrastructure – e a Oil and Gas – 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 $5 of assets transferred between Level 1 and Level 2 during the years ended December 31, 2021 and 2020. For segregated funds net assets, the Company had $5 transfers from Level 1 to Level 2 for the year ended December 31, 2021 (2020 – $nil). The Company had $249 transfers from Level 2 to Level 1 for the year ended December 31, 2021 (2020 – $15). 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 table below includes 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, 2021 and 2020. For the year ended December 31, 2021 Balance, Total (1) Total (2) Purchases Sales Settlements Transfer in (3) Transfer out (3) Currency Balance, Change in Debt securities FVTPL Corporate $ 510 $ 11 $ – $ 11 $ (93 ) $ – $ 11 $ (409 ) $ (1 ) $ 40 $ (8 ) Other securitized assets 45 3 – – (9 ) (39 ) 28 – – 28 (4 ) AFS Corporate 3 1 – – (3 ) – – – – 1 – Public equities FVTPL – – – 62 (62 ) – – – – – – Investment property 10,982 702 – 186 (376 ) – – – (73 ) 11,421 626 Other invested assets 19,049 2,731 2 5,058 (1,131 ) (1,453 ) 5 – (218 ) 24,043 2,569 Total invested assets 30,589 3,448 2 5,317 (1,674 ) (1,492 ) 44 (409 ) (292 ) 35,533 3,183 Derivatives 3,443 (897 ) – 14 – (182 ) – (309 ) 32 2,101 (547 ) Segregated funds net assets 4,202 350 – 68 (303 ) (28 ) – – (8 ) 4,281 116 Total $ 38,234 $ 2,901 $ 2 $ 5,399 $ (1,977) $ (1,702) $ 44 $ (718) $ (268) $ 41,915 $ 2,752 For the year ended Balance, Total (1) Total (2) Purchases Sales Settlements Transfer in (3) Transfer out (3) Currency Balance, Change in Debt securities FVTPL Corporate $ 633 $ 4 $ – $ 54 $ (272 ) $ (1 ) $ 151 $ (50 ) $ (9 ) $ 510 $ 105 Other securitized assets – (8 ) – – – (1 ) 55 – (1 ) 45 – AFS Corporate 15 (6 ) 2 – – – 5 (13 ) – 3 – Investment property 11,002 (255 ) – 572 (318 ) – 47 – (66 ) 10,982 (300 ) Other invested assets 18,103 (401 ) (49 ) 3,162 (1,076 ) (638 ) 92 (3 ) (141 ) 19,049 (902 ) Total invested assets 29,753 (666 ) (47 ) 3,788 (1,666 ) (640 ) 350 (66 ) (217 ) 30,589 (1,097 ) Derivatives 1,456 2,953 (18 ) 12 – (1,165 ) – 342 (137 ) 3,443 2,033 Segregated funds net assets 4,512 (6 ) – (84 ) (149 ) (26 ) 2 (3 ) (44 ) 4,202 45 Total $ 35,721 $ 2,281 $ (65 ) $ 3,716 $ (1,815 ) $ (1,831 ) $ 352 $ 273 $ (398 ) $ 38,234 $ 981 (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 t o (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, where 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, 2021
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 and Risk Factors” section of the Company’s 2021 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, 2021 2020 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 $ – $ – $ – $ 82 $ 1 $ – Foreign currency swaps 57 1 1 57 – 4 Cash flow hedges Foreign currency swaps 1,251 5 379 1,756 24 468 Equity contracts 145 10 – 127 6 – Net investment hedges Forward contracts 671 9 – 628 1 10 Total derivatives in qualifying hedge accounting relationships 2,124 25 380 2,650 32 482 Derivatives not designated in qualifying hedge accounting relationships Interest rate swaps 300,556 11,832 7,347 287,182 21,332 12,190 Interest rate futures 11,944 – – 16,750 – – Interest rate options 10,708 514 – 11,622 663 – Foreign currency swaps 36,405 790 1,722 31,491 838 1,659 Currency rate futures 3,086 – – 3,467 – – Forward contracts 45,295 2,674 562 38,853 3,833 565 Equity contracts 18,577 1,667 27 15,738 1,092 66 Credit default swaps 44 1 – 241 3 – Equity futures 11,359 – – 10,984 – – Total derivatives not designated in qualifying hedge accounting relationships 437,974 17,478 9,658 416,328 27,761 14,480 Total derivatives $ 440,098 $ 17,503 $ 10,038 $ 418,978 $ 27,793 $ 14,962 The total notional amount above includes $258 billion (2020 – $274 billion) which refer to interest rates impacted under the interest rate benchmark reform, with a significant majority to USD LIBOR, CDOR and JPY LIBOR. Exposures indexed to USD LIBOR represent derivatives with a maturity date beyond June 30, 2023 while exposures to CDOR and JPY LIBOR represent derivatives with a maturity date beyond December 31, 2021. The exposure in the Company’s hedge accounting programs is primarily to USD LIBOR and CDOR benchmarks. Compared to the overall risk exposure, the effect of interest rate benchmark reform on existing accounting hedges is not significant. The Company continues to apply high probability and high effectiveness expectation assumptions for cash flows and there would be no automatic de-designation The following table presents the fair values of the derivative instruments by the remaining term to maturity. Fair values disclosed below do not incorporate the impact of master netting agreements (refer to note 8). Remaining term to maturity As at December 31, 2021 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total Derivative assets $ 2,500 $ 1,803 $ 1,000 $ 12,200 $ 17,503 Derivative liabilities 294 387 379 8,978 10,038 Remaining term to maturity As at December 31, 2020 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total Derivative assets $ 1,656 $ 3,524 $ 1,228 $ 21,385 $ 27,793 Derivative liabilities 386 250 555 13,771 14,962 The following table presents gross notional amount by the remaining term to maturity, total fair value (including accrued interest), credit equivalent amount and capital requirement by contract type. Remaining term to maturity (notional amounts) Fair value Capital (2) As at December 31, 2021 Under 1 year 1 to Over Total Positive Negative Net Credit equivalent (1) Interest rate contracts OTC swap contracts $ 4,554 $ 21,884 $ 90,592 $ 117,030 $ 12,112 $ (7,717 ) $ 4,395 $ 1,582 $ 29 Cleared swap contracts 21,722 27,665 134,139 183,526 441 (453 ) (12 ) – – Forward contracts 14,636 15,791 741 31,168 2,625 (483 ) 2,142 299 5 Futures 11,944 – – 11,944 – – – – – Options purchased 1,406 2,789 6,513 10,708 515 – 515 113 9 Subtotal 54,262 68,129 231,985 354,376 15,693 (8,653 ) 7,040 1,994 43 Foreign exchange Swap contracts 1,941 8,869 26,903 37,713 801 (2,181 ) (1,380 ) 1,302 25 Forward contracts 14,798 – – 14,798 58 (79 ) (21 ) 85 – Futures 3,086 – – 3,086 – – – – – Credit derivatives 11 33 – 44 1 – 1 – – Equity contracts Swap contracts 669 323 – 992 57 (10 ) 47 29 – Futures 11,359 – – 11,359 – – – – – Options purchased 10,974 6,716 40 17,730 1,616 (17 ) 1,599 766 8 Subtotal including accrued interest 97,100 84,070 258,928 440,098 18,226 (10,940 ) 7,286 4,176 76 Less accrued interest – – – – 723 (902 ) (179 ) – – Total $ 97,100 $ 84,070 $ 258,928 $ 440,098 $ 17,503 $ (10,038) $ 7,465 $ 4,176 $ 76 Remaining term to maturity (notional amounts) Fair value Capital (2) As at December 31, 2020 Under 1 year 1 to 5 years Total Positive Negative Net Credit equivalent amount (1) Interest rate contracts OTC swap contracts $ 7,567 $ 20,852 $ 110,166 $ 138,585 $ 21,803 $ (12,816 ) $ 8,987 $ 2,607 $ 73 Cleared swap contracts 2,314 18,784 127,581 148,679 432 (424 ) 8 – – Forward contracts 11,092 18,355 1,259 30,706 3,739 (462 ) 3,277 629 12 Futures 16,750 – – 16,750 – – – – – Options purchased 1,572 3,922 6,128 11,622 664 – 664 138 4 Subtotal 39,295 61,913 245,134 346,342 26,638 (13,702 ) 12,936 3,374 89 Foreign exchange Swap contracts 1,670 8,490 23,144 33,304 855 (2,195 ) (1,340 ) 1,112 23 Forward contracts 8,741 34 – 8,775 95 (113 ) (18 ) 56 – Futures 3,467 – – 3,467 – – – – – Credit derivatives 192 49 – 241 3 – 3 – – Equity contracts Swap contracts 1,227 289 – 1,516 43 (51 ) (8 ) 27 – Futures 10,984 – – 10,984 – – – – – Options purchased 8,168 6,181 – 14,349 1,051 (15 ) 1,036 500 5 Subtotal including accrued interest 73,744 76,956 268,278 418,978 28,685 (16,076 ) 12,609 5,069 117 Less accrued interest – – – – 892 (1,114 ) (222 ) – – Total $ 73,744 $ 76,956 $ 268,278 $ 418,978 $ 27,793 $ (14,962 ) $ 12,831 $ 5,069 $ 117 (1) Credit equivalent amount is the sum of replacement cost and the potential future credit exposure less any collateral held. Replacement cost represents the current cost of replacing all contracts with a positive fair value. The amounts take into consideration legal contracts that permit offsetting of positions. The potential future credit exposure is calculated based on a formula prescribed by OSFI. (2) Capital requirement represents the credit equivalent amount, weighted according to the creditworthiness of the counterparty, as prescribed by OSFI. The total notional amount of $440 billion (2020 – $419 billion) includes $121 billion (2020 – $131 billion) related to derivatives utilized in the Company’s variable annuity guarantee dynamic hedging and macro risk hedging programs. Due to the Company’s variable annuity hedging practices, many 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, 2021 Fair value Level 1 Level 2 Level 3 Derivative assets Interest rate contracts $ 14,971 $ – $ 12,510 $ 2,461 Foreign exchange contracts 854 – 854 – Equity contracts 1,677 – 1,616 61 Credit default swaps 1 – 1 – Total derivative assets $ 17,503 $ – $ 14,981 $ 2,522 Derivative liabilities Interest rate contracts $ 7,829 $ – $ 7,419 $ 410 Foreign exchange contracts 2,182 – 2,181 1 Equity contracts 27 – 17 10 Total derivative liabilities $ 10,038 $ – $ 9,617 $ 421 As at December 31, 2020 Fair value Level 1 Level 2 Level 3 Derivative assets Interest rate contracts $ 25,735 $ – $ 21,902 $ 3,833 Foreign exchange contracts 957 – 957 – Equity contracts 1,098 – 1,051 47 Credit default swaps 3 – 3 – Total derivative assets $ 27,793 $ – $ 23,913 $ 3,880 Derivative liabilities Interest rate contracts $ 12,652 $ – $ 12,271 $ 381 Foreign exchange contracts 2,244 – 2,239 5 Equity contracts 66 – 15 51 Total derivative liabilities $ 14,962 $ – $ 14,525 $ 437 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, 2021 Hedged items in qualifying fair value hedging relationships Gains (losses) Gains (losses) Ineffectiveness Interest rate swaps Fixed rate liabilities $ – $ – $ – Foreign currency swaps Fixed rate assets 4 (2 ) 2 Total $ 4 $ (2 ) $ 2 For the year ended December 31, 2020 Hedged items in qualifying fair value hedging relationships Gains (losses) Gains (losses) Ineffectiveness Interest rate swaps Fixed rate liabilities $ 4 $ (2 ) $ 2 Foreign currency swaps Fixed rate assets (2 ) 3 1 Total $ 2 $ 1 $ 3 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, 2021 Hedged items in qualifying Gains (losses) Gains (losses) Ineffectiveness Foreign currency swaps Fixed rate assets $ (1 ) $ (1 ) $ – Floating rate liabilities 89 3 – Fixed rate liabilities (19 ) (21 ) – Equity contracts Stock-based compensation 5 5 – Total $ 74 $ (14) $ – For the year ended December 31, 2020 Hedged items in qualifying Gains (losses) Gains (losses) Ineffectiveness Foreign currency swaps Fixed rate assets $ 1 $ – $ – Floating rate liabilities (64 ) 14 – Fixed rate liabilities (14 ) (2 ) – Equity contracts Stock-based compensation (2 ) 16 – Total $ (79 ) $ 28 $ – The Company anticipates that net losses of approximately $42 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 15 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, 2021 Gains (losses) Gains (losses) Ineffectiveness Non-functional $ 61 $ – $ – Forward contracts 59 – – Total $ 120 $ – $ – For the year ended December 31, 2020 Gains (losses) Gains (losses) Ineffectiveness Non-functional $ 161 $ – $ – Forward contracts (53 ) – – Total $ 108 $ – $ – (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 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, 2021 2020 Interest rate swaps $ (1,986 ) $ 2,423 Interest rate futures (687 ) 894 Interest rate options (133 ) 291 Foreign currency swaps (166 ) (55 ) Currency rate futures 66 (47 ) Forward contracts (1,751 ) 3,785 Equity futures (2,140 ) (1,111 ) Equity contracts 871 322 Credit default swaps (2 ) (4 ) Total $ (5,928) $ 6,498 (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, 2021, reinsurance ceded guaranteed minimum income benefits had a fair value of $734 (2020 – $1,007) and reinsurance assumed guaranteed minimum income benefits had a fair value of $86 (2020 – $112). 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 credit and interest rate risks that are financial risks embedded in the underlying insurance contract. As at December 31, 2021, these embedded derivatives had a fair value of $11 (2020 – $(229)). 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, 2021
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 carrying value of goodwill and intangible assets. As at December 31, 2021 Balance, Net additions/ (1) Amortization Effect of changes Balance, Goodwill $ 5,714 $ (5 ) $ n/a $ (58 ) $ 5,651 Indefinite life intangible assets Brand 764 – n/a (3 ) 761 Fund management contracts and other (2) 796 (3 ) n/a (5 ) 788 1,560 (3 ) n/a (8 ) 1,549 Finite life intangible assets (3) Distribution networks 806 131 44 (5 ) 888 Customer relationships 738 (2 ) 48 (1 ) 687 Software 1,059 198 148 (18 ) 1,091 Other 52 2 6 1 49 2,655 329 246 (23 ) 2,715 Total intangible assets 4,215 326 246 (31 ) 4,264 Total goodwill and intangible assets $ 9,929 $ 321 $ 246 $ (89 ) $ 9,915 As at December 31, 2020 Balance, Net additions/ Amortization Effect of changes Balance, Goodwill $ 5,743 $ (5 ) $ n/a $ (24 ) $ 5,714 Indefinite life intangible assets Brand 779 – n/a (15 ) 764 Fund management contracts and other (2) 805 (2 ) n/a (7 ) 796 1,584 (2 ) n/a (22 ) 1,560 Finite life intangible assets (3) Distribution networks 801 59 42 (12 ) 806 Customer relationships 795 – 54 (3 ) 738 Software 991 262 189 (5 ) 1,059 Other 61 (9 ) 4 4 52 2,648 312 289 (16 ) 2,655 Total intangible assets 4,232 310 289 (38 ) 4,215 Total goodwill and intangible assets $ 9,975 $ 305 $ 289 $ (62 ) $ 9,929 (1) In December 2021, the Company purchased the Vietnamese operations of Aviva Plc including rights to an exclusive distribution agreement with VietinBank. (2) Fund management contracts are mostly allocated to Canada WAM and U.S. WAM CGUs with the carrying values of $273 (2020 – $273) and $371 (2020 – $373), respectively. (3) Gross carrying amount of finite life intangible assets was $1,456 for distribution networks, $1,132 for customer relationships, $2,484 for software and $124 for other (2020 – $1,332, $1,130, $2,310 and $123), respectively. (b) Goodwill impairment testing The Company completed its annual goodwill impairment testing in the fourth quarter of 2021 by determining the recoverable amounts of its businesses using valuation techniques discussed below (refer to notes 1(f) and 5(c)). The testing indicated that there was no impairment of goodwill in 2021 (2020 – $nil). The following tables present the carrying value of goodwill by CGU or group of CGUs. As at December 31, 2021 CGU or group of CGUs Balance, Net additions/ Effect of Balance, Asia Asia Insurance (excluding Japan) $ 159 $ (5 ) $ (2 ) $ 152 Japan Insurance 433 – (47 ) 386 Canada Insurance 1,955 – – 1,955 U.S. Insurance 338 – (2 ) 336 Global Wealth and Asset Management Asia WAM 185 – (2 ) 183 Canada WAM 1,436 – – 1,436 U.S. WAM 1,208 – (5 ) 1,203 Total $ 5,714 $ (5 ) $ (58 ) $ 5,651 As at December 31, 2020 CGU or group of CGUs Balance, Net additions/ Effect of Balance, Asia Asia Insurance (excluding Japan) $ 159 $ – $ – $ 159 Japan Insurance 420 – 13 433 Canada Insurance 1,957 – (2 ) 1,955 U.S. Insurance 349 (5 ) (6 ) 338 Global Wealth and Asset Management Asia WAM 187 – (2 ) 185 Canada WAM 1,436 – – 1,436 U.S. WAM 1,235 – (27 ) 1,208 Total $ 5,743 $ (5) $ (24 ) $ 5,714 The valuation techniques, significant assumptions and sensitivities, where applicable, applied in the goodwill impairment testing are described below. (c) Valuation techniques When determining if a CGU is impaired, the Company compares its recoverable amount to the allocated capital for that unit, which is aligned with the Company’s internal reporting practices. The recoverable amounts were based on fair value less costs to sell (“FVLCS”) for Asia Insurance (excluding Japan) and Asia WAM. For other CGUs, value-in-use Under the FVLCS approach, the Company determines the fair value of the CGU or group of CGUs using an earnings-based approach which incorporates forecasted earnings, excluding interest and equity market impacts and normalized new business expenses multiplied by an earnings-multiple derived from the observable price-to-earnings price-to-earnings Under the VIU approach, used for CGUs with insurance business, an embedded appraisal value is determined from a projection of future distributable earnings derived from both the in-force non-insurance (d) Significant assumptions To calculate embedded appraisal value, the Company discounted projected earnings from in-force six Interest rate assumptions are based on prevailing market rates at the valuation date. For 2021 and 2020, 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 21.0 per cent for the Japan, Canada 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 Key assumptions may change as economic and market conditions change, which may lead to impairment charges in the future. Adverse changes in discount rates (including from decline in interest rates) and growth rate assumptions for new business cash flow projections used in the determination of embedded appraisal values or reductions in market-based earnings multiples calculations may result in impairment charges in the future which could be material.

Insurance Contract Liabilities

Insurance Contract Liabilities and Reinsurance Assets	12 Months Ended
	Dec. 31, 2021
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 reinsurance assets. 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, 2021 2020 Insurance contract liabilities $ 374,890 $ 369,230 Benefits payable and provision for unreported claims 5,251 4,837 Policyholder amounts on deposit 12,134 11,487 Gross insurance contract liabilities 392,275 385,554 Reinsurance assets (1) (44,531 ) (45,769 ) Net insurance contract liabilities $ 347,744 $ 339,785 (1) Reinsurance assets of $48 (2020 – $67) are related to 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 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 Annuities Other (1) Total, net of Total Total, gross of As at December 31, 2021 Participating Non- Asia $ 64,586 $ 36,387 $ 6,869 $ 3,590 $ 111,432 $ 2,749 $ 114,181 Canada 13,518 44,320 16,554 14,981 89,373 430 89,803 U.S. 8,591 71,077 14,007 53,555 147,230 41,150 188,380 Corporate and Other – (676 ) 22 363 (291 ) 202 (89 ) Total, net of reinsurance ceded 86,695 151,108 37,452 72,489 347,744 $ 44,531 $ 392,275 Total reinsurance ceded 8,144 20,767 14,681 939 44,531 Total, gross of reinsurance ceded $ 94,839 $ 171,875 $ 52,133 $ 73,428 $ 392,275 Individual insurance Annuities Other (1) Total, net of Total Total, gross of As at December 31, 2020 Participating Non- Asia $ 55,262 $ 36,930 $ 7,114 $ 3,652 $ 102,958 $ 2,127 $ 105,085 Canada 12,796 44,468 18,462 14,620 90,346 443 90,789 U.S. 8,422 68,001 16,292 54,224 146,939 42,875 189,814 Corporate and Other – (684 ) 34 192 (458 ) 324 (134 ) Total, net of reinsurance ceded 76,480 148,715 41,902 72,688 339,785 $ 45,769 $ 385,554 Total reinsurance ceded 8,780 19,944 16,065 980 45,769 Total, gross of reinsurance ceded $ 85,260 $ 168,659 $ 57,967 $ 73,668 $ 385,554 (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, 2021, excluding reinsurance assets, was estimated at $354,587 (2020 – $350,264). As at December 31, 2021, the fair value of assets backing capital and other liabilities was estimated at $571,431 (2020 – $543,273). The following table presents the carrying value of assets backing net insurance contract liabilities, other liabilities and capital. Individual insurance Annuities Other insurance (1) Other (2) Capital (3) Total As at December 31, 2021 Participating Non- Assets Debt securities $ 43,278 $ 82,050 $ 19,575 $ 36,207 $ 10,723 $ 32,306 $ 224,139 Public equities 14,667 8,112 453 374 626 3,835 28,067 Mortgages 3,799 13,295 4,572 8,526 21,802 20 52,014 Private placements 6,005 17,741 7,370 9,775 1,723 228 42,842 Real estate 3,467 6,814 987 1,782 6 177 13,233 Other 15,479 23,096 4,495 15,825 469,014 29,439 557,348 Total $ 86,695 $ 151,108 $ 37,452 $ 72,489 $ 503,894 $ 66,005 $ 917,643 Individual insurance Annuities Other insurance (1) Other (2) Capital (3) Total As at December 31, 2020 Participating Non- Assets Debt securities $ 39,523 $ 81,548 $ 20,936 $ 34,725 $ 8,872 $ 33,121 $ 218,725 Public equities 12,365 6,971 461 310 402 3,213 23,722 Mortgages 3,069 12,536 4,923 8,315 21,338 26 50,207 Private placements 5,549 17,276 7,499 9,439 817 176 40,756 Real estate 3,385 6,466 1,027 1,697 57 200 12,832 Other 12,589 23,918 7,056 18,202 448,014 24,328 534,107 Total $ 76,480 $ 148,715 $ 41,902 $ 72,688 $ 479,500 $ 61,064 $ 880,349 (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 2021 experience was unfavourable (2020 – unfavourable) when compared to the Company’s assumptions. Morbidity is also monitored monthly and the overall 2021 experience was favourable (2020 – favourable) when compared to the Company’s assumptions. Nature of factor and assumption methodology Risk management 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 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 2021, the movement in interest rates negatively (2020 – negatively) impacted the Company’s net income. This negative impact was primarily due to increase in risk-free interest rates and the overall steepening of the yield curve in the U.S. and Canada. 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 2021, credit loss experience on debt securities and mortgages was favourable (2020 – unfavourable) 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 2021, investment experience on alternative long-duration assets backing policyholder liabilities was favourable (2020 – unfavourable) primarily due to gains in private equities and real estate properties, partially offset by losses in timber and agriculture properties. In 2021, alternative long-duration asset origination did not exceed (2020 – did not exceed) valuation requirements. In 2021, for the business that is dynamically hedged, segregated fund guarantee experience on residual, non-dynamically In 2021, investment expense experience was unfavourable (2020 – unfavourable) when compared to the Company’s assumptions. Nature of factor and assumption methodology Risk management 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, 2021 policyholder termination and premium persistency experience was unfavourable (2020 – 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 2021 were unfavourable (2020 – 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) Decrease in net income As at December 31, 2021 2020 Policy related assumptions 2% adverse change in future mortality rates (2),(4) Products where an increase in rates increases insurance contract liabilities $ (500 ) $ (500 ) Products where a decrease in rates increases insurance contract liabilities (500 ) (600 ) 5% adverse change in future morbidity rates (incidence and termination) (3),(4),(5) (5,500 ) (5,700 ) 10% adverse change in future policy termination rates (4) (2,400 ) (2,600 ) 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 sensitivities. (5) 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) Decrease in net income As at December 31, 2021 2020 Policy related assumptions 2% adverse change in future mortality rates $ (300 ) $ (300 ) 5% adverse change in future morbidity incidence rates (2,000 ) (2,100 ) 5% adverse change in future morbidity claims termination rates (3,100 ) (3,100 ) 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, 2021 Net actuarial Other (1) Net Reinsurance Gross Balance, January 1 $ 325,408 $ 14,377 $ 339,785 $ 45,769 $ 385,554 New policies (2) 5,947 – 5,947 276 6,223 Normal in-force (2) 4,689 1,283 5,972 (1,812 ) 4,160 Changes in methods and assumptions (2) 287 – 287 455 742 Reinsurance transactions – – – – – Impact of changes in foreign exchange rates (4,059 ) (188 ) (4,247 ) (157 ) (4,404 ) Balance, December 31 $ 332,272 $ 15,472 $ 347,744 $ 44,531 $ 392,275 For the year ended December 31, 2020 Net actuarial Other (1) Net Reinsurance Gross Balance, January 1 $ 296,589 $ 13,219 $ 309,808 $ 41,353 $ 351,161 New policies (3) 3,166 – 3,166 481 3,647 Normal in-force (3) 32,340 1,312 33,652 (3,030 ) 30,622 Changes in methods and assumptions (3) 563 – 563 4,559 5,122 Reinsurance transactions (4) (3,360 ) – (3,360 ) 3,360 – Impact of changes in foreign exchange rates (3,890 ) (154 ) (4,044 ) (954 ) (4,998 ) Balance, December 31 $ 325,408 $ 14,377 $ 339,785 $ 45,769 $ 385,554 (1) Other insurance contract liabilities are comprised of benefits payable and provisions for unreported claims and policyholder amounts on deposit. (2) In 2021, the $10,719 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 2020, the $36,982 increase reported as the change in insurance contract liabilities on the Consolidated Statements of Income primarily consists of changes due to normal in-force (4) On September 30, 2020, the Company, through its subsidiary John Hancock Life Insurance Company (U.S.A.), entered into a reinsurance agreement with Global Atlantic Financial Group Ltd to reinsure a block of legacy U.S. bank owned life insurance (“BOLI”). Under the terms of the transaction, the Company will maintain responsibility for servicing the policies with no expected impact to the BOLI policyholders. The transaction was structured such that the Company ceded policyholder contract liabilities and transferred invested assets backing these liabilities. (h) Actuarial methods and assumptions A comprehensive review of actuarial methods and assumptions is performed annually. The review is designed to reduce the Company’s exposure to uncertainty by ensuring assumptions for both asset and liability related risks remain appropriate. This is accomplished by monitoring experience and selecting assumptions which represent a current best estimate view of expected future experience, and margins for adverse deviations 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 changes in the economic environment are likely to result in future changes to the actuarial assumptions, which could materially impact the measurement of insurance contract liabilities. This year’s review of actuarial methods and assumptions did not reflect COVID-19 COVID-19 COVID-19 COVID-19 2021 Review of Actuarial Methods and Assumptions The completion of the 2021 annual review of actuarial methods and assumptions resulted in an increase in insurance contract liabilities of $287, net of reinsurance, and a decrease in net income attributed to shareholders of $41 post-tax. Change in insurance contract liabilities, net of reinsurance For the year ended December 31, 2021 Total Attributed to (1) Attributed to Change in net (post-tax) U.S. variable annuity product review $ 51 $ – $ 51 $ (40 ) Mortality and morbidity updates 350 – 350 (257 ) Lapses and policyholder behaviour updates 686 18 668 (534 ) Expense updates (653 ) (25 ) (628 ) 503 Investment related updates (257 ) (2 ) (255 ) 168 Other updates 110 231 (121 ) 119 Net impact $ 287 $ 222 $ 65 $ (41 ) (1) The change in insurance contract liabilities, net of reinsurance, attributable to the participating policyholders’ account was primarily driven by a reduction in the expected long-term interest rates within the valuation models to reflect the low interest rate environment. U.S. variable annuity product review The review of the Company’s variable annuity products in the U.S. resulted in a $40 post-tax The charge was primarily driven by updates to lapse assumptions to reflect emerging experience, partially offset by refinements to the Company’s segregated fund guaranteed minimum withdrawal benefit valuation models. Updates to mortality and morbidity Mortality and morbidity updates resulted in a $257 post-tax The charge was driven by updates to older age mortality on certain products in the Company’s U.S. life insurance business, mortality assumption updates in Indonesia to reflect recent experience, as well as from refining assumptions on several reinsurance arrangements in Canada. Updates to lapses and policyholder behaviour Updates to lapses and policyholder behaviour assumptions resulted in a $534 post-tax The Company completed a detailed review of lapse assumptions for non-participating post-tax Other updates to lapse and policyholder behaviour assumptions were made across several products in Canada and Japan to reflect recent experience, resulting in a modest post-tax Expense updates Updates to expense assumptions resulted in a $503 post-tax . The Company completed a detailed review of the investment expense assumptions across the Company. This resulted in a $263 post-tax The Company also completed a global expense study, which resulted in a $256 post-tax Investment related updates Updates to investment return assumptions resulted in a $168 post-tax The primary driver of the gain was an update to the Company’s corporate bond default rates to reflect recent experience; the Company reduced default assumptions for certain credit ratings in Canada, the U.S., and Japan. This was partially offset by a reduction to the Company’s Canadian real estate investment return assumptions. Other updates Other updates resulted in a $119 post-tax This was primarily driven by Japan, whereby investment fees for certain mandates in the general account provided by affiliate investment managers were reviewed and updated to align with broader market levels. 2020 Review of Actuarial Methods and Assumptions The 2020 annual review of actuarial methods and assumptions resulted in an increase in insurance contract liabilities of $563, net of reinsurance, and a decrease in net income attributed to shareholders of $198 post-tax. Change in insurance contract liabilities, For the year ended December 31, 2020 Total Attributed to (1) Attributed to Change in net (post-tax) Canada variable annuity product review $ (42 ) $ – $ (42 ) $ 31 Mortality and morbidity updates (304 ) (1 ) (303 ) 232 Lapses and policyholder behaviour updates 893 – 893 (682 ) Investment related updates (212 ) (153 ) (59 ) 31 Other updates 228 455 (227 ) 190 Net impact $ 563 $ 301 $ 262 $ (198 ) (1) The change in insurance contract liabilities, net of reinsurance, attributable to the participating policyholders’ account was driven by refinements to the Company’s valuation models, primarily due to annual updates to reflect market movements in the first half of 2020. Canada variable annuity product review The review of the Company’s variable annuity product in Canada resulted in a $31 post-tax The gain was driven by refinements to the segregated fund guaranteed minimum withdrawal benefit valuation models, partially offset by updates to lapse assumptions to reflect emerging experience. Updates to mortality and morbidity Mortality and morbidity updates resulted in a $232 post-tax The gain was primarily driven by a review of the Company’s reinsurance arrangements and mortality margins for preferred risk classes in Canada Individual Insurance business, as well as updates to the morbidity assumptions on certain products in Japan. This was partially offset by a charge from the review of mortality assumptions in the U.S. Insurance business, where emerging experience showed higher mortality at older attained ages. Other updates to mortality and morbidity assumptions were made across several products, largely in Canada, to reflect recent experience resulting in a net post-tax Updates to lapses and policyholder behaviour Updates to lapses and policyholder behaviour assumptions resulted in a $682 post-tax The Company completed a detailed review of the lapse assumptions for universal life policies in Canada, including both yearly renewable term, and level cost of insurance products. The Company lowered the ultimate lapse assumptions due to the emergence of more recent data, which resulted in a post-tax Other updates to lapse and policyholder behaviour assumptions were made across several products to reflect recent experience resulting in a net post-tax Investment related updates Updates to investment return assumptions resulted in a $31 post-tax Other updates Other updates resulted in a $190 post-tax . (i) Insurance contracts contractual obligations Insurance contracts give rise to obligations fixed by agreement. As at December 31, 2021, the Company’s contractual obligations and commitments relating to insurance contracts are as follows. Payments due by period Less than 1 to 3 years 3 to 5 years Over 5 years Total Insurance contract liabilities (1) $ 12,793 $ 10,977 $ 17,091 $ 868,749 $ 909,610 (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, 2021 2020 Death, disability and other claims $ 18,583 $ 18,064 Maturity and surrender benefits 8,728 8,613 Annuity payments 3,276 3,560 Policyholder dividends and experience rating refunds 1,255 1,411 Net transfers from segregated funds (732 ) (1,515 ) Total $ 31,110 $ 30,133 (k) Reinsurance transactions On November 15, 2021, the Company, through its subsidiary John Hancock Life Insurance Company (U.S.A.) (“JHUSA”),

Investment Contract Liabilities

Investment Contract Liabilities	12 Months Ended
	Dec. 31, 2021
Text block [abstract]
Investment Contract Liabilities	Note 7 Investment Contract Liabilities Investment contract liabilities are contractual obligations that do not contain significant insurance risk. These 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, 2021 2020 Balance, January 1 $ 932 $ 789 New policies 54 180 Changes in market conditions (38 ) 90 Redemptions, surrenders and maturities (138 ) (108 ) Impact of changes in foreign exchange rates (8 ) (19 ) Balance, December 31 $ 802 $ 932 (b) Investment contract liabilities measured at amortized cost Investment contract liabilities measured at amortized cost include several fixed annuity products sold in the U.S. and Canada 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. 2021 2020 As at December 31, Amortized cost, gross of (1) Fair value Amortized cost, gross of (1) Fair value U.S. fixed annuity products $ 1,380 $ 1,602 $ 1,361 $ 1,680 Canadian fixed annuity products 935 1,016 995 1,086 Investment contract liabilities $ 2,315 $ 2,618 $ 2,356 $ 2,766 (1) As at December 31, 2021, investment contract liabilities with the carrying value and fair value of $48 and $52, respectively (2020 – $67 and $76, respectively), were reinsured by the Company. The net carrying value and fair value of investment contract liabilities were $2,267 and $2,566 (2020 – $2,289 and $2,690), 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, 2021 2020 Balance, January 1 $ 2,356 $ 2,315 Policy deposits 92 202 Interest 71 61 Withdrawals (191 ) (194 ) Fees (1 ) (1 ) Other (5 ) – Impact of changes in foreign exchange rates (7 ) (27 ) Balance, December 31 $ 2,315 $ 2,356 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, 2021 and 2020, fair value of all investment contract liabilities was determined using Level 2 valuation techniques. (c) Investment contracts contractual obligations As at December 31, 2021, 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) $ 292 $ 486 $ 489 $ 3,542 $ 4,809 (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, 2021
Text block [abstract]
Risk Management	Note 8 Risk Management The Company’s policies and procedures for managing risks of financial instruments are disclosed in denoted components of the “Risk Management and Risk Factors” section of the MD&A for the year ended December 31, 2021. These MD&A disclosures are in accordance with IFRS 7 “Financial Instruments: Disclosures” and are 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, 2021 2020 Debt securities FVTPL $ 189,722 $ 183,061 AFS 33,097 35,663 Other 1,320 – Mortgages 52,014 50,207 Private placements 42,842 40,756 Policy loans 6,397 6,398 Loans to Bank clients 2,506 1,976 Derivative assets 17,503 27,793 Accrued investment income 2,641 2,523 Reinsurance assets 44,579 45,836 Other financial assets 6,242 6,156 Total $ 398,863 $ 400,369 As at December 31, 2021, 97% (2020 – 97%) 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 the credit quality of commercial mortgages and private placements. As at December 31, 2021 AAA AA A BBB BB B and lower Total Commercial mortgages Retail $ 113 $ 1,340 $ 5,179 $ 1,936 $ 228 $ 2 $ 8,798 Office 56 1,256 6,004 1,291 87 40 8,734 Multi-family residential 557 1,869 3,771 767 32 – 6,996 Industrial 47 376 2,808 328 – – 3,559 Other 212 1,010 787 956 47 – 3,012 Total commercial mortgages 985 5,851 18,549 5,278 394 42 31,099 Agricultural mortgages – – 119 242 – – 361 Private placements 976 5,720 16,147 16,220 1,161 2,618 42,842 Total $ 1,961 $ 11,571 $ 34,815 $ 21,740 $ 1,555 $ 2,660 $ 74,302 As at December 31, 2020 AAA AA A BBB BB B and lower Total Commercial mortgages Retail $ 110 $ 1,339 $ 4,761 $ 2,242 $ 168 $ 1 $ 8,621 Office 66 1,297 5,948 1,174 164 20 8,669 Multi-family residential 613 1,675 2,896 582 33 – 5,799 Industrial 25 320 2,353 259 3 – 2,960 Other 238 966 914 984 355 7 3,464 Total commercial mortgages 1,052 5,597 16,872 5,241 723 28 29,513 Agricultural mortgages – – 127 77 106 – 310 Private placements 1,061 4,829 15,585 15,825 1,206 2,250 40,756 Total $ 2,113 $ 10,426 $ 32,584 $ 21,143 $ 2,035 $ 2,278 $ 70,579 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. 2021 2020 As at December 31, Insured Uninsured Total Insured Uninsured Total Residential mortgages Performing $ 7,264 $ 13,272 $ 20,536 $ 6,349 $ 13,980 $ 20,329 Non-performing (1) 6 12 18 9 46 55 Loans to Bank clients Performing n/a 2,506 2,506 n/a 1,976 1,976 Non-performing (1) n/a – – n/a – – Total $ 7,270 $ 15,790 $ 23,060 $ 6,358 $ 16,002 $ 22,360 (1) Non-performing The carrying value of government-insured mortgages was 14% of the total mortgage portfolio as at December 31, 2021 (2020 – 13%). 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 losses certain declines in the fair value of debt securities designated as FVTPL which it deems represent impairments due to non-recoverability The following table presents past due but not impaired and impaired fin a Past due but not impaired As at December 31, 2021 Less than 90 days Total Total Debt securities FVTPL $ 20 $ – $ 20 $ 2 AFS – – – – Private placements 63 – 63 175 Mortgages and loans to Bank clients 61 – 61 51 Other financial assets 261 47 308 – Total $ 405 $ 47 $ 452 $ 228 Past due but not impaired As at December 31, 2020 Less than 90 days Total Total Debt securities FVTPL $ – $ – $ – $ 54 AFS – – – 1 Private placements 30 – 30 170 Mortgages and loans to Bank clients 66 – 66 69 Other financial assets 56 58 114 2 Total $ 152 $ 58 $ 210 $ 296 The following table presents gross carrying value and allowances for loan losses for impaired loans. As at December 31, 2021 Gross Allowances Net carrying Private placements $ 197 $ 22 $ 175 Mortgages and loans to Bank clients 73 22 51 Total $ 270 $ 44 $ 226 As at December 31, 2020 Gross Allowances Net carrying Private placements $ 249 $ 79 $ 170 Mortgages and loans to Bank clients 97 28 69 Total $ 346 $ 107 $ 239 The following table presents movement of allowance for loan losses during the year. 2021 2020 For the years ended December 31, Private Mortgages Total Private Mortgages Total Balance, January 1 $ 79 $ 28 $ 107 $ 4 $ 16 $ 20 Provisions 14 12 26 94 31 125 Recoveries (58 ) (16 ) (74 ) (6 ) (6) (12 ) Write-offs (1) (13 ) (2 ) (15 ) (13 ) (13 ) (26 ) Balance, December 31 $ 22 $ 22 $ 44 $ 79 $ 28 $ 107 (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, 2021, the Company had loaned securities (which are included in invested assets) with a market value of $564 (2020 – $889). 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, 2021, the Company had engaged in reverse repurchase transactions of $1,490 (2020 – $716) which are recorded as short-term receivables. In addition, the Company had engaged in repurchase transactions of $536 as at December 31, 2021 (2020 – $353) which are recorded as payables. (c) Credit default swaps The Company replicates exposure to specific issuers by selling credit protection via credit default swaps (“CDS”) 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, 2021 Notional (1) Fair value Weighted (in years) (2) Single name CDS (3) A $ 16 $ – 1 BBB 28 1 2 Total single name CDS $ 44 $ 1 2 Total CDS protection sold $ 44 $ 1 2 As at December 31, 2020 Notional (1) Fair value Weighted (in years) (2) Single name CDS (3) A $ 136 $ 2 1 BBB 105 1 2 Total single name CDS $ 241 $ 3 1 Total CDS protection sold $ 241 $ 3 1 (1) Notional amounts represent the maximum future payments the Company would have to pay its counterparties assuming a default of the underlying credit and zero recovery on the underlying issuer obligations. (2) The weighted average maturity of the CDS is weighted based on notional amounts. (3) Ratings are based on S&P where available followed by Moody’s, 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, 2021 and 2020. (d) Derivatives The Company’s point-in-time AA- As at December 31, 2021, the largest single counterparty exposure, without taking into consideration the impact of master netting agreements or the benefit of collateral held, was $2,132 (2020 – $4,110). The net exposure to this counterparty, after taking into consideration master netting agreements and the fair value of collateral held, was $nil (2020 – $nil). As at December 31, 2021, the total maximum credit exposure related to derivatives across all counterparties, without taking into consideration the impact of master netting agreements and the benefit of collateral held, was $18,226 (2020 – $28,685). (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, 2021 Gross amounts of (1) Amounts subject to Financial (2) Net (3) Net Financial assets Derivative assets $ 18,226 $ (8,410 ) $ (9,522 ) $ 294 $ 294 Securities lending 564 – (564 ) – – Reverse repurchase agreements 1,490 (183 ) (1,307 ) – – Total financial assets $ 20,280 $ (8,593 ) $ (11,393 ) $ 294 $ 294 Financial liabilities Derivative liabilities $ (10,940 ) $ 8,410 $ 2,250 $ (280 ) $ (79 ) Repurchase agreements (536 ) 183 353 – – Total financial liabilities $ (11,476 ) $ 8,593 $ 2,603 $ (280 ) $ (79 ) Related amounts not set off in the As at December 31, 2020 Gross amounts of (1) Amounts subject to Financial (2) Net (3) Net Financial assets Derivative assets $ 28,685 $ (13,243 ) $ (15,323 ) $ 119 $ 119 Securities lending 889 – (889 ) – – Reverse repurchase agreements 716 – (715 ) 1 1 Total financial assets $ 30,290 $ (13,243 ) $ (16,927 ) $ 120 $ 120 Financial liabilities Derivative liabilities $ (16,076 ) $ 13,243 $ 2,482 $ (351 ) $ (71 ) Repurchase agreements (353 ) – 353 – – Total financial liabilities $ (16,429 ) $ 13,243 $ 2,835 $ (351 ) $ (71 ) (1) Financial assets and liabilities include accrued interest of $725 and $902, respectively (2020 – $892 and $1,114, respectively). (2) Financial and cash collateral exclude over-collateralization. As at December 31, 2021, the Company was over-collateralized on OTC derivative assets, OTC derivative liabilities, securities lending and reverse repurchase agreements and repurchase agreements in the amounts of $599, $875, $36 and $2, respectively (2020 – $1,373, $627, $74 and $nil, respectively). As at December 31, 2021, collateral pledged (received) does not include collateral-in-transit (3) Includes derivative contracts entered between the Company and its financing entity which it does not consolidate. The Company does not exchange collateral on derivative contracts entered with this entity. Refer to note 17. The Company also has certain credit linked note assets and variable surplus note liabilities which have unconditional offsetting 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 fixed income instrument the term of which, in this case, is linked to a variable surplus note. A surplus note is a subordinated debt obligation that often qualifies as 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, 2021 Gross amounts of Amounts subject to Net amounts of Credit linked note (1) $ 1,054 $ (1,054 ) $ – Variable surplus note (1,054 ) 1,054 – As at December 31, 2020 Gross amounts of Amounts subject to Net amounts of Credit linked note (1) $ 932 $ (932 ) $ – Variable surplus note (932 ) 932 – (1) As at December 31, 2021 and 2020, the Company had no fixed surplus notes outstanding, refer to note 18(g). (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, 2021 2020 Debt securities and private placements rated as investment grade BBB or higher (1) 97% 97% Government debt securities as a per cent of total debt securities 36% 37% Government private placements as a per cent of total private placements 11% 11% Highest exposure to a single non-government $ 1,167 $ 1,148 Largest single issuer as a per cent of the total equity portfolio 2% 2% Income producing commercial office properties (2021 – 47% of real estate, 2020 – 53%) $ 6,244 $ 6,745 Largest concentration of mortgages and real estate (2) , $ 18,253 $ 17,367 (1) Investment grade debt securities and private placements include 39% rated A, 17% rated AA and 15% rated AAA (2020 – 40%, 16% and 16%) 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. 2021 2020 As at December 31, Carrying value % of total Carrying value % of total Government and agency $ 84,244 32 $ 85,357 33 Utilities 48,372 18 47,902 18 Financial 38,905 15 35,656 15 Consumer 32,671 12 29,684 11 Energy 19,637 7 20,963 8 Industrial 24,727 9 22,070 9 Other 18,425 7 17,850 6 Total $ 266,981 100 $ 259,482 100 (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 disasters and acts of terrorism. Policyholder behaviour including premium payment patterns, policy renewals, lapse rates and withdrawal and surrender activity are influenced by many factors including market and general economic conditions, and the availability and relative attractiveness of other products in the marketplace. Some reinsurance rates are not guaranteed and may be changed unexpectedly. Adjustments the Company seeks to make to 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, 2021 Gross Reinsurance Net liabilities U.S. and Canada $ 271,090 $ (42,806 ) $ 228,284 Asia and Other 124,398 (1,773 ) 122,625 Total $ 395,488 $ (44,579 ) $ 350,909 As at December 31, 2020 Gross Reinsurance Net liabilities U.S. and Canada $ 273,848 $ (44,645) $ 229,203 Asia and Other 114,878 (1,191 ) 113,687 Total $ 388,726 $ (45,836 ) $ 342,890 (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, 2021, the Company had $44,579 (2020 – $45,836) of reinsurance assets. Of this, 94 per cent (2020 – 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, 2021
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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 2021 2020 3.050% Senior notes (1),(2) August 27, 2020 August 27, 2060 US$ 1,155 $ 1,455 $ 1,460 4.70% Senior notes (1),(3) June 23, 2016 June 23, 2046 US$ 1,000 – 1,265 5.375% Senior notes (1),(4) March 4, 2016 March 4, 2046 US$ 750 939 943 2.396% Senior notes (1),(4) June 1, 2020 June 1, 2027 US$ 200 253 254 2.484% Senior notes (1),(4) May 19, 2020 May 19, 2027 US$ 500 630 632 3.527% Senior notes (1),(4) December 2, 2016 December 2, 2026 US$ 270 342 343 4.150% Senior notes (1),(4) March 4, 2016 March 4, 2026 US$ 1,000 1,263 1,267 Total $ 4,882 $ 6,164 (1) These U.S. dollar senior notes have been designated as hedges of the Company’s net investment in its U.S. operations which reduces the earnings volatility that would otherwise arise from the re-measurement (2) MFC may redeem the notes in whole, but not in part, on August 27, 2025, and thereafter on every August 27 at a redemption price equal to par, together with accrued and unpaid interest. Issue costs are amortized to the earliest par redemption date. (3) The Company redeemed in full the 4.70% Senior notes at par on, June 23, 2021, the earliest par redemption date. (4) MFC may redeem the senior notes in whole or in part, at any time, at a redemption price equal to the greater of par and a price based on the yield of a corresponding U.S. Treasury bond, from redemption date to the respective maturity date, plus a specified number of basis points. The specified number of basis points is as follows: 5.375% - 40 30 30 20 35 The cash amount of interest paid on long-term debt during the year ended December 31, 2021 was $210 (2020 – $229). (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, 2021, the fair value of long-term debt was $5,439 (2020 – $7,042). Fair value of long-term debt was determined using Level 2 valuation techniques (2020 – Level 2). (c) Aggregate maturities of long-term debt As at December 31 Less than 1 to 3 3 to 5 Over 5 Total 2021 $ – $ – $ 1,605 $ 3,277 $ 4,882 2020 – – – 6,164 6,164

Capital Instruments

Capital Instruments	12 Months Ended
	Dec. 31, 2021
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Capital Instruments	Note 10 Capital Instruments (a) Carrying value of capital instruments As at December 31 , Issuance date Earliest par Maturity date Par value 2021 2020 JHFC Subordinated notes (1),(2) December 14, 2006 n/a December 15, 2036 $ 650 $ 647 $ 647 2.818% MFC Subordinated debentures (1),(3) May 12, 2020 May 13, 2030 May 13, 2035 $ 1,000 995 995 4.061% MFC Subordinated notes (1),(4),(5) February 24, 2017 February 24, 2027 February 24, 2032 US$ 750 947 951 2.237% MFC Subordinated debentures (1),(6) May 12, 2020 May 12, 2025 May 12, 2030 $ 1,000 997 996 3.00% MFC Subordinated notes (1),(7) November 21, 2017 November 21, 2024 November 21, 2029 S$ 500 469 480 3.049% MFC Subordinated debentures (1),(8) August 18, 2017 August 20, 2024 August 20, 2029 $ 750 748 748 3.317% MFC Subordinated debentures (1),(8) May 9, 2018 May 9, 2023 May 9, 2028 $ 600 599 598 3.181% MLI Subordinated debentures (1),(9) November 20, 2015 November 22, 2022 November 22, 2027 $ 1,000 999 999 3.85% MFC Subordinated notes (10) May 25, 2016 May 25, 2021 May 25, 2026 S$ 500 – 481 2.389% MLI Subordinated debentures (11) June 1, 2015 January 5, 2021 January 5, 2026 $ 350 – 350 7.375% JHUSA Surplus notes (12) February 25, 1994 n/a February 15, 2024 US$ 450 579 584 Total $ 6,980 $ 7,829 (1) The Company is monitoring regulatory and market developments globally with respect to the interest rate benchmark reform. As these rates could potentially be discontinued in the future, the Company will take appropriate actions in due course to accomplish the necessary transitions or replacements. As at December 31, 2021, capital instruments of $647 have interest rate referencing CDOR. In addition, capital instruments of $4,338, $947, and $469 have interest rate reset in the future referencing CDOR, the USD Mid-Swap r (2) Issued by Manulife Holdings (Delaware) LLC (“MHDLL”), now John Hancock Financial Corporation (“JHFC”), a wholly owned subsidiary of MFC, to Manulife Finance (Delaware) LLC (“MFLLC”), a subsidiary of Manulife Finance (Delaware) L.P. (“MFLP”). MFLP and its subsidiaries are wholly owned unconsolidated related parties of the Company. The notes bear interest at a floating rate equal to the 90-day (3) Issued by MFC, interest is payable semi-annually. After May 13, 2030, the interest rate will reset to equal the 90-day (4) On the earliest par redemption date, the interest rate will reset to equal the 5-Year Mid-Swap (5) Designated as a hedge of the Company’s net investment in its U.S. operations which reduces the earnings volatility that would otherwise arise from the re-measurement (6) Issued by MFC, interest is payable semi-annually. After May 12, 2025, the interest rate will reset to equal the 90-day (7) On the earliest par redemption date, the interest rate will reset to equal the 5-Year 0.832 (8) 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 3.049 105 3.317 78 (9) 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 1.57 (10) MFC redeemed in full the 3.85% subordinated notes at par, on May 25, 2021, the earliest par redemption date. (11) MLI redeemed in full the 2.389% subordinated debentures at par, on January 5, 2021, the earliest par redemption date. (12) 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$9 (2020 – US$13), 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, 2021, the fair value of capital instruments was $7,213 (2020 – $8,295). Fair value of capital instruments was determined using Level 2 valuation techniques (2020 – Level 2).

Equity Capital and Earnings Per

Equity Capital and Earnings Per Share	12 Months Ended
	Dec. 31, 2021
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Equity Capital and Earnings Per Share	Note 11 Equity Capital and Earnings Per Share The authorized capital of MFC consists of: • an unlimited number of common shares without nominal or par value; and • an unlimited number of Class A, Class B and Class 1 preferred shares without nominal or par value, issuable in series. (a) Preferred shares and other equity instruments The following table presents information about the outstanding preferred shares and other equity instruments as at December 31, 2021 and 2020. As at December 31, 2021 Issue date Annual interest rate (1) Earliest redemption date (2),(3) Number of (in millions) Face amount Net amount (4) 2021 2020 Preferred shares 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 (5),(6),(7) March 11, 2011 2.348% June 19, 2026 7 163 160 155 Series 4 (7),(8) June 20, 2016 floating June 19, 2026 1 37 36 41 Series 5 (9) December 6, 2011 3.891% December 19, 2021 8 200 – 195 Series 7 (5),(6),(10) February 22, 2012 4.312% March 19, 2022 10 250 244 244 Series 9 (5),(6) May 24, 2012 4.351% September 19, 2022 10 250 244 244 Series 11 (5),(6) December 4, 2012 4.731% March 19, 2023 8 200 196 196 Series 13 (5),(6) June 21, 2013 4.414% September 19, 2023 8 200 196 196 Series 15 (5),(6) February 25, 2014 3.786% June 19, 2024 8 200 195 195 Series 17 (5),(6) August 15, 2014 3.80% December 19, 2024 14 350 343 343 Series 19 (5),(6) December 3, 2014 3.675% March 19, 2025 10 250 246 246 Series 21 (11) February 25, 2016 5.60% June 19, 2021 17 425 – 417 Series 23 (5),(6),(10) November 22, 2016 4.85% March 19, 2022 19 475 467 467 Series 25 (5),(6) February 20, 2018 4.70% June 19, 2023 10 250 245 245 Other equity instruments Limited recourse capital notes Series 1 (12) February 19, 2021 3.375% May 19, 2026 n/a 2,000 1,982 – Series 2 (13) November 12, 2021 4.100% February 19, 2027 n/a 1,200 1,189 – Total 156 $ 7,100 $ 6,381 $ 3,822 (1) Holders of Class A and Class 1 preferred shares are entitled to receive non-cumulative Non-deferrable (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, 2026 (the earliest redemption date) and on June 19 every five years thereafter, or at $25.50 per share if redeemed on any other date after June 19, 2021, subject to regulatory approval, as noted. (3) Redemption of all LRCN series is subject to regulatory approval. MFC may at its option redeem each series in whole or in part, at a redemption price equal to par, together with accrued and unpaid interest. The redemption period for Series 1 is every five years during the period from May 19 and including June 19, commencing in 2026. The redemption period for Series 2 is every five years during the period from February 19 and including March 19, commencing in 2027. (4) Net of after-tax (5) On the earliest redemption date and every five years thereafter, the annual dividend rate will be reset to the five-year Government of Canada bond yield plus a yield specified for each series. The specified yield for Class 1 preferred shares is: Series 3 (6) On the earliest redemption date and every five years thereafter, Class 1 preferred shares are convertible at the option of the holder into a new series that is one number higher than their existing series, and the holders are entitled to non-cumulative (7) MFC did not exercise its right to redeem all or any of the outstanding Class 1 Shares Series 3 and Class 1 Shares Series 4 on June 19, 2021 (the earliest redemption date). After taking into account all election notices, 812,380 of 6,335,831 Class 1 Shares Series 3 were converted on a one-for-one one-for-one (8) The floating dividend rate for the Class 1 Shares Series 4 equals the three-month Government of Canada Treasury bill yield plus 1.41%. (9) MFC redeemed in full the Class 1 Series 5 at par, on December 19, 2021, the earliest redemption date. (10) Subsequent to December 31, 2021, the Company announced its intention to redeem the Class 1 Series 7 and Class 1 Series 23 at par, on March 19, 2022, the earliest par redemption date. (11) MFC redeemed in full the Class 1 Shares Series 21 at par, on June 19, 2021, the earliest redemption date. (12) On February 19, 2021, MFC issued $2,000 million aggregate principal amount of Limited Recourse Capital Notes – Series 1 (LRCN – Series 1), maturing on June 19, 2081. The LRCN – Series 1 bear interest at a fixed rate of 3.375% payable semi-annually, until June 18, 2026. On June 19, 2026 and every five years thereafter until June 19, 2076, the interest rate on the LRCN – Series 1 will be reset at an interest rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 2.839%. Non-deferrable Non-payment (13) On November 12, 2021, MFC issued $1,200 million aggregate principal amount of Limited Recourse Capital Notes – Series 2 (LRCN – Series 2), maturing on March 19, 2082. The LRCN – Series 2 bear interest at a fixed rate of 4.10% payable semi-annually, until March 18, 2027. On March 19, 2027 and every five years thereafter until March 19, 2077, the interest rate on the LRCN – Series 2 will be reset at an interest rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 2.704%. Non-deferrable interest is payable semi-annually on the LRCN – Series 2 at the Company’s discretion. Non-payment of interest or principal when due will result in a recourse event, with the noteholders’ sole remedy being receipt of their proportionate share of Class 1 Series 28 preferred shares (b) Common shares The following table presents changes in common shares issued and outstanding. 2021 2020 For the years ended December 31, Number of shares (in millions) Amount Number of shares (in millions) Amount Balance, January 1 1,940 $ 23,042 1,949 $ 23,127 Repurchased for cancellation – – (10 ) (121 ) Issued on exercise of stock options and deferred share units 3 51 1 36 Total 1,943 $ 23,093 1,940 $ 23,042 Normal Course Issuer Bid On March 13, 2020, the Office of the Superintendent of Financial Institutions (“OSFI”) announced measures to support the resilience of financial institutions. Consistent with these measures, OSFI set the expectation for all federally regulated financial institutions that dividend increases and share buybacks should be halted for the time being. On November 4, 2021, OSFI announced that this expectation is no longer in place. The Company announced on February 1, 2022 the launch of a normal course issuer bid (“NCIB”) permitting the purchase for cancellation of up to 97 million common shares, representing approximately 5% of the Company’s issued and outstanding common shares. Purchases under the NCIB may commence through the Toronto Stock Exchange on February 3, 2022 and continue until February 2, 2023, when the NCIB expires, or such earlier date as the Company completes its purchases. (c) Earnings per share The following table presents basic and diluted earnings per common share of the Company. For the years ended December 31, 2021 2020 Basic earnings per common share $ 3.55 $ 2.94 Diluted earnings per common share 3.54 2.93 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, 2021 2020 Weighted average number of common shares (in millions) 1,942 1,941 Dilutive stock-based awards (1) 4 2 Weighted average number of diluted common shares (in millions) 1,946 1,943 (1) The dilutive effect of stock-based awards was calculated using the treasury stock method. This method calculates the number of incremental shares by assuming the outstanding stock-based awards are (i) exercised and (ii) then reduced by the number of shares assumed to be repurchased from the issuance proceeds, using the average market price of MFC common shares for the year. Excluded from the calculation was a weighted average of nil (2020 – 18 million) anti-dilutive stock-based awards. (d) Quarterly dividend declaration subsequent to year end On February 9, 2022, the Company’s Board of Directors approved a quarterly dividend of $0.33 per share on the common shares of MFC, payable on or after March 21, 2022 to shareholders of record at the close of business on February 23, 2022. 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 – $0.14675 per share Class 1 Shares Series 17 – $0.2375 per share Class 1 Shares Series 4 – $0.096965 per share Class 1 Shares Series 19 – $0.229688 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, 2021
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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”). Under the capital framework, the Company’s consolidated capital resources, including available capital, surplus allowance, and eligible deposits, are measured against the base solvency buffer, which is the risk-based capital requirement determined in accordance with the guideline. The Company’s operating activities are primarily conducted within MLI and its subsidiaries. MLI is also regulated by OSFI and is therefore subject to consolidated risk-based capital requirements using the OSFI LICAT framework. The Company seeks to manage its capital with the objectives of: • Operating with sufficient capital to be able to honour all commitments to its policyholders and creditors with a high degree of confidence; • Retaining the ongoing confidence of regulators, policyholders, rating agencies, investors and other creditors in order to ensure access to capital markets; and • Optimizing return on capital to meet shareholders’ expectations subject to constraints and considerations of adequate levels of capital established to meet the first two objectives. Capital is managed and monitored in accordance with the Capital Management Policy. The policy is reviewed and approved by the Board of Directors annually and is integrated with the Company’s risk and financial management frameworks. It establishes guidelines regarding the quantity and quality of capital, internal capital mobility, and proactive management of ongoing and future capital requirements. The capital management framework considers the requirements of the Company as a whole as well as the needs of each of the Company’s subsidiaries. Internal capital targets are set above the regulatory requirements, and consider a number of factors, including expectations of regulators and rating agencies, results of sensitivity and stress testing and the Company’s own risk assessments. The Company monitors against these internal targets and initiates actions appropriate to achieving its business objectives. Consolidated capital, based on accounting standards, is presented in the table below for MFC. For regulatory reporting purposes under the LICAT framework, the numbers are further adjusted for various additions or deductions to capital as mandated by the guidelines used by OSFI. Consolidated capital As at December 31, 2021 2020 Total equity $ 58,869 $ 53,006 Exclude AOCI gain/(loss) on cash flow hedges (156 ) (229 ) Total equity excluding AOCI on cash flow hedges 59,025 53,235 Qualifying capital instruments 6,980 7,829 Consolidated capital $ 66,005 $ 61,064 (b) Restrictions on dividends and capital distributions Dividends and capital distributions are restricted under the Insurance Companies Act (“ICA”). These restrictions apply to both MFC and its primary operating subsidiary MLI. The ICA prohibits the declaration or payment of any dividend on shares of an insurance company if there are reasonable grounds for believing a company does not have adequate capital and adequate and appropriate forms of liquidity or the declaration or 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 MFC is a holding company that conducts all of its operations through regulated insurance subsidiaries (or companies owned directly or indirectly by these subsidiaries), its ability to pay future dividends will depend on the receipt of sufficient funds from its regulated insurance subsidiaries. These subsidiaries are also subject to certain regulatory restrictions under laws in Canada, the United States and certain other countries that may limit their ability to pay dividends or make other upstream distributions.

Revenue from Service Contracts

Revenue from Service Contracts	12 Months Ended
	Dec. 31, 2021
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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 behaviours 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, 2021 Asia Canada U.S. Global Corporate Total Investment management and other related fees $ 217 $ 230 $ 499 $ 3,198 $ (247 ) $ 3,897 Transaction processing, administration, and service fees 287 918 12 2,517 (11 ) 3,723 Distribution fees and other 251 20 65 799 (54 ) 1,081 Total included in other revenue 755 1,168 576 6,514 (312 ) 8,701 Revenue from non-service 941 168 1,248 (1 ) 75 2,431 Total other revenue $ 1,696 $ 1,336 $ 1,824 $ 6,513 $ (237 ) $ 11,132 Real estate management services included in net investment income $ 37 $ 126 $ 128 $ – $ 7 $ 298 For the year ended December 31, 2020 Asia Canada U.S. Global Corporate Total Investment management and other related fees $ 223 $ 202 $ 514 $ 2,770 $ (201) $ 3,508 Transaction processing, administration, and service fees 239 814 15 2,215 2 3,285 Distribution fees and other 187 16 67 718 (52 ) 936 Total included in other revenue 649 1,032 596 5,703 (251 ) 7,729 Revenue from non-service 697 (19 ) 2,115 7 62 2,862 Total other revenue $ 1,346 $ 1,013 $ 2,711 $ 5,710 $ (189 ) $ 10,591 Real estate management services included in net investment income $ 37 $ 144 $ 143 $ – $ 8 $ 332

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2021
Text block [abstract]
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 2021 2020 For the years ended December 31, Number of (in millions) Weighted Number of (in millions) Weighted Outstanding, January 1 24 $ 21.74 21 $ 20.91 Granted – – 5 24.38 Exercised (3 ) 18.34 (2 ) 18.17 Expired – 24.73 – 24.27 Forfeited – 23.96 – 23.73 Outstanding, December 31 21 $ 22.09 24 $ 21.74 Exercisable, December 31 8 $ 18.94 6 $ 19.52 Options outstanding Options exercisable For the year ended December 31, 2021 Number of (in millions) Weighted average Weighted average Number of (in millions) Weighted Weighted average $12.64—$20.99 5 $ 16.90 3.38 5 $ 16.90 3.38 $21.00—$24.83 16 $ 23.58 6.09 3 $ 21.86 2.95 Total 21 $ 22.09 5.49 8 $ 18.94 3.20 No s Compensation expense related to stock options was $9 for the year ended December 31, 2021 (2020 – $14). (b) Deferred share units In 2000, the Company granted deferred share units (“DSUs”) on a one-time 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 2021, the Company granted 34,000 DSUs to certain employees which vest after 36 months (2020 – 28,000). In 2021, 26,000 DSUs (2020 – 38,000) were granted to certain employees who elected to defer receipt of all or part of their annual bonus. These DSUs vested immediately. Also, in 2021, no DSUs (2020 – 2,600) were granted to certain employees to defer payment of all or part of their RSUs and/or Performance Share Units (“PSUs”). These DSUs vest immediately. Under the Stock Plan for Non-Employee Directors, each eligible director may elect to receive his or her annual director’s retainer and fees in DSUs (which vest immediately) or common shares in lieu of cash. In 2021, 101,000 145,400 The fair value of 161,000 DSUs issued during the year was $24.11 per unit as at December 31, 2021 (2020 – 214,000 at $22.65 per unit). For the years ended December 31, Number of DSUs (in thousands) 2021 2020 Outstanding, January 1 2,169 2,395 Issued 161 214 Reinvested 100 145 Redeemed (345 ) (576 ) Forfeitures and cancellations (6 ) (9 ) Outstanding, December 31 2,079 2,169 Of the DSUs outstanding as at December 31, 2021, 188,000 (2020 – 285,000) entitle the holder to receive common shares, 840,000 (2020 – 811,000) entitle the holder to receive payment in cash and 1,051,000 (2020 – 1,073,000) entitle the holder to receive payment in cash or common shares, at the option of the holder. Compensation expense related to DSUs was $6 for the year ended December 31, 2021 (2020 – $5). The carrying and fair value of the DSUs liability as at December 31, 2021 was $46 (2020 – $43) and was included in other liabilities. (c) Restricted share units and performance share units For the year ended December 31, 2021, 6.8 million RSUs (2020 – 6.7 million) and 1.5 million PSUs (2020 – 1.1 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 $24.11 per unit as at December 31, 2021 (2020 – $22.65 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 The carrying and fair value of the RSUs and PSUs liability as at December 31, 2021 was $362 (2020 – $194) 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 on behalf of participating employees.

Employee Future Benefits

Employee Future Benefits	12 Months Ended
	Dec. 31, 2021
Text block [abstract]
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) 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. 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 2022. 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 2022, the required funding for these plans is expected to be $7. The 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 have been 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, 2021, the target asset allocation for the plan was 30% return-seeking assets and 70% 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, 2021, the target asset allocation for the plans was 20% return-seeking assets and 80% liability-hedging assets. The Company’s long-term assumptions (e.g. mortality, inflation) have not been adjusted for the potential long-term impacts of COVID-19 (c) Pension and retiree welfare plans Pension plans Retiree welfare plans For the years ended December 31, 2021 2020 2021 2020 Changes in defined benefit obligation: Opening balance $ 4,901 $ 4,817 $ 638 $ 645 Current service cost 44 41 – – Interest cost 115 150 15 20 Plan participants’ contributions – – 3 3 Actuarial losses (gains) due to: Experience 3 2 – (14 ) Demographic assumption changes 7 (67 ) 1 (12 ) Economic assumption changes (194 ) 333 (29 ) 49 Benefits paid (303 ) (318 ) (42 ) (45 ) Impact of changes in foreign exchange rates (13 ) (57 ) (2 ) (8 ) Defined benefit obligation, December 31 $ 4,560 $ 4,901 $ 584 $ 638 Pension plans Retiree welfare plans For the years ended December 31, 2021 2020 2021 2020 Change in plan assets: Fair value of plan assets, opening balance $ 4,595 $ 4,453 $ 606 $ 598 Interest income 109 140 14 19 Return on plan assets (excluding interest income) 70 310 (1 ) 33 Employer contributions 61 71 11 11 Plan participants’ contributions – – 3 3 Benefits paid (303 ) (318 ) (42 ) (45 ) Administration costs (9 ) (7 ) (2 ) (2 ) Impact of changes in foreign exchange rates (13 ) (54 ) (2 ) (11 ) Fair value of plan assets, December 31 $ 4,510 $ 4,595 $ 587 $ 606 (d) Amounts recognized in the Consolidated Statements of Financial Position Pension plans Retiree welfare plans As at December 31, 2021 2020 2021 2020 Development of net defined benefit liability Defined benefit obligation $ 4,560 $ 4,901 $ 584 $ 638 Fair value of plan assets 4,510 4,595 587 606 Deficit (surplus) 50 306 (3 ) 32 Effect of asset limit (1) 37 – – – Deficit (surplus) and net defined benefit liability (asset) 87 306 (3 ) 32 Deficit is comprised of: Funded or partially funded plans (600 ) (446 ) (154 ) (134 ) Unfunded plans 687 752 151 166 Deficit (surplus) and net defined benefit liability (asset) $ 87 $ 306 $ (3 ) $ 32 (1) In 2021, the Company recognized an impairment of $37 on the net defined benefit asset for one of its registered pension plans in Canada. This was due to strong investment returns causing the surplus in that plan to increase above the present value of economic benefits that can be derived by the Company through reductions in future contributions. For the other funded pension plans, the present value of the economic benefits available in the form of reductions in future contributions to the plans remains greater than the current 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, 2021 2020 2021 2020 2021 2020 2021 2020 Active members $ 537 $ 551 $ 17 $ 27 $ 184 $ 211 $ – $ – Inactive and retired members 2,371 2,528 416 445 1,468 1,611 151 166 Total $ 2,908 $ 3,079 $ 433 $ 472 $ 1,652 $ 1,822 $ 151 $ 166 (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, 2021 Fair value % of total Fair value % of total Fair value % of total Fair value % of total Cash and cash equivalents $ 90 3% $ 21 4% $ 14 1% $ – – Public equity securities (3) 600 20% 57 10% 322 22% – – Public debt securities 1,863 61% 501 85% 1,144 77% – – Other investments (4) 475 16% 8 1% 2 0% – – Total $ 3,028 100% $ 587 100% $ 1,482 100% $ – – U.S. plans (1) Canadian plans (2) Pension plans Retiree welfare plans Pension plans Retiree welfare plans As at December 31, 2020 Fair value % of total Fair value % of total Fair value % of total Fair value % of total Cash and cash equivalents $ 83 3% $ 30 5% $ 10 1% $ – – Public equity securities (3) 593 19% 49 8% 339 22% – – Public debt securities 2,009 66% 520 86% 1,186 77% – – Other investments (4) 373 12% 7 1% 2 0% – – Total $ 3,058 100% $ 606 100% $ 1,537 100% $ – – (1) All the U.S. pension and retiree welfare plan assets have daily quoted prices in active markets, except for the private debt, infrastructure, 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, 2021 (2020 – 9%). (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, 2021 (2020 – 0.1%). (3) Equity securities include direct investments in MFC common shares of $1.2 (2020 – $1.1) in the U.S. retiree welfare plan and $nil (2020 – $nil) in Canada. (4) Other U.S. plan assets include investment in REITs, private debt, infrastructure, 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, 2021 2020 2021 2020 Defined benefit current service cost $ 44 $ 41 $ – $ – Defined benefit administrative expenses 9 7 2 2 Service cost 53 48 2 2 Interest on net defined benefit (asset) liability 6 10 1 1 Defined benefit cost 59 58 3 3 Defined contribution cost 90 84 – – Net benefit cost $ 149 $ 142 $ 3 $ 3 (h) Re-measurement Pension plans Retiree welfare plans For the years ended December 31, 2021 2020 2021 2020 Actuarial gains (losses) on defined benefit obligations due to: Experience $ (3 ) $ (2 ) $ – $ 14 Demographic assumption changes (7 ) 67 (1 ) 12 Economic assumption changes 194 (333 ) 29 (49 ) Return on plan assets (excluding interest income) 70 310 (1 ) 33 Change in effect of asset limit (37 ) 5 – – Total re-measurement $ 217 $ 47 $ 27 $ 10 (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, 2021 2020 2021 2020 2021 2020 2021 2020 To determine the defined benefit obligation at end of year (1) Discount rate 2.7% 2.4% 2.7% 2.4% 3.1% 2.5% 3.2% 2.6% Initial health care cost trend rate (2) n/a n/a 7.0% 7.3% n/a n/a 5.4% 5.5% To determine the defined benefit cost for the year (1) Discount rate 2.4% 3.2% 2.4% 3.2% 2.5% 3.1% 2.6% 3.1% Initial health care cost trend rate (2) n/a n/a 7.3% 7.5% n/a n/a 5.5% 5.6% (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 7.0% grading to 4.5% for 2032 and years thereafter (2020 – 7.3% grading to 4.5% for 2032) and to measure the net benefit cost was 7.3% grading to 4.5% for 2032 and years thereafter (2020 – 7.5% grading to 4.5% for 2032). In Canada, the rate used to measure the retiree welfare obligation was 5.4% grading to 4.8% for 2026 and years thereafter (2020 – 5.5% grading to 4.8% for 2026) and to measure the net benefit cost was 5.5% grading to 4.8% for 2026 and years thereafter (2020 – 5.6% 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, 2021 U.S. Canada Life expectancy (in years) for those currently age 65 Males 22.0 23.8 Females 23.6 25.7 Life expectancy (in years) at age 65 for those currently age 45 Males 23.4 24.8 Females 24.9 26.6 (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, 2021 Pension plans Retiree welfare plans Discount rate: Impact of a 1% increase $ (417 ) $ (58 ) Impact of a 1% decrease 492 70 Health care cost trend rate: Impact of a 1% increase n/a 17 Impact of a 1% decrease n/a (15 ) Mortality rates (1) Impact of a 10% decrease 130 15 (1) If the actuarial estimates of mortality are adjusted in the future to reflect unexpected decreases in mortality, the effect of a 10% decrease in mortality rates at each future age would be an increase in life expectancy at age 65 of 0.8 years for U.S. and Canadian males and females, respectively. (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, 2021 2020 2021 2020 U.S. plans 9.7 9.9 9.5 9.8 Canadian plans 12.4 12.5 13.3 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, 2021 2020 2021 2020 Defined benefit plans $ 61 $ 71 $ 11 $ 11 Defined contribution plans 90 84 – – Total $ 151 $ 155 $ 11 $ 11 The Company’s best estimate of expected cash payments for employee future benefits for the year ending December 31, 2022 is $70 for defined benefit pension plans, $93 for defined contribution pension plans and $13 for retiree welfare plans.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Text block [abstract]
Income Taxes	Note 16 Income Taxes (a) Income tax expense The following table presents i For the years ended December 31, 2021 2020 Current tax Current year $ 1,389 $ 998 Adjustments related to prior years (49 ) (83 ) Total current tax 1,340 915 Deferred tax Change related to temporary differences (108 ) 253 Effects of changes in tax rates (19 ) 27 Total deferred tax (127 ) 280 Income tax expense $ 1,213 $ 1,195 The following table discloses income tax expense (recovery) recognized directly in equity. For the years ended December 31, 2021 2020 Recognized in other comprehensive income Current income tax expense (recovery) $ (3 ) $ (92 ) Deferred income tax expense (recovery) (61 ) 87 Total recognized in other comprehensive income $ (64 ) $ (5 ) Recognized in equity, other than other comprehensive income Current income tax expense (recovery) $ 5 $ 25 Deferred income tax expense (recovery) (15 ) (25 ) Total income tax recognized directly in equity $ (10 ) $ – (b) Current tax receivable and payable As at December 31, 2021, the Company had approximately $660 and $357 of current tax receivable and current tax payable, respectively (2020 – $993 and $87). (c) Tax reconciliation The effective income tax rate reflected in the Consolidated Statements of Income varies from the Canadian tax rate of 26.50 per cent for the year ended December 31, 2021 (2020 – 26.50 per cent) for the items outlined in the following table. For the years ended December 31, 2021 2020 Income before income taxes $ 8,125 $ 6,770 Income tax expense at Canadian statutory tax rate $ 2,153 $ 1,794 Increase (decrease) in income taxes due to: Tax-exempt (261 ) (171 ) Differences in tax rate on income not subject to tax in Canada (917 ) (528 ) Adjustments to taxes related to prior years (47 ) (96 ) Tax losses and temporary differences not recognized as deferred taxes 53 – Tax rate change (19 ) 27 Other differences 251 169 Income tax expense $ 1,213 $ 1,195 (d) 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 , 2021 2020 Deferred tax assets $ 5,254 $ 4,842 Deferred tax liabilities (2,769 ) (2,614 ) Net deferred tax assets (liabilities) $ 2,485 $ 2,228 The following table presents movement of deferred tax assets and liabilities. As at December 31, 2021 Balance, Disposals Recognized in Recognized in Other Recognized Translation Balance, Loss carryforwards $ 497 $ (10 ) $ 22 $ – $ – $ 8 $ 517 Actuarial liabilities 9,372 – (666 ) – – (3 ) 8,703 Pensions and post-employment benefits 215 – 7 (61 ) – – 161 Tax credits 34 – 11 1 – – 46 Accrued interest 1 – – – – – 1 Real estate (1,033 ) – (145 ) – – 7 (1,171 ) Securities and other investments (5,950 ) – 643 119 – 49 (5,139 ) Sale of investments (56 ) – 16 – – – (40 ) Goodwill and intangible assets (849 ) – 29 – – 16 (804 ) Other (3 ) 1 210 2 15 (14 ) 211 Total $ 2,228 $ (9 ) $ 127 $ 61 $ 15 $ 63 $ 2,485 As at December 31, 2020 Balance, Disposals Recognized Recognized in Other Recognized Translation Balance, Loss carryforwards $ 705 $ – $ (210 ) $ – $ – $ 2 $ 497 Actuarial liabilities 8,443 – 1,063 – – (134 ) 9,372 Pensions and post-employment benefits 226 – – (10 ) – (1 ) 215 Tax credits 32 – 2 – – – 34 Accrued interest 1 – – – – – 1 Real estate (1,046 ) – 5 (2 ) 1 9 (1,033 ) Securities and other investments (4,704 ) – (1,254) (59 ) 2 65 (5,950 ) Sale of investments (69 ) – 13 – – – (56 ) Goodwill and intangible assets (876 ) – 24 – – 3 (849 ) Other (110 ) – 77 (16 ) 22 24 (3 ) Total $ 2,602 $ – $ (280 ) $ (87) $ 25 $ (32 ) $ 2,228 The total deferred tax assets as at December 31, 2021 of $5,254 (2020 – $4,842) include $942 (2020 – $1,005) 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, 2021, tax loss carryforwards available were approximately $2,689 (2020 – $2,479) of which $2,514 expire between the years 202 4 (2020 – $96) on other temporary differences of (2020 – $385). The total deferred tax liability as at December 31, 2021 was $2,769 (2020 – $2,614). 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 $24,034 (2020 – $22,782).

Interests in Structured Entitie

Interests in Structured Entities	12 Months Ended
	Dec. 31, 2021
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, 2021, the Company’s consolidated timber assets relating to HVPH were $979 (2020 – $949). The Company does not provide guarantees to other parties against the risk of loss from HVPH. Financing SEs The Company securitizes certain HELOC collateralized by residential property. This activity is facilitated by consolidated entities that are SEs because their operations are limited to issuing and servicing the Company’s funding. Further information regarding the Company’s mortgage securitization program is included in note 3. (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, 2021 2020 2021 2020 Leveraged leases (3) $ 3,457 $ 3,371 $ 3,457 $ 3,371 Timberland companies (4) 842 776 842 776 Real estate companies (5) 513 497 513 497 Total $ 4,812 $ 4,644 $ 4,812 $ 4,644 (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 in and maximum exposure to loss from significant unconsolidated financing SEs are as follows. Company’s interests (1) As at December 31, 2021 2020 Manulife Finance (Delaware), L.P. (2) $ 850 $ 931 Total $ 850 $ 931 (1) The Company’s interests include amounts borrowed from the SE; the Company’s investment in its equity and subordinated capital; and foreign currency and interest rate swaps with it. (2) This entity is a wholly owned partnership used to facilitate the Company’s financing. Refer to notes 10 and 18. (i) Other invested assets The Company has investment relationships with a variety of other entities, which result from its direct investment in their debt and/or equity and which have been assessed for control. These other entities’ investments include but are not limited to investments in power and infrastructure, oil and gas, private equity, real estate and agriculture, organized as limited partnerships and limited liability companies. Most of these other entities are not sponsored by the Company. The Company’s involvement with these other entities is not individually significant. As such, the Company neither provides summary financial data for these entities nor individually assesses whether they are SEs. The Company’s maximum exposure to losses because of its involvement with these other entities is limited to its investment in them and amounts committed to be invested but not yet funded. The Company records its income from these entities in net investment income and AOCI. The Company does not provide guarantees to other parties against the risk of loss from these other entities. (ii) Interest in securitized assets The Company invests in mortgage/asset-backed securities issued by securitization vehicles sponsored by other parties, including private issuers and government sponsored issuers, to generate investment income. The Company does not own a controlling financial interest in any of the issuers. These securitization vehicles are SEs based on their narrow scope of activities and highly leveraged capital structures. Investments in mortgage/asset-backed securities are reported on the Consolidated Statements of Financial Position as debt securities and private placements, and their fair value and carrying value are disclosed in note 3. The Company’s maximum loss from these investments is limited to amounts invested. Commercial mortgage-backed securities (“CMBS”) are secured by commercial mortgages and residential mortgage-backed securities (“RMBS”) are secured by residential mortgages. Asset-backed securities (“ABS”) may be secured by various underlying assets including credit card receivables, automobile loans and aviation leases. The mortgage/asset-backed securities that the Company invests in primarily originate in North America. The following table presents investments in securitized holdings by the type and asset quality. 2021 2020 As at December 31, CMBS RMBS ABS Total Total AAA $ 1,332 $ 6 $ 1,008 $ 2,346 $ 2,465 AA – – 11 11 32 A 53 3 585 641 661 BBB – – 227 227 208 BB and below – – 4 4 76 Total company exposure $ 1,385 $ 9 $ 1,835 $ 3,229 $ 3,442 (iii) Mutual funds The Company sponsors and may invest in a range of public mutual funds with a broad range of investment styles. As sponsor, the Company organizes mutual funds that implement investment strategies on behalf of current and future investors. The Company earns fees which are at market rates for providing advisory and administrative services to these mutual funds. Generally, the Company does not control its sponsored mutual funds because either the Company does not have power to govern their financial and operating policies, or its returns in the form of fees and ownership interests are not significant, or both. Certain mutual funds are SEs because their decision-making rights are not vested in voting equity interests and their investors are provided with redemption rights. The Company’s relationships with these mutual funds are not individually significant. As such, the Company neither provides summary financial data for these mutual funds nor individually assesses whether they are SEs. The Company’s interest in mutual funds is limited to its investment and fees earned, if any. The Company’s investments in mutual funds are recorded as part of its investment in public equities within the Consolidated Statements of Financial Position. For information regarding the Company’s invested assets, refer to note 3. The Company does not provide guarantees to other parties against the risk of loss from these mutual funds. As sponsor, the Company’s investment in (“seed”) startup capital of mutual funds as at December 31, 2021 was $1,361 (2020 – $1,428). The Company’s retail mutual fund assets under management as at December 31, 2021 were $290,863 (2020 – $238,068).

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
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 (“UL”) policies issued between 2003 and 2010 whose policies were subject to a Cost of Insurance (“COI”) increase announced in 2018. The class, as defined, now covers approximately 1,300 of the 1,500 policies subjected to the COI increase. In addition to the class action, there are nine individual lawsuits opposing the Performance UL COI increases that also have been filed. Each of the lawsuits, except two, is brought by plaintiffs owning multiple policies and/or by entities managing them for investment purposes. Three of the 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 $12,233 (2020 – $9,937) of outstanding investment commitments as at December 31, 2021, of which $957 (2020 – $638) mature in 30 days, $3,205 (2020 – $2,634) mature in 31 to 365 days and $8,071 (2020 – $6,665) 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, 2021, letters of credit for which third parties are beneficiary, in the amount of $99 (2020 – $103), 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 MFC has provided a subordinated guarantee for the $1,000 subordinated debentures issued by MLI on November 20, 2015. The following table presents certain condensed consolidated financial information for MFC and MFLP. Condensed Consolidated Statements of Income Information For the year ended December 31, 2021 MFC MLI Other Consolidation Total MFLP Total revenue $ 563 $ 61,787 $ 536 $ (1,065) $ 61,821 $ 41 Net income (loss) attributed to shareholders and other equity holders 7,105 7,342 (500 ) (6,842) 7,105 3 For the year ended December 31, 2020 MFC MLI Other Consolidation Total MFLP Total revenue $ 547 $ 78,929 $ 520 $ (1,088) $ 78,908 $ 32 Net income (loss) attributed to shareholders 5,871 6,179 (500 ) (5,679) 5,871 (1 ) Condensed Consolidated Statements of Financial Position As at December 31, 2021 MFC MLI Other Consolidation Total MFLP Invested assets $ 78 $ 427,010 $ 10 $ – $ 427,098 $ 3 Total other assets 68,866 91,412 3,203 (72,724 ) 90,757 1,088 Segregated funds net assets – 399,788 – – 399,788 – Insurance contract liabilities – 392,275 – – 392,275 – Investment contract liabilities – 3,117 – – 3,117 – Segregated funds net liabilities – 399,788 – – 399,788 – Total other liabilities 10,536 53,962 – (904 ) 63,594 852 As at December 31, 2020 MFC MLI Other Consolidation Total MFLP Invested assets $ 47 $ 410,919 $ 11 $ – $ 410,977 $ 5 Total other assets 64,419 102,439 3 (64,925) 101,936 1,166 Segregated funds net assets – 367,436 – – 367,436 – Insurance contract liabilities – 385,554 – – 385,554 – Investment contract liabilities – 3,288 – – 3,288 – Segregated funds net liabilities – 367,436 – – 367,436 – Total other liabilities 12,131 59,683 – (749 ) 71,065 936 (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. 2021 2020 As at December 31, Debt securities Other Debt securities Other In respect of: Derivatives $ 5,525 $ 23 $ 5,924 $ 35 Secured borrowings – 2,575 – 2,790 Regulatory requirements 367 78 452 80 Repurchase agreements 535 – 353 – Non-registered – 377 – 424 Other 2 414 2 302 Total $ 6,429 $ 3,467 $ 6,731 $ 3,631 (f) 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. (g) Fixed surplus notes A third -

Segmented Information

Segmented Information	12 Months Ended
	Dec. 31, 2021
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 The following table presents results by reporting segments. As at and for the year ended December 31, 2021 Asia Canada U.S. Global WAM Corporate Total Revenue Life and health insurance $ 20,428 $ 9,217 $ 6,338 $ – $ 147 $ 36,130 Annuities and pensions 2,558 344 33 – – 2,935 Net premium income 22,986 9,561 6,371 – 147 39,065 Net investment income (loss) 4,889 1,469 5,061 28 177 11,624 Other revenue 1,696 1,336 1,824 6,513 (237 ) 11,132 Total revenue 29,571 12,366 13,256 6,541 87 61,821 Contract benefits and expenses Life and health insurance 18,240 10,276 9,307 – 159 37,982 Annuities and pensions 2,638 (3,371 ) (1,528 ) 101 – (2,160 ) Net benefits and claims 20,878 6,905 7,779 101 159 35,822 Interest expense 232 269 47 1 462 1,011 Other expenses 5,273 3,401 2,947 4,798 444 16,863 Total contract benefits and expenses 26,383 10,575 10,773 4,900 1,065 53,696 Income (loss) before income taxes 3,188 1,791 2,483 1,641 (978 ) 8,125 Income tax recovery (expense) (445 ) (336 ) (385 ) (233 ) 186 (1,213 ) Net income (loss) 2,743 1,455 2,098 1,408 (792 ) 6,912 Less net income (loss) attributed to: Non-controlling 253 – – 2 – 255 Participating policyholders (567 ) 101 18 – – (448 ) Net income (loss) attributed to shareholders and other equity holders $ 3,057 $ 1,354 $ 2,080 $ 1,406 $ (792 ) $ 7,105 Total assets $ 162,970 $ 169,736 $ 290,838 $ 259,363 $ 34,736 $ 917,643 As at and for the year ended December 31, 2020 Asia Canada U.S. Global WAM Corporate Total Revenue Life and health insurance $ 17,983 $ 8,833 $ 3,011 $ – $ 140 $ 29,967 Annuities and pensions (1) 2,496 334 120 – – 2,950 Net premium income 20,479 9,167 3,131 – 140 32,917 Net investment income (loss) 6,630 8,458 17,519 39 2,754 35,400 Other revenue 1,346 1,013 2,711 5,710 (189 ) 10,591 Total revenue 28,455 18,638 23,361 5,749 2,705 78,908 Contract benefits and expenses Life and health insurance 17,997 10,385 16,099 – (131 ) 44,350 Annuities and pensions 3,430 4,380 2,929 146 – 10,885 Net benefits and claims 21,427 14,765 19,028 146 (131 ) 55,235 Interest expense 269 342 54 2 514 1,181 Other expenses 5,123 3,141 2,714 4,329 414 15,721 Total contract benefits and expenses 26,819 18,248 21,796 4,477 797 72,137 Income (loss) before income taxes 1,636 390 1,565 1,272 1,908 6,771 Income tax recovery (expense) (233 ) (131 ) (296 ) (172 ) (363 ) (1,195 ) Net income (loss) 1,403 259 1,269 1,100 1,545 5,576 Less net income (loss) attributed to: Non-controlling 250 – – – – 250 Participating policyholders (609 ) 64 – – – (545 ) Net income (loss) attributed to shareholders $ 1,762 $ 195 $ 1,269 $ 1,100 $ 1,545 $ 5,871 Total assets $ 145,801 $ 167,236 $ 288,814 $ 236,593 $ 41,905 $ 880,349 (1) In 2020, the Company ceded premiums to Global Atlantic Financial Group Ltd to reinsure a block of legacy U.S. BOLI business. 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, 2021 Asia Canada U.S. Other Total Revenue Life and health insurance $ 20,515 $ 8,905 $ 6,340 $ 370 $ 36,130 Annuities and pensions 2,558 344 33 – 2,935 Net premium income 23,073 9,249 6,373 370 39,065 Net investment income (loss) 5,313 1,255 4,830 226 11,624 Other revenue 2,818 3,363 4,952 (1 ) 11,132 Total revenue $ 31,204 $ 13,867 $ 16,155 $ 595 $ 61,821 For the year ended December 31, 2020 Asia Canada U.S. Other Total Revenue Life and health insurance $ 18,072 $ 8,474 $ 3,012 $ 409 $ 29,967 Annuities and pensions (1) 2,496 334 120 – 2,950 Net premium income 20,568 8,808 3,132 409 32,917 Net investment income (loss) 7,085 8,531 19,735 49 35,400 Other revenue 2,300 2,671 5,600 20 10,591 Total revenue $ 29,953 $ 20,010 $ 28,467 $ 478 $ 78,908 (1) In 2020, the Company ceded premiums to Global Atlantic Financial Group Ltd to reinsure a block of legacy U.S. BOLI business. Refer to note 6(k) for details.

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2021
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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, are described in notes 10, 17 and 18. (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, 2021 2020 Short-term employee benefits $ 65 $ 69 Post-employment benefits 5 5 Share-based payments 57 57 Termination benefits – – Other long-term benefits 2 3 Total $ 129 $ 134

Subsidiaries

Subsidiaries	12 Months Ended
	Dec. 31, 2021
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, 2021 (100% owned unless otherwise noted in brackets beside company name) Equity Address Description The Manufacturers Life Insurance Company $ 67,375 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 $ 22,577 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 As at December 31, 2021 (100% owned unless otherwise noted in brackets beside company name) Equity Address Description 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 Manulife Investment Management Timberland and Agriculture 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 $ 1,686 Waterloo, Canada Provides integrated banking products and service options not available from an insurance company Manulife Investment Management Holdings (Canada) Inc. $ 1,236 Toronto, Canada Holding company Manulife Investment Management Limited Toronto, Canada Provides investment counseling, portfolio and mutual fund management in Canada First North American Insurance Company $ 8 Toronto, Canada Property and casualty insurance company Manulife Securities Investment Services Inc. $ 77 Oakville, Canada Mutual fund dealer for Canadian operations Manulife Holdings (Bermuda) Limited $ 23,978 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 Manulife Myanmar Life Insurance Company Limited Yangon, Myanmar 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) Investment management company Manulife Life Insurance Company (Japan) Tokyo, Japan Life insurance company As at December 31, 2021 (100% owned unless otherwise noted in brackets beside company name) Equity Address Description Manulife Investment Management (Japan) Limited Tokyo, Japan Investment management and advisory company and mutual fund business Manulife Holdings Berhad (60.9%) Kuala Lumpur, Malaysia Holding company Manulife Insurance Berhad (60.9%) Kuala Lumpur, Malaysia Life insurance company Manulife Investment Management (Malaysia) Berhad (60.9%) 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 Jakarta, Indonesia Life insurance company PT Manulife Aset Manajemen Indonesia Jakarta, Indonesia Investment management and investment advisor Manulife Investment Management (Europe) Limited $ 41 London, England Investment management company for Manulife Financial’s international funds Manulife Assurance Company of Canada $ 69 Toronto, Canada Life insurance company EIS Services (Bermuda) Limited $ 1,057 Hamilton, Bermuda Investment holding company Berkshire Insurance Services Inc. $ 2,159 Toronto, Canada Investment holding company JH Investments (Delaware) LLC Boston, Massachusetts, U.S.A. Investment holding company Manulife Securities Incorporated $ 132 Oakville, Canada Investment dealer Manulife Investment Management (North America) Limited $ 3 Toronto, Canada Investment advisor

Segregated Funds

Segregated Funds	12 Months Ended
	Dec. 31, 2021
Text block [abstract]
Segregated Funds	Note 22 Segregated Funds The Company manages a number of segregated funds on behalf of policyholders. Policyholders are provided with the opportunity to invest in different categories of segregated funds that 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 and Risk Factors” section of the Company’s 2021 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, 2021 and 2020. Ranges in per cent Type of fund 2021 2020 Money market funds 2% to 2% to Fixed income funds 14% to 15% 14% to 16% Balanced funds 22% to 23% 23% to 24% Equity funds 60% to 62% 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, 2021 2020 Investments at market value Cash and short-term securities $ 3,955 $ 4,054 Debt securities 18,651 17,913 Equities 16,844 14,227 Mutual funds 354,882 326,889 Other investments 4,613 4,599 Accrued investment income 2,340 1,670 Other assets and liabilities, net (1,089 ) (1,543 ) Total segregated funds net assets $ 400,196 $ 367,809 Composition of segregated funds net assets Held by policyholders $ 399,788 $ 367,436 Held by the Company 408 373 Total segregated funds net assets $ 400,196 $ 367,809 Changes in segregated funds net assets For the years ended December 31, 2021 2020 Net policyholder cash flow Deposits from policyholders $ 44,548 $ 38,898 Net transfers to general fund (732 ) (1,515 ) Payments to policyholders (52,182 ) (44,818 ) (8,366 ) (7,435 ) Investment related Interest and dividends 24,092 16,775 Net realized and unrealized investment gains (losses) 21,549 24,514 45,641 41,289 Other Management and administration fees (4,115 ) (3,942 ) Impact of changes in foreign exchange rates (773 ) (5,580 ) (4,888 ) (9,522 ) Net additions (deductions) 32,387 24,332 Segregated funds net assets, beginning of year 367,809 343,477 Segregated funds net assets, end of year $ 400,196 $ 367,809 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, 2021
Text block [abstract]
Information Provided in Connection with Investments in Deferred Annuity Contracts and SignatureNotes Issued or Assumed by John Hancock Life Insurance Company (U.S.A.)	Note 23 Information Provided in Connection with Investments in Deferred Annuity Contracts and Signature Notes Issued or Assumed by John Hancock Life Insurance Company (U.S.A.) The following condensed consolidated financial information, presented in accordance with IFRS, and the related disclosure have been included in these Consolidated Financial Statements with respect to JHUSA in compliance with Regulation S-X 12h-5 JHUSA maintains a book of deferred annuity contracts that feature a market value adjustment, some of which are registered with the Commission. The deferred annuity contracts may contain variable investment options along with fixed investment period options, or may offer only fixed investment period options. The fixed investment period options enable the participant to invest fixed amounts of money for fixed terms at fixed interest rates, subject to a market value adjustment if the participant desires to terminate a fixed investment period before its maturity date. The annuity contract provides for the market value adjustment to keep the parties whole with respect to the fixed interest bargain for the entire fixed investment period. These fixed investment period options that contain a market value adjustment feature are referred to as “MVAs”. JHUSA may also sell medium-term notes to retail investors under its Signature Effective December 31, 2009, John Hancock Variable Life Insurance Company (the “Variable Company”) and John Hancock Life Insurance Company (the “Life Company”) merged with and into JHUSA. In connection with the mergers, JHUSA assumed the Variable Company’s rights and obligations with respect to the MVAs issued by the Variable Company and the Life Company’s rights and obligations with respect to the Signature MFC fully and unconditionally guaranteed the payment of JHUSA’s obligations under the MVAs and under the Signature Signature Signature Signature MFC’s guarantees of the Guaranteed Securities are unsecured obligations of MFC and are subordinated in right of payment to the prior payment in full of all other obligations of MFC, except for other guarantees or obligations of MFC which by their terms are designated as ranking equally in right of payment with or subordinate to MFC’s guarantees of the Guaranteed Securities. The laws of the State of New York govern MFC’s guarantees of the Signature Signature MFC is a holding company. MFC’s assets primarily consist of investments in its subsidiaries. MFC’s cash flows primarily consist of dividends and interest payments from its operating subsidiaries, offset by expenses and shareholder dividends and MFC stock repurchases. As a holding company, MFC’s ability to meet its cash requirements, including, but not limited to, paying any amounts due under its guarantees, substantially depends upon dividends from its operating subsidiaries. These subsidiaries are subject to certain regulatory restrictions under laws in Canada, the United States and certain other countries, which may limit their ability to pay dividends or make contributions or loans to MFC. For example, some of MFC’s subsidiaries are subject to restrictions prescribed by the ICA on their ability to declare and pay dividends. The restrictions related to dividends imposed by the ICA are described in note 12. In the United States, insurance laws in Michigan, New York, and Massachusetts, the jurisdictions in which certain of MFC’s U.S. insurance company subsidiaries are domiciled, impose general limitations on the payment of dividends and other upstream distributions or loans by these insurance subsidiaries. These limitations are described in note 12. In Asia, the insurance laws of the jurisdictions in which MFC operates either provide for specific restrictions on the payment of dividends or other distributions or loans by subsidiaries or impose solvency or other financial tests, which could affect the ability of subsidiaries to pay dividends in certain circumstances. There can be no assurance that any current or future regulatory restrictions in Canada, the United States or Asia will not impair MFC’s ability to meet its cash requirements, including, but not limited to, paying any amounts due under its guarantees. The following condensed consolidated financial information, presented in accordance with IFRS, reflects the effects of the mergers and is provided in compliance with Regulation S-X 12h-5 Condensed Consolidated Statement of Financial Position As at December 31, 2021 MFC JHUSA Other Consolidation Consolidated Assets Invested assets $ 78 $ 116,705 $ 310,679 $ (364 ) $ 427,098 Investments in unconsolidated subsidiaries 68,655 9,107 20,788 (98,550 ) – Reinsurance assets – 63,838 11,309 (30,568 ) 44,579 Other assets 211 18,085 49,956 (22,074 ) 46,178 Segregated funds net assets – 204,493 197,220 (1,925 ) 399,788 Total assets $ 68,944 $ 412,228 $ 589,952 $ (153,481 ) $ 917,643 Liabilities and equity Insurance contract liabilities $ – $ 166,535 $ 257,044 $ (31,304 ) $ 392,275 Investment contract liabilities – 1,227 1,890 – 3,117 Other liabilities 899 21,806 50,836 (21,809 ) 51,732 Long-term debt 4,882 – – – 4,882 Capital instruments 4,755 579 1,646 – 6,980 Segregated funds net liabilities – 204,493 197,220 (1,925 ) 399,788 Shareholders’ and other equity holders’ equity 58,408 17,588 80,855 (98,443 ) 58,408 Participating policyholders’ equity – – (1,233 ) – (1,233 ) Non-controlling – – 1,694 – 1,694 Total liabilities and equity $ 68,944 $ 412,228 $ 589,952 $ (153,481 ) $ 917,643 Condensed Consolidated Statement of Financial Position As at December 31, 2020 MFC JHUSA Other Consolidation Consolidated Assets Invested assets $ 47 $ 112,735 $ 298,524 $ (329 ) $ 410,977 Investments in unconsolidated subsidiaries 64,209 8,078 17,194 (89,481 ) – Reinsurance assets – 65,731 11,172 (31,067 ) 45,836 Other assets 210 25,489 52,648 (22,247 ) 56,100 Segregated funds net assets – 191,955 178,224 (2,743 ) 367,436 Total assets $ 64,466 $ 403,988 $ 557,762 $ (145,867 ) $ 880,349 Liabilities and equity Insurance contract liabilities $ – $ 167,453 $ 249,909 $ (31,808 ) $ 385,554 Investment contract liabilities – 1,208 2,081 (1 ) 3,288 Other liabilities 718 25,594 52,761 (22,001 ) 57,072 Long-term debt 6,164 – – – 6,164 Capital instruments 5,249 584 1,996 – 7,829 Segregated funds net liabilities – 191,955 178,224 (2,743 ) 367,436 Shareholders’ equity 52,335 17,194 72,120 (89,314 ) 52,335 Participating policyholders’ equity – – (784 ) – (784 ) Non-controlling – – 1,455 – 1,455 Total liabilities and equity $ 64,466 $ 403,988 $ 557,762 $ (145,867 ) $ 880,349 Condensed Consolidated Statement of Income For the year ended December 31, 2021 MFC JHUSA Other Consolidation Consolidated Revenue Gross premiums $ – $ 7,782 $ 37,563 $ (1,001 ) $ 44,344 Premiums ceded to reinsurers – (3,243 ) (3,031 ) 995 (5,279 ) Net premium income – 4,539 34,532 (6 ) 39,065 Net investment income (loss) 530 3,779 8,440 (1,125 ) 11,624 Other revenue 33 2,042 9,605 (548 ) 11,132 Total revenue 563 10,360 52,577 (1,679 ) 61,821 Contract benefits and expenses Net benefits and claims – 6,478 28,467 877 35,822 Commissions, investment and general expenses 12 3,451 14,419 (1,436 ) 16,446 Other expenses 390 212 1,946 (1,120 ) 1,428 Total contract benefits and expenses 402 10,141 44,832 (1,679 ) 53,696 Income (loss) before income taxes 161 219 7,745 – 8,125 Income tax (expense) recovery (28 ) 115 (1,300 ) – (1,213 ) Income (loss) after income taxes 133 334 6,445 – 6,912 Equity in net income (loss) of unconsolidated subsidiaries 6,972 1,218 1,552 (9,742 ) – Net income (loss) $ 7,105 $ 1,552 $ 7,997 $ (9,742 ) $ 6,912 Net income (loss) attributed to: Non-controlling $ – $ – $ 255 $ – $ 255 Participating policyholders – (4 ) (448 ) 4 (448 ) Shareholders and other equity holders 7,105 1,556 8,190 (9,746 ) 7,105 $ 7,105 $ 1,552 $ 7,997 $ (9,742 ) $ 6,912 Condensed Consolidated Statement of Income For the year ended December 31, 2020 MFC JHUSA Other Consolidation Consolidated Revenue Gross premiums $ – $ 8,057 $ 34,459 $ (1,108 ) $ 41,408 Premiums ceded to reinsurers – (6,585 ) (3,014 ) 1,108 (8,491 ) Net premium income – 1,472 31,445 – 32,917 Net investment income (loss) 542 14,204 21,727 (1,073 ) 35,400 Other revenue 5 2,869 12,884 (5,167 ) 10,591 Total revenue 547 18,545 66,056 (6,240 ) 78,908 Contract benefits and expenses Net benefits and claims – 14,804 44,293 (3,862 ) 55,235 Commissions, investment and general expenses 17 3,146 13,573 (1,396 ) 15,340 Other expenses 434 230 1,880 (982 ) 1,562 Total contract benefits and expenses 451 18,180 59,746 (6,240 ) 72,137 Income (loss) before income taxes 96 365 6,310 – 6,771 Income tax (expense) recovery (26 ) 54 (1,223 ) – (1,195 ) Income (loss) after income taxes 70 419 5,087 – 5,576 Equity in net income (loss) of unconsolidated subsidiaries 5,801 1,344 1,763 (8,908 ) – Net income (loss) $ 5,871 $ 1,763 $ 6,850 $ (8,908 ) $ 5,576 Net income (loss) attributed to: Non-controlling $ – $ – $ 250 $ – $ 250 Participating policyholders – – (545 ) – (545 ) Shareholders 5,871 1,763 7,145 (8,908 ) 5,871 $ 5,871 $ 1,763 $ 6,850 $ (8,908 ) $ 5,576 Consolidated Statement of Cash Flows For the year ended December 31, 2021 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Operating activities Net income (loss) $ 7,105 $ 1,552 $ 7,997 $ (9,742 ) $ 6,912 Adjustments: Equity in net income of unconsolidated subsidiaries (6,972 ) (1,218 ) (1,552 ) 9,742 – Increase (decrease) in insurance contract liabilities – (562 ) 11,281 – 10,719 Increase (decrease) in investment contract liabilities – 50 (6 ) – 44 (Increase) decrease in reinsurance assets excluding coinsurance transactions – 1,544 (790 ) – 754 Amortization of (premium) discount on invested assets – 57 124 – 181 Other amortization 16 124 389 – 529 Net realized and unrealized (gains) losses and impairment on assets 62 1,533 3,229 – 4,824 Deferred income tax expense (recovery) 34 190 (351 ) – (127 ) Stock option expense – (2 ) 11 – 9 Cash provided by (used in) operating activities before undernoted items 245 3,268 20,332 – 23,845 Dividends from unconsolidated subsidiary 5,000 489 742 (6,231 ) – Changes in policy related and operating receivables and payables (22 ) 424 (1,092 ) – (690 ) Cash provided by (used in) operating activities 5,223 4,181 19,982 (6,231 ) 23,155 Investing activities Purchases and mortgage advances – (31,746 ) (89,219 ) – (120,965 ) Disposals and repayments – 27,194 69,534 – 96,728 Changes in investment broker net receivables and payables – (202 ) 16 – (186 ) Investment in common shares of subsidiaries (3,700 ) – – 3,700 – Net cash flows from acquisition and disposal of subsidiaries and businesses – – (19 ) – (19 ) Capital contribution to unconsolidated subsidiaries – (1 ) – 1 – Return of capital from unconsolidated subsidiaries – 1 – (1 ) – Notes receivable from parent – – (129 ) 129 – Notes receivable from subsidiaries (13 ) – – 13 – Cash provided by (used in) investing activities (3,713 ) (4,754 ) (19,817 ) 3,842 (24,442 ) Financing activities Redemption of long-term debt (1,250 ) – – – (1,250 ) Redemption of capital instruments (468 ) – (350 ) – (818 ) Secured borrowings – – 26 – 26 Change in repurchase agreements and securities sold but not yet purchased – – 186 – 186 Changes in deposits from Bank clients, net – – (164 ) – (164 ) Lease payments – (7 ) (117 ) – (124 ) Shareholders’ dividends and other equity distributions (2,500 ) – – – (2,500 ) Common shares issued, net 51 – 3,700 (3,700 ) 51 Preferred shares and other equity issued, net 3,171 – – – 3,171 Preferred shares redeemed, net (612 ) – – – (612 ) Contributions from (distributions to) non-controlling – – (13 ) – (13 ) Dividends paid to parent – (742 ) (5,489 ) 6,231 – Capital contributions by parent – – 1 (1 ) – Return of capital to parent – – (1 ) 1 – Notes payable to parent – – 13 (13 ) – Notes payable to subsidiaries 129 – – (129 ) – Cash provided by (used in) financing activities (1,479 ) (749 ) (2,208 ) 2,389 (2,047 ) Cash and short-term securities Increase (decrease) during the year 31 (1,322 ) (2,043 ) – (3,334 ) Effect of foreign exchange rate changes on cash and short-term securities – (20 ) (299 ) – (319 ) Balance, beginning of year 47 4,907 20,629 – 25,583 Balance, end of year 78 3,565 18,287 – 21,930 Cash and short-term securities Beginning of year Gross cash and short-term securities 47 5,213 20,907 – 26,167 Net payments in transit, included in other liabilities – (306 ) (278 ) – (584 ) Net cash and short-term securities, beginning of year 47 4,907 20,629 – 25,583 End of year Gross cash and short-term securities 78 4,087 18,429 – 22,594 Net payments in transit, included in other liabilities – (522 ) (142 ) – (664 ) Net cash and short-term securities, end of year $ 78 $ 3,565 $ 18,287 $ – $ 21,930 Supplemental disclosures on cash flow information: Interest received $ 499 $ 4,112 $ 7,847 $ (1,082 ) $ 11,376 Interest paid 396 73 1,594 (1,082 ) 981 Income taxes paid (refund) – (118 ) 689 – 571 Consolidated Statement of Cash Flows For the year ended December 31, 2020 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Operating activities Net income (loss) $ 5,871 $ 1,763 $ 6,850 $ (8,908 ) $ 5,576 Adjustments: Equity in net income of unconsolidated subsidiaries (5,801 ) (1,344 ) (1,763 ) 8,908 – Increase (decrease) in insurance contract liabilities – 11,937 25,045 – 36,982 Increase (decrease) in investment contract liabilities – 48 130 – 178 (Increase) decrease in reinsurance assets excluding coinsurance transactions – (3,133 ) 759 – (2,374 ) Amortization of (premium) discount on invested assets – 54 100 – 154 Other amortization 7 145 504 – 656 Net realized and unrealized (gains) losses and impairment on assets 1 (9,420 ) (13,102 ) – (22,521 ) Deferred income tax expense (recovery) 25 (784 ) 1,039 – 280 Stock option expense – 3 11 – 14 Cash provided by (used in) operating activities before undernoted items 103 (731 ) 19,573 – 18,945 Dividends from unconsolidated subsidiary 3,000 411 1,270 (4,681 ) – Changes in policy related and operating receivables and payables 91 8,459 (7,447 ) – 1,103 Cash provided by (used in) operating activities 3,194 8,139 13,396 (4,681 ) 20,048 Investing activities Purchases and mortgage advances – (34,392 ) (77,589 ) – (111,981) Disposals and repayments – 29,635 69,215 – 98,850 Changes in investment broker net receivables and payables – (431 ) (586 ) – (1,017 ) Investment in common shares of subsidiaries (4,483 ) – – 4,483 – Capital contribution to unconsolidated subsidiaries – (1 ) – 1 – Return of capital from unconsolidated subsidiaries – 22 – (22 ) – Notes receivable from parent – – 1,501 (1,501 ) – Notes receivable from subsidiaries 1,494 – – (1,494 ) – Cash provided by (used in) investing activities (2,989 ) (5,167 ) (7,459 ) 1,467 (14,148 ) Financing activities Issue of long-term debt, net 2,455 – – – 2,455 Redemption of long-term debt (652 ) – – – (652 ) Issue of capital instruments, net 1,990 – – – 1,990 Redemption of capital instruments – – (1,250 ) – (1,250 ) Secured borrowings – 709 667 – 1,376 Change in repurchase agreements and securities sold but not yet purchased – – 24 – 24 Changes in deposits from Bank clients, net – – (579 ) – (579 ) Lease payments – (9 ) (125 ) – (134 ) Shareholders’ dividends paid in cash (2,340 ) – – – (2,340 ) Contributions from (distributions to) non-controlling – – (10 ) – (10 ) Common shares repurchased (253 ) – – – (253 ) Common shares issued, net 36 – 4,483 (4,483 ) 36 Dividends paid to parent – (1,270 ) (3,411 ) 4,681 – Capital contributions by parent – – 1 (1 ) – Return of capital to parent – – (22 ) 22 – Notes payable to parent – – (1,494 ) 1,494 – Notes payable to subsidiaries (1,501 ) – – 1,501 – Cash provided by (used in) financing activities (265 ) (570 ) (1,716 ) 3,214 663 Cash and short-term securities Increase (decrease) during the year (60 ) 2,402 4,221 – 6,563 Effect of foreign exchange rate changes on cash and short-term securities 85 (59 ) (554 ) – (528 ) Balance, beginning of year 22 2,564 16,962 – 19,548 Balance, end of year 47 4,907 20,629 – 25,583 Cash and short-term securities Beginning 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, beginning of year 22 2,564 16,962 – 19,548 End of year Gross cash and short-term securities 47 5,213 20,907 – 26,167 Net payments in transit, included in other liabilities – (306 ) (278 ) – (584 ) Net cash and short-term securities, end of year $ 47 $ 4,907 $ 20,629 $ – $ 25,583 Supplemental disclosures on cash flow information: Interest received $ 522 $ 4,334 $ 7,992 $ (1,112 ) $ 11,736 Interest paid 426 109 1,765 (1,112 ) 1,188 Income taxes paid (refund) (2 ) 721 639 – 1,358

Comparatives

Comparatives	12 Months Ended
	Dec. 31, 2021
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Comparatives	Note 24 Comparatives Certain comparative amounts have been reclassified to conform to the current year’s presentation.

IFRS 7 Disclosures

IFRS 7 Disclosures	12 Months Ended
	Dec. 31, 2021
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IFRS 7 Disclosures	Market Risk Market risk is the risk of loss resulting from market price volatility, interest rate change, credit and swap spread changes, and adverse foreign exchange rate movements. Market price volatility primarily relates to changes in prices of publicly traded equities and alternative long-duration assets. The profitability of our insurance and annuity products, as well as the fees we earn in our investment management business, are subject to market risk. Please read below for details on factors that could impact our level of market risk and the strategies used to manage this risk: IFRS 7 Disclosures Text and tables in this and the following section (“Market Risk Sensitivities and Market Risk Exposure Measures”) include disclosures on market and liquidity risk in accordance with IFRS 7, “Financial Instruments – Disclosures”, and discussions on how we measure risk and our objectives, policies and methodologies for managing them. Disclosures in accordance with IFRS 7 are identified by a vertical line in the left margin of each page. The identified text and tables represent an integral part of our audited annual Consolidated Financial Statements for the years ended December 31, 2021 and December 31, 2020. The fact that certain text and tables are considered an integral part of the Consolidated Financial Statements does not imply that the disclosures are of any greater importance than the sections not part of the disclosure. Accordingly, the “Risk Management and Risk Factors” disclosure should be read in its entirety. 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 Public Equity Risk Interest Rate ALDA Foreign Liquidity Risk Product design and pricing Variable Macro equity Asset liability management Foreign exchange management Liquidity risk management Public Equity Risk Interest Rate and Spread Risk ALDA Risk Foreign Exchange Risk Liquidity Risk day-to-day Our liquidity risk management framework is 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. Refer to “Liquidity Risk Management Strategy” below for more information. 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, ensuring 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 through 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 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 (“OTC”) derivative contracts to offset the change in value of variable annuity guarantees. The main derivative instruments used are equity index futures, government bond futures, currency futures, interest rate swaps, total return swaps, equity options and interest rate swaptions. The hedge instruments’ positions against policy liabilities are continuously monitored as market conditions change. As necessary, the hedge asset positions will be dynamically rebalanced in order to stay within established limits. We may also utilize other derivatives with the objective to improve hedge effectiveness opportunistically. 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 guaranteed, adjustable liabilities and variable universal life; •   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 patterns, policyholder options and guarantees, and crediting rate strategies of the products they support. The strategies are set using portfolio analysis techniques intended to optimize returns, subject to considerations related to regulatory and economic capital requirements, and risk tolerances. They are designed to achieve broad diversification across asset classes and individual investment risks while being suitably aligned with the liabilities they support. The strategies encompass asset mix, quality rating, term profile, liquidity, currency and industry concentration targets. 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 and the impact of regulatory and economic capital requirements. Fixed income assets are managed to a benchmark developed to minimize interest rate risk against the liability cash flows. 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. 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 considering 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 investments 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. 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. As at December 31, 2021, the Company held $268.4 billion in cash and cash equivalents, comprised of cash on deposit, Canadian and U.S. Treasury Bills and high quality short-term investments, and marketable assets comprised of investment grade government and agency bonds, investment grade corporate bonds, investment grade securitized instruments, publicly traded common stocks and preferred shares, compared with $262.9 billion as at December 31, 2020 as noted in the table below. As at December 31, ($ millions, unless otherwise stated) 2021 2020 Cash and cash equivalents $ 22,594 $ 26,167 Marketable assets Government bonds (investment grade) 77,743 79,511 Corporate bonds (investment grade) 138,479 131,930 Securitized — ABS, CMBS, RMBS (investment grade) 2,892 2,989 Public equities 26,706 22,294 Total marketable assets 245,820 236,724 Total cash and cash equivalents and marketable assets ( 1 ) $ 268,414 $ 262,891 (1) Including $6.6 billion encumbered cash and cash equivalents and marketable assets as at December 31, 2021 (2020 – $6.8 billion). We have established a variety of contingent liquidity sources. These include 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 U.S. subsidiaries. There were no outstanding borrowings under these facilities as of December 31, 2021 (2020 – nil). In addition, John Hancock Life Insurance Company (U.S.A.) (“JHUSA”) is a member of the Federal Home Loan Bank of Indianapolis (“FHLBI”), which enables the company to obtain loans from FHLBI as an alternative source of liquidity that is collateralizable by qualifying mortgage loans, mortgage-backed securities and U.S. Treasury and Agency securities. As of December 31, 2021, JHUSA had an estimated maximum borrowing capacity of US$4.4 The following table outlines the maturity of the Company’s significant financial liabilities. Maturity of financial liabilities (1) As at December 31, 2021 ($ millions) Less than 1 year 1 to 3 3 to 5 Over 5 Total Long-term debt $ – $ – $ 1,605 $ 3,277 $ 4,882 Capital instruments – 579 – 6,401 6,980 Derivatives 294 387 379 8,978 10,038 Deposits from bank clients (2) 16,091 2,593 2,036 – 20,720 Lease liabilities 89 116 50 70 325 (1)  (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 $502.4 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 (1) As at December 31, 2021 (2) 2020 (2) Guarantee (2) Fund value Net amount risk (2),(3),(4) Guarantee (2) Fund value Net amount risk (2),(3),(4) Guaranteed minimum income benefit $ 4,419 $ 3,603 $ 918 $ 4,555 $ 3,642 $ 1,064 Guaranteed minimum withdrawal benefit 39,098 41,809 2,233 42,570 44,075 3,128 Guaranteed minimum accumulation benefit 19,820 20,226 12 18,463 18,945 8 Gross living benefits (5) 63,337 65,638 3,163 65,588 66,662 4,200 Gross death benefits (6) 11,105 22,920 618 10,652 19,548 710 Total gross of reinsurance 74,442 88,558 3,781 76,240 86,210 4,910 Living benefits reinsured 3,788 3,102 771 3,917 3,157 895 Death benefits reinsured 639 547 253 685 534 282 Total reinsured 4,427 3,649 1,024 4,602 3,691 1,177 Total, net of reinsurance $ 70,015 $ 84,909 $ 2,757 $ 71,638 $ 82,519 $ 3,733 (1) (2)  Guaranteed Value and Net Amount at Risk in respect of guaranteed minimum withdrawal business in Canada and the U.S. have been updated in 2021 to reflect the time value of money of these claims. This methodology change also had a minor impact on the allocation of fund values between living benefits and death benefits. See footnotes 5 and 6. Values at December 31, 2020 have been restated to reflect this revised methodology. (3)   (in-the-money (4)  run-off (5)  (6)              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 2021 2020 Equity funds $ 52,528 $ 47,348 Balanced funds 43,783 42,414 Bond funds 10,965 11,944 Money market funds 1,844 2,113 Other fixed interest rate investments 1,917 1,992 Total $ 111,037 $ 105,811 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 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 public 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, 2021 ($ millions) -30% -20% -10% +10% +20% +30% Underlying sensitivity to net income attributed to shareholders (4) Variable annuity guarantees $ (2,560 ) $ (1,480 ) $ (630 ) $ 440 $ 750 $ 960 General fund equity investments (5) (1,430 ) (890 ) (440 ) 450 880 1,320 Total underlying sensitivity before hedging (3,990 ) (2,370 ) (1,070 ) 890 1,630 2,280 Impact of macro and dynamic hedge assets (6) 2,060 1,190 500 (470 ) (820 ) (1,110 ) Net potential impact on net income attributed to shareholders after impact of hedging $ (1,930 ) $ (1,180 ) $ (570 ) $ 420 $ 810 $ 1,170 As at December 31, 2020 ($ millions) -30% -20% -10% +10% +20% +30% Underlying sensitivity to net income attributed to shareholders (4) Variable annuity guarantees $ (3,150 ) $ (1,850 ) $ (800 ) $ 600 $ 1,040 $ 1,350 General fund equity investments (5) (1,350 ) (840 ) (410 ) 380 760 1,130 Total underlying sensitivity before hedging (4,500 ) (2,690 ) (1,210 ) 980 1,800 2,480 Impact of macro and dynamic hedge assets (6) 2,420 1,410 600 (620) (1,110) (1,480) Net potential impact on net income attributed to shareholders after impact of hedging $ (2,080) $ (1,280) $ (610 ) $ 360 $ 690 $ 1,000 (1)  (2)  (3)  (4)  (5)  (6)  5             The following table shows the potential impact to MLI’s LICAT ratio resulting from changes in public equity market values. Potential immediate impact on MLI’s LICAT ratio arising from public equity returns different than the expected returns assumed in the valuation of policy liabilities (1),(2),(3) Impact on MLI’s LICAT ratio Percentage points -30% -20% -10% +10% +20% +30% December 31, 2021 (1 ) – – – 1 – December 31, 2020 (3 ) (1 ) (1 ) – – (1 ) (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, 2021, 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 $200 million, and to a 50 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 (currently zero floor applies to all countries we operate in except Japan), 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 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 ASB. 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 interest rate and spread risk sensitivities are determined in isolation of each other and therefore do not reflect the combined impact of changes in government rates and credit spreads between government, swap and corporate rates occurring simultaneously. As a result, the impact of the summation of each individual sensitivity may be materially different from the impact of sensitivities to simultaneous changes in interest rate and spread risk. The potential 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. In June 2021, the ASB issued a new promulgation with reductions to the URR and updates to the calibration criteria for stochastic risk-free rates. The updated standard included a reduction of 15 basis points in the URR and a corresponding change to stochastic risk-free rate modeling and was effective October 15, 2021. At December 31, 2021, 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 on net income attributed to shareholders 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

Nature of Operations and Sign_2

Nature of Operations and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
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 and Risk Factors” in the 2021 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, 2021 were authorized for issue by MFC’s Board of Directors on February 9, 2022.
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 evaluating assumptions used in measuring insurance and investment contract liabilities, assessing assets for impairment, determining pension and other post-employment benefit obligation and expense assumptions, determining income taxes and uncertain tax positions, and estimating fair values of certain invested assets. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimates are revised and in any future years affected. Although some variability is inherent in these estimates, management believes that the amounts recorded are appropriate. The 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. The Company’s results and operations have been and may continue to be adversely impacted by COVID-19 The uncertainty regarding key inputs used in establishing the carrying amounts of certain invested assets are outlined in note 3. The Company has applied appropriate measurement techniques using reasonable judgment and estimates from the perspective of a market participant to reflect current economic conditions. The impact of these techniques has been reflected in these Financial Statements. Changes in the inputs used could materially impact the respective carrying values.
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; fair value is an exit value. When available, quoted market prices are used to determine fair value. If quoted market prices are not available, fair value is typically based upon alternative valuation techniques such as discounted cash flows, matrix pricing, consensus pricing services and other techniques. Broker quotes are generally used when external public vendor prices are not available. The Company has a valuation process in place that includes a review of price movements relative to the market, a comparison of prices between vendors, and a comparison to internal matrix pricing which uses 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 measurement results according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company’s valuation techniques based on their reliability. A level is assigned to each fair value measurement based on the lowest level input significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are defined as follows: Level 1 – Fair value measurements that reflect unadjusted, quoted prices in active markets for identical assets and liabilities that the Company can access at the measurement date, reflecting market transactions. Level 2 – Fair value measurements using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in inactive markets, inputs that are observable that are not prices (such as interest rates, credit risks, etc.) and inputs that are derived from or corroborated by observable market data. Most debt 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, credit default 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 it controls, including certain structured entities. Subsidiaries are entities controlled by the Company. The Company has control over an entity when the Company has the power to govern the financial and operating policies of the entity and is exposed to variable returns from its activities which are significant in relation to the total variable returns of the entity and the Company is able to use its power over the entity to affect the Company’s share of variable returns of the entity. In assessing control, significant judgment is applied while considering all relevant facts and circumstances. When assessing decision making power over an entity, the Company considers the extent of its rights relative to the management of the entity, the level of voting rights held over the entity which are potentially or presently exercisable, the existence of any contractual management agreements which may provide the Company with power over the entity’s financial and operating policies, and to the extent of other parties’ ownership in the entity, if any, the possibility for de facto control being present. When assessing variable returns from an entity, the Company considers the significance of direct and indirect financial and non-financial 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 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 revenue 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 rights and other relationships with the entity, if any, provide the Company with significant influence or joint control over the entity. Gains and losses on the sale of associates or joint ventures are included in income when realized, while impairment losses are recognized immediately when there is objective evidence of impairment. Gains and losses on commercial transactions with associates or joint ventures are eliminated to the extent of the Company’s interest in the equity of the associate or joint venture. Investments in associates and joint ventures are included in other invested assets on the Company’s Consolidated Statements of Financial Position.
Invested assets	(e) Invested assets Invested assets that are considered financial instruments are classified as fair value through profit or loss (“FVTPL”), lo a 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 fair value valuations within the three levels of the fair value hierarchy for invested assets carried at fair value or 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 debt securities held for meeting short-term cash commitments. Short-term securities are comprised of investments due to mature within one year of the date of purchase. Short-term securities are carried at fair value. Commercial paper and discount notes are classified as Level 2 for fair value disclosure purposes 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 or amortized cost. 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 for fair value disclosure purposes 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. Debt securities which are classified as held-to-maturity Public equities are comprised of common and preferred equities and mutual fund shares and are carried at fair value. Public equities are generally classified as Level 1 for fair value disclosure purposes, 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. Significant 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 disclosure 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 liabilities within 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 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 subsequent 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, loans to Bank clients and certain other invested assets 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. Loans originated by the Company are recognized on a settlement date basis. Real estate consists of both own use property and investment property. Own use property, held for use for the Company’s operations, 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 primarily 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 group of CGUs for impairment testing at the lowest level within the entity where the goodwill is monitored for internal management purposes. The allocation is made to those CGUs or group of CGUs that are expected to benefit from the business combination in which the goodwill arose. Any potential impairment of goodwill is identified by comparing the recoverable amount with the carrying value of a CGU or group of CGUs. Goodwill is reduced by the amount of deficiency, if any. If the deficiency exceeds the carrying amount of goodwill, the carrying values of the remaining assets in the CGU or group of CGUs are subject to being reduced by the remaining deficiency on a pro-rata The recoverable amount of a CGU or group of CGUs is the higher of the estimated fair value less costs to sell or the value-in-use value-in-use, pre-tax market assessments of the time value of money and the risks specific to the CGU or group of CGUs. In some cases, the most re c Intangible assets with indefinite useful lives include the John Hancock brand name, certain investment management contracts and certain agricultural water rights. The indefinite useful life assessment for the John Hancock brand name is based on the brand name being protected by indefinitely renewable trademarks in markets where branded products are sold, and for certain investment management contracts based on the ability to renew these contracts indefinitely. In addition, there are no legal, regulatory or contractual provisions that limit the useful lives of these intangible assets. Certain agricultural water rights are held in perpetuity. An intangible asset with an indefinite useful life is not amortized but is subject to an annual impairment test which is performed more frequently if an indication that it is not recoverable arises. Intangible assets with finite useful lives include acquired distribution networks, customer relationships, capitalized software, and certain investment management contracts and other contractual rights. Distribution networks, customer relationships, and other finite life intangible assets are amortized over their estimated useful lives, six hree
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, deferred acquisition costs and capital assets. Rabbi trust assets are carried at fair value. Defined benefit assets carrying value is explained in note 1(o). Deferred acquisition costs are carried at cost less accumulated amortization and are amortized over the period 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
Segregated funds	(h) Segregated funds The Company manages segregated funds on behalf of policyholders, which are presented as segregated fund net assets with offsetting segregated funds net liabilities to policyholders in the amount of their account balances. Amounts invested by the Company in segregated funds for seed purposes are presented within invested asset categories based on the nature of the underlying investments. 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 from the investments. The Company has determined that it does not have control over the underlying investments as it acts as an agent on behalf of segregated fund policyholders. The methodology applied to determine the fair value of investments held in segregated funds is consistent with that applied to invested assets held by the general fund, as described above in note 1(e). Segregated funds liabilities are measured based on the value of the segregated funds net assets. Investment returns on segregated funds assets 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 and administering 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 FVTPL by election. The election reduces accounting mismatches between FVTPL assets supporting these contracts and the related contract 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 FVTPL.
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
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. Foreign exchange gains and losses on these translations are recognized in OCI, subject to reclassification to income upon disposal of a foreign operation.
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 granted is accrued based on the best estimate of the number of instruments expected to vest, with revisions made to that estimate if subsequent information indicates that actual forfeitures are likely to differ from initial forfeiture estimates, unless forfeitures are due to market-based conditions. Stock options are expensed with a corresponding increase in contributed surplus. Restricted share units and deferred share units are expensed with a corresponding liability accrued based on the market value of MFC’s common shares at the end of each quarter. Performance share units are expensed with a corresponding liability accrued based on specific performance conditions and the market value of MFC’s common shares at the end of each quarter. The change in the value of the awards resulting from changes in the market value of MFC’s common shares or changes in the specific performance conditions and credited dividends is recognized in income, offset by the impact of total return swaps used to manage the variability of the related liabilities. Stock-based compensation cost is recognized over the applicable vesting period, unless the employee is eligible to retire at the time of grant or will be eligible to retire during the vesting period. Compensation costs attributable to stock options, restricted share units, and performance share units granted to employees who are eligible to retire on the grant date or who will become eligible to retire during the vesting period, are recognized at the grant date or over the period from the grant date to the date of retirement eligibility, respectively. The Company’s contributions to the Global Share Ownership Plan (“GSOP”) (refer to note 14(d)), are expensed as incurred. Under the GSOP, subject to certain conditions, the Company will match a percentage of an employee’s eligible contributions to certain maximums. All contributions are used by the plan’s trustee to purchase MFC common shares in the open market on behalf of participating employees.
Employee future benefits	(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 benefit obligations and that are denominated in the same currency in which the benefits are expected to be paid. To determine the Company’s net defined benefit asset or liability, the 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 which are separate financial instruments are recorded at fair value, and those with unrealized gains reported as derivative assets and those with unrealized losses 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 that 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 stock-based compensation awards, 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 upon disposal of the foreign operation.
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 si n
Changes in accounting and reporting policy	(a) Changes in accounting and reporting policy Interest Rate Benchmark Reform Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 were issued in August 2020, are related to interest rate benchmark reform and are effective retrospectively for annual periods beginning January 1, 2021. The amendments provide relief from modification of financial assets and liabilities, and discontinuation of hedge relationships, when changing risk free interest rate benchmarks due to interest rate benchmark reform. The amendments include a practical expedient to treat changes in risk free rates as a change to a floating interest rate with an update to the effective rate of interest, rather than as a change in future cash flows which might require adjustments to carrying values through recording a modification gain or loss. The Company’s exposure to these changes through invested assets, derivatives and subordinate debt is not significant and has not resulted in significant changes to the Company’s risk management strategies.
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 conjunction with the amendments to IFRS 17 “Insurance Contracts” issued in June 2020, the IASB amended IFRS 4 “Insurance Contracts” to permit eligible insurers to apply IFRS 9 effective January 1, 2023, alongside IFRS 17. 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, 2023 as permitted under the June 2020 amendments to IFRS 4 “Insurance Contracts”. The Company is assessing the impact of this standard on the Company’s Consolidated Financial Statements. (ii) IFRS 17 “Insurance Contracts” IFRS 17 “Insurance Contracts” was issued in May 2017 to be effective for years beginning on January 1, 2021. Amendments to IFRS 17 “Insurance Contracts” were issued in June 2020 and include a two-year deferral of the effective date. IFRS 17 as amended, is effective for years beginning on January 1, 2023, 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. Narrow-scope amendments to IFRS 17 “Insurance Contracts” were issued in December 2021 and are effective on initial application of IFRS 17 and IFRS 9 “Financial Instruments” which the Company will adopt on January 1, 2023. The amendments remove accounting mismatches between insurance contract liabilities and financial assets in scope of IFRS 9 within comparative prior periods when initially applying IFRS 17 and IFRS 9. The amendments allow insurers to present comparative information on financial assets as if IFRS 9 were fully applicable during the comparative period. The amendments do not permit application of IFRS 9 hedge accounting principles to the comparative period. The Company is considering the effect of these amendments on its IFRS 9 transition disclosures. The principles underlying IFRS 17 differ from CALM as permitted by IFRS 4. While there are many differences, the following outlines some of the key differences: • Under IFRS 17 the discount rate used to estimate the present value of insurance contract 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 insurance contract 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 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 asset and is independent of the liability measurement. • Under IFRS 17 the discount rate is not related to the expected return on ALDA and public equity assets, and as a result, the earnings sensitivity of a change in return assumptions for ALDA and public equity will be significantly reduced. • Under IFRS 17 the discount rate used to present value future cashflows is disconnected from the assets the Company holds to support its insurance contract liabilities. As a result, the Company is considering electing the other comprehensive income option under IFRS 17 for insurance contract liabilities and the fair value through other comprehensive income option under IFRS 9 for fixed income assets. • Under IFRS 17 new business gains are recorded on the Consolidated Statements of Financial Position (in the Contractual Service Margin component of the insurance contract liability) and amortized into income as services are provided. New business losses are recorded into income immediately. Under CALM, both new business gains and new business losses are recognized in income immediately. • The change in timing of recognition of earnings under IFRS 17 does not impact the cash flows generated by the business, and, hence, IFRS 17 does not impact the economics of the Company’s business. The value of new business will be recorded in the Contractual Service Margin on the Consolidated Statements of Financial Position. An increase in the Contractual Service Margin is indicative of growth in future earnings, all else being equal. The Company continues its assessment of the implications of this standard and expects that it will have a significant impact on the Company’s Consolidated Financial Statements. The establishment of a Contractual Service Margin on in-force business is expected to lead to an increase in insurance contract liabilities and a corresponding decrease in equity upon transition. The Contractual Service Margin represents unearned profits that are expected to amortize into income as services are provided. The Company continues to evaluate the potential impacts of all other changes including available accounting policy choices under IFRS 17 on the measurement of its insurance contract liabilities. (iii) Annual Improvements 2018 – 2020 Cycle Annual Improvements 2018 – 2020 Cycle was issued in May 2020 and is effective on or after January 1, 2022. The IASB issued four minor amendments to different standards as part of the Annual Improvements process, to be applied prospectively. Adoption of these amendments is not expected to have a significant impact on the Company’s Consolidated Financial Statements. (iv) Amendments to IFRS 3 “Business Combinations” Amendments to IFRS 3 “Business Combinations” were issued in May 2020, and are effective on or after January 1, 2022, with earlier application permitted. The amendments update references within IFRS 3 to the 2018 Conceptual Framework and require that the principles in IAS 37 “Provisions, Contingent Liabilities and Contingent Assets” be used to identify liabilities and contingent assets arising from a business combination. Adoption of these amendments is not expected to have a significant impact on the Company’s Consolidated Financial Statements. (v) Amendments to IAS 37 “Provisions, Contingent Liabilities and Contingent Assets” Amendments to IAS 37 “Provisions, Contingent Liabilities and Contingent Assets” were issued in May 2020, and are effective on or after January 1, 2022, with earlier application permitted. The amendments address identifying onerous contracts and specify the cost of fulfilling a contract which includes all costs directly related to the contract. These include incremental direct costs and allocations of other costs that relate directly to fulfilling the contract. Adoption of these amendments is not expected to have a significant impact on the Company’s Consolidated Financial Statements. (vi) Amendments to IAS 1 “Presentation of Financial Statements” Amendments to IAS 1 “Presentation of Financial Statements” and IFRS Practice Statement 2 “Making Materiality Judgements” were issued in February 2021 and are effective prospectively on or after January 1, 2023 with earlier application permitted. The amendments address the process of selecting accounting policy disclosures, which will be based on assessments of the materiality of the accounting policies to the entity’s financial statements. Adoption of these amendments is not expected to have a significant impact on the Company’s Consolidated Financial Statements. (vii) Amendments to IAS 8 “Accounting Policies, Changes to Accounting Estimates and Errors” Amendments to IAS 8 “Accounting Policies, Changes to Accounting Estimates and Errors” were issued in February 2021, and are effective prospectively on or after January 1, 2023, with earlier application permitted. The amendments include new definitions of estimate and change in accounting estimate, intended to help clarify the distinction among changes in accounting estimates, changes in accounting policies, and corrections of errors. Adoption of these amendments is not expected to have a significant impact on the Company’s Consolidated Financial Statements.

Invested Assets and Investmen_2

Invested Assets and Investment Income (Tables)	12 Months Ended
	Dec. 31, 2021
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Schedule of Carrying Values and Fair Values of Invested Assets	(a) Carrying values and fair values of invested assets As at December 31, 2021 FVTPL (1) AFS (2) Other (3) Total carrying (4) Total fair (5) Cash and short-term securities (6) $ 2,214 $ 14,339 $ 6,041 $ 22,594 $ 22,594 Debt securities (3),(7),(8) Canadian government and agency 18,706 3,964 – 22,670 22,670 U.S. government and agency 12,607 18,792 852 32,251 32,254 Other government and agency 21,888 2,871 – 24,759 24,759 Corporate 133,763 7,332 468 141,563 141,560 Mortgage/asset-backed securities 2,758 138 – 2,896 2,896 Public equities (9) 25,716 2,351 – 28,067 28,067 Mortgages – – 52,014 52,014 54,089 Private placements (8) – – 42,842 42,842 47,276 Policy loans – – 6,397 6,397 6,397 Loans to Bank clients – – 2,506 2,506 2,503 Real estate Own use property (10) – – 1,812 1,812 3,024 Investment property – – 11,421 11,421 11,421 Other invested assets Alternative long-duration assets (11) 21,022 89 10,093 31,204 31,863 Various other (12) 135 – 3,967 4,102 4,102 Total invested assets $ 238,809 $ 49,876 $ 138,413 $ 427,098 $ 435,475 As at December 31, 2020 FVTPL (1) AFS (2) Other (3) Total carrying (4) Total fair (5) Cash and short-term securities (6) $ 2,079 $ 18,314 $ 5,774 $ 26,167 $ 26,167 Debt securities (7),(8) Canadian government and agency 20,667 4,548 – 25,215 25,215 U.S. government and agency 11,449 19,787 – 31,236 31,236 Other government and agency 19,732 4,613 – 24,345 24,345 Corporate 128,297 6,566 – 134,863 134,863 Mortgage/asset-backed securities 2,916 149 – 3,065 3,065 Public equities (9) 22,071 1,651 – 23,722 23,722 Mortgages – – 50,207 50,207 54,230 Private placements (8) – – 40,756 40,756 47,890 Policy loans – – 6,398 6,398 6,398 Loans to Bank clients – – 1,976 1,976 1,982 Real estate Own use property (10) – – 1,850 1,850 3,017 Investment property – – 10,982 10,982 10,982 Other invested assets Alternative long-duration assets (11) 16,183 88 9,901 26,172 27,029 Various other (12) 145 – 3,878 4,023 4,023 Total invested assets $ 223,539 $ 55,716 $ 131,722 $ 410,977 $ 424,164 (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 available-for-sale (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, and leveraged leases. Also includes debt securities classified as held-to-maturity (4) Invested assets above include debt securities, mortgages, private placements and approximately $323 (2020 – $246) of other invested assets, which primarily have contractual cash flows that qualify as Solely Payment of Principal and Interest (“SPPI”). Invested assets which do not have SPPI qualifying cash flows as at December 31, 2021 include debt securities, private placements and other invested assets with fair values of $nil, $181 and $518, respectively (2020 – $94, $211 and $380, respectively). The change in the fair value of these invested assets during the year was $15 (2020 – $44). (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 $7,314 (2020 – $7,062) cash equivalents with maturities of less than 90 days at acquisition amounting to $9,239 (2020 – $13,331) and cash of $6,041 (2020 – $5,774). (7) Debt securities include securities which were acquired with maturities of less than one year and less than 90 days of $2,196 and $347, respectively (2020 – $1,971 and $129, respectively). (8) Floating rate invested assets above which are subject to interest rate benchmark reform, but have not yet transitioned to replacement reference rates, include debt securities benchmarked to CDOR and USD LIBOR of $176 and $1,002 (2020 – $109 and $842 , The interest rate benchmark reform is expected to have an impact on the valuation of invested assets whose value is tied to the affected interest rate benchmarks. The Company has assessed its exposure at the contract level, by benchmark and instrument type. The Company is monitoring market developments with respect to alternative reference rates and the time horizon during which they will evolve. As at December 31, 2021, the interest rate benchmark reform has not resulted in significant changes in the Company’s risk management strategy. (9) Includes $5 (2020 – $229) of public equities that are managed in conjunction with the Company’s alternative long - (10) Includes accumulated depreciation of $407 (2020 – $376). (11) Alternative long-duration assets (“ALDA”) include investments in private equity of $11,598, infrastructure of $9,824, oil and gas of $1,950, timber and agriculture of $5,259 and various other invested assets of $2,573 (2020 – $7,954, $9,127, $2,296, $4,819 and $1,976, respectively). (12) Includes $3,457 (2020 – $3,371) of leveraged leases. Refer to note 1(e).
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. 2021 2020 As at December 31, Carrying % of total Carrying % of total Leveraged leases $ 3,457 40 $ 3,371 40 Timber and agriculture 808 9 694 8 Real estate 1,528 17 1,187 14 Other 3,025 34 3,222 38 Total $ 8,818 100 $ 8,474 100 The Company’s share of profit and dividends from these investments for the year ended December 31, 2021 were $1,300 and $2, respectively (2020 – $315 and $2).
Schedule of Investment Income	(c) Investment income For the year ended December 31, 2021 FVTPL AFS Other (1) Total Cash and short-term securities Interest income $ 12 $ 84 $ – $ 96 Gains (losses) (2) 85 (22 ) – 63 Debt securities Interest income 5,645 576 9 6,230 Gains (losses) (2) (5,600 ) (266 ) – (5,866 ) Recovery (impairment loss), net 28 1 – 29 Public equities Dividend income 670 61 – 731 Gains (losses) (2) 3,221 250 – 3,471 Impairment loss, net – (3 ) – (3 ) Mortgages Interest income – – 1,709 1,709 Gains (losses) (2) – – 133 133 Provision, net – – 1 1 Private placements Interest income – – 1,931 1,931 Gains (losses) (2) – – 270 270 Impairment loss, net – – 45 45 Policy loans – – 366 366 Loans to Bank clients Interest income – – 77 77 Provision, net – – (2 ) (2 ) Real estate Rental income, net of depreciation (3) – – 453 453 Gains (losses) (2) – – 677 677 Derivatives Interest income, net 1,085 – (35 ) 1,050 Gains (losses) (2) (5,925 ) – (14 ) (5,939 ) Other invested assets Interest income – – 57 57 Oil and gas, timber, agriculture and other income – – 2,996 2,996 Gains (losses) (2) 2,554 23 527 3,104 Impairment loss, net – – (55 ) (55 ) Total investment income $ 1,775 $ 704 $ 9,145 $ 11,624 Investment income Interest income $ 6,742 $ 661 $ 4,114 $ 11,517 Dividend, rental and other income 670 61 3,449 4,180 Impairments, provisions and recoveries, net 28 (2 ) (11 ) 15 Other (76 ) (66 ) 57 (85 ) 7,364 654 7,609 15,627 Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on the macro hedge program Debt securities (5,605 ) 20 – (5,585 ) Public equities 3,187 33 – 3,220 Mortgages – – 133 133 Private placements – – 270 270 Real estate – – 696 696 Other invested assets 2,628 (3 ) 451 3,076 Derivatives, including macro hedge program (5,799 ) – (14 ) (5,813 ) (5,589 ) 50 1,536 (4,003 ) Total investment income $ 1,775 $ 704 $ 9,145 $ 11,624 For the year ended December 31, 2020 FVTPL AFS Other (1) Total Cash and short-term securities Interest income $ 24 $ 145 $ – $ 169 Gains (losses) (2) (24 ) (112 ) – (136 ) Debt securities Interest income 5,805 692 – 6,497 Gains (losses) (2) 10,739 2,785 – 13,524 Impairment loss, net (113 ) (6 ) – (119 ) Public equities Dividend income 517 38 – 555 Gains (losses) (2) 2,020 21 – 2,041 Impairment loss, net – (54 ) – (54 ) Mortgages Interest income – – 1,837 1,837 Gains (losses) (2) – – 86 86 Provision, net – – (18 ) (18 ) Private placements Interest income – – 1,883 1,883 Gains (losses) (2) – – (18 ) (18 ) Impairment loss, net – – (88 ) (88 ) Policy loans – – 390 390 Loans to Bank clients Interest income – – 72 72 Provision, net – – (2 ) (2 ) Real estate Rental income, net of depreciation (3) – – 468 468 Gains (losses) (2) – – (18 ) (18 ) Derivatives Interest income, net 924 – (31 ) 893 Gains (losses) (2) 6,501 – 28 6,529 Other invested assets Interest income – – 72 72 Oil and gas, timber, agriculture and other income – – 1,435 1,435 Gains (losses) (2) (210 ) 1 32 (177 ) Impairment loss, net (9 ) (16 ) (396 ) (421 ) Total investment income $ 26,174 $ 3,494 $ 5,732 $ 35,400 Investment income Interest income $ 6,753 $ 837 $ 4,223 $ 11,813 Dividend, rental and other income 517 38 1,903 2,458 Impairments, provisions and recoveries, net (123 ) (76 ) (504 ) (703 ) Other 241 2,685 (61 ) 2,865 7,388 3,484 5,561 16,433 Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on the macro hedge program Debt securities 10,747 1 – 10,748 Public equities 1,908 9 – 1,917 Mortgages – – 86 86 Private placements – – (47 ) (47 ) Real estate – – 1 1 Other invested assets (318 ) – 103 (215 ) Derivatives, including macro hedge program 6,449 – 28 6,477 18,786 10 171 18,967 Total investment income $ 26,174 $ 3,494 $ 5,732 $ 35,400 (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, 2021 2020 Related to invested assets $ 633 $ 649 Related to segregated, mutual and other funds 1,347 1,138 Total investment expenses $ 1,980 $ 1,787
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, 2021 2020 Rental income from investment properties $ 837 $ 874 Direct operating expenses of rental investment properties (464 ) (491 ) Total $ 373 $ 383
Summary of Securitized Assets and Secured Borrowing Liabilities	Securitized assets and secured borrowing liabilities As at December 31, 2021 Securitized assets Securitization program Securitized Restricted cash and Total Secured borrowing (2) HELOC securitization (1) $ 2,618 $ 1 $ 2,619 $ 2,500 CMB securitization 2,075 – 2,075 2,098 Total $ 4,693 $ 1 $ 4,694 $ 4,598 As at December 31, 2020 Securitized assets Securitization program Securitized Restricted cash and Total Secured borrowing (2) HELOC securitization (1) $ 2,356 $ – $ 2,356 $ 2,250 CMB securitization 2,273 – 2,273 2,332 Total $ 4,629 $ – $ 4,629 $ 4,582 (1) Manulife Bank, a subsidiary, securitizes a portion of its HELOC receivables through Platinum Canadian Mortgage Trust II (“PCMT II”). PCMT II funds the purchase of the co-ownership (2) The PCMT II notes payable have floating rates of interest and are secured by the PCMT II assets. Under the terms of the agreements, no principal is expected to be repaid within one year, $383 within 1-3 years, $1,815 within 3-5 years and $302 beyond 5 years. There is no specific maturity date for the contractual agreements. Under the terms of the notes, additional collateral must be provided to the series as added credit protection and the Series Purchase Agreements govern the amount of over-collateralization for each of the term notes outstanding. Manulife Bank also securitizes insured amortizing mortgages under the National Housing Act Mortgage-Backed Securities (“NHA MBS”) program sponsored by CMHC. Manulife Bank participates in CMB programs by selling NHA MBS securities to Canada Housing Trust (“CHT”), as a source of fixed rate funding.
Summary of Invested Assets and Segregated Funds Net Assets, Measured at Fair Value	The following 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, 2021 Total fair value Level 1 Level 2 Level 3 Cash and short-term securities FVTPL $ 2,214 $ – $ 2,214 $ – AFS 14,339 – 14,339 – Other 6,041 6,041 – – Debt securities FVTPL Canadian government and agency 18,706 – 18,706 – U.S. government and agency 12,607 – 12,607 – Other government and agency 21,888 – 21,888 – Corporate 133,763 – 133,723 40 Residential mortgage-backed securities 8 – 8 – Commercial mortgage-backed securities 1,103 – 1,103 – Other asset-backed securities 1,647 – 1,619 28 AFS Canadian government and agency 3,964 – 3,964 – U.S. government and agency 18,792 – 18,792 – Other government and agency 2,871 – 2,871 – Corporate 7,332 – 7,331 1 Residential mortgage-backed securities 1 – 1 – Commercial mortgage-backed securities 79 – 79 – Other asset-backed securities 58 – 58 – Public equities FVTPL 25,716 25,716 – – AFS 2,351 2,349 2 – Real estate – investment property (1) 11,421 – – 11,421 Other invested assets (2) 24,300 257 – 24,043 Segregated funds net assets (3) 399,788 361,447 34,060 4,281 Total $ 708,989 $ 395,810 $ 273,365 $ 39,814 As at December 31, 2020 Total fair value Level 1 Level 2 Level 3 Cash and short-term securities FVTPL $ 2,079 $ – $ 2,079 $ – AFS 18,314 – 18,314 – Other 5,774 5,774 – – Debt securities FVTPL Canadian government and agency 20,667 – 20,667 – U.S. government and agency 11,449 – 11,449 – Other government and agency 19,732 – 19,732 – Corporate 128,297 – 127,787 510 Residential mortgage-backed securities 9 – 9 – Commercial mortgage-backed securities 1,172 – 1,172 – Other asset-backed securities 1,735 – 1,690 45 AFS Canadian government and agency 4,548 – 4,548 – U.S. government and agency 19,787 – 19,787 – Other government and agency 4,613 – 4,613 – Corporate 6,566 – 6,563 3 Residential mortgage-backed securities 1 – 1 – Commercial mortgage-backed securities 93 – 93 – Other asset-backed securities 55 – 55 – Public equities FVTPL 22,071 22,071 – – AFS 1,651 1,651 – – Real estate – investment property (1) 10,982 – – 10,982 Other invested assets (2) 19,149 100 – 19,049 Segregated funds net assets (3) 367,436 327,437 35,797 4,202 Total $ 666,180 $ 357,033 $ 274,356 $ 34,791 (1) For real estate investment properties, the significant unobservable inputs are capitalization rates (ranging from 2.25% to 9.00% during the year and ra n (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 7.25% to 20.0% (2020 – ranged from 7.00% to 15.6%). 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 4.5% to 7.0% (2020 – 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, 2021 Carrying value Fair value Level 1 Level 2 Level 3 Mortgages (1) $ 52,014 $ 54,089 $ – $ – $ 54,089 Private placements (2) 42,842 47,276 – 42,110 5,166 Policy loans (3) 6,397 6,397 – 6,397 – Loans to Bank clients (4) 2,506 2,503 – 2,503 – Real estate – own (5) 1,812 3,024 – – 3,024 Public Bonds HTM 1,320 1,320 – 1,320 – Other invested assets (6) 11,006 11,665 120 – 11,545 Total invested assets disclosed at fair value $ 117,897 $ 126,274 $ 120 $ 52,330 $ 73,824 As at December 31, 2020 Carrying value Fair value Level 1 Level 2 Level 3 Mortgages (1) $ 50,207 $ 54,230 $ – $ – $ 54,230 Private placements (2) 40,756 47,890 – 41,398 6,492 Policy loans (3) 6,398 6,398 – 6,398 – Loans to Bank clients (4) 1,976 1,982 – 1,982 – Real estate – own (5) 1,850 3,017 – – 3,017 Other invested assets (6) 11,046 11,903 128 – 11,775 Total invested assets disclosed at fair value $ 112,233 $ 125,420 $ 128 $ 49,778 $ 75,514 (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 (disposed of during 2021) 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, 2021 and 2020. For the year ended December 31, 2021 Balance, Total (1) Total (2) Purchases Sales Settlements Transfer in (3) Transfer out (3) Currency Balance, Change in Debt securities FVTPL Corporate $ 510 $ 11 $ – $ 11 $ (93 ) $ – $ 11 $ (409 ) $ (1 ) $ 40 $ (8 ) Other securitized assets 45 3 – – (9 ) (39 ) 28 – – 28 (4 ) AFS Corporate 3 1 – – (3 ) – – – – 1 – Public equities FVTPL – – – 62 (62 ) – – – – – – Investment property 10,982 702 – 186 (376 ) – – – (73 ) 11,421 626 Other invested assets 19,049 2,731 2 5,058 (1,131 ) (1,453 ) 5 – (218 ) 24,043 2,569 Total invested assets 30,589 3,448 2 5,317 (1,674 ) (1,492 ) 44 (409 ) (292 ) 35,533 3,183 Derivatives 3,443 (897 ) – 14 – (182 ) – (309 ) 32 2,101 (547 ) Segregated funds net assets 4,202 350 – 68 (303 ) (28 ) – – (8 ) 4,281 116 Total $ 38,234 $ 2,901 $ 2 $ 5,399 $ (1,977) $ (1,702) $ 44 $ (718) $ (268) $ 41,915 $ 2,752 For the year ended Balance, Total (1) Total (2) Purchases Sales Settlements Transfer in (3) Transfer out (3) Currency Balance, Change in Debt securities FVTPL Corporate $ 633 $ 4 $ – $ 54 $ (272 ) $ (1 ) $ 151 $ (50 ) $ (9 ) $ 510 $ 105 Other securitized assets – (8 ) – – – (1 ) 55 – (1 ) 45 – AFS Corporate 15 (6 ) 2 – – – 5 (13 ) – 3 – Investment property 11,002 (255 ) – 572 (318 ) – 47 – (66 ) 10,982 (300 ) Other invested assets 18,103 (401 ) (49 ) 3,162 (1,076 ) (638 ) 92 (3 ) (141 ) 19,049 (902 ) Total invested assets 29,753 (666 ) (47 ) 3,788 (1,666 ) (640 ) 350 (66 ) (217 ) 30,589 (1,097 ) Derivatives 1,456 2,953 (18 ) 12 – (1,165 ) – 342 (137 ) 3,443 2,033 Segregated funds net assets 4,512 (6 ) – (84 ) (149 ) (26 ) 2 (3 ) (44 ) 4,202 45 Total $ 35,721 $ 2,281 $ (65 ) $ 3,716 $ (1,815 ) $ (1,831 ) $ 352 $ 273 $ (398 ) $ 38,234 $ 981 (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 t o (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, where 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, 2021
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, 2021 2020 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 $ – $ – $ – $ 82 $ 1 $ – Foreign currency swaps 57 1 1 57 – 4 Cash flow hedges Foreign currency swaps 1,251 5 379 1,756 24 468 Equity contracts 145 10 – 127 6 – Net investment hedges Forward contracts 671 9 – 628 1 10 Total derivatives in qualifying hedge accounting relationships 2,124 25 380 2,650 32 482 Derivatives not designated in qualifying hedge accounting relationships Interest rate swaps 300,556 11,832 7,347 287,182 21,332 12,190 Interest rate futures 11,944 – – 16,750 – – Interest rate options 10,708 514 – 11,622 663 – Foreign currency swaps 36,405 790 1,722 31,491 838 1,659 Currency rate futures 3,086 – – 3,467 – – Forward contracts 45,295 2,674 562 38,853 3,833 565 Equity contracts 18,577 1,667 27 15,738 1,092 66 Credit default swaps 44 1 – 241 3 – Equity futures 11,359 – – 10,984 – – Total derivatives not designated in qualifying hedge accounting relationships 437,974 17,478 9,658 416,328 27,761 14,480 Total derivatives $ 440,098 $ 17,503 $ 10,038 $ 418,978 $ 27,793 $ 14,962
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 the fair values of the derivative instruments by the remaining term to maturity. Fair values disclosed below do not incorporate the impact of master netting agreements (refer to note 8). Remaining term to maturity As at December 31, 2021 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total Derivative assets $ 2,500 $ 1,803 $ 1,000 $ 12,200 $ 17,503 Derivative liabilities 294 387 379 8,978 10,038 Remaining term to maturity As at December 31, 2020 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total Derivative assets $ 1,656 $ 3,524 $ 1,228 $ 21,385 $ 27,793 Derivative liabilities 386 250 555 13,771 14,962 The following table presents gross notional amount by the remaining term to maturity, total fair value (including accrued interest), credit equivalent amount and capital requirement by contract type. Remaining term to maturity (notional amounts) Fair value Capital (2) As at December 31, 2021 Under 1 year 1 to Over Total Positive Negative Net Credit equivalent (1) Interest rate contracts OTC swap contracts $ 4,554 $ 21,884 $ 90,592 $ 117,030 $ 12,112 $ (7,717 ) $ 4,395 $ 1,582 $ 29 Cleared swap contracts 21,722 27,665 134,139 183,526 441 (453 ) (12 ) – – Forward contracts 14,636 15,791 741 31,168 2,625 (483 ) 2,142 299 5 Futures 11,944 – – 11,944 – – – – – Options purchased 1,406 2,789 6,513 10,708 515 – 515 113 9 Subtotal 54,262 68,129 231,985 354,376 15,693 (8,653 ) 7,040 1,994 43 Foreign exchange Swap contracts 1,941 8,869 26,903 37,713 801 (2,181 ) (1,380 ) 1,302 25 Forward contracts 14,798 – – 14,798 58 (79 ) (21 ) 85 – Futures 3,086 – – 3,086 – – – – – Credit derivatives 11 33 – 44 1 – 1 – – Equity contracts Swap contracts 669 323 – 992 57 (10 ) 47 29 – Futures 11,359 – – 11,359 – – – – – Options purchased 10,974 6,716 40 17,730 1,616 (17 ) 1,599 766 8 Subtotal including accrued interest 97,100 84,070 258,928 440,098 18,226 (10,940 ) 7,286 4,176 76 Less accrued interest – – – – 723 (902 ) (179 ) – – Total $ 97,100 $ 84,070 $ 258,928 $ 440,098 $ 17,503 $ (10,038) $ 7,465 $ 4,176 $ 76 Remaining term to maturity (notional amounts) Fair value Capital (2) As at December 31, 2020 Under 1 year 1 to 5 years Total Positive Negative Net Credit equivalent amount (1) Interest rate contracts OTC swap contracts $ 7,567 $ 20,852 $ 110,166 $ 138,585 $ 21,803 $ (12,816 ) $ 8,987 $ 2,607 $ 73 Cleared swap contracts 2,314 18,784 127,581 148,679 432 (424 ) 8 – – Forward contracts 11,092 18,355 1,259 30,706 3,739 (462 ) 3,277 629 12 Futures 16,750 – – 16,750 – – – – – Options purchased 1,572 3,922 6,128 11,622 664 – 664 138 4 Subtotal 39,295 61,913 245,134 346,342 26,638 (13,702 ) 12,936 3,374 89 Foreign exchange Swap contracts 1,670 8,490 23,144 33,304 855 (2,195 ) (1,340 ) 1,112 23 Forward contracts 8,741 34 – 8,775 95 (113 ) (18 ) 56 – Futures 3,467 – – 3,467 – – – – – Credit derivatives 192 49 – 241 3 – 3 – – Equity contracts Swap contracts 1,227 289 – 1,516 43 (51 ) (8 ) 27 – Futures 10,984 – – 10,984 – – – – – Options purchased 8,168 6,181 – 14,349 1,051 (15 ) 1,036 500 5 Subtotal including accrued interest 73,744 76,956 268,278 418,978 28,685 (16,076 ) 12,609 5,069 117 Less accrued interest – – – – 892 (1,114 ) (222 ) – – Total $ 73,744 $ 76,956 $ 268,278 $ 418,978 $ 27,793 $ (14,962 ) $ 12,831 $ 5,069 $ 117 (1) Credit equivalent amount is the sum of replacement cost and the potential future credit exposure less any collateral held. Replacement cost represents the current cost of replacing all contracts with a positive fair value. The amounts take into consideration legal contracts that permit offsetting of positions. The potential future credit exposure is calculated based on a formula prescribed by OSFI. (2) Capital requirement represents the credit equivalent amount, 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, 2021 Fair value Level 1 Level 2 Level 3 Derivative assets Interest rate contracts $ 14,971 $ – $ 12,510 $ 2,461 Foreign exchange contracts 854 – 854 – Equity contracts 1,677 – 1,616 61 Credit default swaps 1 – 1 – Total derivative assets $ 17,503 $ – $ 14,981 $ 2,522 Derivative liabilities Interest rate contracts $ 7,829 $ – $ 7,419 $ 410 Foreign exchange contracts 2,182 – 2,181 1 Equity contracts 27 – 17 10 Total derivative liabilities $ 10,038 $ – $ 9,617 $ 421 As at December 31, 2020 Fair value Level 1 Level 2 Level 3 Derivative assets Interest rate contracts $ 25,735 $ – $ 21,902 $ 3,833 Foreign exchange contracts 957 – 957 – Equity contracts 1,098 – 1,051 47 Credit default swaps 3 – 3 – Total derivative assets $ 27,793 $ – $ 23,913 $ 3,880 Derivative liabilities Interest rate contracts $ 12,652 $ – $ 12,271 $ 381 Foreign exchange contracts 2,244 – 2,239 5 Equity contracts 66 – 15 51 Total derivative liabilities $ 14,962 $ – $ 14,525 $ 437
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, 2021 Hedged items in qualifying fair value hedging relationships Gains (losses) Gains (losses) Ineffectiveness Interest rate swaps Fixed rate liabilities $ – $ – $ – Foreign currency swaps Fixed rate assets 4 (2 ) 2 Total $ 4 $ (2 ) $ 2 For the year ended December 31, 2020 Hedged items in qualifying fair value hedging relationships Gains (losses) Gains (losses) Ineffectiveness Interest rate swaps Fixed rate liabilities $ 4 $ (2 ) $ 2 Foreign currency swaps Fixed rate assets (2 ) 3 1 Total $ 2 $ 1 $ 3
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, 2021 Hedged items in qualifying Gains (losses) Gains (losses) Ineffectiveness Foreign currency swaps Fixed rate assets $ (1 ) $ (1 ) $ – Floating rate liabilities 89 3 – Fixed rate liabilities (19 ) (21 ) – Equity contracts Stock-based compensation 5 5 – Total $ 74 $ (14) $ – For the year ended December 31, 2020 Hedged items in qualifying Gains (losses) Gains (losses) Ineffectiveness Foreign currency swaps Fixed rate assets $ 1 $ – $ – Floating rate liabilities (64 ) 14 – Fixed rate liabilities (14 ) (2 ) – Equity contracts Stock-based compensation (2 ) 16 – Total $ (79 ) $ 28 $ –
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, 2021 Gains (losses) Gains (losses) Ineffectiveness Non-functional $ 61 $ – $ – Forward contracts 59 – – Total $ 120 $ – $ – For the year ended December 31, 2020 Gains (losses) Gains (losses) Ineffectiveness Non-functional $ 161 $ – $ – Forward contracts (53 ) – – Total $ 108 $ – $ –
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, 2021 2020 Interest rate swaps $ (1,986 ) $ 2,423 Interest rate futures (687 ) 894 Interest rate options (133 ) 291 Foreign currency swaps (166 ) (55 ) Currency rate futures 66 (47 ) Forward contracts (1,751 ) 3,785 Equity futures (2,140 ) (1,111 ) Equity contracts 871 322 Credit default swaps (2 ) (4 ) Total $ (5,928) $ 6,498

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2021
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 carrying value of goodwill and intangible assets. As at December 31, 2021 Balance, Net additions/ (1) Amortization Effect of changes Balance, Goodwill $ 5,714 $ (5 ) $ n/a $ (58 ) $ 5,651 Indefinite life intangible assets Brand 764 – n/a (3 ) 761 Fund management contracts and other (2) 796 (3 ) n/a (5 ) 788 1,560 (3 ) n/a (8 ) 1,549 Finite life intangible assets (3) Distribution networks 806 131 44 (5 ) 888 Customer relationships 738 (2 ) 48 (1 ) 687 Software 1,059 198 148 (18 ) 1,091 Other 52 2 6 1 49 2,655 329 246 (23 ) 2,715 Total intangible assets 4,215 326 246 (31 ) 4,264 Total goodwill and intangible assets $ 9,929 $ 321 $ 246 $ (89 ) $ 9,915 As at December 31, 2020 Balance, Net additions/ Amortization Effect of changes Balance, Goodwill $ 5,743 $ (5 ) $ n/a $ (24 ) $ 5,714 Indefinite life intangible assets Brand 779 – n/a (15 ) 764 Fund management contracts and other (2) 805 (2 ) n/a (7 ) 796 1,584 (2 ) n/a (22 ) 1,560 Finite life intangible assets (3) Distribution networks 801 59 42 (12 ) 806 Customer relationships 795 – 54 (3 ) 738 Software 991 262 189 (5 ) 1,059 Other 61 (9 ) 4 4 52 2,648 312 289 (16 ) 2,655 Total intangible assets 4,232 310 289 (38 ) 4,215 Total goodwill and intangible assets $ 9,975 $ 305 $ 289 $ (62 ) $ 9,929 (1) In December 2021, the Company purchased the Vietnamese operations of Aviva Plc including rights to an exclusive distribution agreement with VietinBank. (2) Fund management contracts are mostly allocated to Canada WAM and U.S. WAM CGUs with the carrying values of $273 (2020 – $273) and $371 (2020 – $373), respectively. (3) Gross carrying amount of finite life intangible assets was $1,456 for distribution networks, $1,132 for customer relationships, $2,484 for software and $124 for other (2020 – $1,332, $1,130, $2,310 and $123), respectively.
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, 2021 CGU or group of CGUs Balance, Net additions/ Effect of Balance, Asia Asia Insurance (excluding Japan) $ 159 $ (5 ) $ (2 ) $ 152 Japan Insurance 433 – (47 ) 386 Canada Insurance 1,955 – – 1,955 U.S. Insurance 338 – (2 ) 336 Global Wealth and Asset Management Asia WAM 185 – (2 ) 183 Canada WAM 1,436 – – 1,436 U.S. WAM 1,208 – (5 ) 1,203 Total $ 5,714 $ (5 ) $ (58 ) $ 5,651 As at December 31, 2020 CGU or group of CGUs Balance, Net additions/ Effect of Balance, Asia Asia Insurance (excluding Japan) $ 159 $ – $ – $ 159 Japan Insurance 420 – 13 433 Canada Insurance 1,957 – (2 ) 1,955 U.S. Insurance 349 (5 ) (6 ) 338 Global Wealth and Asset Management Asia WAM 187 – (2 ) 185 Canada WAM 1,436 – – 1,436 U.S. WAM 1,235 – (27 ) 1,208 Total $ 5,743 $ (5) $ (24 ) $ 5,714

Insurance Contract Liabilitie_2

Insurance Contract Liabilities and Reinsurance Assets (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 2020 Insurance contract liabilities $ 374,890 $ 369,230 Benefits payable and provision for unreported claims 5,251 4,837 Policyholder amounts on deposit 12,134 11,487 Gross insurance contract liabilities 392,275 385,554 Reinsurance assets (1) (44,531 ) (45,769 ) Net insurance contract liabilities $ 347,744 $ 339,785
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 Annuities Other (1) Total, net of Total Total, gross of As at December 31, 2021 Participating Non- Asia $ 64,586 $ 36,387 $ 6,869 $ 3,590 $ 111,432 $ 2,749 $ 114,181 Canada 13,518 44,320 16,554 14,981 89,373 430 89,803 U.S. 8,591 71,077 14,007 53,555 147,230 41,150 188,380 Corporate and Other – (676 ) 22 363 (291 ) 202 (89 ) Total, net of reinsurance ceded 86,695 151,108 37,452 72,489 347,744 $ 44,531 $ 392,275 Total reinsurance ceded 8,144 20,767 14,681 939 44,531 Total, gross of reinsurance ceded $ 94,839 $ 171,875 $ 52,133 $ 73,428 $ 392,275 Individual insurance Annuities Other (1) Total, net of Total Total, gross of As at December 31, 2020 Participating Non- Asia $ 55,262 $ 36,930 $ 7,114 $ 3,652 $ 102,958 $ 2,127 $ 105,085 Canada 12,796 44,468 18,462 14,620 90,346 443 90,789 U.S. 8,422 68,001 16,292 54,224 146,939 42,875 189,814 Corporate and Other – (684 ) 34 192 (458 ) 324 (134 ) Total, net of reinsurance ceded 76,480 148,715 41,902 72,688 339,785 $ 45,769 $ 385,554 Total reinsurance ceded 8,780 19,944 16,065 980 45,769 Total, gross of reinsurance ceded $ 85,260 $ 168,659 $ 57,967 $ 73,668 $ 385,554 (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 Annuities Other insurance (1) Other (2) Capital (3) Total As at December 31, 2021 Participating Non- Assets Debt securities $ 43,278 $ 82,050 $ 19,575 $ 36,207 $ 10,723 $ 32,306 $ 224,139 Public equities 14,667 8,112 453 374 626 3,835 28,067 Mortgages 3,799 13,295 4,572 8,526 21,802 20 52,014 Private placements 6,005 17,741 7,370 9,775 1,723 228 42,842 Real estate 3,467 6,814 987 1,782 6 177 13,233 Other 15,479 23,096 4,495 15,825 469,014 29,439 557,348 Total $ 86,695 $ 151,108 $ 37,452 $ 72,489 $ 503,894 $ 66,005 $ 917,643 Individual insurance Annuities Other insurance (1) Other (2) Capital (3) Total As at December 31, 2020 Participating Non- Assets Debt securities $ 39,523 $ 81,548 $ 20,936 $ 34,725 $ 8,872 $ 33,121 $ 218,725 Public equities 12,365 6,971 461 310 402 3,213 23,722 Mortgages 3,069 12,536 4,923 8,315 21,338 26 50,207 Private placements 5,549 17,276 7,499 9,439 817 176 40,756 Real estate 3,385 6,466 1,027 1,697 57 200 12,832 Other 12,589 23,918 7,056 18,202 448,014 24,328 534,107 Total $ 76,480 $ 148,715 $ 41,902 $ 72,688 $ 479,500 $ 61,064 $ 880,349 (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) Decrease in net income As at December 31, 2021 2020 Policy related assumptions 2% adverse change in future mortality rates (2),(4) Products where an increase in rates increases insurance contract liabilities $ (500 ) $ (500 ) Products where a decrease in rates increases insurance contract liabilities (500 ) (600 ) 5% adverse change in future morbidity rates (incidence and termination) (3),(4),(5) (5,500 ) (5,700 ) 10% adverse change in future policy termination rates (4) (2,400 ) (2,600 ) 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 sensitivities. (5) 5% deterioration in incidence rates and 5% deterioration in claim termination rates.
Summary of Actuarial Methods and Assumptions	The completion of the 2021 annual review of actuarial methods and assumptions resulted in an increase in insurance contract liabilities of $287, net of reinsurance, and a decrease in net income attributed to shareholders of $41 post-tax. Change in insurance contract liabilities, net of reinsurance For the year ended December 31, 2021 Total Attributed to (1) Attributed to Change in net (post-tax) U.S. variable annuity product review $ 51 $ – $ 51 $ (40 ) Mortality and morbidity updates 350 – 350 (257 ) Lapses and policyholder behaviour updates 686 18 668 (534 ) Expense updates (653 ) (25 ) (628 ) 503 Investment related updates (257 ) (2 ) (255 ) 168 Other updates 110 231 (121 ) 119 Net impact $ 287 $ 222 $ 65 $ (41 ) (1) The change in insurance contract liabilities, net of reinsurance, attributable to the participating policyholders’ account was primarily driven by a reduction in the expected long-term interest rates within the valuation models to reflect the low interest rate environment. Change in insurance contract liabilities, For the year ended December 31, 2020 Total Attributed to (1) Attributed to Change in net (post-tax) Canada variable annuity product review $ (42 ) $ – $ (42 ) $ 31 Mortality and morbidity updates (304 ) (1 ) (303 ) 232 Lapses and policyholder behaviour updates 893 – 893 (682 ) Investment related updates (212 ) (153 ) (59 ) 31 Other updates 228 455 (227 ) 190 Net impact $ 563 $ 301 $ 262 $ (198 ) (1) The change in insurance contract liabilities, net of reinsurance, attributable to the participating policyholders’ account was driven by refinements to the Company’s valuation models, primarily due to annual updates to reflect market movements in the first half of 2020.
Summary of Insurance Contract Liabilities, Payments Due by Period	Insurance contracts give rise to obligations fixed by agreement. As at December 31, 2021, the Company’s contractual obligations and commitments relating to insurance contracts are as follows. Payments due by period Less than 1 to 3 years 3 to 5 years Over 5 years Total Insurance contract liabilities (1) $ 12,793 $ 10,977 $ 17,091 $ 868,749 $ 909,610 (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, 2021 2020 Death, disability and other claims $ 18,583 $ 18,064 Maturity and surrender benefits 8,728 8,613 Annuity payments 3,276 3,560 Policyholder dividends and experience rating refunds 1,255 1,411 Net transfers from segregated funds (732 ) (1,515 ) Total $ 31,110 $ 30,133
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) Decrease in net income As at December 31, 2021 2020 Policy related assumptions 2% adverse change in future mortality rates $ (300 ) $ (300 ) 5% adverse change in future morbidity incidence rates (2,000 ) (2,100 ) 5% adverse change in future morbidity claims termination rates (3,100 ) (3,100 ) 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, 2021 Net actuarial Other (1) Net Reinsurance Gross Balance, January 1 $ 325,408 $ 14,377 $ 339,785 $ 45,769 $ 385,554 New policies (2) 5,947 – 5,947 276 6,223 Normal in-force (2) 4,689 1,283 5,972 (1,812 ) 4,160 Changes in methods and assumptions (2) 287 – 287 455 742 Reinsurance transactions – – – – – Impact of changes in foreign exchange rates (4,059 ) (188 ) (4,247 ) (157 ) (4,404 ) Balance, December 31 $ 332,272 $ 15,472 $ 347,744 $ 44,531 $ 392,275 For the year ended December 31, 2020 Net actuarial Other (1) Net Reinsurance Gross Balance, January 1 $ 296,589 $ 13,219 $ 309,808 $ 41,353 $ 351,161 New policies (3) 3,166 – 3,166 481 3,647 Normal in-force (3) 32,340 1,312 33,652 (3,030 ) 30,622 Changes in methods and assumptions (3) 563 – 563 4,559 5,122 Reinsurance transactions (4) (3,360 ) – (3,360 ) 3,360 – Impact of changes in foreign exchange rates (3,890 ) (154 ) (4,044 ) (954 ) (4,998 ) Balance, December 31 $ 325,408 $ 14,377 $ 339,785 $ 45,769 $ 385,554 (1) Other insurance contract liabilities are comprised of benefits payable and provisions for unreported claims and policyholder amounts on deposit. (2) In 2021, the $10,719 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 2020, the $36,982 increase reported as the change in insurance contract liabilities on the Consolidated Statements of Income primarily consists of changes due to normal in-force (4) On September 30, 2020, the Company, through its subsidiary John Hancock Life Insurance Company (U.S.A.), entered into a reinsurance agreement with Global Atlantic Financial Group Ltd to reinsure a block of legacy U.S. bank owned life insurance (“BOLI”). Under the terms of the transaction, the Company will maintain responsibility for servicing the policies with no expected impact to the BOLI policyholders. The transaction was structured such that the Company ceded policyholder contract liabilities and transferred invested assets backing these liabilities.

Investment Contract Liabiliti_2

Investment Contract Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 2020 Balance, January 1 $ 932 $ 789 New policies 54 180 Changes in market conditions (38 ) 90 Redemptions, surrenders and maturities (138 ) (108 ) Impact of changes in foreign exchange rates (8 ) (19 ) Balance, December 31 $ 802 $ 932
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. 2021 2020 As at December 31, Amortized cost, gross of (1) Fair value Amortized cost, gross of (1) Fair value U.S. fixed annuity products $ 1,380 $ 1,602 $ 1,361 $ 1,680 Canadian fixed annuity products 935 1,016 995 1,086 Investment contract liabilities $ 2,315 $ 2,618 $ 2,356 $ 2,766 (1) As at December 31, 2021, investment contract liabilities with the carrying value and fair value of $48 and $52, respectively (2020 – $67 and $76, respectively), were reinsured by the Company. The net carrying value and fair value of investment contract liabilities were $2,267 and $2,566 (2020 – $2,289 and $2,690), 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, 2021 2020 Balance, January 1 $ 2,356 $ 2,315 Policy deposits 92 202 Interest 71 61 Withdrawals (191 ) (194 ) Fees (1 ) (1 ) Other (5 ) – Impact of changes in foreign exchange rates (7 ) (27 ) Balance, December 31 $ 2,315 $ 2,356
Summary of Contractual Obligations and Commitments Relating to Investment Contracts	As at December 31, 2021, 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) $ 292 $ 486 $ 489 $ 3,542 $ 4,809 (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, 2021
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, 2021 2020 Debt securities FVTPL $ 189,722 $ 183,061 AFS 33,097 35,663 Other 1,320 – Mortgages 52,014 50,207 Private placements 42,842 40,756 Policy loans 6,397 6,398 Loans to Bank clients 2,506 1,976 Derivative assets 17,503 27,793 Accrued investment income 2,641 2,523 Reinsurance assets 44,579 45,836 Other financial assets 6,242 6,156 Total $ 398,863 $ 400,369
Summary of Credit Quality and Carrying Value of Commercial Mortgages and Private Placements	The following table presents the credit quality of commercial mortgages and private placements. As at December 31, 2021 AAA AA A BBB BB B and lower Total Commercial mortgages Retail $ 113 $ 1,340 $ 5,179 $ 1,936 $ 228 $ 2 $ 8,798 Office 56 1,256 6,004 1,291 87 40 8,734 Multi-family residential 557 1,869 3,771 767 32 – 6,996 Industrial 47 376 2,808 328 – – 3,559 Other 212 1,010 787 956 47 – 3,012 Total commercial mortgages 985 5,851 18,549 5,278 394 42 31,099 Agricultural mortgages – – 119 242 – – 361 Private placements 976 5,720 16,147 16,220 1,161 2,618 42,842 Total $ 1,961 $ 11,571 $ 34,815 $ 21,740 $ 1,555 $ 2,660 $ 74,302 As at December 31, 2020 AAA AA A BBB BB B and lower Total Commercial mortgages Retail $ 110 $ 1,339 $ 4,761 $ 2,242 $ 168 $ 1 $ 8,621 Office 66 1,297 5,948 1,174 164 20 8,669 Multi-family residential 613 1,675 2,896 582 33 – 5,799 Industrial 25 320 2,353 259 3 – 2,960 Other 238 966 914 984 355 7 3,464 Total commercial mortgages 1,052 5,597 16,872 5,241 723 28 29,513 Agricultural mortgages – – 127 77 106 – 310 Private placements 1,061 4,829 15,585 15,825 1,206 2,250 40,756 Total $ 2,113 $ 10,426 $ 32,584 $ 21,143 $ 2,035 $ 2,278 $ 70,579
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 fin a Past due but not impaired As at December 31, 2021 Less than 90 days Total Total Debt securities FVTPL $ 20 $ – $ 20 $ 2 AFS – – – – Private placements 63 – 63 175 Mortgages and loans to Bank clients 61 – 61 51 Other financial assets 261 47 308 – Total $ 405 $ 47 $ 452 $ 228 Past due but not impaired As at December 31, 2020 Less than 90 days Total Total Debt securities FVTPL $ – $ – $ – $ 54 AFS – – – 1 Private placements 30 – 30 170 Mortgages and loans to Bank clients 66 – 66 69 Other financial assets 56 58 114 2 Total $ 152 $ 58 $ 210 $ 296
Summary of Company's Loans That are Considered Impaired	The following table presents gross carrying value and allowances for loan losses for impaired loans. As at December 31, 2021 Gross Allowances Net carrying Private placements $ 197 $ 22 $ 175 Mortgages and loans to Bank clients 73 22 51 Total $ 270 $ 44 $ 226 As at December 31, 2020 Gross Allowances Net carrying Private placements $ 249 $ 79 $ 170 Mortgages and loans to Bank clients 97 28 69 Total $ 346 $ 107 $ 239
Summary of Reconciliation of Allowance for Loan Losses	The following table presents movement of allowance for loan losses during the year. 2021 2020 For the years ended December 31, Private Mortgages Total Private Mortgages Total Balance, January 1 $ 79 $ 28 $ 107 $ 4 $ 16 $ 20 Provisions 14 12 26 94 31 125 Recoveries (58 ) (16 ) (74 ) (6 ) (6) (12 ) Write-offs (1) (13 ) (2 ) (15 ) (13 ) (13 ) (26 ) Balance, December 31 $ 22 $ 22 $ 44 $ 79 $ 28 $ 107 (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, 2021 Notional (1) Fair value Weighted (in years) (2) Single name CDS (3) A $ 16 $ – 1 BBB 28 1 2 Total single name CDS $ 44 $ 1 2 Total CDS protection sold $ 44 $ 1 2 As at December 31, 2020 Notional (1) Fair value Weighted (in years) (2) Single name CDS (3) A $ 136 $ 2 1 BBB 105 1 2 Total single name CDS $ 241 $ 3 1 Total CDS protection sold $ 241 $ 3 1 (1) Notional amounts represent the maximum future payments the Company would have to pay its counterparties assuming a default of the underlying credit and zero recovery on the underlying issuer obligations. (2) The weighted average maturity of the CDS is weighted based on notional amounts. (3) Ratings are based on S&P where available followed by Moody’s, 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, 2021 Gross amounts of (1) Amounts subject to Financial (2) Net (3) Net Financial assets Derivative assets $ 18,226 $ (8,410 ) $ (9,522 ) $ 294 $ 294 Securities lending 564 – (564 ) – – Reverse repurchase agreements 1,490 (183 ) (1,307 ) – – Total financial assets $ 20,280 $ (8,593 ) $ (11,393 ) $ 294 $ 294 Financial liabilities Derivative liabilities $ (10,940 ) $ 8,410 $ 2,250 $ (280 ) $ (79 ) Repurchase agreements (536 ) 183 353 – – Total financial liabilities $ (11,476 ) $ 8,593 $ 2,603 $ (280 ) $ (79 ) Related amounts not set off in the As at December 31, 2020 Gross amounts of (1) Amounts subject to Financial (2) Net (3) Net Financial assets Derivative assets $ 28,685 $ (13,243 ) $ (15,323 ) $ 119 $ 119 Securities lending 889 – (889 ) – – Reverse repurchase agreements 716 – (715 ) 1 1 Total financial assets $ 30,290 $ (13,243 ) $ (16,927 ) $ 120 $ 120 Financial liabilities Derivative liabilities $ (16,076 ) $ 13,243 $ 2,482 $ (351 ) $ (71 ) Repurchase agreements (353 ) – 353 – – Total financial liabilities $ (16,429 ) $ 13,243 $ 2,835 $ (351 ) $ (71 ) (1) Financial assets and liabilities include accrued interest of $725 and $902, respectively (2020 – $892 and $1,114, respectively). (2) Financial and cash collateral exclude over-collateralization. As at December 31, 2021, the Company was over-collateralized on OTC derivative assets, OTC derivative liabilities, securities lending and reverse repurchase agreements and repurchase agreements in the amounts of $599, $875, $36 and $2, respectively (2020 – $1,373, $627, $74 and $nil, respectively). As at December 31, 2021, collateral pledged (received) does not include collateral-in-transit (3) Includes derivative contracts entered between the Company and its financing entity which it does not consolidate. The Company does not exchange collateral on derivative contracts entered with this entity. Refer to note 17.
Summary of the Effect of Unconditional Netting	The following table presents the effect of unconditional netting. As at December 31, 2021 Gross amounts of Amounts subject to Net amounts of Credit linked note (1) $ 1,054 $ (1,054 ) $ – Variable surplus note (1,054 ) 1,054 – As at December 31, 2020 Gross amounts of Amounts subject to Net amounts of Credit linked note (1) $ 932 $ (932 ) $ – Variable surplus note (932 ) 932 – (1) As at December 31, 2021 and 2020, the Company had no fixed surplus notes outstanding, refer to note 18(g).
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. 2021 2020 As at December 31, Carrying value % of total Carrying value % of total Government and agency $ 84,244 32 $ 85,357 33 Utilities 48,372 18 47,902 18 Financial 38,905 15 35,656 15 Consumer 32,671 12 29,684 11 Energy 19,637 7 20,963 8 Industrial 24,727 9 22,070 9 Other 18,425 7 17,850 6 Total $ 266,981 100 $ 259,482 100
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, 2021 Gross Reinsurance Net liabilities U.S. and Canada $ 271,090 $ (42,806 ) $ 228,284 Asia and Other 124,398 (1,773 ) 122,625 Total $ 395,488 $ (44,579 ) $ 350,909 As at December 31, 2020 Gross Reinsurance Net liabilities U.S. and Canada $ 273,848 $ (44,645) $ 229,203 Asia and Other 114,878 (1,191 ) 113,687 Total $ 388,726 $ (45,836 ) $ 342,890
Asset classes and individual investment risks [Member]
Statement [LineItems]
Schedule of Risk Concentrations	As at December 31, 2021 2020 Debt securities and private placements rated as investment grade BBB or higher (1) 97% 97% Government debt securities as a per cent of total debt securities 36% 37% Government private placements as a per cent of total private placements 11% 11% Highest exposure to a single non-government $ 1,167 $ 1,148 Largest single issuer as a per cent of the total equity portfolio 2% 2% Income producing commercial office properties (2021 – 47% of real estate, 2020 – 53%) $ 6,244 $ 6,745 Largest concentration of mortgages and real estate (2) , $ 18,253 $ 17,367 (1) Investment grade debt securities and private placements include 39% rated A, 17% rated AA and 15% rated AAA (2020 – 40%, 16% and 16%) 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. 2021 2020 As at December 31, Insured Uninsured Total Insured Uninsured Total Residential mortgages Performing $ 7,264 $ 13,272 $ 20,536 $ 6,349 $ 13,980 $ 20,329 Non-performing (1) 6 12 18 9 46 55 Loans to Bank clients Performing n/a 2,506 2,506 n/a 1,976 1,976 Non-performing (1) n/a – – n/a – – Total $ 7,270 $ 15,790 $ 23,060 $ 6,358 $ 16,002 $ 22,360 (1) Non-performing

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2021
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 2021 2020 3.050% Senior notes (1),(2) August 27, 2020 August 27, 2060 US$ 1,155 $ 1,455 $ 1,460 4.70% Senior notes (1),(3) June 23, 2016 June 23, 2046 US$ 1,000 – 1,265 5.375% Senior notes (1),(4) March 4, 2016 March 4, 2046 US$ 750 939 943 2.396% Senior notes (1),(4) June 1, 2020 June 1, 2027 US$ 200 253 254 2.484% Senior notes (1),(4) May 19, 2020 May 19, 2027 US$ 500 630 632 3.527% Senior notes (1),(4) December 2, 2016 December 2, 2026 US$ 270 342 343 4.150% Senior notes (1),(4) March 4, 2016 March 4, 2026 US$ 1,000 1,263 1,267 Total $ 4,882 $ 6,164 (1) These U.S. dollar senior notes have been designated as hedges of the Company’s net investment in its U.S. operations which reduces the earnings volatility that would otherwise arise from the re-measurement (2) MFC may redeem the notes in whole, but not in part, on August 27, 2025, and thereafter on every August 27 at a redemption price equal to par, together with accrued and unpaid interest. Issue costs are amortized to the earliest par redemption date. (3) The Company redeemed in full the 4.70% Senior notes at par on, June 23, 2021, the earliest par redemption date. (4) MFC may redeem the senior notes in whole or in part, at any time, at a redemption price equal to the greater of par and a price based on the yield of a corresponding U.S. Treasury bond, from redemption date to the respective maturity date, plus a specified number of basis points. The specified number of basis points is as follows: 5.375% - 40 30 30 20 35
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 2021 $ – $ – $ 1,605 $ 3,277 $ 4,882 2020 – – – 6,164 6,164

Capital Instruments (Tables)

Capital Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Text block [abstract]
Schedule of Carrying Value of Capital Instruments	(a) Carrying value of capital instruments As at December 31 , Issuance date Earliest par Maturity date Par value 2021 2020 JHFC Subordinated notes (1),(2) December 14, 2006 n/a December 15, 2036 $ 650 $ 647 $ 647 2.818% MFC Subordinated debentures (1),(3) May 12, 2020 May 13, 2030 May 13, 2035 $ 1,000 995 995 4.061% MFC Subordinated notes (1),(4),(5) February 24, 2017 February 24, 2027 February 24, 2032 US$ 750 947 951 2.237% MFC Subordinated debentures (1),(6) May 12, 2020 May 12, 2025 May 12, 2030 $ 1,000 997 996 3.00% MFC Subordinated notes (1),(7) November 21, 2017 November 21, 2024 November 21, 2029 S$ 500 469 480 3.049% MFC Subordinated debentures (1),(8) August 18, 2017 August 20, 2024 August 20, 2029 $ 750 748 748 3.317% MFC Subordinated debentures (1),(8) May 9, 2018 May 9, 2023 May 9, 2028 $ 600 599 598 3.181% MLI Subordinated debentures (1),(9) November 20, 2015 November 22, 2022 November 22, 2027 $ 1,000 999 999 3.85% MFC Subordinated notes (10) May 25, 2016 May 25, 2021 May 25, 2026 S$ 500 – 481 2.389% MLI Subordinated debentures (11) June 1, 2015 January 5, 2021 January 5, 2026 $ 350 – 350 7.375% JHUSA Surplus notes (12) February 25, 1994 n/a February 15, 2024 US$ 450 579 584 Total $ 6,980 $ 7,829 (1) The Company is monitoring regulatory and market developments globally with respect to the interest rate benchmark reform. As these rates could potentially be discontinued in the future, the Company will take appropriate actions in due course to accomplish the necessary transitions or replacements. As at December 31, 2021, capital instruments of $647 have interest rate referencing CDOR. In addition, capital instruments of $4,338, $947, and $469 have interest rate reset in the future referencing CDOR, the USD Mid-Swap r (2) Issued by Manulife Holdings (Delaware) LLC (“MHDLL”), now John Hancock Financial Corporation (“JHFC”), a wholly owned subsidiary of MFC, to Manulife Finance (Delaware) LLC (“MFLLC”), a subsidiary of Manulife Finance (Delaware) L.P. (“MFLP”). MFLP and its subsidiaries are wholly owned unconsolidated related parties of the Company. The notes bear interest at a floating rate equal to the 90-day (3) Issued by MFC, interest is payable semi-annually. After May 13, 2030, the interest rate will reset to equal the 90-day (4) On the earliest par redemption date, the interest rate will reset to equal the 5-Year Mid-Swap (5) Designated as a hedge of the Company’s net investment in its U.S. operations which reduces the earnings volatility that would otherwise arise from the re-measurement (6) Issued by MFC, interest is payable semi-annually. After May 12, 2025, the interest rate will reset to equal the 90-day (7) On the earliest par redemption date, the interest rate will reset to equal the 5-Year 0.832 (8) 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 3.049 105 3.317 78 (9) 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 1.57 (10) MFC redeemed in full the 3.85% subordinated notes at par, on May 25, 2021, the earliest par redemption date. (11) MLI redeemed in full the 2.389% subordinated debentures at par, on January 5, 2021, the earliest par redemption date. (12) 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$9 (2020 – US$13), 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.

Equity Capital and Earnings P_2

Equity Capital and Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Statement [LineItems]
Summary of Changes in Issued and Outstanding Shares	The following table presents changes in common shares issued and outstanding. 2021 2020 For the years ended December 31, Number of shares (in millions) Amount Number of shares (in millions) Amount Balance, January 1 1,940 $ 23,042 1,949 $ 23,127 Repurchased for cancellation – – (10 ) (121 ) Issued on exercise of stock options and deferred share units 3 51 1 36 Total 1,943 $ 23,093 1,940 $ 23,042
Summary of Additional Information on Preferred Shares and Other Equity Instruments Outstanding	(a) Preferred shares and other equity instruments The following table presents information about the outstanding preferred shares and other equity instruments as at December 31, 2021 and 2020. As at December 31, 2021 Issue date Annual interest rate (1) Earliest redemption date (2),(3) Number of (in millions) Face amount Net amount (4) 2021 2020 Preferred shares 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 (5),(6),(7) March 11, 2011 2.348% June 19, 2026 7 163 160 155 Series 4 (7),(8) June 20, 2016 floating June 19, 2026 1 37 36 41 Series 5 (9) December 6, 2011 3.891% December 19, 2021 8 200 – 195 Series 7 (5),(6),(10) February 22, 2012 4.312% March 19, 2022 10 250 244 244 Series 9 (5),(6) May 24, 2012 4.351% September 19, 2022 10 250 244 244 Series 11 (5),(6) December 4, 2012 4.731% March 19, 2023 8 200 196 196 Series 13 (5),(6) June 21, 2013 4.414% September 19, 2023 8 200 196 196 Series 15 (5),(6) February 25, 2014 3.786% June 19, 2024 8 200 195 195 Series 17 (5),(6) August 15, 2014 3.80% December 19, 2024 14 350 343 343 Series 19 (5),(6) December 3, 2014 3.675% March 19, 2025 10 250 246 246 Series 21 (11) February 25, 2016 5.60% June 19, 2021 17 425 – 417 Series 23 (5),(6),(10) November 22, 2016 4.85% March 19, 2022 19 475 467 467 Series 25 (5),(6) February 20, 2018 4.70% June 19, 2023 10 250 245 245 Other equity instruments Limited recourse capital notes Series 1 (12) February 19, 2021 3.375% May 19, 2026 n/a 2,000 1,982 – Series 2 (13) November 12, 2021 4.100% February 19, 2027 n/a 1,200 1,189 – Total 156 $ 7,100 $ 6,381 $ 3,822 (1) Holders of Class A and Class 1 preferred shares are entitled to receive non-cumulative Non-deferrable (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, 2026 (the earliest redemption date) and on June 19 every five years thereafter, or at $25.50 per share if redeemed on any other date after June 19, 2021, subject to regulatory approval, as noted. (3) Redemption of all LRCN series is subject to regulatory approval. MFC may at its option redeem each series in whole or in part, at a redemption price equal to par, together with accrued and unpaid interest. The redemption period for Series 1 is every five years during the period from May 19 and including June 19, commencing in 2026. The redemption period for Series 2 is every five years during the period from February 19 and including March 19, commencing in 2027. (4) Net of after-tax (5) On the earliest redemption date and every five years thereafter, the annual dividend rate will be reset to the five-year Government of Canada bond yield plus a yield specified for each series. The specified yield for Class 1 preferred shares is: Series 3 (6) On the earliest redemption date and every five years thereafter, Class 1 preferred shares are convertible at the option of the holder into a new series that is one number higher than their existing series, and the holders are entitled to non-cumulative (7) MFC did not exercise its right to redeem all or any of the outstanding Class 1 Shares Series 3 and Class 1 Shares Series 4 on June 19, 2021 (the earliest redemption date). After taking into account all election notices, 812,380 of 6,335,831 Class 1 Shares Series 3 were converted on a one-for-one one-for-one (8) The floating dividend rate for the Class 1 Shares Series 4 equals the three-month Government of Canada Treasury bill yield plus 1.41%. (9) MFC redeemed in full the Class 1 Series 5 at par, on December 19, 2021, the earliest redemption date. (10) Subsequent to December 31, 2021, the Company announced its intention to redeem the Class 1 Series 7 and Class 1 Series 23 at par, on March 19, 2022, the earliest par redemption date. (11) MFC redeemed in full the Class 1 Shares Series 21 at par, on June 19, 2021, the earliest redemption date. (12) On February 19, 2021, MFC issued $2,000 million aggregate principal amount of Limited Recourse Capital Notes – Series 1 (LRCN – Series 1), maturing on June 19, 2081. The LRCN – Series 1 bear interest at a fixed rate of 3.375% payable semi-annually, until June 18, 2026. On June 19, 2026 and every five years thereafter until June 19, 2076, the interest rate on the LRCN – Series 1 will be reset at an interest rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 2.839%. Non-deferrable Non-payment (13) On November 12, 2021, MFC issued $1,200 million aggregate principal amount of Limited Recourse Capital Notes – Series 2 (LRCN – Series 2), maturing on March 19, 2082. The LRCN – Series 2 bear interest at a fixed rate of 4.10% payable semi-annually, until March 18, 2027. On March 19, 2027 and every five years thereafter until March 19, 2077, the interest rate on the LRCN – Series 2 will be reset at an interest rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 2.704%. Non-deferrable interest is payable semi-annually on the LRCN – Series 2 at the Company’s discretion. Non-payment of interest or principal when due will result in a recourse event, with the noteholders’ sole remedy being receipt of their proportionate share of Class 1 Series 28 preferred shares
Summary of Basic and Diluted Earnings Per Common Share	(c) Earnings per share The following table presents basic and diluted earnings per common share of the Company. For the years ended December 31, 2021 2020 Basic earnings per common share $ 3.55 $ 2.94 Diluted earnings per common share 3.54 2.93
Summary of Reconciliation of Denominator (Numbers 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, 2021 2020 Weighted average number of common shares (in millions) 1,942 1,941 Dilutive stock-based awards (1) 4 2 Weighted average number of diluted common shares (in millions) 1,946 1,943 (1) The dilutive effect of stock-based awards was calculated using the treasury stock method. This method calculates the number of incremental shares by assuming the outstanding stock-based awards are (i) exercised and (ii) then reduced by the number of shares assumed to be repurchased from the issuance proceeds, using the average market price of MFC common shares for the year. Excluded from the calculation was a weighted average of nil (2020 – 18 million) anti-dilutive stock-based awards.
Summary of Dividends Payable on Non-cumulative Preferred Shares	(d) Quarterly dividend declaration subsequent to year end On February 9, 2022, the Company’s Board of Directors approved a quarterly dividend of $0.33 per share on the common shares of MFC, payable on or after March 21, 2022 to shareholders of record at the close of business on February 23, 2022. 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 – $0.14675 per share Class 1 Shares Series 17 – $0.2375 per share Class 1 Shares Series 4 – $0.096965 per share Class 1 Shares Series 19 – $0.229688 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 (Tables)

Capital Management (Tables)	12 Months Ended
	Dec. 31, 2021
Text block [abstract]
Schedule of Consolidated Capital	Consolidated capital As at December 31, 2021 2020 Total equity $ 58,869 $ 53,006 Exclude AOCI gain/(loss) on cash flow hedges (156 ) (229 ) Total equity excluding AOCI on cash flow hedges 59,025 53,235 Qualifying capital instruments 6,980 7,829 Consolidated capital $ 66,005 $ 61,064

Revenue from Service Contracts

Revenue from Service Contracts (Tables)	12 Months Ended
	Dec. 31, 2021
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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, 2021 Asia Canada U.S. Global Corporate Total Investment management and other related fees $ 217 $ 230 $ 499 $ 3,198 $ (247 ) $ 3,897 Transaction processing, administration, and service fees 287 918 12 2,517 (11 ) 3,723 Distribution fees and other 251 20 65 799 (54 ) 1,081 Total included in other revenue 755 1,168 576 6,514 (312 ) 8,701 Revenue from non-service 941 168 1,248 (1 ) 75 2,431 Total other revenue $ 1,696 $ 1,336 $ 1,824 $ 6,513 $ (237 ) $ 11,132 Real estate management services included in net investment income $ 37 $ 126 $ 128 $ – $ 7 $ 298 For the year ended December 31, 2020 Asia Canada U.S. Global Corporate Total Investment management and other related fees $ 223 $ 202 $ 514 $ 2,770 $ (201) $ 3,508 Transaction processing, administration, and service fees 239 814 15 2,215 2 3,285 Distribution fees and other 187 16 67 718 (52 ) 936 Total included in other revenue 649 1,032 596 5,703 (251 ) 7,729 Revenue from non-service 697 (19 ) 2,115 7 62 2,862 Total other revenue $ 1,346 $ 1,013 $ 2,711 $ 5,710 $ (189 ) $ 10,591 Real estate management services included in net investment income $ 37 $ 144 $ 143 $ – $ 8 $ 332

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Text block [abstract]
Schedule of Options Outstanding	Options outstanding 2021 2020 For the years ended December 31, Number of (in millions) Weighted Number of (in millions) Weighted Outstanding, January 1 24 $ 21.74 21 $ 20.91 Granted – – 5 24.38 Exercised (3 ) 18.34 (2 ) 18.17 Expired – 24.73 – 24.27 Forfeited – 23.96 – 23.73 Outstanding, December 31 21 $ 22.09 24 $ 21.74 Exercisable, December 31 8 $ 18.94 6 $ 19.52
Schedule of Range of Exercise Prices of Outstanding Share Options	Options outstanding Options exercisable For the year ended December 31, 2021 Number of (in millions) Weighted average Weighted average Number of (in millions) Weighted Weighted average $12.64—$20.99 5 $ 16.90 3.38 5 $ 16.90 3.38 $21.00—$24.83 16 $ 23.58 6.09 3 $ 21.86 2.95 Total 21 $ 22.09 5.49 8 $ 18.94 3.20
Schedule of Deferred Share Units	The fair value of 161,000 DSUs issued during the year was $24.11 per unit as at December 31, 2021 (2020 – 214,000 at $22.65 per unit). For the years ended December 31, Number of DSUs (in thousands) 2021 2020 Outstanding, January 1 2,169 2,395 Issued 161 214 Reinvested 100 145 Redeemed (345 ) (576 ) Forfeitures and cancellations (6 ) (9 ) Outstanding, December 31 2,079 2,169

Employee Future Benefits (Table

Employee Future Benefits (Tables)	12 Months Ended
	Dec. 31, 2021
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Summary of Pension and Retiree Welfare Plans	(c) Pension and retiree welfare plans Pension plans Retiree welfare plans For the years ended December 31, 2021 2020 2021 2020 Changes in defined benefit obligation: Opening balance $ 4,901 $ 4,817 $ 638 $ 645 Current service cost 44 41 – – Interest cost 115 150 15 20 Plan participants’ contributions – – 3 3 Actuarial losses (gains) due to: Experience 3 2 – (14 ) Demographic assumption changes 7 (67 ) 1 (12 ) Economic assumption changes (194 ) 333 (29 ) 49 Benefits paid (303 ) (318 ) (42 ) (45 ) Impact of changes in foreign exchange rates (13 ) (57 ) (2 ) (8 ) Defined benefit obligation, December 31 $ 4,560 $ 4,901 $ 584 $ 638 Pension plans Retiree welfare plans For the years ended December 31, 2021 2020 2021 2020 Change in plan assets: Fair value of plan assets, opening balance $ 4,595 $ 4,453 $ 606 $ 598 Interest income 109 140 14 19 Return on plan assets (excluding interest income) 70 310 (1 ) 33 Employer contributions 61 71 11 11 Plan participants’ contributions – – 3 3 Benefits paid (303 ) (318 ) (42 ) (45 ) Administration costs (9 ) (7 ) (2 ) (2 ) Impact of changes in foreign exchange rates (13 ) (54 ) (2 ) (11 ) Fair value of plan assets, December 31 $ 4,510 $ 4,595 $ 587 $ 606
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, 2021 2020 2021 2020 Development of net defined benefit liability Defined benefit obligation $ 4,560 $ 4,901 $ 584 $ 638 Fair value of plan assets 4,510 4,595 587 606 Deficit (surplus) 50 306 (3 ) 32 Effect of asset limit (1) 37 – – – Deficit (surplus) and net defined benefit liability (asset) 87 306 (3 ) 32 Deficit is comprised of: Funded or partially funded plans (600 ) (446 ) (154 ) (134 ) Unfunded plans 687 752 151 166 Deficit (surplus) and net defined benefit liability (asset) $ 87 $ 306 $ (3 ) $ 32
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, 2021 2020 2021 2020 2021 2020 2021 2020 Active members $ 537 $ 551 $ 17 $ 27 $ 184 $ 211 $ – $ – Inactive and retired members 2,371 2,528 416 445 1,468 1,611 151 166 Total $ 2,908 $ 3,079 $ 433 $ 472 $ 1,652 $ 1,822 $ 151 $ 166
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, 2021 Fair value % of total Fair value % of total Fair value % of total Fair value % of total Cash and cash equivalents $ 90 3% $ 21 4% $ 14 1% $ – – Public equity securities (3) 600 20% 57 10% 322 22% – – Public debt securities 1,863 61% 501 85% 1,144 77% – – Other investments (4) 475 16% 8 1% 2 0% – – Total $ 3,028 100% $ 587 100% $ 1,482 100% $ – – U.S. plans (1) Canadian plans (2) Pension plans Retiree welfare plans Pension plans Retiree welfare plans As at December 31, 2020 Fair value % of total Fair value % of total Fair value % of total Fair value % of total Cash and cash equivalents $ 83 3% $ 30 5% $ 10 1% $ – – Public equity securities (3) 593 19% 49 8% 339 22% – – Public debt securities 2,009 66% 520 86% 1,186 77% – – Other investments (4) 373 12% 7 1% 2 0% – – Total $ 3,058 100% $ 606 100% $ 1,537 100% $ – –
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, 2021 2020 2021 2020 Defined benefit current service cost $ 44 $ 41 $ – $ – Defined benefit administrative expenses 9 7 2 2 Service cost 53 48 2 2 Interest on net defined benefit (asset) liability 6 10 1 1 Defined benefit cost 59 58 3 3 Defined contribution cost 90 84 – – Net benefit cost $ 149 $ 142 $ 3 $ 3
Summary of Re-measurement Effects Recognized in Other Comprehensive Income	(h) Re-measurement Pension plans Retiree welfare plans For the years ended December 31, 2021 2020 2021 2020 Actuarial gains (losses) on defined benefit obligations due to: Experience $ (3 ) $ (2 ) $ – $ 14 Demographic assumption changes (7 ) 67 (1 ) 12 Economic assumption changes 194 (333 ) 29 (49 ) Return on plan assets (excluding interest income) 70 310 (1 ) 33 Change in effect of asset limit (37 ) 5 – – Total re-measurement $ 217 $ 47 $ 27 $ 10
Summary of Key Assumptions Used by to Determine Defined Benefit Obligation and Net Benefit Cost for Defined Benefit Pension Plans and Retiree Welfare Plans	The 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, 2021 2020 2021 2020 2021 2020 2021 2020 To determine the defined benefit obligation at end of year (1) Discount rate 2.7% 2.4% 2.7% 2.4% 3.1% 2.5% 3.2% 2.6% Initial health care cost trend rate (2) n/a n/a 7.0% 7.3% n/a n/a 5.4% 5.5% To determine the defined benefit cost for the year (1) Discount rate 2.4% 3.2% 2.4% 3.2% 2.5% 3.1% 2.6% 3.1% Initial health care cost trend rate (2) n/a n/a 7.3% 7.5% n/a n/a 5.5% 5.6%
Summary of Life Expectancies Underlying Values of Obligations in Defined Benefit Pension and Retiree Welfare Plans	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, 2021 U.S. Canada Life expectancy (in years) for those currently age 65 Males 22.0 23.8 Females 23.6 25.7 Life expectancy (in years) at age 65 for those currently age 45 Males 23.4 24.8 Females 24.9 26.6
Summary of Potential Impact on Obligations Arising From Changes in Key Assumptions	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, 2021 Pension plans Retiree welfare plans Discount rate: Impact of a 1% increase $ (417 ) $ (58 ) Impact of a 1% decrease 492 70 Health care cost trend rate: Impact of a 1% increase n/a 17 Impact of a 1% decrease n/a (15 ) Mortality rates (1) Impact of a 10% decrease 130 15 (1) If the actuarial estimates of mortality are adjusted in the future to reflect unexpected decreases in mortality, the effect of a 10% decrease in mortality rates at each future age would be an increase in life expectancy at age 65 of 0.8 years for U.S. and Canadian males and females, respectively.
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, 2021 2020 2021 2020 U.S. plans 9.7 9.9 9.5 9.8 Canadian plans 12.4 12.5 13.3 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, 2021 2020 2021 2020 Defined benefit plans $ 61 $ 71 $ 11 $ 11 Defined contribution plans 90 84 – – Total $ 151 $ 155 $ 11 $ 11

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
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Components of Income Tax Expense (Recovery) Recognized	The following table presents i For the years ended December 31, 2021 2020 Current tax Current year $ 1,389 $ 998 Adjustments related to prior years (49 ) (83 ) Total current tax 1,340 915 Deferred tax Change related to temporary differences (108 ) 253 Effects of changes in tax rates (19 ) 27 Total deferred tax (127 ) 280 Income tax expense $ 1,213 $ 1,195 The following table discloses income tax expense (recovery) recognized directly in equity. For the years ended December 31, 2021 2020 Recognized in other comprehensive income Current income tax expense (recovery) $ (3 ) $ (92 ) Deferred income tax expense (recovery) (61 ) 87 Total recognized in other comprehensive income $ (64 ) $ (5 ) Recognized in equity, other than other comprehensive income Current income tax expense (recovery) $ 5 $ 25 Deferred income tax expense (recovery) (15 ) (25 ) Total income tax recognized directly in equity $ (10 ) $ –
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 26.50 per cent for the year ended December 31, 2021 (2020 – 26.50 per cent) for the items outlined in the following table. For the years ended December 31, 2021 2020 Income before income taxes $ 8,125 $ 6,770 Income tax expense at Canadian statutory tax rate $ 2,153 $ 1,794 Increase (decrease) in income taxes due to: Tax-exempt (261 ) (171 ) Differences in tax rate on income not subject to tax in Canada (917 ) (528 ) Adjustments to taxes related to prior years (47 ) (96 ) Tax losses and temporary differences not recognized as deferred taxes 53 – Tax rate change (19 ) 27 Other differences 251 169 Income tax expense $ 1,213 $ 1,195
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 , 2021 2020 Deferred tax assets $ 5,254 $ 4,842 Deferred tax liabilities (2,769 ) (2,614 ) Net deferred tax assets (liabilities) $ 2,485 $ 2,228
Components of Deferred Tax Assets and Liabilties	The following table presents movement of deferred tax assets and liabilities. As at December 31, 2021 Balance, Disposals Recognized in Recognized in Other Recognized Translation Balance, Loss carryforwards $ 497 $ (10 ) $ 22 $ – $ – $ 8 $ 517 Actuarial liabilities 9,372 – (666 ) – – (3 ) 8,703 Pensions and post-employment benefits 215 – 7 (61 ) – – 161 Tax credits 34 – 11 1 – – 46 Accrued interest 1 – – – – – 1 Real estate (1,033 ) – (145 ) – – 7 (1,171 ) Securities and other investments (5,950 ) – 643 119 – 49 (5,139 ) Sale of investments (56 ) – 16 – – – (40 ) Goodwill and intangible assets (849 ) – 29 – – 16 (804 ) Other (3 ) 1 210 2 15 (14 ) 211 Total $ 2,228 $ (9 ) $ 127 $ 61 $ 15 $ 63 $ 2,485 As at December 31, 2020 Balance, Disposals Recognized Recognized in Other Recognized Translation Balance, Loss carryforwards $ 705 $ – $ (210 ) $ – $ – $ 2 $ 497 Actuarial liabilities 8,443 – 1,063 – – (134 ) 9,372 Pensions and post-employment benefits 226 – – (10 ) – (1 ) 215 Tax credits 32 – 2 – – – 34 Accrued interest 1 – – – – – 1 Real estate (1,046 ) – 5 (2 ) 1 9 (1,033 ) Securities and other investments (4,704 ) – (1,254) (59 ) 2 65 (5,950 ) Sale of investments (69 ) – 13 – – – (56 ) Goodwill and intangible assets (876 ) – 24 – – 3 (849 ) Other (110 ) – 77 (16 ) 22 24 (3 ) Total $ 2,602 $ – $ (280 ) $ (87) $ 25 $ (32 ) $ 2,228

Interests in Structured Entit_2

Interests in Structured Entities (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 2020 2021 2020 Leveraged leases (3) $ 3,457 $ 3,371 $ 3,457 $ 3,371 Timberland companies (4) 842 776 842 776 Real estate companies (5) 513 497 513 497 Total $ 4,812 $ 4,644 $ 4,812 $ 4,644 (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 in and maximum exposure to loss from significant unconsolidated financing SEs are as follows. Company’s interests (1) As at December 31, 2021 2020 Manulife Finance (Delaware), L.P. (2) $ 850 $ 931 Total $ 850 $ 931 (1) The Company’s interests include amounts borrowed from the SE; the Company’s investment in its equity and subordinated capital; and foreign currency and interest rate swaps with it. (2) This entity is a wholly owned partnership used to facilitate the Company’s financing. Refer to notes 10 and 18.
Schedule of Securitized Holdings by Type and Asset Quality	The following table presents investments in securitized holdings by the type and asset quality. 2021 2020 As at December 31, CMBS RMBS ABS Total Total AAA $ 1,332 $ 6 $ 1,008 $ 2,346 $ 2,465 AA – – 11 11 32 A 53 3 585 641 661 BBB – – 227 227 208 BB and below – – 4 4 76 Total company exposure $ 1,385 $ 9 $ 1,835 $ 3,229 $ 3,442

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
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Summary of Condensed Consolidated Statements of Income Information for MFC and MFLP	Condensed Consolidated Statements of Income Information For the year ended December 31, 2021 MFC MLI Other Consolidation Total MFLP Total revenue $ 563 $ 61,787 $ 536 $ (1,065) $ 61,821 $ 41 Net income (loss) attributed to shareholders and other equity holders 7,105 7,342 (500 ) (6,842) 7,105 3 For the year ended December 31, 2020 MFC MLI Other Consolidation Total MFLP Total revenue $ 547 $ 78,929 $ 520 $ (1,088) $ 78,908 $ 32 Net income (loss) attributed to shareholders 5,871 6,179 (500 ) (5,679) 5,871 (1 )
Summary of Condensed Consolidated Statements of Financial Position for MFC and MFLP	Condensed Consolidated Statements of Financial Position As at December 31, 2021 MFC MLI Other Consolidation Total MFLP Invested assets $ 78 $ 427,010 $ 10 $ – $ 427,098 $ 3 Total other assets 68,866 91,412 3,203 (72,724 ) 90,757 1,088 Segregated funds net assets – 399,788 – – 399,788 – Insurance contract liabilities – 392,275 – – 392,275 – Investment contract liabilities – 3,117 – – 3,117 – Segregated funds net liabilities – 399,788 – – 399,788 – Total other liabilities 10,536 53,962 – (904 ) 63,594 852 As at December 31, 2020 MFC MLI Other Consolidation Total MFLP Invested assets $ 47 $ 410,919 $ 11 $ – $ 410,977 $ 5 Total other assets 64,419 102,439 3 (64,925) 101,936 1,166 Segregated funds net assets – 367,436 – – 367,436 – Insurance contract liabilities – 385,554 – – 385,554 – Investment contract liabilities – 3,288 – – 3,288 – Segregated funds net liabilities – 367,436 – – 367,436 – Total other liabilities 12,131 59,683 – (749 ) 71,065 936
Schedule of Pledged Assets	The amounts pledged are as follows. 2021 2020 As at December 31, Debt securities Other Debt securities Other In respect of: Derivatives $ 5,525 $ 23 $ 5,924 $ 35 Secured borrowings – 2,575 – 2,790 Regulatory requirements 367 78 452 80 Repurchase agreements 535 – 353 – Non-registered – 377 – 424 Other 2 414 2 302 Total $ 6,429 $ 3,467 $ 6,731 $ 3,631

Segmented Information (Tables)

Segmented Information (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 Asia Canada U.S. Global WAM Corporate Total Revenue Life and health insurance $ 20,428 $ 9,217 $ 6,338 $ – $ 147 $ 36,130 Annuities and pensions 2,558 344 33 – – 2,935 Net premium income 22,986 9,561 6,371 – 147 39,065 Net investment income (loss) 4,889 1,469 5,061 28 177 11,624 Other revenue 1,696 1,336 1,824 6,513 (237 ) 11,132 Total revenue 29,571 12,366 13,256 6,541 87 61,821 Contract benefits and expenses Life and health insurance 18,240 10,276 9,307 – 159 37,982 Annuities and pensions 2,638 (3,371 ) (1,528 ) 101 – (2,160 ) Net benefits and claims 20,878 6,905 7,779 101 159 35,822 Interest expense 232 269 47 1 462 1,011 Other expenses 5,273 3,401 2,947 4,798 444 16,863 Total contract benefits and expenses 26,383 10,575 10,773 4,900 1,065 53,696 Income (loss) before income taxes 3,188 1,791 2,483 1,641 (978 ) 8,125 Income tax recovery (expense) (445 ) (336 ) (385 ) (233 ) 186 (1,213 ) Net income (loss) 2,743 1,455 2,098 1,408 (792 ) 6,912 Less net income (loss) attributed to: Non-controlling 253 – – 2 – 255 Participating policyholders (567 ) 101 18 – – (448 ) Net income (loss) attributed to shareholders and other equity holders $ 3,057 $ 1,354 $ 2,080 $ 1,406 $ (792 ) $ 7,105 Total assets $ 162,970 $ 169,736 $ 290,838 $ 259,363 $ 34,736 $ 917,643 As at and for the year ended December 31, 2020 Asia Canada U.S. Global WAM Corporate Total Revenue Life and health insurance $ 17,983 $ 8,833 $ 3,011 $ – $ 140 $ 29,967 Annuities and pensions (1) 2,496 334 120 – – 2,950 Net premium income 20,479 9,167 3,131 – 140 32,917 Net investment income (loss) 6,630 8,458 17,519 39 2,754 35,400 Other revenue 1,346 1,013 2,711 5,710 (189 ) 10,591 Total revenue 28,455 18,638 23,361 5,749 2,705 78,908 Contract benefits and expenses Life and health insurance 17,997 10,385 16,099 – (131 ) 44,350 Annuities and pensions 3,430 4,380 2,929 146 – 10,885 Net benefits and claims 21,427 14,765 19,028 146 (131 ) 55,235 Interest expense 269 342 54 2 514 1,181 Other expenses 5,123 3,141 2,714 4,329 414 15,721 Total contract benefits and expenses 26,819 18,248 21,796 4,477 797 72,137 Income (loss) before income taxes 1,636 390 1,565 1,272 1,908 6,771 Income tax recovery (expense) (233 ) (131 ) (296 ) (172 ) (363 ) (1,195 ) Net income (loss) 1,403 259 1,269 1,100 1,545 5,576 Less net income (loss) attributed to: Non-controlling 250 – – – – 250 Participating policyholders (609 ) 64 – – – (545 ) Net income (loss) attributed to shareholders $ 1,762 $ 195 $ 1,269 $ 1,100 $ 1,545 $ 5,871 Total assets $ 145,801 $ 167,236 $ 288,814 $ 236,593 $ 41,905 $ 880,349
Summary of Results by Geographic Location	The following table presents results by geographical location. For the year ended December 31, 2021 Asia Canada U.S. Other Total Revenue Life and health insurance $ 20,515 $ 8,905 $ 6,340 $ 370 $ 36,130 Annuities and pensions 2,558 344 33 – 2,935 Net premium income 23,073 9,249 6,373 370 39,065 Net investment income (loss) 5,313 1,255 4,830 226 11,624 Other revenue 2,818 3,363 4,952 (1 ) 11,132 Total revenue $ 31,204 $ 13,867 $ 16,155 $ 595 $ 61,821 For the year ended December 31, 2020 Asia Canada U.S. Other Total Revenue Life and health insurance $ 18,072 $ 8,474 $ 3,012 $ 409 $ 29,967 Annuities and pensions (1) 2,496 334 120 – 2,950 Net premium income 20,568 8,808 3,132 409 32,917 Net investment income (loss) 7,085 8,531 19,735 49 35,400 Other revenue 2,300 2,671 5,600 20 10,591 Total revenue $ 29,953 $ 20,010 $ 28,467 $ 478 $ 78,908

Related Parties (Tables)

Related Parties (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 2020 Short-term employee benefits $ 65 $ 69 Post-employment benefits 5 5 Share-based payments 57 57 Termination benefits – – Other long-term benefits 2 3 Total $ 129 $ 134

Subsidiaries (Tables)

Subsidiaries (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 (100% owned unless otherwise noted in brackets beside company name) Equity Address Description The Manufacturers Life Insurance Company $ 67,375 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 $ 22,577 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 As at December 31, 2021 (100% owned unless otherwise noted in brackets beside company name) Equity Address Description 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 Manulife Investment Management Timberland and Agriculture 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 $ 1,686 Waterloo, Canada Provides integrated banking products and service options not available from an insurance company Manulife Investment Management Holdings (Canada) Inc. $ 1,236 Toronto, Canada Holding company Manulife Investment Management Limited Toronto, Canada Provides investment counseling, portfolio and mutual fund management in Canada First North American Insurance Company $ 8 Toronto, Canada Property and casualty insurance company Manulife Securities Investment Services Inc. $ 77 Oakville, Canada Mutual fund dealer for Canadian operations Manulife Holdings (Bermuda) Limited $ 23,978 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 Manulife Myanmar Life Insurance Company Limited Yangon, Myanmar 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) Investment management company Manulife Life Insurance Company (Japan) Tokyo, Japan Life insurance company As at December 31, 2021 (100% owned unless otherwise noted in brackets beside company name) Equity Address Description Manulife Investment Management (Japan) Limited Tokyo, Japan Investment management and advisory company and mutual fund business Manulife Holdings Berhad (60.9%) Kuala Lumpur, Malaysia Holding company Manulife Insurance Berhad (60.9%) Kuala Lumpur, Malaysia Life insurance company Manulife Investment Management (Malaysia) Berhad (60.9%) 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 Jakarta, Indonesia Life insurance company PT Manulife Aset Manajemen Indonesia Jakarta, Indonesia Investment management and investment advisor Manulife Investment Management (Europe) Limited $ 41 London, England Investment management company for Manulife Financial’s international funds Manulife Assurance Company of Canada $ 69 Toronto, Canada Life insurance company EIS Services (Bermuda) Limited $ 1,057 Hamilton, Bermuda Investment holding company Berkshire Insurance Services Inc. $ 2,159 Toronto, Canada Investment holding company JH Investments (Delaware) LLC Boston, Massachusetts, U.S.A. Investment holding company Manulife Securities Incorporated $ 132 Oakville, Canada Investment dealer Manulife Investment Management (North America) Limited $ 3 Toronto, Canada Investment advisor

Segregated Funds (Tables)

Segregated Funds (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020. Ranges in per cent Type of fund 2021 2020 Money market funds 2% to 2% to Fixed income funds 14% to 15% 14% to 16% Balanced funds 22% to 23% 23% to 24% Equity funds 60% to 62% 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, 2021 2020 Investments at market value Cash and short-term securities $ 3,955 $ 4,054 Debt securities 18,651 17,913 Equities 16,844 14,227 Mutual funds 354,882 326,889 Other investments 4,613 4,599 Accrued investment income 2,340 1,670 Other assets and liabilities, net (1,089 ) (1,543 ) Total segregated funds net assets $ 400,196 $ 367,809 Composition of segregated funds net assets Held by policyholders $ 399,788 $ 367,436 Held by the Company 408 373 Total segregated funds net assets $ 400,196 $ 367,809
Summary of Changes in Segregated Funds Net Assets	Changes in segregated funds net assets For the years ended December 31, 2021 2020 Net policyholder cash flow Deposits from policyholders $ 44,548 $ 38,898 Net transfers to general fund (732 ) (1,515 ) Payments to policyholders (52,182 ) (44,818 ) (8,366 ) (7,435 ) Investment related Interest and dividends 24,092 16,775 Net realized and unrealized investment gains (losses) 21,549 24,514 45,641 41,289 Other Management and administration fees (4,115 ) (3,942 ) Impact of changes in foreign exchange rates (773 ) (5,580 ) (4,888 ) (9,522 ) Net additions (deductions) 32,387 24,332 Segregated funds net assets, beginning of year 367,809 343,477 Segregated funds net assets, end of year $ 400,196 $ 367,809

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, 2021
Text block [abstract]
Condensed Consolidated Statement of Financial Position	Condensed Consolidated Statement of Financial Position As at December 31, 2021 MFC JHUSA Other Consolidation Consolidated Assets Invested assets $ 78 $ 116,705 $ 310,679 $ (364 ) $ 427,098 Investments in unconsolidated subsidiaries 68,655 9,107 20,788 (98,550 ) – Reinsurance assets – 63,838 11,309 (30,568 ) 44,579 Other assets 211 18,085 49,956 (22,074 ) 46,178 Segregated funds net assets – 204,493 197,220 (1,925 ) 399,788 Total assets $ 68,944 $ 412,228 $ 589,952 $ (153,481 ) $ 917,643 Liabilities and equity Insurance contract liabilities $ – $ 166,535 $ 257,044 $ (31,304 ) $ 392,275 Investment contract liabilities – 1,227 1,890 – 3,117 Other liabilities 899 21,806 50,836 (21,809 ) 51,732 Long-term debt 4,882 – – – 4,882 Capital instruments 4,755 579 1,646 – 6,980 Segregated funds net liabilities – 204,493 197,220 (1,925 ) 399,788 Shareholders’ and other equity holders’ equity 58,408 17,588 80,855 (98,443 ) 58,408 Participating policyholders’ equity – – (1,233 ) – (1,233 ) Non-controlling – – 1,694 – 1,694 Total liabilities and equity $ 68,944 $ 412,228 $ 589,952 $ (153,481 ) $ 917,643 Condensed Consolidated Statement of Financial Position As at December 31, 2020 MFC JHUSA Other Consolidation Consolidated Assets Invested assets $ 47 $ 112,735 $ 298,524 $ (329 ) $ 410,977 Investments in unconsolidated subsidiaries 64,209 8,078 17,194 (89,481 ) – Reinsurance assets – 65,731 11,172 (31,067 ) 45,836 Other assets 210 25,489 52,648 (22,247 ) 56,100 Segregated funds net assets – 191,955 178,224 (2,743 ) 367,436 Total assets $ 64,466 $ 403,988 $ 557,762 $ (145,867 ) $ 880,349 Liabilities and equity Insurance contract liabilities $ – $ 167,453 $ 249,909 $ (31,808 ) $ 385,554 Investment contract liabilities – 1,208 2,081 (1 ) 3,288 Other liabilities 718 25,594 52,761 (22,001 ) 57,072 Long-term debt 6,164 – – – 6,164 Capital instruments 5,249 584 1,996 – 7,829 Segregated funds net liabilities – 191,955 178,224 (2,743 ) 367,436 Shareholders’ equity 52,335 17,194 72,120 (89,314 ) 52,335 Participating policyholders’ equity – – (784 ) – (784 ) Non-controlling – – 1,455 – 1,455 Total liabilities and equity $ 64,466 $ 403,988 $ 557,762 $ (145,867 ) $ 880,349
Condensed Consolidated Statement of Income	Condensed Consolidated Statement of Income For the year ended December 31, 2021 MFC JHUSA Other Consolidation Consolidated Revenue Gross premiums $ – $ 7,782 $ 37,563 $ (1,001 ) $ 44,344 Premiums ceded to reinsurers – (3,243 ) (3,031 ) 995 (5,279 ) Net premium income – 4,539 34,532 (6 ) 39,065 Net investment income (loss) 530 3,779 8,440 (1,125 ) 11,624 Other revenue 33 2,042 9,605 (548 ) 11,132 Total revenue 563 10,360 52,577 (1,679 ) 61,821 Contract benefits and expenses Net benefits and claims – 6,478 28,467 877 35,822 Commissions, investment and general expenses 12 3,451 14,419 (1,436 ) 16,446 Other expenses 390 212 1,946 (1,120 ) 1,428 Total contract benefits and expenses 402 10,141 44,832 (1,679 ) 53,696 Income (loss) before income taxes 161 219 7,745 – 8,125 Income tax (expense) recovery (28 ) 115 (1,300 ) – (1,213 ) Income (loss) after income taxes 133 334 6,445 – 6,912 Equity in net income (loss) of unconsolidated subsidiaries 6,972 1,218 1,552 (9,742 ) – Net income (loss) $ 7,105 $ 1,552 $ 7,997 $ (9,742 ) $ 6,912 Net income (loss) attributed to: Non-controlling $ – $ – $ 255 $ – $ 255 Participating policyholders – (4 ) (448 ) 4 (448 ) Shareholders and other equity holders 7,105 1,556 8,190 (9,746 ) 7,105 $ 7,105 $ 1,552 $ 7,997 $ (9,742 ) $ 6,912 Condensed Consolidated Statement of Income For the year ended December 31, 2020 MFC JHUSA Other Consolidation Consolidated Revenue Gross premiums $ – $ 8,057 $ 34,459 $ (1,108 ) $ 41,408 Premiums ceded to reinsurers – (6,585 ) (3,014 ) 1,108 (8,491 ) Net premium income – 1,472 31,445 – 32,917 Net investment income (loss) 542 14,204 21,727 (1,073 ) 35,400 Other revenue 5 2,869 12,884 (5,167 ) 10,591 Total revenue 547 18,545 66,056 (6,240 ) 78,908 Contract benefits and expenses Net benefits and claims – 14,804 44,293 (3,862 ) 55,235 Commissions, investment and general expenses 17 3,146 13,573 (1,396 ) 15,340 Other expenses 434 230 1,880 (982 ) 1,562 Total contract benefits and expenses 451 18,180 59,746 (6,240 ) 72,137 Income (loss) before income taxes 96 365 6,310 – 6,771 Income tax (expense) recovery (26 ) 54 (1,223 ) – (1,195 ) Income (loss) after income taxes 70 419 5,087 – 5,576 Equity in net income (loss) of unconsolidated subsidiaries 5,801 1,344 1,763 (8,908 ) – Net income (loss) $ 5,871 $ 1,763 $ 6,850 $ (8,908 ) $ 5,576 Net income (loss) attributed to: Non-controlling $ – $ – $ 250 $ – $ 250 Participating policyholders – – (545 ) – (545 ) Shareholders 5,871 1,763 7,145 (8,908 ) 5,871 $ 5,871 $ 1,763 $ 6,850 $ (8,908 ) $ 5,576
Consolidated Statement of Cash Flows	Consolidated Statement of Cash Flows For the year ended December 31, 2021 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Operating activities Net income (loss) $ 7,105 $ 1,552 $ 7,997 $ (9,742 ) $ 6,912 Adjustments: Equity in net income of unconsolidated subsidiaries (6,972 ) (1,218 ) (1,552 ) 9,742 – Increase (decrease) in insurance contract liabilities – (562 ) 11,281 – 10,719 Increase (decrease) in investment contract liabilities – 50 (6 ) – 44 (Increase) decrease in reinsurance assets excluding coinsurance transactions – 1,544 (790 ) – 754 Amortization of (premium) discount on invested assets – 57 124 – 181 Other amortization 16 124 389 – 529 Net realized and unrealized (gains) losses and impairment on assets 62 1,533 3,229 – 4,824 Deferred income tax expense (recovery) 34 190 (351 ) – (127 ) Stock option expense – (2 ) 11 – 9 Cash provided by (used in) operating activities before undernoted items 245 3,268 20,332 – 23,845 Dividends from unconsolidated subsidiary 5,000 489 742 (6,231 ) – Changes in policy related and operating receivables and payables (22 ) 424 (1,092 ) – (690 ) Cash provided by (used in) operating activities 5,223 4,181 19,982 (6,231 ) 23,155 Investing activities Purchases and mortgage advances – (31,746 ) (89,219 ) – (120,965 ) Disposals and repayments – 27,194 69,534 – 96,728 Changes in investment broker net receivables and payables – (202 ) 16 – (186 ) Investment in common shares of subsidiaries (3,700 ) – – 3,700 – Net cash flows from acquisition and disposal of subsidiaries and businesses – – (19 ) – (19 ) Capital contribution to unconsolidated subsidiaries – (1 ) – 1 – Return of capital from unconsolidated subsidiaries – 1 – (1 ) – Notes receivable from parent – – (129 ) 129 – Notes receivable from subsidiaries (13 ) – – 13 – Cash provided by (used in) investing activities (3,713 ) (4,754 ) (19,817 ) 3,842 (24,442 ) Financing activities Redemption of long-term debt (1,250 ) – – – (1,250 ) Redemption of capital instruments (468 ) – (350 ) – (818 ) Secured borrowings – – 26 – 26 Change in repurchase agreements and securities sold but not yet purchased – – 186 – 186 Changes in deposits from Bank clients, net – – (164 ) – (164 ) Lease payments – (7 ) (117 ) – (124 ) Shareholders’ dividends and other equity distributions (2,500 ) – – – (2,500 ) Common shares issued, net 51 – 3,700 (3,700 ) 51 Preferred shares and other equity issued, net 3,171 – – – 3,171 Preferred shares redeemed, net (612 ) – – – (612 ) Contributions from (distributions to) non-controlling – – (13 ) – (13 ) Dividends paid to parent – (742 ) (5,489 ) 6,231 – Capital contributions by parent – – 1 (1 ) – Return of capital to parent – – (1 ) 1 – Notes payable to parent – – 13 (13 ) – Notes payable to subsidiaries 129 – – (129 ) – Cash provided by (used in) financing activities (1,479 ) (749 ) (2,208 ) 2,389 (2,047 ) Cash and short-term securities Increase (decrease) during the year 31 (1,322 ) (2,043 ) – (3,334 ) Effect of foreign exchange rate changes on cash and short-term securities – (20 ) (299 ) – (319 ) Balance, beginning of year 47 4,907 20,629 – 25,583 Balance, end of year 78 3,565 18,287 – 21,930 Cash and short-term securities Beginning of year Gross cash and short-term securities 47 5,213 20,907 – 26,167 Net payments in transit, included in other liabilities – (306 ) (278 ) – (584 ) Net cash and short-term securities, beginning of year 47 4,907 20,629 – 25,583 End of year Gross cash and short-term securities 78 4,087 18,429 – 22,594 Net payments in transit, included in other liabilities – (522 ) (142 ) – (664 ) Net cash and short-term securities, end of year $ 78 $ 3,565 $ 18,287 $ – $ 21,930 Supplemental disclosures on cash flow information: Interest received $ 499 $ 4,112 $ 7,847 $ (1,082 ) $ 11,376 Interest paid 396 73 1,594 (1,082 ) 981 Income taxes paid (refund) – (118 ) 689 – 571 Consolidated Statement of Cash Flows For the year ended December 31, 2020 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Operating activities Net income (loss) $ 5,871 $ 1,763 $ 6,850 $ (8,908 ) $ 5,576 Adjustments: Equity in net income of unconsolidated subsidiaries (5,801 ) (1,344 ) (1,763 ) 8,908 – Increase (decrease) in insurance contract liabilities – 11,937 25,045 – 36,982 Increase (decrease) in investment contract liabilities – 48 130 – 178 (Increase) decrease in reinsurance assets excluding coinsurance transactions – (3,133 ) 759 – (2,374 ) Amortization of (premium) discount on invested assets – 54 100 – 154 Other amortization 7 145 504 – 656 Net realized and unrealized (gains) losses and impairment on assets 1 (9,420 ) (13,102 ) – (22,521 ) Deferred income tax expense (recovery) 25 (784 ) 1,039 – 280 Stock option expense – 3 11 – 14 Cash provided by (used in) operating activities before undernoted items 103 (731 ) 19,573 – 18,945 Dividends from unconsolidated subsidiary 3,000 411 1,270 (4,681 ) – Changes in policy related and operating receivables and payables 91 8,459 (7,447 ) – 1,103 Cash provided by (used in) operating activities 3,194 8,139 13,396 (4,681 ) 20,048 Investing activities Purchases and mortgage advances – (34,392 ) (77,589 ) – (111,981) Disposals and repayments – 29,635 69,215 – 98,850 Changes in investment broker net receivables and payables – (431 ) (586 ) – (1,017 ) Investment in common shares of subsidiaries (4,483 ) – – 4,483 – Capital contribution to unconsolidated subsidiaries – (1 ) – 1 – Return of capital from unconsolidated subsidiaries – 22 – (22 ) – Notes receivable from parent – – 1,501 (1,501 ) – Notes receivable from subsidiaries 1,494 – – (1,494 ) – Cash provided by (used in) investing activities (2,989 ) (5,167 ) (7,459 ) 1,467 (14,148 ) Financing activities Issue of long-term debt, net 2,455 – – – 2,455 Redemption of long-term debt (652 ) – – – (652 ) Issue of capital instruments, net 1,990 – – – 1,990 Redemption of capital instruments – – (1,250 ) – (1,250 ) Secured borrowings – 709 667 – 1,376 Change in repurchase agreements and securities sold but not yet purchased – – 24 – 24 Changes in deposits from Bank clients, net – – (579 ) – (579 ) Lease payments – (9 ) (125 ) – (134 ) Shareholders’ dividends paid in cash (2,340 ) – – – (2,340 ) Contributions from (distributions to) non-controlling – – (10 ) – (10 ) Common shares repurchased (253 ) – – – (253 ) Common shares issued, net 36 – 4,483 (4,483 ) 36 Dividends paid to parent – (1,270 ) (3,411 ) 4,681 – Capital contributions by parent – – 1 (1 ) – Return of capital to parent – – (22 ) 22 – Notes payable to parent – – (1,494 ) 1,494 – Notes payable to subsidiaries (1,501 ) – – 1,501 – Cash provided by (used in) financing activities (265 ) (570 ) (1,716 ) 3,214 663 Cash and short-term securities Increase (decrease) during the year (60 ) 2,402 4,221 – 6,563 Effect of foreign exchange rate changes on cash and short-term securities 85 (59 ) (554 ) – (528 ) Balance, beginning of year 22 2,564 16,962 – 19,548 Balance, end of year 47 4,907 20,629 – 25,583 Cash and short-term securities Beginning 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, beginning of year 22 2,564 16,962 – 19,548 End of year Gross cash and short-term securities 47 5,213 20,907 – 26,167 Net payments in transit, included in other liabilities – (306 ) (278 ) – (584 ) Net cash and short-term securities, end of year $ 47 $ 4,907 $ 20,629 $ – $ 25,583 Supplemental disclosures on cash flow information: Interest received $ 522 $ 4,334 $ 7,992 $ (1,112 ) $ 11,736 Interest paid 426 109 1,765 (1,112 ) 1,188 Income taxes paid (refund) (2 ) 721 639 – 1,358

IFRS 7 Disclosures (Tables)

IFRS 7 Disclosures (Tables)	12 Months Ended
	Dec. 31, 2021
Statement [LineItems]
Summary of Risk Management Strategies	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 Public Equity Risk Interest Rate ALDA Foreign Liquidity Risk Product design and pricing Variable Macro equity 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, 2021 ($ millions) Less than 1 year 1 to 3 3 to 5 Over 5 Total Long-term debt $ – $ – $ 1,605 $ 3,277 $ 4,882 Capital instruments – 579 – 6,401 6,980 Derivatives 294 387 379 8,978 10,038 Deposits from bank clients (2) 16,091 2,593 2,036 – 20,720 Lease liabilities 89 116 50 70 325 (1)  (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 (1) As at December 31, 2021 (2) 2020 (2) Guarantee (2) Fund value Net amount risk (2),(3),(4) Guarantee (2) Fund value Net amount risk (2),(3),(4) Guaranteed minimum income benefit $ 4,419 $ 3,603 $ 918 $ 4,555 $ 3,642 $ 1,064 Guaranteed minimum withdrawal benefit 39,098 41,809 2,233 42,570 44,075 3,128 Guaranteed minimum accumulation benefit 19,820 20,226 12 18,463 18,945 8 Gross living benefits (5) 63,337 65,638 3,163 65,588 66,662 4,200 Gross death benefits (6) 11,105 22,920 618 10,652 19,548 710 Total gross of reinsurance 74,442 88,558 3,781 76,240 86,210 4,910 Living benefits reinsured 3,788 3,102 771 3,917 3,157 895 Death benefits reinsured 639 547 253 685 534 282 Total reinsured 4,427 3,649 1,024 4,602 3,691 1,177 Total, net of reinsurance $ 70,015 $ 84,909 $ 2,757 $ 71,638 $ 82,519 $ 3,733 (1) (2)  Guaranteed Value and Net Amount at Risk in respect of guaranteed minimum withdrawal business in Canada and the U.S. have been updated in 2021 to reflect the time value of money of these claims. This methodology change also had a minor impact on the allocation of fund values between living benefits and death benefits. See footnotes 5 and 6. Values at December 31, 2020 have been restated to reflect this revised methodology. (3)   (in-the-money (4)  run-off (5)  (6)
Summary of Investment Categories for Variable Contracts with Guarantees	Investment categories for variable contracts with guarantees Variable contracts with guarantees, including variable annuities and variable life, are invested, at the policyholder’s discretion subject to contract limitations, in various fund types within the segregated fund accounts and other investments. The account balances by investment category are set out below. As at December 31, ($ millions) Investment category 2021 2020 Equity funds $ 52,528 $ 47,348 Balanced funds 43,783 42,414 Bond funds 10,965 11,944 Money market funds 1,844 2,113 Other fixed interest rate investments 1,917 1,992 Total $ 111,037 $ 105,811
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders Arising from Changes to Public Equity Returns	As at December 31, 2021 ($ millions) -30% -20% -10% +10% +20% +30% Underlying sensitivity to net income attributed to shareholders (4) Variable annuity guarantees $ (2,560 ) $ (1,480 ) $ (630 ) $ 440 $ 750 $ 960 General fund equity investments (5) (1,430 ) (890 ) (440 ) 450 880 1,320 Total underlying sensitivity before hedging (3,990 ) (2,370 ) (1,070 ) 890 1,630 2,280 Impact of macro and dynamic hedge assets (6) 2,060 1,190 500 (470 ) (820 ) (1,110 ) Net potential impact on net income attributed to shareholders after impact of hedging $ (1,930 ) $ (1,180 ) $ (570 ) $ 420 $ 810 $ 1,170 As at December 31, 2020 ($ millions) -30% -20% -10% +10% +20% +30% Underlying sensitivity to net income attributed to shareholders (4) Variable annuity guarantees $ (3,150 ) $ (1,850 ) $ (800 ) $ 600 $ 1,040 $ 1,350 General fund equity investments (5) (1,350 ) (840 ) (410 ) 380 760 1,130 Total underlying sensitivity before hedging (4,500 ) (2,690 ) (1,210 ) 980 1,800 2,480 Impact of macro and dynamic hedge assets (6) 2,420 1,410 600 (620) (1,110) (1,480) Net potential impact on net income attributed to shareholders after impact of hedging $ (2,080) $ (1,280) $ (610 ) $ 360 $ 690 $ 1,000 (1)  (2)  (3)  (4)  (5)  (6)  5
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 ratio of an immediate parallel change in interest rates relative to rates assumed in the valuation of policy liabilities (1),(2),(3),(4) 2021 2020 As at December 31, -50bp +50bp -50bp +50bp Net income attributed to shareholders ($ millions) $ (200) $ nil $ nil $ (100 ) Changes in other comprehensive income from fair value changes in AFS fixed income assets held in the Corporate and Other segment ($ millions) 2,100 (1,900) 2,100 (1,900 ) MLI’s LICAT ratio (change in percentage points) (5) 5 (4) 8 (7 ) (1)  (2)  (3)  (4)          (5)
Alternative Long-Duration Asset Performance Risk [member]
Statement [LineItems]
Summary of Potential Impact on Net Income Attributed to Shareholders Arising from Changes to Spreads	As at December 31, ($ millions) 2021 2020 -10% +10% -10% +10% Net income attributed to shareholders Real estate, agriculture and timber assets $ (1,400 ) $ 1,400 $ (1,600 ) $ 1,400 Private equities and other ALDA (1,900 ) 1,800 (2,000 ) 1,900 Total $ (3,300 ) $ 3,200 $ (3,600 ) $ 3,300 MLI’s LICAT ratio (change in percentage points) (4 ) 3 (5 ) 4 (1)  (2)  point-in-time (3)  (4)  (5)  (6)
Corporate and swap spreads [Member]
Statement [LineItems]
Summary of Potential Impact on Net Income Attributed to Shareholders Arising from Changes to Spreads	Corporate spreads (4),(5) 2021 2020 As at December 31, -50bp +50bp -50bp +50bp Net income attributed to shareholders ($ millions) (6) $ (600 ) $ 500 $ (1,000 ) $ 900 MLI’s LICAT ratio (change in percentage points) (7) (3 ) 4 (4 ) 4 Swap spreads 2021 2020 As at December 31, -20bp +20bp -20bp +20bp Net income attributed to shareholders ($ millions) $ nil $ nil $ nil $ nil MLI’s LICAT ratio (change in percentage points) (7) n il nil nil nil (1)  (2)  (3)  (4)  (5)  (6)  (7)  Nomura-BPI

Nature of Operations and Sign_3

Nature of Operations and Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021
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	10 years

Invested Assets and Investmen_3

Invested Assets and Investment Income - Schedule of Carrying Values and Fair Values of Invested Assets (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	$ 22,594	$ 26,167	$ 20,300
Debt securities	224,139	218,724
Public equities	28,067	23,722
Mortgages	52,014	50,207
Private placements	42,842	40,756
Policy loans	6,397	6,398
Loans to bank clients	2,506	1,976
Real estate	13,233	12,832
Total invested assets	427,098	410,977
Other invested assets	35,306	30,195
FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	2,214	2,079
Debt securities	133,763	128,297
Public equities	25,716	22,071
Total invested assets	238,809	223,539
AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	14,339	18,314
Debt securities	7,332	6,566
Public equities	2,351	1,651
Total invested assets	49,876	55,716
Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	6,041	5,774
Mortgages	52,014	50,207
Private placements	42,842	40,756
Policy loans	6,397	6,398
Loans to bank clients	2,506	1,976
Total invested assets	138,413	131,722
Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	22,594	26,167
Public equities	28,067	23,722
Mortgages	54,089	54,230
Private placements	47,276	47,890
Policy loans	6,397	6,398
Loans to bank clients	2,503	1,982
Total invested assets	435,475	424,164
Canadian government and agency [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	22,670	25,215
Canadian government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	18,706	20,667
Canadian government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	3,964	4,548
Canadian government and agency [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	22,670	25,215
U.S. government and agency [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	32,251	31,236
U.S. government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	12,607	11,449
U.S. government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	18,792	19,787
U.S. government and agency [Member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	852
U.S. government and agency [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	32,254	31,236
Other government and agency [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	24,759	24,345
Other government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	21,888	19,732
Other government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	2,871	4,613
Other government and agency [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	24,759	24,345
Corporate [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	141,563	134,863
Corporate [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	133,763	128,297
Corporate [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	7,332	6,566
Corporate [Member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	468
Corporate [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	141,560	134,863
Mortgage/asset-backed securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	2,896	3,065
Mortgage/asset-backed securities [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	2,758	2,916
Mortgage/asset-backed securities [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	138	149
Mortgage/asset-backed securities [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	2,896	3,065
Real estate own use property [Member]
Disclosure of fair value measurement of assets [Line Items]
Real estate	1,812	1,850
Real estate own use property [Member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Real estate	1,812	1,850
Real estate own use property [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Real estate	3,024	3,017
Investment property [member]
Disclosure of fair value measurement of assets [Line Items]
Real estate	11,421	10,982
Investment property [member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Real estate	11,421	10,982
Investment property [member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Real estate	11,421	10,982
Alternative long-duration assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	31,204	26,172
Alternative long-duration assets [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	21,022	16,183
Alternative long-duration assets [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	89	88
Alternative long-duration assets [Member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	10,093	9,901
Alternative long-duration assets [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	31,863	27,029
Various other [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	4,102	4,023
Various other [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	135	145
Various other [Member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	3,967	3,878
Various other [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	$ 4,102	$ 4,023

Invested Assets and Investmen_4

Invested Assets and Investment Income - Schedule of Carrying Values and Fair Values of Invested Assets (Parenthetical) (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of fair value measurement of assets [Line Items]
Debt securities	$ 224,139	$ 218,724
Private placements	42,842	40,756
Other invested assets	35,306	30,195
Public equities	28,067	23,722
Canadian Dollar Offered Rate [Member] | Interest Rate Benchmark Reform [Member]
Disclosure of fair value measurement of assets [Line Items]
Floating rate invested assets	176	109
US Dollars London Interbank Offered Rate [Member] | Interest Rate Benchmark Reform [Member]
Disclosure of fair value measurement of assets [Line Items]
Private placements	1,984	1,710
Floating rate invested assets	1,002	842
Australia Dollars Bank Bill Swap Rate [Member] | Interest Rate Benchmark Reform [Member]
Disclosure of fair value measurement of assets [Line Items]
Private placements	166	180
New Zealand Dollars Bank Bill Market Rate [Member] | Interest Rate Benchmark Reform [Member]
Disclosure of fair value measurement of assets [Line Items]
Private placements	43	46
Less than 1 year [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	2,196	1,971
Less than 90 days [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	347	129
Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Private placements	47,276	47,890
Change in the fair value of these invested assets	15	44
Public equities	28,067	23,722
Alternative long-duration assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	31,204	26,172
Alternative long-duration assets [Member] | Private equity [Member]
Disclosure of fair value measurement of assets [Line Items]
Total carrying value	11,598	7,954
Alternative long-duration assets [Member] | Power and infrastructure [Member]
Disclosure of fair value measurement of assets [Line Items]
Total carrying value	9,824	9,127
Alternative long-duration assets [Member] | Oil and gas [Member]
Disclosure of fair value measurement of assets [Line Items]
Total carrying value	1,950	2,296
Alternative long-duration assets [Member] | Timber and agriculture [Member]
Disclosure of fair value measurement of assets [Line Items]
Total carrying value	5,259	4,819
Alternative long-duration assets [Member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Total carrying value	2,573	1,976
Alternative long-duration assets [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	31,863	27,029
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	7,314	7,062
Cash equivalents	9,239	13,331
Cash	6,041	5,774
Other [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets leveraged leases	3,457	3,371
SPPI qualifying [member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	323	246
SPPI non qualifying [member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	0	94
Private placements	181	211
Other invested assets	518	380
ALDA strategy [member] | Public equity [Member]
Disclosure of fair value measurement of assets [Line Items]
Public equities	5	229
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	$ 407	$ 376

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, 2021	Dec. 31, 2020
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Investments in associates carrying value	$ 8,818	$ 8,474
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	$ 3,457	$ 3,371
Percentage of investments in associates carrying value	40.00%	40.00%
Timber and agriculture [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Investments in associates carrying value	$ 808	$ 694
Percentage of investments in associates carrying value	9.00%	8.00%
Real estate [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Investments in associates carrying value	$ 1,528	$ 1,187
Percentage of investments in associates carrying value	17.00%	14.00%
Other [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Investments in associates carrying value	$ 3,025	$ 3,222
Percentage of investments in associates carrying value	34.00%	38.00%

Invested Assets and Investmen_6

Invested Assets and Investment Income - Additional Information (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of fair value measurement of assets [Line Items]
Fair value of securitized assets	$ 917,643	$ 880,349
Fair value of securitized liabilities	858,774	827,343
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period	5	5
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	5	0
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period	249	15
Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Profit (loss) from associates and joint ventures	1,300	315
Dividends received from associates and joint ventures	2	2
Securitized assets [Member] | Fair value [Member]
Disclosure of fair value measurement of assets [Line Items]
Fair value of securitized assets	4,725	4,679
Fair value of securitized liabilities	$ 4,601	$ 4,661

Invested Assets and Investmen_7

Invested Assets and Investment Income - Schedule of Investment Income (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of Investment Income [line items]
Rental income, net of depreciation	$ 837	$ 874
Net Investment income	11,624	35,400
Investment income	15,627	16,433
Debt securities [Member]
Disclosure of Investment Income [line items]
Interest income	6,230	6,497
Gains (losses)	(5,866)	13,524
Impairment loss, net	29	(119)
Cash and short-term securities [Member]
Disclosure of Investment Income [line items]
Interest income	96	169
Gains (losses)	63	(136)
Public equities [Member]
Disclosure of Investment Income [line items]
Dividend income	731	555
Gains (losses)	3,471	2,041
Impairment loss, net	(3)	(54)
Mortgages [Member]
Disclosure of Investment Income [line items]
Interest income	1,709	1,837
Gains (losses)	133	86
Provision, net	1	(18)
Private placements [Member]
Disclosure of Investment Income [line items]
Interest income	1,931	1,883
Gains (losses)	270	(18)
Impairment loss, net	45	(88)
Policy loans [member]
Disclosure of Investment Income [line items]
Net Investment income	366	390
Loans to Bank clients [Member]
Disclosure of Investment Income [line items]
Interest income	77	72
Provision, net	(2)	(2)
Real estate [Member]
Disclosure of Investment Income [line items]
Rental income, net of depreciation	453	468
Gains (losses)	677	(18)
Derivatives [Member]
Disclosure of Investment Income [line items]
Interest income	1,050	893
Gains (losses)	(5,939)	6,529
Other invested assets [Member]
Disclosure of Investment Income [line items]
Interest income	57	72
Oil and gas, timber, agriculture and other income	2,996	1,435
Gains (losses)	3,104	(177)
Impairment loss, net	(55)	(421)
Interest income [member]
Disclosure of Investment Income [line items]
Investment income	11,517	11,813
Dividend, rental and other income [member]
Disclosure of Investment Income [line items]
Investment income	4,180	2,458
Impairments, provisions and recoveries, net [Member]
Disclosure of Investment Income [line items]
Investment income	15	703
Other [Member]
Disclosure of Investment Income [line items]
Investment income	85	2,865
Insurance and investment contract liabilities and macro equity hedges [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	(4,003)	18,967
Insurance and investment contract liabilities and macro equity hedges [Member] | Debt securities [Member]
Disclosure of Investment Income [line items]
Realized and unrealized gains (losses) on assets	(5,585)	10,748
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	3,220	1,917
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	133	86
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	270	(47)
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	696	1
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	3,076	(215)
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	(5,813)	6,477
FVTPL [Member]
Disclosure of Investment Income [line items]
Net Investment income	1,775	26,174
Investment income	7,364	7,388
Realized and unrealized gains (losses) on assets	(5,589)	18,786
FVTPL [Member] | Debt securities [Member]
Disclosure of Investment Income [line items]
Interest income	5,645	5,805
Gains (losses)	(5,600)	10,739
Impairment loss, net	28	(113)
FVTPL [Member] | Cash and short-term securities [Member]
Disclosure of Investment Income [line items]
Interest income	12	24
Gains (losses)	85	(24)
FVTPL [Member] | Public equities [Member]
Disclosure of Investment Income [line items]
Dividend income	670	517
Gains (losses)	3,221	2,020
FVTPL [Member] | Derivatives [Member]
Disclosure of Investment Income [line items]
Interest income	1,085	924
Gains (losses)	(5,925)	6,501
FVTPL [Member] | Other invested assets [Member]
Disclosure of Investment Income [line items]
Gains (losses)	2,554	(210)
Impairment loss, net		(9)
FVTPL [Member] | Interest income [member]
Disclosure of Investment Income [line items]
Investment income	6,742	6,753
FVTPL [Member] | Dividend, rental and other income [member]
Disclosure of Investment Income [line items]
Investment income	670	517
FVTPL [Member] | Impairments, provisions and recoveries, net [Member]
Disclosure of Investment Income [line items]
Investment income	28	123
FVTPL [Member] | Other [Member]
Disclosure of Investment Income [line items]
Investment income	76	241
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	(5,605)	10,747
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	3,187	1,908
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	2,628	(318)
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	(5,799)	6,449
AFS [Member]
Disclosure of Investment Income [line items]
Net Investment income	704	3,494
Investment income	654	3,484
Realized and unrealized gains (losses) on assets	50	10
AFS [Member] | Debt securities [Member]
Disclosure of Investment Income [line items]
Interest income	576	692
Gains (losses)	(266)	2,785
Impairment loss, net	1	(6)
AFS [Member] | Cash and short-term securities [Member]
Disclosure of Investment Income [line items]
Interest income	84	145
Gains (losses)	(22)	(112)
AFS [Member] | Public equities [Member]
Disclosure of Investment Income [line items]
Dividend income	61	38
Gains (losses)	250	21
Impairment loss, net	(3)	(54)
AFS [Member] | Other invested assets [Member]
Disclosure of Investment Income [line items]
Gains (losses)	23	1
Impairment loss, net		(16)
AFS [Member] | Interest income [member]
Disclosure of Investment Income [line items]
Investment income	661	837
AFS [Member] | Dividend, rental and other income [member]
Disclosure of Investment Income [line items]
Investment income	61	38
AFS [Member] | Impairments, provisions and recoveries, net [Member]
Disclosure of Investment Income [line items]
Investment income	2	76
AFS [Member] | Other [Member]
Disclosure of Investment Income [line items]
Investment income	66	2,685
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	20	1
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	33	9
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	(3)
Other [Member]
Disclosure of Investment Income [line items]
Net Investment income	9,145	5,732
Investment income	7,609	5,561
Other [Member] | Debt securities [Member]
Disclosure of Investment Income [line items]
Interest income	9
Other [Member] | Mortgages [Member]
Disclosure of Investment Income [line items]
Interest income	1,709	1,837
Gains (losses)	133	86
Provision, net	1	(18)
Other [Member] | Private placements [Member]
Disclosure of Investment Income [line items]
Interest income	1,931	1,883
Gains (losses)	270	(18)
Impairment loss, net	45	(88)
Other [Member] | Policy loans [member]
Disclosure of Investment Income [line items]
Net Investment income	366	390
Other [Member] | Loans to Bank clients [Member]
Disclosure of Investment Income [line items]
Interest income	77	72
Provision, net	(2)	(2)
Other [Member] | Real estate [Member]
Disclosure of Investment Income [line items]
Rental income, net of depreciation	453	468
Gains (losses)	677	(18)
Other [Member] | Derivatives [Member]
Disclosure of Investment Income [line items]
Interest income	(35)	(31)
Gains (losses)	(14)	28
Other [Member] | Other invested assets [Member]
Disclosure of Investment Income [line items]
Interest income	57	72
Oil and gas, timber, agriculture and other income	2,996	1,435
Gains (losses)	527	32
Impairment loss, net	(55)	(396)
Other [Member] | Interest income [member]
Disclosure of Investment Income [line items]
Investment income	4,114	4,223
Other [Member] | Dividend, rental and other income [member]
Disclosure of Investment Income [line items]
Investment income	3,449	1,903
Other [Member] | Impairments, provisions and recoveries, net [Member]
Disclosure of Investment Income [line items]
Investment income	11	504
Other [Member] | Other [Member]
Disclosure of Investment Income [line items]
Investment income	57	61
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	1,536	171
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	133	86
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	270	(47)
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	696	1
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	451	103
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	$ (14)	$ 28

Invested Assets and Investmen_8

Invested Assets and Investment Income - Summary of Total Investment Expenses (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Investment Expenses [line items]
Total investment expenses	$ 1,980	$ 1,787
Related to invested assets [Member]
Investment Expenses [line items]
Total investment expenses	633	649
Related to segregated, mutual and other funds [Member]
Investment Expenses [line items]
Total investment expenses	$ 1,347	$ 1,138

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, 2021	Dec. 31, 2020
Disclosure of detailed information about investment property [abstract]
Rental income from investment properties	$ 837	$ 874
Direct operating expenses of rental investment properties	(464)	(491)
Total	$ 373	$ 383

Invested Assets and Investme_10

Invested Assets and Investment Income - Summary of Securitized Assets and Secured Borrowing Liabilities (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Securitised Assets	$ 4,694	$ 4,629
SecuredBorrowingLiabilities	4,598	4,582
HELOC securitization [Member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Securitised Assets	2,619	2,356
CMB securitization [member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Securitised Assets	2,075	2,273
Securitized mortgages [Member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Securitised Assets	4,693	4,629
Securitized mortgages [Member] | HELOC securitization [Member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Securitised Assets	2,618	2,356
Securitized mortgages [Member] | CMB securitization [member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Securitised Assets	2,075	2,273
Restricted cash and short-term securities [member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Securitised Assets	1
Restricted cash and short-term securities [member] | HELOC securitization [Member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Securitised Assets	1
HELOC securitization [Member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
SecuredBorrowingLiabilities	2,500	2,250
CMB securitization [member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
SecuredBorrowingLiabilities	$ 2,098	$ 2,332

Invested Assets and Investme_11

Invested Assets and Investment Income - Summary of Securitized Assets and Secured Borrowing Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Secured borrowing liabilities	$ 4,598	$ 4,582
Platinum Canadian Mortgage Trust II [Member] | Less than 1 year [Member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Secured borrowing liabilities	0
Platinum Canadian Mortgage Trust II [Member] | 1 to 3 years [Member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Secured borrowing liabilities	383
Platinum Canadian Mortgage Trust II [Member] | 3 to 5 years [Member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Secured borrowing liabilities	1,815
Platinum Canadian Mortgage Trust II [Member] | Over 5 years [Member]
Disclosure of securitized assets, mortgages and associated liabilities [line items]
Secured borrowing liabilities	$ 302

Invested Assets and Investme_12

Invested Assets and Investment Income - Summary of Invested Assets and Segregated Funds Net Assets, Measured at Fair Value (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of fair value measurement of assets [Line Items]
Debt securities	$ 224,139	$ 218,724
Public equities	28,067	23,722
Real estate - investment property	13,233	12,832
Other invested assets	35,306	30,195
Segregated funds net assets	399,788	367,436
Total assets	917,643	880,349
FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	2,214	2,079
Debt securities	133,763	128,297
Public equities	25,716	22,071
AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	14,339	18,314
Debt securities	7,332	6,566
Public equities	2,351	1,651
Other cash and short-term securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	6,041	5,774
Real estate [Member]
Disclosure of fair value measurement of assets [Line Items]
Real estate - investment property	11,421	10,982
Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	24,300	19,149
Canadian government and agency [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	22,670	25,215
Canadian government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	18,706	20,667
Canadian government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	3,964	4,548
U.S. government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	12,607	11,449
U.S. government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	18,792	19,787
Other government and agency [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	24,759	24,345
Other government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	21,888	19,732
Other government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	2,871	4,613
Residential mortgage asset-backed securities [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	8	9
Residential mortgage asset-backed securities [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	1	1
Commercial mortgage asset-backed securities [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	1,103	1,172
Commercial mortgage asset-backed securities [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	79	93
Other securitized assets [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	1,647	1,735
Other securitized assets [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	58	55
Financial assets at fair value, class [Member]
Disclosure of fair value measurement of assets [Line Items]
Total assets	708,989	666,180
Level 1 [Member]
Disclosure of fair value measurement of assets [Line Items]
Segregated funds net assets	361,447	327,437
Level 1 [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Public equities	25,716	22,071
Level 1 [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Public equities	2,349	1,651
Level 1 [Member] | Other cash and short-term securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	6,041	5,774
Level 1 [Member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	257	100
Level 1 [Member] | Financial assets at fair value, class [Member]
Disclosure of fair value measurement of assets [Line Items]
Total assets	395,810	357,033
Level 2 [Member]
Disclosure of fair value measurement of assets [Line Items]
Segregated funds net assets	34,060	35,797
Level 2 [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	2,214	2,079
Debt securities	133,723	127,787
Level 2 [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Cash and short-term securities	14,339	18,314
Debt securities	7,331	6,563
Public equities	2
Level 2 [Member] | Canadian government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	18,706	20,667
Level 2 [Member] | Canadian government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	3,964	4,548
Level 2 [Member] | U.S. government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	12,607	11,449
Level 2 [Member] | U.S. government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	18,792	19,787
Level 2 [Member] | Other government and agency [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	21,888	19,732
Level 2 [Member] | Other government and agency [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	2,871	4,613
Level 2 [Member] | Residential mortgage asset-backed securities [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	8	9
Level 2 [Member] | Residential mortgage asset-backed securities [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	1	1
Level 2 [Member] | Commercial mortgage asset-backed securities [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	1,103	1,172
Level 2 [Member] | Commercial mortgage asset-backed securities [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	79	93
Level 2 [Member] | Other securitized assets [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	1,619	1,690
Level 2 [Member] | Other securitized assets [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	58	55
Level 2 [Member] | Financial assets at fair value, class [Member]
Disclosure of fair value measurement of assets [Line Items]
Total assets	273,365	274,356
Level 3 [Member]
Disclosure of fair value measurement of assets [Line Items]
Segregated funds net assets	4,281	4,202
Total assets	41,915	38,234	$ 35,721
Level 3 [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	40	510
Level 3 [Member] | AFS [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	1	3
Level 3 [Member] | Real estate [Member]
Disclosure of fair value measurement of assets [Line Items]
Real estate - investment property	11,421	10,982
Total assets	35,533	30,589	29,753
Level 3 [Member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets	24,043	19,049
Level 3 [Member] | Other invested assets [Member] | Real estate [Member]
Disclosure of fair value measurement of assets [Line Items]
Total assets	24,043	19,049	$ 18,103
Level 3 [Member] | Other securitized assets [Member] | FVTPL [Member]
Disclosure of fair value measurement of assets [Line Items]
Debt securities	28	45
Level 3 [Member] | Financial assets at fair value, class [Member]
Disclosure of fair value measurement of assets [Line Items]
Total assets	$ 39,814	$ 34,791

Invested Assets and Investme_13

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, 2021	Dec. 31, 2020
Bottom of range [Member]
Disclosure of fair value measurement of assets [Line Items]
Investment properties capitalization rates	2.25%	2.75%
Investment properties terminal capitalization rates	3.25%	3.25%
Top of range [Member]
Disclosure of fair value measurement of assets [Line Items]
Investment properties capitalization rates	9.00%	8.50%
Investment properties terminal capitalization rates	9.25%	9.25%
Power and infrastructure [Member] | Bottom of range [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets fair value discount rate	7.25%	7.00%
Power and infrastructure [Member] | Top of range [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets fair value discount rate	20.00%	15.60%
Timberland Investment [Member] | Bottom of range [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets fair value discount rate	4.50%	5.00%
Timberland Investment [Member] | Top of range [Member]
Disclosure of fair value measurement of assets [Line Items]
Other invested assets fair value discount rate	7.00%	7.00%

Invested Assets and Investme_14

Invested Assets and Investment Income - Summary of Fair Values and the Fair Value Hierarchy (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Carrying value [Member]
Disclosure of financial assets [Line Items]
Carrying value	$ 117,897	$ 112,233
Carrying value [Member] | Mortgages [Member]
Disclosure of financial assets [Line Items]
Carrying value	52,014	50,207
Carrying value [Member] | Private placements [Member]
Disclosure of financial assets [Line Items]
Carrying value	42,842	40,756
Carrying value [Member] | Policy loans [member]
Disclosure of financial assets [Line Items]
Carrying value	6,397	6,398
Carrying value [Member] | Loans to Bank clients [Member]
Disclosure of financial assets [Line Items]
Carrying value	2,506	1,976
Carrying value [Member] | Real estate own use property [Member]
Disclosure of financial assets [Line Items]
Carrying value	1,812	1,850
Carrying value [Member] | Public bonds HTM [Member]
Disclosure of financial assets [Line Items]
Total fair value	1,320
Carrying value [Member] | Other invested assets [Member]
Disclosure of financial assets [Line Items]
Carrying value	11,006	11,046
Fair value [Member]
Disclosure of financial assets [Line Items]
Total fair value	126,274	125,420
Fair value [Member] | Mortgages [Member]
Disclosure of financial assets [Line Items]
Total fair value	54,089	54,230
Fair value [Member] | Private placements [Member]
Disclosure of financial assets [Line Items]
Total fair value	47,276	47,890
Fair value [Member] | Policy loans [member]
Disclosure of financial assets [Line Items]
Total fair value	6,397	6,398
Fair value [Member] | Loans to Bank clients [Member]
Disclosure of financial assets [Line Items]
Total fair value	2,503	1,982
Fair value [Member] | Real estate own use property [Member]
Disclosure of financial assets [Line Items]
Total fair value	3,024	3,017
Fair value [Member] | Public bonds HTM [Member]
Disclosure of financial assets [Line Items]
Total fair value	1,320
Fair value [Member] | Other invested assets [Member]
Disclosure of financial assets [Line Items]
Total fair value	11,665	11,903
Level 1 [Member]
Disclosure of financial assets [Line Items]
Total fair value	120	128
Level 1 [Member] | Other invested assets [Member]
Disclosure of financial assets [Line Items]
Total fair value	120	128
Level 2 [Member]
Disclosure of financial assets [Line Items]
Total fair value	52,330	49,778
Level 2 [Member] | Private placements [Member]
Disclosure of financial assets [Line Items]
Total fair value	42,110	41,398
Level 2 [Member] | Policy loans [member]
Disclosure of financial assets [Line Items]
Total fair value	6,397	6,398
Level 2 [Member] | Loans to Bank clients [Member]
Disclosure of financial assets [Line Items]
Total fair value	2,503	1,982
Level 2 [Member] | Public bonds HTM [Member]
Disclosure of financial assets [Line Items]
Total fair value	1,320
Level 3 [Member]
Disclosure of financial assets [Line Items]
Total fair value	73,824	75,514
Level 3 [Member] | Mortgages [Member]
Disclosure of financial assets [Line Items]
Total fair value	54,089	54,230
Level 3 [Member] | Private placements [Member]
Disclosure of financial assets [Line Items]
Total fair value	5,166	6,492
Level 3 [Member] | Real estate own use property [Member]
Disclosure of financial assets [Line Items]
Total fair value	3,024	3,017
Level 3 [Member] | Other invested assets [Member]
Disclosure of financial assets [Line Items]
Total fair value	$ 11,545	$ 11,775

Invested Assets and Investme_15

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, 2021	Dec. 31, 2020
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	$ 880,349
Asset at end of period	917,643	$ 880,349
Debt securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	218,725
Asset at end of period	224,139	218,725
Public equities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	23,722
Asset at end of period	28,067	23,722
Level 3 [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	38,234	35,721
Net realized/unrealized gains (losses) included in net income	2,901	2,281
Net realized/unrealized gains (losses) included in net AOCI	2	(65)
Purchases	5,399	3,716
Sales	(1,977)	(1,815)
Settlements	(1,702)	(1,831)
Transfer into Level	44	352
Transfer out of Level	(718)	273
Currency Movement	(268)	(398)
Asset at end of period	41,915	38,234
Change in unrealized gains (losses) on assets still held	2,752	981
Level 3 [Member] | Derivatives [member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	3,443	1,456
Net realized/unrealized gains (losses) included in net income	(897)	2,953
Net realized/unrealized gains (losses) included in net AOCI		(18)
Purchases	14	12
Settlements	(182)	(1,165)
Transfer out of Level	(309)	342
Currency Movement	32	(137)
Asset at end of period	2,101	3,443
Change in unrealized gains (losses) on assets still held	(547)	2,033
Level 3 [Member] | Segregated funds net assets [member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	4,202	4,512
Net realized/unrealized gains (losses) included in net income	350	(6)
Purchases	68	(84)
Sales	(303)	(149)
Settlements	(28)	(26)
Transfer into Level		2
Transfer out of Level		(3)
Currency Movement	(8)	(44)
Asset at end of period	4,281	4,202
Change in unrealized gains (losses) on assets still held	116	45
Level 3 [Member] | FVTPL [Member] | Public equities [Member]
Disclosure of fair value measurement of assets [Line Items]
Purchases	62
Sales	(62)
Level 3 [Member] | FVTPL [Member] | Corporate [member] | Debt securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	510	633
Net realized/unrealized gains (losses) included in net income	11	4
Purchases	11	54
Sales	(93)	(272)
Settlements		(1)
Transfer into Level	11	151
Transfer out of Level	(409)	(50)
Currency Movement	(1)	(9)
Asset at end of period	40	510
Change in unrealized gains (losses) on assets still held	(8)	105
Level 3 [Member] | FVTPL [Member] | Other securitized assets [Member] | Debt securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	45
Net realized/unrealized gains (losses) included in net income	3	(8)
Sales	(9)
Settlements	(39)	(1)
Transfer into Level	28	55
Currency Movement		(1)
Asset at end of period	28	45
Change in unrealized gains (losses) on assets still held	(4)
Level 3 [Member] | AFS [Member] | Corporate [member] | Debt securities [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	3	15
Net realized/unrealized gains (losses) included in net income	1	(6)
Net realized/unrealized gains (losses) included in net AOCI		2
Sales	(3)
Transfer into Level		5
Transfer out of Level		(13)
Asset at end of period	1	3
Level 3 [Member] | Real estate [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	30,589	29,753
Net realized/unrealized gains (losses) included in net income	3,448	(666)
Net realized/unrealized gains (losses) included in net AOCI	2	(47)
Purchases	5,317	3,788
Sales	(1,674)	(1,666)
Settlements	(1,492)	(640)
Transfer into Level	44	350
Transfer out of Level	(409)	(66)
Currency Movement	(292)	(217)
Asset at end of period	35,533	30,589
Change in unrealized gains (losses) on assets still held	3,183	(1,097)
Level 3 [Member] | Real estate [Member] | Other invested assets [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	19,049	18,103
Net realized/unrealized gains (losses) included in net income	2,731	(401)
Net realized/unrealized gains (losses) included in net AOCI	2	(49)
Purchases	5,058	3,162
Sales	(1,131)	(1,076)
Settlements	(1,453)	(638)
Transfer into Level	5	92
Transfer out of Level		(3)
Currency Movement	(218)	(141)
Asset at end of period	24,043	19,049
Change in unrealized gains (losses) on assets still held	2,569	(902)
Level 3 [Member] | Real estate [Member] | Investment property [Member]
Disclosure of fair value measurement of assets [Line Items]
Asset Beginning of period	10,982	11,002
Net realized/unrealized gains (losses) included in net income	702	(255)
Purchases	186	572
Sales	(376)	(318)
Transfer into Level		47
Currency Movement	(73)	(66)
Asset at end of period	11,421	10,982
Change in unrealized gains (losses) on assets still held	$ 626	$ (300)

Derivative and Hedging Instru_3

Derivative and Hedging Instruments - Summary of Gross Notional Amount and Fair Value of Derivative Instruments (Detail) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about hedges [Line Items]
Notional amount	$ 440,098,000,000	$ 418,978,000,000
Fair value, assets	17,503,000,000	27,793,000,000
Fair value, liabilities	10,038,000,000	14,962,000,000
Designated [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	2,124,000,000	2,650,000,000
Designated [Member] | Fair value hedges [Member] | Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount		82,000,000
Designated [Member] | Fair value hedges [Member] | Foreign currency swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	57,000,000	57,000,000
Designated [Member] | Cash flow hedges [Member] | Foreign currency swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	1,251,000,000	1,756,000,000
Designated [Member] | Cash flow hedges [Member] | Equity contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	145,000,000	127,000,000
Designated [Member] | Hedges of net investment in foreign operations [Member] | Foreign Currency Forwards [member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	671,000,000	628,000,000
Non designated [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	437,974,000,000	416,328,000,000
Non designated [Member] | Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	300,556,000,000	287,182,000,000
Non designated [Member] | Foreign currency swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	36,405,000,000	31,491,000,000
Non designated [Member] | Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	45,295,000,000	38,853,000,000
Non designated [Member] | Equity contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	18,577,000,000	15,738,000,000
Non designated [Member] | Interest rate futures [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	11,944,000,000	16,750,000,000
Non designated [Member] | Interest rate options [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	10,708,000,000	11,622,000,000
Non designated [Member] | Currency rate futures [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	3,086,000,000	3,467,000,000
Non designated [Member] | Credit default swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	44,000,000	241,000,000
Non designated [Member] | Equity futures [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	11,359,000,000	10,984,000,000
Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	17,503,000,000	27,793,000,000
Fair value, liabilities	10,038,000,000	14,962,000,000
Fair value [Member] | Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	14,971,000,000	25,735,000,000
Fair value, liabilities	7,829,000,000	12,652,000,000
Fair value [Member] | Equity contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	1,677,000,000	1,098,000,000
Fair value, liabilities	27,000,000	66,000,000
Fair value [Member] | Credit default swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	1,000,000	3,000,000
Fair value [Member] | Designated [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	25,000,000	32,000,000
Fair value, liabilities	380,000,000	482,000,000
Fair value [Member] | Designated [Member] | Fair value hedges [Member] | Foreign currency swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	1,000,000
Fair value, liabilities	1,000,000	4,000,000
Fair value [Member] | Designated [Member] | Cash flow hedges [Member] | Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets		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	5,000,000	24,000,000
Fair value, liabilities	379,000,000	468,000,000
Fair value [Member] | Designated [Member] | Cash flow hedges [Member] | Equity contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	10,000,000	6,000,000
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	9,000,000	1,000,000
Fair value, liabilities		10,000,000
Fair value [Member] | Non designated [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	17,478,000,000	27,761,000,000
Fair value, liabilities	9,658,000,000	14,480,000,000
Fair value [Member] | Non designated [Member] | Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	11,832,000,000	21,332,000,000
Fair value, liabilities	7,347,000,000	12,190,000,000
Fair value [Member] | Non designated [Member] | Foreign currency swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	790,000,000	838,000,000
Fair value, liabilities	1,722,000,000	1,659,000,000
Fair value [Member] | Non designated [Member] | Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	2,674,000,000	3,833,000,000
Fair value, liabilities	562,000,000	565,000,000
Fair value [Member] | Non designated [Member] | Equity contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	1,667,000,000	1,092,000,000
Fair value, liabilities	27,000,000	66,000,000
Fair value [Member] | Non designated [Member] | Interest rate options [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	514,000,000	663,000,000
Fair value [Member] | Non designated [Member] | Credit default swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Fair value, assets	$ 1,000,000	$ 3,000,000

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, 2021	Dec. 31, 2020
Disclosure of detailed information about hedges [Line Items]
Derivative assets	$ 17,503,000,000	$ 27,793,000,000
Derivative liabilities	10,038,000,000	14,962,000,000
Remaining term to maturity (notional amounts)	440,098,000,000	418,978,000,000
Credit equivalent amount	4,176,000,000	5,069,000,000
Capital Requirement	76,000,000	117,000,000
Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	17,503,000,000	27,793,000,000
Derivative liabilities	10,038,000,000	14,962,000,000
Fair value, net	7,465,000,000	12,831,000,000
Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	354,376,000,000	346,342,000,000
Credit equivalent amount	1,994,000,000	3,374,000,000
Capital Requirement	43,000,000	89,000,000
Interest rate swaps [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	15,693,000,000	26,638,000,000
Derivative liabilities	(8,653,000,000)	(13,702,000,000)
Fair value, net	7,040,000,000	12,936,000,000
Interest rate swaps [Member] | OTC swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	117,030,000,000	138,585,000,000
Credit equivalent amount	1,582,000,000	2,607,000,000
Capital Requirement	29,000,000	73,000,000
Interest rate swaps [Member] | OTC swap contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	12,112,000,000	21,803,000,000
Derivative liabilities	(7,717,000,000)	(12,816,000,000)
Fair value, net	4,395,000,000	8,987,000,000
Interest rate swaps [Member] | Cleared swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	183,526,000,000	148,679,000,000
Interest rate swaps [Member] | Cleared swap contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	441,000,000	432,000,000
Derivative liabilities	(453,000,000)	(424,000,000)
Fair value, net	(12,000,000)	8,000,000
Interest rate swaps [Member] | Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	31,168,000,000	30,706,000,000
Credit equivalent amount	299,000,000	629,000,000
Capital Requirement	5,000,000	12,000,000
Interest rate swaps [Member] | Forward contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	2,625,000,000	3,739,000,000
Derivative liabilities	(483,000,000)	(462,000,000)
Fair value, net	2,142,000,000	3,277,000,000
Interest rate swaps [Member] | Futures [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	11,944,000,000	16,750,000,000
Interest rate swaps [Member] | Options purchased [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	10,708,000,000	11,622,000,000
Credit equivalent amount	113,000,000	138,000,000
Capital Requirement	9,000,000	4,000,000
Interest rate swaps [Member] | Options purchased [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	515,000,000	664,000,000
Fair value, net	515,000,000	664,000,000
Foreign exchange [Member] | Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	14,798,000,000	8,775,000,000
Credit equivalent amount	85,000,000	56,000,000
Foreign exchange [Member] | Forward contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	58,000,000	95,000,000
Derivative liabilities	(79,000,000)	(113,000,000)
Fair value, net	(21,000,000)	(18,000,000)
Foreign exchange [Member] | Futures [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	3,086,000,000	3,467,000,000
Foreign exchange [Member] | Swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	37,713,000,000	33,304,000,000
Credit equivalent amount	1,302,000,000	1,112,000,000
Capital Requirement	25,000,000	23,000,000
Foreign exchange [Member] | Swap contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	801,000,000	855,000,000
Derivative liabilities	(2,181,000,000)	(2,195,000,000)
Fair value, net	(1,380,000,000)	(1,340,000,000)
Credit derivatives [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	44,000,000	241,000,000
Credit derivatives [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	1,000,000	3,000,000
Fair value, net	1,000,000	3,000,000
Equity contracts [Member] | Futures [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	11,359,000,000	10,984,000,000
Equity contracts [Member] | Options purchased [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	17,730,000,000	14,349,000,000
Credit equivalent amount	766,000,000	500,000,000
Capital Requirement	8,000,000	5,000,000
Equity contracts [Member] | Options purchased [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	1,616,000,000	1,051,000,000
Derivative liabilities	(17,000,000)	(15,000,000)
Fair value, net	1,599,000,000	1,036,000,000
Equity contracts [Member] | Swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	992,000,000	1,516,000,000
Credit equivalent amount	29,000,000	27,000,000
Equity contracts [Member] | Swap contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	57,000,000	43,000,000
Derivative liabilities	(10,000,000)	(51,000,000)
Fair value, net	47,000,000	(8,000,000)
Financial Instruments [member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	440,098,000,000	418,978,000,000
Credit equivalent amount	4,176,000,000	5,069,000,000
Capital Requirement	76,000,000	117,000,000
Financial Instruments [member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	18,226,000,000	28,685,000,000
Derivative liabilities	(10,940,000,000)	(16,076,000,000)
Fair value, net	7,286,000,000	12,609,000,000
Accrued interest [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	723,000,000	892,000,000
Derivative liabilities	(902,000,000)	(1,114,000,000)
Fair value, net	(179,000,000)	(222,000,000)
Less than 1 year [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	2,500,000,000	1,656,000,000
Derivative liabilities	294,000,000	386,000,000
Remaining term to maturity (notional amounts)	97,100,000,000	73,744,000,000
Less than 1 year [Member] | Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	54,262,000,000	39,295,000,000
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)	4,554,000,000	7,567,000,000
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)	21,722,000,000	2,314,000,000
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)	14,636,000,000	11,092,000,000
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)	11,944,000,000	16,750,000,000
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)	1,406,000,000	1,572,000,000
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)	14,798,000,000	8,741,000,000
Less than 1 year [Member] | Foreign exchange [Member] | Futures [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	3,086,000,000	3,467,000,000
Less than 1 year [Member] | Foreign exchange [Member] | Swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	1,941,000,000	1,670,000,000
Less than 1 year [Member] | Credit derivatives [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	11,000,000	192,000,000
Less than 1 year [Member] | Equity contracts [Member] | Futures [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	11,359,000,000	10,984,000,000
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)	10,974,000,000	8,168,000,000
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)	669,000,000	1,227,000,000
Less than 1 year [Member] | Financial Instruments [member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	97,100,000,000	73,744,000,000
1 to 3 years [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	1,803,000,000	3,524,000,000
Derivative liabilities	387,000,000	250,000,000
3 to 5 years [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	1,000,000,000	1,228,000,000
Derivative liabilities	379,000,000	555,000,000
Over 5 years [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative assets	12,200,000,000	21,385,000,000
Derivative liabilities	8,978,000,000	13,771,000,000
Remaining term to maturity (notional amounts)	258,928,000,000	268,278,000,000
Over 5 years [Member] | Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	231,985,000,000	245,134,000,000
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)	90,592,000,000	110,166,000,000
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)	134,139,000,000	127,581,000,000
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)	741,000,000	1,259,000,000
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)	6,513,000,000	6,128,000,000
Over 5 years [Member] | Foreign exchange [Member] | Swap contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	26,903,000,000	23,144,000,000
Over 5 years [Member] | Equity contracts [Member] | Options purchased [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	40,000,000
Over 5 years [Member] | Financial Instruments [member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	258,928,000,000	268,278,000,000
1 to 5 years [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	84,070,000,000	76,956,000,000
1 to 5 years [Member] | Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	68,129,000,000	61,913,000,000
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)	21,884,000,000	20,852,000,000
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)	27,665,000,000	18,784,000,000
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)	15,791,000,000	18,355,000,000
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)	2,789,000,000	3,922,000,000
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)		34,000,000
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)	8,869,000,000	8,490,000,000
1 to 5 years [Member] | Credit derivatives [Member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	33,000,000	49,000,000
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)	6,716,000,000	6,181,000,000
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)	323,000,000	289,000,000
1 to 5 years [Member] | Financial Instruments [member]
Disclosure of detailed information about hedges [Line Items]
Remaining term to maturity (notional amounts)	$ 84,070,000,000	$ 76,956,000,000

Derivative and Hedging Instru_5

Derivative and Hedging Instruments - Additional Information (Detail) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about hedges [Line Items]
Notional amount	$ 440,098,000,000	$ 418,978,000,000
Fair value of reinsurance ceded guaranteed minimum income benefits	734,000,000	1,007,000,000
Fair value of reinsurance assumed guaranteed minimum income benefits	86,000,000	112,000,000
Fair value of credit and interest rate embedded derivatives	11,000,000	(229,000,000)
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	$ 42,000,000
Maximum time frame for which variable cash flows are hedged	15 years
Variable annuity guarantee dynamic hedging and macro equity risk hedging programs [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	$ 121,000,000,000	131,000,000,000
Derivatives [member] | Interest Rate Benchmark Reform [Member]
Disclosure of detailed information about hedges [Line Items]
Notional amount	$ 258,000,000,000	$ 274,000,000,000

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, 2021	Dec. 31, 2020
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	$ 17,503	$ 27,793
Total derivative liabilities	10,038	14,962
Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	17,503	27,793
Total derivative liabilities	10,038	14,962
Interest rate swaps [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	14,971	25,735
Total derivative liabilities	7,829	12,652
Foreign Exchange Contract [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	854	957
Total derivative liabilities	2,182	2,244
Equity contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	1,677	1,098
Total derivative liabilities	27	66
Credit default swaps [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	1	3
Level 2 [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	14,981	23,913
Total derivative liabilities	9,617	14,525
Level 2 [Member] | Interest rate swaps [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	12,510	21,902
Total derivative liabilities	7,419	12,271
Level 2 [Member] | Foreign Exchange Contract [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	854	957
Total derivative liabilities	2,181	2,239
Level 2 [Member] | Equity contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	1,616	1,051
Total derivative liabilities	17	15
Level 2 [Member] | Credit default swaps [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	1	3
Level 3 [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	2,522	3,880
Total derivative liabilities	421	437
Level 3 [Member] | Interest rate swaps [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	2,461	3,833
Total derivative liabilities	410	381
Level 3 [Member] | Foreign Exchange Contract [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative liabilities	1	5
Level 3 [Member] | Equity contracts [Member] | Fair value [Member]
Disclosure of detailed information about hedges [Line Items]
Total derivative assets	61	47
Total derivative liabilities	$ 10	$ 51

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, 2021	Dec. 31, 2020
Disclosure of detailed information about hedges [Line Items]
Gains (losses) recognized on derivatives	$ 4	$ 2
Gains (losses) recognized for hedged items	(2)	1
Ineffectiveness recognized in investment income	2	3
Interest rate swaps [Member] | Fixed rate liabilities [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) recognized on derivatives		4
Gains (losses) recognized for hedged items		(2)
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	4	(2)
Gains (losses) recognized for hedged items	(2)	3
Ineffectiveness recognized in investment income	$ 2	$ 1

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, 2021	Dec. 31, 2020
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives	$ 74	$ (79)
Gains (losses) reclassified from AOCI into investment income	(14)	28
Foreign currency swaps [Member] | Fixed rate assets [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives	(1)	1
Gains (losses) reclassified from AOCI into investment income	(1)
Foreign currency swaps [Member] | Floating rate liabilities [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives	89	(64)
Gains (losses) reclassified from AOCI into investment income	3	14
Foreign currency swaps [Member] | Fixed rate liabilities [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives	(19)	(14)
Gains (losses) reclassified from AOCI into investment income	(21)	(2)
Equity contracts [Member] | Stock-based compensation [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives	5	(2)
Gains (losses) reclassified from AOCI into investment income	$ 5	$ 16

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, 2021	Dec. 31, 2020
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives	$ 120	$ 108
Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives	59	(53)
Non-functional currency denominated debt [Member]
Disclosure of detailed information about hedges [Line Items]
Gains (losses) deferred in AOCI on derivatives	$ 61	$ 161

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, 2021	Dec. 31, 2020
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	$ (5,928)	$ 6,498
Interest rate swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	(1,986)	2,423
Interest rate futures [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	(687)	894
Interest rate options [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	(133)	291
Foreign currency swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	(166)	(55)
Currency rate futures [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	66	(47)
Forward contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	(1,751)	3,785
Equity futures [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	(2,140)	(1,111)
Equity contracts [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	871	322
Credit default swaps [Member]
Disclosure of detailed information about hedges [Line Items]
Derivative investment income (loss)	$ (2)	$ (4)

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, 2021	Dec. 31, 2020
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Goodwill Beginning balance	$ 5,714	$ 5,743
Total intangible assets Beginning balance	4,215	4,232
Goodwill Net additions/ (disposals)	(5)	(5)
Total intangible assets Net additions/ (disposals)	326	310
Effect of changes in foreign exchange rates	(58)	(24)
Goodwill Ending balance	5,651	5,714
Total goodwill and intangible assets Net additions/ (disposals)	321	305
Total goodwill and intangible assets Beginning balance	9,929	9,975
Amortization expense	246	289
Effect of changes in foreign exchange rates	(31)	(38)
Effect of changes in foreign exchange rates - Total intangible assets	(89)	(62)
Total goodwill and intangible assets Ending balance	9,915	9,929
Total intangible assets Ending balance	4,264	4,215
Distribution networks [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Total intangible assets Beginning balance	806	801
Total intangible assets Net additions/ (disposals)	131	59
Amortization expense	44	42
Effect of changes in foreign exchange rates - Total intangible assets	(5)	(12)
Total intangible assets Ending balance	888	806
Customer relationships [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Total intangible assets Beginning balance	738	795
Total intangible assets Net additions/ (disposals)	(2)
Amortization expense	48	54
Effect of changes in foreign exchange rates - Total intangible assets	(1)	(3)
Total intangible assets Ending balance	687	738
Software [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Total intangible assets Beginning balance	1,059	991
Total intangible assets Net additions/ (disposals)	198	262
Amortization expense	148	189
Effect of changes in foreign exchange rates - Total intangible assets	(18)	(5)
Total intangible assets Ending balance	1,091	1,059
Other [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Total intangible assets Beginning balance	52	61
Total intangible assets Net additions/ (disposals)	2	(9)
Amortization expense	6	4
Effect of changes in foreign exchange rates - Total intangible assets	1	4
Total intangible assets Ending balance	49	52
Finite life intangible assets [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Total intangible assets Beginning balance	2,655	2,648
Total intangible assets Net additions/ (disposals)	329	312
Amortization expense	246	289
Effect of changes in foreign exchange rates - Total intangible assets	(23)	(16)
Total intangible assets Ending balance	2,715	2,655
Brand [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Total intangible assets Beginning balance	764	779
Effect of changes in foreign exchange rates - Total intangible assets	(3)	(15)
Total intangible assets Ending balance	761	764
Fund management contracts and other [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Total intangible assets Beginning balance	796	805
Total intangible assets Net additions/ (disposals)	(3)	(2)
Effect of changes in foreign exchange rates - Total intangible assets	(5)	(7)
Total intangible assets Ending balance	788	796
Indefinite life intangible assets [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Total intangible assets Beginning balance	1,560	1,584
Total intangible assets Net additions/ (disposals)	(3)	(2)
Effect of changes in foreign exchange rates - Total intangible assets	(8)	(22)
Total intangible assets Ending balance	$ 1,549	$ 1,560

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Summary of Carrying Amounts of Goodwill and Intangible Assets (Parenthetical) (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Intangible assets ending balance	$ 4,264	$ 4,215	$ 4,232
Distribution networks [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Intangible assets ending balance	888	806	801
Customer relationships [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Intangible assets ending balance	687	738	795
Software [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Intangible assets ending balance	1,091	1,059	991
Other [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Intangible assets ending balance	49	52	61
Fund management contracts and other [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items]
Intangible assets ending balance	788	796	$ 805
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	371	373
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	1,456	1,332
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	1,132	1,130
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	2,484	2,310
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	$ 124	$ 123

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)Multiple	Dec. 31, 2020CAD ($)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 | Multiple	11.6	10.7
Canada [member]
Disclosure of detailed information about intangible assets [Line Items]
Tax rate applied to cash flow projections	26.50%	26.50%
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%	28.00%
Bottom of range [Member]
Disclosure of detailed information about intangible assets [Line Items]
Growth rate used to extrapolate cash flow projections	0.00%	0.00%
After-tax discount rate applied to cash flow projections	8.00%	8.00%
Pre-tax discount rate applied to cash flow projections	10.00%	10.00%
Top of range [Member]
Disclosure of detailed information about intangible assets [Line Items]
Growth rate used to extrapolate cash flow projections	0.60%	10.00%
After-tax discount rate applied to cash flow projections	10.10%	10.00%
Pre-tax discount rate applied to cash flow projections	12.70%	12.50%

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Summary of Impairment Testing of Goodwill (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of reconciliation of changes in goodwill [Line items]
Goodwill Beginning balance	$ 5,714	$ 5,743
Goodwill Additions/ disposals	(5)	(5)
Effect of changes in foreign exchange rates	(58)	(24)
Goodwill Ending balance	5,651	5,714
Asia Insurance, excluding Japan [member]
Disclosure of reconciliation of changes in goodwill [Line items]
Goodwill Beginning balance	159	159
Goodwill Additions/ disposals	(5)
Effect of changes in foreign exchange rates	(2)
Goodwill Ending balance	152	159
Japan insurance [member]
Disclosure of reconciliation of changes in goodwill [Line items]
Goodwill Beginning balance	433	420
Effect of changes in foreign exchange rates	(47)	13
Goodwill Ending balance	386	433
Canadian insurance [member]
Disclosure of reconciliation of changes in goodwill [Line items]
Goodwill Beginning balance	1,955	1,957
Effect of changes in foreign exchange rates		(2)
Goodwill Ending balance	1,955	1,955
US insurance [member]
Disclosure of reconciliation of changes in goodwill [Line items]
Goodwill Beginning balance	338	349
Goodwill Additions/ disposals		(5)
Effect of changes in foreign exchange rates	(2)	(6)
Goodwill Ending balance	336	338
Asia wealth and asset management [member]
Disclosure of reconciliation of changes in goodwill [Line items]
Goodwill Beginning balance	185	187
Effect of changes in foreign exchange rates	(2)	(2)
Goodwill Ending balance	183	185
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	1,208	1,235
Effect of changes in foreign exchange rates	(5)	(27)
Goodwill Ending balance	$ 1,203	$ 1,208

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of insurance contract liabilities and reinsurance assets [abstract]
Gross insurance contract liabilities	$ 374,890	$ 369,230
Gross benefits payable and provision for unreported claims)	5,251	4,837
Gross policyholder amounts on deposit	12,134	11,487
Gross insurance contract liabilities	392,275	385,554	$ 351,161
Reinsurance assets	(44,531)	(45,769)
Net insurance contract liabilities	$ 347,744	$ 339,785

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, 2021	Dec. 31, 2020
Disclosure of insurance contract liabilities and reinsurance assets [abstract]
Reinsurance assets for investment contract liabilities	$ 48	$ 67

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	$ 347,744	$ 339,785
Total reinsurance ceded	44,531	45,769
Total, gross of reinsurance ceded	392,275	385,554	$ 351,161
Other insurance contract liabilities [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Total, gross of reinsurance ceded	15,472	14,377	$ 13,219
Gross insurance contract liabilities [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	347,744	339,785
Total reinsurance ceded	44,531	45,769
Total, gross of reinsurance ceded	392,275	385,554
Gross insurance contract liabilities [Member] | Corporate and other [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	(291)	(458)
Total reinsurance ceded	202	324
Total, gross of reinsurance ceded	(89)	(134)
Gross insurance contract liabilities [Member] | Asia [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	111,432	102,958
Total reinsurance ceded	2,749	2,127
Total, gross of reinsurance ceded	114,181	105,085
Gross insurance contract liabilities [Member] | Canada [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	89,373	90,346
Total reinsurance ceded	430	443
Total, gross of reinsurance ceded	89,803	90,789
Gross insurance contract liabilities [Member] | U.S. [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	147,230	146,939
Total reinsurance ceded	41,150	42,875
Total, gross of reinsurance ceded	188,380	189,814
Gross insurance contract liabilities [Member] | Individual insurance participating [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	86,695	76,480
Total reinsurance ceded	8,144	8,780
Total, gross of reinsurance ceded	94,839	85,260
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	64,586	55,262
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	13,518	12,796
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	8,591	8,422
Gross insurance contract liabilities [Member] | Individual insurance non-participating [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	151,108	148,715
Total reinsurance ceded	20,767	19,944
Total, gross of reinsurance ceded	171,875	168,659
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	(676)	(684)
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	36,387	36,930
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	44,320	44,468
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	71,077	68,001
Gross insurance contract liabilities [Member] | Annuities and pensions [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	37,452	41,902
Total reinsurance ceded	14,681	16,065
Total, gross of reinsurance ceded	52,133	57,967
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	22	34
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	6,869	7,114
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	16,554	18,462
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	14,007	16,292
Gross insurance contract liabilities [Member] | Other insurance contract liabilities [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Net insurance contract liabilities	72,489	72,688
Total reinsurance ceded	939	980
Total, gross of reinsurance ceded	73,428	73,668
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	363	192
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	3,590	3,652
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	14,981	14,620
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	$ 53,555	$ 54,224

Insurance Contract Liabilitie_6

Insurance Contract Liabilities and Reinsurance Assets - Additional Information (Detail) - CAD ($) $ in Millions	Nov. 15, 2021	Jul. 01, 2020	Dec. 31, 2021	Dec. 31, 2020
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Fair value of assets backing net insurance contract liabilities excluding reinsurance assets			$ 354,587	$ 350,264
Fair value of assets backing capital and other liabilities			571,431	543,273
Change in insurance and investment contract liabilities			287	563
Change in net income attributed to shareholders (post-tax)			(41)	(198)
Increase of reinsurance assets			754	(2,374)
John Hancock Life Insurance Company [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Coinsurance transaction estimated after tax gain	$ 750
John Hancock Life Insurance Company USA [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Ceded premiums		$ 3,300
Increase of reinsurance assets		3,400
Coinsurance, after tax gain		$ 262
Jackson National Life Insurance Company [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Coinsurance, after tax gain			40
Mortality and morbidity updates [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in insurance and investment contract liabilities			350	(304)
Change in net income attributed to shareholders (post-tax)			(257)	232
Lapses and policyholder behavior [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in insurance and investment contract liabilities			686	893
Change in net income attributed to shareholders (post-tax)			(534)	(682)
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)			504
Investment return assumptions [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in insurance and investment contract liabilities			(257)	(212)
Change in net income attributed to shareholders (post-tax)			168	31
Coinsurance, after tax gain			31
Other updates [member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in insurance and investment contract liabilities			110	228
Change in net income attributed to shareholders (post-tax)			119	190
Expense Updates [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Change in insurance and investment contract liabilities			(653)
Change in net income attributed to shareholders (post-tax)			503
Gain To net income attributed to shareholders after tax due to scale benefits			263
Gain To net income attributed to shareholders after tax due to reallocation of expenses and efficiency initiatives			$ 256
Bottom of range [Member]
Disclosure of insurance contract liabilities and reinsurance assets [line items]
Percentage provision for adverse deviation assumptions not specifically provided			0.00%
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			$ 29,000	$ 29,480

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, 2021	Dec. 31, 2020
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	$ 917,643	$ 880,349
Mortgages [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	52,014	50,207
Private placements [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	42,842	40,756
Real estate [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	13,233	12,832
Debt securities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	224,139	218,725
Public equities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	28,067	23,722
Other [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	557,348	534,107
Individual insurance participating [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	86,695	76,480
Individual insurance participating [Member] | Mortgages [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	3,799	3,069
Individual insurance participating [Member] | Private placements [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	6,005	5,549
Individual insurance participating [Member] | Real estate [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	3,467	3,385
Individual insurance participating [Member] | Debt securities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	43,278	39,523
Individual insurance participating [Member] | Public equities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	14,667	12,365
Individual insurance participating [Member] | Other [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	15,479	12,589
Individual insurance non-participating [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	151,108	148,715
Individual insurance non-participating [Member] | Mortgages [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	13,295	12,536
Individual insurance non-participating [Member] | Private placements [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	17,741	17,276
Individual insurance non-participating [Member] | Real estate [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	6,814	6,466
Individual insurance non-participating [Member] | Debt securities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	82,050	81,548
Individual insurance non-participating [Member] | Public equities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	8,112	6,971
Individual insurance non-participating [Member] | Other [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	23,096	23,918
Annuities and pensions [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	37,452	41,902
Annuities and pensions [Member] | Mortgages [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	4,572	4,923
Annuities and pensions [Member] | Private placements [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	7,370	7,499
Annuities and pensions [Member] | Real estate [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	987	1,027
Annuities and pensions [Member] | Debt securities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	19,575	20,936
Annuities and pensions [Member] | Public equities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	453	461
Annuities and pensions [Member] | Other [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	4,495	7,056
Other insurance contract liabilities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	72,489	72,688
Other insurance contract liabilities [Member] | Mortgages [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	8,526	8,315
Other insurance contract liabilities [Member] | Private placements [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	9,775	9,439
Other insurance contract liabilities [Member] | Real estate [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	1,782	1,697
Other insurance contract liabilities [Member] | Debt securities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	36,207	34,725
Other insurance contract liabilities [Member] | Public equities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	374	310
Other insurance contract liabilities [Member] | Other [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	15,825	18,202
Other Liabilities [member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	503,894	479,500
Other Liabilities [member] | Mortgages [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	21,802	21,338
Other Liabilities [member] | Private placements [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	1,723	817
Other Liabilities [member] | Real estate [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	6	57
Other Liabilities [member] | Debt securities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	10,723	8,872
Other Liabilities [member] | Public equities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	626	402
Other Liabilities [member] | Other [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	469,014	448,014
Capital [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	66,005	61,064
Capital [Member] | Mortgages [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	20	26
Capital [Member] | Private placements [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	228	176
Capital [Member] | Real estate [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	177	200
Capital [Member] | Debt securities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	32,306	33,121
Capital [Member] | Public equities [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	3,835	3,213
Capital [Member] | Other [Member]
Disclosure Of Carrying Value Measurement Of Assets [Line Items]
Carrying value of total assets	$ 29,439	$ 24,328

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, 2021	Dec. 31, 2020
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)	(600)
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	(5,500)	(5,700)
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)	(2,600)
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, 2021
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, 2021	Dec. 31, 2020
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)	$ (300)
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	(2,000)	(2,100)
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	(3,100)	(3,100)
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, 2021	Dec. 31, 2020
Disclosure of changes in insurance contract liabilities [Line Items]
Beginning balance	$ 385,554	$ 351,161
New policies	6,223	3,647
Normal in-force movement	4,160	30,622
Changes in methods and assumptions	742	5,122
Impact of changes in foreign exchange rates	(4,404)	(4,998)
Ending balance	392,275	385,554
Net actuarial liabilities [Member]
Disclosure of changes in insurance contract liabilities [Line Items]
Beginning balance	325,408	296,589
New policies	5,947	3,166
Normal in-force movement	4,689	32,340
Changes in methods and assumptions	287	563
Reinsurance transactions		(3,360)
Impact of changes in foreign exchange rates	(4,059)	(3,890)
Ending balance	332,272	325,408
Other insurance contract liabilities [Member]
Disclosure of changes in insurance contract liabilities [Line Items]
Beginning balance	14,377	13,219
Normal in-force movement	1,283	1,312
Impact of changes in foreign exchange rates	(188)	(154)
Ending balance	15,472	14,377
Net insurance contract liabilities [Member]
Disclosure of changes in insurance contract liabilities [Line Items]
Beginning balance	339,785	309,808
New policies	5,947	3,166
Normal in-force movement	5,972	33,652
Changes in methods and assumptions	287	563
Reinsurance transactions		(3,360)
Impact of changes in foreign exchange rates	(4,247)	(4,044)
Ending balance	347,744	339,785
Reinsurance assets [member]
Disclosure of changes in insurance contract liabilities [Line Items]
Beginning balance	45,769	41,353
New policies	276	481
Normal in-force movement	(1,812)	(3,030)
Changes in methods and assumptions	455	4,559
Reinsurance transactions		3,360
Impact of changes in foreign exchange rates	(157)	(954)
Ending balance	$ 44,531	$ 45,769

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, 2021	Dec. 31, 2020
Reconciliation of changes in liabilities under insurance contracts and reinsurance contracts issued [abstract]
Change in gross insurance contract liabilities	$ 11,125	$ 39,391
Change in insurance contract liabilities	10,719	36,982
Increase in insurance contract liabilities	9,868	37,876
Contract liabilities in gross claims and benefits	$ 1,257	$ 1,515

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, 2021	Dec. 31, 2020
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Total	$ 287	$ 563
Attributed to participating policyholders' account	222	301
Attributed to shareholders'account	65	262
Change in net income attributed to shareholders	(41)	(198)
Mortality and morbidity updates [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Total	350	(304)
Attributed to participating policyholders' account		(1)
Attributed to shareholders'account	350	(303)
Change in net income attributed to shareholders	(257)	232
Lapses and policyholder behavior updates [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Total	686	893
Attributed to participating policyholders' account	18	0
Attributed to shareholders'account	668	893
Change in net income attributed to shareholders	(534)	(682)
Expense Updates [Member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Total	(653)
Attributed to participating policyholders' account	(25)
Attributed to shareholders'account	(628)
Change in net income attributed to shareholders	503
Investment return assumptions [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Total	(257)	(212)
Attributed to participating policyholders' account	(2)	(153)
Attributed to shareholders'account	(255)	(59)
Change in net income attributed to shareholders	168	31
Other updates [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Total	110	228
Attributed to participating policyholders' account	231	455
Attributed to shareholders'account	(121)	(227)
Change in net income attributed to shareholders	119	190
Long term care triennial review [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Total	51	(42)
Attributed to participating policyholders' account		0
Attributed to shareholders'account	51	(42)
Change in net income attributed to shareholders	$ (40)	$ 31

Insurance Contract Liabiliti_14

Insurance Contract Liabilities and Reinsurance Assets - Summary of Insurance Contract Liabilities, Payments Due by Period (Detail) $ in Millions	Dec. 31, 2021CAD ($)
Disclosure of types of insurance contracts [Line Items]
Insurance contract liabilities	$ 909,610
Less than 1 year [Member]
Disclosure of types of insurance contracts [Line Items]
Insurance contract liabilities	12,793
1 to 3 years [Member]
Disclosure of types of insurance contracts [Line Items]
Insurance contract liabilities	10,977
3 to 5 years [Member]
Disclosure of types of insurance contracts [Line Items]
Insurance contract liabilities	17,091
Over 5 years [Member]
Disclosure of types of insurance contracts [Line Items]
Insurance contract liabilities	$ 868,749

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, 2021	Dec. 31, 2020
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [Line Items]
Gross claims and benefits	$ 31,110	$ 30,133
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	18,583	18,064
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	8,728	8,613
Annuity payments [Member]
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [Line Items]
Gross claims and benefits	3,276	3,560
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	1,255	1,411
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	$ (732)	$ (1,515)

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, 2021	Dec. 31, 2020
Disclosure of Investment Contract Liabilities [line items]
Beginning balance	$ 3,288
Ending balance	3,117	$ 3,288
Fair value [Member]
Disclosure of Investment Contract Liabilities [line items]
Beginning balance	932	789
New policies	54	180
Changes in market conditions	(38)	90
Redemptions, surrenders and maturities	(138)	(108)
Impact of changes in foreign exchange rates	(8)	(19)
Ending balance	$ 802	$ 932

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities	$ 3,117	$ 3,288
Amortized cost, gross of reinsurance ceded [Member]
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities	2,315	2,356	$ 2,315
Amortized cost, gross of reinsurance ceded [Member] | U.S. fixed annuity products [Member]
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities	1,380	1,361
Amortized cost, gross of reinsurance ceded [Member] | Canadian fixed annuity products [Member]
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities	935	995
Fair value [Member]
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities	2,618	2,766
Fair value [Member] | U.S. fixed annuity products [Member]
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities	1,602	1,680
Fair value [Member] | Canadian fixed annuity products [Member]
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities	$ 1,016	$ 1,086

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, 2021	Dec. 31, 2020
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities reinsured	$ 48	$ 67
Investment contract liabilities	3,117	3,288
Carrying amount [member]
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities reinsured	48	67
Investment contract liabilities	2,267	2,289
Fair value [Member]
Disclosure of Investment Contract Liabilities [line items]
Investment contract liabilities reinsured	52	76
Investment contract liabilities	$ 2,566	$ 2,690

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, 2021	Dec. 31, 2020
Disclosure of Investment Contract Liabilities [line items]
Beginning balance	$ 3,288
Ending balance	3,117	$ 3,288
Amortized cost, gross of reinsurance ceded [Member]
Disclosure of Investment Contract Liabilities [line items]
Beginning balance	2,356	2,315
Policy deposits	92	202
Interest	71	61
Withdrawals	(191)	(194)
Fees	(1)	(1)
Other	(5)
Impact of changes in foreign exchange rates	(7)	(27)
Ending balance	$ 2,315	$ 2,356

Investment Contract Liabiliti_7

Investment Contract Liabilities - Summary of Contractual Obligations and Commitments Relating to Investment Contracts (Detail) $ in Millions	Dec. 31, 2021CAD ($)
Disclosure of Investment Contract Liabilities [line items]
Contractual obligations and commitments	$ 4,809
Less than 1 year [Member]
Disclosure of Investment Contract Liabilities [line items]
Contractual obligations and commitments	292
1 to 3 years [Member]
Disclosure of Investment Contract Liabilities [line items]
Contractual obligations and commitments	486
3 to 5 years [Member]
Disclosure of Investment Contract Liabilities [line items]
Contractual obligations and commitments	489
Over 5 years [Member]
Disclosure of Investment Contract Liabilities [line items]
Contractual obligations and commitments	$ 3,542

Risk Management - Additional In

Risk Management - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2017USD ($)
Disclosure of Risk Management [line items]
Percentage of debt securities in investment grade with ratings ranging between AAA to BBB	97.00%	97.00%
Percentage of total mortgage portfolio	14.00%	13.00%
Loaned securities included in invested assets	$ 20,280	$ 30,290
Reverse repurchase transactions recorded as short-term receivables	1,490	716
Repurchase transactions recorded as payables	$ 536	353
Term of credit default swaps	5 years
Credit protection purchased	$ 0	0
Mitigated exposure to credit risk	10,121	16,696
Largest single counterparty exposure without master netting agreements or the benefit of collateral held	8,593	13,243
Largest single counterparty exposure with master netting agreements or the benefit of collateral held	294	120
Maximum credit exposure related to derivatives	18,226	28,685
Reinsurance assets	$ 44,579	$ 45,836
Percentage ceded to reinsurers	94.00%	94.00%
Exposure to credit risk	$ 25,466	$ 27,360
Net exposure after offsetting agreements and benefit of fair value of collateral held	19,113	18,476
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	2,132	4,110
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	17.00%	20.00%
Securities lending [Member]
Disclosure of Risk Management [line items]
Loaned securities included in invested assets	$ 564	$ 889

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, 2021	Dec. 31, 2020
Disclosure of external credit grades [Line Items]
Credit exposure	$ 398,863	$ 400,369
Mortgages [Member]
Disclosure of external credit grades [Line Items]
Credit exposure	52,014	50,207
Private placements [Member]
Disclosure of external credit grades [Line Items]
Credit exposure	42,842	40,756
Policy loans [member]
Disclosure of external credit grades [Line Items]
Credit exposure	6,397	6,398
Loans to Bank clients [Member]
Disclosure of external credit grades [Line Items]
Credit exposure	2,506	1,976
Derivative Assets [Member]
Disclosure of external credit grades [Line Items]
Credit exposure	17,503	27,793
Accrued investment income [member]
Disclosure of external credit grades [Line Items]
Credit exposure	2,641	2,523
Reinsurance assets [member]
Disclosure of external credit grades [Line Items]
Credit exposure	44,579	45,836
Other financial assets [Member]
Disclosure of external credit grades [Line Items]
Credit exposure	6,242	6,156
FVTPL [Member]
Disclosure of external credit grades [Line Items]
Credit exposure	189,722	183,061
AFS [Member]
Disclosure of external credit grades [Line Items]
Credit exposure	33,097	$ 35,663
Other [Member]
Disclosure of external credit grades [Line Items]
Credit exposure	$ 1,320

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, 2021	Dec. 31, 2020
Commercial mortgages [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	$ 31,099	$ 29,513
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	8,798	8,621
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	8,734	8,669
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	6,996	5,799
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	3,559	2,960
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	3,012	3,464
Agricultural mortgages [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	361	310
Private placements [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	42,842	40,756
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	74,302	70,579
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	985	1,052
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	113	110
AAA [Member] | Commercial mortgages [Member] | Office [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	56	66
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	557	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	47	25
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	212	238
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	976	1,061
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	1,961	2,113
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	5,851	5,597
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	1,340	1,339
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	1,256	1,297
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	1,869	1,675
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	376	320
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	1,010	966
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	5,720	4,829
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	11,571	10,426
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	18,549	16,872
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	5,179	4,761
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	6,004	5,948
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	3,771	2,896
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	2,808	2,353
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	787	914
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	119	127
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	16,147	15,585
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	34,815	32,584
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	5,278	5,241
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	1,936	2,242
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	1,291	1,174
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	767	582
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	328	259
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	956	984
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	242	77
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	16,220	15,825
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	21,740	21,143
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	394	723
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	228	168
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	87	164
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	32	33
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		3
BB [Member] | Commercial mortgages [Member] | Other [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value	47	355
BB [Member] | Agricultural mortgages [Member]
Disclosure of credit quality and carrying value of commercial mortgages and private placements [line items]
Credit quality and carrying value		106
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	1,161	1,206
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	1,555	2,035
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	42	28
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	2	1
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	40	20
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		7
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	2,618	2,250
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	$ 2,660	$ 2,278

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, 2021	Dec. 31, 2020
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	$ 23,060	$ 22,360
Residential mortgages [Member] | Performing [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	20,536	20,329
Residential mortgages [Member] | Non-performing [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	18	55
Loans to Bank clients [Member] | Performing [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	2,506	1,976
Insured [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	7,270	6,358
Insured [Member] | Residential mortgages [Member] | Performing [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	7,264	6,349
Insured [Member] | Residential mortgages [Member] | Non-performing [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	6	9
Uninsured [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	15,790	16,002
Uninsured [Member] | Residential mortgages [Member] | Performing [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	13,272	13,980
Uninsured [Member] | Residential mortgages [Member] | Non-performing [Member]
Disclosure of Credit Quality [line items]
Carrying value of residential mortgages and loans to bank clients	12	46
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	$ 2,506	$ 1,976

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, 2021	Dec. 31, 2020
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	$ 452	$ 210
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	63	30
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	66
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	308	114
Impaired [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets	228	296
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	175	170
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	51	69
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		2
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	20
FVTPL [Member] | Impaired [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Carrying value or impaired value, financial assets	2	54
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	405	152
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	63	30
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	66
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	261	56
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	20
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	47	58
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	$ 47	$ 58

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, 2021	Dec. 31, 2020
Disclosure of financial assets that are either past due or impaired [Line Items]
Net carrying value	$ 226	$ 239
Private placements [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Net carrying value	175	170
Mortgages and loans to Bank clients [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Net carrying value	51	69
Gross Carrying Value [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Net carrying value	270	346
Gross Carrying Value [Member] | Private placements [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Net carrying value	197	249
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	73	97
Allowances for losses [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Net carrying value	44	107
Allowances for losses [Member] | Private placements [Member]
Disclosure of financial assets that are either past due or impaired [Line Items]
Net carrying value	22	79
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	$ 22	$ 28

Risk Management - Summary of Re

Risk Management - Summary of Reconciliation of Allowance for Loan Losses (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of credit risk exposure [Line Items]
Beginning balance	$ 107	$ 20
Provisions	26	125
Recoveries	(74)	(12)
Write-offs	(15)	(26)
Ending balance	44	107
Private placements [Member]
Disclosure of credit risk exposure [Line Items]
Beginning balance	79	4
Provisions	14	94
Recoveries	(58)	(6)
Write-offs	(13)	(13)
Ending balance	22	79
Mortgages and loans to Bank clients [Member]
Disclosure of credit risk exposure [Line Items]
Beginning balance	28	16
Provisions	12	31
Recoveries	(16)	(6)
Write-offs	(2)	(13)
Ending balance	$ 22	$ 28

Risk Management - Summary of _3

Risk Management - Summary of Credit Default Swap Protection Sold (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of information about credit exposures designated as measured at fair value through profit or loss [Line Items]
Notional amount	$ 440,098	$ 418,978
Credit default swaps [Member]
Disclosure of information about credit exposures designated as measured at fair value through profit or loss [Line Items]
Notional amount	44	241
Fair value	$ 1	$ 3
Weighted average maturity (in years)	2 years	1 year
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	$ 16	$ 136
Fair value		$ 2
Weighted average maturity (in years)	1 year	1 year
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	$ 28	$ 105
Fair value	$ 1	$ 1
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	$ 44	$ 241
Fair value	$ 1	$ 3
Weighted average maturity (in years)	2 years	1 year

Risk Management - Summary of Ef

Risk Management - Summary of Effect of Conditional Master Netting and Similar Arrangements (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of offsetting of financial liabilities [Line Items]
Gross amounts of financial instruments presented in the Consolidated Statements of Financial Position	$ 20,280	$ 30,290
Amounts subject to an enforceable master netting arrangement or similar agreements	(8,593)	(13,243)
Financial and cash collateral pledged (received)	(11,393)	(16,927)
Net amount including financing entities	294	120
Net amounts excluding financing entities	294	120
Gross amounts of financial instruments presented in the Consolidated Statements of Financial Position	(11,476)	(16,429)
Amounts subject to an enforceable master netting arrangement or similar agreements	8,593	13,243
Financial and cash collateral pledged (received)	2,603	2,835
Net amount including financing entities	(280)	(351)
Net amounts excluding financing entities	(79)	(71)
Derivative Assets [Member]
Disclosure of offsetting of financial liabilities [Line Items]
Gross amounts of financial instruments presented in the Consolidated Statements of Financial Position	18,226	28,685
Amounts subject to an enforceable master netting arrangement or similar agreements	(8,410)	(13,243)
Financial and cash collateral pledged (received)	(9,522)	(15,323)
Net amount including financing entities	294	119
Net amounts excluding financing entities	294	119
Securities lending [Member]
Disclosure of offsetting of financial liabilities [Line Items]
Gross amounts of financial instruments presented in the Consolidated Statements of Financial Position	564	889
Financial and cash collateral pledged (received)	(564)	(889)
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	1,490	716
Amounts subject to an enforceable master netting arrangement or similar agreements	(183)
Financial and cash collateral pledged (received)	(1,307)	(715)
Net amount including financing entities		1
Net amounts excluding financing entities		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	(10,940)	(16,076)
Amounts subject to an enforceable master netting arrangement or similar agreements	8,410	13,243
Financial and cash collateral pledged (received)	2,250	2,482
Net amount including financing entities	(280)	(351)
Net amounts excluding financing entities	(79)	(71)
Repurchase agreements [Member]
Disclosure of offsetting of financial liabilities [Line Items]
Gross amounts of financial instruments presented in the Consolidated Statements of Financial Position	(536)	(353)
Amounts subject to an enforceable master netting arrangement or similar agreements	183
Financial and cash collateral pledged (received)	$ 353	353
Net amount including financing entities
Net amounts excluding financing entities

Risk Management - Summary of _4

Risk Management - Summary of Effect of Conditional Master Netting and Similar Arrangements (Parenthetical) (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of offsetting of financial assets [abstract]
Accrued interest receivable	$ 725	$ 892
Accrued interest payable	902	1,114
Over-collateralized on OTC derivative assets	599	1,373
Over-collateralized on OTC derivative liabilities	875	627
Over-collateralized on securities lending and reverse purchase agreements	36	74
Over-collateralized on repurchase agreements	$ 2	$ 0

Risk Management - Summary of th

Risk Management - Summary of the Effect of Unconditional Netting (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Credit Linked Note [member]
Disclosure of offsetting of financial liabilities [Line Items]
Gross amounts of financial instruments	$ 1,054	$ 932
Amounts subject to an enforceable netting arrangement	(1,054)	(932)
Net amounts of financial instruments presented in the Consolidated Statements of Financial Position
Variable Funding Surplus Note [member]
Disclosure of offsetting of financial liabilities [Line Items]
Gross amounts of financial instruments	(1,054)	(932)
Amounts subject to an enforceable netting arrangement	1,054	$ 932
Net amounts of financial instruments presented in the Consolidated Statements of Financial Position

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, 2021	Dec. 31, 2020
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	97.00%	97.00%
Government debt securities as a per cent of total debt securities	36.00%	37.00%
Government private placements as a per cent of total private placements	11.00%	11.00%
Highest exposure to a single non-government debt security and private placement issuer	$ 1,167	$ 1,148
Largest single issuer as a per cent of the total equity portfolio	2.00%	2.00%
Income producing commercial office properties (2021 – 0% of real estate, 2020 – 53%)	$ 6,244	$ 6,745
Largest concentration of mortgages and real estate(2) – Ontario Canada (2021 – 0%, 2020 – 28%)	$ 18,253	$ 17,367

Risk Management - Schedule of_2

Risk Management - Schedule of Risk Concentrations (Parenthetical) (Detail)	Dec. 31, 2021	Dec. 31, 2020
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	47.00%	53.00%
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	28.00%	28.00%
A [Member]
Disclosure of nature and extent of risks arising from financial instruments [Line Items]
Investment grade debt securities and private placements rate	39.00%	40.00%
AA [Member]
Disclosure of nature and extent of risks arising from financial instruments [Line Items]
Investment grade debt securities and private placements rate	17.00%	16.00%
AAA [Member]
Disclosure of nature and extent of risks arising from financial instruments [Line Items]
Investment grade debt securities and private placements rate	15.00%	16.00%

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, 2021	Dec. 31, 2020
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 266,981	$ 259,482
% 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	$ 84,244	$ 85,357
% of total	32.00%	33.00%
Utilities [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 48,372	$ 47,902
% of total	18.00%	18.00%
Financial [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 38,905	$ 35,656
% of total	15.00%	15.00%
Consumer [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 32,671	$ 29,684
% of total	12.00%	11.00%
Energy [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 19,637	$ 20,963
% of total	7.00%	8.00%
Industrial [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 24,727	$ 22,070
% of total	9.00%	9.00%
Other [Member]
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items]
Carrying value	$ 18,425	$ 17,850
% of total	7.00%	6.00%

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, 2021	Dec. 31, 2020
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	$ 350,909	$ 342,890
US and Canada [Member]
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	228,284	229,203
Asia and Other [Member]
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	122,625	113,687
Gross insurance contract liabilities [Member]
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	395,488	388,726
Gross insurance contract liabilities [Member] | US and Canada [Member]
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	271,090	273,848
Gross insurance contract liabilities [Member] | Asia and Other [Member]
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	124,398	114,878
Reinsurance assets [Member]
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	(44,579)	(45,836)
Reinsurance assets [Member] | US and Canada [Member]
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	(42,806)	(44,645)
Reinsurance assets [Member] | Asia and Other [Member]
Disclosure of Concentration Risk [Line items]
Concentration risk of liabilities	$ (1,773)	$ (1,191)

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, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020CAD ($)
Disclosure of detailed information about borrowings [Line Items]
Long-term debt	$ 4,882		$ 6,164
3.050% Senior notes [Member]
Disclosure of detailed information about borrowings [Line Items]
Issue date	Aug. 27, 2020
Maturity date	Aug. 27, 2060
Par value		$ 1,155
Long-term debt	$ 1,455		1,460
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			1,265
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	$ 939		943
2.396% Senior notes [Member]
Disclosure of detailed information about borrowings [Line Items]
Issue date	Jun. 1, 2020
Maturity date	Jun. 1, 2027
Par value		200
Long-term debt	$ 253		254
2.484% Senior notes [Member]
Disclosure of detailed information about borrowings [Line Items]
Issue date	May 19, 2020
Maturity date	May 19, 2027
Par value		500
Long-term debt	$ 630		632
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	$ 342		343
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	$ 1,263		$ 1,267

Long-Term Debt - Carrying Val_2

Long-Term Debt - Carrying Value of Long Term Debt Instruments (Parenthetical) (Detail)	Jun. 23, 2021	Dec. 31, 2021
4.70% Senior notes [Member]
Disclosure of detailed information about borrowings [Line Items]
Number of basis points	4.70%
5.38% Senior Notes Rate [Member]
Disclosure of detailed information about borrowings [Line Items]
Number of basis points		0.40%
Borrowings, interest rate		5.375%
2.40% Senior Notes Rate [Member]
Disclosure of detailed information about borrowings [Line Items]
Number of basis points		0.30%
Borrowings, interest rate		2.396%
2.48% Senior Notes Rate [Member]
Disclosure of detailed information about borrowings [Line Items]
Number of basis points		0.30%
Borrowings, interest rate		2.484%
3.53% Senior Notes Rate [Member]
Disclosure of detailed information about borrowings [Line Items]
Number of basis points		0.20%
Borrowings, interest rate		3.527%
4.15% Senior Notes Rate [Member]
Disclosure of detailed information about borrowings [Line Items]
Number of basis points		0.35%
Borrowings, interest rate		4.15%

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [Line Items]
Interest paid on long-term debt	$ 210	$ 229
Level 2 [Member]
Disclosure of detailed information about borrowings [Line Items]
Fair value of long-term debt	$ 5,439	$ 7,042

Long-Term Debt - Aggregate Matu

Long-Term Debt - Aggregate Maturities of Long-term Debt (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [Line Items]
Long-term debt	$ 4,882	$ 6,164
Three to Five years [Member]
Disclosure of detailed information about borrowings [Line Items]
Long-term debt	1,605
Over 5 years [Member]
Disclosure of detailed information about borrowings [Line Items]
Long-term debt	$ 3,277	$ 6,164

Capital Instruments - Schedule

Capital Instruments - Schedule of Carrying Value of Capital Instruments (Detail)	12 Months Ended
	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021SGD ($)	Dec. 31, 2020CAD ($)
Carrying value of capital instruments [line items]
Total	$ 6,980,000,000			$ 7,829,000,000
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
2.818% MFC Subordinated debentures [member]
Carrying value of capital instruments [line items]
Capital instruments interest rate	2.818%	2.818%	2.818%
Issuance date	May 12, 2020
Earliest par redemption date	May 13, 2030
Maturity date	May 13, 2035
Par value	$ 1,000
Total	$ 995,000,000			995,000,000
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	$ 947,000,000			951,000,000
2.237% MFC Subordinated debentures [member]
Carrying value of capital instruments [line items]
Capital instruments interest rate	2.237%	2.237%	2.237%
Issuance date	May 12, 2020
Earliest par redemption date	May 12, 2025
Maturity date	May 12, 2030
Par value	$ 1,000
Total	$ 997,000,000			996,000,000
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	$ 579,000,000			584,000,000
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	$ 469,000,000			480,000,000
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	$ 748,000,000			748,000,000
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	$ 599,000,000			598,000,000
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	$ 999,000,000			999,000,000
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				481,000,000
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

Capital Instruments - Schedul_2

Capital Instruments - Schedule of Carrying Value of Capital Instruments (Parenthetical) (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	May 25, 2021	Jan. 05, 2021
Carrying value of capital instruments [line items]
Debt securities	$ 6,980	$ 7,829
On May 25, 2021 [Member]
Carrying value of capital instruments [line items]
Bond redemption variable interest rate			3.85%
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%
Debt securities	$ 647	647
JHFC subordinated notes [member] | Canadian Dollar Offered Rate [Member]
Carrying value of capital instruments [line items]
Debt securities	647
JHFC subordinated notes [member] | Future Referencing Canadian Dollar Offered Rate [Member]
Carrying value of capital instruments [line items]
Debt securities	4,338
JHFC subordinated notes [member] | US Dollar Mid Swaprate [Member]
Carrying value of capital instruments [line items]
Debt securities	947
JHFC subordinated notes [member] | Singapore Swap Rate [Member]
Carrying value of capital instruments [line items]
Debt securities	$ 469
2.818% MFC Subordinated debentures [member]
Carrying value of capital instruments [line items]
Floating interest rate, adjustment to basis	1.82%
Debt securities	$ 995	995
Earliest par redemption date	May 13, 2030
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
Debt securities	$ 947	951
Earliest par redemption date	Feb. 24, 2027
7.375% JHUSA Surplus notes [Member]
Carrying value of capital instruments [line items]
Debt securities	$ 579	584
3.00% MFC subordinated notes [member]
Carrying value of capital instruments [line items]
Interest rate, basis	5-Year Singapore Dollar Swap Rate plus 0.832%.
Floating interest rate, adjustment to basis	0.832%
Interest rate reset period	5 years
Debt securities	$ 469	480
Earliest par redemption date	Nov. 21, 2024
3.049% MFC Subordinated debentures [member]
Carrying value of capital instruments [line items]
Interest rate, basis	90-day Bankers’ Acceptance rate plus a specified number of basis points.
Floating interest rate, adjustment to basis	1.05%
Debt securities	$ 748	748
Earliest par redemption date	Aug. 20, 2024
3.317% MFC Subordinated debentures [member]
Carrying value of capital instruments [line items]
Interest rate, basis	90-day Bankers’ Acceptance rate plus a specified number of basis points.
Floating interest rate, adjustment to basis	0.78%
Debt securities	$ 599	598
Earliest par redemption date	May 9, 2023
3.181% MLI Subordinated debentures [Member]
Carrying value of capital instruments [line items]
Debt securities	$ 999	999
Earliest par redemption date	Nov. 22, 2022
3.85% MFC Subordinated notes [Member]
Carrying value of capital instruments [line items]
Debt securities		481
Earliest par redemption date	May 25, 2021
2.389% MLI Subordinated debentures [Member]
Carrying value of capital instruments [line items]
Bond redemption variable interest rate				2.389%
Debt securities		350
Earliest par redemption date	Jan. 5, 2021
2.237% MFC Subordinated debentures [member]
Carrying value of capital instruments [line items]
Floating interest rate, adjustment to basis	1.49%
Debt securities	$ 997	996
Earliest par redemption date	May 12, 2025
John Hancock Financial Corporation [Member] | 7.375% JHUSA Surplus notes [Member]
Carrying value of capital instruments [line items]
Unamortized fair value increment	$ 9	$ 13
Manufacturers life insurance company [Member] | 3.181% MLI Subordinated debentures [Member]
Carrying value of capital instruments [line items]
Interest rate, basis	90-day Bankers’ Acceptance rate plus a specified number of basis points.
Floating interest rate, adjustment to basis	1.57%

Capital Instruments - Additiona

Capital Instruments - Additional Information (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Level 2 [Member]
Fair value of capital instruments [line items]
Capital instruments	$ 7,213	$ 8,295

Equity Capital and Earnings P_3

Equity Capital and Earnings Per Share - Summary of Further Information on Preferred Shares and Other Equity Instruments Outstanding (Detail) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Nov. 12, 2021	Jun. 19, 2021	Feb. 19, 2021	Dec. 31, 2020
Disclosure of classes of share capital [Line Items]
Face amount	$ 440,098,000,000				$ 418,978,000,000
Other equity interest [member] | Series 1(LRCN-Series 1) [member]
Disclosure of classes of share capital [Line Items]
Issue date	Feb. 19, 2021
Annual dividend rate	3.375%
Earliest redemption date	May 19, 2026
Face amount	$ 2,000,000,000			$ 2,000,000,000
Net amount	$ 1,982,000,000
Other equity interest [member] | Series 2 (LRCN-Series 2) [member]
Disclosure of classes of share capital [Line Items]
Issue date	Nov. 12, 2021
Annual dividend rate	4.10%
Earliest redemption date	Feb. 19, 2027
Face amount	$ 1,200,000,000	$ 1,200,000,000
Net amount	$ 1,189,000,000
Class 1, Series 3 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Issue date	Mar. 11, 2011
Annual dividend rate	2.348%
Earliest redemption date	Jun. 19, 2026
Number of shares	7,000,000
Face amount	$ 163,000,000
Net amount	$ 160,000,000				155,000,000
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, 2026
Number of shares	1,000,000		1,462,097
Face amount	$ 37,000,000
Net amount	$ 36,000,000				41,000,000
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	8,000,000
Face amount	$ 200,000,000
Net amount					195,000,000
Class 1, Series 7 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Issue date	Feb. 22, 2012
Annual dividend rate	4.312%
Earliest redemption date	Mar. 19, 2022
Number of shares	10,000,000
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	10,000,000
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	8,000,000
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	8,000,000
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	8,000,000
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	3.80%
Earliest redemption date	Dec. 19, 2024
Number of shares	14,000,000
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	3.675%
Earliest redemption date	Mar. 19, 2025
Number of shares	10,000,000
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	17,000,000
Face amount	$ 425,000,000
Net amount					417,000,000
Class 1, Series 23 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Issue date	Nov. 22, 2016
Annual dividend rate	4.85%
Earliest redemption date	Mar. 19, 2022
Number of shares	19,000,000
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	10,000,000
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	14,000,000
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	12,000,000
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	156,000,000
Face amount	$ 7,100,000,000
Net amount	$ 6,381,000,000				$ 3,822,000,000

Equity Capital and Earnings P_4

Equity Capital and Earnings Per Share - Summary of Further Information on Preferred Shares and Other Equity Instruments Outstanding (Parenthetical) (Detail)	Nov. 12, 2021CAD ($)	Jun. 19, 2021shares	Feb. 19, 2021CAD ($)	Dec. 31, 2021CAD ($)shares	Dec. 31, 2021$ / shares	Dec. 31, 2020CAD ($)
Disclosure of classes of share capital [Line Items]
Principal amount | $				$ 440,098,000,000		$ 418,978,000,000
Other equity interest [member] | Series 1(LRCN-Series 1) [member]
Disclosure of classes of share capital [Line Items]
Earliest redemption date				May 19, 2026
Principal amount | $			$ 2,000,000,000	$ 2,000,000,000
Maturity			June 19, 2081
Other equity interest [member] | Series 1(LRCN-Series 1) [member] | Before JuneEighteen Two Thousand and Twenty Six [Member]
Disclosure of classes of share capital [Line Items]
Interest rate			3.375%
Other equity interest [member] | Series 1(LRCN-Series 1) [member] | On JuneEighteen Two Thousand and Twenty Six and every Five Years Thereafter Until JuneNighteen Two Thousand and Seventy Six [Member]
Disclosure of classes of share capital [Line Items]
Floating dividend rate, description			interest rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 2.839%.
Interest rate, basis			2.839
Other equity interest [member] | Series 2 (LRCN-Series 2) [member]
Disclosure of classes of share capital [Line Items]
Earliest redemption date				Feb. 19, 2027
Principal amount | $	$ 1,200,000,000			$ 1,200,000,000
Maturity	March 19, 2082
Other equity interest [member] | Series 2 (LRCN-Series 2) [member] | Before May Eighteen Two Thousand And Twenty Seven [Member]
Disclosure of classes of share capital [Line Items]
Interest rate	4.10%
Other equity interest [member] | Series 2 (LRCN-Series 2) [member] | On May Eighteen Two Thousand And Twenty Seven And Every Five Years Thereafter Until March Nineteen Two Thousand and Seventy Seventy [Member]
Disclosure of classes of share capital [Line Items]
Floating dividend rate, description	interest rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 2.704%.
Interest rate, basis	2.704
Class 1, Series 4 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Number of shares		1,462,097		1,000,000
Earliest redemption date				Jun. 19, 2026
Principal amount | $				$ 37,000,000
Class 1, Series 4 Preferred shares [Member] | Conversion of Class 1 Shares Series 4 Into Class 1 Shares Series 3 [member]
Disclosure of classes of share capital [Line Items]
Conversion of stock shares converted		1,014,452
Number of shares		1,664,169
Preferred stock conversion basis		one-for-one basis
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 | $ / shares					$ 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 | $ / shares					$ 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]
Annual dividend rate				2.348
Specified yield percentage				1.41%
Conversion of stock shares converted		6,537,903
Number of shares				7,000,000
Earliest redemption date				Jun. 19, 2026
Principal amount | $				$ 163,000,000
Class 1, Series 3 Preferred shares [Member] | Conversion of Class1 One Shares Series 3 Into Floating Rate Class 1Shares Series 4 [member]
Disclosure of classes of share capital [Line Items]
Conversion of stock shares converted		812,380
Number of shares		6,335,831
Preferred stock conversion basis		one-for-one basis
Class 1, Series 5 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Number of shares				8,000,000
Earliest redemption date				Dec. 19, 2021
Principal amount | $				$ 200,000,000
Class 1, Series 7 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Specified yield percentage				3.13%
Number of shares				10,000,000
Earliest redemption date				Mar. 19, 2022
Principal amount | $				$ 250,000,000
Class 1, Series 9 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Specified yield percentage				2.86%
Number of shares				10,000,000
Earliest redemption date				Sep. 19, 2022
Principal amount | $				$ 250,000,000
Class 1, Series 11 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Specified yield percentage				2.61%
Number of shares				8,000,000
Earliest redemption date				Mar. 19, 2023
Principal amount | $				$ 200,000,000
Class 1, Series 13 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Specified yield percentage				2.22%
Number of shares				8,000,000
Earliest redemption date				Sep. 19, 2023
Principal amount | $				$ 200,000,000
Class 1, Series 15 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Specified yield percentage				2.16%
Number of shares				8,000,000
Earliest redemption date				Jun. 19, 2024
Principal amount | $				$ 200,000,000
Class 1, Series 17 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Specified yield percentage				2.36%
Number of shares				14,000,000
Earliest redemption date				Dec. 19, 2024
Principal amount | $				$ 350,000,000
Class 1, Series 19 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Specified yield percentage				2.30%
Number of shares				10,000,000
Earliest redemption date				Mar. 19, 2025
Principal amount | $				$ 250,000,000
Class 1, Series 21 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Number of shares				17,000,000
Earliest redemption date				Jun. 19, 2021
Principal amount | $				$ 425,000,000
Class 1, Series 23 Preferred shares [Member]
Disclosure of classes of share capital [Line Items]
Specified yield percentage				3.83%
Number of shares				19,000,000
Earliest redemption date				Mar. 19, 2022
Principal amount | $				$ 475,000,000
Class 1, Series 25 Preferred Shares [Member]
Disclosure of classes of share capital [Line Items]
Specified yield percentage				2.55%
Number of shares				10,000,000
Earliest redemption date				Jun. 19, 2023
Principal amount | $				$ 250,000,000

Equity Capital and Earnings P_5

Equity 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, 2021	Dec. 31, 2020
Disclosure of classes of share capital [Line Items]
Balance, beginning of year	$ 53,006
Balance, end of year	$ 58,869	$ 53,006
Common shares [Member]
Disclosure of classes of share capital [Line Items]
Balance, beginning of year	1,940	1,949
Repurchased for cancellation		(10)
Issued on exercise of stock options and deferred share units	3	1
Balance, end of year	1,943	1,940
Balance, beginning of year	$ 23,042	$ 23,127
Repurchased for cancellation		(121)
Issued on exercise of stock options and deferred share units	51	36
Balance, end of year	$ 23,093	$ 23,042

Equity Capital and Earnings P_6

Equity Capital and Earnings Per share - Additional Information (Detail) - Major ordinary share transactions [Member] - CAD ($) $ / shares in Units, $ in Millions	Feb. 28, 2022	Dec. 31, 2021
Disclosure of Dividends [line items]
Stock repurchased and retired during period value	$ 97
Percentage of the companys issued and outstanding common shares	5.00%
Common shares [Member]
Disclosure of Dividends [line items]
Dividend declared but not paid		$ 0.33

Equity Capital and Earnings P_7

Equity Capital and Earnings Per Share - Summary of Basic and Diluted Earnings Per Common Share (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Earnings per share [abstract]
Basic earnings per common share	$ 3.55	$ 2.94
Diluted earnings per common share	$ 3.54	$ 2.93

Equity Capital and Earnings P_8

Equity Capital and Earnings Per Share - Summary of Reconciliation of Denominator (Numbers of Shares) in Calculation of Basic and Diluted Earnings Per Share (Detail) - shares shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Earnings per share [abstract]
Weighted average number of common shares (in millions)	1,942	1,941
Dilutive stock-based awards(in millions)	4	2
Weighted average number of diluted common shares (in millions)	1,946	1,943

Equity Capital and Earnings P_9

Equity 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, 2021	Dec. 31, 2020
Share based payments arrangements [Member]
Earnings per share [Line Items]
Anti-dilutive stock-based awards excluded from the calculation of EPS	0	18

Equity Capital and Earnings _10

Equity Capital and Earnings Per share - Schedule of Dividends Payable on Non-cumulative Preferred Shares (Detail) - Major ordinary share transactions [Member]	Feb. 23, 2022$ / 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	0.229688
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	0.14675
Class 1, Series 4 Preferred shares [Member]
Disclosure of Dividends [line items]
Dividend declared but not paid	0.096965
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, 2021	Dec. 31, 2020
Disclosure of classes of share capital [abstract]
Total equity	$ 58,869	$ 53,006
Exclude AOCI gain/(loss) on cash flow hedges	(156)	(229)
Total equity excluding AOCI on cash flow hedges	59,025	53,235
Qualifying capital instruments	6,980	7,829
Consolidated capital	$ 66,005	$ 61,064

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, 2021	Dec. 31, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	$ 11,132	$ 10,591
Real estate management services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	298	332
Asia [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,696	1,346
Asia [member] | Real estate management services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	37	37
Canada [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,336	1,013
Canada [member] | Real estate management services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	126	144
U.S. [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,824	2,711
U.S. [member] | Real estate management services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	128	143
Other revenue [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	8,701	7,729
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	3,897	3,508
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	3,723	3,285
Other revenue [member] | Distribution fees and other [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,081	936
Other revenue [member] | Asia [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	755	649
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	217	223
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	287	239
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	251	187
Other revenue [member] | Canada [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,168	1,032
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	230	202
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	918	814
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	20	16
Other revenue [member] | U.S. [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	576	596
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	499	514
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	12	15
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	65	67
Revenue from non-service lines [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	2,431	2,862
Revenue from non-service lines [Member] | Asia [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	941	697
Revenue from non-service lines [Member] | Canada [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	168	(19)
Revenue from non-service lines [Member] | U.S. [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,248	2,115
Global wealth and asset management [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	6,513	5,710
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	6,514	5,703
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	3,198	2,770
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	2,517	2,215
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	799	718
Global wealth and asset management [member] | Revenue from non-service lines [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	(1)	7
Corporate and other [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	(237)	(189)
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	7	8
Corporate and other [member] | Other revenue [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	(312)	(251)
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	(247)	(201)
Corporate and other [member] | Other revenue [member] | Transaction processing, administration, and service fees [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	(11)	2
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	(54)	(52)
Corporate and other [member] | Revenue from non-service lines [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	$ 75	$ 62

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail)	Feb. 28, 2021	Dec. 31, 2021CAD ($)OptionsEquity$ / sharesshares	Dec. 31, 2020CAD ($)EquityOptions$ / shares	Dec. 31, 2020CAD ($)EquityOptions$ / shares	Dec. 31, 2019Equity
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Compensation expense		$ 9,000,000	$ 14,000,000
Number of options, Granted		0	5,000,000
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			$ 3.66	$ 3.66
Risk-free interest rate			1.50%
Dividend yield			3.50%
Expected volatility			23.00%
Expected life			8 years
Executive Stock Option Plan [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Description of share-based payment arrangement		The options provide the holder the right to purchase MFC common shares at an exercise price equal to the higher of the prior day, prior five-day or prior ten-day average closing market price of the shares on the Toronto Stock Exchange on the date the options are granted.
Shares reserved for future issuance | shares		73,600,000
Executive Stock Option Plan [Member] | Top of range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Option vesting period		4 years
Option expiration period		10 years
Deferred Share Units under ESOP [member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Vesting period		3 years
Number of common shares to be received on retirement or termination | shares		1
Number of shares outstanding | Equity		188,000	285,000	285,000
Deferred Share Units [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Compensation expense		$ 6,000,000	$ 5,000,000
Fair value of equity issued | Equity		101,000	145,400
Number of equity granted		34,000	28,000
Number of other equity instruments entitle holder to receive payment in cash | Options		840,000	811,000	811,000
Number of other equity entitle holder to receive payment in cash or common shares | Options		1,051,000	1,073,000	1,073,000
Amount of the liability relating to equity		$ 46,000,000	$ 43,000,000	$ 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		26,000	38,000
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		0	2,600
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		161,000	214,000
Number of shares outstanding | Equity		2,079,000	2,169,000	2,169,000	2,395,000
Fair value of equity granted | $ / shares		$ 24.11	$ 22.65
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		$ 135,000,000	$ 140,000,000
Vesting period	36 months
Number of equity granted		6,800,000	6,700,000
Fair value of equity granted | (per share)		$ 24.11		$ 22.65
Grant date		February 20 2021
Performance share units (PSUs) [member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Compensation expense		$ 31,000,000	$ 15,000,000
Vesting period	36 months
Number of equity granted		1,500,000	1,100,000
Grant date		February 20 2021
Restricted share units and performance share units [member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Amount of the liability relating to equity		$ 362,000,000	$ 194,000,000	$ 194,000,000

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Options Outstanding (Detail) shares in Millions	12 Months Ended
	Dec. 31, 2021$ / sharesshares	Dec. 31, 2020$ / sharesshares
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Number of options, Beginning balance	24,000,000	21,000,000
Number of options, Granted	0	5,000,000
Number of options, Exercised	(3,000,000)	(2,000,000)
Number of options' Forfeited		0
Number of options, Ending balance | shares	21	24
Number of options, Exercisable, Ending balance	8,000,000	6,000,000
Weighted average exercise price, Beginning balance	$ 21.74	$ 20.91
Weighted average exercise price, Granted		24.38
Weighted average exercise price, Exercised	18.34	18.17
Weighted average exercise price, Expired	24.73	24.27
Weighted average exercise price, Forfeited	23.96	23.73
Weighted average exercise price, Ending balance	22.09	21.74
Weighted average exercise price, Exercisable, Ending balance	$ 18.94	$ 19.52

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Range of Exercise Prices of Outstanding Share Options (Detail) Unit_pure in Millions	12 Months Ended
	Dec. 31, 2021yr$ / shares	Dec. 31, 2020$ / shares	Dec. 31, 2019$ / shares
Disclosure of range of exercise prices of outstanding share options [Line Items]
Number of options, Options outstanding	21	24	21
Weighted average exercise price, Options outstanding	$ 22.09	$ 21.74	$ 20.91
Weighted average remaining contractual life (in years)	5 years 5 months 26 days
Number of options, Options exercisable	8	6
Weighted average exercise price, Options exercisable	$ 18.94	$ 19.52
Weighted average remaining contractual life (in years), Options exercisable | yr	3.20
$12.64 - $20.99 [Member]
Disclosure of range of exercise prices of outstanding share options [Line Items]
Number of options, Options outstanding	5
Weighted average exercise price, Options outstanding	$ 16.90
Weighted average remaining contractual life (in years)	3 years 4 months 17 days
Number of options, Options exercisable	5
Weighted average exercise price, Options exercisable	$ 16.90
Weighted average remaining contractual life (in years), Options exercisable | yr	3.38
$21.00 - $24.83 [Member]
Disclosure of range of exercise prices of outstanding share options [Line Items]
Number of options, Options outstanding	16
Weighted average exercise price, Options outstanding	$ 23.58
Weighted average remaining contractual life (in years)	6 years 1 month 2 days
Number of options, Options exercisable	3
Weighted average exercise price, Options exercisable	$ 21.86
Weighted average remaining contractual life (in years), Options exercisable | yr	2.95

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of Other Equity Instruments (Detail) - Deferred Share Units [Member] - Equity	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of range of exercise prices of outstanding share options [Line Items]
Issued	101,000	145,400
Board of Director [Member]
Disclosure of range of exercise prices of outstanding share options [Line Items]
Beginning balance	2,169,000	2,395,000
Issued	161,000	214,000
Reinvested	100,000	145,000
Redeemed	(345,000)	(576,000)
Forfeitures and cancellations	(6,000)	(9,000)
Ending balance	2,079,000	2,169,000

Employee Future Benefits - Addi

Employee Future Benefits - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)
Disclosure of defined benefit plans [Line Items]
Assets set aside for plan	$ 0
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	$ 7
Return-seeking assets [Member]
Disclosure of defined benefit plans [Line Items]
Target asset allocation for plan	30.00%
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	70.00%
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	$ 70
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	93
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	$ 13

Employee Future Benefits - Summ

Employee Future Benefits - Summary of Pension and Retiree Welfare Plans (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Pension defined benefit plans [member]
Disclosure of net defined benefit liability (asset) [Line Items]
Beginning balance	$ 306
Actuarial losses (gains) due to:
Experience	3	$ 2
Demographic assumption changes	7	(67)
Economic assumption changes	(194)	333
Return on plan assets (excluding interest income)	(70)	(310)
Ending balance	87	306
Pension defined benefit plans [member] | Present value of defined benefit obligation [Member]
Disclosure of net defined benefit liability (asset) [Line Items]
Beginning balance	4,901	4,817
Current service cost	44	41
Interest cost	115	150
Actuarial losses (gains) due to:
Experience	3	2
Demographic assumption changes	7	(67)
Economic assumption changes	(194)	333
Benefits paid	(303)	(318)
Impact of changes in foreign exchange rates	(13)	(57)
Ending balance	4,560	4,901
Pension defined benefit plans [member] | Plan assets [Member]
Disclosure of net defined benefit liability (asset) [Line Items]
Beginning balance	4,595	4,453
Interest cost	109	140
Actuarial losses (gains) due to:
Benefits paid	(303)	(318)
Impact of changes in foreign exchange rates	(13)	(54)
Return on plan assets (excluding interest income)	70	310
Employer contributions	61	71
Administration costs	(9)	(7)
Ending balance	4,510	4,595
Retiree welfare plans [Member]
Disclosure of net defined benefit liability (asset) [Line Items]
Beginning balance	32
Actuarial losses (gains) due to:
Experience		(14)
Demographic assumption changes	1	(12)
Economic assumption changes	(29)	49
Return on plan assets (excluding interest income)	1	(33)
Ending balance	(3)	32
Retiree welfare plans [Member] | Present value of defined benefit obligation [Member]
Disclosure of net defined benefit liability (asset) [Line Items]
Beginning balance	638	645
Interest cost	15	20
Plan participants' contributions	3	3
Actuarial losses (gains) due to:
Experience		(14)
Demographic assumption changes	1	(12)
Economic assumption changes	(29)	49
Benefits paid	(42)	(45)
Impact of changes in foreign exchange rates	(2)	(8)
Ending balance	584	638
Retiree welfare plans [Member] | Plan assets [Member]
Disclosure of net defined benefit liability (asset) [Line Items]
Beginning balance	606	598
Interest cost	14	19
Plan participants' contributions	3	3
Actuarial losses (gains) due to:
Benefits paid	(42)	(45)
Impact of changes in foreign exchange rates	(2)	(11)
Return on plan assets (excluding interest income)	(1)	33
Employer contributions	11	11
Administration costs	(2)	(2)
Ending balance	$ 587	$ 606

Employee Future Benefits - Su_2

Employee Future Benefits - Summary of Amounts Recognized in Consolidated Statements of Financial Position (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Pension defined benefit plans [member]
Disclosure of defined benefit plans [Line Items]
Defined benefit obligation	$ 4,560	$ 4,901
Fair value of plan assets	4,510	4,595
Deficit	50	306
Effect of asset limit	37
Deficit and net defined benefit liability	87	306
Pension defined benefit plans [member] | Funded [Member]
Disclosure of defined benefit plans [Line Items]
Deficit and net defined benefit liability	(600)	(446)
Pension defined benefit plans [member] | Unfunded [Member]
Disclosure of defined benefit plans [Line Items]
Deficit and net defined benefit liability	687	752
Retiree welfare plans [Member]
Disclosure of defined benefit plans [Line Items]
Defined benefit obligation	584	638
Fair value of plan assets	587	606
Deficit	(3)	32
Deficit and net defined benefit liability	(3)	32
Retiree welfare plans [Member] | Funded [Member]
Disclosure of defined benefit plans [Line Items]
Deficit and net defined benefit liability	(154)	(134)
Retiree welfare plans [Member] | Unfunded [Member]
Disclosure of defined benefit plans [Line Items]
Deficit and net defined benefit liability	$ 151	$ 166

Employee Future Benefits - Su_3

Employee Future Benefits - Summary of Disaggregation of Defined Benefit Obligation (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Pension defined benefit plans [member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	$ 4,560	$ 4,901
Retiree welfare plans [Member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	584	638
U.S. plans [Member] | Pension defined benefit plans [member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	2,908	3,079
U.S. plans [Member] | Pension defined benefit plans [member] | Active [member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	537	551
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	2,371	2,528
U.S. plans [Member] | Retiree welfare plans [Member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	433	472
U.S. plans [Member] | Retiree welfare plans [Member] | Active [member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	17	27
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	416	445
Canadian plans [Member] | Pension defined benefit plans [member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	1,652	1,822
Canadian plans [Member] | Pension defined benefit plans [member] | Active [member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	184	211
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	1,468	1,611
Canadian plans [Member] | Retiree welfare plans [Member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	151	166
Canadian plans [Member] | Retiree welfare plans [Member] | Inactive and retired members [Member]
Disclosure of defined benefit plans [Line Items]
Disaggregation of defined benefit obligation	$ 151	$ 166

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 ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Pension defined benefit plans [member]
Disclosure of fair value of plan assets [Line Items]
Total	$ 4,510	$ 4,595
Retiree welfare plans [Member]
Disclosure of fair value of plan assets [Line Items]
Total	587	606
U.S. plans [Member]
Disclosure of fair value of plan assets [Line Items]
Equity securities	1.2	1.1
U.S. plans [Member] | Pension defined benefit plans [member] | Fair value measurements [member]
Disclosure of fair value of plan assets [Line Items]
Other investments	475	373
Total	$ 3,028	$ 3,058
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	$ 1,863	$ 2,009
Percentage of fair value measurements	61.00%	66.00%
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	$ 90	$ 83
Percentage of fair value measurements	3.00%	3.00%
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	$ 600	$ 593
Percentage of fair value measurements	20.00%	19.00%
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	16.00%	12.00%
U.S. plans [Member] | Retiree welfare plans [Member] | Fair value measurements [member]
Disclosure of fair value of plan assets [Line Items]
Other investments	$ 8	$ 7
Total	$ 587	$ 606
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	$ 501	$ 520
Percentage of fair value measurements	85.00%	86.00%
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	$ 21	$ 30
Percentage of fair value measurements	4.00%	5.00%
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	$ 57	$ 49
Percentage of fair value measurements	10.00%	8.00%
U.S. plans [Member] | Retiree welfare plans [Member] | Fair value measurements [member] | Other investments [member]
Disclosure of fair value of plan assets [Line Items]
Percentage of fair value measurements	1.00%	1.00%
Canadian plans [Member]
Disclosure of fair value of plan assets [Line Items]
Equity securities	$ 0	$ 0
Canadian plans [Member] | Pension defined benefit plans [member] | Fair value measurements [member]
Disclosure of fair value of plan assets [Line Items]
Other investments	2	2
Total	$ 1,482	$ 1,537
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	$ 1,144	$ 1,186
Percentage of fair value measurements	77.00%	77.00%
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	$ 14	$ 10
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	$ 322	$ 339
Percentage of fair value measurements	22.00%	22.00%
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 ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
U.S. plans [Member]
Disclosure of fair value of plan assets [Line Items]
Percentage of plan assets	7.00%	9.00%
Equity securities	$ 1.2	$ 1.1
Canadian plans [Member]
Disclosure of fair value of plan assets [Line Items]
Percentage of plan assets	0.10%	0.10%
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, 2021	Dec. 31, 2020
Pension defined benefit plans [member]
Disclosure of defined benefit plans [Line Items]
Defined benefit current service cost	$ 44	$ 41
Defined benefit administrative expenses	9	7
Service cost	53	48
Interest on net defined benefit (asset) liability	6	10
Defined benefit cost	59	58
Defined contribution cost	90	84
Net benefit cost	149	142
Retiree welfare plans [Member]
Disclosure of defined benefit plans [Line Items]
Defined benefit administrative expenses	2	2
Service cost	2	2
Interest on net defined benefit (asset) liability	1	1
Defined benefit cost	3	3
Net benefit cost	$ 3	$ 3

Employee Future Benefits - Su_7

Employee Future Benefits - Summary of Re-measurement Effects Recognized in Other Comprehensive Income (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Pension defined benefit plans [member]
Disclosure of defined benefit plans [Line Items]
Experience	$ (3)	$ (2)
Demographic assumption changes	(7)	67
Economic assumption changes	194	(333)
Return on plan assets (excluding interest income)	70	310
Change in effect of asset limit	(37)	5
Total re-measurement effects	217	47
Retiree welfare plans [Member]
Disclosure of defined benefit plans [Line Items]
Experience		14
Demographic assumption changes	(1)	12
Economic assumption changes	29	(49)
Return on plan assets (excluding interest income)	(1)	33
Total re-measurement effects	$ 27	$ 10

Employee Future Benefits - Su_8

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, 2021	Dec. 31, 2020
U.S. plans [Member] | Pension defined benefit plans [member] | Defined benefit obligation [Member]
Disclosure of defined benefit plans [Line Items]
Discount rate	2.70%	2.40%
U.S. plans [Member] | Pension defined benefit plans [member] | Defined benefit cost [Member]
Disclosure of defined benefit plans [Line Items]
Discount rate	2.40%	3.20%
U.S. plans [Member] | Retiree welfare plans [Member] | Defined benefit obligation [Member]
Disclosure of defined benefit plans [Line Items]
Discount rate	2.70%	2.40%
Initial health care cost trend rate	7.00%	7.30%
U.S. plans [Member] | Retiree welfare plans [Member] | Defined benefit cost [Member]
Disclosure of defined benefit plans [Line Items]
Discount rate	2.40%	3.20%
Initial health care cost trend rate	7.30%	7.50%
Canadian plans [Member] | Pension defined benefit plans [member] | Defined benefit obligation [Member]
Disclosure of defined benefit plans [Line Items]
Discount rate	3.10%	2.50%
Canadian plans [Member] | Pension defined benefit plans [member] | Defined benefit cost [Member]
Disclosure of defined benefit plans [Line Items]
Discount rate	2.50%	3.10%
Canadian plans [Member] | Retiree welfare plans [Member] | Defined benefit obligation [Member]
Disclosure of defined benefit plans [Line Items]
Discount rate	3.20%	2.60%
Initial health care cost trend rate	5.40%	5.50%
Canadian plans [Member] | Retiree welfare plans [Member] | Defined benefit cost [Member]
Disclosure of defined benefit plans [Line Items]
Discount rate	2.60%	3.10%
Initial health care cost trend rate	5.50%	5.60%

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 (Parenthetical) (Detail)	Dec. 31, 2021	Dec. 31, 2020
Retiree welfare plans [Member] | 2032 [Member] | Top of range [Member]
Disclosure of defined benefit plans [Line Items]
Health care cost trend rate	7.00%	7.30%
Retiree welfare plans [Member] | 2032 [Member] | Bottom of range [Member]
Disclosure of defined benefit plans [Line Items]
Health care cost trend rate	4.50%	4.50%
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	5.40%	5.50%
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	7.30%	7.50%
Defined benefit cost [Member] | 2032 [Member] | Bottom of range [Member]
Disclosure of defined benefit plans [Line Items]
Health care cost trend rate	4.50%	4.50%
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	5.50%	5.60%
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_10

Employee Future Benefits - Summary of Life Expectancies Underlying Values of Obligations in Defined Benefit Pension and Retiree Welfare Plans (Detail)	Dec. 31, 2021yr
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
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)	23.6
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)	23.4
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)	24.9
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)	23.8
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)	25.7
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)	24.8
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)	26.6

Employee Future Benefits - S_11

Employee Future Benefits - Summary of Potential Impact on Obligations Arising From Changes in Key Assumptions (Detail) $ in Millions	Dec. 31, 2021CAD ($)
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	$ (417)
Impact of decrease in actuarial assumption	492
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	(58)
Impact of decrease in actuarial assumption	70
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	17
Impact of decrease in actuarial assumption	(15)
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	130
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	$ 15

Employee Future Benefits - S_12

Employee Future Benefits - Summary of Potential Impact on Obligations Arising From Changes in Key Assumptions (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2021
U.S. [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	9 months 18 days
Male [Member] | Canada [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase in life expectancy due to decrease in mortality rate	9 months 18 days
Female [Member] | U.S. [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase in life expectancy due to decrease in mortality rate	9 months 18 days
Female [Member] | Canada [member]
Disclosure of sensitivity analysis for actuarial assumptions [Line Items]
Increase in life expectancy due to decrease in mortality rate	9 months 18 days

Employee Future Benefits - S_13

Employee Future Benefits - Summary of Weighted Average Duration of the Defined Benefit Obligations (Detail) - yr	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
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	9.7	9.9
Pension defined benefit plans [member] | Canadian plans [Member]
Disclosure of defined benefit plans [Line Items]
Weighted average duration (in years) of the defined benefit obligations	12.4	12.5
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	9.5	9.8
Retiree welfare plans [Member] | Canadian plans [Member]
Disclosure of defined benefit plans [Line Items]
Weighted average duration (in years) of the defined benefit obligations	13.3	14.3

Employee Future Benefits - S_14

Employee Future Benefits - Summary of Cash Payments (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Pension defined benefit plans [member]
Disclosure of net defined benefit liability (asset) [Line Items]
Cash payment for future benefit plans	$ 151	$ 155
Retiree welfare plans [member]
Disclosure of net defined benefit liability (asset) [Line Items]
Cash payment for future benefit plans	11	11
Defined benefit plans [Member] | Pension defined benefit plans [member]
Disclosure of net defined benefit liability (asset) [Line Items]
Cash payment for future benefit plans	61	71
Defined benefit plans [Member] | Retiree welfare plans [member]
Disclosure of net defined benefit liability (asset) [Line Items]
Cash payment for future benefit plans	11	11
Defined contribution plans [Member] | Pension defined benefit plans [member]
Disclosure of net defined benefit liability (asset) [Line Items]
Cash payment for future benefit plans	$ 90	$ 84

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, 2021	Dec. 31, 2020
Current tax
Current year	$ 1,389	$ 998
Adjustments related to prior year	(49)	(83)
Current tax	1,340	915
Deferred tax
Change related to temporary differences	(108)	253
Effects of changes in tax rates	(19)	27
Total deferred tax	(127)	280
Income tax expense	$ 1,213	$ 1,195

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, 2021	Dec. 31, 2020
Major components of tax expense (income) [abstract]
Current income tax expense (recovery)	$ (3)	$ (92)
Deferred income tax expense (recovery)	(61)	87
Total income tax expense (recovery)	$ (64)	$ (5)

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, 2021	Dec. 31, 2020
Major components of tax expense (income) [abstract]
Current income tax expense (recovery)	$ 5	$ 25
Deferred income tax expense (recovery)	(15)	$ (25)
Total income tax recognized directly in equity	$ (10)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement [line items]
Effective income tax rate	26.50%	26.50%
Current tax receivable	$ 660	$ 993
Current tax payable	357	87
Deferred tax assets	5,254	4,842
Deferred tax assets - recognition dependent on future taxable profits	942	1,005
Operating tax loss carry forward	2,689	2,479
Operating tax loss carry forward expired in future	2,514
Operating tax loss carry forward without expiration date	174
Capital tax loss carry forward	1	21
Tax benefit on loss carry forwards for which deferred tax asset recognized	517	497
Tax benefit of loss carry forwards for which no deferred tax asset recognized	120	99
Tax credit carry forwards which expire in future	200	188
Tax credit carryforwards of which benefit not recognized	$ 154	154
Tax credit/Loss carryforwards expiration period	between the years 2026 and 2041
Deferred tax liability	$ 2,769	2,614
Aggregate amount of taxable temporary differences associated with the Company's own investments in subsidiaries, not included in financial statements	24,034	22,782
Unused tax credits [member]
Statement [line items]
Deferred tax assets	490	96
Temporary differences [member]
Statement [line items]
Deferred tax assets	$ 1,867	$ 385

Income Taxes - Summary of Recon

Income Taxes - Summary of Reconciliation of Income Tax Expense (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of accounting profit multiplied by applicable tax rates [abstract]
Income before income taxes	$ 8,125	$ 6,770
Income tax expense at Canadian statutory tax rate	2,153	1,794
Increase (decrease) in income taxes due to:
Tax-exempt investment income	(261)	(171)
Differences in tax rate on income not subject to tax in Canada	(917)	(528)
Adjustments to taxes related to prior years	(47)	(96)
Tax losses and temporary differences not recognized as deferred taxes	53
Tax rate change	(19)	27
Other differences	251	169
Income tax expense	$ 1,213	$ 1,195

Income Taxes - Summary of Defer

Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets and liabilities [abstract]
Deferred tax assets	$ 5,254	$ 4,842
Deferred tax liability	(2,769)	(2,614)
Net deferred tax assets (liabilities)	$ 2,485	$ 2,228	$ 2,602

Income Taxes - Significant Comp

Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	$ 2,228	$ 2,602
Disposals	(9)
Recognized in Income Statement	(127)	280
Recognized in Other Comprehensive Income	61	(87)
Recognized in Equity	15	25
Translation and Other	63	(32)
Ending balance	2,485	2,228
Loss carryforwards [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	497	705
Disposals	(10)
Recognized in Income Statement	22	(210)
Translation and Other	8	2
Ending balance	517	497
Actuarial liabilities [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	9,372	8,443
Recognized in Income Statement	(666)	1,063
Translation and Other	(3)	(134)
Ending balance	8,703	9,372
Pensions and post-employment benefits [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	215	226
Recognized in Income Statement	7
Recognized in Other Comprehensive Income	(61)	(10)
Translation and Other		(1)
Ending balance	161	215
Tax credits [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	34	32
Recognized in Income Statement	11	2
Recognized in Other Comprehensive Income	1
Ending balance	46	34
Accrued interest [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	1	1
Ending balance	1	1
Real estate [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	(1,033)	(1,046)
Recognized in Income Statement	(145)	5
Recognized in Other Comprehensive Income		(2)
Recognized in Equity		1
Translation and Other	7	9
Ending balance	(1,171)	(1,033)
Securities and other investments [member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	(5,950)	(4,704)
Recognized in Income Statement	643	(1,254)
Recognized in Other Comprehensive Income	119	(59)
Recognized in Equity		2
Translation and Other	49	65
Ending balance	(5,139)	(5,950)
Sale of investments [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	(56)	(69)
Recognized in Income Statement	16	13
Ending balance	(40)	(56)
Goodwill and intangible assets [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	(849)	(876)
Recognized in Income Statement	29	24
Translation and Other	16	3
Ending balance	(804)	(849)
Other [Member]
Reconciliation of changes in deferred tax liability (asset) [line items]
Beginning balance	(3)	(110)
Disposals	1
Recognized in Income Statement	210	77
Recognized in Other Comprehensive Income	2	(16)
Recognized in Equity	15	22
Translation and Other	(14)	24
Ending balance	$ 211	$ (3)

Interests in Structured Entit_3

Interests in Structured Entities - Additional Information (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of unconsolidated structured entities [Line Items]
Investment in startup capital of mutual funds	$ 1,361	$ 1,428
Retail mutual fund assets under management	290,863	238,068
Hancock Victoria Plantations Holdings PTY Limited [Member]
Disclosure of unconsolidated structured entities [Line Items]
Consolidated timber assets	$ 979	$ 949

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, 2021	Dec. 31, 2020
Disclosure of unconsolidated structured entities [Line Items]
Company's investment	$ 4,812	$ 4,644
Company's maximum exposure to loss	4,812	4,644
Leveraged leases [Member]
Disclosure of unconsolidated structured entities [Line Items]
Company's investment	3,457	3,371
Company's maximum exposure to loss	3,457	3,371
Timberland companies [Member]
Disclosure of unconsolidated structured entities [Line Items]
Company's investment	842	776
Company's maximum exposure to loss	842	776
Real estate companies [Member]
Disclosure of unconsolidated structured entities [Line Items]
Company's investment	513	497
Company's maximum exposure to loss	$ 513	$ 497

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, 2021	Dec. 31, 2020
Disclosure of unconsolidated structured entities [Line Items]
Company's interests	$ 850	$ 931
Manulife Finance (Delaware), L.P.[Member]
Disclosure of unconsolidated structured entities [Line Items]
Company's interests	$ 850	$ 931

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, 2021	Dec. 31, 2020
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	$ 3,229	$ 3,442
AAA [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	2,346	2,465
AA [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	11	32
A [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	641	661
BBB [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	227	208
BB and below [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	4	$ 76
CMBS [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	1,385
CMBS [Member] | AAA [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	1,332
CMBS [Member] | A [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	53
RMBS [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	9
RMBS [Member] | AAA [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	6
RMBS [Member] | A [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	3
Asset backed securities [member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	1,835
Asset backed securities [member] | AAA [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	1,008
Asset backed securities [member] | AA [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	11
Asset backed securities [member] | A [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	585
Asset backed securities [member] | BBB [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	227
Asset backed securities [member] | BB and below [Member]
Disclosure of unconsolidated structured entities [Line Items]
Securitized holdings	$ 4

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Jun. 01, 2015
Disclosure of commitments and contingencies [line items]
Investment commitments outstanding	$ 12,233	$ 9,937
Letters of credit outstanding	99	103
The Manufacturers Life Insurance Company [Member]
Disclosure of commitments and contingencies [line items]
Subordinate guaranteed issued			$ 1,000
The Manufacturers Life Insurance Company [Member] | Subordinated debentures due on December 15, 2041 [Member]
Disclosure of commitments and contingencies [line items]
Guaranteed payment of amounts on subordinated debenture	650
Mature in 30 Days [Member]
Disclosure of commitments and contingencies [line items]
Investment commitments outstanding	957	638
Less than 1 year [Member]
Disclosure of commitments and contingencies [line items]
Investment commitments outstanding	3,205	2,634
Mature after One year [Member]
Disclosure of commitments and contingencies [line items]
Investment commitments outstanding	$ 8,071	$ 6,665

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, 2021	Dec. 31, 2020
Condensed Income Statements, Captions [Line Items]
Total revenue	$ 61,821	$ 78,908
Net income (loss) attributed to shareholders and other equity holders	7,105	5,871
MFC [Member]
Condensed Income Statements, Captions [Line Items]
Total revenue	563	547
Net income (loss) attributed to shareholders and other equity holders	7,105	5,871
MLI consolidated [Member]
Condensed Income Statements, Captions [Line Items]
Total revenue	61,787	78,929
Net income (loss) attributed to shareholders and other equity holders	7,342	6,179
Other subsidiaries of MFC on a combined basis [Member]
Condensed Income Statements, Captions [Line Items]
Total revenue	536	520
Net income (loss) attributed to shareholders and other equity holders	(500)	(500)
Consolidating adjustments [Member]
Condensed Income Statements, Captions [Line Items]
Total revenue	(1,065)	(1,088)
Net income (loss) attributed to shareholders and other equity holders	(6,842)	(5,679)
Manulife Finance (Delaware), L.P.[Member]
Condensed Income Statements, Captions [Line Items]
Total revenue	41	32
Net income (loss) attributed to shareholders and other equity holders	$ 3	$ (1)

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Balance Sheet Statements, Captions [Line Items]
Invested assets	$ 427,098	$ 410,977
Total other assets	90,757	101,936
Segregated funds net assets	399,788	367,436
Insurance contract liabilities	392,275	385,554	$ 351,161
Investment contract liabilities	3,117	3,288
Segregated funds net liabilities	399,788	367,436
Total other liabilities	63,594	71,065
MFC [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Invested assets	78	47
Total other assets	68,866	64,419
Total other liabilities	10,536	12,131
MLI consolidated [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Invested assets	427,010	410,919
Total other assets	91,412	102,439
Segregated funds net assets	399,788	367,436
Insurance contract liabilities	392,275	385,554
Investment contract liabilities	3,117	3,288
Segregated funds net liabilities	399,788	367,436
Total other liabilities	53,962	59,683
Other subsidiaries of MFC on a combined basis [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Invested assets	10	11
Total other assets	3,203	3
Consolidating adjustments [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Total other assets	(72,724)	(64,925)
Total other liabilities	(904)	(749)
Manulife Finance (Delaware), L.P.[Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Invested assets	3	5
Total other assets	1,088	1,166
Total other liabilities	$ 852	$ 936

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Pledged Assets (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt securities [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	$ 6,429	$ 6,731
Debt securities [Member] | Derivatives [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	5,525	5,924
Debt securities [Member] | Regulatory requirements [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	367	452
Debt securities [Member] | Repurchase agreements [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	535	353
Debt securities [Member] | Other [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	2	2
Other [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	3,467	3,631
Other [Member] | Derivatives [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	23	35
Other [Member] | Secured borrowings [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	2,575	2,790
Other [Member] | Regulatory requirements [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	78	80
Other [Member] | Non-registered retirement plans in trust [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	377	424
Other [Member] | Other [Member]
Disclosure Of Pledged Assets [line items]
Pledged amount	$ 414	$ 302

Segmented Information - Summary

Segmented Information - Summary of Results by Segments (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of operating segments [line items]
Net premium income	$ 39,065	$ 32,917
Net investment income (loss)	11,624	35,400
Other revenue	11,132	10,591
Total revenue	61,821	78,908
Net benefits and claims	35,822	55,235
Interest expense	1,011	1,181
Other expenses	16,863	15,721
Total contract benefits and expenses	53,696	72,137
Income (loss) before income taxes	8,125	6,771
Income tax (expense) recovery	(1,213)	(1,195)
Net income (loss)	6,912	5,576
Non-controlling interests	255	250
Participating policyholders	(448)	(545)
Net income (loss) attributed to shareholders and other equity holders	7,105	5,871
Total assets	917,643	880,349
Life and health insurance [Member]
Disclosure of operating segments [line items]
Net premium income	36,130	29,967
Net benefits and claims	37,982	44,350
Annuities and pensions [Member]
Disclosure of operating segments [line items]
Net premium income	2,935	2,950
Net benefits and claims	(2,160)	10,885
Operating segments [Member] | Asia Division [Member]
Disclosure of operating segments [line items]
Net premium income	22,986	20,479
Net investment income (loss)	4,889	6,630
Other revenue	1,696	1,346
Total revenue	29,571	28,455
Net benefits and claims	20,878	21,427
Interest expense	232	269
Other expenses	5,273	5,123
Total contract benefits and expenses	26,383	26,819
Income (loss) before income taxes	3,188	1,636
Income tax (expense) recovery	(445)	(233)
Net income (loss)	2,743	1,403
Non-controlling interests	253	250
Participating policyholders	(567)	(609)
Net income (loss) attributed to shareholders and other equity holders	3,057	1,762
Total assets	162,970	145,801
Operating segments [Member] | Asia Division [Member] | Life and health insurance [Member]
Disclosure of operating segments [line items]
Net premium income	20,428	17,983
Net benefits and claims	18,240	17,997
Operating segments [Member] | Asia Division [Member] | Annuities and pensions [Member]
Disclosure of operating segments [line items]
Net premium income	2,558	2,496
Net benefits and claims	2,638	3,430
Operating segments [Member] | Canadian Division [Member]
Disclosure of operating segments [line items]
Net premium income	9,561	9,167
Net investment income (loss)	1,469	8,458
Other revenue	1,336	1,013
Total revenue	12,366	18,638
Net benefits and claims	6,905	14,765
Interest expense	269	342
Other expenses	3,401	3,141
Total contract benefits and expenses	10,575	18,248
Income (loss) before income taxes	1,791	390
Income tax (expense) recovery	(336)	(131)
Net income (loss)	1,455	259
Participating policyholders	101	64
Net income (loss) attributed to shareholders and other equity holders	1,354	195
Total assets	169,736	167,236
Operating segments [Member] | Canadian Division [Member] | Life and health insurance [Member]
Disclosure of operating segments [line items]
Net premium income	9,217	8,833
Net benefits and claims	10,276	10,385
Operating segments [Member] | Canadian Division [Member] | Annuities and pensions [Member]
Disclosure of operating segments [line items]
Net premium income	344	334
Net benefits and claims	(3,371)	4,380
Operating segments [Member] | US Division [Member]
Disclosure of operating segments [line items]
Net premium income	6,371	3,131
Net investment income (loss)	5,061	17,519
Other revenue	1,824	2,711
Total revenue	13,256	23,361
Net benefits and claims	7,779	19,028
Interest expense	47	54
Other expenses	2,947	2,714
Total contract benefits and expenses	10,773	21,796
Income (loss) before income taxes	2,483	1,565
Income tax (expense) recovery	(385)	(296)
Net income (loss)	2,098	1,269
Participating policyholders	18
Net income (loss) attributed to shareholders and other equity holders	2,080	1,269
Total assets	290,838	288,814
Operating segments [Member] | US Division [Member] | Life and health insurance [Member]
Disclosure of operating segments [line items]
Net premium income	6,338	3,011
Net benefits and claims	9,307	16,099
Operating segments [Member] | US Division [Member] | Annuities and pensions [Member]
Disclosure of operating segments [line items]
Net premium income	33	120
Net benefits and claims	(1,528)	2,929
Operating segments [Member] | Global wealth and asset management [member]
Disclosure of operating segments [line items]
Net investment income (loss)	28	39
Other revenue	6,513	5,710
Total revenue	6,541	5,749
Net benefits and claims	101	146
Interest expense	1	2
Other expenses	4,798	4,329
Total contract benefits and expenses	4,900	4,477
Income (loss) before income taxes	1,641	1,272
Income tax (expense) recovery	(233)	(172)
Net income (loss)	1,408	1,100
Non-controlling interests	2
Net income (loss) attributed to shareholders and other equity holders	1,406	1,100
Total assets	259,363	236,593
Operating segments [Member] | Global wealth and asset management [member] | Annuities and pensions [Member]
Disclosure of operating segments [line items]
Net benefits and claims	101
Corporate and other [member]
Disclosure of operating segments [line items]
Net premium income	147	140
Net investment income (loss)	177	2,754
Other revenue	(237)	(189)
Total revenue	87	2,705
Net benefits and claims	159	(131)
Interest expense	462	514
Other expenses	444	414
Total contract benefits and expenses	1,065	797
Income (loss) before income taxes	(978)	1,908
Income tax (expense) recovery	186	(363)
Net income (loss)	(792)	1,545
Net income (loss) attributed to shareholders and other equity holders	(792)	1,545
Total assets	34,736	41,905
Corporate and other [member] | Life and health insurance [Member]
Disclosure of operating segments [line items]
Net premium income	147	140
Net benefits and claims	$ 159	$ (131)

Segmented Information - Summa_2

Segmented Information - Summary of Results by Geographic Location (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of geographical areas [line items]
Net premium income	$ 39,065	$ 32,917
Net investment income (loss)	11,624	35,400
Other revenue	11,132	10,591
Total revenue	61,821	78,908
Life and health insurance [Member]
Disclosure of geographical areas [line items]
Net premium income	36,130	29,967
Annuities and pensions [Member]
Disclosure of geographical areas [line items]
Net premium income	2,935	2,950
Asia [member]
Disclosure of geographical areas [line items]
Net premium income	23,073	20,568
Net investment income (loss)	5,313	7,085
Other revenue	2,818	2,300
Total revenue	31,204	29,953
Asia [member] | Life and health insurance [Member]
Disclosure of geographical areas [line items]
Net premium income	20,515	18,072
Asia [member] | Annuities and pensions [Member]
Disclosure of geographical areas [line items]
Net premium income	2,558	2,496
Canada [member]
Disclosure of geographical areas [line items]
Net premium income	9,249	8,808
Net investment income (loss)	1,255	8,531
Other revenue	3,363	2,671
Total revenue	13,867	20,010
Canada [member] | Life and health insurance [Member]
Disclosure of geographical areas [line items]
Net premium income	8,905	8,474
Canada [member] | Annuities and pensions [Member]
Disclosure of geographical areas [line items]
Net premium income	344	334
U.S. [member]
Disclosure of geographical areas [line items]
Net premium income	6,373	3,132
Net investment income (loss)	4,830	19,735
Other revenue	4,952	5,600
Total revenue	16,155	28,467
U.S. [member] | Life and health insurance [Member]
Disclosure of geographical areas [line items]
Net premium income	6,340	3,012
U.S. [member] | Annuities and pensions [Member]
Disclosure of geographical areas [line items]
Net premium income	33	120
Other [Member]
Disclosure of geographical areas [line items]
Net premium income	370	409
Net investment income (loss)	226	49
Other revenue	(1)	20
Total revenue	595	478
Other [Member] | Life and health insurance [Member]
Disclosure of geographical areas [line items]
Net premium income	$ 370	$ 409

Related Parties - Summary of Co

Related Parties - Summary of Compensation of Key Management Personnel (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Compensation Of Key Management Personnel [abstract]
Short-term employee benefits	$ 65	$ 69
Post-employment benefits	5	5
Share-based payments	57	57
Termination benefits
Other long-term benefits	2	3
Total	$ 129	$ 134

Subsidiaries - Summary of Direc

Subsidiaries - Summary of Directly and Indirectly Held Major Operating Subsidiaries (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)
The Manufacturers Life Insurance Company [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	The Manufacturers Life Insurance Company
Equity Interest	$ 67,375
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	$ 22,577
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%
Manulife Investment Management Timberland And Agriculture Inc. [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Investment Management Timberland and Agriculture 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	$ 1,686
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 Inc. [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Investment Management Holdings (Canada) Inc.
Equity Interest	$ 1,236
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	$ 8
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%
Manulife Securities Investment Services Inc. [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Securities Investment Services Inc.
Equity Interest	$ 77
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	$ 23,978
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%
Manulife Myanmar Life Insurance Company Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Myanmar Life Insurance Company Limited
Address	Yangon, Myanmar
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	51.00%
Percentage of voting rights held in subsidiary	51.00%
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	Investment 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 Investment Management (Japan) Limited [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Investment 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 Holdings Berhad [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Holdings Berhad (60.9%)
Address	Kuala Lumpur, Malaysia
Description	Holding company
Percentage of ownership interest in subsidiary	60.90%
Percentage of voting rights held in subsidiary	60.90%
Manulife Insurance Berhad [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Insurance Berhad (60.9%)
Address	Kuala Lumpur, Malaysia
Description	Life insurance company
Percentage of ownership interest in subsidiary	60.90%
Percentage of voting rights held in subsidiary	60.90%
Manulife Investment Management (Malaysia) Berhad [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Investment Management (Malaysia) Berhad (60.9%)
Address	Kuala Lumpur, Malaysia
Description	Asset management company
Percentage of ownership interest in subsidiary	60.90%
Percentage of voting rights held in subsidiary	60.90%
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	60.00%
Percentage of voting rights held in subsidiary	60.00%
PT Asuransi Jiwa Manulife Indonesia [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	PT Asuransi Jiwa Manulife Indonesia
Address	Jakarta, Indonesia
Description	Life insurance company
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
PT Manulife Aset Manajemen Indonesia [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	PT Manulife Aset Manajemen Indonesia
Address	Jakarta, Indonesia
Description	Investment management 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	$ 41
Address	London, England
Description	Investment management company for Manulife Financial’s international funds
Percentage of ownership interest in subsidiary	100.00%
Percentage of voting rights held in subsidiary	100.00%
Manulife Assurance Company of Canada [Member]
Disclosure of subsidiaries [Line Items]
Name of subsidiary	Manulife Assurance Company of Canada
Equity Interest	$ 69
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	$ 1,057
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	$ 2,159
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	$ 132
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	$ 3
Address	Toronto, Canada
Description	Investment advisor
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, 2021	Dec. 31, 2020
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	22.00%	23.00%
Bottom of range [Member] | Equity funds [Member]
Disclosure of composition of net assets by categories of segregated funds [line items]
Type of fund	60.00%	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%	16.00%
Top of range [Member] | Balanced funds [Member]
Disclosure of composition of net assets by categories of segregated funds [line items]
Type of fund	23.00%	24.00%
Top of range [Member] | Equity funds [Member]
Disclosure of composition of net assets by categories of segregated funds [line items]
Type of fund	62.00%	60.00%

Segregated Funds - Summary of_2

Segregated Funds - Summary of Composition of Segregated Funds Net Assets (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Composition Of Segregated Fund [line items]
Total segregated funds net assets	$ 400,196	$ 367,809	$ 343,477
Composition of segregated funds net assets
Held by policyholders	399,788	367,436
Held by the Company	408	373
Cash and short-term securities [Member]
Disclosure of Composition Of Segregated Fund [line items]
Total segregated funds net assets	3,955	4,054
Debt securities [Member]
Disclosure of Composition Of Segregated Fund [line items]
Total segregated funds net assets	18,651	17,913
Equity [Member]
Disclosure of Composition Of Segregated Fund [line items]
Total segregated funds net assets	16,844	14,227
Mutual funds [Member]
Disclosure of Composition Of Segregated Fund [line items]
Total segregated funds net assets	354,882	326,889
Other investments [Member]
Disclosure of Composition Of Segregated Fund [line items]
Total segregated funds net assets	4,613	4,599
Accrued investment income [member]
Disclosure of Composition Of Segregated Fund [line items]
Total segregated funds net assets	2,340	1,670
Other assets and liabilities, net [Member]
Disclosure of Composition Of Segregated Fund [line items]
Total segregated funds net assets	$ (1,089)	$ (1,543)

Segregated Funds - Summary of_3

Segregated Funds - Summary of Changes in Segregated Funds Net Assets (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net policyholder cash flow
Deposits from policyholders	$ 44,548	$ 38,898
Net transfers to general fund	(732)	(1,515)
Payments to policyholders	(52,182)	(44,818)
Net policyholder cash flow	(8,366)	(7,435)
Investment related
Interest and dividends	24,092	16,775
Net realized and unrealized investment gains (losses)	21,549	24,514
Investment related	45,641	41,289
Other
Management and administration fees	(4,115)	(3,942)
Impact of changes in foreign exchange rates	(773)	(5,580)
Other	(4,888)	(9,522)
Net additions	32,387	24,332
Segregated funds net assets, beginning of year	367,809	343,477
Segregated funds net assets, end of year	$ 400,196	$ 367,809

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets
Invested assets	$ 427,098	$ 410,977
Reinsurance assets	44,579	45,836
Other assets	46,178	56,100
Segregated funds net assets	399,788	367,436
Total assets	917,643	880,349
Liabilities and Equity
Insurance contract liabilities	392,275	385,554	$ 351,161
Investment contract liabilities	3,117	3,288
Other liabilities	51,732	57,072
Long-term debt	4,882	6,164
Capital instruments	6,980	7,829
Segregated funds net liabilities	399,788	367,436
Shareholders' and other equity holders' equity	58,408	52,335
Participating policyholders' equity	(1,233)	(784)
Non-controlling interests	1,694	1,455
Total liabilities and equity	917,643	880,349
MFC (Guarantor) [Member]
Assets
Invested assets	78	47
Investments in unconsolidated subsidiaries	68,655	64,209
Other assets	211	210
Total assets	68,944	64,466
Liabilities and Equity
Other liabilities	899	718
Long-term debt	4,882	6,164
Capital instruments	4,755	5,249
Shareholders' and other equity holders' equity	58,408	52,335
Total liabilities and equity	68,944	64,466
JHUSA (Issuer) [Member]
Assets
Invested assets	116,705	112,735
Investments in unconsolidated subsidiaries	9,107	8,078
Reinsurance assets	63,838	65,731
Other assets	18,085	25,489
Segregated funds net assets	204,493	191,955
Total assets	412,228	403,988
Liabilities and Equity
Insurance contract liabilities	166,535	167,453
Investment contract liabilities	1,227	1,208
Other liabilities	21,806	25,594
Capital instruments	579	584
Segregated funds net liabilities	204,493	191,955
Shareholders' and other equity holders' equity	17,588	17,194
Total liabilities and equity	412,228	403,988
Other subsidiaries
Assets
Invested assets	310,679	298,524
Investments in unconsolidated subsidiaries	20,788	17,194
Reinsurance assets	11,309	11,172
Other assets	49,956	52,648
Segregated funds net assets	197,220	178,224
Total assets	589,952	557,762
Liabilities and Equity
Insurance contract liabilities	257,044	249,909
Investment contract liabilities	1,890	2,081
Other liabilities	50,836	52,761
Capital instruments	1,646	1,996
Segregated funds net liabilities	197,220	178,224
Shareholders' and other equity holders' equity	80,855	72,120
Participating policyholders' equity	(1,233)	(784)
Non-controlling interests	1,694	1,455
Total liabilities and equity	589,952	557,762
Consolidation adjustments [Member]
Assets
Invested assets	(364)	(329)
Investments in unconsolidated subsidiaries	(98,550)	(89,481)
Reinsurance assets	(30,568)	(31,067)
Other assets	(22,074)	(22,247)
Segregated funds net assets	(1,925)	(2,743)
Total assets	(153,481)	(145,867)
Liabilities and Equity
Insurance contract liabilities	(31,304)	(31,808)
Investment contract liabilities		(1)
Other liabilities	(21,809)	(22,001)
Segregated funds net liabilities	(1,925)	(2,743)
Shareholders' and other equity holders' equity	(98,443)	(89,314)
Total liabilities and equity	$ (153,481)	$ (145,867)

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, 2021	Dec. 31, 2020
Revenue
Gross premiums	$ 44,344	$ 41,408
Premiums ceded to reinsurers	(5,279)	(8,491)
Net premium income	39,065	32,917
Net investment income (loss)	11,624	35,400
Other revenue	11,132	10,591
Total revenue	61,821	78,908
Contract benefits and expenses
Net benefits and claims	35,822	55,235
Commissions, investment and general expenses	16,446	15,340
Other expenses	1,428	1,562
Total contract benefits and expenses	53,696	72,137
Income (loss) before income taxes	8,125	6,771
Income tax (expense) recovery	(1,213)	(1,195)
Income (loss) after income taxes	6,912	5,576
Net income	6,912	5,576
Net income (loss) attributed to:
Non-controlling interests	255	250
Participating policyholders	(448)	(545)
Shareholders and other equity holders	7,105	5,871
Net income	6,912	5,576
Consolidation adjustments [Member]
Revenue
Gross premiums	(1,001)	(1,108)
Premiums ceded to reinsurers	995	1,108
Net premium income	(6)
Net investment income (loss)	(1,125)	(1,073)
Other revenue	(548)	(5,167)
Total revenue	(1,679)	(6,240)
Contract benefits and expenses
Net benefits and claims	877	(3,862)
Commissions, investment and general expenses	(1,436)	(1,396)
Other expenses	1,120	982
Total contract benefits and expenses	(1,679)	(6,240)
Equity in net income (loss) of unconsolidated subsidiaries	(9,742)	(8,908)
Net income	(9,742)	(8,908)
Net income (loss) attributed to:
Participating policyholders	4
Shareholders and other equity holders	(9,746)	(8,908)
Net income	(9,742)	(8,908)
MFC (Guarantor) [Member]
Revenue
Net investment income (loss)	530	542
Other revenue	33	5
Total revenue	563	547
Contract benefits and expenses
Commissions, investment and general expenses	12	17
Other expenses	390	434
Total contract benefits and expenses	402	451
Income (loss) before income taxes	161	96
Income tax (expense) recovery	(28)	(26)
Income (loss) after income taxes	133	70
Equity in net income (loss) of unconsolidated subsidiaries	6,972	5,801
Net income	7,105	5,871
Net income (loss) attributed to:
Shareholders and other equity holders	7,105	5,871
Net income	7,105	5,871
JHUSA (Issuer) [Member]
Revenue
Gross premiums	7,782	8,057
Premiums ceded to reinsurers	(3,243)	(6,585)
Net premium income	4,539	1,472
Net investment income (loss)	3,779	14,204
Other revenue	2,042	2,869
Total revenue	10,360	18,545
Contract benefits and expenses
Net benefits and claims	6,478	14,804
Commissions, investment and general expenses	3,451	3,146
Other expenses	212	230
Total contract benefits and expenses	10,141	18,180
Income (loss) before income taxes	219	365
Income tax (expense) recovery	115	54
Income (loss) after income taxes	334	419
Equity in net income (loss) of unconsolidated subsidiaries	1,218	1,344
Net income	1,552	1,763
Net income (loss) attributed to:
Participating policyholders	(4)
Shareholders and other equity holders	1,556	1,763
Net income	1,552	1,763
Other subsidiaries
Revenue
Gross premiums	37,563	34,459
Premiums ceded to reinsurers	(3,031)	(3,014)
Net premium income	34,532	31,445
Net investment income (loss)	8,440	21,727
Other revenue	9,605	12,884
Total revenue	52,577	66,056
Contract benefits and expenses
Net benefits and claims	28,467	44,293
Commissions, investment and general expenses	14,419	13,573
Other expenses	1,946	1,880
Total contract benefits and expenses	44,832	59,746
Income (loss) before income taxes	7,745	6,310
Income tax (expense) recovery	(1,300)	(1,223)
Income (loss) after income taxes	6,445	5,087
Equity in net income (loss) of unconsolidated subsidiaries	1,552	1,763
Net income	7,997	6,850
Net income (loss) attributed to:
Non-controlling interests	255	250
Participating policyholders	(448)	(545)
Shareholders and other equity holders	8,190	7,145
Net income	$ 7,997	$ 6,850

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, 2021	Dec. 31, 2020
Operating activities
Net income (loss)	$ 6,912	$ 5,576
Adjustments:
Increase (decrease) in insurance contract liabilities	10,719	36,982
Increase (decrease) in investment contract liabilities	44	178
(Increase) decrease in reinsurance assets excluding coinsurance transactions	754	(2,374)
Amortization of (premium) discount on invested assets	181	154
Other amortization	529	656
Net realized and unrealized (gains) losses and impairment on assets	4,824	(22,521)
Deferred income tax expense (recovery)	(127)	280
Stock option expense	9	14
Cash provided by (used in) operating activities before undernoted items	23,845	18,945
Changes in policy related and operating receivables and payables	(690)	1,103
Cash provided by (used in) operating activities	23,155	20,048
Investing activities
Purchases and mortgage advances	(120,965)	(111,981)
Disposals and repayments	96,728	98,850
Changes in investment broker net receivables and payables	(186)	(1,017)
Net cash flows from acquisition and disposal of subsidiaries and businesses	(19)
Cash provided by (used in) investing activities	(24,442)	(14,148)
Financing activities
Issue of long-term debt, net		2,455
Redemption of long-term debt	(1,250)	(652)
Issue of capital instruments, net		1,990
Redemption of capital instruments	(818)	(1,250)
Secured borrowings	26	1,376
Change in repurchase agreements and securities sold but not yet purchased	186	24
Changes in deposits from Bank clients, net	(164)	(579)
Lease payments	(124)	(134)
Shareholders' dividends and other equity distributions	(2,500)	(2,340)
Common shares repurchased		(253)
Common shares issued, net	51	36
Preferred shares and other equity issued, net	3,171
Preferred shares redeemed, net	(612)
Contributions from (distributions to) non-controlling interests, net	(13)	(10)
Cash provided by (used in) financing activities	(2,047)	663
Increase (decrease) during the year	(3,334)	6,563
Effect of foreign exchange rate changes on cash and short-term securities	(319)	(528)
Net cash and short-term securities, January 1	25,583	19,548
Net cash and short-term securities, December 31	21,930	25,583
Cash and short-term securities
Gross cash and short-term securities, beginning of year	26,167	20,300
Net payments in transit, included in other liabilities, beginning of year	(584)	(752)
Net cash and short-term securities, January 1	25,583	19,548
Gross cash and short-term securities, end of year	22,594	26,167
Net payments in transit, included in other liabilities, end of year	(664)	(584)
Net cash and short-term securities, December 31	21,930	25,583
Supplemental disclosures on cash flow information:
Interest received	11,376	11,736
Interest paid	981	1,188
Income taxes paid (refund)	571	1,358
MFC (Guarantor) [Member]
Operating activities
Net income (loss)	7,105	5,871
Adjustments:
Equity in net income of unconsolidated subsidiaries	(6,972)	(5,801)
Other amortization	16	7
Net realized and unrealized (gains) losses and impairment on assets	62	1
Deferred income tax expense (recovery)	34	25
Cash provided by (used in) operating activities before undernoted items	245	103
Dividends from unconsolidated subsidiary	5,000	3,000
Changes in policy related and operating receivables and payables	(22)	91
Cash provided by (used in) operating activities	5,223	3,194
Investing activities
Investment in common shares of subsidiaries	(3,700)	(4,483)
Notes receivable from subsidiaries	(13)	1,494
Cash provided by (used in) investing activities	(3,713)	(2,989)
Financing activities
Issue of long-term debt, net		2,455
Redemption of long-term debt	(1,250)	(652)
Issue of capital instruments, net		1,990
Redemption of capital instruments	(468)
Shareholders' dividends and other equity distributions	(2,500)	(2,340)
Common shares repurchased		(253)
Common shares issued, net	51	36
Preferred shares and other equity issued, net	3,171
Preferred shares redeemed, net	(612)
Notes payable to subsidiaries	129	(1,501)
Cash provided by (used in) financing activities	(1,479)	(265)
Increase (decrease) during the year	31	(60)
Effect of foreign exchange rate changes on cash and short-term securities		85
Net cash and short-term securities, January 1	47	22
Net cash and short-term securities, December 31	78	47
Cash and short-term securities
Gross cash and short-term securities, beginning of year	47	22
Net cash and short-term securities, January 1	47	22
Gross cash and short-term securities, end of year	78	47
Net cash and short-term securities, December 31	78	47
Supplemental disclosures on cash flow information:
Interest received	499	522
Interest paid	396	426
Income taxes paid (refund)		(2)
JHUSA (Issuer) [Member]
Operating activities
Net income (loss)	1,552	1,763
Adjustments:
Equity in net income of unconsolidated subsidiaries	(1,218)	(1,344)
Increase (decrease) in insurance contract liabilities	(562)	11,937
Increase (decrease) in investment contract liabilities	50	48
(Increase) decrease in reinsurance assets excluding coinsurance transactions	1,544	(3,133)
Amortization of (premium) discount on invested assets	57	54
Other amortization	124	145
Net realized and unrealized (gains) losses and impairment on assets	1,533	(9,420)
Deferred income tax expense (recovery)	190	(784)
Stock option expense	(2)	3
Cash provided by (used in) operating activities before undernoted items	3,268	(731)
Dividends from unconsolidated subsidiary	489	411
Changes in policy related and operating receivables and payables	424	8,459
Cash provided by (used in) operating activities	4,181	8,139
Investing activities
Purchases and mortgage advances	(31,746)	(34,392)
Disposals and repayments	27,194	29,635
Changes in investment broker net receivables and payables	(202)	(431)
Capital contribution to unconsolidated subsidiaries	(1)	(1)
Return of capital from unconsolidated subsidiaries	1	22
Cash provided by (used in) investing activities	(4,754)	(5,167)
Financing activities
Secured borrowings		709
Lease payments	(7)	(9)
Dividends paid to parent	(742)	(1,270)
Cash provided by (used in) financing activities	(749)	(570)
Increase (decrease) during the year	(1,322)	2,402
Effect of foreign exchange rate changes on cash and short-term securities	(20)	(59)
Net cash and short-term securities, January 1	4,907	2,564
Net cash and short-term securities, December 31	3,565	4,907
Cash and short-term securities
Gross cash and short-term securities, beginning of year	5,213	3,058
Net payments in transit, included in other liabilities, beginning of year	(306)	(494)
Net cash and short-term securities, January 1	4,907	2,564
Gross cash and short-term securities, end of year	4,087	5,213
Net payments in transit, included in other liabilities, end of year	(522)	(306)
Net cash and short-term securities, December 31	3,565	4,907
Supplemental disclosures on cash flow information:
Interest received	4,112	4,334
Interest paid	73	109
Income taxes paid (refund)	(118)	721
Other subsidiaries
Operating activities
Net income (loss)	7,997	6,850
Adjustments:
Equity in net income of unconsolidated subsidiaries	(1,552)	(1,763)
Increase (decrease) in insurance contract liabilities	11,281	25,045
Increase (decrease) in investment contract liabilities	(6)	130
(Increase) decrease in reinsurance assets excluding coinsurance transactions	(790)	759
Amortization of (premium) discount on invested assets	124	100
Other amortization	389	504
Net realized and unrealized (gains) losses and impairment on assets	3,229	(13,102)
Deferred income tax expense (recovery)	(351)	1,039
Stock option expense	11	11
Cash provided by (used in) operating activities before undernoted items	20,332	19,573
Dividends from unconsolidated subsidiary	742	1,270
Changes in policy related and operating receivables and payables	(1,092)	(7,447)
Cash provided by (used in) operating activities	19,982	13,396
Investing activities
Purchases and mortgage advances	(89,219)	(77,589)
Disposals and repayments	69,534	69,215
Changes in investment broker net receivables and payables	16	(586)
Net cash flows from acquisition and disposal of subsidiaries and businesses	(19)
Notes receivable from parent	(129)	1,501
Cash provided by (used in) investing activities	(19,817)	(7,459)
Financing activities
Redemption of capital instruments	(350)	(1,250)
Secured borrowings	26	667
Change in repurchase agreements and securities sold but not yet purchased	186	24
Changes in deposits from Bank clients, net	(164)	(579)
Lease payments	(117)	(125)
Dividends paid to parent	(5,489)	(3,411)
Common shares issued, net	3,700	4,483
Contributions from (distributions to) non-controlling interests, net	(13)	(10)
Capital contributions by parent	1	1
Return of capital to parent	(1)	(22)
Notes payable to parent	13	(1,494)
Cash provided by (used in) financing activities	(2,208)	(1,716)
Increase (decrease) during the year	(2,043)	4,221
Effect of foreign exchange rate changes on cash and short-term securities	(299)	(554)
Net cash and short-term securities, January 1	20,629	16,962
Net cash and short-term securities, December 31	18,287	20,629
Cash and short-term securities
Gross cash and short-term securities, beginning of year	20,907	17,220
Net payments in transit, included in other liabilities, beginning of year	(278)	(258)
Net cash and short-term securities, January 1	20,629	16,962
Gross cash and short-term securities, end of year	18,429	20,907
Net payments in transit, included in other liabilities, end of year	(142)	(278)
Net cash and short-term securities, December 31	18,287	20,629
Supplemental disclosures on cash flow information:
Interest received	7,847	7,992
Interest paid	1,594	1,765
Income taxes paid (refund)	689	639
Consolidation adjustments [Member]
Operating activities
Net income (loss)	(9,742)	(8,908)
Adjustments:
Equity in net income of unconsolidated subsidiaries	9,742	8,908
Dividends from unconsolidated subsidiary	(6,231)	(4,681)
Cash provided by (used in) operating activities	(6,231)	(4,681)
Investing activities
Investment in common shares of subsidiaries	3,700	4,483
Capital contribution to unconsolidated subsidiaries	1	1
Return of capital from unconsolidated subsidiaries	(1)	(22)
Notes receivable from parent	129	(1,501)
Notes receivable from subsidiaries	13	(1,494)
Cash provided by (used in) investing activities	3,842	1,467
Financing activities
Dividends paid to parent	6,231	4,681
Common shares issued, net	(3,700)	(4,483)
Capital contributions by parent	(1)	(1)
Return of capital to parent	1	22
Notes payable to parent	(13)	1,494
Notes payable to subsidiaries	(129)	1,501
Cash provided by (used in) financing activities	2,389	3,214
Supplemental disclosures on cash flow information:
Interest received	(1,082)	(1,112)
Interest paid	$ (1,082)	$ (1,112)

IFRS 7 Disclosures - Summary of

IFRS 7 Disclosures - Summary of Risk Management Strategies (Detail)	12 Months Ended
	Dec. 31, 2021
Public Equity 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, $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Financial Instruments - Disclosures under IFRS 7 [line items]
Total unencumbered assets	$ 502,400	$ 496,800
Dynamically hedged variable annuity guarantee best estimate liabilities, rebalancing percentage intervals	5.00%
Sensitivity of net income attributed to shareholders	50.00%
Variable annuity guarantee liabilities, rebalanced basis point intervals	20.00%
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	$ 200
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	$ 200
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
Amounts outstanding			$ 0	0
FHLBI facility [Member]
Financial Instruments - Disclosures under IFRS 7 [line items]
Estimated maximum borrowing capacity			4,400	4,800
Amounts outstanding			$ 500	$ 500
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, 2021	Dec. 31, 2020
Disclosure Of Maturity Analysis For Financial Liabilities [line items]
Long-term debt	$ 4,882	$ 6,164
Capital instruments	6,980	7,829
Derivatives	10,038	14,962
Deposits from bank clients	20,720	20,889
Lease liabilities	325
Less than 1 year [Member]
Disclosure Of Maturity Analysis For Financial Liabilities [line items]
Derivatives	294	386
Deposits from bank clients	16,091
Lease liabilities	89
1 to 3 years [Member]
Disclosure Of Maturity Analysis For Financial Liabilities [line items]
Capital instruments	579
Derivatives	387	250
Deposits from bank clients	2,593
Lease liabilities	116
3 to 5 years [Member]
Disclosure Of Maturity Analysis For Financial Liabilities [line items]
Long-term debt	1,605
Derivatives	379	555
Deposits from bank clients	2,036
Lease liabilities	50
Over 5 years [Member]
Disclosure Of Maturity Analysis For Financial Liabilities [line items]
Long-term debt	3,277	6,164
Capital instruments	6,401
Derivatives	8,978	$ 13,771
Lease liabilities	$ 70

IFRS 7 Disclosures - Schedule_2

IFRS 7 Disclosures - Schedule of Maturity of Financial Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Maturity Analysis For Financial Liabilities [line items]
Carrying value of deposits from Bank clients	$ 20,720	$ 20,889
Level 2 [Member]
Disclosure Of Maturity Analysis For Financial Liabilities [line items]
Fair value of deposits from Bank clients	$ 20,746	$ 21,085

IFRS 7 Disclosures - Variable A

IFRS 7 Disclosures - Variable Annuity and Segregated Fund Guarantees, Net of Reinsurance (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Total gross of reinsurance, Guarantee value	$ 74,442	$ 76,240
Total reinsured, Guarantee value	4,427	4,602
Total, net of reinsurance, Guarantee value	70,015	71,638
Total gross of reinsurance, Fund value	88,558	86,210
Total reinsured, Fund value	3,649	3,691
Total, net of reinsurance, Fund value	84,909	82,519
Total gross of reinsurance, Net Amount at risk	3,781	4,910
Total reinsured, Net Amount at risk	1,024	1,177
Total, net of reinsurance, Net Amount at risk	2,757	3,733
Guaranteed minimum income benefit [Member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Total gross of reinsurance, Guarantee value	4,419	4,555
Total gross of reinsurance, Fund value	3,603	3,642
Total gross of reinsurance, Net Amount at risk	918	1,064
Guaranteed minimum withdrawal benefit [Member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Total gross of reinsurance, Guarantee value	39,098	42,570
Total gross of reinsurance, Fund value	41,809	44,075
Total gross of reinsurance, Net Amount at risk	2,233	3,128
Guaranteed Minimum Accumulation Benefit 1 [member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Total gross of reinsurance, Guarantee value	19,820	18,463
Total gross of reinsurance, Fund value	20,226	18,945
Total gross of reinsurance, Net Amount at risk	12	8
Living benefits [Member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Total gross of reinsurance, Guarantee value	63,337	65,588
Total reinsured, Guarantee value	3,788	3,917
Total gross of reinsurance, Fund value	65,638	66,662
Total reinsured, Fund value	3,102	3,157
Total gross of reinsurance, Net Amount at risk	3,163	4,200
Total reinsured, Net Amount at risk	771	895
Death benefits [Member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Total gross of reinsurance, Guarantee value	11,105	10,652
Total reinsured, Guarantee value	639	685
Total gross of reinsurance, Fund value	22,920	19,548
Total reinsured, Fund value	547	534
Total gross of reinsurance, Net Amount at risk	618	710
Total reinsured, Net Amount at risk	$ 253	$ 282

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, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Amount at risk net of reinsurance	$ 2,757		$ 3,733
U.S. [member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Amount at risk net of reinsurance		$ 1,336		$ 1,839
Canada [member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Amount at risk net of reinsurance	$ 886		$ 1,159
Japan [Member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Amount at risk net of reinsurance		53		71
Asia [member]
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items]
Amount at risk net of reinsurance		$ 87		$ 111

IFRS 7 Disclosures - Summary _2

IFRS 7 Disclosures - Summary of Account Balances by Investment Category (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Investment Categories For Variable Contracts With Guarantees [line items]
Investments for variable contracts with guarantees	$ 111,037	$ 105,811
Equity funds [Member]
Investment Categories For Variable Contracts With Guarantees [line items]
Investments for variable contracts with guarantees	52,528	47,348
Balanced funds [Member]
Investment Categories For Variable Contracts With Guarantees [line items]
Investments for variable contracts with guarantees	43,783	42,414
Bond funds [Member]
Investment Categories For Variable Contracts With Guarantees [line items]
Investments for variable contracts with guarantees	10,965	11,944
Money market funds [Member]
Investment Categories For Variable Contracts With Guarantees [line items]
Investments for variable contracts with guarantees	1,844	2,113
Other fixed interest rate investments [Member]
Investment Categories For Variable Contracts With Guarantees [line items]
Investments for variable contracts with guarantees	$ 1,917	$ 1,992

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, 2021	Dec. 31, 2020
-30% [member]
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items]
Variable annuity guarantees	$ (2,560)	$ (3,150)
General fund equity investments	(1,430)	(1,350)
Total underlying sensitivity before hedging	(3,990)	(4,500)
Impact of macro and dynamic hedge assets	2,060	2,420
Net potential impact on net income attributed to shareholders after impact of hedging	(1,930)	(2,080)
-20% [member]
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items]
Variable annuity guarantees	(1,480)	(1,850)
General fund equity investments	(890)	(840)
Total underlying sensitivity before hedging	(2,370)	(2,690)
Impact of macro and dynamic hedge assets	1,190	1,410
Net potential impact on net income attributed to shareholders after impact of hedging	(1,180)	(1,280)
-10% [member]
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items]
Variable annuity guarantees	(630)	(800)
General fund equity investments	(440)	(410)
Total underlying sensitivity before hedging	(1,070)	(1,210)
Impact of macro and dynamic hedge assets	500	600
Net potential impact on net income attributed to shareholders after impact of hedging	(570)	(610)
+10% [member]
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items]
Variable annuity guarantees	440	600
General fund equity investments	450	380
Total underlying sensitivity before hedging	890	980
Impact of macro and dynamic hedge assets	(470)	(620)
Net potential impact on net income attributed to shareholders after impact of hedging	420	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	750	1,040
General fund equity investments	880	760
Total underlying sensitivity before hedging	1,630	1,800
Impact of macro and dynamic hedge assets	(820)	(1,110)
Net potential impact on net income attributed to shareholders after impact of hedging	810	690
+30% [member]
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items]
Variable annuity guarantees	960	1,350
General fund equity investments	1,320	1,130
Total underlying sensitivity before hedging	2,280	2,480
Impact of macro and dynamic hedge assets	(1,110)	(1,480)
Net potential impact on net income attributed to shareholders after impact of hedging	$ 1,170	$ 1,000

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, 2021	Dec. 31, 2020
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, 2021	Dec. 31, 2020
-30% [member]
Statement [line items]
Impact on MLI's LICAT total ratio	(1)	(3)
-20% [member]
Statement [line items]
Impact on MLI's LICAT total ratio		(1)
-10% [member]
Statement [line items]
Impact on MLI's LICAT total ratio		(1)
20% [member]
Statement [line items]
Impact on MLI's LICAT total ratio	1
30% [member]
Statement [line items]
Impact on MLI's LICAT total ratio		(1)

IFRS 7 Disclosures - Summary _4

IFRS 7 Disclosures - Summary of Potential Impact to MLI's LICAT Total Ratio Resulting from Changes in Public Equity Market Values (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Summary Of Detailed Information About Potential Impact To MliS Licat Total Ratio Resulting From Changes In Public Equity Market Values [Abstract]
Interval percentage of which impact of rebalancing equity hedges for dynamically hedged variable annuity guarantee best estimate liabilities	5.00%	5.00%

IFRS 7 Disclosures - Summary _5

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, 2021	Dec. 31, 2020
-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	$ (200)
From fair value changes in AFS fixed income assets held in the Corporate and Other segment, if realized	2,100	$ 2,100
+50bp [member]
Disclosure of Interest Rate and Spread Risk Sensitivities and Exposure Measures [line items]
Excluding change in market value of AFS fixed income assets held in the Corporate and Other segment		(100)
From fair value changes in AFS fixed income assets held in the Corporate and Other segment, if realized	$ (1,900)	$ (1,900)

IFRS 7 Disclosures - Summary _6

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, 2021	Dec. 31, 2020
+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	$ 500	$ 900
-50bp [member] | Corporate spreads [member]
Disclosure of Interest Rate and Spread Risk Sensitivities and Exposure Measures [line items]
Potential impact on net income attributed to shareholders arising from changes to spreads	(600)	(1,000)
-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	3,300	(3,600)
-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	1,400	(1,600)
-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	(1,900)	(2,000)
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	3,200	3,300
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	1,400	1,400
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	$ 1,900

IFRS 7 Disclosures - Summary _7

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, 2021	Dec. 31, 2020
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