Cover Page
Cover Page | 12 Months Ended | |
Dec. 31, 2023 shares | ||
Document Information [Line Items] | ||
Document Type | 40-F | |
Entity Central Index Key | 0001086888 | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | MANULIFE FINANCIAL CORPORATION | |
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 | |
Document Financial Statement Error Correction [Flag] | false | |
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 | 1,806,039,020 | |
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 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 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 | [1] |
Class 1 Shares Series 28 [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,200,000 | [2] |
Class 1 Shares Series 29 [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,000,000 | [3] |
[1]In connection with the issuance of C$2 billion principal amount of 3.375% Limited Recourse Capital Notes (LRCN) Series 1 (Subordinated Indebtedness) on February 19, 2021, the Registrant issued 2 million Class 1 Series 27 preferred shares (Series 27) at a price of C$1,000 per Series 27 share. The Series 27 shares were issued to the limited recourse trustee of a consolidated trust to be held as trust assets in connection with the LRCN structure.[2]In connection with the issuance of C$1.2 billion principal amount of 4.100% LRCN Series 2 (Subordinated Indebtedness) on November 12, 2021, the Registrant issued 1.2 million Class 1 Series 28 preferred shares (Series 28) at a price of C$1,000 per Series 28 share. The Series 28 shares were issued to the limited recourse trustee of a consolidated trust to be held as trust assets in connection with the LRCN structure.[3]In connection with the issuance of C$1 billion principal amount of 7.117% LRCN Series 3 (Subordinated Indebtedness) on June 16, 2022, the Registrant issued 1 million Class 1 Series 29 preferred shares (Series 29) at a price of $1,000 per Series 29 share. The Series 29 shares were issued to the limited recourse trustee of a consolidated trust to be held as trust assets in connection with the LRCN structure. |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Assets | |||
Cash and short-term securities | $ 20,338 | $ 19,153 | $ 22,594 |
Debt securities | 212,149 | 203,842 | 224,139 |
Public equities | 25,531 | 23,519 | 28,067 |
Mortgages | 52,421 | 51,765 | 53,948 |
Private placements | 45,606 | 42,010 | 47,289 |
Loans to Bank clients | 2,436 | 2,781 | 2,506 |
Real estate | 13,049 | 14,269 | 14,269 |
Other invested assets | 45,680 | 42,803 | 35,291 |
Total invested assets (note 4) | 417,210 | 400,142 | 428,103 |
Other assets | |||
Accrued investment income | 2,678 | 2,635 | 2,428 |
Derivatives (note 5) | 8,546 | 8,588 | 17,503 |
Insurance contract assets (note 7) | 145 | 673 | 972 |
Reinsurance contract held assets (note 7) | 42,651 | 45,871 | 52,829 |
Deferred tax assets | 6,739 | 6,708 | 7,767 |
Goodwill and intangible assets (note 6) | 10,310 | 10,519 | 9,919 |
Miscellaneous | 9,751 | 9,991 | 8,911 |
Total other assets | 80,820 | 84,985 | 100,329 |
Segregated funds net assets (note 23) | 377,544 | 348,562 | 399,788 |
Total assets | 875,574 | 833,689 | 928,220 |
Liabilities | |||
Insurance contract liabilities, excluding those for account of segregated fund holders (note 7) | 367,996 | 354,849 | 405,621 |
Reinsurance contract held liabilities (note 7) | 2,831 | 2,391 | 2,079 |
Investment contract liabilities (note 8) | 11,816 | 10,079 | 10,064 |
Deposits from Bank clients | 21,616 | 22,507 | 20,720 |
Derivatives (note 5) | 11,730 | 14,289 | 10,038 |
Deferred tax liabilities | 1,697 | 1,536 | 1,713 |
Other liabilities | 18,879 | 18,894 | 19,443 |
Long-term debt (note 10) | 6,071 | 6,234 | 4,882 |
Capital instruments (note 11) | 6,667 | 6,122 | 6,980 |
Total liabilities, excluding those for account of segregated fund holders | 449,303 | 436,901 | 481,540 |
Insurance contract liabilities for account of segregated fund holders (note 7) | 114,143 | 110,216 | 130,836 |
Investment contract liabilities for account of segregated fund holders | 263,401 | 238,346 | 268,952 |
Insurance and investment contract liabilities for account of segregated fund holders (note 23) | 377,544 | 348,562 | 399,788 |
Total liabilities | 826,847 | 785,463 | 881,328 |
Equity | |||
Contributed surplus | 222 | 238 | 262 |
Shareholders and other equity holders' retained earnings | 4,819 | 3,947 | 9,656 |
Shareholders and other equity holders' accumulated other comprehensive income (loss) ("AOCI"): | |||
Insurance finance income (expenses) | 30,010 | 38,057 | (17,117) |
Reinsurance finance income (expenses) | (4,634) | (5,410) | 984 |
Fair value through other comprehensive income ("OCI") investments | (16,262) | (24,645) | 17,764 |
Translation of foreign operations | 4,801 | 5,918 | 4,578 |
Other | (104) | (67) | (246) |
Total shareholders and other equity holders' equity | 47,039 | 46,876 | 45,355 |
Participating policyholders' equity | 257 | (77) | 101 |
Non-controlling interests | 1,431 | 1,427 | 1,436 |
Total equity | 48,727 | 48,226 | 46,892 |
Total liabilities and equity | 875,574 | 833,689 | 928,220 |
Preferred shares and other equity [Member] | |||
Equity | |||
Issued shares (note 12) | 6,660 | 6,660 | 6,381 |
Shareholders and other equity holders' accumulated other comprehensive income (loss) ("AOCI"): | |||
Total equity | 6,660 | 6,660 | |
Common shares [Member] | |||
Equity | |||
Issued shares (note 12) | 21,527 | 22,178 | $ 23,093 |
Shareholders and other equity holders' accumulated other comprehensive income (loss) ("AOCI"): | |||
Total equity | $ 21,527 | $ 22,178 |
Consolidated Statements of Inco
Consolidated Statements of Income - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Insurance service result | ||
Insurance revenue (note 7) | $ 23,972 | $ 23,118 |
Insurance service expenses (note 7) | (19,382) | (19,335) |
Net expenses from reinsurance contracts held (note 7) | (613) | (623) |
Total insurance service result | 3,977 | 3,160 |
Investment income (note 4) | ||
Investment income | 16,180 | 15,204 |
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities | 3,138 | (13,646) |
Investment expenses | (1,297) | (1,221) |
Net investment income (loss) | 18,021 | 337 |
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 7) | (13,894) | (6,616) |
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 7) | (734) | 309 |
Decrease (increase) in investment contract liabilities | (435) | (399) |
Investment result excluding segregated investment funds | 2,958 | (6,369) |
Segregated funds investment result (note 23) | ||
Investment income related to segregated funds net assets | 49,346 | (56,487) |
Financial changes related to insurance and investment contract liabilities for account of segregated fund holders | (49,346) | 56,487 |
Net segregated funds investment result | 0 | 0 |
Total investment result | 2,958 | (6,369) |
Other revenue (note 14) | 6,746 | 6,186 |
General expenses | (4,330) | (3,731) |
Commissions related to non-insurance contracts | (1,345) | (1,333) |
Interest expenses | (1,554) | (1,051) |
Net income (loss) before income taxes | 6,452 | (3,138) |
Income tax recoveries (expenses) | (845) | 1,159 |
Net income (loss) | 5,607 | (1,979) |
Net income (loss) attributed to: | ||
Non-controlling interests | 144 | 121 |
Participating policyholders | 360 | (167) |
Shareholders and other equity holders | 5,103 | (1,933) |
Net income (loss) | 5,607 | (1,979) |
Net income (loss) attributed to shareholders | 5,103 | (1,933) |
Preferred share dividends and other equity distributions | (303) | (260) |
Common shareholders' net income (loss) | $ 4,800 | $ (2,193) |
Earnings per share | ||
Basic earnings per common share (note 12) | $ 2.62 | $ (1.15) |
Diluted earnings per common share (note 12) | 2.61 | (1.15) |
Dividends per common share | $ 1.46 | $ 1.32 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of comprehensive income [abstract] | ||
Net income (loss) | $ 5,607 | $ (1,979) |
Foreign exchange gains (losses) on: | ||
Translation of foreign operations | (1,301) | 1,755 |
Net investment hedges | 183 | (415) |
Insurance finance income (expenses) | (9,745) | 58,772 |
Reinsurance finance income (expenses) | 787 | (6,364) |
Fair value through OCI investments: | ||
Unrealized gains (losses) arising during the year on assets supporting insurance and investment contract liabilities | 9,251 | (47,494) |
Reclassification of net realized gains (losses) and provision for credit losses recognized in income | 256 | 1,347 |
Other | 37 | 159 |
Total items that may be subsequently reclassified to net income | (532) | 7,760 |
Items that will not be reclassified to net income | (70) | 16 |
Other comprehensive income (loss), net of tax | (602) | 7,776 |
Total comprehensive income (loss), net of tax | 5,005 | 5,797 |
Total comprehensive income (loss) attributed to: | ||
Non-controlling interests | 18 | 17 |
Participating policyholders | 334 | (177) |
Shareholders and other equity holders | 4,653 | 5,957 |
Income tax expenses (recoveries) on: | ||
Unrealized foreign exchange gains (losses) on translation of foreign operations | (1) | 2 |
Unrealized foreign exchange gains (losses) on net investment hedges | 13 | (29) |
Insurance / reinsurance finance income (expenses) | (1,853) | 12,002 |
Unrealized gains (losses) on fair value through OCI investments | 1,863 | (9,599) |
Reclassification of net realized gains (losses) on fair value through OCI investments | (8) | 270 |
Other | (20) | 65 |
Total income tax expenses (recoveries) | $ (6) | $ 2,711 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CAD ($) $ in Millions | Total | Preferred shares and other equity [Member] | Common shares [Member] | Shareholders and other equity holders retained earnings [Member] | Shareholders and other equity holders retained earnings [Member] Opening Adjustment Of Financial Assets At Adoption Of IFRS 9 IFRS17 [Member] | Shareholders and other equity holders retained earnings [Member] Opening Adjustment Of Insurance Contracts At Adoption Of IFRS17 [Member] | Contributed Surplus [Member] | Shareholders' accumulated other comprehensive income (loss) ("AOCI") [Member] | Shareholders' accumulated other comprehensive income (loss) ("AOCI") [Member] Opening Adjustment Of Financial Assets At Adoption Of IFRS 9 IFRS17 [Member] | Shareholders' accumulated other comprehensive income (loss) ("AOCI") [Member] Opening Adjustment Of Insurance Contracts At Adoption Of IFRS17 [Member] | Participating Policyholders' Equity [Member] | Participating Policyholders' Equity [Member] Opening Adjustment Of Financial Assets At Adoption Of IFRS 9 IFRS17 [Member] | Participating Policyholders' Equity [Member] Opening Adjustment Of Insurance Contracts At Adoption Of IFRS17 [Member] | Non-controlling Interests [Member] | Non-controlling Interests [Member] Opening Adjustment Of Insurance Contracts At Adoption Of IFRS17 [Member] |
Balance, beginning of year (Previously stated [member]) at Dec. 31, 2021 | $ 23,492 | $ 5,180 | $ (1,233) | $ 1,694 | |||||||||||
Balance, beginning of year (Increase (decrease) due to changes in accounting policy required by IFRSs [member]) at Dec. 31, 2021 | $ (10,645) | $ (3,191) | $ 16,916 | $ (16,133) | $ 626 | $ 707 | $ (258) | ||||||||
Balance, beginning of year at Dec. 31, 2021 | $ 6,381 | $ 23,093 | 9,656 | $ 262 | 5,963 | 100 | 1,436 | ||||||||
Issued (note 12) | 1,000 | ||||||||||||||
Redeemed (note 12) | (711) | ||||||||||||||
Issuance costs, net of tax | (10) | ||||||||||||||
Exercise of stock options and deferred share units | 23 | (4) | |||||||||||||
Stock option expense | 5 | ||||||||||||||
Net income (loss) attributed to shareholders and other equity holders | (1,933) | ||||||||||||||
Common shares repurchased (note 12) | (938) | (946) | |||||||||||||
Preferred share dividends and other equity distributions | (260) | ||||||||||||||
Preferred shares redeemed (note 12) | (14) | ||||||||||||||
Common share dividends | (2,513) | ||||||||||||||
Change in unrealized foreign exchange gains (losses) on net foreign operations | $ 1,755 | 1,340 | |||||||||||||
Net income (loss) attributed to participating policyholders | (167) | (167) | |||||||||||||
Net income (loss) attributed to non-controlling interests | 121 | 121 | |||||||||||||
Other comprehensive income (loss) attributed to policyholders and non-controlling interests | (10) | (104) | |||||||||||||
Contributions (distributions and acquisition), net | (26) | ||||||||||||||
Acquisition of non-controlling interest | (43) | (25) | |||||||||||||
Other changes in OCI attributed to shareholders and other equity holders | 177 | ||||||||||||||
Change in unrealized gains (losses) on fair value through OCI investments | (42,407) | ||||||||||||||
Changes in insurance / reinsurance finance income (expenses) | 48,780 | ||||||||||||||
Balance, end of year (Previously stated [member]) at Dec. 31, 2022 | 3,947 | 13,853 | (77) | 1,427 | |||||||||||
Balance, end of year (Increase (decrease) due to changes in accounting policy required by IFRSs [member]) at Dec. 31, 2022 | $ (409) | $ 408 | |||||||||||||
Balance, end of year at Dec. 31, 2022 | 48,226 | 6,660 | 22,178 | 3,538 | 238 | 14,261 | (77) | 1,427 | |||||||
Total shareholders' and other equity, end of year | 46,876 | ||||||||||||||
Issued (note 12) | 0 | ||||||||||||||
Exercise of stock options and deferred share units | 94 | (18) | |||||||||||||
Stock option expense | 2 | ||||||||||||||
Net income (loss) attributed to shareholders and other equity holders | 5,103 | ||||||||||||||
Common shares repurchased (note 12) | (745) | (850) | |||||||||||||
Preferred share dividends and other equity distributions | (303) | ||||||||||||||
Common share dividends | (2,669) | ||||||||||||||
Change in unrealized foreign exchange gains (losses) on net foreign operations | (1,301) | (1,117) | |||||||||||||
Net income (loss) attributed to participating policyholders | 360 | 360 | |||||||||||||
Net income (loss) attributed to non-controlling interests | 144 | 144 | |||||||||||||
Other comprehensive income (loss) attributed to policyholders and non-controlling interests | (26) | (126) | |||||||||||||
Contributions (distributions and acquisition), net | (14) | ||||||||||||||
Other changes in OCI attributed to shareholders and other equity holders | (34) | ||||||||||||||
Change in unrealized gains (losses) on fair value through OCI investments | 7,923 | ||||||||||||||
Changes in insurance / reinsurance finance income (expenses) | (7,222) | ||||||||||||||
Balance, end of year at Dec. 31, 2023 | 48,727 | $ 6,660 | $ 21,527 | $ 4,819 | $ 222 | $ 13,811 | $ 257 | $ 1,431 | |||||||
Total shareholders' and other equity, end of year | $ 47,039 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating activities | ||
Net income (loss) | $ 5,607 | $ (1,979) |
Adjustments: | ||
Increase (decrease) in net insurance contract liabilities (note 7) | 10,697 | 5,016 |
Increase (decrease) in investment contract liabilities | 435 | 399 |
(Increase) decrease in reinsurance contract assets excluding reinsurance transaction noted below (note 7) | 974 | 710 |
Amortization of (premium) discount on invested assets | (141) | (131) |
Contractual service margin ("CSM") amortization | (1,998) | (1,993) |
Other amortization | 581 | 519 |
Net realized and unrealized (gains) losses and impairment on assets | (2,845) | 13,660 |
Deferred income tax expenses (recoveries) | 470 | (1,994) |
Stock option expense | 2 | 5 |
Gain on U.S. variable annuity reinsurance transaction (pre-tax) (note 7) | (1,070) | |
Gain on derecognition of joint venture interest during Manulife Fund Management Co., Ltd. acquisition (pre-tax) (notes 3 & 6) | (95) | |
Cash provided by operating activities before undernoted items | 13,782 | 13,047 |
Changes in policy related and operating receivables and payables | 6,641 | 4,958 |
Cash decrease due to U.S. variable annuity reinsurance transaction (note 7) | (1,377) | |
Cash provided by (used in) operating activities | 20,423 | 16,628 |
Investing activities | ||
Purchases and mortgage advances | (84,021) | (111,558) |
Disposals and repayments | 70,281 | 93,407 |
Change in investment broker net receivables and payables | 21 | (67) |
Net cash increase (decrease) from sale (purchase) of subsidiaries | (1) | (182) |
Cash provided by (used in) investing activities | (13,720) | (18,400) |
Financing activities | ||
Change in repurchase agreements and securities sold but not yet purchased | (693) | 346 |
Issue of long-term debt (note 10) | 946 | |
Issue of capital instruments, net (note 11) | 1,194 | 0 |
Redemption of capital instruments (note 11) | (600) | (1,000) |
Secured borrowing from securitization transactions | 537 | 437 |
Change in deposits from Bank clients, net | (895) | 1,703 |
Lease payments | (98) | (120) |
Shareholders' dividends and other equity distributions | (2,972) | (2,787) |
Contributions from (distributions to) non-controlling interests, net | (14) | (51) |
Common shares repurchased (note 12) | (1,595) | (1,884) |
Common shares issued, net (note 12) | 94 | 23 |
Preferred shares and other equity issued, net (note 12) | 990 | |
Preferred shares redeemed, net (note 12) | (711) | |
Cash provided by (used in) financing activities | (5,042) | (2,108) |
Cash and short-term securities | ||
Increase (decrease) during the year | 1,661 | (3,880) |
Effect of foreign exchange rate changes on cash and short-term securities | (412) | 585 |
Net cash and short-term securities, beginning of year | 18,635 | 21,930 |
Net cash and short-term securities, end of year | 19,884 | 18,635 |
Cash and short-term securities | ||
Gross cash and short-term securities, beginning of year | 19,153 | 22,594 |
Net payments in transit, included in other liabilities, beginning of year | (518) | (664) |
Net cash and short-term securities, beginning of year | 18,635 | 21,930 |
Gross cash and short-term securities, end of year | 20,338 | 19,153 |
Net payments in transit, included in other liabilities, end of year | (454) | (518) |
Net cash and short-term securities, end of year | 19,884 | 18,635 |
Supplemental disclosures on cash flow information | ||
Interest received | 12,768 | 11,873 |
Interest paid | 1,548 | 955 |
Income taxes paid | $ 436 | $ 1,238 |
Nature of Operations and Materi
Nature of Operations and Material Accounting Policy Information | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Nature of Operations and Material Accounting Policy Information | Note 1 Nature of Operations and Material Accounting Policy Information (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, including its subsidiaries (collectively, “Manulife” or the “Company”) is a leading financial services group with principal operations in Asia, Canada and the United States. Manulife’s international network of employees, agents and distribution partners offers financial protection and wealth management products and services to personal and business clients as well as asset management services to institutional customers. The Company operates as Manulife in Asia and Canada and as John Hancock and Manulife in the United States. MFC is domiciled in Canada and incorporated under the Insurance Companies Act (Canada) (“ICA”). These Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These Consolidated Financial Statements as at and for the year ended December 31, 2023 were authorized for issue by MFC’s Board of Directors on February 14, 2024. (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 insurance service, investment result, and other revenue and expenses during the reporting periods. Actual results may differ from these estimates. The most significant estimation processes relate to evaluating assumptions used in measuring insurance and investment contract liabilities and reinsurance contracts held liabilities, assessing assets for impairment, determining pension and other post-employment benefit obligation and expense assumptions, determining income taxes and uncertain tax positions, and estimating fair values of certain invested assets. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimates are revised and in any future years affected. Although some variability is inherent in these estimates, management believes that the amounts recorded are appropriate. The material accounting policies used and the most significant judgments made by management in applying these accounting policies in the preparation of these Consolidated Financial Statements are summarized below. The Company’s results and operations have been and may continue to be adversely impacted by the economic environment. The adverse effects include but are not limited to recessionary economic trends in markets the Company operates in, significant market volatility, increase in credit risk, strain on commodity markets and alternative long duration asset (“ALDA”) prices, foreign currency exchange rate volatility, increases in insurance claims, persistency and redemptions, and disruption of business operations. The breadth and depth of these events and their duration contribute additional uncertainty around estimates used in determining the carrying value of certain assets and liabilities included in these Consolidated Financial Statements. The Company has applied appropriate measurement techniques using reasonable judgment and estimates from the perspective of a market participant to reflect current economic conditions. The impact of these techniques has been reflected in these Consolidated Financial Statements. Changes in the inputs used could materially impact the respective carrying values. (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 predominantly external observable data. Judgment is applied in adjusting external observable data for items including liquidity and credit factors. The Company categorizes its fair value measurement results according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company’s valuation techniques based on their reliability. A level is assigned to each fair value measurement based on the lowest level input significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are defined as follows: Level 1 – Fair value measurements that reflect unadjusted, quoted prices in active markets for identical assets and liabilities that the Company can access at the measurement date, reflecting market transactions. Level 2 – Fair value measurements using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in inactive markets, inputs that are observable that are not prices (such as interest rates, credit risks, etc.) and inputs that are derived from or corroborated by observable market data. Most debt investments are classified within Level 2. Also, included in the Level 2 category are derivative instruments that are priced using models with observable market inputs, including interest rate swaps, equity swaps, credit default swaps and foreign currency forward contracts. Level 3 – Fair value measurements using significant non-market (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. A change in control may lead to gains or losses on derecognition of a subsidiary when losing control, or on derecognition of previous interests in a subsidiary when gaining control. The Company’s Consolidated Financial Statements have been prepared using uniform accounting policies for like transactions and events in similar circumstances. Intercompany balances, and revenue and expenses arising from intercompany transactions, have been eliminated in preparing the Consolidated Financial Statements. Non-controlling 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 are recognized initially at fair value plus, in the case of investments not classified as fair value through profit or loss (“FVTPL”), directly attributable transaction costs. Invested assets that are considered financial instruments are classified as fair value through other comprehensive income (“FVOCI”), FVTPL or as amortized cost. The Company determines the classification of its financial assets at initial recognition. The classification of invested assets which are financial instruments depends on their contractual terms and the Company’s business model for managing the assets. The Company assesses the contractual terms of the assets to determine whether their terms give rise on specified dates to cash flows that are solely payments of principal and interest (“SPPI”) on the principal amount outstanding. Only debt instruments may have SPPI cash flows. The most significant elements of interest within a lending arrangement are typically the consideration for the time value of money and credit risk. To make the SPPI assessment, the Company applies judgement and considers relevant factors such as prepayment and redemption rights, conversion features, and subordination of the instrument to other instruments of the issuer. An asset with contractual terms that introduce a more than de minimis exposure to risks of not collecting principal or interest would not meet the SPPI test. Debt instruments which qualify as having SPPI cash flows are classified as amortized cost or FVOCI based on the business model under which they are held. If held within a business model whose objective is to hold the assets in order to collect contractual cash flows, they are classified as amortized cost. If held within a business model whose objective is achieved by both collecting contractual cash flows and selling the assets, they are classified as FVOCI. In either case, the Company may designate them as FVTPL in order to reduce accounting mismatches with FVTPL liabilities they support. Debt instruments which fail the SPPI test are required to be measured at FVTPL. To identify the business model financial assets are held within, considerations include the business purpose of the portfolio they are held within, the risks that are being managed and the business activities which manage the risks, the basis on which performance of the portfolio is being evaluated, and the frequency and significance of sales activity within the portfolio. Realized and unrealized gains and losses on debt instruments classified as FVTPL and realized gains and losses on debt instruments held at FVOCI or amortized cost are recognized in investment income immediately. Unrealized gains and losses on FVOCI debt investments are recorded in OCI, except for unrealized gains and losses on foreign currency translation which are included in income. Investments in equities which are accounted for as financial instruments are not subject to the SPPI test and are accounted for as FVTPL. Valuation methods for the Company’s invested assets are described above in note 1 (c). All fair value valuations are performed in accordance with IFRS 13 “Fair Value Measurement”. Disclosure of financial instruments carried at fair value within the three levels of the fair value hierarchy and disclosure of the fair value for financial instruments not carried at fair value on the Consolidated Statements of Financial Position are presented in note 4. Fair value valuations are performed by the Company and by third-party service providers. When third-party service providers are engaged, the Company performs a variety of procedures to corroborate pricing information. These procedures may include, but are not limited to, inquiry and review of valuation techniques, and of inputs to the valuation and vendor controls reports. Cash and short-term securities comprise cash, current operating accounts, overnight bank and term deposits, and debt instruments held for meeting short-term cash commitments. Short-term securities are carried at fair value. Short-term securities comprise investments due to mature within one year of the date of purchase. Commercial paper and discount notes are classified as Level 2 for fair value purposes because these instruments are typically not actively traded. Net payments in transit and overdraft bank balances are included in other liabilities. Debt s Public equities comprise of common and preferred equities and shares or units of mutual funds and are carried at fair value. Public equities are generally classified as Level 1, as fair values are normally based on quoted market prices. Realized and unrealized gains and losses on equities designated as FVTPL are recognized in investment income immediately. The Company’s risk management policies and procedures related to equities can be found in the denoted components of the “Risk Management and Risk Factors” section of the Company’s 2023 Management’s Discussion and Analysis (“MD&A”). Mortgages are classified as Level 3 for fair value purposes due to the lack of market observability of certain significant valuation inputs. The Company accounts for insured and uninsured mortgage securitizations as secured financing transactions since the criteria for sale accounting of securitized mortgages are not met. For these transactions, the Company continues to recognize the mortgages and records a liability in other liabilities for the amounts owed at maturity. Interest income from these mortgages and interest expense on the borrowings are recorded using the effective interest rate (“EIR”) method. Private placements, which include corporate loans for which there is no active market, are generally classified as Level 2 for fair value disclosure purposes or as Level 3 if significant inputs are not Loans to Manulife Bank of Canada (“Manulife Bank” or “Bank”) clients are carried at amortized cost and are classified as Level 2 for fair value disclosure purposes. Interest income is recognized on all debt instruments including securities, private placements, mortgages, and loans to Bank clients as it accrues and is calculated using the EIR 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 private placements and mortgages. The Company records purchases and sales of invested assets on a trade date basis. Loans originated by the Company are recognized on a settlement date basis. Real estate consists of both own use and investment property. Own use property is carried at cost less accumulated depreciation and any accumulated impairment losses, or at revalued amount which is the fair value as at the most recent revaluation date minus accumulated amortization and any accumulated impairment losses. Depreciation is calculated based on the cost of an asset less its residual value and is recognized in income on a straight-line basis over the estimated useful life ranging from 30 to 60 years. Impairment losses are recorded in income to the extent the recoverable amount is less than the carrying amount. Own use property is classified as Level 3 for fair value disclosure purposes. Own use real estate properties which are underlying items for insurance contracts with direct participating features are measured at fair value as if they were investment properties, as permitted by IAS 16 “Property, Plant and Equipment” which was amended by IFRS 17 “Insurance Contracts” (“IFRS 17”). An investment property is a property held to earn rental income, for capital appreciation, or both. Investment properties are measured at fair value, with changes in fair value recognized in income. Fair value of own use properties and investment properties is determined using the same processes. Fair value for all properties is determined using external appraisals that are based on the highest and best use of the property. The valuation techniques include discounted cash flows, the direct capitalization method as well as comparable sales analysis and employ both observable and non-market When a property transfers from own use held at cost to investment property, any gain or loss arising on the re-measurement of the property and any associated leases to fair value as at the date of change in use is recognized in OCI, to the extent that it is not reversing a previous impairment loss. Reversals of impairment losses are recognized in income. When a property changes from investment property to own use held at cost, the property’s deemed cost for subsequent accounting is its fair value as at the date of change in use. Other invested assets include private equity investments and property investments held in infrastructure, timber, agriculture and energy 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 and carried at fair value. Timber and agriculture properties which are own use properties are carried at cost except for their biological assets which are measured at fair value. Timber and agriculture properties which are investment properties are measured at fair value with changes in fair value recognized in income. The fair value of other invested assets is determined using a variety of valuation techniques as described in note 4. Other invested assets that are measured or disclosed at fair value are classified as Level 3. Other invested assets also include investments in leveraged leases, which are accounted for using the equity method. The carrying value under the equity method reflects the amortized cost of the lease receivable and related non-recourse Expected Credit Loss Impairment The expected credit loss (“ECL”) impairment allowance model applies to invested assets which are debt instruments and measured at FVOCI or amortized cost. ECL allowances are measured under four probability-weighted macroeconomic scenarios, which measure the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the Company expects to receive, discounted at the original EIR. This process includes consideration of past events, current market conditions and reasonable supportable information about future economic conditions. Forward-looking macroeconomic variables used within the estimation models represent variables that are the most closely related with credit losses in the relevant portfolio. The estimation and measurement of impairment losses requires significant judgement. These estimates are driven by many elements, changes in which can result in different levels of allowances. Elements include the estimation of the amount and timing of future cash flows, the Company’s criteria for assessing if there has been a significant increase in credit risk (“SICR”), the selection of forward-looking macroeconomic scenarios and their probability weights, the application of expert credit judgment in the development of the models, inputs and, when applicable, overlay adjustments. It is the Company’s practice to regularly review its models in the context of actual loss experience and adjust when necessary. The Company has implemented formal policies, procedures, and controls over all significant impairment processes. The Company’s definitions of default and credit-impaired are based on quantitative and qualitative factors. A financial instrument is considered to be in default when significant payments of interest, principal or fees are past due for more than 90 days, unless remedial arrangements with the issuer are in place. A financial instrument may be credit-impaired as a result of one or more loss events that occurred after the date of initial recognition of the instrument and the loss event has a negative impact on the estimated future cash flows of the instrument. This includes events that indicate or include: significant financial difficulty of the counterparty; a breach of contract; for economic or contractual reasons relating to the counterparty’s financial difficulty, concessions are granted that would not otherwise be considered; it is becoming probable that the counterparty will enter bankruptcy or other financial reorganization; the disappearance of an active market for that financial asset because of the counterparty’s financial difficulties; or the counterparty is considered to be in default by any of the major rating agencies such as S&P, Moody’s and Fitch. The ECL calculations include the following elements: • Probability of default (“PD”) is an estimate of the likelihood of default over a given time horizon. • Loss given default (“LGD”), is an estimate of the loss arising on a future default. This is based on the difference between the contractual cash flows due and those that the Company expects to receive, including from collateral. It is based on credit default studies performed based on internal credit experience. • Exposure at default (“EAD”), is an estimate of the exposure at a future default date, considering both the period of exposure and the amount of exposure at a given reporting date. The EADs are determined by modelling the range of possible exposure outcomes at various points in time, corresponding to the multiple economic scenarios. The probabilities are then assigned to each economic scenario based on the outcome of the models. The Company measures ECLs using a three-stage approach: • Stage 1 comprise all performing financial instruments that have not experienced a SICR since initial recognition. The determination of SICR varies by instrument and considers the relative change in the risk of default since origination. 12-month 12-month 12-month • Stage 2 comprise all performing financial instruments that have experienced a SICR since original recognition or have become 30 days in arrears for principal or interest payments, whichever happens first. When assets move to Stage 2, full lifetime ECLs are recognized, which represent ECLs that result from all possible default events over the remaining lifetime of the financial instrument. The mechanics are consistent with Stage 1, except PDs and LGDs are estimated over the remaining lifetime of the instrument instead of over the coming year. In subsequent reporting periods, if the credit risk of a financial instrument improves such that there is no longer a SICR compared to credit risk at initial recognition, the financial instrument will migrate back to Stage 1 and 12-month • Stage 3 comprise financial instruments identified as credit-impaired. Similar to Stage 2 assets, full lifetime ECLs are recognized for Stage 3 financial instruments, but the PD is set at 100%. A Stage 3 ECL is calculated using the unpaid principal balance multiplied by LGD which reflects the difference between the asset’s carrying amount and its discounted expected future cash flows. Interest income is calculated based on the gross carrying amount for both Stage 1 and 2 exposures. Interest income on Stage 3 financial instruments is determined by applying the EIR to the amortized cost of the instrument, which represents the gross carrying amount adjusted for the credit loss allowance. For Stage 1 and Stage 2 exposures, an ECL is generated for each individual exposure; however, the relevant parameters are modelled on a collective basis with all collective parameters captured by the individual security level. The exposures are grouped into smaller homogeneous portfolios, based on a combination of internal and external characteristics, such as origination details, balance history, sector, geographic location, and credit history. Stage 3 ECLs are either individually or collectively assessed, depending on the nature of the instrument and impairment. In assessing whether credit risk has increased significantly, the risk of default occurring is compared over the remaining expected life from the reporting date and as at the date of initial recognition. The assessment varies by instrument and risk segment. The assessment incorporates internal credit risk ratings and a combination of security-specific and portfolio-level assessments, including the incorporation of forward-looking macroeconomic data. The assessment of SICR considers both absolute and relative thresholds. If contractual payments are more than 30 days past due, the credit risk is automatically deemed to have increased significantly since initial recognition. When estimating ECLs, the four probability-weighted macroeconomic scenarios are considered. Economic forward-looking inputs vary by market. Depending on their usage in the models, macroeconomic inputs are projected at the country, province, or more granular level. Each macroeconomic scenario used includes a projection of all relevant macroeconomic variables for a five-year period, subsequently reverting to long-run The inputs and models used for calculating ECLs may not always capture all characteristics of the market at the date of the Consolidated Financial Statements. Changes in the required ECL allowance are recorded in the provision for credit losses in the Consolidated Statements of Income. Invested assets are written off, either partially or in full, against the related allowance for credit losses when there is no realistic prospect of recovery in respect of those amounts. This is considered a partial or full derecognition of the financial asset. In subsequent periods, any recoveries of amounts previously written off are credited to the provision for credit losses. (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 Company where the goodwill is monitored for internal management purposes. The allocation is made to those CGUs or group of CGUs that are expected to benefit from the business combination in which the goodwill arose. Any potential impairment of goodwill is identified by comparing the recoverable amount with the carrying value of a CGU or group of CGUs. Goodwill is reduced by the amount of deficiency, if any. If the deficiency exceeds the carrying amount of goodwill, the carrying values of the remaining assets in the CGU or group of CGUs are subject to being reduced by the remaining deficiency on a pro-rata 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 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 three (g) Miscellaneous assets Miscellaneous assets include assets held in a rabbi trust with respect to unfunded defined benefit obligations, defined benefit assets and capital assets. Rabbi trust assets are carried at fair value. Defined benefit assets carrying value is explained in note 1 (o). Capital assets are carried at cost less accumulated amortization computed on a straight-line basis over their estimated useful lives, which vary from two (h) Segregated funds The Company manages segregated funds on behalf of policyholders, which are presented as segregated funds net assets with offsetting insurance and investment contract liabilities for account of segregated fund holders in the amount of their account balances. The investment returns on these funds are passed directly to policyholders. In some cases, the Company has provided guarantees associated with these funds. Amounts invested by the Company in segregated funds for seed purposes are presented within invested asset categories based on the nature of the underlying investments. Segregated funds net assets are measured at fair value and include investments in mutual funds, debt securities, equities, cash, short-term investments and other investments. With respect to the consolidation requirement of IFRS, in assessing the Company’s degree of control over the underlying investments, the Company considers the scope of its decision-making rights, the rights held by other parties, its remuneration as an investment manager and its exposure to variability of returns from the investments. The Company has determined that it does not have control over the underlying investments as it acts as an agent on behalf of segregated fund policyholders. The methodology applied to determine the fair value of investments held in segregated funds is consistent with that applied to invested assets held by the general fund, as described above in note 1 (e). Segregated funds liabilities are measured based on the value of the segregated funds net assets. Investment returns on segregated funds assets are passed directly to policyholders and the Company does not bear the risk associated with these assets outside of guarantees offered on certain variable life and annuity products, for which the underlying investments are held within segregated funds. Some of the Company’s liabilities for account of segregated fund holders arise from insurance contracts that it issues. These are reported as Insurance contract liabilities for a |
Accounting and Reporting Change
Accounting and Reporting Changes | 12 Months Ended |
Dec. 31, 2023 | |
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Accounting and Reporting Changes | Note 2 Accounting and Reporting Changes (a) Changes in accounting and reporting policy (I) IFRS 17 “Insurance Contracts” IFRS 17 was issued in May 2017 to be effective for years beginning on January 1, 2021. Amendments to IFRS 17 were issued in June 2020 and included a two-year Narrow-scope amendments to IFRS 17 were issued in December 2021 and were effective on initial application of IFRS 17 and IFRS 9 which the Company has adopted on January 1, 2023. The amendments reduce 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 adopted IFRS 17 on January 1, 2023, with an effective date of January 1, 2022. The Company has prepared an opening balance sheet as at January 1, 2022 under IFRS 17 in the Consolidated Statements of Financial Position. Any differences between the carrying value and the presentation of assets, liabilities and equity determined in accordance with CALM and IFRS 17, as at January 1, 2022, have been recorded in opening retained earnings and accumulated other comprehensive income. Refer to note 25 for adoption impact of IFRS 17. The 2022 comparative figures and the opening Consolidated Statement of Financial Position as at January 1, 2022 as presented in these Consolidated Financial Statements have been restated, where indicated, for the adoption of IFRS 17. For the Company’s accounting policies for applying IFRS 17 to the Company’s insurance and reinsurance contracts, refer to note 1 (i) and (j). (II) IFRS 9 “Financial Instruments” and IFRS 7 “Financial Instruments: Disclosures” IFRS 9 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 issued in June 2020, the IASB amended IFRS 4 to permit eligible insurers to apply IFRS 9 effective January 1, 2023, alongside IFRS 17. The standard replaced IAS 39 “Financial Instruments: Recognition and Measurement” (“IAS 39”). IFRS 9 addresses accounting and reporting principles for the classification and measurement of financial assets and financial liabilities, the impairment of financial assets and hedge accounting. IFRS 7 “Financial Instruments: Disclosures” (“IFRS 7”) was amended in conjunction with IFRS 9 and IFRS 17, with expanded qualitative and quantitative disclosures related to financial instruments and became effective along with IFRS 9 and IFRS 17 on January 1, 2023. The Company adopted IFRS 9 on January 1, 2023, as permitted under the June 2020 amendments to IFRS 4 “Insurance Contracts”. The Company’s accounting policies for invested assets, and derivative and hedging instruments in accordance with IFRS 9 are presented in note 1. IFRS 9 does not require restatement of comparative periods and the Company has not done so. The Company elected the option under IFRS 17 to reclassify financial assets, including those held in respect of activities not connected to contracts within the scope of IFRS 17, on an instrument-by-instrument Consistent with IFRS 17 amendments, the adoption of IFRS 9 resulted in certain differences in the classification and measurement of financial assets when compared to their classification and measurement under IAS 39. The most significant classification changes included approximately $184 billion of debt securities previously classified as FVTPL which were classified as FVOCI under IFRS 9. The Company has elected to apply the hedge accounting requirements under IFRS 9 to all designated hedge accounting relationships prospectively, with the exception to the cost of hedging guidance, that has been applied retrospectively for certain cash flow hedge and net investment hedge relationships. As at January 1, 2023, all existing IAS 39 hedge accounting relationships were assessed and qualified for hedge accounting under IFRS 9. These existing relationships are treated as continuing hedge accounting relationships under IFRS 9 on January 1, 2023 and are disclosed with comparative information for 2022 under IAS 39. Refer to note 5. The Company has designated new hedge accounting relationships with the objective to reduce potential accounting mismatches between changes in the fair value of derivatives in income, and changes in fair value due to financial risk of insurance liabilities and financial assets in OCI. The incremental notional of derivatives designated in new hedge accounting relationships amounted to $232,637 on transition date. New hedge accounting relationships are effective prospectively on January 1, 2023. The effects of adoption were as follows: • Effects from applying IFRS 17 asset classification changes among FVTPL, AFS and amortized cost under IAS 39 to FVOCI and FVTPL under IFRS 9 resulted in a reduction in retained earnings of $10,645, net of tax, and an increase in OCI of $16,916, net of tax, as at January 1, 2022 when IFRS 17’s transition option was elected. These were presented under “Opening adjustment of financial assets at adoption of IFRS 9 / IFRS 17” in the Consolidated Statements of Changes in Equity. • The adoption of IFRS 9 resulted in recognition of ECL of $724. Loss allowances when applied to assets held at amortized cost reduce the carrying value of the assets and reduce equity. Loss allowances do not affect the fair value of assets held at FVOCI and therefore do not affect their carrying value. Loss allowances for assets held at FVOCI do not change total equity, instead result in movement between OCI and retained earnings. • The impact of adopting IFRS 9’s ECL impairment methodology resulted in a reduction to retained earnings of $409, net of tax, and an increase to • As at January 1, 2023, the retrospective application of IFRS 9 to the cost of hedging for currency basis spread resulted with a net $22 reclassification from cash flow hedge and foreign currency translation reserve to a new separate component of accumulated OCI, the cost of hedging. Other IFRS 9 hedge accounting principles had $nil impact as at January 1, 2023 for these Consolidated Financial Statements. • The impact of changes made as at January 1, 2023 were presented under line items labeled “Opening adjustment of financial assets at adoption of IFRS 9 / IFRS 17” in the Consolidated Statements of Changes in Equity. The implementation of IFRS 9 has been incorporated into the Company’s Enterprise Risk Management Framework (“ERM”) and supervised by the Executive Risk Committee (“ERC”). The integration of forward-looking information into the calculation of the ECL and the definition and evaluation of what constitutes a significant increase in credit risk (“SICR”) of an investment are inherently subjective and involve the use of significant judgement. Therefore, the Company has developed a front-to-back has designed controls and procedures to provide reasonable assurance that information is properly recorded. The Company has effective credit risk management processes in place that continue to be applicable and aim to ensure that the effects of economic developments are appropriately considered, mitigation actions are taken where required and risk appetite is reassessed and adjusted as needed. The Company adopted IFRS 7 (as amended), which expanded qualitative and quantitative disclosures related to financial instruments on January 1, 2023. Refer to notes 4, 5 and 9. The following table illustrates the impact on loss allowances for invested assets on transition from the incurred loss impairment under IAS 39 to the expected credit losses impairment allowance under IFRS 9. December 31, 2022 IAS 39 Impairment allowance January 1, 2023 IFRS 9 ECL allowance Debt securities at FVOCI under IFRS 9 $ – $ 348 Private placements at FVOCI under IFRS 9 – 255 Private placements at amortized cost under IAS 39 25 – Mortgages at FVOCI under IFRS 9 – 83 Mortgages at amortized cost under IAS 39 10 – Other invested assets at FVOCI under IFRS 9 – 13 Financial assets at amortized cost under IFRS 9 – 14 Mortgages at amortized cost under IAS 39 7 – Loans to Bank clients under IAS 39 5 – Total on-balance 47 713 Allowance for credit losses on off-balance – 11 Total $ 47 $ 724 The following table shows financial liabilities under IAS 39 and the impact of classification and measurement changes on adoption of IFRS 9. Measurement category December 31, 2022 IAS 39 Total carrying value Impact of classification and measurement changes (1),(2) January 1, 2023 IFRS 9 Total carrying value Investment contract liabilities FVTPL $ 796 $ 2 $ 798 Amortized cost 2,452 6,829 9,281 Deposits from Bank clients Amortized cost 22,507 – 22,507 Derivative liabilities FVTPL 14,289 – 14,289 Other liabilities Amortized cost 17,421 1,473 18,894 Long-term debt Amortized cost 6,234 – 6,234 Capital instruments Amortized cost 6,122 – 6,122 Total in-scope $ 69,821 $ 8,304 $ 78,125 (1) Investment contract liabilities held at amortized cost of $6,829 were reclassified from insurance contract liabilities under IFRS 4. (2) Other liabilities include amounts not in scope of IFRS 9, for example pension obligations. Other liabilities of $1,473 held at amortized cost under IFRS 9 were reclassified from insurance contract liabilities under IFRS 4. (III) 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 did not have a significant impact on the Company’s Consolidated Financial Statements. (IV) 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 did not have a significant impact on the Company’s Consolidated Financial Statements. (V) Amendments to IAS 12 “Income Taxes” Amendments to IAS 12 “Income Taxes” were issued in May 2023. The amendments relate to the OECD’s International Pillar Two tax reform, which seeks to establish a global minimum tax (“GMT”) of fifteen per cent and address inter-jurisdictional base erosion and profit shifting, targeting larger international companies. Most jurisdictions have agreed to participate and effective dates for the GMT vary by jurisdiction based on local legislation. The Amendments require that, effective for the year ended December 31, 2023, disclosure of current tax expense or recovery related to the GMT is required along with, to the extent that the GMT legislation is enacted or substantively enacted but not yet in effect, disclosure of known or reasonably estimable information that helps users of financial statements understand the Company’s exposure to the GMT arising from that legislation. Certain jurisdictions in which the Company operates, including Ireland, Japan, Luxembourg, Netherlands, the United Kingdom and Vietnam, have enacted legislation to adopt the GMT as of January 1, 2024. The assessment of the Company’s potential exposure to the GMT is based on the most recent information available regarding the financial performance of the constituent entities in these jurisdictions. Based on the assessment, the Company’s operations within these jurisdictions are not impacted by the GMT and therefore no disclosure of current tax expense or recovery related to the GMT is provided. The United States adopted a corporate alternative minimum tax (“CAMT”) of fifteen per cent, with an effective date of January 1, 2023. CAMT is not a Qualifying Domestic Minimum Top-up Tax for the purposes of the GMT. In response to the GMT, Bermuda enacted the Corporate Income Tax 2023 Act on December 27, 2023. The Company’s Bermuda tax-resident subsidiaries and branches will be subject to this new tax regime effective January 1, 2025, at a rate of fifteen per cent. The Bermuda corporate income tax is not a Qualifying Domestic Minimum Top-up Tax for the purposes of the GMT. Countries without a qualified domestic minimum top-up tax of their own will be in scope for Canada’s global minimum tax calculations, once enacted. The Company does not expect this will affect Manulife’s total global minimum tax exposure; however, it will dictate which jurisdiction has the taxing right for local country income. The Amendments introduce a temporary mandatory exception in IAS 12 from recognizing and disclosing deferred tax assets and liabilities related to the GMT. The Company has applied the mandatory temporary exception from accounting for deferred taxes in respect of the GMT. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
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Acquisitions | Note 3 Acquisition Manulife Fund Management Co., Ltd. In November 2022, the Company acquired control of Manulife Fund Management Co., Ltd., formerly known as Manulife TEDA Fund Management Co., L td The transaction included $334 of cash consideration and derecognition of the Company’s previous joint venture interest with a fair value of $321. The Company recorded a gain of $95 on derecognition of the previous joint venture interest , a d |
Invested Assets and Investment
Invested Assets and Investment Income | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Invested Assets and Investment Income | Note 4 Invested Assets and Investment Income (a) Carrying values and fair values of invested assets As at December 31, 2023 FVTPL (1) FVOCI (2) Other (3) Total carrying Total fair (4) Cash and short-term securities (5) $ 1 $ 13,993 $ 6,344 $ 20,338 $ 20,338 Debt securities (6),(7) Canadian government and agency 1,219 19,769 – 20,988 20,988 U.S. government and agency 1,303 26,287 888 28,478 28,251 Other government and agency 90 30,576 – 30,666 30,666 Corporate 2,372 127,190 484 130,046 129,899 Mortgage / asset-backed securities 16 1,955 – 1,971 1,971 Public equities (FVTPL mandatory) 25,531 – – 25,531 25,531 Mortgages 1,055 28,473 22,893 52,421 52,310 Private placements (7) 654 44,952 – 45,606 45,606 Loans to Bank clients – – 2,436 2,436 2,411 Real estate Own use property (8),(9) – – 2,591 2,591 2,716 Investment property – – 10,458 10,458 10,458 Other invested assets Alternative long-duration assets (10) 29,671 360 11,403 41,434 42,313 Various other (11) 126 – 4,120 4,246 4,246 Total invested assets $ 62,038 $ 293,555 $ 61,617 $ 417,210 $ 417,704 As at December 31, 2022 FVTPL (1) FVOCI (2) Other (3) Total carrying Total fair (4) Cash and short-term securities (5) $ – $ 12,859 $ 6,294 $ 19,153 $ 19,153 Debt securities (6),(7) Canadian government and agency 987 20,279 – 21,266 21,266 U.S. government and agency 1,378 22,446 912 24,736 24,494 Other government and agency 159 26,314 – 26,473 26,473 Corporate 2,209 126,371 499 129,079 128,910 Mortgage / asset-backed securities 22 2,266 – 2,288 2,288 Public equities (FVTPL mandatory) 23,519 – – 23,519 23,519 Mortgages 1,138 28,621 22,006 51,765 51,372 Private placements (7) 516 41,494 – 42,010 42,010 Loans to Bank clients – – 2,781 2,781 2,760 Real estate Own use property (8),(9) – – 2,852 2,852 3,008 Investment property – – 11,417 11,417 11,417 Other invested assets Alternative long-duration assets (10) 26,938 296 11,226 38,460 39,225 Various other (11) 130 – 4,213 4,343 4,343 Total invested assets $ 56,996 $ 280,946 $ 62,200 $ 400,142 $ 400,238 (1) FVTPL classification was elected for debt instruments backing certain insurance contract liabilities to substantially reduce any accounting mismatch arising from changes in the fair value of these assets, or changes in the carrying value of the related insurance contract liabilities. (2) FVOCI classification for debt instruments backing certain insurance contract liabilities inherently reduces any accounting mismatch arising from changes in the fair value of these assets, or changes in the carrying value of the related insurance contract liabilities. (3) Other includes mortgages and loans to Bank clients held at amortized cost, own use properties, investment properties, equity method accounted investments, and leveraged leases. Also includes debt securities, which qualify as having SPPI, are held to collect contractual cash flows and are carried at amortized cost. (4) Invested assets above include debt securities, mortgages, private placements and approximately $ 360 302 nil 115 539 98 507 49 2 94 (5) Includes short-term securities with maturities of less than one year at acquisition amounting to $ 6,162 4,148 7,832 8,711 6,344 6,294 (6) Debt securities include securities which were acquired with maturities of less than one year and less than 90 days of $ 1,294 1,413 1,787 870 (7) 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 AUD BBSW of $ 167 16 , respectively 173 15 198 61 , respectively 199 43 (8) Includes accumulated depreciation of $57 (2022 – $411). ( 9 Own use property of $ 2,430 2,682 (1 0 ALDA include investments in private equity of $ 15,445 14,950 5,719 1,859 3,461 14,153 12,751 5,979 2,347 3,230 (1 1 Includes $ 3,790 3,840 (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. 2023 2022 As at December 31, Carrying % of total Carrying % of total Leveraged leases $ 3,790 35 $ 3,840 37 Infrastructure 3,942 37 3,298 32 Timber and agriculture 854 8 822 8 Real estate 1,704 16 1,876 18 Other 443 4 487 5 Total $ 10,733 100 $ 10,323 100 The Company’s share of profit from these investments for the year ended December 31, 2023 was (2022 – ). (c) Investment income For the year ended December 31, 2023 FVTPL FVOCI Other (1) Total Cash and short-term securities Interest income $ – $ 837 $ – $ 837 Gains (losses) (2) – 10 – 10 Debt securities Interest income 212 7,437 28 7,677 Gains (losses) (2) 152 262 – 414 Impairment loss, net (3) – (4 ) – (4 ) Public equities Dividend income 625 – – 625 Gains (losses) (2) 2,255 – – 2,255 Impairment loss, net (3) – – – – Mortgages Interest income – 2,290 – 2,290 Gains (losses) (2) 99 – – 99 Provision, net – – (150 ) (150 ) Private placements Interest income – 2,318 – 2,318 Gains (losses) (2) 20 355 – 375 Impairment loss, net (3) – (72 ) – (72 ) Loans to Bank clients Interest income – – 201 201 Provision, net – – (3 ) (3 ) Real estate Rental income, net of depreciation (4) – – 496 496 Gains (losses) (2) – – (1,286 ) (1,286 ) Impairment loss, net (3) – – – – Derivatives Interest income, net (561 ) – – (561 ) Gains (losses) (2) 1,147 – – 1,147 Other invested assets Interest income 17 23 – 40 Energy, timber, agriculture and other income 2,197 – – 2,197 Gains (losses) (2) 487 – 1 488 Impairment loss, net (3) (74 ) – (1 ) (75 ) Total investment income (loss) $ 6,576 $ 13,456 $ (714 ) $ 19,318 Investment income Interest income $ (332 ) $ 12,905 $ 229 $ 12,802 Dividends, rental income and other income 2,822 – 496 3,318 Impairments, provisions and recoveries, net (3) (74 ) (76 ) (154 ) (304 ) Other 372 (12 ) 4 364 2,788 12,817 575 16,180 Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities Debt securities 153 277 – 430 Public equities 2,157 – – 2,157 Mortgages 99 – – 99 Private placements 20 355 – 375 Real estate – – (1,289 ) (1,289 ) Other invested assets 484 7 – 491 Derivatives 875 – – 875 3,788 639 (1,289 ) 3,138 Total investment income (loss) $ 6,576 $ 13,456 $ (714 ) $ 19,318 Investment expenses (1,297 ) Net investment income (loss) $ 18,021 (1) Primarily includes investment income on loans carried at amortized cost, own use real estate properties, investment real estate properties, derivative and hedging instruments in cash flow hedging relationships, equity method accounted investments, energy investments and leveraged leases. (2) Includes net realized and unrealized gains (losses) for financial instruments at FVTPL, investment real estate properties, and other invested assets measured at fair value. Also includes net realized gains (losses) for financial instruments at FVOCI and other invested assets carried at amortized cost. (3) The Company adopted IFRS 9’s ECL impairment requirements as at January 1, 2023 without restating the comparative period. Impairments for 2023 are based on IFRS 9’s ECL requirements and impairments for 2022 are based on IAS 39’s incurred loss impairment requirements. (4) Rental income from investment real estate properties is net of direct operating expenses. For the year ended December 31, 2022 FVTPL FVOCI Other (1) Total Cash and short-term securities Interest income $ – $ 313 $ – $ 313 Gains (losses) (2) – 121 – 121 Debt securities Interest income 139 6,990 26 7,155 Gains (losses) (2) – (1,050 ) – (1,050 ) Impairment loss, net (3) – – – – Public equities Dividend income 548 – – 548 Gains (losses) (2) (3,995 ) – – (3,995 ) Impairment loss, net (3) – – – – Mortgages Interest income – 1,914 – 1,914 Gains (losses) (2) – (52 ) – (52 ) Provision, net – – 1 1 Private placements Interest income – 2,008 – 2,008 Gains (losses) (2) – 233 – 233 Impairment loss, net (3) – – – – Loans to Bank clients Interest income – – 138 138 Provision, net – – (4 ) (4 ) Real estate Rental income, net of depreciation (4) – – 490 490 Gains (losses) (2) – – (591 ) (591 ) Impairment loss, net (3) – – – – Derivatives Interest income, net 515 – – 515 Gains (losses) (2) (10,639 ) – – (10,639 ) Other invested assets Interest income 14 6 – 20 Energy, timber, agriculture and other income 2,862 – – 2,862 Gains (losses) (2) 1,641 4 – 1,645 Impairment loss, net (3) (74 ) – – (74 ) Total investment income (loss) $ (8,989 ) $ 10,487 $ 60 $ 1,558 Investment income Interest income $ 668 $ 11,231 $ 164 $ 12,063 Dividend, rental and other income 3,410 – 490 3,900 Impairments, provisions and recoveries, net (3) (74 ) – (3 ) (77 ) Other (121 ) (548 ) (13 ) (682 ) 3,883 10,683 638 15,204 Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities Debt securities – (504 ) – (504 ) Public equities (3,825 ) – – (3,825 ) Mortgages – (52 ) – (52 ) Private placements – 234 – 234 Real estate – – (578 ) (578 ) Other invested assets 1,665 126 – 1,791 Derivatives (10,712 ) – – (10,712 ) (12,872 ) (196 ) (578 ) (13,646 ) Total investment income (loss) $ (8,989 ) $ 10,487 $ 60 $ 1,558 Investment expenses (1,221 ) Net investment income (loss) $ 337 Note: For footnotes (1) to (4), refer to the “Investment income” table for the year ended December 31, 2023 above. (d) Investment expenses The following table presents total investment expenses. For the years ended December 31, 2023 2022 Related to invested assets $ 720 $ 679 Related to segregated, mutual and other funds 577 542 Total investment expenses $ 1,297 $ 1,221 (e) Investment properties The following table presents the rental income and direct operating expenses of investment properties. For the years ended December 31, 2023 2022 Rental income from investment properties $ 840 $ 825 Direct operating expenses of rental investment properties (473 ) (458 ) Total $ 367 $ 367 (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 these securitizations include interest spread between the assets and associated liabilities. There is no credit exposure from securitized mortgages under the Canada Mortgage and Housing Corporation (“CMHC”) sponsored CMB securitization program as they are insured by CMHC and other third-party insurance programs against borrowers’ default. Mortgages securitized in the Platinum Canadian Mortgage Trust II (“PCMT II”) program are uninsured. Cash flows received from the underlying securitized assets/mortgages are used to settle the related secured borrowing liabilities. For CMB transactions, receipts of principal are deposited into a trust account for settlement of the liabilities at time of maturity. These transferred assets and related cash flows cannot be further transferred or used for other purposes by the Company. For HELOC transactions, investors are entitled to periodic interest payments, and the remaining cash receipts of principal are allocated to the Company (the “Seller”) during the revolving periods of the transactions and are accumulated for settlement during accumulation periods or repaid to the investors monthly during reduction periods, based on the terms of the notes. Securitized assets and secured borrowing liabilities As at December 31, 2023 Securitized assets Securitization program Securitized Restricted cash and short-term securities Total Secured borrowing (2) Net HELOC securitization (1) $ 2,880 $ 32 $ 2,912 $ 2,750 $ 162 CMB securitization (3) 2,900 – 2,900 2,806 94 Total $ 5,780 $ 32 $ 5,812 $ 5,556 $ 256 As at December 31, 2022 Securitized assets Securitization program Securitized Restricted cash and short-term securities Total Secured borrowing (2) Net HELOC securitization (1) $ 2,880 $ 44 $ 2,924 $ 2,750 $ 174 CMB securitization (3) 2,318 – 2,318 2,273 45 Total $ 5,198 $ 44 $ 5,242 $ 5,023 $ 219 (1) Manulife Bank, a subsidiary, securitizes a portion of its HELOC receivables through 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, of $27 beyond 5 years , respectively (2022 – $nil, $1,209, $1,049 and $492 , r (3) Manulife Bank also securitizes insured amortizing mortgages under the National Housing Act Mortgage-Backed Securities (“NHA MBS”) program sponsored by CMHC. Manulife Bank participates in CMB programs by selling NHA MBS securities to Canada Housing Trust (“CHT”), as a source of fixed rate funding. As at December 31, 2023, the fair value of securitized assets and associated liabilities were $5,782 and $5,456, respectively (2022 – $5,167 and $4,865, respectively). (g) Fair value measurement The following table presents fair values and the fair value hierarchy of invested assets and segregated funds net assets measured at fair value in the Consolidated Statements of Financial Position. As at December 31, 2023 Total fair value Level 1 Level 2 Level 3 Cash and short-term securities FVOCI $ 13,993 $ – $ 13,993 $ – FVTPL 1 – 1 – Other 6,343 6,343 – – Debt securities FVOCI Canadian government and agency 19,769 – 19,769 – U.S. government and agency 26,287 – 26,287 – Other government and agency 30,576 – 30,566 10 Corporate 127,190 – 126,959 231 Residential mortgage-backed securities 6 – 6 – Commercial mortgage-backed securities 370 – 370 – Other asset-backed securities 1,579 – 1,558 21 FVTPL Canadian government and agency 1,219 – 1,219 – U.S. government and agency 1,303 – 1,303 – Other government and agency 90 – 90 – Corporate 2,372 – 2,372 – Commercial mortgage-backed securities 1 – 1 – Other asset-backed securities 15 – 15 – Private placements (1) FVOCI 44,952 – 37,270 7,682 FVTPL 654 – 575 79 Mortgages FVOCI 28,473 – – 28,473 FVTPL 1,055 – – 1,055 Public equities FVTPL 25,531 25,423 67 41 Real estate (2) Investment property 10,458 – – 10,458 Own use property 2,430 – – 2,430 Other invested assets (3) 33,653 68 – 33,585 Segregated funds net assets (4) 377,544 343,061 30,991 3,492 Total $ 755,864 $ 374,895 $ 293,412 $ 87,557 (1) Fair value of private placements is determined through an internal valuation methodology using both observable and non-market observable inputs. Non-market observable inputs include credit assumptions and liquidity spread adjustments. Private placements are classified within Level 2 unless the liquidity adjustment constitutes a significant price impact, in which case the securities are classified as Level 3. (2) For real estate properties, the significant non-market observable inputs are capitalization rates 2.72 10.75 (2022 – 2.25 9.00 %), 3.00 10.00 2023 (2022 – 3.25 9.50 %) 3.20 14.00 (2022 – 3.30 11.00 %). (3) Other invested assets measured at fair value are held in infrastructure and timber sectors and include fund investments of $27,532 recorded at net asset value. 7.35 15.60 7.15 15.60 (4) Segregated funds net assets are measured at fair value. The Company’s Level 3 segregated funds underlying assets are predominantly investment properties and timberland properties valued as described above. As at December 31, 2022 Total fair value Level 1 Level 2 Level 3 Cash and short-term securities FVOCI $ 12,859 $ – $ 12,859 $ – Other 6,294 6,294 – – Debt securities FVOCI Canadian government and agency 20,279 – 20,279 – U.S. government and agency 22,446 – 22,446 – Other government and agency 26,314 – 26,305 9 Corporate 126,371 – 126,339 32 Residential mortgage-backed securities 7 – 7 – Commercial mortgage-backed securities 589 – 589 – Other asset-backed securities 1,670 – 1,644 26 FVTPL Canadian government and agency 987 – 987 – U.S. government and agency 1,378 – 1,378 – Other government and agency 159 – 159 – Corporate 2,209 – 2,209 – Commercial mortgage-backed securities 6 – 6 – Other asset-backed securities 16 – 16 – Private placements (1) FVOCI 41,494 – 33,666 7,828 FVTPL 516 – 485 31 Mortgages FVOCI 28,621 – – 28,621 FVTPL 1,138 – – 1,138 Public equities FVTPL 23,519 23,448 – 71 Real estate (2) Investment property 11,417 – – 11,417 Own use property 2,682 – – 2,682 Other invested assets (3) 31,095 26 – 31,069 Segregated funds net assets (4) 348,562 314,436 30,141 3,985 Total $ 710,628 $ 344,204 $ 279,515 $ 86,909 Note: For footnotes (1) to (4), refer to the “Fair value measurement” table as at December 31, 2023 above. The following table presents fair value of invested assets not measured at fair value As at December 31, 2023 Carrying value Total fair value Level 1 Level 2 Level 3 Short-term securities $ 1 $ 1 $ – $ 1 $ – Mortgages (1) 22,893 22,782 – – 22,782 Loans to Bank clients (2) 2,436 2,411 – 2,411 – Real estate – own use property (3) 161 286 – – 286 Public bonds held at amortized cost 1,372 998 – 998 – Other invested assets (4) 12,027 12,906 240 – 12,666 Total invested assets disclosed at fair value $ 38,890 $ 39,384 $ 240 $ 3,410 $ 35,734 As at December 31, 2022 Carrying value Total fair value Level 1 Level 2 Level 3 Mortgages (1) $ 22,006 $ 21,613 $ – $ – $ 21,613 Loans to Bank clients (2) 2,781 2,760 – 2,760 – Real estate – own use property (3) 170 326 – – 326 Public bonds held at amortized cost 1,411 1,000 – 1,000 – Other invested assets(4) 11,708 12,473 72 – 12,401 Total invested assets disclosed at fair value $ 38,076 $ 38,172 $ 72 $ 3,760 $ 34,340 (1) Fair value of commercial mortgages is determined through an internal valuation methodology using both observable and non-market observable inputs. Non-market observable inputs include credit assumptions and liquidity spread adjustments. Fair value of fixed-rate residential mortgages is determined using the discounted cash flow method. Inputs used for valuation are primarily comprised of prevailing interest rates and prepayment rates, if applicable. Fair value of variable-rate residential mortgages is assumed to be their carrying value. (2) Fair value of fixed-rate loans to Bank clients is determined using the discounted cash flow method. Inputs used for valuation are primarily comprised of current interest rates. Fair value of variable-rate loans is assumed to be their carrying value. (3) Fair value of own use real estate and the fair value hierarchy are determined in accordance with the methodologies described for real estate – investment property in note 1(e). (4) Primarily includes leveraged leases of $3,790 (2022 – $3,840 ), 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 energy properties is determined using external appraisals based on discounted cash flow methodology. Inputs used in valuation are primarily comprised of forecasted price curves, planned production, as well as capital expenditures, and operating costs. Fair value of equity method accounted other invested assets is determined using a variety of valuation techniques including discounted cash flows and market comparable approaches. Inputs vary based on the specific investment. Transfers between Level 1 and Level 2 The Company records transfers of assets and liabilities between Level 1 and Level 2 at their fair values as at the end of each reporting period, consistent with the date of the determination of fair value. Assets are transferred out of Level 1 when they are no longer transacted with sufficient frequency and volume in an active market. Conversely, assets are transferred from Level 2 to Level 1 when transaction volume and frequency are indicative of an active market. During the year ended December 31, 2023, the Company had $nil of transfers between Level 1 and Level 2 (2022 – $nil). For segregated funds net assets, during the year ended December 31, 2023, the Company had $nil transfers from Level 1 to Level 2 (2022 – $nil). During the year ended December 31, 2023, the Company had $nil transfers from Level 2 to Level 1 (2022 – $nil). Invested assets and segregated funds net assets measured at fair value using significant non-market observable inputs (Level 3) The Company classifies fair values of invested assets and segregated funds net assets as Level 3 if there are no observable markets for these assets or, in the absence of active markets, significant non-market observable inputs are used to determine fair value. The Company prioritizes the use of market-based inputs over non-market observable inputs in determining Level 3 fair values. The gains and losses in the table below include the changes in fair value due to both observable and non-market observable factors. The following table presents the movement in invested assets, net derivatives and segregated funds net assets measured at fair value using significant non-market observable inputs (Level 3) for the year ended December 31, 2023 and 2022. For the year ended December 31, 2023 Balance, Total (1) Total (2) Purchases Sales Settlements Transfer in (3) Transfer out (3),(4) Currency Balance, Change in Debt instruments FVOCI Other government & agency $ 9 $ – $ – $ 2 $ – $ – $ – $ – $ (1 ) $ 10 $ – Corporate 32 – 3 178 – (7 ) 25 – – 231 – Other securitized assets 26 – 1 – – (5 ) – – (1 ) 21 – Public equities FVTPL 71 – – 37 – – – (67 ) – 41 – Private placements FVOCI 7,828 (4 ) 258 1,942 (497 ) (1,172 ) 2,546 (2,907 ) (312 ) 7,682 – FVTPL 31 44 – 17 – (1 ) 34 (47 ) 1 79 44 Mortgages FVOCI 28,621 65 830 1,984 (1,626 ) (856 ) – – (545 ) 28,473 – FVTPL 1,138 37 – 160 (239 ) (39 ) – – (2 ) 1,055 – Investment property 11,417 (1,054 ) – 416 (122 ) – – – (199 ) 10,458 (1,055 ) Own use property 2,682 (234 ) – 20 – – – – (38 ) 2,430 (234 ) Other invested assets 31,069 423 7 4,760 (522 ) (1,219 ) – (68 ) (865 ) 33,585 647 Total invested assets 82,924 (723 ) 1,099 9,516 (3,006 ) (3,299 ) 2,605 (3,089 ) (1,962 ) 84,065 (598 ) Derivatives, net (3,188 ) (144 ) – – – 960 – 165 41 (2,166 ) 17 Segregated funds net assets 3,985 (97 ) – 110 (466 ) 24 – (15 ) (49 ) 3,492 32 Total $ 83,721 $ (964 ) $ 1,099 $ 9,626 $ (3,472 ) $ (2,315 ) $ 2,605 $ (2,939 ) $ (1,970 ) $ 85,391 $ (549 ) (1) These amounts are included in net investment income on the Consolidated Statements of Income except for the amount related to segregated funds net assets, where the amount is recorded in Investment income related to segregated funds net assets. Refer to notes 1 (h) and 23. (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. (4) Private placement bonds of $1,771 with maturity dates beyond 30 years were reclassed from Level 3 to Level 2 in the current period to align with the fair value leveling treatment of public bonds. For the year ended December 31, 2022 Balance, Total gains (1) Total gains (2) Purchases Sales Settlements Transfer in (3) Transfer out (3) Currency Balance, Change in Debt instruments FVOCI Other government & agency $ – $ – $ – $ – $ – $ – $ 9 $ – $ – $ 9 $ – Corporate 41 – (1 ) 27 – (1 ) 6 (42 ) 2 32 – Other securitized assets 28 – 2 – – (4 ) – – – 26 – Public equities FVTPL – (6 ) – 69 (84 ) – 87 – 5 71 (13 ) Private placements FVOCI 5,136 (9 ) (1,453 ) 1,697 (89 ) (188 ) 2,876 (362 ) 220 7,828 – FVTPL 30 (7 ) – – – (1 ) 9 – – 31 (7 ) Mortgages FVOCI 31,798 (76 ) (4,692 ) 3,511 (2,411 ) (757 ) – – 1,248 28,621 – FVTPL 1,203 (117 ) – 110 (22 ) (38 ) – – 2 1,138 – Investment property 11,443 (443 ) – 312 (237 ) – 17 – 325 11,417 (445 ) Own use property 2,661 (120 ) – 20 – – (15 ) – 136 2,682 (120 ) Other invested assets 24,884 1,934 5 4,938 (668 ) (1,519 ) 248 – 1,247 31,069 2,057 Total invested assets 77,224 1,156 (6,139 ) 10,684 (3,511 ) (2,508 ) 3,237 (404 ) 3,185 82,924 1,472 Derivatives, net 2,101 (5,429 ) (7 ) (109 ) – 775 – (356 ) (163 ) (3,188 ) (3,527 ) Segregated funds net assets 4,281 475 – 246 (1,113 ) (46 ) – (1 ) 143 3,985 79 Total $ 83,606 $ (3,798 ) $ (6,146 ) $ 10,821 $ (4,624 ) $ (1,779 ) $ 3,237 $ (761 ) $ 3,165 $ 83,721 $ (1,976 ) Note: For footnotes (1) to (4), refer to the “Invested assets and segregated funds net assets measured at fair value using significant non-market observable inputs (Level 3)” table for the year ended December 31, 2023 above. Transfers into Level 3 primarily result from securities that were impaired during the periods 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 becoming available for the entire term structure of the debt security. (h) Remaining term to maturity The following table presents remaining term to maturity for invested assets. Remaining terms to maturities (1) As at December 31, 2023 Less than 1 to 3 3 to 5 5 to 10 Over 10 With no Total Cash and short-term securities $ 20,338 $ – $ – $ – $ – $ – $ 20,338 Debt securities Canadian government and agency 657 1,435 1,580 3,656 13,660 – 20,988 U.S. government and agency 297 725 744 4,504 22,208 – 28,478 Other government and agency 412 1,052 1,892 3,864 23,446 – 30,666 Corporate 8,475 15,512 18,548 33,361 54,100 50 130,046 Mortgage / asset-backed securities 106 153 279 556 877 – 1,971 Public equities – – – – – 25,531 25,531 Mortgages 3,363 12,076 10,181 7,690 9,644 9,467 52,421 Private placements 1,418 3,486 4,704 9,137 26,790 71 45,606 Loans to Bank clients 39 23 1 – – 2,373 2,436 Real estate Own use property – – – – – 2,591 2,591 Investment property – – – – – 10,458 10,458 Other invested assets Alternative long-duration assets – 67 22 82 732 40,531 41,434 Various other (2) – – 19 1,528 2,242 457 4,246 Total invested assets $ 35,105 $ 34,529 $ 37,970 $ 64,378 $ 153,699 $ 91,529 $ 417,210 (1) Represents contractual maturities. Actual maturities may differ due to prepayment privileges in the applicable contract. (2) Primarily includes equity method accounted investments and leveraged leases. Remaining terms to maturities (1) As at December 31, 2022 Less than 1 to 3 3 to 5 5 to 10 Over 10 With no Total Cash and short-term securities $ 19,153 $ – $ – $ – $ – $ – $ 19,153 Debt securities Canadian government and agency 738 1,242 2,536 3,811 12,939 – 21,266 U.S. government and agency 380 775 505 3,560 19,516 – 24,736 Other government and agency 457 753 1,490 3,801 19,972 – 26,473 Corporate 8,599 14,542 16,767 36,778 52,392 1 129,079 Mortgage / asset-backed securities 6 89 265 574 1,354 – 2,288 Public equities – – – – – 23,519 23,519 Mortgages 3,288 7,838 10,911 7,906 11,629 10,193 51,765 Private placements 1,485 2,962 4,090 7,958 25,440 75 42,010 Loans to Bank clients 40 18 5 – 2 2,716 2,781 Real estate Own use property – – – – – 2,852 2,852 Investment property – – – – – 11,417 11,417 Other invested assets Alternative long-duration assets 1 46 22 35 674 37,682 38,460 Various other (2) 105 – 19 509 3,206 504 4,343 Total invested assets $ 34,252 $ 28,265 $ 36,610 $ 64,932 $ 147,124 $ 88,959 $ 400,142 Note: For footnotes (1) to (2), refer to the “Remaining term to maturity” table as at December 31, 2023 above. |
Derivative and Hedging Instrume
Derivative and Hedging Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Derivative and Hedging Instruments | Note 5 Derivative and Hedging Instruments Derivatives are financial contracts, the value of which is derived from a variety of factors described in note 5 Swaps are contractual agreements between the Company and a third-party to exchange a series of cash flows based upon rates applied to a notional amount. For interest rate swaps, counterparties generally exchange fixed or floating interest rate payments based on a notional value in a single currency. Cross currency swaps involve the exchange of principal amounts between parties as well as the exchange of interest payments in one currency for the receipt of interest payments in another currency. Total return swaps are contracts that involve the exchange of payments based on changes in the values of a reference asset, including any returns such as interest earned on these assets, in return for amounts based on reference rates specified in the contract. Forward and futures agreements are contractual obligations to buy or sell a financial instrument, foreign currency or other underlying commodity on a predetermined future date at a specified price. Forward contracts are OTC contracts negotiated between counterparties, whereas futures agreements are contracts with standard amounts and settlement dates that are traded on regulated exchanges. Options are contractual agreements whereby the holder has the right, but not the obligation, to buy (call option) or sell (put option) a security, exchange rate, interest rate, or other financial instrument at a predetermined price/rate within a specified time. See variable annuity dynamic hedging strategy in note 9 (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 derivatives are based on market standard valuation methodologies and the inputs to these models are consistent with what a market participant would use when pricing the instruments. Derivative valuations can be affected by changes in interest rates, foreign exchange rates, financial indices, commodity prices or indices, credit spreads, default risk (including the counterparties to the contract), and market volatility. The significant inputs to the pricing models for most derivatives are inputs that are observable or can be corroborated by observable market data and are classified as Level 2. Inputs that are observable generally include interest rates, foreign exchange rates and interest rate curves. However, certain derivatives may rely on inputs that are significant to the fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data and these derivatives are classified as Level 3. 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 non-market observable inputs may involve significant management judgment or estimation. Even though non-market observable, these inputs are based on assumptions deemed appropriate given the circumstances and consistent with what market participants would use when pricing such instruments. The credit risk of both the counterparty and the Company are considered in determining the fair value for all derivatives after considering the effects of netting agreements and collateral arrangements. The following table presents gross notional amount and fair value of derivative instruments by the underlying risk exposure. As at December 31, 2023 2022 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 $ 184,309 $ 2,627 $ 3,044 $ – $ – $ – Foreign currency swaps 9,055 78 1,518 48 5 – Forward contracts 23,461 165 2,672 – – – Cash flow hedges Interest rate swaps 8,372 20 48 – – – Foreign currency swaps 1,150 35 181 1,155 40 203 Forward contracts – – – – – – Equity contracts 240 3 – 173 3 – Net investment hedges Forward contracts 654 – 16 626 – 28 Total derivatives in qualifying hedge accounting relationships 227,241 2,928 7,479 2,002 48 231 Derivatives not designated in qualifying hedge accounting relationships Interest rate swaps 103,806 2,361 3,098 268,081 5,751 7,557 Interest rate futures 9,449 – – 11,772 – – Interest rate options 5,841 33 – 6,090 98 – Foreign currency swaps 33,148 1,873 398 39,667 2,029 1,579 Currency rate futures 2,581 – – 2,319 – – Forward contracts 34,080 769 597 45,124 295 4,697 Equity contracts 19,760 579 115 16,930 363 225 Credit default swaps 131 3 – 159 4 – Equity futures 4,040 – – 3,813 – – Total derivatives not designated in qualifying hedge accounting relationships 212,836 5,618 4,208 393,955 8,540 14,058 Total derivatives $ 440,077 $ 8,546 $ 11,687 $ 395,957 $ 8,588 $ 14,289 The total notional amount above includes $ 79 211 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 9 (g)). Remaining term to maturity As at December 31, 2023 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total Derivative assets $ 1,189 $ 603 $ 573 $ 6,181 $ 8,546 Derivative liabilities 1,561 1,982 717 7,427 11,687 Remaining term to maturity As at December 31, 2022 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total Derivative assets $ 580 $ 556 $ 556 $ 6,896 $ 8,588 Derivative liabilities 2,656 1,956 1,146 8,531 14,289 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 requirement (2) As at December 31, 2023 Under 1 to 5 years Over 5 years Total Positive Negative Net Credit amount (1) Interest rate contracts OTC swap contracts $ 4,645 $ 20,923 $ 106,445 $ 132,013 $ 5,295 $ (6,850 ) $ (1,555 ) $ 300 $ 7 Cleared swap contracts 4,634 33,082 126,758 164,474 220 (180 ) 40 – – Forward contracts 17,809 16,182 – 33,991 771 (2,986 ) (2,215 ) – – Futures 9,449 – – 9,449 – – – – – Options purchased 795 1,362 3,684 5,841 33 – 33 8 – Subtotal 37,332 71,549 236,887 345,768 6,319 (10,016 ) (3,697 ) 308 7 Foreign exchange Swap contracts 2,110 11,782 29,461 43,353 1,978 (2,179 ) (201 ) 1,087 19 Forward contracts 24,204 – – 24,204 163 (299 ) (136 ) 19 – Futures 2,581 – – 2,581 – – – – – Subtotal 28,895 11,782 29,461 70,138 2,141 (2,478 ) (337 ) 1,106 19 Credit derivatives 14 117 – 131 4 – 4 – – Equity contracts Swap contracts 1,452 723 – 2,175 18 (78 ) (60 ) 32 – Futures 4,040 – – 4,040 – – – – – Options purchased 14,830 2,995 – 17,825 562 (28 ) 534 215 2 Subtotal 20,336 3,835 – 24,171 584 (106 ) 478 247 2 Subtotal including accrued interest 86,563 87,166 266,348 440,077 9,044 (12,600 ) (3,556 ) 1,661 28 Less accrued interest – – – – 498 (913 ) (415 ) – – Total $ 86,563 $ 87,166 $ 266,348 $ 440,077 $ 8,546 $ (11,687 ) $ (3,141 ) $ 1,661 $ 28 Remaining term to maturity (notional amounts) Fair value Capital requirement (2) As at December 31, 2022 Under 1 to 5 years Over 5 years Total Positive Negative Net Credit amount (1) Interest rate contracts OTC swap contracts $ 8,817 $ 19,253 $ 98,380 $ 126,450 $ 5,992 $ (8,135 ) $ (2,143 ) $ 419 $ 9 Cleared swap contracts 2,494 16,823 122,314 141,631 254 (219 ) 35 – – Forward contracts 14,290 13,926 198 28,414 70 (4,468 ) (4,398 ) 8 – Futures 11,772 – – 11,772 – – – – – Options purchased 1,199 1,069 3,822 6,090 98 – 98 64 4 Subtotal 38,572 51,071 224,714 314,357 6,414 (12,822 ) (6,408 ) 491 13 Foreign exchange Swap contracts 2,026 10,475 28,369 40,870 2,067 (1,846 ) 221 1,166 23 Forward contracts 17,336 – – 17,336 226 (258 ) (32 ) 89 – Futures 2,319 – – 2,319 – – – – – Subtotal 21,681 10,475 28,369 60,525 2,293 (2,104 ) 189 1,255 23 Credit derivatives 15 144 – 159 4 – 4 – – Equity contracts Swap contracts 547 396 – 943 26 (7 ) 19 24 – Futures 3,813 – – 3,813 – – – – – Options purchased 12,634 3,526 – 16,160 335 (218 ) 117 232 2 Subtotal 17,009 4,066 – 21,075 365 (225 ) 140 256 2 Subtotal including accrued interest 77,262 65,612 253,083 395,957 9,072 (15,151 ) (6,079 ) 2,002 38 Less accrued interest – – – – 484 (862 ) (378 ) – – Total $ 77,262 $ 65,612 $ 253,083 $ 395,957 $ 8,588 $ (14,289 ) $ (5,701 ) $ 2,002 $ 38 (1) Credit equivalent amount is the sum of replacement cost and the potential future credit exposure less any collateral held. Replacement cost represents the current cost of replacing all contracts with a positive fair value. The amounts take into consideration legal contracts that permit offsetting of positions. The potential future credit exposure is calculated based on a formula prescribed by the Office of the Superintendent of Financial Institutions (“OSFI”). (2) Capital requirement represents the credit equivalent amount, weighted according to the creditworthiness of the counterparty, as prescribed by OSFI. The total notional amount of $440 billion (2022 – $396 billion) includes $82 billion (2022 – $77 billion) related to derivatives utilized in the Company’s variable annuity guarantee dynamic hedging. Due to the Company’s variable annuity hedging practices, many trades are in offsetting positions, resulting in materially lower net fair value exposure for the Company than what the gross notional amount would suggest. The following table presents the average rate of the hedging instruments in hedge relationships that do not frequently reset: As at December 31, 2023 Remaining term to maturity Fair value Hedged item Hedging instrument Average rate Under 1 to 5 Over Total Positive Negative Net Inflation risk Inflation linked insurance liabilities Interest rate swaps CPI rate: 290.13 $ 87 $ 459 $ 7,826 $ 8,372 $ 20 $ (48 ) $ (28 ) Foreign exchange risk Fixed rate liabilities Foreign currency swaps SGD/CAD: 0.93503 500 – – 500 35 – 35 Foreign exchange and interest rate risk Floating rate foreign currency liabilities Foreign currency swaps CAD/USD: 0.86655 – – 650 650 – (181 ) (181 ) Debt securities at fair value through OCI Foreign currency swaps CAD/USD: 1.22914 – 46 – 46 5 – 5 Equity risk Stock-based compensation Equity contracts MFC price: $26.28 11 229 – 240 3 – 3 Total $ 598 $ 734 $ 8,476 $ 9,808 $ 63 $ (229 ) $ (166 ) As at December 31, 2022 Remaining term to maturity Fair value Hedged item Hedging instrument Average rate Under 1 to 5 Over Total Positive Negative Net Foreign exchange risk Fixed rate liabilities Foreign currency swaps SGD/CAD: 0.93503 $ – $ 505 $ – $ 505 $ 40 $ – $ 40 Foreign exchange and interest rate risk Floating rate foreign currency liabilities Foreign currency swaps CAD/USD: 0.86655 – – 650 650 – (203 ) (203 ) Debt securities at fair value through OCI Foreign currency swaps CAD/USD: 1.22914 – 48 – 48 5 – 5 Equity risk Stock-based compensation Equity contracts MFC price: $25.39 9 164 – 173 3 – 3 Total $ 9 $ 717 $ 650 $ 1,376 $ 48 $ (203 ) $ (155 ) Fair value and the fair value hierarchy of derivative instruments As at December 31, 2023 Fair value Level 1 Level 2 Level 3 Derivative assets Interest rate contracts $ 5,813 $ – $ 5,262 $ 551 Foreign exchange contracts 2,148 – 2,148 – Equity contracts 582 – 572 10 Credit default swaps 3 – 3 – Total derivative assets $ 8,546 $ – $ 7,985 $ 561 Derivative liabilities Interest rate contracts $ 9,176 $ – $ 6,451 $ 2,725 Foreign exchange contracts 2,396 – 2,395 1 Equity contracts 115 – 114 1 Total derivative liabilities $ 11,687 $ – $ 8,960 $ 2,727 As at December 31, 2022 Fair value Level 1 Level 2 Level 3 Derivative assets Interest rate contracts $ 5,919 $ – $ 5,766 $ 153 Foreign exchange contracts 2,299 – 2,298 1 Equity contracts 366 – 361 5 Credit default swaps 4 – 4 – Total derivative assets $ 8,588 $ – $ 8,429 $ 159 Derivative liabilities Interest rate contracts $ 12,025 $ – $ 8,689 $ 3,336 Foreign exchange contracts 2,039 – 2,037 2 Equity contracts 225 – 216 9 Total derivative liabilities $ 14,289 $ – $ 10,942 $ 3,347 Movement in net derivatives measured at fair value using significant non-market observable inputs (Level 3) is presented in note 4 (b) Hedging relationships The Company uses derivatives for economic hedging purposes. In certain circumstances, these derivatives meet the requirements of hedge accounting and designating them in qualifying hedge accounting relationships achieves the desired IFRS presentation. Risk management strategies eligible for hedge accounting are designated as fair value hedges, cash flow hedges or net investment hedges. At the inception of a hedge accounting relationship, the Company documents the relationship between hedging instrument and hedged item, its risk management objective, and its strategy for undertaking the hedge. At hedge inception and on an ongoing basis, an assessment is performed and documented to demonstrate that the hedging relationship qualifies or continues to qualify for hedge accounting. In order to qualify for hedge accounting, there has to be an economic relationship between the hedging instrument and the hedged item, an assessment that the effect of credit risk does not dominate the economic relationship, and the hedge ratio between the hedging instrument and the hedged item will be based on the approach used by risk management, unless the hedge ratio used by risk management results in an imbalance that would create hedge ineffectiveness that is inconsistent with the purpose of hedge accounting. • The Company designates a specific risk component or a combination of risk components as the hedged risk, including benchmark interest rate, foreign exchange rate, equity price and consumer price index components. All these risk components are observable in the relevant market environment and the changes in fair value or variability in cash flows attributable to these risk components can be reliably measured for hedged items. The hedged risk is generally the most significant risk component of the overall changes in fair value or in cash flows. The Company acquires derivatives for economic hedging purposes with underlying characteristics that offset the hedged risk based on the risk management strategy. • The Company executes hedging derivatives with counterparties with high credit quality and monitors the creditworthiness of the counterparties to ensure they are expected to meet cash flow obligations on the hedging instruments as they come due, and that the probability of counterparty default is remote. Further, changes in the Company’s own credit risk are immaterial and have insignificant impact to the hedging relationships. • A hedge ratio is calculated as the ratio between the quantity of the hedged item that the Company hedges and the quantity of the hedging instrument the Company uses to hedge that quantity of hedged item. ¡ For group fair value hedges of interest rate risk of insurance liabilities and group fair value hedges of foreign exchange and interest rate risk of foreign currency denominated debt instruments, the Company constructs the hedge relationship by comparing interest rate sensitivities of the group of hedging derivatives and the group of hedged items in the same currency. Interest rate sensitivities are compared by estimating the change in the present value of cash flows of hedged items and of hedging derivatives from an instantaneous shock to interest rates, assuming no rebalancing actions are undertaken. ¡ For the rest of the Company’s hedge accounting relationships, the Company generally constructs the hedge relationships by comparing the notional amounts of the hedging derivatives with that of the hedged items. Hedge ineffectiveness in various hedging relationships may still exist and potential sources of hedge ineffectiveness by risk category are summarized as below: Interest Foreign Equity Consumer Mismatches in some critical terms of hedging instrument and hedged item ✓ ✓ ✓ ✓ Differences in valuation methodologies including discounting factor ✓ ✓ ✓ Changes in timing and amount of forecasted hedged items ✓ ✓ Differences due to the use of non-zero fair value hedging instruments ✓ ✓ Hedging relationships that frequently reset The Company uses a portfolio of derivatives as a fair value hedge of foreign exchange rate and interest rate fluctuations of fixed rate debt instruments denominated in non-functional currencies, as well as interest rate fluctuations of guaranteed insurance liabilities. The risk management objective is to hedge these foreign exchange and interest rate fluctuations with a hedge horizon of three months. At the end of each hedge horizon, the hedging relationships mature; and new fair value hedging relationships are designated with a newly designated pool of hedging instruments and hedged items. Fair value hedges The Company uses interest rate swaps to manage its exposure to changes in the fair value of fixed rate financial instruments and guaranteed insurance liabilities due to changes in interest rates. The Company also uses cross currency swaps to manage its exposure to foreign exchange rate fluctuations, interest rate fluctuations, or both. The Company recognizes gains and losses on derivatives and the related hedged items in fair value hedges in total investment result. These investment gains (losses) are shown in the following table. For the year ended December 31, 2023 Change in value Change in value Ineffectiveness Carrying (1) Accumulated fair Accumulated fair Assets Interest rate risk Debt securities at FVOCI $ – $ – $ – $ – $ – $ 241 Foreign currency and interest rate risk Debt securities at FVOCI 742 (778 ) (36 ) 9,191 576 (405 ) Total assets $ 742 $ (778 ) $ (36 ) $ 9,191 $ 576 $ (164 ) Liabilities Interest rate risk Insurance contract liabilities $ (53 ) $ 185 $ 132 $ 29,133 $ (2,658 ) $ 2,642 Total liabilities $ (53 ) $ 185 $ 132 $ 29,133 $ (2,658 ) $ 2,642 For the year ended December 31, 2022 Change in value Change in value Ineffectiveness Carrying Accumulated fair Accumulated fair Assets (2) Interest rate risk Debt securities at FVOCI $ – $ – $ – $ – $ – $ 265 Foreign currency and interest rate risk Debt securities at FVOCI 7 (5 ) 2 31 7 – Total assets $ 7 $ (5 ) $ 2 $ 31 $ 7 $ 265 Total liabilities $ – $ – $ – $ – $ – $ – (1) The carrying amounts for hedged items presented are related to hedged items in active hedging relationships as at the reporting date. Out of the $ 9,191 9,160 , no related to these new hedge relationships 29,133 , no related to these new hedge relationships (2) Represents hedge relationships previously designated under IAS 39. Cash flow hedges The Company uses interest rate swaps to hedge the variability in cash flows from variable rate financial instruments and from forecasted transactions. The Company also uses cross currency swaps and foreign currency forward contracts to hedge the variability from foreign currency financial instruments and foreign currency expenses. Total return swaps are used to hedge the variability in cash flows associated with certain stock-based compensation awards. Inflation swaps are used to reduce inflation risk generated from inflation-indexed liabilities. The effects of derivatives in cash flow hedging relationships on the Consolidated Statements of Income and the Consolidated Statements of Comprehensive Income are shown in the following table. The effective portion of the change in fair value of hedging instruments associated with the Consumer Price Index (“CPI”) cash flow hedge accounting program is presented in AOCI, in the same line as the hedged item – Insurance finance income (expenses). The accumulated other comprehensive income (loss) balances of $(149) as at December 31, 2023 (2022 – $(85)) are all related to continuing cash flow hedges, of which $(85) (December 31, 2022 – $nil) related to CPI cash flow hedges that were reported in AOCI – Insurance finance income (expense s For the year ended December 31, 2023 Hedged items in qualifying cash flow hedging relationships Change in fair Change in fair Gains (losses) Gains (losses) Ineffectiveness Interest rate risk Treasury locks Forecasted liability issuance $ (1 ) $ 1 $ 1 $ – $ – Foreign exchange risk Foreign currency swaps Fixed rate liabilities 10 (10 ) (10 ) (8 ) – Interest and foreign exchange risk Foreign currency swaps Floating rate liabilities (23 ) 23 23 16 – Equity price risk Equity contracts Stock-based compensation (40 ) 40 40 3 – CPI risk Interest rate swaps (1) Inflation linked insurance liabilities 4 (4 ) (4 ) 81 – Total $ (50 ) $ 50 $ 50 $ 92 $ – For the year ended December 31, 2022 Hedged items in qualifying cash flow hedging relationships Change in fair Change in fair Gains (losses) Gains (losses) Ineffectiveness Foreign exchange risk Foreign currency swaps Fixed rate assets $ 1 $ (1 ) $ (1 ) $ (1 ) $ – Fixed rate liabilities (34 ) 34 34 35 – Interest and foreign exchange risk Foreign currency swaps Floating rate liabilities (175 ) 175 175 (49 ) – Equity price risk Equity contracts Stock-based compensation (2 ) 2 2 6 – Total $ (210 ) $ 210 $ 210 $ (9 ) $ – (1) Gains (losses) deferred in AOCI on derivatives are presented in AOCI under Insurance finance income (expense s The Company anticipates that net losses of approximately $17 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 13 years with exception to CPI hedge relationships where the maximum time frame for which variable cash flows are hedged is 29 years. The table below details the balances in the Company’s cash flow hedge reserve. As at December 31, 2023 2022 Balances in the cash flow hedge reserve for continuing hedges $ (149 ) $ (107 ) Balances remaining in the cash flow hedge reserve on de-designated hedges – – Total $ (149 ) $ (107 ) Hedges of net investments in foreign operations The Company uses non-functional currency denominated long-term debt (refer to note 10) and forward currency contracts to mitigate the foreign exchange translation risk of net investments in foreign operations. The effects of net investment hedging relationships on the Consolidated Statements of Income and the Consolidated Statements of Other Comprehensive Income are shown in the following table. For the year ended December 31, 2023 Change in fair value Change in fair Gains (losses) Gains (losses) Ineffectiveness Non-functional currency denominated debt $ (195 ) $ 195 $ 195 $ – $ – Forward currency contracts (1 ) 1 1 – – Total $ (196 ) $ 196 $ 196 $ – $ – For the year ended December 31, 2022 Change in fair value Change in fair Gains (losses) Gains (losses) Ineffectiveness Non-functional currency denominated debt $ 458 $ (458 ) $ (458 ) $ – $ – Forward currency contracts (14 ) 14 14 – – Total $ 444 $ (444 ) $ (444 ) $ – $ – The table below details the balances in the Company’s net investment hedge reserve. As at December 31, 2023 2022 Balances in the foreign currency translation reserve for continuing hedges $ 59 $ (137 ) Balances remaining in the net investment hedge reserve on de-designated hedges – – Total $ 59 $ (137 ) Reconciliation of accumulated other comprehensive income (loss) related to cash flow hedges For the year ended December 31, 2023 Accumulated other Hedging gains Reclassification Accumulated Reclassification Reclassification Interest rate risk $ – $ 1 $ – $ 1 $ – $ – Interest rate and foreign exchange risk (114 ) 23 16 (107 ) – – Foreign exchange translation risk 5 (10 ) (8 ) 3 – – CPI risk – (4 ) 81 (85 ) – – Equity price risk 2 40 3 39 – – Total $ (107 ) $ 50 $ 92 $ (149 ) $ – $ – For the year ended December 31, 2022 Accumulated other Hedging gains Reclassification Accumulated Reclassification Reclassification Interest rate risk $ – $ – $ – $ – $ – $ – Interest rate and foreign exchange risk (313 ) 175 (49 ) (89 ) – – Foreign exchange translation risk 3 33 34 2 – – CPI risk – – – – – – Equity price risk 6 2 6 2 – – Total $ (304 ) $ 210 $ (9 ) $ (85 ) $ – $ – Reconciliation of accumulated other comprehensive income (loss) related to net investment hedges For the year ended December 31, 2023 Accumulated other Hedging gains Reclassification Accumulated Reclassification Reclassification Foreign exchange translation risk $ (137 ) $ 196 $ – $ 59 $ – $ – For the year ended December 31, 2022 Accumulated other Hedging gains Reclassification Accumulated Reclassification Reclassification Foreign exchange translation risk $ 307 $ (444 ) $ – $ (137 ) $ – $ – Cost of hedging The Company has elected to apply IFRS 9’s cost of hedging guidance retrospectively for certain hedging relationships existing on January 1, 2023. The excluded components from hedging relationships related to forward elements and foreign currency basis spreads are presented in AOCI as cost of hedging. The following table provides details of the movement in the cost of hedging by hedged risk category. For the year ended Foreign exchange risk Balance, beginning of year $ (3 ) Changes in fair value 5 Amount reclassified to profit or loss 2 Balance, end of year $ – Foreign exchange and interest rate risk Balance, beginning of year $ 25 Changes in fair value (8 ) Amount reclassified to profit or loss (1 ) Balance, end of year $ 18 (c) Derivatives not designated in qualifying hedge accounting relationships The Company uses derivatives to economically hedge various financial risks, however, not all derivatives qualify for hedge accounting and in some cases, the Company has not elected to apply hedge accounting. As noted above, upon adoption of IFRS 9, the Company has prospectively designated additional existing derivatives in hedge accounting relationships. Below are the investment income impacts of derivatives not designated in qualifying hedge accounting relationships. Investment income (loss) on derivatives not designated in qualifying hedge accounting relationships For the years ended December 31, 2023 2022 Interest rate swaps $ 667 $ (3,428 ) Interest rate futures 57 (431 ) Interest rate options (13 ) (258 ) Foreign currency swaps (4 ) 1,171 Currency rate futures (22 ) (103 ) Forward contracts 612 (7,561 ) Equity futures (449 ) 794 Equity contracts 325 (818 ) Total $ 1,173 $ (10,634 ) (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. Claims recovered under reinsurance ceded contracts offset claims expenses and claims paid on the reinsurance assumed December 31, 2023, reinsurance ceded guaranteed minimum income benefits had a fair value of $402 (2022 – $535) and reinsurance assumed guaranteed minimum income benefits had a fair value of $46 (2022 – $58). 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 and investment contract. As at December 31, 2023, these embedded derivative liabilities had a fair value of Other insurance contract features which are classified as embedded derivatives but are exempt from separate measurement at fair value include variable universal life and variable life products’ minimum guaranteed credited rates, no lapse guarantees, guaranteed annuitization options, 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, 2023 | |
Text block [abstract] | |
Goodwill and Intangible Assets | Note 6 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. For the year ended December 31, 2023 Balance, Net additions/ Amortization Effect of changes Balance, Goodwill $ 6,014 $ – $ n/a $ (95 ) $ 5,919 Indefinite life intangible assets Brand 813 – n/a (22 ) 791 Fund management contracts and other (1) 1,048 – n/a (14 ) 1,034 1,861 – n/a (36 ) 1,825 Finite life intangible assets (2) Distribution networks 881 31 (53 ) (25 ) 834 Customer relationships 643 (4 ) (53 ) (4 ) 582 Software 1,068 274 (217 ) (23 ) 1,102 Other 52 11 (5 ) (10 ) 48 2,644 312 (328 ) (62 ) 2,566 Total intangible assets 4,505 312 (328 ) (98 ) 4,391 Total goodwill and intangible assets $ 10,519 $ 312 $ (328 ) $ (193 ) $ 10,310 For the year ended December 31, 2022 Balance, Net additions/ (3),(4) Amortization Effect of changes Balance, Goodwill $ 5,651 $ 255 $ n/a $ 108 $ 6,014 Indefinite life intangible assets Brand 761 – n/a 52 813 Fund management contracts and other (1) 788 228 n/a 32 1,048 1,549 228 n/a 84 1,861 Finite life intangible assets (2) Distribution networks 888 6 (47 ) 34 881 Customer relationships 687 – (56 ) 12 643 Software 1,091 192 (235 ) 20 1,068 Other 49 7 (6 ) 2 52 2,715 205 (344 ) 68 2,644 Total intangible assets 4,264 433 (344 ) 152 4,505 Total goodwill and intangible assets $ 9,915 $ 688 $ (344 ) $ 260 $ 10,519 (1) Fund management contracts are mostly allocated to Canada WAM and U.S. WAM CGUs with carrying values of $ 273 273 386 397 (2) Gross carrying amount of finite life intangible assets was $ 2,955 1,511 1,136 138 2,736 1,517 1,146 136 (3) In November 2022, the Company acquired control of Manulife Fund Management Co., Ltd., formerly known as Manulife TEDA Fund Management Co., Ltd, through the purchase of the remaining 51 334 321 , included in Other, (4) In January 2022, the Company paid $ 256 (b) Goodwill impairment testing The Company completed its annual goodwill impairment testing in the fourth quarter of 2023 by determining the recoverable amounts of its businesses using valuation techniques discussed below (refer to notes 1 (f) and 6 (c)). The testing indicated that there was no impairment of goodwill in 2023 (2022 – $nil). The following tables present the carrying value of goodwill by CGU or group of CGUs. For the year ended December 31, 2023 CGU or group of CGUs Balance, Net additions/ Effect of Balance, Asia Asia Insurance (excluding Japan) $ 162 $ – $ (3 ) $ 159 Japan Insurance 360 – (32 ) 328 Canada Insurance 1,960 – (2 ) 1,958 U.S. Insurance 360 – (10 ) 350 Global Wealth and Asset Management Asia WAM 450 – (12 ) 438 Canada WAM 1,436 – – 1,436 U.S. WAM 1,286 – (36 ) 1,250 Total $ 6,014 $ – $ (95 ) $ 5,919 For the year ended December 31, 2022 CGU or group of CGUs Balance, Net additions/ Effect of Balance, Asia Asia Insurance (excluding Japan) $ 152 $ – $ 10 $ 162 Japan Insurance 386 – (26 ) 360 Canada Insurance 1,955 – 5 1,960 U.S. Insurance 336 – 24 360 Global Wealth and Asset Management Asia WAM 183 255 12 450 Canada WAM 1,436 – – 1,436 U.S. WAM 1,203 – 83 1,286 Total $ 5,651 $ 255 $ 108 $ 6,014 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 (“VIU”) was used. Under the FVLCS approach, the Company determines the fair value of the CGU or group of CGUs using an earnings-based approach which incorporates forecasted earnings, excluding interest and equity market impacts and normalized new business expenses multiplied by an earnings-multiple derived from the observable price-to-earnings multiples of comparable financial institutions. The price-to-earnings multiple used by the Company for testing ranged from 4.4 to Under the VIU approach, used for CGUs with insurance business, an embedded appraisal value is determined from a projection of future distributable earnings derived from both the in-force business and new business expected to be sold in the future, and therefore, reflects the economic value for each CGU’s or group of CGUs’ profit potential under a set of assumptions. This approach requires assumptions including sales and revenue growth rates, capital requirements, interest rates, equity returns, mortality, morbidity, policyholder behaviour, tax rates and discount rates. For non-insurance CGUs, the VIU is based on discounted cash flow analysis which incorporates relevant aspects of the embedded appraisal value approach. (d) Significant assumptions To calculate an insurance appraisal value, the Company discounted projected earnings from in-force contracts and valued 20 years of new business growing at expected plan levels, consistent with the periods used for forecasting long-term businesses such as insurance. In arriving at its projections, the Company considered past experience, economic trends such as interest rates, equity returns and product mix as well as industry and market trends. Where growth rate assumptions for new business cash flows were used in the embedded appraisal value calculations, they ranged from nine Interest rate assumptions are based on prevailing market rates at the valuation date. Tax were (2022 – per cent, respectively). Tax assumptions are sensitive to changes in tax laws as well as assumptions about the jurisdictions in which profits are earned. It is possible that effective tax rates could differ from those assumed. Discount rates assumed in determining the value-in-use for applicable CGUs or group of CGUs ranged from 10.0 per cent to 13.0 per cent on an after-tax basis or 12.5 per cent to 16.3 per cent on a pre-tax basis (2022 – 10.0 per cent to 12.0 per cent on an after-tax basis or 12.5 per cent to 15.0 per cent on a pre-tax basis). Key assumptions may change as economic and market conditions change, which may lead to impairment charges in the future. Adverse changes in discount rates (including from changes in interest rates) and growth rate assumptions for new business cash flow projections used in the determination of embedded appraisal values or reductions in market-based earnings multiples calculations may result in impairment charges in the future which could be material. |
Insurance and Reinsurance Contr
Insurance and Reinsurance Contract Assets and Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
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Insurance and Reinsurance Contract Assets and Liabilities | Note 7 Insurance and Reinsurance Contract Assets and Liabilities (a) Composition Portfolio of insurance contracts that are assets and those that are liabilities, and portfolios of reinsurance contracts that are assets and those that are liabilities, are presented separately in the Consolidated Statements of Financial Position. The components of net insurance and reinsurance contract liabilities are shown below. The composition of insurance contract assets and liabilities, and reinsurance contract held assets and liabilities by the reporting segment is as follows. Insurance contract asset and liabilities As at December 31, 2023 2022 Insurance Insurance liabilities Insurance Net Insurance Insurance liabilities Insurance liabilities for Net Asia $ (108 ) $ 131,729 $ 22,696 $ 154,317 $ (527 ) $ 121,105 $ 21,005 $ 141,583 Canada (33 ) 80,169 36,085 116,221 (81 ) 74,876 35,695 110,490 U.S. – 157,699 55,362 213,061 (56 ) 159,501 53,516 212,961 Corporate and Other (4 ) (781 ) – (785 ) – 163 – 163 Insurance contract balances (145 ) 368,816 114,143 482,814 (664 ) 355,645 110,216 465,197 Assets for insurance acquisition cash flows – (820 ) – (820 ) (9 ) (796 ) – (805 ) Total $ (145 ) $ 367,996 $ 114,143 $ 481,994 $ (673 ) $ 354,849 $ 110,216 $ 464,392 Reinsurance contract held asset and liabilities 2023 2022 As at December 31, Assets Liabilities Net Assets Liabilities Net Asia $ 3,540 $ (1,909 ) $ 1,631 $ 3,306 $ (1,462 ) $ 1,844 Canada 1,922 (913 ) 1,009 1,756 (911 ) 845 U.S. 37,437 (14 ) 37,423 40,384 (18 ) 40,366 Corporate and Other (248 ) 5 (243 ) 425 – 425 Total $ 42,651 $ (2,831 ) $ 39,820 $ 45,871 $ (2,391 ) $ 43,480 As at December 31, 2023 2022 Net insurance contract held liabilities $ 481,994 $ 464,392 Net reinsurance contract held assets (39,820 ) (43,480 ) Net insurance and reinsurance contract held liabilities $ 442,174 $ 420,912 (b) Movements in carrying amounts of insurance and reinsurance contracts The following tables present the movement in the net carrying amounts of insurance contracts issued and reinsurance contracts held during the year for the There are two types of tables presented: • Tables which analyze movements in the net assets or liabilities for remaining coverage and for incurred claims separately and reconcile them to the relevant Consolidated Statements of Income and Consolidated Statements of Comprehensive Income line items. • Tables which analyze movements of contracts by measurement components including estimates of the present value of future cash flows, risk adjustment and CSM for portfolios. (I) Total Insurance contracts – Analysis by remaining coverage and incurred claims The following tables present the movement in the net assets or liabilities for insurance contracts issued, showing the amounts for remaining coverage and the amounts for incurred claims for the years ended December 31, 2023 and December 31, 2022. Liabilities for remaining Liabilities for incurred claims Excluding loss Loss Products not PAA Estimates PAA Risk non-financial risk Assets for Total Opening insurance contract assets $ (659 ) $ – $ 7 $ (12 ) $ – $ (9 ) $ (673 ) Opening insurance contract liabilities 336,981 1,328 5,857 10,877 602 (796 ) 354,849 Opening insurance contract liabilities for account of segregated fund holders 110,216 – – – – – 110,216 Net opening balance, January 1, 2023 446,538 1,328 5,864 10,865 602 (805 ) 464,392 Insurance revenue Expected incurred claims and other insurance service result (13,165 ) – – – – – (13,165 ) Change in risk adjustment for non-financial risk expired (1,497 ) – – – – – (1,497 ) CSM recognized for services provided (2,162 ) – – – – – (2,162 ) Recovery of insurance acquisition cash flows (853 ) – – – – – (853 ) Contracts under PAA (6,295 ) – – – – – (6,295 ) (23,972 ) – – – – – (23,972 ) Insurance service expense Incurred claims and other insurance service expenses – (320 ) 13,446 6,136 254 – 19,516 Losses and reversal of losses on onerous contracts (future service) – 90 – – – – 90 Changes to liabilities for incurred claims (past service) – – (31 ) (1,605 ) (242 ) – (1,878 ) Amortization of insurance acquisition cash flows 1,654 – – – – – 1,654 Net impairment of assets for insurance acquisition cash flows – – – – – – – 1,654 (230 ) 13,415 4,531 12 – 19,382 Investment components and premium refunds (19,080 ) – 17,148 1,932 – – – Insurance service result (41,398 ) (230 ) 30,563 6,463 12 – (4,590 ) Insurance finance (income) expenses 24,268 32 15 848 11 – 25,174 Effects of movements in foreign exchange rates (9,657 ) (38 ) (71 ) (12 ) – 7 (9,771 ) Total changes in income and OCI (26,787 ) (236 ) 30,507 7,299 23 7 10,813 Cash flows Premiums and premium tax received 48,381 – – – – – 48,381 Claims and other insurance service expenses paid, including investment components – – (30,706 ) (7,719 ) – – (38,425 ) Insurance acquisition cash flows (6,920 ) – – – – – (6,920 ) Total cash flows 41,461 – (30,706 ) (7,719 ) – – 3,036 Allocation from assets for insurance acquisition cash flows to groups of insurance contracts (152 ) – – – – 152 – Acquisition cash flows incurred in the year – – – – – (174 ) (174 ) Movements related to insurance contract liabilities for account of segregated fund holders 3,927 – – – – – 3,927 Net closing balance 464,987 1,092 5,665 10,445 625 (820 ) 481,994 Closing insurance contract assets (201 ) – 56 – – – (145 ) Closing insurance contract liabilities 351,045 1,092 5,609 10,445 625 (820 ) 367,996 Closing insurance contract liabilities for account of segregated fund holders 114,143 – – – – – 114,143 Net closing balance, December 31, 2023 $ 464,987 $ 1,092 $ 5,665 $ 10,445 $ 625 $ (820 ) $ 481,994 Insurance finance (income) expenses (“IFIE”) Insurance finance (income) expenses, per disclosure above $ 25,174 Reclassification of derivative OCI to IFIE – cash flow hedges 3 Reclassification of derivative (income) loss changes to IFIE – fair value hedge (185 ) Insurance finance (income) expenses, per disclosure in note 7 (f) $ 24,992 Liabilities for remaining Liabilities for incurred claims Excluding loss Loss Products not PAA Estimates PAA Risk non-financial risk Assets for Total Opening insurance contract assets $ (842 ) $ – $ 60 $ 27 $ – $ (217 ) $ (972 ) Opening insurance contract liabilities 388,585 303 4,342 12,230 689 (528 ) 405,621 Opening insurance contract liabilities for account of segregated fund holders 130,836 – – – – – 130,836 Net opening balance, January 1, 2022 518,579 303 4,402 12,257 689 (745 ) 535,485 Insurance revenue Expected incurred claims and other insurance service result (13,019 ) – – – – – (13,019 ) Change in risk adjustment for non-financial risk expired (1,665 ) – – – – – (1,665 ) CSM recognized for service provided (2,298 ) – – – – – (2,298 ) Recovery of insurance acquisition cash flows (534 ) – – – – – (534 ) Contracts under PAA (5,602 ) – – – – – (5,602 ) (23,118 ) – – – – – (23,118 ) Insurance service expense Incurred claims and other insurance service expenses – 233 12,775 5,982 266 – 19,256 Losses and reversal of losses on onerous contracts (future service) – 742 – – – – 742 Changes to liabilities for incurred claims (past service) – – (41 ) (1,554 ) (353 ) – (1,948 ) Amortization of insurance acquisition cash flows 1,285 – – – – – 1,285 Net impairment of assets for insurance acquisition cash flows – – – – – – – 1,285 975 12,734 4,428 (87 ) – 19,335 Investment components and premium refunds (18,222 ) – 16,514 1,708 – – – Insurance service result (40,055 ) 975 29,248 6,136 (87 ) – (3,783 ) Insurance finance (income) expenses (68,366 ) 9 753 (1,229 ) – – (68,833 ) Effects of movements in foreign exchange rates 15,886 41 136 12 – (14 ) 16,061 Total changes in income and OCI (92,535 ) 1,025 30,137 4,919 (87 ) (14 ) (56,555 ) Cash flows Premiums and premium tax received 47,526 – – – – – 47,526 Claims and other insurance service expenses paid, including investment components – – (28,675 ) (6,311 ) – – (34,986 ) Insurance acquisition cash flows (6,266 ) – – – – – (6,266 ) Total cash flows 41,260 – (28,675 ) (6,311 ) – – 6,274 Allocation from assets for insurance acquisition cash flows to groups of insurance contracts (146 ) – – – – 146 – Acquisition cash flows incurred in the year – – – – – (192 ) (192 ) Movements related to insurance contract liabilities for account of segregated fund holders (20,620 ) – – – – – (20,620 ) Net closing balance 446,538 1,328 5,864 10,865 602 (805 ) 464,392 Closing insurance contract assets (659 ) – 7 (12 ) – (9 ) (673 ) Closing insurance contract liabilities 336,981 1,328 5,857 10,877 602 (796 ) 354,849 Closing insurance contract liabilities for account of segregated fund holders 110,216 – – – – – 110,216 Net closing balance, December 31, 2022 $ 446,538 $ 1,328 $ 5,864 $ 10,865 $ 602 $ (805 ) $ 464,392 Insurance finance (income) expenses Insurance finance (income) expenses, per disclosure above $ (68,833 ) Reclassification of derivative OCI to IFIE – cash flow hedges – Reclassification of derivative (income) loss changes to IFIE – fair value hedge – Insurance finance (income) expenses, per disclosure in note 7 (f) $ (68,833 ) Insurance contracts – Analysis by measurement components The following tables present the movement in the net assets or liabilities for insurance contracts issued, showing estimates of the present value of future cash flows, risk adjustment and CSM for the years ended December 31, 2023 and December 31, 2022. CSM Estimates of Risk non-financial risk Fair value Other Assets for Total Opening GMM and VFA insurance contract assets $ (1,827 ) $ 512 $ 100 $ 557 $ – $ (658 ) Opening GMM and VFA insurance contract liabilities 297,967 25,750 17,105 2,087 (56 ) 342,853 Opening PAA insurance contract net liabilities 12,125 605 – – (749 ) 11,981 Opening insurance contract liabilities for account of segregated fund holders 110,216 – – – – 110,216 Net opening balance, January 1, 2023 418,481 26,867 17,205 2,644 (805 ) 464,392 CSM recognized for services provided – – (1,812 ) (350 ) – (2,162 ) Change in risk adjustment for non-financial risk for risk expired – (1,620 ) – – – (1,620 ) Experience adjustments 152 – – – – 152 Changes that relate to current services 152 (1,620 ) (1,812 ) (350 ) – (3,630 ) Contracts initially recognized during the year (3,295 ) 1,180 – 2,368 – 253 Changes in estimates that adjust the CSM 1,585 (3,859 ) 2,214 60 – – Changes in estimates that relate to losses and reversal of losses on onerous contracts (174 ) 12 – – – (162 ) Changes that relate to future services (1,884 ) (2,667 ) 2,214 2,428 – 91 Adjustments to liabilities for incurred claims (28 ) (4 ) – – – (32 ) Changes that relate to past services (28 ) (4 ) – – – (32 ) Insurance service result (1,760 ) (4,291 ) 402 2,078 – (3,571 ) Insurance finance (income) expenses 22,340 1,646 244 76 – 24,306 Effects of movements in foreign exchange rates (8,405 ) (779 ) (438 ) (107 ) – (9,729 ) Total changes in income and OCI 12,175 (3,424 ) 208 2,047 – 11,006 Total cash flows 2,081 – – – – 2,081 Allocation from assets for insurance acquisition cash flows to groups of insurance contracts (5 ) – – – 5 – Acquisition cash flows incurred in the year – – – – (8 ) (8 ) Change in PAA balance 587 21 – – (12 ) 596 Movements related to insurance contract liabilities for account of segregated fund holders 3,927 – – – – 3,927 Net closing balance 437,246 23,464 17,413 4,691 (820 ) 481,994 Closing GMM and VFA insurance contract assets (416 ) 141 32 99 – (144 ) Closing GMM and VFA insurance contract liabilities 310,807 22,697 17,381 4,592 (59 ) 355,418 Closing PAA insurance contract net liabilities 12,712 626 – – (761 ) 12,577 Closing insurance contract liabilities for account of segregated fund insurance holders 114,143 – – – – 114,143 Net closing balance, December 31, 2023 $ 437,246 $ 23,464 $ 17,413 $ 4,691 $ (820 ) $ 481,994 Insurance finance (income) expenses Insurance finance (income) expenses, per disclosure above $ 24,306 Reclassification of derivative OCI to IFIE – cash flow hedges 3 Reclassification of derivative (income) loss changes to IFIE – fair value hedge (120 ) PAA items: PAA IFIE per disclosure 868 PAA Reclassification of derivative OCI to IFIE – cash flow hedges – PAA Reclassification of derivative (income) loss changes to IFIE – fair value hedge (65 ) Insurance finance (income) expenses, per disclosure in note 7 (f) $ 24,992 CSM Estimates of Risk non-financial risk Fair value Other Assets for Total Opening GMM and VFA insurance contract assets $ (1,955 ) $ 365 $ 179 $ 453 $ – $ (958 ) Opening GMM and VFA insurance contract liabilities 341,125 30,780 19,842 992 (54 ) 392,685 Opening PAA insurance contract net liabilities 12,919 694 – – (691 ) 12,922 Opening insurance contract liabilities for account of segregated fund holders 130,836 – – – – 130,836 Net opening balance, January 1, 2022 482,925 31,839 20,021 1,445 (745 ) 535,485 CSM recognized for services provided – – (2,064 ) (234 ) – (2,298 ) Change in risk adjustment for non-financial risk for risk expired – (1,582 ) – – – (1,582 ) Experience adjustments 6 – – – – 6 Changes that relate to current services 6 (1,582 ) (2,064 ) (234 ) – (3,874 ) Contracts initially recognized during the year (2,880 ) 1,396 35 1,963 – 514 Changes in estimates that adjust the CSM 3,377 (994 ) (1,737 ) (646 ) – – Changes in estimates that relate to losses and reversal of losses on onerous contracts 229 (2 ) – – – 227 Changes that relate to future services 726 400 (1,702 ) 1,317 – 741 Adjustments to liabilities for incurred claims (33 ) (7 ) – – – (40 ) Changes that relate to past services (33 ) (7 ) – – – (40 ) Insurance service result 699 (1,189 ) (3,766 ) 1,083 – (3,173 ) Insurance finance (income) expenses (62,812 ) (5,105 ) 311 31 – (67,575 ) Effects of movements in foreign exchange rates 13,898 1,411 639 85 – 16,033 Total changes in income and OCI (48,215 ) (4,883 ) (2,816 ) 1,199 – (54,715 ) Total cash flows 5,190 – – – – 5,190 Allocation from assets for insurance acquisition cash flows to groups of insurance contracts (5 ) – – – 5 – Acquisition cash flows incurred in the year – – – – (7 ) (7 ) Change in PAA balance (794 ) (89 ) – – (58 ) (941 ) Movements related to insurance contract liabilities for account of segregated fund holders (20,620 ) – – – – (20,620 ) Net closing balance 418,481 26,867 17,205 2,644 (805 ) 464,392 Closing GMM and VFA insurance contract assets (1,827 ) 512 100 557 – (658 ) Closing GMM and VFA insurance contract liabilities 297,967 25,750 17,105 2,087 (56 ) 342,853 Closing PAA insurance contract net liabilities 12,125 605 – – (749 ) 11,981 Closing insurance contract liabilities for account of segregated fund insurance holders 110,216 – – – – 110,216 Net closing balance, December 31, 2022 $ 418,481 $ 26,867 $ 17,205 $ 2,644 $ (805 ) $ 464,392 Insurance finance (income) expenses Insurance finance (income) expenses, per disclosure above $ (67,575 ) Reclassification of derivative OCI to IFIE – cash flow hedges – Reclassification of derivative (income) loss changes to IFIE – fair value hedge – PAA items: PAA IFIE per disclosure (1,258 ) PAA Reclassification of derivative OCI to IFIE – cash flow hedges – PAA Reclassification of derivative (income) loss changes to IFIE – fair value hedge – Insurance finance (income) expenses, per disclosure in note 7 (f) $ (68,833 ) Reinsurance contracts held – Analysis by remaining coverage and incurred claims The following tables present the movement in the net assets or liabilities for reinsurance contracts held, showing assets for remaining coverage and amounts recoverable on incurred claims arising from business ceded to reinsurers for the years ended December 31, 2023 and December 31, 2022. Assets (liabilities) for Assets (liabilities) for incurred claims Excluding loss Loss Products not PAA Estimates of PAA Risk non-financial risk Total Opening reinsurance contract held assets $ 37,853 $ 209 $ 7,521 $ 280 $ 8 $ 45,871 Opening reinsurance contract held liabilities (2,196 ) 4 (137 ) (62 ) – (2,391 ) Net opening balance, January 1, 2023 35,657 213 7,384 218 8 43,480 Changes in income and OCI Allocation of reinsurance premium paid (6,430 ) – – – – (6,430 ) Amounts recoverable from reinsurers Recoveries of incurred claims and other insurance service – (45 ) 5,228 568 – 5,751 Recoveries and reversals of recoveries of losses on onerous underlying contracts – 77 – – – 77 Adjustments to assets for incurred claims – – 5 (24 ) 8 (11 ) Insurance service result (6,430 ) 32 5,233 544 8 (613 ) Investment components and premium refunds (1,519 ) – 1,519 – – – Net expenses from reinsurance contracts (7,949 ) 32 6,752 544 8 (613 ) Net finance (income) expenses from reinsurance contracts 719 8 (97 ) 9 – 639 Effect of changes in non-performance risk of reinsurers (14 ) – – – – (14 ) Effects of movements in foreign exchange rates (924 ) (5 ) (169 ) – – (1,098 ) Contracts measured under PAA – – – – – – Total changes in income and OCI (8,168 ) 35 6,486 553 8 (1,086 ) Cash flows Premiums paid 4,956 – – – – 4,956 Amounts received – – (6,971 ) (559 ) – (7,530 ) Total cash flows 4,956 – (6,971 ) (559 ) – (2,574 ) Net closing balance 32,445 248 6,899 212 16 39,820 Closing reinsurance contract held assets 35,079 246 7,035 275 16 42,651 Closing reinsurance contract held liabilities (2,634 ) 2 (136 ) (63 ) – (2,831 ) Net closing balance, December 31, 2023 $ 32,445 $ 248 $ 6,899 $ 212 $ 16 $ 39,820 Reinsurance contracts held – Analysis by remaining coverage and incurred claims (continued) Assets (liabilities) for Assets (liabilities) for incurred claims Excluding loss Loss Products not PAA Estimates of PAA Risk non-financial risk Total Opening reinsurance contract held assets $ 45,699 $ 79 $ 6,740 $ 303 $ 8 $ 52,829 Opening reinsurance contract held liabilities (2,030 ) 19 (27 ) (41 ) – (2,079 ) Net opening balance, January 1, 2022 43,669 98 6,713 262 8 50,750 Changes in income and OCI Allocation of reinsurance premium paid (6,024 ) – – – – (6,024 ) Amounts recoverable from reinsurers Recoveries of incurred claims and other insurance service expenses – (30 ) 4,925 417 (4 ) 5,308 Recoveries and reversals of recoveries of losses on onerous underlying – 132 – – – 132 Adjustments to assets for incurred claims – – 3 (33 ) (9 ) (39 ) Insurance service result (6,024 ) 102 4,928 384 (13 ) (623 ) Investment components and premium refunds (1,341 ) – 1,341 – – – Net expenses from reinsurance contracts (7,365 ) 102 6,269 384 (13 ) (623 ) Net finance (income) expenses from reinsurance contracts (9,586 ) 5 446 (14 ) 13 (9,136 ) Effect of changes in non-performance risk of reinsurers 97 – – – – 97 Effects of movements in foreign exchange rates 2,683 8 455 – – 3,146 Contracts measured under PAA – – – – – – Total changes in income and OCI (14,171 ) 115 7,170 370 – (6,516 ) Cash flows Premiums paid 6,159 – – – – 6,159 Amounts received – – (6,499 ) (414 ) – (6,913 ) Total cash flows 6,159 – (6,499 ) (414 ) – (754 ) Net closing balance 35,657 213 7,384 218 8 43,480 Closing reinsurance contract held assets 37,853 209 7,521 280 8 45,871 Closing reinsurance contract held liabilities (2,196 ) 4 (137 ) (62 ) – (2,391 ) Net closing balance, December 31, 2022 $ 35,657 $ 213 $ 7,384 $ 218 $ 8 $ 43,480 Reinsurance contracts held – Analysis by measurement components The following tables present the movement in the net assets or liabilities for reinsurance contracts held, showing estimates of the present value of future cash flows, risk adjustment and CSM for the years ended December 31, 2023 and December 31, 2022. CSM Estimates of Risk adjustment for non-financial Fair value Other Total Opening reinsurance contract held assets $ 39,656 $ 4,049 $ 1,774 $ 99 $ 45,578 Opening reinsurance contract held liabilities (3,919 ) 1,574 (39 ) 38 (2,346 ) Opening PAA reinsurance contract net assets 240 8 – – 248 Net opening balance, January 1, 2023 35,977 5,631 1,735 137 43,480 CSM recognized for services received – – (217 ) 53 (164 ) Change in risk adjustment for non-financial risk for risk expired – (478 ) – – (478 ) Experience adjustments (19 ) – – – (19 ) Changes that relate to current services (19 ) (478 ) (217 ) 53 (661 ) Contracts initially recognized during the year (64 ) 399 – (263 ) 72 Changes in recoveries of losses on onerous underlying contracts that adjust the CSM – – (36 ) 17 (19 ) Changes in estimates that adjust the CSM 1,433 (821 ) (821 ) 209 – Changes in estimates that relate to losses and reversal of losses on onerous contracts 43 (20 ) – – 23 Changes that relate to future services 1,412 (442 ) (857 ) (37 ) 76 Adjustments to liabilities for incurred claims 5 – – – 5 Changes that relate to past services 5 – – – 5 Insurance service result 1,398 (920 ) (1,074 ) 16 (580 ) Insurance finance (income) expenses from reinsurance contracts 173 447 41 (31 ) 630 Effects of changes in non-performance risk of reinsurers (14 ) – – – (14 ) Effects of movements in foreign exchange rates (916 ) (160 ) (21 ) – (1,097 ) Total changes in income and OCI 641 (633 ) (1,054 ) (15 ) (1,061 ) Total cash flows (2,606 ) – – – (2,606 ) Change in PAA balance (1 ) 8 – – 7 Net closing balance 34,011 5,006 681 122 39,820 Closing reinsurance contract held assets 38,156 3,685 565 (51 ) 42,355 Closing reinsurance contract held liabilities (4,384 ) 1,305 116 173 (2,790 ) Closing PAA reinsurance contract net assets 239 16 – – 255 Net closing balance, December 31, 2023 $ 34,011 $ 5,006 $ 681 $ 122 $ 39,820 CSM Estimates of Risk adjustment Fair value Other Total Opening reinsurance contract held assets $ 46,025 $ 4,977 $ 2,012 $ (501 ) $ 52,513 Opening reinsurance contract held liabilities (5,138 ) 1,719 1,262 105 (2,052 ) Opening PAA reinsurance contract net assets 281 8 – – 289 Net opening balance, January 1, 2022 41,168 6,704 3,274 (396 ) 50,750 CSM recognized for services received – – (231 ) (74 ) (305 ) Change in risk adjustment for non-financial risk for risk expired – (424 ) – – (424 ) Experience adjustments 9 – – – 9 Changes that relate to current services 9 (424 ) (231 ) (74 ) (720 ) Contracts initially recognized during the year (1,276 ) 717 (7 ) 717 151 Changes in recoveries of losses on onerous underlying contracts that adjust the CSM – – (15 ) (50 ) (65 ) Changes in estimates that adjust the CSM 1,337 173 (1,440 ) (70 ) – Changes in estimates that relate to losses and reversal of losses on onerous contracts 106 (60 ) – – 46 Changes that relate to future services 167 830 (1,462 ) 597 132 Adjustments to liabilities for incurred claims 3 – – – 3 Changes that relate to past services 3 – – – 3 Insurance service result 179 406 (1,693 ) 523 (585 ) Insurance finance (income) expenses from reinsurance contracts (7,463 ) (1,715 ) 56 (14 ) (9,136 ) Effects of changes in non-performance risk of reinsurers 97 – – – 97 Effects of movements in foreign exchange rates 2,787 236 98 24 3,145 Total changes in income and OCI (4,400 ) (1,073 ) (1,539 ) 533 (6,479 ) Total cash flows (750 ) – – – (750 ) Change in PAA balance (41 ) – – – (41 ) Net closing balance 35,977 5,631 1,735 137 43,480 Closing reinsurance contract held assets 39,656 4,049 1,774 99 45,578 Closing reinsurance contract held liabilities (3,919 ) 1,574 (39 ) 38 (2,346 ) Closing PAA reinsurance contract net assets 240 8 – – 248 Net closing balance, December 31, 2022 $ 35,977 $ 5,631 $ 1,735 $ 137 $ 43,480 (II) Segment Carrying balance by measurement components The following tables present the carrying balances of net assets or liabilities for insurance contracts issued and reinsurance contracts held by measurement components, by reporting segment for the years ended December 31, 2023 and December 31, 2022. Insurance contracts issued Excluding contracts applying the PAA Contracts applying the PAA CSM As at December 31, 2023 Estimates of PV of future Risk non-financial Estimates of Risk non-financial risk Fair value Other Assets for Total insurance Asia $ 132,135 $ 6,764 $ 1,242 $ 5 $ 10,431 $ 3,740 $ (271 ) $ 154,046 Canada 96,455 3,649 11,153 621 3,851 492 (549 ) 115,672 U.S. 196,921 12,438 – – 3,243 459 – 213,061 Corporate and Other (977 ) (13 ) 317 – (112 ) – – (785 ) $ 424,534 $ 22,838 $ 12,712 $ 626 $ 17,413 $ 4,691 $ (820 ) $ 481,994 Excluding contracts applying the PAA Contracts applying the PAA CSM As at December 31, 2022 Estimates of Risk Estimates of Risk non-financial risk Fair value Other Assets for Total insurance Asia $ 120,180 $ 10,017 $ 1,136 $ 2 $ 8,067 $ 2,181 $ (283 ) $ 141,300 Canada 91,599 3,764 10,532 603 3,811 181 (522 ) 109,968 U.S. 194,766 12,494 – – 5,419 282 – 212,961 Corporate and Other (189 ) (13 ) 457 – (92 ) – – 163 $ 406,356 $ 26,262 $ 12,125 $ 605 $ 17,205 $ 2,644 $ (805 ) $ 464,392 Reinsurance contracts held Excluding contracts applying the PAA Contracts applying the PAA CSM As at December 31, 2023 Estimates of Risk non-financial risk Estimates of Risk non-financial risk Fair value Other Total reinsurance Asia $ (351 ) $ 1,326 $ (37 ) $ – $ 623 $ 70 $ 1,631 Canada (1,238 ) 1,674 275 16 338 (56 ) 1,009 U.S. 35,461 1,997 – – (143 ) 108 37,423 Corporate and Other (100 ) (7 ) 1 – (137 ) – (243 ) $ 33,772 $ 4,990 $ 239 $ 16 $ 681 $ 122 $ 39,820 Excluding contracts applying the PAA Contracts applying the PAA CSM As at December 31, 2022 Estimates of Risk non-financial risk Estimates of Risk non-financial risk Fair value Other Total reinsurance Asia $ (147 ) $ 1,895 $ (39 ) $ – $ 203 $ (68 ) $ 1,844 Canada (1,427 ) 1,672 277 8 374 (59 ) 845 U.S. 36,735 2,065 – – 1,302 264 40,366 Corporate and Other 576 (9 ) 2 – (144 ) – 425 $ 35,737 $ 5,623 $ 240 $ 8 $ 1,735 $ 137 $ 43,480 (c) Insurance revenue by transition method The following table provides information as a supplement to the insurance revenue disclosures in note 7 (b). For the year ended December 31, 2023 Asia Canada U.S. Other Total Contracts under the fair value method $ 2,499 $ 3,288 $ 10,123 $ (18 ) $ 15,892 Contracts under the full retrospective method 531 48 152 – 731 Other contracts 2,026 5,283 (81 ) 121 7,349 Total $ 5,056 $ 8,619 $ 10,194 $ 103 $ 23,972 For the year ended December 31, 2022 Asia Canada U.S. Other Total Contracts under the fair value method $ 2,656 $ 3,370 $ 9,901 $ (96 ) $ 15,831 Contracts under the full retrospective method 666 122 76 – 864 Other contracts 1,412 4,625 268 118 6,423 Total $ 4,734 $ 8,117 $ 10,245 $ 22 $ 23,118 (d) Effect of new business recognized in the year The following tables present components of new business for insurance contracts issued for the years presented. Asia Canada U.S. Total As at December 31, 2023 Non-Onerous Onerous Non-Onerous Onerous Non-Onerous Onerous Non-Onerous Onerous New business insurance contracts Estimates of present value of cash outflows $ 16,209 $ 2,399 $ 3,478 $ 271 $ 2,524 $ 1,126 $ 22,211 $ 3,796 Insurance acquisition cash flows 3,011 322 608 68 676 233 4,295 623 Claims and other insurance service expenses payable 13,198 2,077 2,870 203 1,848 893 17,916 3,173 Estimates of present value of cash inflows (18,765 ) (2,330 ) (3,823 ) (286 ) (2,953 ) (1,145 ) (25,541 ) (3,761 ) Risk adjustment for non-financial risk 679 89 115 41 168 88 962 218 Contractual service margin 1,877 – 230 – 261 – 2,368 – Amount included in insurance contract liabilities for the year $ – $ 158 $ – $ 26 $ – $ 69 $ – $ 253 Asia Canada U.S. Total As at Non-Onerous Onerous Non-Onerous Onerous Non-Onerous Onerous Non-Onerous Onerous New business insurance contracts Estimates of present value of cash outflows $ 8,470 $ 3,953 $ 3,604 $ 390 $ 1,845 $ 1,237 $ 13,919 $ 5,580 Insurance acquisition cash flows 2,244 499 600 119 568 228 3,412 846 Claims and other insurance service expenses payable 6,226 3,454 3,004 271 1,277 1,009 10,507 4,734 Estimates of present value of cash inflows (10,759 ) (3,772 ) (3,901 ) (431 ) (2,289 ) (1,227 ) (16,949 ) (5,430 ) Risk adjustment for non-financial risk 704 153 107 92 221 119 1,032 364 Contractual service margin 1,585 – 190 – 223 – 1,998 – Amount included in insurance contract liabilities for the year $ – $ 334 $ – $ 51 $ – $ 129 $ – $ 514 The following tables present components of new business for reinsurance contracts held portfolios for the years presented. As at December 31, 2023 Asia Canada U.S. Total New business reinsurance contracts Estimates of present value of cash outflows $ (916 ) $ (331 ) $ (750 ) $ (1,997 ) Estimates of present value of cash inflows 815 319 799 1,933 Risk adjustment for non-financial risk 170 76 153 399 Contractual service margin (57 ) (51 ) (155 ) (263 ) Amount included in reinsurance assets for the year $ 12 $ 13 $ 47 $ 72 As at December 31, 2022 Asia Canada U.S. Total New business reinsurance contracts Estimates of present value of cash outflows $ (519 ) $ (291 ) $ (7,084 ) $ (7,894 ) Estimates of present value of cash inflows 453 261 5,904 6,618 Risk adjustment for non-financial risk 125 77 515 717 Contractual service margin (22 ) (15 ) 747 710 Amount included in reinsurance assets for the year $ 37 $ 32 $ 82 $ 151 (e) Expected recognition of contractual service margin The following tables present expectations for the timing of recognition of CSM in income in future years. As at December 31, 2023 Less than 1 year 1 to 5 years 5 to 10 years 10 to 20 years More than 20 years Total Canada Insurance contracts issued $ 379 $ 1,213 $ 1,016 $ 1,084 $ 651 $ 4,343 Reinsurance contracts held (36 ) (83 ) (52 ) (46 ) (65 ) (282 ) 343 1,130 964 1,038 586 4,061 U.S. Insurance contracts issued 388 1,235 968 823 288 3,702 Reinsurance contracts held (50 ) (139 ) (35 ) 90 169 35 338 1,096 933 913 457 3,737 Asia Insurance contracts issued 1,273 4,066 3,320 3,308 2,204 14,171 Reinsurance contracts held (44 ) (202 ) (173 ) (105 ) (169 ) (693 ) 1,229 3,864 3,147 3,203 2,035 13,478 Corporate Insurance contracts issued (8 ) (28 ) (28 ) (34 ) (14 ) (112 ) Reinsurance contracts held 10 51 53 19 4 137 2 23 25 (15 ) (10 ) 25 Total $ 1,912 $ 6,113 $ 5,069 $ 5,139 $ 3,068 $ 21,301 As at December 31, 2022 Less than 1 year 1 to 5 years 5 to 10 years 10 to 20 years More than 20 years Total Canada Insurance contracts issued $ 333 $ 1,088 $ 936 $ 1,015 $ 620 $ 3,992 Reinsurance contracts held (36 ) (100 ) (69 ) (62 ) (48 ) (315 ) 297 988 867 953 572 3,677 U.S. Insurance contracts issued 541 1,770 1,468 1,375 547 5,701 Reinsurance contracts held (189 ) (586 ) (433 ) (296 ) (62 ) (1,566 ) 352 1,184 1,035 1,079 485 4,135 Asia Insurance contracts issued 922 2,933 2,442 2,435 1,516 10,248 Reinsurance contracts held (17 ) (79 ) (55 ) 5 11 (135 ) 905 2,854 2,387 2,440 1,527 10,113 Corporate Insurance contracts issued (8 ) (27 ) (23 ) (24 ) (10 ) (92 ) Reinsurance contracts held 12 40 35 38 19 144 4 13 12 14 9 52 Total $ 1,558 $ 5,039 $ 4,301 $ 4,486 $ 2,593 $ 17,977 (f) Investment income and insurance finance income and expenses For the year ended December 31, 202 Insurance Non-insurance (1) Total Investment return Investment related income $ 13,036 $ 3,079 $ 16,115 Net gains (losses) on financial assets at FVTPL 2,176 506 2,682 Unrealized gains (losses) on FVOCI assets 11,212 1,018 12,230 Impairment loss on financial assets (247 ) (57 ) (304 ) Investment expenses (540 ) (757 ) (1,297 ) Interest on required surplus 521 (521 ) – Total investment return 26,158 3,268 29,426 Portion recognized in income (expenses) 15,830 2,191 18,021 Portion recognized in OCI 10,328 1,077 11,405 Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates Interest accreted to insurance contracts using locked-in rate (8,214 ) 28 (8,186 ) Due to changes in interest rates and other financial assumptions (11,008 ) 21 (10,987 ) Changes in fair value of underlying items of direct participation contracts (7,384 ) – (7,384 ) Effects of risk mitigation option 1,267 – 1,267 Net foreign exchange income (expenses) (80 ) – (80 ) Hedge accounting offset from insurance contracts issued (41 ) – (41 ) Reclassification of derivative OCI to IFIE – cash flow hedges (3 ) – (3 ) Reclassification of derivative income (loss) changes to IFIE – fair value hedge 185 – 185 Other 237 – 237 Total insurance finance income (expenses) from insurance contracts issued (25,041 ) 49 (24,992 ) Effect of movements in foreign exchange rates (952 ) – (952 ) Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates (25,993 ) 49 (25,944 ) Portion recognized in income (expenses), including effects of exchange rates (13,930 ) 36 (13,894 ) Portion recognized in OCI, including effects of exchange rates (12,063 ) 13 (12,050 ) Reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates Interest accreted to insurance contracts using locked-in rate 241 (12 ) 229 Due to changes in interest rate |
Investment Contract Liabilities
Investment Contract Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Investment Contract Liabilities | Note 8 Investment Contract Liabilities Investment contract liabilities are contractual financial obligations of the Company that do not contain significant insurance risk. Those contracts are subsequently measured either at FVTPL or at amortized cost. (a) Investment contract liabilities designated as FVTPL Investment contract liabilities measured at fair value are designated as FVTPL on initial recognition and include certain investment savings and pension products. The Company does not have any investment contract liabilities that are mandatorily measured at FVTPL. The following table presents the movement in investment contract liabilities measured at fair value. For the years ended December 31, 2023 2022 Balance, excluding those for account of segregated fund holders, January 1 $ 798 $ 825 New contracts 48 79 Changes in market conditions 47 (56 ) Redemptions, surrenders and maturities (122 ) (99 ) Impact of changes in foreign exchange rates (22 ) 49 Balance, excluding those for account of segregated fund holders, December 31 749 798 Investment contract liabilities for account of segregated fund holders 263,401 238,346 Balance, December 31 $ 264,150 $ 239,144 The amount due to contract holders is contractually (b) Investment contract liabilities measured at amortized cost Investment contract liabilities measured at amortized cost primarily include fixed annuity products that provide guaranteed income payments for a contractually determined period and are not contingent on survivorship. The following table presents carrying and fair values of investment contract liabilities measured at amortized cost, by reporting segment. 2023 2022 As at December 31, Amortized (1) Fair value Amortized (1) Fair value Asia $ 451 $ 438 $ 636 $ 607 Canada 7,642 7,534 6,699 6,474 U.S. 1,381 1,440 1,535 1,571 GWAM 1,593 1,582 411 382 Investment contract liabilities $ 11,067 $ 10,994 $ 9,281 $ 9,034 (1) As at December 31, 2023, investment contract liabilities with carrying value and fair value of $27 and $27, respectively (2022 – $38 and $38, respectively), were reinsured by the Company. The net carrying value and fair value of investment contract liabilities were $11,040 and $10,967 (2022 – $9,243 and $8,996, respectively ). The changes in investment contract liabilities measured at amortized cost resulted from the following business activities. For the years ended December 31, 2023 2022 Balance, January 1 $ 9,281 $ 9,239 Policy deposits 3,365 1,634 Interest 218 150 Withdrawals (1,629 ) (1,882 ) Fees 1 – Impact of changes in foreign exchange rates (108 ) 81 Other (61 ) 59 Balance, December 31 $ 11,067 $ 9,281 Carrying value reflects amortization at rates that exactly discount the projected cash flows to the net carrying amount of the liabilities at the dates of issue. Fair value is determined by projecting cash flows according to the contract terms and discounting the cash flows at current market rates adjusted for the Company’s own credit standing. As at December 31, 2023 and 2022, fair value of all investment contract liabilities was determined using Level 2 valuation techniques. (c) Investment contracts contractual obligations As at December 31, 2023 and 2022, the Company’s contractual obligations and commitments relating to these investment contracts are as follows. Investment contract liabilities (1) As at December 31, Payments due by period Less than 1 1 to 3 years 3 to 5 years Over Total 2023 $ 268,537 $ 2,978 $ 1,408 $ 3,488 $ 276,411 2022 241,301 2,749 1,789 3,932 249,771 (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, 2023 | |
Text block [abstract] | |
Risk Management | Note 9 Risk Management Manulife offers insurance, wealth and asset management products and other financial services, which subjects the Company to a broad range of risks. Manulife manages these risks within an enterprise-wide risk management framework. Manulife’s goal in managing risk is to strategically optimize risk taking and risk management to support long-term revenue, earnings and capital growth. Manulife seeks to achieve this by capitalizing on business opportunities and strategies with appropriate risk/return profiles; ensuring sufficient management expertise is in place to effectively execute strategies, and to identify, understand and manage underlying inherent risks; ensuring strategies and activities align with its corporate and ethical standards and operational capabilities; pursuing opportunities and risks that enhance diversification; and in making all risk taking decisions with analyses of inherent risks, risk controls and mitigations, and risk/return trade-off. (a) 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 currency exchange rate movements. Market price volatility primarily relates to changes in prices of publicly traded equities and alternative long-duration assets. The profitability of the Company’s insurance and annuity products, as well as the fees the Company earns in its investment management business, are subject to market risk. Please read below for details on factors that could impact the level of market risk and the strategies used to manage this risk: 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. The Company’s overall strategy to manage its market risks incorporates several component strategies, each targeted to manage one or more of the market risks arising from the Company’s businesses. At an enterprise level, these strategies are designed to manage the Company’s aggregate exposures to market risks against limits associated with earnings and capital volatility. The following table outlines the Company’s key market risks and identifies the risk management strategies which contribute to managing these risks. Risk Management Strategy Key Market Risk Public Interest Rate and Spread Risk ALDA Risk Foreign Exchange Risk Liquidity Risk Product design and pricing ✓ ✓ ✓ ✓ ✓ Variable annuity guarantee dynamic hedging ✓ ✓ ✓ ✓ Macro equity risk hedging ✓ ✓ ✓ Asset liability management ✓ ✓ ✓ ✓ ✓ Foreign currency exchange management ✓ ✓ Liquidity risk management ✓ Product design and pricing strategy The Company’s policies, standards, and guidelines with respect to product design and pricing are designed with the objective of aligning its product offerings with its risk taking philosophy and risk appetite, and in particular, ensuring that incremental risk generated from new sales aligns with its strategic risk objectives and risk limits. The specific design features of Manulife’s product offerings, including level of benefit guarantees, policyholder options, fund offerings and availability restrictions as well as its associated investment strategies, help to mitigate the level of underlying risk. Manulife regularly reviews and modifies key features within its product offerings, including premiums and fee charges with a goal of meeting profit targets and staying within risk limits. Certain of the Company’s general fund adjustable benefit products have minimum rate guarantees. The rate guarantees for any particular policy are set at the time the policy is issued and governed by insurance regulation in each jurisdiction where the products are sold. The contractual provisions allow crediting rates to be 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 contract liabilities related to variable annuity guarantees and general fund public equity investments. Dynamic hedging is the primary hedging strategy for variable annuity market risks. Dynamic hedging is employed for new variable annuity guarantees business when written or as soon as practical thereafter. Manulife seeks to manage public equity risk arising from unhedged exposures in its insurance contract liabilities through the macro equity risk hedging strategy. The Company seeks to manage interest rate risk arising from variable annuity business not dynamically hedged through its asset liability management strategy. Variable annuity dynamic hedging strategy The variable annuity dynamic hedging strategy is designed to hedge the sensitivity of variable annuity guarantee insurance contract liabilities to fund performance (both public equity and bond funds) and interest rate movements. The objective of the variable annuity dynamic hedging strategy is to offset, as closely as possible, the change in the economic value of guarantees with the profit and loss from the hedge asset portfolio. The Company’s variable annuity hedging program uses a variety of exchange-traded and over-the-counter The Company’s variable annuity guarantee dynamic hedging strategy is not designed to completely offset the sensitivity of insurance contract liabilities to all risks associated with the guarantees embedded in these products. The profit (loss) on the hedge instruments will not completely offset the underlying losses (gains) related to the guarantee liabilities hedged because: • Policyholder behaviour and mortality experience are not hedged; • Risk adjustment related to cost of guarantees in the insurance contract liabilities is largely hedged; • A portion of interest rate risk is not hedged; • Credit spreads may widen and actions might not be taken to adjust accordingly; • Fund performance on a small portion of the underlying funds is not hedged due to lack of availability of effective exchange-traded hedge instruments; • Performance of the underlying funds hedged may differ from the performance of the corresponding hedge instruments; • Correlations between interest rates and equity markets could lead to unfavourable material impacts; • Unfavourable hedge rebalancing costs can be incurred during periods of high volatility from equity markets, bond markets and/or interest rates. 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 the Company’s overall earnings sensitivity to public equity market movements within the Board approved risk appetite limits. The macro equity risk hedging program is designed to hedge earnings sensitivity due to movements in public equity markets arising from all sources (outside of dynamically hedged exposures). Sources of equity market sensitivity addressed by the macro equity risk hedging program include: • Residual equity and currency exposure from variable annuity guarantees not dynamically hedged; • General fund equity holdings backing guaranteed, adjustable liabilities and variable universal life; and • Host contract fees related to variable annuity guarantees are not dynamically hedged. Asset liability management strategy Manulife’s asset liability management strategy is designed to help ensure that the market risks embedded in its assets and liabilities held in the Company’s general fund are effectively managed and that risk exposures arising from these assets and liabilities are maintained within risk limits. The embedded market risks include risks related to the level and movement of interest rates and credit and swap spreads, public equity market performance, ALDA performance and foreign currency exchange rate movements. General fund product liabilities are categorized into groups with similar characteristics in order to support them with a specific asset strategy. The Company seeks to align the asset strategy for each group to the premium and benefit patterns, policyholder options and guarantees, and crediting rate strategies of the products they support. The strategies are set using portfolio analysis techniques intended to optimize returns, subject to considerations related to regulatory and economic capital requirements, and risk tolerances. They are designed to achieve broad diversification across asset classes and individual investment risks while being suitably aligned with the liabilities they support. The strategies encompass asset mix, quality rating, term profile, liquidity, currency and industry concentration targets. Foreign exchange risk management strategy Manulife’s policy is to generally match the currency of its assets with the currency of the liabilities they support. Where assets and liabilities are not currency matched, the Company seeks to hedge this exposure where appropriate to stabilize its earnings and capital positions and remain within its enterprise foreign exchange risk limits. Liquidity risk management strategy Global liquidity management policies and procedures are designed to provide adequate liquidity to cover cash and collateral obligations as they come due, and to sustain and grow operations in both normal and stressed conditions. They consider legal, regulatory, tax, operational or economic impediments to inter-entity funding. The asset mix of the Company’s balance sheet takes into account the need to hold adequate unencumbered and appropriate liquid assets to satisfy the requirements arising under stressed scenarios and to allow Manulife’s liquidity ratios to remain strong. Manulife manages liquidity centrally and closely monitors the liquidity positions of its principal subsidiaries. Manulife seeks to mitigate liquidity risk by diversifying its business across different products, markets, geographical regions and policyholders. The Company designs insurance products to encourage policyholders to maintain their policies in-force, to help generate a diversified and stable flow of recurring premiums. The Company designs the policyholder termination features with the goal of mitigating the financial exposure and liquidity risk related to unexpected policyholder terminations. The Company establishes and implements investment strategies intended to match the term profile of the assets to the liabilities they support, taking into account the potential for unexpected policyholder terminations and resulting liquidity needs. Liquid assets represent a large portion of the Company’s total assets. Manulife aims to reduce liquidity risk in the Company’s businesses by diversifying its funding sources and appropriately managing the term structure of its funding. The Company forecasts and monitors daily operating liquidity and cash movements in various individual entities and operations as well as centrally, aiming to ensure liquidity is available and cash is employed optimally. The Company also maintains centralized cash pools and access to other sources of liquidity and contingent liquidity such as repurchase funding agreements. Manulife’s centralized cash pools consist of cash or near-cash, high quality short-term investments that are continually monitored for their credit quality and market liquidity. Manulife has established a variety of contingent liquidity sources. These include, among others, a $500 committed unsecured revolving credit facility with certain Canadian chartered banks available for the Company, and a US$500 committed unsecured revolving credit facility with certain U.S. banks available to the Company and certain of its U.S. subsidiaries. There were no outstanding borrowings under these facilities as of December 31, 2023 (2022 – $ The Maturity of financial liabilities (1) As at December 31, 2023 Less than 1 to 3 3 to 5 Over 5 years Total Long-term debt $ – $ 1,672 $ 920 $ 3,479 $ 6,071 Capital instruments 594 – – 6,073 6,667 Derivatives 1,561 1,982 717 7,427 11,687 Deposits from Bank clients (2) 16,814 2,963 1,839 – 21,616 Lease liabilities 100 133 68 49 350 (1) (2) Through (b) Market risk sensitivities and market risk exposure measures Variable annuity and segregated fund guarantees Guarantees on variable annuity products and segregated funds may include one or more of death, maturity, income and withdrawal guarantees. Variable annuity and segregated fund guarantees are contingent and only payable upon the occurrence of the relevant event, if fund values at that time are below guarantee values. Depending on future equity market levels, liabilities on current in-force Manulife seeks to mitigate a portion of the risks embedded in its retained (i.e., net of reinsurance) variable annuity and segregated fund guarantee business through the combination of dynamic and macro hedging strategies (see “Publicly traded equity performance risk sensitivities and exposure measures” below). The table below shows selected information regarding the Company’s variable annuity and segregated fund investment-related guarantees gross and net of reinsurance. Variable annuity and segregated fund guarantees, net of reinsurance 2023 2022 As at December 31, Guarantee (1) Fund Net (1),(2),(3) Guarantee (1) Fund value Net (1),(2),(3) Guaranteed minimum income benefit $ 3,864 $ 2,735 $ 1,156 $ 4,357 $ 2,723 $ 1,639 Guaranteed minimum withdrawal benefit 34,833 33,198 4,093 38,319 34,203 5,734 Guaranteed minimum accumulation benefit 18,996 19,025 116 20,035 19,945 221 Gross living benefits (4) 57,693 54,958 5,365 62,711 56,871 7,594 Gross death benefits (5) 9,133 17,279 975 10,465 15,779 2,156 Total gross of reinsurance 66,826 72,237 6,340 73,176 72,650 9,750 Living benefits reinsured 24,208 23,146 3,395 26,999 23,691 4,860 Death benefits reinsured 3,400 2,576 482 3,923 2,636 1,061 Total reinsured 27,608 25,722 3,877 30,922 26,327 5,921 Total, net of reinsurance $ 39,218 $ 46,515 $ 2,463 $ 42,254 $ 46,323 $ 3,829 (1) (2) (in-the-money (3) the Company’s the Company’s the Company’s run-off (4) (5) 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, Investment category 2023 2022 Equity funds $ 45,593 $ 42,506 Balanced funds 35,801 36,290 Bond funds 8,906 9,336 Money market funds 1,559 1,924 Other fixed interest rate investments 1,907 2,029 Total $ 93,766 $ 92,085 Caution related to sensitivities In the sections that follow, the Company provides sensitivities and risk exposure measures for certain risks. These include sensitivities due to specific changes in market prices and interest rate levels projected using internal models as at a specific date , Publicly traded equity performance risk sensitivities and exposure measures The tables below include the potential impacts from an immediate % change in market values of publicly traded equities on CSM, net income attributed to shareholders, other comprehensive income attributed to shareholders, and total comprehensive income attributed to shareholders. The potential impact is shown after taking into account the impact of the change in markets on the hedge assets. While the Company cannot reliably estimate the amount of the change in dynamically hedged variable annuity guarantee liabilities that will not be offset by the change in the dynamic hedge assets, the Company makes certain assumptions for the purposes of estimating the impact on net income attributed to shareholders. This estimate assumes that the performance of the dynamic hedging program would not completely offset the gain/loss from the dynamically hedged variable annuity guarantee liabilities. It assumes that the hedge assets are based on the actual position at the period end, and that equity hedges in the dynamic program offset % of the hedged variable annuity liability movement that occurs as a result of market changes. It is also important to note that these estimates are illustrative, and that the dynamic and macro hedging programs may underperform these estimates, particularly during periods of high realized volatility and/or periods where both interest rates and equity market movements are unfavourable. The adoption of IFRS 17 did not change the method or assumptions used for deriving sensitivity information. Potential immediate impact on net income attributed to shareholders arising from changes to public equity returns (1) Net income attributed to shareholders As at December 31, 2023 -30% -20% -10% +10% +20% +30% Underlying sensitivity Variable annuity guarantees (2) $ (2,370 ) $ (1,460 ) $ (670 ) $ 550 $ 1,010 $ 1,390 General fund equity investments (3) (1,170 ) (770 ) (390 ) 380 760 1,140 Total underlying sensitivity before hedging (3,540 ) (2,230 ) (1,060 ) 930 1,770 2,530 Impact of macro and dynamic hedge assets (4) 880 530 240 (190 ) (340 ) (460 ) Net potential impact on net income attributed to shareholders after impact of hedging and before impact (2,660 ) (1,700 ) (820 ) 740 1,430 2,070 Impact of reinsurance 1,470 900 420 (350 ) (650 ) (910 ) Net potential impact on net income attributed to shareholders after impact of hedging and reinsurance $ (1,190 ) $ (800 ) $ (400 ) $ 390 $ 780 $ 1,160 Net income attributed to shareholders As at December 31, 2022 -30% -20% -10% +10% +20% +30% Underlying sensitivity Variable annuity guarantees (2) $ (2,110 ) $ (1,310 ) $ (610 ) $ 530 $ 980 $ 1,360 General fund equity investments (3) (1,450 ) (920 ) (420 ) 400 780 1,170 Total underlying sensitivity before hedging (3,560 ) (2,230 ) (1,030 ) 930 1,760 2,530 Impact of macro and dynamic hedge assets (4) 930 570 260 (220 ) (400 ) (540 ) Net potential impact on net income attributed to shareholders after impact of hedging and before impact of reinsurance (2,630 ) (1,660 ) (770 ) 710 1,360 1,990 Impact of reinsurance 1,170 740 350 (310 ) (580 ) (810 ) Net potential impact on net income attributed to shareholders after impact of hedging and reinsurance $ (1,460 ) $ (920 ) $ (420 ) $ 400 $ 780 $ 1,180 (1) See “Caution related to sensitivities” above. (2) For variable annuity contracts measured under VFA the impact of financial risk and changes in interest rates adjusts CSM, unless the risk mitigation option applies. The Company has elected to apply risk mitigation and therefore a portion of the impact is reported in net income attributed to shareholders instead of adjusting the CSM. If the CSM for a group of variable annuity contracts is exhausted the full impact is reported in net income attributed to shareholders. (3) This impact for general fund equity investments includes general fund investments supporting the Company’s insurance contract liabilities, investment in seed money investments (in segregated and mutual funds made by Global WAM segment) and the impact on insurance contract liabilities related to the projected future fee income on variable universal life and other unit linked products. The impact does not include any potential impact on public equity weightings. The participating policy funds are largely self-supporting and generate no material impact on net income attributed to shareholders as a result of changes in equity markets. (4) Includes the impact of assumed rebalancing of equity hedges in the macro and dynamic hedging program. The impact of dynamic hedge represents the impact of equity hedges offsetting 95% of the dynamically hedged variable annuity liability movement that occurs as a result of market changes, but does not include any impact in respect of other sources of hedge accounting ineffectiveness (e.g. , Potential immediate impact on contractual service margin, other comprehensive income to shareholders and total comprehensive income to shareholders (1),(2),(3) As at December 31, 2023 -30% -20% -10% +10% +20% +30% Variable annuity guarantees reported in CSM $ (3,810 ) $ (2,370 ) $ (1,100 ) $ 940 $ 1,760 $ 2,470 Impact of risk mitigation—hedging (4) 1,150 700 310 (250 ) (450 ) (600 ) Impact of risk mitigation—reinsurance (4) 1,850 1,140 530 (450 ) (830 ) (1,150 ) VA net of risk mitigation (810 ) (530 ) (260 ) 240 480 720 General fund equity (940 ) (610 ) (300 ) 290 590 870 Contractual service margin (pre-tax) $ (1,750 ) $ (1,140 ) $ (560 ) $ 530 $ 1,070 $ 1,590 Other comprehensive income attributed to shareholders (post-tax) (5) $ (730 ) $ (490 ) $ (240 ) $ 230 $ 460 $ 680 Total comprehensive income attributed to shareholders (post-tax) $ (1,920 ) $ (1,290 ) $ (640 ) $ 620 $ 1,240 $ 1,840 As at December 31, 2022 -30% -20% -10% +10% +20% +30% Variable annuity guarantees reported in CSM $ (3,410 ) $ (2,140 ) $ (1,010 ) $ 890 $ 1,670 $ 2,360 Impact of risk mitigation—hedging (4) 1,200 740 340 (280 ) (510 ) (690 ) Impact of risk mitigation—reinsurance (4) 1,480 930 440 (390 ) (730 ) (1,030 ) VA net of risk mitigation (730 ) (470 ) (230 ) 220 430 640 General fund equity (520 ) (370 ) (210 ) 240 490 730 Contractual service margin (pre-tax) $ (1,250 ) $ (840 ) $ (440 ) $ 460 $ 920 $ 1,370 Other comprehensive income attributed to shareholders (post-tax) (5) $ (620 ) $ (410 ) $ (210 ) $ 210 $ 400 $ 600 Total comprehensive income attributed to shareholders (post-tax) $ (2,080 ) $ (1,330 ) $ (630 ) $ 610 $ 1,180 $ 1,780 (1) See “Caution related to sensitivities” above. (2) This estimate assumes that the performance of the dynamic hedging program would not completely offset the gain/loss from the dynamically hedged variable annuity guarantee liabilities. It assumes that the hedge assets are based on the actual position at the period end, and that equity hedges in the dynamic program offset 95% of the hedged variable annuity liability movement that occur as a result of market changes. (3) OSFI rules for segregated fund guarantees reflect full capital impacts of shocks over 20 quarters within a prescribed range. As such, the deterioration in equity markets could lead to further increases in capital requirements after the initial shock. (4) For variable annuity contracts measured under VFA the impact of financial risk and changes in interest rates adjusts CSM, unless the risk mitigation option applies. The Company has elected to apply risk mitigation and therefore a portion of the impact is reported in net income attributed to shareholders instead of adjusting the CSM. If the CSM for a group of variable annuity contracts is exhausted the full impact is reported in net income attributed to shareholders. (5) The impact of financial risk and changes to interest rates for variable annuity contracts is not expected to generate sensitivity in Other Comprehensive Income. Interest rate and spread risk sensitivities and exposure measures As at 50 benefit 50 charge The table below shows the potential impacts from a 50 basis point parallel move in interest rates on CSM, net income attributed to shareholders, other comprehensive income attributed to shareholders, and total comprehensive income attributed to shareholders. This includes a change in current government, swap and corporate rates for all maturities across all markets with no change in credit spreads between government, swap and corporate rates. Also shown separately are the potential impacts from a 50 basis point parallel move in corporate spreads and a 20 basis point parallel move in swap spreads. The impacts reflect the net impact of movements in asset values in liability and surplus segments and movements in the present value of cash flows for insurance contracts including those with cash flows that vary with the returns of underlying items where the present value is measured by stochastic modelling. The method used for deriving sensitivity information and significant assumptions made did not change from the previous period. The disclosed interest rate sensitivities reflect the accounting designations of the Company’s financial assets and corresponding insurance contract liabilities. In most cases these assets and liabilities are designated as FVOCI and as a result, impacts from changes to interest rates are largely in other comprehensive income. There are also changes in interest rates that impact the CSM for VFA contracts that relate to amounts that are not passed through to policyholders. In addition, changes in interest rates impact net income as it relates to derivatives not in hedge accounting relationships and on VFA contracts where the CSM has been exhausted. The disclosed interest rate sensitivities assume no hedge accounting ineffectiveness, as the Company’s hedge accounting programs are optimized for parallel movements in interest rates, leading to immaterial net income impacts under these shocks. However, the actual hedge accounting ineffectiveness is sensitive to non-parallel The Company’s sensitivities vary across all regions in which it operates, and the impacts of yield curve changes will vary depending upon the geography where the change occurs. Furthermore, the impacts 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 impacts also do not take into account other potential effects of changes in interest rate levels, for example, CSM at recognition on the sale of new business or lower interest earned on future fixed income asset purchases. The impacts do not reflect any potential effect of changing interest rates on the value of the Company’s ALDA. Rising interest rates could negatively impact the value of the Company’s ALDA. More information on ALDA can be found below under “Alternative long-duration asset performance risk sensitivities and exposure measures”. Potential impacts on contractual service margin, net income attributed to shareholders, other comprehensive income attributed to shareholders, and total comprehensive income attributed to shareholders of an immediate parallel change in interest rates, corporate spreads or swap spreads relative to current rates (1),(2),(3) ,(4) As at December 31, 2023 Interest rates Corporate spreads Swap spreads (post-tax -50bp +50bp -50bp +50bp -20bp +20bp CSM $ – $ (100 ) $ – $ (100 ) $ – $ – Net income attributed to shareholders 100 (100 ) – – 100 (100 ) Other comprehensive income attributed to shareholders (300 ) 300 (200 ) 300 (100 ) 100 Total comprehensive income attributed to shareholders (200 ) 200 (200 ) 300 – – As at December 31, 2022 Interest rates Corporate spreads Swap spreads ( post-tax -50bp +50bp -50bp +50bp -20bp +20bp CSM $ (100 ) $ – $ (100 ) $ – $ – $ – Net income attributed to shareholders 1,700 (1,500 ) – – – – Other comprehensive income attributed to shareholders (1,900 ) 1,600 – – – – Total comprehensive income attributed to shareholders (200 ) 100 – – – – (1) See “Caution related to sensitivities” above. (2) Estimates include changes to the net actuarial gains/losses with respect to the Company’s pension obligations as a result of changes in interest rates. (3) Includes guaranteed insurance and annuity products, including variable annuity contracts as well as adjustable benefit products where benefits are generally adjusted as interest rates and investment returns change, a portion of which have minimum credited rate guarantees. For adjustable benefit products subject to minimum rate guarantees, the sensitivities are based on the assumption that credited rates will be floored at the minimum. (4) The Company adopted IFRS 9 hedge accounting prospectively from January 1, 2023, as such the sensitivity results for 2023 and 2022 are based on different accounting basis in which 2023 includes the impacts of hedge accounting and 2022 does not. Alternative long-duration asset performance risk sensitivities and exposure measures The following table shows the potential impact on CSM, net income attributed to shareholders, other comprehensive income attributed from ALDA includes commercial real estate, timber and farmland real estate, infrastructure, and private equities, some of which relate to energy. 1 The impacts do not reflect any future potential changes to non-fixed Potential immediate impacts on contractual service margin, net income attributed to shareholders, other comprehensive income attributed to shareholders, and total comprehensive income attributed to shareholders from changes in ALDA market values (1) As at December 31, 2023 December 31, 2022 (post-tax -10% +10% -10% +10% CSM excluding NCI $ (100 ) $ 100 $ (100 ) $ 100 Net income attributed to shareholders (2,400 ) 2,400 (2,500 ) 2,500 Other comprehensive income attributed to shareholders (200 ) 200 (100 ) 100 Total comprehensive income attributed to shareholders (2,600 ) 2,600 (2,600 ) 2,600 (1) See “Caution related to sensitivities” above. Foreign exchange risk sensitivities and exposure measures The Company generally matches the currency of its assets with the currency of the insurance and investment contract liabilities they support, with the objective of mitigating risk of loss arising from foreign currency exchange rate changes. As at December 31, 2023, the Company did not have a material unmatched currency exposure. Liquidity risk exposure strategy Manulife manages liquidity levels of the consolidated group and key subsidiaries against established thresholds. These thresholds are based on liquidity stress scenarios over varying time horizons. Increased use of derivatives for hedging purposes has necessitated greater emphasis on measurement and management of contingent liquidity risk related to these instruments, in particular the movement of “over-the-counter” (c) 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. 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 fair values of all transactions with each counterparty, net of any collateral held, and an allowance to reflect future potential exposure. Reinsurance counterparty exposure is measured reflecting the level of ceded liabilities. 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. Credit risk associated with derivative counterparties is discussed in note 9 (f) and credit risk associated with reinsurance counterparties is discussed in note 9 (k). 1 Energy includes legacy oil and gas equity interests related to upstream and midstream assets that are in runoff, and Energy Transition private equity interests in areas supportive of the transition to lower carbon forms of energy, such as wind, solar, batteries and magnets. (I) Credit quality The following table presents financial instruments subject to credit exposure, without considering any collateral held or other credit enhancements, and other significant credit risk exposures from loan commitments, with allowances, presenting separately Stage 1, Stage 2, and Stage 3 credit risk profiles. For each asset type presented in the table, amortized cost and FVOCI financial instruments are presented together. Amortized cost financial instruments are shown gross of the allowance for credit losses, which is shown separately. FVOCI financial instruments are shown at fair value with the allowance for credit losses shown separately. As at December 31, 2023 Stage 1 Stage 2 Stage 3 Total Debt securities Investment grade $ 198,935 $ 2,252 $ – $ 201,187 Non-investment grade 5,367 596 – 5,963 Default – – – – Total 204,302 2,848 – |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
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Long-Term Debt | Note 10 Long-Term Debt (a) Carrying value of long-term debt instruments As at December 31, Issue date Maturity date Par value 2023 2022 3.050% Senior notes (1),(2) August 27, 2020 August 27, 2060 US$ 1,155 $ 1,519 $ 1,559 5.375% Senior notes (1),(3) March 4, 2016 March 4, 2046 US$ 750 977 1,004 3.703% Senior notes (1),(4) March 16, 2022 March 16, 2032 US$ 750 983 1,011 2.396% Senior notes (1),(5) June 1, 2020 June 1, 2027 US$ 200 263 270 2.484% Senior notes (1),(5) May 19, 2020 May 19, 2027 US$ 500 657 674 3.527% Senior notes (1),(3) December 2, 2016 December 2, 2026 US$ 270 356 365 4.150% Senior notes (1),(3) March 4, 2016 March 4, 2026 US$ 1,000 1,316 1,351 Total $ 6,071 $ 6,234 (1) These U.S. dollar senior notes have been designated as hedges of the Company’s net investment in its U.S. operations which reduces the earnings volatility that would otherwise arise from the re-measurement of these senior notes into Canadian dollars. (2) MFC may redeem the notes in whole, but not in part, on August 27, 2025, and thereafter on every August 27 at a redemption price equal to par, together with accrued and unpaid interest. Issuance costs are amortized to the earliest par redemption date. (3) MFC may redeem the senior notes in whole or in part, at any time, at a redemption price equal to the greater of par and a price based on the yield of a comparable U.S. Treasury bond with a tenor approximately equal to the period, from the redemption date to the respective maturity date, plus a specified number of basis points, together with accrued and unpaid interest. The specified number of basis points is as follows: 40 20 35 Issuance costs are amortized over the term of the debt. (4) MFC may redeem the senior notes in whole or in part, at any time, at a redemption price equal to the greater of par and a price based on the yield of a comparable U.S. Treasury bond with a tenor approximately equal to the period, from the redemption date to December 16, 2031, plus 25 bps, together with accrued and unpaid interest. Issuance costs are amortized over the term of the debt. (5) MFC may redeem the senior notes in whole or in part, at any time, at a redemption price equal to the greater of par and a price based on the yield of a comparable U.S. Treasury bond with a tenor approximately equal to the period, from the redemption date to two months before the respective maturity date, plus a specified number of basis points, together with accrued and unpaid interest. The specified number of basis points is as follows: 30 30 For the period from two months before the respective maturity date, MFC may redeem the senior notes, in whole or in part, at a redemption price equal to par, together with accrued and unpaid interest. Issuance costs are amortized over the term of the debt. The cash amount of interest paid on long-term debt during the year ended December 31, 2023 (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, 2023, the fair value of long-term debt was $5,525 (2022 – $5,587). Fair value of long-term debt was determined using Level 2 valuation techniques (2022 – Level 2). (c) Aggregate maturities of long-term debt As at December 31, Less than 1 to 3 years 3 to 5 years Over 5 years Total 2023 $ – $ 1,672 $ 920 $ 3,479 $ 6,071 2022 – – 2,661 3,573 6,234 |
Capital Instruments
Capital Instruments | 12 Months Ended |
Dec. 31, 2023 | |
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Capital Instruments | Note 11 Capital Instruments (a) Carrying value of capital instruments As at December 31, Issuance date Earliest par Maturity date Par value 2023 2022 JHFC Subordinated notes (1),(2) December 14, 2006 n/a December 15, 2036 $ 650 $ 647 $ 647 2.818 (1),(3) May 12, 2020 May 13, 2030 May 13, 2035 $ 1,000 996 996 5.409 (1),(4) March 10, 2023 March 10, 2028 March 10, 2033 $ 1,200 1,195 – 4.061 (1),(5),(6) February 24, 2017 February 24, 2027 February 24, 2032 US$ 750 987 1,013 2.237 (1),(7) May 12, 2020 May 12, 2025 May 12, 2030 $ 1,000 999 998 3.00 (1),(8) November 21, 2017 November 21, 2024 November 21, 2029 S$ 500 499 504 3.049 (1),(9) August 18, 2017 August 20, 2024 August 20, 2029 $ 750 750 749 7.375 (10) February 25, 1994 n/a February 15, 2024 US$ 450 594 615 3.317 (1),(11) May 9, 2018 May 9, 2023 May 9, 2028 $ 600 – 600 Total $ 6,667 $ 6,122 (1) The Company is monitoring regulatory and market developments globally with respect to the interest rate benchmark reform. The Company will take appropriate actions in due course to accomplish any necessary transitions or replacements. As at December 31, 2023, capital instruments of 647 647 have an interest rate referencing CDOR. In addition, capital instruments of 2,745 987 and 499 3,343 1,013 504 respectively) have (2) Issued by Manulife Holdings (Delaware) LLC (“MHDLL”), now John Hancock Financial Corporation (“JHFC”), a wholly owned subsidiary of MFC, to Manulife Finance 90-day Bankers’ Acceptance rate plus 0.72%. (3) After May 13, 2030, the interest rate will reset to equal 3-month CDOR plus 1.82 (4) Issued by MFC during the first quarter of 2023, interest is payable semi-annually. After March 10, 2028, the interest rate will reset to equal the Daily Compounded CORRA plus 1.85 equa l to par , (5) On the earliest par redemption date, the interest rate will reset to equal the 5-Year US Dollar Mid-Swap Rate plus 1.647%. (6) Designated as a hedge of the Company’s net investment in its U.S. operations which reduces the earnings volatility that would otherwise arise from the re-measurement of the subordinated notes into Canadian dollars. (7) Issued by MFC, interest is payable semi-annually. After May 12, 2025, the interest rate will reset to equal 3-month CDOR plus 1.49 (8) On the earliest par redemption date, the interest rate will reset to equal the 5-Year Singapore Dollar Swap Rate plus 0.832%. (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 3-month CDOR plus 1.05%. regulatory (10) 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$ 1 5 (11) MFC redeemed in full the 3.317 May 9, 2023 (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, 2023, the fair value of capital instruments was $6,483 (2022 – $5,737). Fair value of capital instruments was determined using Level 2 valuation techniques |
Equity Capital and Earnings Per
Equity Capital and Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
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Equity Capital and Earnings Per Share | Note 12 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 As at December 31, 2023 Issue date Annual dividend / distribution rate (1) Earliest redemption date (2),(3) Number of (in millions) Face amount Net amount (4) 2023 2022 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) March 11, 2011 2.348% June 19, 2026 7 163 160 160 Series 4 (7) June 20, 2016 floating June 19, 2026 1 37 36 36 Series 9 (5),(6) May 24, 2012 5.978% September 19, 2027 10 250 244 244 Series 11 (5),(6),(8) December 4, 2012 6.159% March 19, 2028 8 200 196 196 Series 13 (5),(6),(9) June 21, 2013 6.350% September 19, 2028 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 3.800% December 19, 2024 14 350 343 343 Series 19 (5),(6) December 3, 2014 3.675% March 19, 2025 10 250 246 246 Series 25 (5),(6),(10) February 20, 2018 5.942% June 19, 2028 10 250 245 245 Other equity instruments Limited recourse capital notes ( LRCN (11) Series 1 (12) February 19, 2021 3.375% May 19, 2026 n/a 2,000 1,982 1,982 Series 2 (12) November 12, 2021 4.100% February 19, 2027 n/a 1,200 1,189 1,189 Series 3 (12) June 16, 2022 7.117% June 19, 2027 n/a 1,000 990 990 Total 102 $ 6,750 $ 6,660 $ 6,660 (1) Holders of Class A and Class 1 preferred shares are entitled to receive non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors. Non-deferrable distributions are payable to all LRCN holders semi-annually at the Company’s discretion. (2) Redemption of all preferred shares is subject to regulatory approval. MFC may redeem each series, in whole or in part, at par, on the earliest redemption 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 preferred 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 preferred shares, in whole or in part, at any time, at $ 25.00 25.50 (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. After the first redemption date, the redemption period for Series 3 is every five years during the period from May 19 to and including June 19, commencing in 2032. (4) Net of after-tax issuance costs. (5) On the earliest redemption date and every five years thereafter, the annual dividend rate will be reset to the five-year Government of Canada bond yield plus a yield specified for each series. The specified yield for Class 1 preferred shares is: Series 3 – 1.41 2.86 2.61 2.22 2.16 2.36 2.30 2.55 (6) On the earliest redemption date and every five years thereafter, Class 1 preferred shares are convertible at the option of the holder into a new series that is one number higher than their existing series, and the holders are entitled to non-cumulative preferential cash dividends, payable quarterly if and when declared by the Board of Directors, at a rate equal to the three-month Government of Canada Treasury bill yield plus the rate specified in footnote 5 above. (7) The floating dividend rate for the Class 1 Series 4 shares equals the three-month Government of Canada Treasury bill yield plus 1.41%. (8) MFC did not exercise its right to redeem the outstanding Class 1 Shares Series 11 on March 19, 2023 6.159 023. (9) MFC did not exercise its right to redeem the outstanding Class 1 Shares Series 13 on September 19, 2023, which was the earliest redemption date. The dividend rate was reset as specified in footnote 5 above to an annual fixed rate of 6.350 (10) MFC did not exercise its right to redeem the outstanding Class 1 Shares Series 25 on June 19, 2023, which was the earliest redemption date. The dividend rate was reset as specified in footnote 5 above to an annual fixed rate of 5.942 (11) Non-payment of distributions or principal on any LRCN series when due will result in a recourse event. The recourse of each noteholder will be limited to their proportionate amount of the Limited Recourse Trust’s assets which comprise of Class 1 Series 27 preferred shares for LRCN Series 1, Class 1 Series 28 preferred shares for LRCN Series 2, and Class 1 Series 29 preferred shares for LRCN Series 3. All claims of the holders of LRCN series against MFC will be extinguished upon receipt of the corresponding trust assets. The Class 1 Series 27, Class 1 Series 28, and Class 1 Series 29 preferred shares are eliminated on consolidation while being held in the Limited Recourse Trust. (12) The LRCN Series 1 distribute at a fixed rate of 3.375 rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 2.839%. 4.10 rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 2.704%. 7.117 rate will be reset at a rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 3.95%. (b) Common shares As at December 31, 2023, there were 17 million outstanding stock options and deferred share units that entitle the holders to receive common shares or payment in cash or common shares, at the option of the holders (2022 – 21 million). The following table presents changes in common shares issued and outstanding. 2023 2022 For the years ended December 31, Number of (in millions) Amount Number of (in millions) Amount Balance, beginning of year 1,865 $ 22,178 1,943 $ 23,093 Repurchased for cancellation (63 ) (745 ) (79 ) (938 ) Issued on exercise of stock options and deferred share units 4 94 1 23 Balance, end of year 1,806 $ 21,527 1,865 $ 22,178 Normal Course Issuer Bid On February 21, 2023, the Company announced that the Toronto Stock Exchange (“TSX”) approved a normal course issuer bid (the “2023 NCIB”) permitting the purchase for cancellation of up to 55.7 million common shares, representing approximately 3% of its issued and outstanding common shares. Purchases under the 2023 NCIB commenced on February 23, 2023 and were completed in December 2023. As of December 31, 2023, MFC purchased for cancellation under the 2023 NCIB 55.7 million of its common shares at an average price of $25.48 per common share for a total cost of $1.4 billion. The Company’s previous NCIB (the “2022 NCIB”) that was announced on February 1, 2022, expired on February 2, 2023. Under the 2022 NCIB, the Company purchased for cancellatio n million of its common shares at an average price of $ per share for a total cost of $ billion , which represented approximately % of its issued and outstanding common shares. During the year ended December 31, 2023, the Company purchased for cancellation 62.6 million common shares at an average price of $25.47 per common share for a total cost of $1.6 billion, including million share s The Company has received approval from the OSFI to launch a NCIB (the “2024 NCIB”) that permits the purchase for cancellation of up to million common shares, representing approximately 2.8% of its issued and outstanding common shares, commencing in February 2024. The 2024 N CIB (c) Earnings per share The following table presents basic and diluted earnings per common share of the Company. For the years ended December 31, 2023 2022 Basic earnings per common share $ 2.62 $ (1.15 ) Diluted earnings per common share 2.61 (1.15 ) The following is a reconciliation of the denominator (number of shares) in the calculation of basic and diluted earnings per common share. For the years ended December 31, 2023 2022 Weighted average number of common shares (in millions) 1,834 1,910 Dilutive stock-based awards (1) 4 3 Weighted average number of diluted common shares (in millions) 1,838 1,913 (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 million (2022 – nil million) anti-dilutive stock-based awards. (d) Quarterly dividend declaration subsequent to year end On February 14 Directors 19 28 The Board also declared dividends on the following non-cumulative preferred shares, payable on or after March 19 28 Class A Shares Series 2 – $ 0.29063 Class 1 Shares Series 13 – $ 0.396875 Class A Shares Series 3 – $ 0.28125 Class 1 Shares Series 15 – $ 0.236625 Class 1 Shares Series 3 – $ 0.14675 Class 1 Shares Series 17 – $ 0.2375 Class 1 Shares Series 4 – $ 0.402395 Class 1 Shares Series 19 – $ 0.229688 Class 1 Shares Series 9 – $ 0.373625 Class 1 Shares Series 25 – $ 0.371375 Class 1 Shares Series 11 – $ 0.384938 |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2023 | |
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Capital Management | Note 13 Capital Management (a) Capital management The Company monitors and manages its consolidated capital in compliance with the Life Insurance Capital Adequacy Test (“LICAT”) guideline, the capital framework issued by OSFI. Under the capital framework, the Company’s consolidated capital resources, including available capital, surplus allowance, and eligible deposits, are measured against the base solvency buffer, which is the risk-based capital requirement determined in accordance with the guideline. The Company’s operating activities are primarily conducted within MLI and its subsidiaries. MLI is also regulated by OSFI and is therefore subject to consolidated risk-based capital requirements using the OSFI LICAT framework. The Company seeks to manage its capital with the objectives of: • Operating with sufficient capital to be able to honour all commitments to its policyholders and creditors with a high degree of confidence; • Retaining the ongoing confidence of regulators, policyholders, rating agencies, investors and other creditors in order to ensure access to capital markets; and • Optimizing return on capital to meet shareholders’ expectations subject to constraints and considerations of adequate levels of capital established to meet the first two objectives. Capital is managed and monitored in accordance with the Capital Management Policy. The policy is reviewed and approved by the Board of Directors annually and is integrated with the Company’s risk and financial management frameworks. It establishes guidelines regarding the quantity and quality of capital, internal capital mobility, and proactive management of ongoing and future capital requirements. The capital management framework considers the requirements of the Company as a whole as well as the needs of each of the Company’s subsidiaries. Internal capital targets are set above the regulatory requirements, and consider a number of factors, including expectations of regulators and rating agencies, results of sensitivity and stress testing and the Company’s own risk assessments. The Company monitors against these internal targets and initiates actions appropriate to achieving its business objectives. Consolidated capital, whose components are based on accounting standards, is presented in the table below for MFC. For regulatory reporting purposes, under the LICAT framework, the numbers are further adjusted for various additions or deductions to capital as mandated by the guidelines used by OSFI. Consolidated capital As at December 31, 2023 2022 Total equity $ 48,727 $ 48,226 Exclude AOCI gain 26 8 Total equity excluding AOCI on cash flow hedges 48,701 48,218 Post-tax CSM 18,503 15,251 Qualifying capital instruments 6,667 6,122 Consolidated capital $ 73,871 $ 69,591 (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 |
Revenue from Service Contracts
Revenue from Service Contracts | 12 Months Ended |
Dec. 31, 2023 | |
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Revenue from Service Contracts | Note 14 Revenue from Service Contracts The Company provides investment management services, transaction processing and administrative services and distribution and related services to proprietary and third-party investment funds, retirement plans, group benefit plans, institutional investors and other arrangements. The Company also provides real estate management services to tenants of the Company’s investment properties. The Company’s service contracts generally impose single performance obligations, each consisting of a series of similar related services for each customer. The Company’s performance obligations within service arrangements are generally satisfied over time as the customer simultaneously receives and consumes the benefits of the services rendered, measured using an output method. Fees typically include variable consideration and the related revenue is recognized to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty is subsequently resolved. Asset based fees vary with asset values of accounts under management, subject to market conditions and investor behaviors beyond the Company’s control. Transaction processing and administrative fees vary with activity volume, also beyond the Company’s control. Some fees, including distribution fees, are based on account balances and transaction volumes. Fees related to account balances and transaction volumes are measured daily. Real estate management service fees include fixed portions plus recovery of variable costs of services rendered to tenants. Fees related to services provided are generally recognized as services are rendered, which is when it becomes highly probable that no significant reversal of cumulative revenue recognized will occur. The Company has determined that its service contracts have no significant financing components because fees are collected monthly. The Company has no significant contract assets or contract liabilities. The following table presents revenue from service contracts by service lines and reporting segments as For the year ended December 31, 2023 Global Asia, Canada, Total Investment management and other related fees $ 3,298 $ (412 ) $ 2,886 Transaction processing, administration, and service fees 2,566 269 2,835 Distribution fees and other 842 54 896 Total included in other revenue 6,706 (89 ) 6,617 Revenue from non-service lines 3 126 129 Total other revenue $ 6,709 $ 37 $ 6,746 Real estate management services included in net investment income $ – $ 303 $ 303 For the year ended December 31, 2022 Global Asia, Canada, Total Investment management and other related fees $ 3,079 $ (315 ) $ 2,764 Transaction processing, administration, and service fees 2,416 268 2,684 Distribution fees and other 910 89 999 Total included in other revenue 6,405 42 6,447 Revenue from non-service lines (14 ) (247 ) (261 ) Total other revenue $ 6,391 $ (205 ) $ 6,186 Real estate management services included in net investment income $ – $ 305 $ 305 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Stock-Based Compensation | Note 15 Stock-Based Compensation (a) Stock options The Company grants stock options under its Executive Stock Option Plan (“ESOP”) to selected individuals. The options provide the holder the right to purchase MFC common shares at an exercise price equal to the higher of the prior day, prior five-day or prior ten-day average closing market price of the shares on the Toronto Stock Exchange on the date the options are granted. four years ESOP. Options outstanding 2023 2022 For the years ended December 31, Number of (in millions) Weighted Number of (in millions) Weighted Outstanding, January 1 20 $ 22.42 21 $ 22.09 Exercised (4 ) 21.02 (1 ) 16.15 Expired – 22.60 – 24.63 Forfeited – 24.27 – 23.96 Outstanding, December 31 16 $ 22.73 20 $ 22.42 Exercisable, December 31 9 $ 21.99 10 $ 20.91 Options outstanding Options exercisable For the year ended December 31, 2023 Number of (in millions) Weighted Weighted average Number of (in millions) Weighted Weighted average $17.59 - $20.99 3 $ 17.59 2.14 3 $ 17.59 2.14 $21.00 - $24.73 13 $ 23.79 4.49 6 $ 23.92 3.09 Total 16 $ 22.73 4.09 9 $ 21.99 2.80 No Compensation expense related to stock options was $2 for the year ended December 31, 2023 (2022 – $5 ) . (b) Deferred share units In 2000, the Company granted deferred share units (“DSUs”) on a one-time basis to certain employees under the ESOP. These DSUs vest over a three-year one 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 2023, the Company granted 38,000 DSUs months. In 2023, D SUs were granted to certain employees who elected to defer receipt of all or part of their annual bonus, these DSUs vested immediately. In 2023, 18,000 DSUs 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 2023, 117,000 DSUs (2022 – 116,000) were issued under this arrangement. Upon termination of the Board service, an eligible director who has elected to receive DSUs will be entitled to receive cash equal to the value of the DSUs accumulated in his or her account, or at his or her direction, an equivalent number of common shares. The Company is allowed to issue up to one The fair value of 206,000 DSUs issued during the year was $29.28 per unit as at December 31, 2023 (2022 – 252,000 at $24.15 per unit). For the years ended December 31, Number of DSUs (in thousands) 2023 2022 Outstanding, January 1 2,373 2,079 Issued 206 252 Reinvested 131 126 Redeemed (744 ) (75 ) Forfeitures and cancellations (3 ) (9 ) Outstanding, December 31 1,963 2,373 Of the DSUs outstanding as at December 31, 2023, (2022 – entitle the holder to receive common shares, (2022 – entitle the holder to receive payment in cash and (2022 – entitle the holder to receive payment in cash or common shares, at the option of the holder. Compensation expense related to DSUs was $9 for the year ended December 31, 2023 (2022 – $7 ) The carrying and fair value of the DSUs liability as a t Dec (c) Restricted share units and performance share units For the year ended December 31, 2023, 8.5 million RSUs (2022 – 8.6 million) and 1.6 million PSUs (2022 – 1.7 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 $29.28 per unit as at December 31, 2023 (2022 – $24.15 per unit). Each RSU and PSU entitles the holder to receive payment equal to the market value of one common share, plus credited dividends, at the time of vesting, subject to any performance conditions. RSUs and PSUs granted in March 2023 The carrying and fair value of the RSUs and PSUs liability as at December 31, 2023 was $514 (2022 – $388) and was included in other liabilities. (d) Global s o p 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, 2023 | |
Text block [abstract] | |
Employee Future Benefits | Note 16 Employee Future Benefits The Company maintains defined contribution and defined benefit pension plans and other post-employment plans for employees and agents including registered (tax-qualified) pension plans that are typically funded, as well as supplemental non-registered (non-qualified) pension plans for executives, retiree welfare plans and disability welfare plans that are typically not funded. (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 cash balance plan, and a closed retiree welfare plan. Actuarial valuations to determine the Company’s minimum funding contributions for the qualified cash balance plan are required annually. Deficits revealed in the funding valuations must generally be funded over a period of up to seven years. It is expected that there will be no required funding for this plan in 2024. No assets are held in the non-qualified cash balance plan. The retiree welfare plan subsidizes the cost of life insurance and medical benefits. The majority of those 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. 2 51 The qualified pension and retiree welfare plans are governed by the U.S. Benefits Committee, while the non-qualified pension plan is governed by the U.S. Non-Qualified Plans Subcommittee. Canadian defined benefit pension and retiree welfare plans The Company’s defined benefit plans in Canada include two registered final average pay pension plans, a non-registered supplemental final average pay pension plan and a retiree welfare plan, all of which have been closed to new members. Actuarial valuations to determine the Company’s minimum funding contributions for the registered pension plans are required at least once every three years. Deficits revealed in the funding valuation must generally be funded over a period of ten years. For 2024, the required funding for these plans is expected to be $2 . No assets are held in the non-registered supplemental pension plan. The retiree welfare plan subsidizes the cost of life insurance, medical and dental benefits. These subsidies are a fixed-dollar amount for those who retired after April 30, 2013 and have been eliminated for those who retire after 2019. No assets are held in this plan. The registered pension plans are governed by Pension Committees, while the supplemental non-registered plan is governed by the Board of Directors. The retiree welfare plan is governed by management. (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 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, 2023, the target asset allocation for the plans was 17% return-seeking assets and 83% liability-hedging assets (2022 – 20% and 80%). There remains significant uncertainty related to the potential long-term impacts of the COVID-19 pandemic (on future mortality, etc.). The Company considers recent experience when setting the long-term assumptions. Experience related to COVID-19 will continue to be closely monitored, as well as emerging research on the long-term implications of COVID-19 on mortality, inflation and other assumptions. (c) Pension and retiree welfare plans The following tables present the reconciliation of defined benefit obligation and fair value of plan assets for the pension plans and retiree welfare plans. Pension plans Retiree welfare plans For the years ended December 31, 2023 2022 2023 2022 Changes in defined benefit obligation: Opening balance $ 3,794 $ 4,560 $ 466 $ 584 Current service cost 41 43 – – Past service cost - amendment – (6 ) – – Interest cost 184 127 22 16 Plan participants’ contributions – – 3 3 Actuarial losses (gains) due to: Experience 11 5 (10 ) (13 ) Demographic assumption changes 14 – 1 – Economic assumption changes 119 (835 ) 16 (112 ) Benefits paid (308 ) (299 ) (38 ) (40 ) Impact of changes in foreign exchange rates (66 ) 199 (10 ) 28 Defined benefit obligation, December 31 $ 3,789 $ 3,794 $ 450 $ 466 Pension plans Retiree welfare plans For the years ended December 31, 2023 2022 2023 2022 Change in plan assets: Fair value of plan assets, opening balance $ 3,722 $ 4,510 $ 523 $ 587 Interest income 181 127 25 16 Return on plan assets (excluding interest income) 129 (869 ) 17 (91 ) Employer contributions 59 59 12 11 Plan participants’ contributions – – 3 3 Benefits paid (308 ) (299 ) (38 ) (40 ) Administration costs (10 ) (11 ) (1 ) (2 ) Impact of changes in foreign exchange rates (67 ) 205 (15 ) 39 Fair value of plan assets, December 31 $ 3,706 $ 3,722 $ 526 $ 523 (d) Amounts recognized in the Consolidated Statements of Financial Position The following table presents the deficit (surplus) and net defined benefit liability (asset) for the pension plans and retiree welfare plans. Pension plans Retiree welfare plans As at December 31, 2023 2022 2023 2022 Development of net defined benefit liability Defined benefit obligation $ 3,789 $ 3,794 $ 450 $ 466 Fair value of plan assets 3,706 3,722 526 523 Deficit (surplus) 83 72 (76 ) (57 ) Effect of asset limit (1) 41 48 – – Deficit (surplus) and net defined benefit liability (asset) 124 120 (76 ) (57 ) Deficit is comprised of: Funded or partially funded plans (422 ) (441 ) (190 ) (168 ) Unfunded plans 546 561 114 111 Deficit (surplus) and net defined benefit liability (asset) $ 124 $ 120 $ (76 ) $ (57 ) (1) The asset limit relates to a registered pension plan in Canada. The surplus in that plan is above the present value of economic benefits that can be derived by the Company through reductions in future contributions. For other funded pension plans in surplus position, the present value of the economic benefits available in the form of reductions in future contributions to the plans r (e) Disaggregation of defined benefit obligation The following table presents components of the defined benefit obligation between active members and inactive and retired members. U.S. plans Canadian plans Pension plans Retiree welfare plans Pension plans Retiree welfare plans As at December 31, 2023 2022 2023 2022 2023 2022 2023 2022 Active members $ 526 $ 509 $ 9 $ 11 $ 116 $ 125 $ – $ – Inactive and retired members 1,907 2,006 327 344 1,240 1,154 114 111 Total $ 2,433 $ 2,515 $ 336 $ 355 $ 1,356 $ 1,279 $ 114 $ 111 (f) Fair value measurements The following tables present major categories of plan assets and the allocation to each category. U.S. plans (1) Canadian plans (2) Pension plans Retiree welfare plans Pension plans Retiree welfare plans As at December 31, 2023 Fair value % of total Fair value % of total Fair value % of total Fair value % of total Cash and cash equivalents $ 28 1% $ 25 5% $ 15 1% $ – – Public equity securities (3) 315 13% 39 7% 195 17% – – Public debt securities 1,437 57% 448 85% 974 82% – – Other investments (4) 741 29% 14 3% 1 0% – – Total $ 2,521 100% $ 526 100% $ 1,185 100% $ – – U.S. plans (1) Canadian plans (2) Pension plans Retiree welfare plans Pension plans Retiree welfare plans As at December 31, 2022 Fair value % of total Fair value % of total Fair value % of total Fair value % of Cash and cash equivalents $ 35 1% $ 22 4% $ 9 1% $ – – Public equity securities (3) 377 15% 41 8% 233 20% – – Public debt securities 1,509 58% 445 85% 898 79% – – Other investments (4) 660 26% 15 3% 1 0% – – Total $ 2,581 100% $ 523 100% $ 1,141 100% $ – – (1) The U.S. pension and retiree welfare plan assets have daily quoted prices in active markets, except for the private debt, infrastructure, private equity, real estate, timber and agriculture assets. In the aggregate, the latter assets represent approximately 16 15 (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% 0.1 (3) Equity securities include direct investments in MFC common shares of $ 1.4 1.2 . (4) Other U.S. plan assets include investment in real estate, 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 The following table presents components of the net benefit cost for the pension plans and retiree welfare plans. Pension plans Retiree welfare plans For the years ended December 31, 2023 2022 2023 2022 Defined benefit current service cost (1) $ 41 $ 43 $ – $ – Defined benefit administrative expenses 10 11 1 2 Past service cost - plan amendments and curtailments – (6 ) – – Service cost 51 48 1 2 Interest on net defined benefit (asset) liability 5 2 (3 ) – Defined benefit cost 56 50 (2 ) 2 Defined contribution cost 93 85 – – Net benefit cost $ 149 $ 135 $ (2 ) $ 2 (1) There are no significant current service costs for the retiree welfare plans as they are closed and mostly frozen. The re-measurement gain or loss on these plans is due to the volatility of discount rates and investment returns. (h) Re-measurement effects recognized in Other Comprehensive Income The following table presents components of the re-measurement effects recognized in Other Comprehensive Income for the pension plans and retiree welfare plans. Pension plans Retiree welfare plans For the years ended December 31, 2023 2022 2023 2022 Actuarial gains (losses) on defined benefit obligations due to: Experience $ (11 ) $ (5 ) $ 10 $ 13 Demographic assumption changes (14 ) – (1 ) – Economic assumption changes (119 ) 835 (16 ) 112 Return on plan assets (excluding interest income) 129 (869 ) 17 (91 ) Change in effect of asset limit (excluding interest) 10 (10 ) – – Total re-measurement effects $ (5) $ (49 ) $ 10 $ 34 | (i) Assumptions The following table presents key assumptions used by the Company to determine the defined benefit obligation and net benefit cost for the defined benefit pension plans and retiree welfare plans. U.S. Plans Canadian Plans Pension plans Retiree welfare plans Pension plans Retiree welfare plans For the years ended December 31, 2023 2022 2023 2022 2023 2022 2023 2022 To determine the defined benefit obligation at end of year (1) : Discount rate 4.8% 5.0% 4.8% 5.0% 4.6% 5.3% 4.7% 5.3% Initial health care cost trend rate (2) n/a n/a 9.0% 7.8% n/a n/a 3.9% 5.3% To determine the defined benefit cost for the year (1) : Discount rate 5.0% 2.7% 5.0% 2.7% 5.3% 3.1% 5.3% 3.2% Initial health care cost trend rate (2) n/a n/a 7.8% 7.0% n/a n/a 5.3% 5.4% (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 9.0 4.8 41 7.8 4.8 and years thereafter 7.8 4.8 35 7.0 4.5 and years thereafter). 5.1 in 2023 and 4.0 29 5.3 4.8 and years thereafter 5.3 4.8 26 5.4 4.8 and years thereafter Assumptions regarding future mortality are based on published statistics and mortality tables. The following table presents current life expectancies underlying the values of the obligations in the defined benefit pension and retiree welfare plans. As at December 31, 2023 U.S. Canada Life expectancy (in years) for those currently age 65 Males 22.2 24.3 Females 23.7 26.2 Life expectancy (in years) at age 65 for those currently age 45 Males 23.6 25.3 Females 25.0 27.1 (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 following table sets out the potential impact on the obligations arising from changes in the key assumptions. Each sensitivity assumes that all other assumptions are held constant. In actuality, inter-relationships among assumptions may exist. As at December 31, 2023 Pension plans Retiree welfare plans Discount rate: Impact of a 1% increase $ (274 ) $ (38 ) Impact of a 1% decrease 316 44 Health care cost trend rate: Impact of a 1% increase n/a 11 Impact of a 1% decrease n/a (10 ) Mortality rates (1) Impact of a 10% decrease 89 6 (1) If the actuarial estimates of mortality are adjusted in the future to reflect unexpected decreases in mortality, the effect of a 10 0.8 and Canadian . (k) Maturity profile The following table presents weighted average duration (in years) of the defined benefit obligations. Pension plans Retiree welfare plans As at December 31, 2023 2022 2023 2022 U.S. plans 8.4 8.2 8.2 8.2 Canadian plans 9.9 10.6 11.1 11.1 (l) Cash flows – contributions The following table presents 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. Pension plans Retiree welfare plans For the years ended December 31, 2023 2022 2023 2022 Defined benefit plans $ 59 $ 59 $ 12 $ 11 Defined contribution plans 93 85 – – Total $ 152 $ 144 $ 12 $ 11 The Company’s best estimate of expected cash payments for employee future benefits for the year ending December 31, 2024 is $61 for defined benefit pension plans, $96 for defined contribution pension plans and $13 for retiree welfare plans. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Income Taxes | Note 17 Income Taxes (a) Income tax expense The following table presents income tax expenses (recoveries) recognized in the Consolidated Statements of Income. For the years ended December 31, 2023 2022 Current tax Current year $ 568 $ 1,098 Adjustments related to prior years (193 ) (263 ) Total current tax 375 835 Deferred tax Change related to temporary differences 489 (1,975 ) Adjustments related to prior years (19 ) 226 Effects of change in tax rates in Canada – (245 ) Total deferred tax 470 (1,994 ) Income tax expenses (recoveries) $ 845 $ (1,159 ) The following table discloses income tax expenses (recoveries) recognized directly in equity. For the years ended December 31, 2023 2022 Recognized in other comprehensive income Current income tax expenses (recoveries) $ 320 $ (323 ) Deferred income tax expenses (recoveries) (326 ) 3,034 Total recognized in other comprehensive income $ (6 ) $ 2,711 Recognized in equity, other than other comprehensive income Current income tax expenses (recoveries) $ 5 $ 5 Deferred income tax expenses (recoveries) (4 ) (8 ) Total income tax recognized directly in equity $ 1 $ (3 ) (b) Current tax receivable and payable As at December 31, 2023, the Company had approximately $1,056 of current tax recoverable included in other assets (2022 – $ 1,135 ed 195 (c) Tax reconciliation The effective income tax rate reflected in the Consolidated Statements of Income varies from the Canadian tax rate of 27.80 percent for the year ended December 31, 2023 (2022 – 27.50 percent) for the items outlined in the following table. The Canadian tax rate became substantively enacted For the years ended December 31, 2023 2022 Net income (loss) before income taxes $ 6,452 $ (3,138 ) Income tax expenses (recoveries) at Canadian statutory tax rate $ 1,794 $ (863 ) Increase (decrease) in income taxes due to: Tax-exempt investment income (199 ) (206 ) Differences in tax rate on income not subject to tax in Canada (770 ) 118 Adjustments to taxes related to prior years (212 ) (37 ) Tax losses and temporary differences not recognized as deferred taxes (38 ) 78 Tax rate change in Canada – (245 ) Other differences 270 (4 ) Income tax expenses (recoveries) $ 845 $ (1,159 ) (d) Deferred tax assets and liabilities The following table presents the Company’s deferred tax assets and As at December 31, 2023 2022 Deferred tax assets $ 6,739 $ 6,708 Deferred tax liabilities (1,697 ) (1,536 ) Net deferred tax assets (liabilities) $ 5,042 $ 5,172 The following table presents movement of deferred tax assets and liabilities. For the year ended December 31, Balance, Disposals Recognized in Recognized in other Recognized Translation Balance, Loss carryforwards $ 701 $ – $ (18 ) $ – $ (8 ) $ (5 ) $ 670 Actuarial liabilities 4,507 – 188 1,198 – (80 ) 5,813 Pensions and post-employment benefits 142 – 4 26 – (1 ) 171 Tax credits 109 – 15 – – (2 ) 122 Accrued interest 1 – – – – – 1 Real estate (1,317 ) – 168 – – 14 (1,135 ) Lease liability 47 – (7 ) – – (2 ) 38 Right of use asset and sublease receivable (41 ) – 7 – – – (34 ) Securities and other investments 1,560 – (293 ) (1,245 ) 2 62 86 Sale of investments (30 ) – 12 – – – (18 ) Goodwill and intangible assets (828 ) – (12 ) – – 18 (822 ) Other 321 – (534 ) 347 10 6 150 Total $ 5,172 $ – $ (470 ) $ 326 $ 4 $ 10 $ 5,042 For the year ended Balance, Disposals Recognized in Recognized in other Recognized Translation Balance, Loss carryforwards $ 517 $ – $ 184 $ – $ – $ – $ 701 Actuarial liabilities 13,731 – 2,334 (12,005 ) 11 436 4,507 Pensions and post-employment benefits 161 – (2 ) (17 ) – – 142 Tax credits 46 – 63 – – – 109 Accrued interest 1 – – – – – 1 Real estate (1,287 ) – 10 (1 ) – (39 ) (1,317 ) Lease liability 26 – 17 – 3 1 47 Right of use asset and sublease receivable (22 ) – (18 ) – (2 ) 1 (41 ) Securities and other investments (6,484 ) – (702 ) 8,984 (10 ) (228 ) 1,560 Sale o f inv (40 ) – 10 – – – (30 ) Goodwill and intangible assets (804 ) – (6 ) – – (18 ) (828 ) Other 209 – 104 5 6 (3 ) 321 Total $ 6,054 $ – $ 1,994 $ (3,034 ) $ 8 $ 150 $ 5,172 The total deferred tax assets as at December 31, 2023 of $ 6,739 6,708 includes $6,136 relating to 2023 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, 2023, tax loss carryforwards available were approximately $ 3,549 3,902 3,300 expire between the years 2025 and 2043 while $ 249 have no expiry date, and capital loss carryforwards available were approximately $ 5 (2022 – $ 1 ) and have no expiry date. A $ 670 (2022 – $ 701 ) tax benefit related to these tax loss carryforwards has been recognized as a deferred tax asset as at December 31, 2023, and a benefit of $ 222 (2022 – $ 211 ) has not been recognized. The Company has approximately $ 282 (2022 – $ 273 ) of tax credit carryforwards which will expire between the years 2026 and 2043 of which a benefit of $ 160 (2022 – $ 164 ) has not been recognized. In addition, the Company has not recognized a deferred tax asset of $ 1,171 (2022 – $ 663 ) on other temporary differences of $ 5,333 (2022 – $ 2,523 ). The total deferred tax liability as at December 31, 2023 was $ 1,697 1,536 10,908 11,439 |
Interests in Structured Entitie
Interests in Structured Entities | 12 Months Ended |
Dec. 31, 2023 | |
Investments accounted for using equity method [abstract] | |
Interests in Structured Entities | Note 18 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 (I) 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, 2023, the Company’s consolidated timber assets relating to HVPH were $ (2022 – $ 1,264 ). The Company does not provide guarantees to other parties against the risk of loss from HVPH. (II) 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 4. (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, 2023 2022 2023 2022 Leveraged leases (3) $ 3,790 $ 3,840 $ 3,790 $ 3,840 Infrastructure companies (4) 2,468 2,156 3,035 2,704 Timberland companies (5) 811 816 811 816 Real estate companies (6) 676 465 676 465 Total $ 7,745 $ 7,277 $ 8,312 $ 7,825 (1) The Company’s investments in these unconsolidated SEs are included in invested assets and the Company’s returns from them are included in net investment income and OCI. (2) The Company’s maximum exposure to loss from each SE is limited to amounts invested in each, plus unfunded capital commitments, if any. The Company’s investment commitments are disclosed in note 19. The maximum loss is expected to occur only upon the entity’s bankruptcy/liquidation. (3) These entities are statutory business trusts which use capital provided by the Company and senior debt provided by other parties to finance the acquisition of assets. These assets are leased 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 invest in infrastructure assets. The Company invests in their equity. The Company’s returns include investment income, investment management fees, and performance fees. The Company does not control these entities because it either does not have the power to govern their financial and operating policies or does not have significant variable returns from them, or both. (5) These entities own and operate timberlands. The Company invests in their equity and debt. The Company’s returns include investment income, investment advisory fees, forestry management fees and performance advisory fees. The Company does not control these entities because it either does not have the power to govern their financial and operating policies or does not have significant variable returns from them, or both. (6) These entities, which include the Manulife U.S. REIT, own and manage commercial real estate. The Company invests in their equity. The Company’s returns include investment income, investment management fees, property management fees, acquisition/disposition fees and leasing fees. The Company does not control these entities because it either does not have the power to govern their financial and operating policies or does not have significant variable returns from them, or both. Financing SEs The Company’s interests in and maximum exposure to loss from significant unconsolidated financing SEs are as follows. Company’s interests (1) As at December 31, 2023 2022 Manulife Finance (Delaware), L.P. (2) $ 709 $ 691 Total $ 709 $ 691 (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 11 and 19. (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, energy, private equity, real estate and agriculture, organized as limited partnerships and limited liability companies. Most of these other entities are not sponsored by the Company. The Company’s involvement with these other entities is not individually significant. As such, the Company neither provides summary financial data for these entities nor individually assesses whether they are SEs. The Company’s maximum exposure to losses because of its involvement with these other entities is limited to its investment in them and amounts committed to be invested but not yet funded. The Company records its income from these entities in net investment income and AOCI. The Company does not provide guarantees to other parties against the risk of loss from 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 4. 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. 2023 2022 As at December 31, CMBS RMBS ABS Total Total AAA $ 425 $ 4 $ 946 $ 1,375 $ 1,770 AA – – 227 227 9 A – 3 435 438 574 BBB – – 107 107 219 BB and below – – 7 7 3 Total exposure $ 425 $ 7 $ 1,722 $ 2,154 $ 2,575 (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 4. 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, 2023 was $1,319 (2022 – $ 1,296 258,273 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Commitments and Contingencies | Note 19 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 the Company in the U.S. District Court for the Southern District of New York on behalf of owners of Performance Universal Life (“Perf UL”) policies issued between 2003 and 2010 whose policies were subject to a Cost of Insurance (“COI”) increase announced in 2018. In addition to the class action, twelve individual lawsuits opposing the Perf UL COI increases were filed; nine in federal court and three in state court. The Company has now resolved litigation with respect to % of the filed lawsuits, which represents % of the total face amount of policies in the COI-increase block. Litigation remains possible with the final approximately % of the total face amount of the COI-increase block. Subsequent to the resolution of the Perf UL COI-increase lawsuits, in September 2023 an unrelated lawsuit was initiated against the Company in the U.S. District Court of the Southern District of New York as a putative class action on behalf of all current and former owners of universal life insurance policies issued by the Company “that state that cost of insurance rates will be based on future expectations that include taxes.” The Plaintiff’s theory is that the Company impermissibly failed to decrease the COI rates charged to these policy owners after the implementation of the Tax Cuts and Jobs Act of 2018. It is too early in the litigation to offer any reliable opinion about the scope of the class policies that may be at issue or the likely outcome. (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 $ 15,117 14,193 781 1,095 4,627 3,359 9,709 9,739 (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, 2023, letters of credit for which third parties are beneficiar ies outstanding (d) Guarantees ( I MFC has guaranteed the payment of amounts on the $650 subordinated debentures due on December 15, 2041 issued by MFLP, a wholly owned unconsolidated financing entity. The following tables present certain condensed consolidated financial information for MFC and MFLP. Condensed Consolidated Statements of Income Information For the year ended December 31, 2023 MFC (Guarantor) Other subsidiaries combined basis Consolidation adjustments Total consolidated amounts MFLP Insurance service result $ – $ 3,977 $ – $ 3,977 $ – Investment result 638 3,646 (1,326) 2,958 51 Other revenue 14 6,736 (4) 6,746 (7 ) Net income (loss) attributed to shareholders and other equity holders 5,103 4,785 (4,785) 5,103 1 For the year ended December 31, 2022 MFC Other Consolidation Total MFLP Insurance service result $ – $ 3,160 $ – $ 3,160 $ – Investment result 554 (5,823 ) (1,100 ) (6,369 ) 49 Other revenue (36 ) 6,225 (3 ) 6,186 15 Net income (loss) attributed to shareholders and other equity holders (1,933 ) (2,156 ) 2,156 (1,933 ) 21 Condensed Consolidated Statements Financial Position As at December 31, 2023 MFC (Guarantor) Other subsidiaries combined basis Consolidation adjustments Total consolidated amounts MFLP Invested assets $ 86 $ 417,124 $ – $ 417,210 $ 9 Insurance contract assets – 145 – 145 – Reinsurance contract held assets – 42,651 – 42,651 – Total other assets 59,023 42,411 (63,410 ) 38,024 969 Segregated funds net assets – 377,544 – 377,544 – Insurance contract liabilities, excluding those for account of segregated fund holders – 367,996 – 367,996 – Reinsurance contract held liabilities – 2,831 – 2,831 – Investment contract liabilities – 11,816 – 11,816 – Total other liabilities 12,070 55,129 (539 ) 66,660 718 Insurance contract liabilities for account of segregated fund holders – 114,143 – 114,143 – Investment contract liabilities for account of segregated fund holders – 263,401 – 263,401 – As at December 31, 2022 MFC Other combined basis Consolidation Total MFLP Invested assets $ 63 $ 400,079 $ – $ 400,142 $ 21 Insurance contract assets – 673 – 673 – Reinsurance contract held assets – 45,871 – 45,871 – Total other assets 58,357 42,751 (62,667 ) 38,441 950 Segregated funds net assets – 348,562 – 348,562 – Insurance contract liabilities, excluding those for account of segregated fund holders – 354,849 – 354,849 – Reinsurance contract held liabilities – 2,391 – 2,391 – Investment contract liabilities – 10,079 – 10,079 – Total other liabilities 11,544 58,482 (444 ) 69,582 712 Insurance contract liabilities for account of segregated fund holders – 110,216 – 110,216 – Investment contract liabilities for account of segregated fund holders – 238,346 – 238,346 – (II) Guarantees regarding John Hancock Life Insurance Company (U.S.A.) (“JHUSA”) Details of guarantees regarding certain securities issued or to be issued by JHUSA are outlined in note 24. (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 the The amounts pledged are as follows. 2023 2022 As at December 31, Debt securities Other Debt securities Other In respect of: Derivatives $ 10,431 $ 26 $ 11,944 $ 23 Secured borrowings – 2,220 – 2,241 Regulatory requirements 307 74 320 77 Repurchase agreements 201 – 886 – Non-registered retirement plans in trust – 298 – 326 Other – 283 – 404 Total $ 10,939 $ 2,901 $ 13,150 $ 3,071 (f) Participating business In some markets where the Company maintains participating accounts, there are regulatory restrictions on the amounts of profit that can be transferred to shareholders. Where applicable, these restrictions generally take the form of a fixed percentage of policyholder dividends. For participating businesses operating as separate “closed blocks”, transfers are governed by the terms of MLI’s and John Hancock Mutual Life Insurance Company’s plans of demutualization. (g) Fixed surplus notes A third party contractually provides standby financing arrangements for the Company’s U.S. operations under which, in certain circumstances, funds may be provided in exchange for the issuance of fixed surplus notes. As at December 31, 2023 and 2022, the Company |
Segmented Information
Segmented Information | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Segmented Information | Note 20 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 s Effective January 1, 2023, the Company has made a number of changes to the composition of reporting segments to better align its financial reporting with its business strategy and operations. The Company’s International High Net Worth business was reclassified from the U.S. segment to the Asia segment to reflect the contributions of the Company’s Bermuda operations alongside the high net worth business that is reported in the Company’s Singapore and Hong Kong operations. The Company’s investment in the startup capital of segregated and mutual funds and investment-related revenue and expense were reclassified from the Corporate and Other segment to the Global WAM segment to more closely align with Global WAM’s management practices. Refinements were made to the allocations of corporate overhead and interest on surplus among segments. Prior period comparative information has been restated to reflect the changes in segment reporting. (a) Reporting segments The following tables present results by reporting segments. For the year ended December 31, 2023 Asia Canada U.S. Global WAM Corporate and Other Total Insurance service result Life, health and property and casualty insurance $ 2,070 $ 995 $ 526 $ – $ 236 $ 3,827 Annuities and pensions (129 ) 198 81 – – 150 Total insurance service result 1,941 1,193 607 – 236 3,977 Net investment income (loss) 7,057 5,048 5,236 (771 ) 1,451 18,021 Insurance finance income (expenses) Life, health and property and casualty insurance (4,970 ) (3,288 ) (4,815 ) – 723 (12,350 ) Annuities and pensions (1,466 ) (27 ) (51 ) – – (1,544 ) Total insurance finance income (expenses) (6,436 ) (3,315 ) (4,866 ) – 723 (13,894 ) Reinsurance finance income (expenses) Life, health and property and casualty insurance (106 ) 58 385 – (697 ) (360 ) Annuities and pensions 1 (1 ) (374 ) – – (374 ) Total reinsurance finance income (expenses) (105 ) 57 11 – (697 ) (734 ) Decrease (increase) in investment contract liabilities (38 ) (73 ) (148 ) (175 ) (1 ) (435 ) Net segregated fund investment result – – – – – – Total investment result 478 1,717 233 (946 ) 1,476 2,958 Other revenue 67 272 79 6,709 (381 ) 6,746 Other expenses (231 ) (569 ) (153 ) (4,252 ) (470 ) (5,675 ) Interest expenses (11 ) (1,004 ) (15 ) (14 ) (510 ) (1,554 ) Net income (loss) before income taxes 2,244 1,609 751 1,497 351 6,452 Income tax reco ve (440 ) (373 ) (112 ) (198 ) 278 (845 ) Net income (loss) 1,804 1,236 639 1,299 629 5,607 Less net income (loss) attributed to: Non-controlling interests 141 – – 2 1 144 Participating policyholders 315 45 – – – 360 Net income (loss) attributed to shareholders and other equity holders $ 1,348 $ 1,191 $ 639 $ 1,297 $ 628 $ 5,103 Total assets $ 177,623 $ 157,111 $ 244,659 $ 257,764 $ 38,417 $ 875,574 For the year ended December 31, 2022 Asia Canada U.S. Global WAM Corporate and Other Total Insurance service result Life, health and property and casualty insurance $ 1,718 $ 928 $ 361 $ – $ (117 ) $ 2,890 Annuities and pensions (164 ) 262 172 – – 270 Total insurance service result 1,554 1,190 533 – (117 ) 3,160 Net investment income (loss) 1,417 (930 ) 911 (1,082 ) 21 337 Insurance finance income (expenses) Life, health and property and casualty insurance 608 (723 ) (5,058 ) – 122 (5,051 ) Annuities and pensions (2,261 ) 504 191 1 – (1,565 ) Total insurance finance income (expenses) (1,653 ) (219 ) (4,867 ) 1 122 (6,616 ) Reinsurance finance income (expenses) Life, health and property and casualty insurance (61 ) (100 ) 994 – (167 ) 666 Annuities and pensions (3 ) (2 ) (352 ) – – (357 ) Total reinsurance finance income (expenses) (64 ) (102 ) 642 – (167 ) 309 Decrease (increase) in investment contract liabilities (70 ) (49 ) (179 ) (119 ) 18 (399 ) Net segregated fund investment result – – – – – – Total investment result (370 ) (1,300 ) (3,493 ) (1,200 ) (6 ) (6,369 ) Other revenue 56 262 101 6,391 (624 ) 6,186 Other expenses (318 ) (573 ) (136 ) (3,893 ) (144 ) (5,064 ) Interest expenses (12 ) (548 ) (16 ) (7 ) (468 ) (1,051 ) Net income (loss) before income taxes 910 (969 ) (3,011 ) 1,291 (1,359 ) (3,138 ) Income tax recoveries (expenses) (318 ) 510 695 (170 ) 442 1,159 Net income (loss) 592 (459 ) (2,316 ) 1,121 (917 ) (1,979 ) Less net income (loss) attributed to: Non-controlling interests 120 – – – 1 121 Participating policyholders (211 ) 44 – – – (167 ) Net income (loss) attributed to shareholders and other equity holders $ 683 $ (503 ) $ (2,316 ) $ 1,121 $ (918 ) $ (1,933 ) Total assets $ 164,605 $ 151,761 $ 244,904 $ 231,433 $ 40,986 $ 833,689 (b) Geographical location The results of the Company’s reporting segments differ from its results by geographical location primarily due to the allocation of Global WAM and Corporate and Other segments into the geographical location to which its businesses relate. The following tables present results by geographical location. For the year ended December 31, 2023 Asia Canada U.S. Other Total Insurance service result Life, health and property and casualty insurance $ 2,087 $ 981 $ 511 $ 248 $ 3,827 Annuities and pensions (128 ) 198 80 – 150 Total insurance service result 1,959 1,179 591 248 3,977 Net investment income (loss) 7,259 5,724 4,975 63 18,021 Insurance finance income (expenses) Life, health and property and casualty insurance (4,971 ) (2,606 ) (4,793 ) 20 (12,350 ) Annuities and pensions (1,466 ) (27 ) (51 ) – (1,544 ) Total insurance finance income (expenses) (6,437 ) (2,633 ) (4,844 ) 20 (13,894 ) Reinsurance finance income (expenses) Life, health and property and casualty insurance (121 ) (623 ) 384 – (360 ) Annuities and pensions 1 (1 ) (374 ) – (374 ) Total reinsurance finance income (expenses) (120 ) (624 ) 10 – (734 ) Decrease (increase) in investment contract liabilities (220 ) (130 ) (79 ) (6 ) (435 ) Net segregated fund investment result – – – – – Total investment result $ 482 $ 2,337 $ 62 $ 77 $ 2,958 Other revenue $ 1,332 $ 2,147 $ 3,239 $ 28 $ 6,746 For the year ended Asia Canada U.S. Other Total Insurance service result Life, health and property and casualty insurance $ 1,873 $ 909 $ 208 $ (100 ) $ 2,890 Annuities and pensions (164 ) 262 172 – 270 Total insurance service result 1,709 1,171 380 (100 ) 3,160 Net investment income (loss) 1,264 (1,061 ) (189 ) 323 337 Insurance finance income (expenses) Life, health and property and casualty insurance 607 (578 ) (5,088 ) 8 (5,051 ) Annuities and pensions (2,261 ) 504 192 – (1,565 ) Total insurance finance income (expenses) (1,654 ) (74 ) (4,896 ) 8 (6,616 ) Reinsurance finance income (expenses) Life, health and property and casualty insurance (74 ) (254 ) 994 – 666 Annuities and pensions (3 ) (2 ) (352 ) – (357 ) Total reinsurance finance income (expenses) (77 ) (256 ) 642 – 309 Decrease (increase) in investment contract liabilities (126 ) (79 ) (194 ) – (399 ) Net segregated fund investment result – – – – – Total investment result $ (593 ) $ (1,470 ) $ (4,637 ) $ 331 $ (6,369 ) Other revenue $ 1,294 $ 2,044 $ 2,907 $ (59 ) $ 6,186 |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Related Parties | Note 21 Related Parties The Company enters into transactions with related parties in the normal course of business and at terms that would exist in arm’s-length transactions. (a) Transactions with certain related parties Transactions with MFLP, a wholly owned unconsolidated partnership, are described in notes 11, 18 and 19. (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) and senior management are considered key management personnel. A summary of compensation of key management personnel is as follows. For the years ended December 31, 2023 2022 Short-term employee benefits $ 83 $ 73 Post-employment benefits 6 6 Share-based payments 73 73 Termination benefits 3 – Other long-term benefits 3 3 Total $ 168 $ 155 |
Subsidiaries
Subsidiaries | 12 Months Ended |
Dec. 31, 2023 | |
Investments accounted for using equity method [abstract] | |
Subsidiaries | Note 22 Subsidiaries The following is a list of As at December 31, 2023 (100% owned unless otherwise noted in brackets beside company name) Equity Address Description The Manufacturers Life Insurance Company $ 58,655 Toronto, Canada A leading financial services group with principal operations in Asia, Canada and the United States that offers a diverse range of financial protection products and wealth management services Manulife Holdings (Alberta) Limited $ 18,489 Calgary, Canada Holding company John Hancock Financial Corporation Boston, U.S.A. Holding company The Manufacturers Investment Corporation Boston, U.S.A. Holding company John Hancock Reassurance Company Ltd. Boston, U.S.A. Captive insurance subsidiary that provides life, annuity and long-term care reinsurance to affiliates John Hancock Life Insurance Company (U.S.A.) Boston, U.S.A. U.S. life insurance company licensed in all states, except New York John Hancock Subsidiaries LLC Boston, U.S.A. Holding company John Hancock Financial Network, Inc. Boston, U.S.A. Financial services distribution organization John Hancock Investment Management LLC Boston, U.S.A. Investment advisor John Hancock Investment Management Distributors LLC Boston, U.S.A. Broker-dealer Manulife Investment Management (US) LLC Boston, U.S.A. Investment advisor Manulife Investment Management Timberland and Agriculture Inc. Boston, U.S.A. Manager of globally diversified timberland and agricultural portfolios John Hancock Life Insurance Company of New York New York, U.S.A. U.S. life insurance company licensed in New York John Hancock Variable Trust Advisers LLC Boston, U.S.A. Investment advisor for open-end mutual funds John Hancock Life & Health Insurance Company Boston, U.S.A. U.S. life insurance company licensed in all states John Hancock Distributors LLC Boston, U.S.A. Broker-dealer John Hancock Insurance Agency, Inc. Boston, U.S.A. Insurance agency Manulife Reinsurance Limited Hamilton, Bermuda Provides life and financial reinsurance to affiliates Manulife Reinsurance (Bermuda) Limited Hamilton, Bermuda Provides life and financial reinsurance to affiliates Manulife Bank of Canada $ 1,793 Waterloo, Canada Provides integrated banking products and service options not available from an insurance company Manulife Investment Management Holdings (Canada) Inc. $ 1,318 Toronto, Canada Holding company Manulife Investment Management Limited Toronto, Canada Provides investment counseling, portfolio and mutual fund management in Canada First North American Insurance Company $ 7 Toronto, Canada Property and casualty insurance company Manulife Securities Investment Services Inc. $ 84 Oakville, Canada Mutual fund dealer for Canadian operations Manulife Holdings (Bermuda) Limited $ 20,695 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 As at December 31, 2023 (100% owned unless otherwise noted in brackets beside company name) Equity Address Description Manulife Investment Management (Taiwan) Co., Ltd. Taipei, Taiwan (China) Investment management company Manulife Life Insurance Company (Japan) Tokyo, Japan Life insurance company Manulife Investment Management (Japan) Limited Tokyo, Japan Investment management and advisory company and mutual fund business Manulife Holdings Berhad (62.0%) Kuala Lumpur, Malaysia Holding company Manulife Insurance Berhad (62.0%) Kuala Lumpur, Malaysia Life insurance company Manulife Investment Management (Malaysia) Berhad (62.0%) Kuala Lumpur, Malaysia Asset management company Manulife (Singapore) Pte. Ltd. Singapore Life insurance company Manulife Investment Management (Singapore) Pte. Ltd. Singapore Asset management company Manulife Fund Management Co., Ltd. Beijing, China Mutual fund company in China The Manufacturers Life Insurance Co. (Phils.), Inc. Makati City, Philippines Life insurance company Manulife Chinabank Life Assurance Corporation (60%) Makati City, Philippines Life insurance company PT Asuransi Jiwa Manulife Indonesia Jakarta, Indonesia Life insurance company PT Manulife Aset Manajemen Indonesia Jakarta, Indonesia Investment management and investment advisor Manulife Investment Management (Europe) Limited $ 42 London, England Investment management company providing advisory services for Manulife Investment Management’s funds, internationally Manulife Assurance Company of Canada $ 66 Toronto, Canada Life insurance company EIS Services (Bermuda) Limited $ 1,028 Hamilton, Bermuda Investment holding company Berkshire Insurance Services Inc. $ 1,968 Toronto, Canada Investment holding company JH Investments (Delaware) LLC Boston, U.S.A. Investment holding company Manulife Securities Incorporated $ 213 Oakville, Canada Investment dealer Manulife Investment Management (North America) Limited $ 4 Toronto, Canada Investment advisor |
Segregated Funds
Segregated Funds | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Segregated Funds | Note 23 Segregated Funds The Company manages a number of segregated funds on behalf of policyholders. Policyholders are provided with the opportunity to invest in different categories of segregated funds that hold a range of underlying investments. The underlying investments consist of both individual securities and mutual funds. Segregated funds underlying investments may be exposed to a variety of financial and other risks. These These guarantees are recorded within the Company’s insurance contract liabilities and amount to supporting these guarantees, net of reinsurance, are recognized in invested assets according to their investment type. Insurance contract liabilities for account of segregated fund holders on the Consolidated Statements of Financial Position exclude these guarantees and are considered to be a non-distinct investment component of insurance contract liabilities. Note 9 provides information regarding market risk sensitivities associated with variable annuity and segregated fund guarantees. |
Information Provided in Connect
Information Provided in Connection with Investments in Deferred Annuity Contracts and SignatureNotes Issued or Assumed by John Hancock Life Insurance Company (U.S.A.) | 12 Months Ended |
Dec. 31, 2023 | |
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 24 Information Provided in Connection with Investments in Deferred Annuity Contracts and Signature Notes Issued or Assumed by John Hancock Life Insurance Company (U.S.A.) The following condensed consolidated financial information, presented in accordance with IFRS, and the related disclosure have been included in these Consolidated Financial Statements with respect to JHUSA in compliance with Regulation S-X and Rule 12h-5 of the United States Securities and Exchange Commission (the “Commission”). These financial statements are incorporated by reference in certain of the MFC and its subsidiaries registration statements that are described below and relate to MFC’s guarantee of certain securities to be issued by its subsidiaries. JHUSA maintains a book of deferred annuity contracts that feature a market value adjustment, some of which are registered with the Commission. The deferred annuity contracts may contain variable investment options along with fixed investment period options, or may offer only fixed investment period options. The fixed investment period options enable the participant to invest fixed amounts of money for fixed terms at fixed interest rates, subject to a market value adjustment if the participant desires to terminate a fixed investment period before its maturity date. The annuity contract provides for the market value adjustment to keep the parties whole with respect to the fixed interest bargain for the entire fixed investment period. These fixed investment period options that contain a market value adjustment feature are referred to as “MVAs”. JHUSA has sold medium-term notes to retail investors under its Signature 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 1 3 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 1 3 In Asia, the insurance laws of the jurisdictions in which MFC operates either provide for specific restrictions on the payment of dividends or other distributions or loans by subsidiaries or impose solvency or other financial tests, which could affect the ability of subsidiaries to pay dividends in certain circumstances. There can be no assurance that any current or future regulatory restrictions in Canada, the United States or Asia will not impair MFC’s ability to meet its cash requirements, including, but not limited to, paying any amounts due under its guarantees. The following condensed consolidated financial information, presented in accordance with IFRS, reflects the effects of the mergers and is provided in compliance with Regulation S-X and in accordance with Rule 12h-5 of the Commission. Condensed Consolidated Statement of Financial Position As at December 31, 2023 MFC JHUSA Other Consolidation Consolidated Assets Invested assets $ 86 $ 109,433 $ 307,930 $ (239 ) $ 417,210 Investments in unconsolidated subsidiaries 58,694 8,674 17,916 (85,284 ) – Insurance contract assets – – 217 (72 ) 145 Reinsurance contract held assets – 42,418 10,380 (10,147 ) 42,651 Other assets 329 8,731 32,700 (3,736 ) 38,024 Segregated funds net assets – 188,067 191,241 (1,764 ) 377,544 Total assets $ 59,109 $ 357,323 $ 560,384 $ (101,242 ) $ 875,574 Liabilities and equity Insurance contract liabilities, excluding those for account of segregated fund holders $ – $ 145,589 $ 232,972 $ (10,565 ) $ 367,996 Reinsurance contract held liabilities – – 2,831 – 2,831 Investment contract liabilities – 3,487 8,928 (599 ) 11,816 Other liabilities 573 5,869 51,266 (3,786 ) 53,922 Long-term debt 6,071 – – – 6,071 Capital instruments 5,426 594 647 – 6,667 Insurance contract liabilities for account of segregated fund holders – 51,719 62,424 – 114,143 Investment contract liabilities for account of segregated fund holders – 136,348 128,817 (1,764 ) 263,401 Shareholders’ and other equity 47,039 13,773 70,755 (84,528 ) 47,039 Participating policyholders’ equity – (56 ) 313 – 257 Non-controlling interests – – 1,431 – 1,431 Total liabilities and equity $ 59,109 $ 357,323 $ 560,384 $ (101,242 ) $ 875,574 Condensed Consolidated Statement of Financial Position Restated (note 2) As at December 31, 2022 MFC JHUSA Other Consolidation Consolidated Assets Invested assets $ 63 $ 109,332 $ 291,266 $ (519 ) $ 400,142 Investments in unconsolidated subsidiaries 58,024 8,584 18,018 (84,626 ) – Insurance contract assets – – 739 (66 ) 673 Reinsurance contract held assets – 44,849 11,215 (10,193 ) 45,871 Other assets 333 8,899 33,082 (3,873 ) 38,441 Segregated funds net assets – 173,417 177,361 (2,216 ) 348,562 Total assets $ 58,420 $ 345,081 $ 531,681 $ (101,493 ) $ 833,689 Liabilities and equity Insurance contract liabilities, excluding those for account of segregated fund holders $ – $ 147,440 $ 217,942 $ (10,533 ) $ 354,849 Reinsurance contract held liabilities – – 2,391 – 2,391 Investment contract liabilities – 2,585 8,207 (713 ) 10,079 Other liabilities 450 7,206 53,186 (3,616 ) 57,226 Long-term debt 6,234 – – – 6,234 Capital instruments 4,860 614 648 – 6,122 Insurance contract liabilities for account of segregated fund holders – 49,947 60,269 – 110,216 Investment contract liabilities for account of segregated fund holders – 123,470 117,092 (2,216 ) 238,346 Shareholders’ and other equity 46,876 13,865 70,550 (84,415 ) 46,876 Participating policyholders’ equity – (46 ) (31 ) – (77 ) Non-controlling interests – – 1,427 – 1,427 Total liabilities and equity $ 58,420 $ 345,081 $ 531,681 $ (101,493 ) $ 833,689 Condensed Consolidated Statement of Income For the year ended December 31, 2023 MFC JHUSA Other Consolidation Consolidated Insurance service result Insurance revenue $ – $ 9,858 $ 15,754 $ (1,640 ) $ 23,972 Insurance service expenses – (8,928 ) (12,195 ) 1,741 (19,382 ) Net expenses from reinsurance contracts held – (315 ) (175 ) (123 ) (613 ) Total insurance service result – 615 3,384 (22 ) 3,977 Investment result Net investment income (loss) 638 4,232 14,179 (1,028 ) 18,021 Insurance / reinsurance finance income (expenses) – (4,723 ) (9,993 ) 88 (14,628 ) Other investment result – 100 (432 ) (103 ) (435 ) Total investment result 638 (391 ) 3,754 (1,043 ) 2,958 Other revenue 14 790 6,384 (442 ) 6,746 Other expenses (55 ) (1,112 ) (4,776 ) 268 (5,675 ) Interest expenses (433 ) (79 ) (2,281 ) 1,239 (1,554 ) Net income (loss) before income taxes 164 (177 ) 6,465 – 6,452 Income tax (expenses) recoveries 7 175 (1,027 ) – (845 ) Net income (loss) after income taxes 171 (2 ) 5,438 – 5,607 Equity in net income (loss) of unconsolidated subsidiaries 4,932 811 809 (6,552 ) – Net income (loss) $ 5,103 $ 809 $ 6,247 $ (6,552 ) $ 5,607 Net income (loss) attributed to: Non-controlling interests $ – $ – $ 144 $ – $ 144 Participating policyholders – (74 ) 360 74 360 Shareholders and other equity holders 5,103 883 5,743 (6,626 ) 5,103 $ 5,103 $ 809 $ 6,247 $ (6,552 ) $ 5,607 Condensed Consolidated Statement of Income Restated (note 2) For the year ended December 31, 2022 MFC JHUSA Other Consolidation Consolidated Insurance service result Insurance revenue $ – $ 9,946 $ 14,760 $ (1,588 ) $ 23,118 Insurance service expenses – (10,652 ) (12,417 ) 3,734 (19,335 ) Net expenses from reinsurance contracts held – (570 ) 281 (334 ) (623 ) Total insurance service result – (1,276 ) 2,624 1,812 3,160 Investment result Net investment income (loss) 554 (53 ) 781 (945 ) 337 Insurance / reinsurance finance income (expenses) – (325 ) (4,376 ) (1,606 ) (6,307 ) Other investment result – 36 (426 ) (9 ) (399 ) Total investment result 554 (342 ) (4,021 ) (2,560 ) (6,369 ) Other revenue (36 ) 505 6,181 (464 ) 6,186 Other expenses (42 ) (841 ) (4,455 ) 274 (5,064 ) Interest expenses (439 ) (54 ) (1,496 ) 938 (1,051 ) Net income (loss) before income taxes 37 (2,008 ) (1,167 ) – (3,138 ) Income tax (expenses) recoveries 32 624 503 – 1,159 Net income (loss) after income taxes 69 (1,384 ) (664 ) – (1,979 ) Equity in net income (loss) of unconsolidated subsidiaries (2,002 ) 638 (746 ) 2,110 – Net income (loss) $ (1,933 ) $ (746 ) $ (1,410 ) $ 2,110 $ (1,979 ) Net income (loss) attributed to: Non-controlling interests $ – $ – $ 121 $ – $ 121 Participating policyholders – (530 ) 288 75 (167 ) Shareholde rs a (1,933 ) (216 ) (1,819 ) 2,035 (1,933 ) $ (1,933 ) $ (746 ) $ (1,410 ) $ 2,110 $ (1,979 ) Consolidated Statement of Cash Flows For the year ended December 31, 2023 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Operating activities Net income (loss) $ 5,103 $ 809 $ 6,247 $ (6,552 ) $ 5,607 Adjustments: Equity in net income of unconsolidated subsidiaries (4,932 ) (811 ) (809 ) 6,552 – Increase (decrease) in net insurance contract liabilities – 455 10,242 – 10,697 Increase (decrease) in investment contract liabilities – (112 ) 547 – 435 (Increase) decrease in reinsurance contract assets, excluding – 28 946 – 974 Amortization of (premium) discount on invested assets – 30 (171 ) – (141 ) Contractual service margin (“CSM”) amortization – (455 ) (1,543 ) – (1,998 ) Other amortization 10 147 424 – 581 Net realized and unrealized (gains) losses and impairment on assets 3 471 (3,319 ) – (2,845 ) Deferred income tax expenses (recoveries) (11 ) (141 ) 622 – 470 Stock option expense – (3 ) 5 – 2 Cash provided by (used in) operating activities before undernoted items 173 418 13,191 – 13,782 Dividends from unconsolidated subsidiaries 5,600 386 (679 ) (5,307 ) – Changes in policy related and operating receivables and payables (4 ) (649 ) 7,294 – 6,641 Cash provided by (used in) operating activities 5,769 155 19,806 (5,307 ) 20,423 Investing activities Purchases and mortgage advances – (15,165 ) (68,856 ) – (84,021 ) Disposals and repayments – 16,159 54,122 – 70,281 Changes in investment broker net receivables and payables – 12 9 – 21 Net cash increase (decrease) from sale (purchase) of subsidiaries – – (1 ) – (1 ) Investment in common shares of subsidiaries (1,843 ) – – 1,843 – Capital contribution to unconsolidated subsidiaries – (1 ) – 1 – Return of capital from unconsolidated subsidiaries – 5 – (5 ) – Notes receivable from parent – – (4 ) 4 – Notes receivable from subsidiaries (25 ) – – 25 – Cash provided by (used in) investing activities (1,868 ) 1,010 (14,730 ) 1,868 (13,720 ) Financing activities Change in repurchase agreements and securities sold but not yet purchased – – (693 ) – (693 ) Issue of capital instruments, net 1,194 – – – 1,194 Redemption of capital instruments (600 ) – – – (600 ) Secured borrowing from securitization transactions – – 537 – 537 Changes in deposits from Bank clients, net – – (895 ) – (895 ) Lease payments – (3 ) (95 ) – (98 ) Shareholders’ dividends and other equity distributions (2,972 ) – – – (2,972 ) Common shares repurchased (1,595 ) – – – (1,595 ) Common shares issued, net 94 – 1,843 (1,843 ) 94 Contributions from (distributions to) non-controlling interests, net – – (14 ) – (14 ) Dividends paid to parent – 679 (5,986 ) 5,307 – Capital contributions by parent – – 1 (1 ) – Return of capital to parent – – (5 ) 5 – Notes payable to parent – – 25 (25 ) – Notes payable to subsidiaries 4 – – (4 ) – Cash provided by (used in) financing activities (3,875 ) 676 (5,282 ) 3,439 (5,042 ) Cash and short-term securities Increase (decrease) during the year 26 1,841 (206 ) – 1,661 Effect of foreign exchange rate changes on cash and short-term securities (3 ) (52 ) (357 ) – (412 ) Balance, beginning of year 63 2,215 16,357 – 18,635 Balance, end of year 86 4,004 15,794 – 19,884 Cash and short-term securities Beginning of year Gross cash and short-term securities 63 2,614 16,476 – 19,153 Net payments in transit, included in other liabilities – (399 ) (119 ) – (518 ) Net cash and short-term securities, beginning of year 63 2,215 16,357 – 18,635 End of year Gross cash and short-term securities 86 4,329 15,923 – 20,338 Net payments in transit, included in other liabilities – (325 ) (129 ) – (454 ) Net cash and short-term securities, end of year $ 86 $ 4,004 $ 15,794 $ – $ 19,884 Supplemental disclosures on cash flow information: Interest received $ 650 $ 3,369 $ 10,166 $ (1,417 ) $ 12,768 Interest paid 418 115 2,432 (1,417 ) 1,548 Income taxes paid (refund) 2 (1 ) 435 – 436 Consolidated Statement of Cash Flows Restated (note 2) For the year ended December 31, 2022 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Operating activities Net income (loss) $ (1,933 ) $ (746 ) $ (1,410 ) $ 2,110 $ (1,979 ) Adjustments: Equity in net income of unconsolidated subsidiaries 2,002 (638 ) 746 (2,110 ) – Increase (decrease) in net insurance contract liabilities – 2,051 2,965 – 5,016 Increase (decrease) in investment contract liabilities – (111 ) 510 – 399 (Increase) decrease in reinsurance contract assets, excluding – 2 708 – 710 Amortization of (premium) discount on invested assets – 33 (164 ) – (131 ) Contractual service margin (“CSM”) amortization – (578 ) (1,415 ) – (1,993 ) Other amortization 9 156 354 – 519 Net realized and unrealized (gains) losses and impairment on assets (36 ) 4,854 8,842 – 13,660 Gain on U.S. variable annuity reinsurance transaction (pre-tax) – (1,026 ) (44 ) – (1,070 ) Gain on derecognition of Joint Venture interest during Manulife TEDA acquisition (pre-tax) – – (95 ) – (95 ) Deferred income tax expenses (recoveries) (33 ) (354 ) (1,607 ) – (1,994 ) Stock option expense – (3 ) 8 – 5 Cash provided by (used in) operating activities before undernoted items 9 3,640 9,398 – 13,047 Dividends from unconsolidated subsidiaries 6,200 399 734 (7,333 ) – Changes in policy related and operating receivables and payables 44 1,644 3,270 – 4,958 Cash decrease due to U.S. variable annuity reinsurance transaction – (1,263 ) (114 ) – (1,377 ) Cash provided by (used in) operating activities 6,253 4,420 13,288 (7,333 ) 16,628 Investing activities Purchases and mortgage advances – (28,685 ) (82,873 ) – (111,558 ) Disposals and repayments 1 23,429 69,977 – 93,407 Changes in investment broker net receivables and payables – (11 ) (56 ) – (67 ) Net cash increase (decrease) from sale (purchase) of subsidiaries – – (182 ) – (182 ) Investment in common shares of subsidiaries (2,479 ) – – 2,479 – Capital contribution to unconsolidated subsidiaries – (1 ) – 1 – Return of capital from unconsolidated subsidiaries – 19 – (19 ) – Notes receivable from parent – – 415 (415 ) – Notes receivable from subsidiaries 46 (7 ) – (39 ) – Cash provided by (used in) investing activities (2,432 ) (5,256 ) (12,719 ) 2,007 (18,400 ) Financing activities Change in repurchase agreements and securities sold but not yet purchased – – 346 – 346 Issue of long-term debt, net 946 – – – 946 Redemption of capital instruments – – (1,000 ) – (1,000 ) Secured borrowing from securitization transactions – – 437 – 437 Changes in deposits from Bank clients, net – – 1,703 – 1,703 Lease payments – (5 ) (115 ) – (120 ) Shareholders’ dividends and other equity distributions (2,787 ) – – – (2,787 ) Common shares repurchased (1,884 ) – – – (1,884 ) Common shares issued, net 23 – 2,479 (2,479 ) 23 Preferred shares and other equity issued, net 990 – – – 990 Preferred shares redeemed, net (711 ) – – – (711 ) Contributions from (distributions to) non-controlling interests, net – – (51 ) – (51 ) Dividends paid to parent – (734 ) (6,599 ) 7,333 – Capital contributions by parent – – 1 (1 ) – Return of capital to parent – – (19 ) 19 – Notes payable to parent – – (39 ) 39 – Notes payable to subsidiaries (415 ) – – 415 – Cash provided by (used in) financing activities (3,838 ) (739 ) (2,857 ) 5,326 (2,108 ) Cash and short-term securities Increase (decrease) during the year (17 ) (1,575 ) (2,288 ) – (3,880 ) Effect of foreign exchange rate changes on cash and short-term securities 2 225 358 – 585 Balance, beginning of year 78 3,565 18,287 – 21,930 Balance, end of year 63 2,215 16,357 – 18,635 Cash and short-term securities Beginning of ye 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, beginning of year 78 3,565 18,287 – 21,930 End of year Gross cash and short-term securities 63 2,614 16,476 – 19,153 Net payments in transit, included in other liabilities – (399 ) (119 ) – (518 ) Net cash and short-term securities, end of year $ 63 $ 2,215 $ 16,357 $ – $ 18,635 Supplemental disclosures on cash flow information: Interest received $ 512 $ 3,850 $ 8,672 $ (1,161 ) $ 11,873 Interest paid 424 84 1,608 (1,161 ) 955 Income taxes paid (refund) – 124 1,114 – 1,238 |
Adoption of IFRS 17
Adoption of IFRS 17 | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Detailed Information About Adoption of IFRS 17 [Abstract] | |
Adoption of IFRS 17 | Note 25 Adoption of IFRS 17 IFRS 17 Transition The Company is required to prepare an opening balance sheet as at January 1, 2022, the date of transition to IFRS 17, which forms the starting point for its financial reporting in accordance with IFRS 17. Any differences between the carrying value and the presentation of assets, liabilities and equity determined in accordance with CALM and IFRS 17, as at January 1, 2022, were recorded in opening retained earnings and accumulated other comprehensive income. On the transition date, January 1, 2022, the Company: • Identified, recognized, and measured each group of contracts as if IFRS 17 had always applied, unless it was impracticable (see Full Retrospective Approach and Fair Value Approach below); • Identified, recognized, and measured assets for insurance acquisition cash flows as if IFRS 17 had always applied, unless it was impracticable. However, no recoverability assessment was performed before the transition date; • Derecognized any balances that would not exist had IFRS 17 always applied; • Measured own use real estate properties that were underlying items of insurance contracts with direct participation features at fair value; and • Recognized any resulting net difference in equity. Full Retrospective Approach The Company has adopted IFRS 17 retrospectively unless the full retrospective approach was deemed impracticable. The Company has applied the full retrospective approach to most contracts issued on or after January 1, 2021, except for participating insurance contracts and variable annuity contracts for which the fair value approach was used. Fair Value Approach The Company has applied the fair value approach to all insurance contracts issued prior to January 1, 2021, as obtaining reasonable and supportable information to apply the full retrospective approach was deemed impracticable. IFRS 17 allows the use of the fair value approach for groups of insurance contracts with direct participation features if the risk mitigation option is applied prospectively from the transition date and the Company used derivatives, reinsurance contracts held, or non-derivative Under the fair value approach, the Company has determined the CSM of the GMM and VFA liabilities for remaining coverage at the transition date as the difference between the fair value of the groups of insurance contracts and the fulfilment cash flows measured at that date. In determining the fair value, the Company has applied the requirements of IFRS 13 “Fair Value Measurement”, except for the demand deposit floor requirement. The Company used the income approach to determine the fair value of the insurance contracts at the transition date, in which future cash flows are discounted to a single amount that reflects current market expectations about those future amounts. To determine groups of insurance contracts under the fair value approach the Company has aggregated contracts issued more than one year apart as it did not have reasonable and supportable information to divide groups into those including only contracts issued within one year or less. For the application of the fair value approach, the Company has used reasonable and supportable information available at the transition date in order to: • Identify groups of insurance contracts; • Determine whether an insurance contract meets the definition of an insurance contract with direct participation features; • Identify discretionary cash flows for insurance contracts without direct participation features; and • Determine whether an investment contract meets the definition of an investment contract with discretionary participation features. For insurance contracts where the fair value approach was applied, the discount rate used to determine the fair value of the group of insurance contracts was determined at the transition date. For cash flows of insurance contracts that do not vary based on the returns on underlying items, the Company determines discount rates by adjusting a liquid risk-free yield curve to reflect the differences between the liquidity characteristics of the financial instruments that underlie the rates observed in the market and the liquidity characteristics of the insurance contracts (a bottom-up Other Comprehensive Income at Transition Under IFRS 17 changes in the carrying amount of insurance contracts arising from the effect of and changes in the time value of money and in financial risk are presented as insurance finance income or expense (except for some changes for insurance contracts with direct participation features under certain circumstances). Under IFRS 17 the Company has the option to present all insurance finance income or expense in profit or loss or disaggregated between profit or loss and OCI (the “OCI option”). The Company has elected the OCI option and determined the cumulative OCI balance at transition as follows: • For some GMM and PAA groups of contracts where the fair value approach was applied, the cumulative OCI was set retrospectively only if reasonable and supportable information was available, otherwise it was set to zero at the transition date. • For GMM groups of contracts where the full retrospective approach was applied, the cumulative balance was calculated as if the Company had been applying the OCI option since inception of the contracts. • For VFA contracts, the cumulative OCI at transition was set equal to the difference between the market value and carrying value of the underlying items. Reclassification of Financial Assets for the Comparative Period of IFRS 17 Adoption Under the amendments to IFRS 17 with regard to the “Initial Application of IFRS 17 and IFRS 9 – Comparative Information” (“IFRS 17 amendments”), the Company has elected the option to reclassify financial assets, including those held in respect of activities not connected to contracts within the scope of IFRS 17, on an instrument-by-instrument 273 Table of Contents The following table presents invested assets by type and measurement category as at December 31, 2021, with transitional measurement differences and presentation differences and then invested assets by type and category as at January 1, 2022. December 31, 2021 Impact of IFRS 17 January 1, 2022 IAS 39 category Total carrying Measurement differences Presentation Total carrying Measurement category Cash and short-term securities AFS $ 14,339 $ – $ 2,214 $ 16,553 FVOCI (1) FVTPL 2,214 – (2,214 ) – FVTPL (2) Amortized cost 6,041 – – 6,041 Amortized cost (3) 22,594 – – 22,594 Debt securities AFS 33,097 – 184,365 217,462 FVOCI (1) FVTPL 189,722 – (184,365 ) 5,357 FVTPL (2) Amortized cost 1,320 – – 1,320 Amortized cost (3) 224,139 – – 224,139 Public equities AFS 2,351 – (2,351 ) – FVTPL 25,716 – 2,351 28,067 FVTPL (2) 28,067 – – 28,067 Mortgages AFS – 1,897 29,901 31,798 FVOCI ( 1) FVTPL – 37 1,166 1,203 FVTPL (2) Amortized cost 52,014 – (31,067 ) 20,947 Amortized cost (3) 52,014 1,934 – 53,948 Private placements AFS – 4,407 42,175 46,582 FVOCI ( 1) FVTPL – 40 667 707 FVTPL (2) Amortized cost 42,842 – (42,842 ) – Amortized cost (3) 42,842 4,447 – 47,289 Policy loans Amortized cost 6,397 – (6,397 ) – N/A (4) Loans to Bank clients Amortized cost 2,506 – – 2,506 Amortized cost (3) Other invested assets AFS 89 (4 ) 238 323 FVOCI ( 1) FVTPL 21,157 (10 ) 617 21,764 FVTPL (2) Amortized cost 855 – (855 ) – Amortized cost (3) 22,101 (14 ) – 22,087 Total in-scope invested assets 400,660 6,367 (6,397 ) 400,630 Out-of-scope (5) Other 26,438 1,035 – 27,473 Other (5) Total Invested Assets $ 427,098 $ 7,402 $ (6,397 ) $ 428,103 (1) The reclassification of unrealized gains (losses), net of tax, of $11,868 from retained earnings to accumulated other comprehensive income (AOCI) related to FVOCI classification of debt investments classified as FVTPL under IAS 39. (2) The reclassification of unrealized gains (losses), net of tax, of $268 from AOCI to retained earnings related to FVTPL classification of debt securities classified as FVOCI under IAS 39. (3) The re-measurement (4) Policy loans were reclassified from invested assets to insurance contract liabilities under IFRS 17 with no re-measurement (5) Own use real estate properties which are underlying items for insurance contracts with direct participating features were remeasured to fair value as if they were investment properties, as permitted by IFRS 17. This re-measurement The Company has elected to apply the impairment requirements of IAS 39 (incurred losses) for the comparative period as provided for under IFRS 17. Accordingly, for assets that were classified as FVTPL under IAS 39, where no impairment was required, but were reclassified to FVOCI or amortized cost under IFRS 9 for the comparative period, the Company calculated. Opening balance sheet under IFRS 17 “Insurance Contracts” including classification and measurement changes of financial assets Effects from applying IFRS 17 resulted in a reduction of total equity of $ , net of tax, as at January 1, 2022. The opening IFRS 17 balance sheet and related adjustments as at January 1, 2022 are presented below: IFRS 4 & IAS 39 December 31, Opening IFRS balance sheet adjustments IFRS 17 & IAS 39 January 1, Measurement differences Transition Contract Presentation Assets Total invested assets $ 427,098 $ – $ 7,402 $ (6,397 ) $ 428,103 Total other assets 90,757 2,877 5,617 1,078 100,329 Segregated funds net assets 399,788 – – – 399,788 Total assets $ 917,643 $ 2,877 $ 13,019 $ (5,319 ) $ 928,220 Liabilities and Equity Insurance contract liabilities, excluding those for account of segregated fund holders $ 392,275 $ 21,466 (1) $ 10,014 $ (18,134 ) $ 405,621 Investment contract liabilities 3,116 – – 6,948 10,064 Other liabilities 63,595 (2,823 ) (784 ) 5,867 65,855 Insurance contract liabilities for account of segregated fund holders – – – 130,836 130,836 Investment contract liabilities for account of segregated fund holders – – – 268,952 268,952 Segregated funds net liabilities 399,788 – – (399,788 ) – Total liabilities 858,774 18,643 9,230 (5,319 ) 881,328 Equity Shareholders and other equity holders’ retained earnings 23,492 (13,607 ) (229 ) – 9,656 Shareholders’ accumulated other comprehensive income (loss) Insurance finance income (expenses) – – (17,117 ) – (17,117 ) Reinsurance finance income (expenses) – – 984 – 984 FVOCI investments 848 – 16,916 – 17,764 Other equity items 34,068 – – – 34,068 Total shareholders’ equity 58,408 (13,607 ) 554 – 45,355 Participating policyholders’ equity (1,233 ) (1,440 ) (1) 2,774 – 101 Non-controlling 1,694 (719 ) (1) 461 – 1,436 Total equity 58,869 (15,766 ) 3,789 – 46,892 Total liabilities and equity $ 917,643 $ 2,877 $ 13,019 $ (5,319 ) $ 928,220 (1) The post-tax The following table shows the nature and amount of the measurement adjustments made to the opening balance sheet: Measurement Description Transition CSM Contractual Service Margin (CSM) is a new liability that represents future unearned profits on insurance contracts written. For this measurement step, the amount recognized as at the transition date, January 1, 2022, was $21,466. The impact on equity was $15,766, net of tax. Contract Measurement Under IFRS 17 other components of insurance contracts, aside from the CSM, are also remeasured. This measurement step includes the following changes: Risk Adjustment (+2.1 billion to equity) (1) : non-economic Discount Rates (-1.5 billion to equity) (1) : Other Revaluation Changes (+3.1 billion to equity): Participating and Non-Controlling In previous steps all impacts to equity were shown in shareholders’ equity. This step shows the geography of the impacts between shareholders’ equity, participating policyholders’ equity and non-controlling (1) Excluding impacts on variable annuity guarantee contracts. The presentation differences are mainly comprised of the following: • Policy loans invested assets • Contract classification • Insurance receivables & payables • Embedded derivatives • Reinsurance funds withheld • Deferred acquisition cost • Insurance and investment contract liabilities for account of segregated fund holders |
Comparatives
Comparatives | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Comparatives | Note 26 Comparatives Certain comparative amounts have been reclassified to conform to the current year’s presentation. As disclosed in note 2 Accounting and Reporting Changes and note 25 Adoption of IFRS 17, comparative amounts have been prepared and presented in accordance with IFRS 9 and IFRS 17. Refer to notes 2 and 25 for adoption impacts of IFRS 9 and IFRS 17. |
Nature of Operations and Mate_2
Nature of Operations and Material Accounting Policy Information (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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, including its subsidiaries (collectively, “Manulife” or the “Company”) is a leading financial services group with principal operations in Asia, Canada and the United States. Manulife’s international network of employees, agents and distribution partners offers financial protection and wealth management products and services to personal and business clients as well as asset management services to institutional customers. The Company operates as Manulife in Asia and Canada and as John Hancock and Manulife in the United States. MFC is domiciled in Canada and incorporated under the Insurance Companies Act (Canada) (“ICA”). These Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These Consolidated Financial Statements as at and for the year ended December 31, 2023 were authorized for issue by MFC’s Board of Directors on February 14, 2024. |
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 insurance service, investment result, and other revenue and expenses during the reporting periods. Actual results may differ from these estimates. The most significant estimation processes relate to evaluating assumptions used in measuring insurance and investment contract liabilities and reinsurance contracts held liabilities, assessing assets for impairment, determining pension and other post-employment benefit obligation and expense assumptions, determining income taxes and uncertain tax positions, and estimating fair values of certain invested assets. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimates are revised and in any future years affected. Although some variability is inherent in these estimates, management believes that the amounts recorded are appropriate. The material accounting policies used and the most significant judgments made by management in applying these accounting policies in the preparation of these Consolidated Financial Statements are summarized below. The Company’s results and operations have been and may continue to be adversely impacted by the economic environment. The adverse effects include but are not limited to recessionary economic trends in markets the Company operates in, significant market volatility, increase in credit risk, strain on commodity markets and alternative long duration asset (“ALDA”) prices, foreign currency exchange rate volatility, increases in insurance claims, persistency and redemptions, and disruption of business operations. The breadth and depth of these events and their duration contribute additional uncertainty around estimates used in determining the carrying value of certain assets and liabilities included in these Consolidated Financial Statements. The Company has applied appropriate measurement techniques using reasonable judgment and estimates from the perspective of a market participant to reflect current economic conditions. The impact of these techniques has been reflected in these Consolidated Financial Statements. Changes in the inputs used could materially impact the respective carrying values. |
Fair value measurement | (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 predominantly external observable data. Judgment is applied in adjusting external observable data for items including liquidity and credit factors. The Company categorizes its fair value measurement results according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company’s valuation techniques based on their reliability. A level is assigned to each fair value measurement based on the lowest level input significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are defined as follows: Level 1 – Fair value measurements that reflect unadjusted, quoted prices in active markets for identical assets and liabilities that the Company can access at the measurement date, reflecting market transactions. Level 2 – Fair value measurements using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in inactive markets, inputs that are observable that are not prices (such as interest rates, credit risks, etc.) and inputs that are derived from or corroborated by observable market data. Most debt investments are classified within Level 2. Also, included in the Level 2 category are derivative instruments that are priced using models with observable market inputs, including interest rate swaps, equity swaps, credit default swaps and foreign currency forward contracts. Level 3 – Fair value measurements using significant non-market |
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. A change in control may lead to gains or losses on derecognition of a subsidiary when losing control, or on derecognition of previous interests in a subsidiary when gaining control. The Company’s Consolidated Financial Statements have been prepared using uniform accounting policies for like transactions and events in similar circumstances. Intercompany balances, and revenue and expenses arising from intercompany transactions, have been eliminated in preparing the Consolidated Financial Statements. Non-controlling 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 are recognized initially at fair value plus, in the case of investments not classified as fair value through profit or loss (“FVTPL”), directly attributable transaction costs. Invested assets that are considered financial instruments are classified as fair value through other comprehensive income (“FVOCI”), FVTPL or as amortized cost. The Company determines the classification of its financial assets at initial recognition. The classification of invested assets which are financial instruments depends on their contractual terms and the Company’s business model for managing the assets. The Company assesses the contractual terms of the assets to determine whether their terms give rise on specified dates to cash flows that are solely payments of principal and interest (“SPPI”) on the principal amount outstanding. Only debt instruments may have SPPI cash flows. The most significant elements of interest within a lending arrangement are typically the consideration for the time value of money and credit risk. To make the SPPI assessment, the Company applies judgement and considers relevant factors such as prepayment and redemption rights, conversion features, and subordination of the instrument to other instruments of the issuer. An asset with contractual terms that introduce a more than de minimis exposure to risks of not collecting principal or interest would not meet the SPPI test. Debt instruments which qualify as having SPPI cash flows are classified as amortized cost or FVOCI based on the business model under which they are held. If held within a business model whose objective is to hold the assets in order to collect contractual cash flows, they are classified as amortized cost. If held within a business model whose objective is achieved by both collecting contractual cash flows and selling the assets, they are classified as FVOCI. In either case, the Company may designate them as FVTPL in order to reduce accounting mismatches with FVTPL liabilities they support. Debt instruments which fail the SPPI test are required to be measured at FVTPL. To identify the business model financial assets are held within, considerations include the business purpose of the portfolio they are held within, the risks that are being managed and the business activities which manage the risks, the basis on which performance of the portfolio is being evaluated, and the frequency and significance of sales activity within the portfolio. Realized and unrealized gains and losses on debt instruments classified as FVTPL and realized gains and losses on debt instruments held at FVOCI or amortized cost are recognized in investment income immediately. Unrealized gains and losses on FVOCI debt investments are recorded in OCI, except for unrealized gains and losses on foreign currency translation which are included in income. Investments in equities which are accounted for as financial instruments are not subject to the SPPI test and are accounted for as FVTPL. Valuation methods for the Company’s invested assets are described above in note 1 (c). All fair value valuations are performed in accordance with IFRS 13 “Fair Value Measurement”. Disclosure of financial instruments carried at fair value within the three levels of the fair value hierarchy and disclosure of the fair value for financial instruments not carried at fair value on the Consolidated Statements of Financial Position are presented in note 4. Fair value valuations are performed by the Company and by third-party service providers. When third-party service providers are engaged, the Company performs a variety of procedures to corroborate pricing information. These procedures may include, but are not limited to, inquiry and review of valuation techniques, and of inputs to the valuation and vendor controls reports. Cash and short-term securities comprise cash, current operating accounts, overnight bank and term deposits, and debt instruments held for meeting short-term cash commitments. Short-term securities are carried at fair value. Short-term securities comprise investments due to mature within one year of the date of purchase. Commercial paper and discount notes are classified as Level 2 for fair value purposes because these instruments are typically not actively traded. Net payments in transit and overdraft bank balances are included in other liabilities. Debt s Public equities comprise of common and preferred equities and shares or units of mutual funds and are carried at fair value. Public equities are generally classified as Level 1, as fair values are normally based on quoted market prices. Realized and unrealized gains and losses on equities designated as FVTPL are recognized in investment income immediately. The Company’s risk management policies and procedures related to equities can be found in the denoted components of the “Risk Management and Risk Factors” section of the Company’s 2023 Management’s Discussion and Analysis (“MD&A”). Mortgages are classified as Level 3 for fair value purposes due to the lack of market observability of certain significant valuation inputs. The Company accounts for insured and uninsured mortgage securitizations as secured financing transactions since the criteria for sale accounting of securitized mortgages are not met. For these transactions, the Company continues to recognize the mortgages and records a liability in other liabilities for the amounts owed at maturity. Interest income from these mortgages and interest expense on the borrowings are recorded using the effective interest rate (“EIR”) method. Private placements, which include corporate loans for which there is no active market, are generally classified as Level 2 for fair value disclosure purposes or as Level 3 if significant inputs are not Loans to Manulife Bank of Canada (“Manulife Bank” or “Bank”) clients are carried at amortized cost and are classified as Level 2 for fair value disclosure purposes. Interest income is recognized on all debt instruments including securities, private placements, mortgages, and loans to Bank clients as it accrues and is calculated using the EIR 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 private placements and mortgages. The Company records purchases and sales of invested assets on a trade date basis. Loans originated by the Company are recognized on a settlement date basis. Real estate consists of both own use and investment property. Own use property is carried at cost less accumulated depreciation and any accumulated impairment losses, or at revalued amount which is the fair value as at the most recent revaluation date minus accumulated amortization and any accumulated impairment losses. Depreciation is calculated based on the cost of an asset less its residual value and is recognized in income on a straight-line basis over the estimated useful life ranging from 30 to 60 years. Impairment losses are recorded in income to the extent the recoverable amount is less than the carrying amount. Own use property is classified as Level 3 for fair value disclosure purposes. Own use real estate properties which are underlying items for insurance contracts with direct participating features are measured at fair value as if they were investment properties, as permitted by IAS 16 “Property, Plant and Equipment” which was amended by IFRS 17 “Insurance Contracts” (“IFRS 17”). An investment property is a property held to earn rental income, for capital appreciation, or both. Investment properties are measured at fair value, with changes in fair value recognized in income. Fair value of own use properties and investment properties is determined using the same processes. Fair value for all properties is determined using external appraisals that are based on the highest and best use of the property. The valuation techniques include discounted cash flows, the direct capitalization method as well as comparable sales analysis and employ both observable and non-market When a property transfers from own use held at cost to investment property, any gain or loss arising on the re-measurement of the property and any associated leases to fair value as at the date of change in use is recognized in OCI, to the extent that it is not reversing a previous impairment loss. Reversals of impairment losses are recognized in income. When a property changes from investment property to own use held at cost, the property’s deemed cost for subsequent accounting is its fair value as at the date of change in use. Other invested assets include private equity investments and property investments held in infrastructure, timber, agriculture and energy 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 and carried at fair value. Timber and agriculture properties which are own use properties are carried at cost except for their biological assets which are measured at fair value. Timber and agriculture properties which are investment properties are measured at fair value with changes in fair value recognized in income. The fair value of other invested assets is determined using a variety of valuation techniques as described in note 4. Other invested assets that are measured or disclosed at fair value are classified as Level 3. Other invested assets also include investments in leveraged leases, which are accounted for using the equity method. The carrying value under the equity method reflects the amortized cost of the lease receivable and related non-recourse Expected Credit Loss Impairment The expected credit loss (“ECL”) impairment allowance model applies to invested assets which are debt instruments and measured at FVOCI or amortized cost. ECL allowances are measured under four probability-weighted macroeconomic scenarios, which measure the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the Company expects to receive, discounted at the original EIR. This process includes consideration of past events, current market conditions and reasonable supportable information about future economic conditions. Forward-looking macroeconomic variables used within the estimation models represent variables that are the most closely related with credit losses in the relevant portfolio. The estimation and measurement of impairment losses requires significant judgement. These estimates are driven by many elements, changes in which can result in different levels of allowances. Elements include the estimation of the amount and timing of future cash flows, the Company’s criteria for assessing if there has been a significant increase in credit risk (“SICR”), the selection of forward-looking macroeconomic scenarios and their probability weights, the application of expert credit judgment in the development of the models, inputs and, when applicable, overlay adjustments. It is the Company’s practice to regularly review its models in the context of actual loss experience and adjust when necessary. The Company has implemented formal policies, procedures, and controls over all significant impairment processes. The Company’s definitions of default and credit-impaired are based on quantitative and qualitative factors. A financial instrument is considered to be in default when significant payments of interest, principal or fees are past due for more than 90 days, unless remedial arrangements with the issuer are in place. A financial instrument may be credit-impaired as a result of one or more loss events that occurred after the date of initial recognition of the instrument and the loss event has a negative impact on the estimated future cash flows of the instrument. This includes events that indicate or include: significant financial difficulty of the counterparty; a breach of contract; for economic or contractual reasons relating to the counterparty’s financial difficulty, concessions are granted that would not otherwise be considered; it is becoming probable that the counterparty will enter bankruptcy or other financial reorganization; the disappearance of an active market for that financial asset because of the counterparty’s financial difficulties; or the counterparty is considered to be in default by any of the major rating agencies such as S&P, Moody’s and Fitch. The ECL calculations include the following elements: • Probability of default (“PD”) is an estimate of the likelihood of default over a given time horizon. • Loss given default (“LGD”), is an estimate of the loss arising on a future default. This is based on the difference between the contractual cash flows due and those that the Company expects to receive, including from collateral. It is based on credit default studies performed based on internal credit experience. • Exposure at default (“EAD”), is an estimate of the exposure at a future default date, considering both the period of exposure and the amount of exposure at a given reporting date. The EADs are determined by modelling the range of possible exposure outcomes at various points in time, corresponding to the multiple economic scenarios. The probabilities are then assigned to each economic scenario based on the outcome of the models. The Company measures ECLs using a three-stage approach: • Stage 1 comprise all performing financial instruments that have not experienced a SICR since initial recognition. The determination of SICR varies by instrument and considers the relative change in the risk of default since origination. 12-month 12-month 12-month • Stage 2 comprise all performing financial instruments that have experienced a SICR since original recognition or have become 30 days in arrears for principal or interest payments, whichever happens first. When assets move to Stage 2, full lifetime ECLs are recognized, which represent ECLs that result from all possible default events over the remaining lifetime of the financial instrument. The mechanics are consistent with Stage 1, except PDs and LGDs are estimated over the remaining lifetime of the instrument instead of over the coming year. In subsequent reporting periods, if the credit risk of a financial instrument improves such that there is no longer a SICR compared to credit risk at initial recognition, the financial instrument will migrate back to Stage 1 and 12-month • Stage 3 comprise financial instruments identified as credit-impaired. Similar to Stage 2 assets, full lifetime ECLs are recognized for Stage 3 financial instruments, but the PD is set at 100%. A Stage 3 ECL is calculated using the unpaid principal balance multiplied by LGD which reflects the difference between the asset’s carrying amount and its discounted expected future cash flows. Interest income is calculated based on the gross carrying amount for both Stage 1 and 2 exposures. Interest income on Stage 3 financial instruments is determined by applying the EIR to the amortized cost of the instrument, which represents the gross carrying amount adjusted for the credit loss allowance. For Stage 1 and Stage 2 exposures, an ECL is generated for each individual exposure; however, the relevant parameters are modelled on a collective basis with all collective parameters captured by the individual security level. The exposures are grouped into smaller homogeneous portfolios, based on a combination of internal and external characteristics, such as origination details, balance history, sector, geographic location, and credit history. Stage 3 ECLs are either individually or collectively assessed, depending on the nature of the instrument and impairment. In assessing whether credit risk has increased significantly, the risk of default occurring is compared over the remaining expected life from the reporting date and as at the date of initial recognition. The assessment varies by instrument and risk segment. The assessment incorporates internal credit risk ratings and a combination of security-specific and portfolio-level assessments, including the incorporation of forward-looking macroeconomic data. The assessment of SICR considers both absolute and relative thresholds. If contractual payments are more than 30 days past due, the credit risk is automatically deemed to have increased significantly since initial recognition. When estimating ECLs, the four probability-weighted macroeconomic scenarios are considered. Economic forward-looking inputs vary by market. Depending on their usage in the models, macroeconomic inputs are projected at the country, province, or more granular level. Each macroeconomic scenario used includes a projection of all relevant macroeconomic variables for a five-year period, subsequently reverting to long-run The inputs and models used for calculating ECLs may not always capture all characteristics of the market at the date of the Consolidated Financial Statements. Changes in the required ECL allowance are recorded in the provision for credit losses in the Consolidated Statements of Income. Invested assets are written off, either partially or in full, against the related allowance for credit losses when there is no realistic prospect of recovery in respect of those amounts. This is considered a partial or full derecognition of the financial asset. In subsequent periods, any recoveries of amounts previously written off are credited to the provision for credit losses. |
Goodwill and intangible assets | (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 Company where the goodwill is monitored for internal management purposes. The allocation is made to those CGUs or group of CGUs that are expected to benefit from the business combination in which the goodwill arose. Any potential impairment of goodwill is identified by comparing the recoverable amount with the carrying value of a CGU or group of CGUs. Goodwill is reduced by the amount of deficiency, if any. If the deficiency exceeds the carrying amount of goodwill, the carrying values of the remaining assets in the CGU or group of CGUs are subject to being reduced by the remaining deficiency on a pro-rata 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 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 three |
Miscellaneous assets | (g) Miscellaneous assets Miscellaneous assets include assets held in a rabbi trust with respect to unfunded defined benefit obligations, defined benefit assets and capital assets. Rabbi trust assets are carried at fair value. Defined benefit assets carrying value is explained in note 1 (o). Capital assets are carried at cost less accumulated amortization computed on a straight-line basis over their estimated useful lives, which vary from two |
Segregated funds | (h) Segregated funds The Company manages segregated funds on behalf of policyholders, which are presented as segregated funds net assets with offsetting insurance and investment contract liabilities for account of segregated fund holders in the amount of their account balances. The investment returns on these funds are passed directly to policyholders. In some cases, the Company has provided guarantees associated with these funds. Amounts invested by the Company in segregated funds for seed purposes are presented within invested asset categories based on the nature of the underlying investments. Segregated funds net assets are measured at fair value and include investments in mutual funds, debt securities, equities, cash, short-term investments and other investments. With respect to the consolidation requirement of IFRS, in assessing the Company’s degree of control over the underlying investments, the Company considers the scope of its decision-making rights, the rights held by other parties, its remuneration as an investment manager and its exposure to variability of returns from the investments. The Company has determined that it does not have control over the underlying investments as it acts as an agent on behalf of segregated fund policyholders. The methodology applied to determine the fair value of investments held in segregated funds is consistent with that applied to invested assets held by the general fund, as described above in note 1 (e). Segregated funds liabilities are measured based on the value of the segregated funds net assets. Investment returns on segregated funds assets are passed directly to policyholders and the Company does not bear the risk associated with these assets outside of guarantees offered on certain variable life and annuity products, for which the underlying investments are held within segregated funds. Some of the Company’s liabilities for account of segregated fund holders arise from insurance contracts that it issues. These are reported as Insurance contract liabilities for account of segregated fund holders, representing the Company’s obligation to pay the policyholder an amount equal to the fair value of the underlying items, and are measured at the aggregate of policyholder account balances. Changes in fair value of these liabilities are reported as Financial changes related to insurance and investment contract liabilities for account of segregated fund holders in the Consolidated Statements of Income. Other liabilities associated with these insurance contracts, such as those associated with guarantees provided by the Company as a result of certain variable life and annuity contracts, are included in Insurance contract assets or Insurance contract liabilities, excluding those for account of segregated fund holders on the Consolidated Statements of Financial Position. The Company holds assets supporting these guarantees in the general fund, which are included in invested assets according to their investment type. The remaining liabilities for account of segregated fund holders do not arise from insurance contracts that the Company issues, and are reported as Investment contract liabilities for account of segregated fund holders on the Consolidated Statements of Financial Position. These are also measured at the aggregate of policyholder account balances and changes in fair value of these liabilities are reported as Financial changes related to insurance and investment contract liabilities for account of segregated fund holders in the Consolidated Statements of Income. |
Insurance contract liabilities and reinsurance contract assets | (i) Insurance contract liabilities and reinsurance contract assets Scope and Classification Contracts issued by the Company are classified as insurance, investment, or service contracts at initial recognition. Insurance contracts are contracts under which the Company accepts significant insurance risk from a policyholder. A contract is considered to have significant insurance risk if an insured event could cause the Company to pay significant additional amounts in any single scenario with commercial substance. The additional amounts refer to the present value of amounts that exceed those that would be payable if no insured event had occurred. Reinsurance contracts held are contracts held by the Company under which it transfers significant insurance risk related to underlying insurance contracts to other parties, along with the associated premiums. The purpose of the reinsurance contracts held is to mitigate the significant insurance risk that the Company may have from the underlying insurance contracts. Both insurance and reinsurance contracts are accounted for in accordance with IFRS 17. Contracts under which the Company does not accept significant insurance risk are either classified as investment contracts or considered as service contracts and are accounted for in accordance with IFRS 9 “Financial Instruments” (“IFRS 9”) or IFRS 15 “Revenue from Contracts with Customers” (“IFRS 15”), respectively. Insurance contracts are classified as direct participation contracts or contracts without direct participation features based on specific criteria. Insurance contracts with direct participation features are insurance contracts that are substantially investment-related service contracts under which the Company promises an investment return based on underlying items. They are viewed as creating an obligation to pay policyholders an amount that is equal to the fair value of the underlying items, less a variable fee for service. Separation of components At inception of insurance and reinsurance contracts held, the Company analyses whether they contain the following components that are separated and accounted for under other IFRS standards: • Derivatives embedded within insurance contracts which contains risks and characteristics that are not closely related to those of the host contract, unless the embedded derivative itself meets the definition of an insurance contract; • Distinct investment components which represent cash flows paid (received) in all circumstances regardless of whether an insured event has occurred or not. Investment components are distinct if they are not highly interrelated with insurance component cash flows and if they could be issued on a standalone basis; and • Distinct service components which are promises to transfer goods or non-insurance The Company applies IFRS 17 to all remaining components of the insurance and reinsurance contracts held. Level of aggregation Insurance contracts are aggregated into portfolios of insurance contracts which are managed together and are subject to similar risks. The Company has defined portfolios by considering various factors such as the issuing subsidiary, measurement model, major product line and type of insurance risk. The portfolios of insurance contracts are further grouped by: • Date of issue: the period cannot be longer than one year. Most of the Company’s insurance contracts are aggregated into annual cohorts; and • Expected profitability at inception into one of three categories: onerous contracts, contracts with no significant risk of becoming onerous and other remaining contracts. Onerous contracts are those contracts that at initial inception, the Company expects to generate net outflow, without considering investment returns or the benefit of any reinsurance contracts held. The Company establishes the groups at initial recognition and may add contracts to the groups after the end of a reporting period, however, the Company does not subsequently reassess the composition of the groups. For reinsurance contracts held, the portfolios align with the direct insurance contract portfolios. Groups of reinsurance contracts typically comprise a single reinsurance contract, and similar to direct groups they do not contain contracts issued more than one year apart. Cash flows within the contract boundaries The Company includes in the measurement of a group of insurance contracts and reinsurance contracts held, all future cash flows within the boundary of the contracts in the group. Cash flows are within the boundary of an insurance contract (and a reinsurance contract held) if they arise from substantive rights and obligations that exist in which the Company can compel the policyholder to pay the premiums (or is compelled to pay amounts to a reinsurer) or has a substantive obligation to provide services to policyholder (or a substantive right to receive services from a reinsurer). For insurance contracts, a substantive obligation to provide services ends when the Company has the practical ability to reassess the risks and as a result, can set a new price or level of benefits that fully reflects those risks. For reinsurance contracts held, a substantive right to receive services ends when the reinsurer has the practical ability to reassess the risk transferred to it and can set a new price or level of benefits that fully reflects those risks, or the reinsurer can terminate the coverage. Measurement models There are three measurement models for insurance contracts: • Variable fee approach (“VFA”): The Company applies this approach to insurance contracts with direct participation features such as participating life insurance contracts, unit linked contracts, and variable annuity contracts. The direct participating feature is identified at inception, where the Company has the obligation to pay the policyholder an amount equal to the fair value of the underlying items less a variable fee in exchange for investment services provided. • Premium allocation approach (“PAA”): The Company applies this simplified approach for certain insurance contracts and reinsurance contracts with duration of typically one year or less, such as Canadian Group Benefit products, some Canadian Affinity products, and some Asia short-term individual and group products. • General measurement model (“GMM”): The Company applies this model to the remaining insurance contracts and reinsurance contracts not measured using the VFA or the PAA. Recognition of insurance contracts The Company recognizes groups of insurance contracts that it issues from the earliest of the following: • The beginning of the coverage period of the group of contracts, • The date when the first payment from a policyholder in the group is due or when the first payment is received if there is no due date, and • For a group of onerous contracts, as soon as facts and circumstances indicate that the group is onerous. Insurance contracts measured under the GMM and VFA measurement model Initial measurement The measurement of insurance contracts at initial recognition is the same for GMM or VFA. At initial recognition, the Company measures a group of insurance contracts as the total of: (a) fulfilment cash flows, and (b) a contractual service margin (“CSM”). Fulfilment cash flows comprise estimates of future cash flows, adjusted to reflect the time value of money and financial risks, and a risk adjustment for non-financial If fulfilment cash flows generate a total of net cash inflows at initial recognition, a CSM is set up to fully offset the fulfilment cash flows, and results in no impact on income at initial recognition. The CSM represents the unearned profit the Company will recognize as it provides services under the insurance contracts. However, if fulfilment cash flows generate a total of net cash outflows at initial recognition, a loss is recognized in income or expenses immediately and the group of contracts is considered to be onerous. For Contracts with fulfillment cash flows in multiple foreign currencies the group of insurance contracts, including the contractual service margin, is considered to be denominated in a single currency. If a group of insurance contracts has cash flows in more than one currency, on initial recognition the company determines a single currency in which the multicurrency group of contracts is denominated. The Company determines the single currency to be the currency of the predominant cash flows. The unit of account for CSM or loss is on a group of contracts basis consistent with the level of aggregation specified above. Subsequent measurement of fulfilment cash flows The fulfilment cash flows at each reporting date are measured using the current estimates of expected cash flows and current discount rates. In the subsequent periods, the carrying amount of a group of insurance contracts at each reporting date is the sum of: • The liability for remaining coverage (“LRC”), which comprise the fulfilment cash flows that relate to services to be provided in the future and any remaining CSM at that date; and • The liability for incurred claims (“LIC”), which comprise the fulfilment cash flows for incurred claims and expenses that have not yet been paid. For onerous contracts, the LRC is further divided into a loss component, which represents the remaining net outflow for the group of insurance contracts; and the LRC excluding the loss component, which represents the amount of liability with offsetting inflows. Premiums received increases the LRC. Where a third-party administrator is involved in the collection and remittance of premiums, amounts receivable from the third-party are included in the measurement of insurance contract liabilities until actual cash is remitted to the Company. Subsequent measurement of the CSM under the GMM measurement model For contracts without direct participation features, when applying the GMM measurement model, the carrying amount of the CSM at end of the reporting period is adjusted to reflect the following changes: (a) effect of new contracts added to the group; (b) interest accreted on the carrying amount of CSM, measured at the locked-in locked-in 12-month bottom-up (c) changes in fulfilment cash flows that relate to future services such as: • Experience differences between actual and expected premiums and related cash flows at the beginning of the period measured at the locked-in rate. • Non-financial • Changes in the risk adjustment for non-financial • Differences between actual and expected investment component that becomes payable in the period. The same applies to a policyholder loan that becomes repayable; (d) effect of any currency exchange differences on the CSM; (e) CSM amortization, which is the recognition of unearned profit into insurance revenue for services provided in the period. The CSM is recognized into insurance revenue over the duration of the group of insurance contracts based on the respective coverage units as insurance services are provided. The number of coverage units is the quantity of services provided by the contracts in the group, determined by considering the quantity of benefits provided and its expected coverage period. The coverage units are reviewed and updated at each reporting date. The Company allocates the CSM equally to each coverage unit and recognizes the amount allocated to coverage units provided and expected to be provided in each period. When measuring the fulfilment cash flows, changes that relate to future services are measured using the current discount rate, however, the CSM is adjusted for these changes using the locked-in rate at initial recognition. The application of the two different discount rates gives rise to a gain or loss that is recognized as part of insurance finance income or expense. Subsequent measurement of the CSM under the VFA measurement model For contracts with direct participation features applying the VFA measurement model, subsequent measurement of the CSM is similar to the GMM model with the following exceptions or modifications: For changes in fulfillment cash flows that do not vary with the underlying items: • Non-financial • Changes in the effect of the time value of money and financial risks such as the effect of financial guarantees adjust the CSM, however, income or expenses would be impacted if the risk mitigation option is elected. For changes in fulfillment cash flows that vary with the fair value of the underlying items: • Changes in the shareholders’ share adjust the CSM, however, income or expenses would be impacted if the risk mitigation option is elected, • Changes in the policyholders’ share are recognized in income or expenses or OCI. The Company uses derivatives, non-derivative Groups of GMM or VFA insurance contracts with a CSM at initial recognition can subsequently become onerous when increases in fulfilment cash flows that do not vary with the underlying items or declines in the shareholder’s share of the underlying items exceed the carrying amount of the CSM. The excess establishes a loss which is recognized in income or expenses immediately, and the LRC is then divided into the loss component and the LRC excluding the loss component. Subsequent measurement of the loss component The loss component represents the net outflow attributable to each group of onerous insurance contracts (or contracts profitable at inception that have subsequently become onerous), any subsequent decrease relating to future service in estimates of future cash flows and risk adjustment for non-financial When actual cash flows are incurred, the LIC is recognized and the LRC is derecognized accordingly. The Company uses the proportion on initial recognition to determine the systematic allocation of LRC release between the loss component and the LRC excluding the loss component, resulting in both components being equal to zero by the end of the coverage period. Insurance contracts measured under the PAA measurement The Company applies the PAA to all insurance contracts it issues if the coverage period of the contract is one year or less; or the coverage period is longer than one year and the measurement of the LRC for the contracts under the PAA does not differ materially from the measurement that would be produced applying the GMM approach under possible future scenarios. The LRC is initially measured as the premium received at initial recognition minus any insurance acquisition cash flows at that date. There is generally no allowance for the time value of money as the premiums are mostly received within one year of the coverage period. For acquisition cash flows allocated to recognized groups of contracts applying the PAA, the Company is permitted to defer and amortize the amount over the coverage period or recognize the amount as an expense as incurred provided that the coverage period of the contracts in the group is no more than one year. This election can be made at the level of each group of insurance contracts. For the majority of the Company’s insurance contracts applying the PAA, such as Canadian Group Benefit products, some Canadian Affinity products, and some Asia short term individual and group products, the Company has elected to defer directly attributable acquisition costs and recognize in net income over the coverage period in a systematic way based on the passage of time. In these lines of business, directly attributable insurance acquisition cash flows paid are to acquire the current contract with an expectation of a number of renewals over future years. As such, directly attributable insurance acquisition cash flows are allocated to the group in which the current contract belongs to as well as to future groups that will include expected renewals applying a systematic methodology. If facts and circumstances indicate that there are onerous group of contracts at initial measurement, a loss is immediately recognized in the income or expenses for the net outflow and a loss component of the LRC is created for the group. Subsequent measurement Subsequently, the Company measures the carrying amount of the LRC at the end of each reporting period as: • The LRC at beginning of the period; plus • Premium received in the period; minus • Directly attributable acquisition costs net of related amortization (unless expensed as incurred); minus • Amount recognized as insurance revenue for the period; minus • Investment component paid or transferred to the LIC. The amount recognized as insurance revenue for the period is typically based on the passage of time. For the Company’s property & casualty reinsurance business, the expected pattern of release of risk during the coverage period differs significantly from the passage of time and as such the amount recognized as insurance revenue is on the basis of the expected timing of incurred service expenses. If at any time during the coverage period, facts and circumstances indicate that a group of contracts is onerous, the Company will recognize a loss in income or expenses and an increase in the LRC to the extent that the current estimate of the fulfilment cash flows that relate to remaining coverage (including the risk adjustment for non-financial The Company estimates the LIC as the fulfilment cash flows related to incurred claims. The Company does not adjust the future cash flows for the time value of money, except when claims are expected to settle more than one year after the actual claim occurs. Assets for insurance acquisition cash flows Insurance acquisition cash flows arise from the costs of selling, underwriting and starting a group of insurance contracts (issued or expected to be issued) that are directly attributable to the portfolio of insurance contracts to which the group belongs. Insurance acquisition cash flows paid or incurred before the recognition of the related group of contracts are recognized as an asset within the portfolio of insurance contract liabilities in which the group of contracts is expected to be included. The Company applies a systematic basis to allocate these costs which includes: • Insurance acquisition cash flows directly attributable to a group of contracts that will include future expected renewals of in-force • Insurance acquisition cash flows directly attributable to a portfolio of insurance contracts, which will include future new business. When facts and circumstances indicate the assets for insurance acquisition cash flows might be impaired, the Company conducts impairment tests. If an asset is impaired, an impairment loss will be recognized in income or expenses, which can be subsequently reversed when the impairment condition no longer exists. Recognition of reinsurance contracts held The Company recognizes a group of reinsurance contracts held from the earliest of the following: • The beginning of the coverage period of the group of reinsurance contracts held. However, the Company delays the recognition of a group of reinsurance contracts held that provide proportionate coverage until the date when any underlying insurance contract is initially recognized, if that date is later than the beginning of the coverage period of the group of reinsurance contracts held, and • The date the Company recognizes an onerous group of underlying insurance contracts if the Company entered into the related reinsurance contract held in the group of reinsurance contracts held at or before that date. Reinsurance contracts held measured under the GMM model Initial measurement The measurement of reinsurance contracts held follows the same principles as the GMM for insurance contracts issued, with the following exceptions or modifications specified in this section below. Reinsurance contracts held and assumed cannot use the VFA measurement model. At initial recognition, the Company recognizes any net gain or net cost as a CSM in the consolidated statement of financial position, with some exceptions. If any net cost of obtaining reinsurance contracts held relates to insured events that occurred before initial recognition of any insurance contracts, it is recognized immediately in income or expenses. In addition, if the underlying insurance contracts are in an onerous position, the Company is required to recognize a reinsurance gain immediately in income for the portion of claims that the Company expects to recover from the reinsurance, if the reinsurance contract held was entered into prior to or at the same time as the onerous contracts. For contracts with fulfilment cash flows in multiple foreign currencies, the group is denominated in a single currency as defined by the predominant cash flows. Measurement of reinsurance contract cash flows is consistent with the underlying insurance contracts, but with an adjustment for any risk of non-performance non-financial Subsequent measurement Subsequently, the carrying amount of a group of reinsurance contracts held at each reporting date is the sum of: • The asset for remaining coverage (“ARC”), which comprise the fulfilment cash flows that relate to services to be received under the contracts in future periods, and any remaining CSM at that date; and • The asset for incurred claims (“AIC”), which comprise the fulfilment cash flows for incurred claims and expenses that have not yet been received. If the underlying insurance contracts are onerous at inception and a reinsurance gain is recognized in income as described above, the asset for remaining coverage is made up of a loss-recovery component and the ARC excluding the loss-recovery component. The loss-recovery component reflects changes in the loss component of the underlying onerous insurance contracts and determines the amounts that are subsequently presented in income or expenses as reversals of recoveries of losses from the reinsurance contracts held and are excluded from the allocation of reinsurance premiums paid. The Company adjusts the carrying amount of the CSM of a group of reinsurance contracts held to reflect changes in the fulfillment cash flows applying the same approach as for insurance contracts issued, except: • Income recognized to cover the losses from onerous underlying contracts also adjusts the carrying amount of CSM; • Reversals of the loss-recovery component, to the extent that those reversals are not changes in fulfilment cash flows of the group of reinsurance contract held, also adjusts the carrying amount of CSM; and • Changes in fulfilment cash flows related to future services also adjusts the carrying amount of CSM provided that changes in fulfillment cash flows related to the group of underlying insurance contracts also adjust the CSM. Where a loss component has been set up subsequent to initial recognition of a group of underlying insurance contracts, the reinsurance gain that has been recognized adjusts the loss-recovery component of the reinsurance asset for remaining coverage. The carrying amount of the loss-recovery component must not exceed the portion of the carrying amount of the loss component of the onerous group of underlying insurance contracts that the Company expects to recover from the group of reinsurance contracts. On this basis, the loss-recovery component is reduced to zero when the loss component of underlying insurance contracts is reduced to zero. Reinsurance contracts held measured under the PAA model Reinsurance contracts held may be classified and measured under the PAA model if they meet the eligibility requirements, which are similar to the PAA requirements for direct insurance contracts. For reinsurance contracts held applying the PAA model, the Company measures them on the same basis as insurance contracts that it issues, adapted to reflect the features of reinsurance contracts held that differ from insurance contracts issued. If a loss-recovery is created for a group of reinsurance contracts measured under the PAA, the Company adjusts the carrying amount of the ARC as there is no CSM to adjust under PAA. Derecognition of insurance contracts The Company derecognizes insurance contracts when the rights and obligations relating to the contract are extinguished (i.e., discharged, cancelled; or expired) or the contract is modified such that the modification results in a change in the measurement model, or the applicable standard for measuring a component of the contract. In the case of modification, the Company derecognizes the initial contract and recognizes the modified contract as a new contract. Presentation and Disclosure The Company has presented the carrying amount of portfolios of insurance contracts that are in a net asset or liability position, and portfolios of reinsurance contracts that are in a net asset or liability position separately in the consolidated statements of financial position. The Company separately presents the insurance service result, which comprise insurance revenue and insurance service expenses, from the investment result, which comprise insurance finance income or expenses in the Consolidated Statements of Income. IFRS 17 provides an option to disaggregate the changes in risk adjustment between insurance service results and insurance finance income. The Company disaggregates the change in risk adjustment for non-financial Net insurance service result The insurance revenue depicts the performance of insurance services and excludes investment components. For the GMM and the VFA contracts, the insurance revenue represents the change in the LRC relating to insurance services for which the Company expects to receive consideration. This insurance revenue comprises: (a) expected claims and other insurance expenses including policyholder taxes where applicable; (b) changes in risk adjustment for non-financial The insurance service expenses arising from insurance contracts are recognized in income or expenses generally as they are incurred and excludes repayment of investment components. The insurance service expenses comprise: (a) incurred claims and other insurance service expenses; (b) losses on onerous contracts and reversal of such losses; (c) adjustments to LIC; (d) amortization of insurance acquisition cash flows; and (e) impairment losses on assets for insurance acquisition cash flows, if any, and reversals of such impairment losses. The amortization of insurance acquisition cash flows within insurance service expense is equal to the recovery of insurance acquisition cash flows in insurance revenue for contracts measured under the GMM and VFA. For contracts measured under the PAA with deferred acquisition cash flows, the Company amortizes insurance acquisition cash flows over the duration of the group of insurance contracts based on the respective coverage units. Net expenses from reinsurance contracts held comprise allocation of reinsurance premiums paid and the amounts expected to be recovered from reinsurers. Reinsurance cash flows that are contingent on claims on the underlying contracts are treated as part of the claims expected to be recovered from reinsurers, whereas reinsurance cash flows that are not contingent on claims on the underlying contracts (for example, some types of ceding commissions) are treated as a reduction in reinsurance premiums paid. For reinsurance contracts measured under the GMM, the allocation of reinsurance premiums paid represents the total of the changes in the asset for remaining coverage that relate to services for which the Company expects to pay consideration. For reinsurance contracts measured under the PAA, the allocation of reinsurance premiums paid is the amount of expected premium payments for receiving services in the period. Insurance finance income or expenses Insurance finance income or expenses comprise the change in the carrying amount of the group of insurance contracts arising from: (a) the effect of the time value of money and changes in the time value of money; and (b) the effect of financial risk and changes in financial risk. The Company disaggregates insurance finance income or expenses on insurance contracts issued for most of its groups of insurance contracts between income or expenses and OCI. The impact of changes in market interest rates on the value of the life insurance and related reinsurance assets and liabilities are reflected in OCI in order to minimize accounting mismatches between the accounting for insurance assets and liabilities and the supporting financial assets. The impacts from differences between current period rates and locked-in The Company’s invested assets which are debt instruments (including bonds, private placements, mortgages, and loans) are predominantly measured at FVOCI. As a result, the effect of the time value of money for the groups of insurance contracts and supporting fixed maturity assets is reflected in income or expenses and the effect of financial risk and changes in financial risk is reflected in OCI. The systematic allocation of expected total insurance finance income or expenses depends on whether changes in assumptions that relate to financial risk have a substantial effect on the expected amounts paid to the policyholders. • For groups of insurance contracts for which changes in assumptions that relate to financial risk do not have a substantial effect on the amounts paid to the policyholders, the Company systematically allocates expected total insurance finance income or expenses over the duration of the group of contracts to income or expenses using discount rates determined on initial recognition of the group of contracts. • For groups of insurance contracts for which changes in assumptions that relate to financial risk have a substantial effect on the amounts paid to the policyholders, the Company systematically allocates expected total insurance finance income or expenses over the duration of the group of contracts to income or expenses using either a constant rate, or an allocation that is based on the amounts credited in the period and expected to be credited in future periods for fulfillment cash flows. The CSM accretion rate would use the discount rates determined on initial recognition of the group of contracts for contractual service margin. In the event of transfer of a group of insurance contracts or derecognition of an insurance contract, the Company reclassifies any amounts that were previously recognized in OCI to income or expenses as insurance finance income or expense. There are no changes in the basis of disaggregation of insurance finance income or expenses between income or expenses and OCI in the period. |
Investment contract liabilities | (j) Investment contract liabilities Investment contract liabilities include contracts issued to retail and institutional investors that do not contain significant insurance risk. Investment contract liabilities and deposits are measured at amortized cost or at FVTPL by election. The election is made when these liabilities as well as the related assets are managed, and their performance is evaluated, on a fair value basis or when doing so reduces the accounting mismatches between assets supporting these contracts and the related policy liabilities. Investment contract liabilities are derecognized when the contract expires, is discharged or is cancelled. |
Other financial instruments accounted for as liabilities | (k) Other financial instruments accounted for as liabilities The Company issues a variety of other financial instruments classified as liabilities, including notes payable, term notes, senior notes, senior debentures, subordinated notes, surplus notes and preferred shares. These financial liabilities are measured at amortized cost, with issuance costs deferred and amortized using the effective interest rate method. |
Income taxes | (l) Income taxes The provision for income taxes is calculated based on income tax laws and income tax rates substantively enacted as at the date of the Consolidated Statements of Financial Position. The income tax provision is comprised of current income taxes and deferred income taxes. Current and deferred income taxes relating to items recognized in OCI and directly in equity are similarly recognized in OCI and directly in equity, respectively. Current income taxes are amounts expected to be payable or recoverable for the current year and any adjustments to taxes payable in respect of previous years. Deferred income taxes are provided for using the liability method and result from temporary differences between the carrying values of assets and liabilities and their respective tax bases. Deferred income taxes are measured at the substantively enacted tax rates that are expected to be applied to temporary differences when they reverse. A deferred tax asset is recognized to the extent that future realization of the tax benefit is probable. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the tax benefit will be realized. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities and they relate to income taxes levied by the same tax authority on the same taxable entity. Deferred tax liabilities are recognized for all taxable temporary differences, except in respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. The Company records liabilities for uncertain tax positions if it is probable that the Company will make a payment on tax positions due to examinations by tax authorities. These provisions are measured at the Company’s best estimate of the amount expected to be paid. Provisions are reversed to income in the period in which management assesses they are no longer required or determined by statute. The Company is subject to income tax laws in various jurisdictions. Tax laws are complex and potentially subject to different interpretations by the taxpayer and the relevant tax authority. The provision for current income taxes and deferred income taxes represents management’s interpretation of the relevant tax laws and its estimate of current and future income tax implications of the transactions and events during the year. The Company may be required to change its provision for income taxes or deferred income tax balances when the ultimate deductibility of certain items is successfully challenged by taxing authorities, or if estimates used in determining the amount of deferred tax balances to recognize change significantly, or when receipt of new information indicates the need for adjustment in the amount of deferred income taxes to be recognized. Additionally, future events, such as changes in tax laws, tax regulations, or interpretations of such laws or regulations, could have an impact on the provision for income taxes, deferred tax balances and the effective tax rate. Any such changes could materially affect the amounts reported in the Consolidated Financial Statements in the period these changes occur. |
Foreign currency translation | (m) Foreign currency translation Items included in the financial statements of each of the Company’s subsidiaries, joint ventures and associates are measured by each entity using the currency of the primary economic environment in which the entity operates (the “functional currency”). If their functional currency is other than Canadian dollar, these entities are foreign operations of the Company. Transactions in a foreign currency are translated to the functional currency at the exchange rate prevailing at the date of the transaction. Assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate in effect at the reporting date. Revenue and expenses denominated in foreign currencies are translated at the average exchange rate prevailing during the quarter reported. Exchange gains and losses are recognized in income except for translation of net investments in foreign operations and the results of hedging these positions, and for non-monetary non-monetary The Consolidated Financial Statements are presented in Canadian dollars. The financial statements of the Company’s foreign operations are translated from their functional currencies to Canadian dollars; assets and liabilities are translated at the exchange rate at the reporting date, and revenue and expenses are translated using the average exchange rates for the period. |
Stock-based compensation | (n) Stock-based compensation The Company provides stock-based compensation to certain employees and directors as described in note 15. Compensation expense of equity instruments 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 15 (d)), are expensed as incurred. Under the GSOP, subject to certain conditions, the Company will match a percentage of an employee’s eligible contributions to certain maximums. All contributions are used by the plan’s trustee to purchase MFC common shares in the open market 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 defined benefit obligations are deducted from the fair value of plan assets. When this calculation results in a surplus, the asset that can be recognized is limited to the present value of future economic benefit available in the form of future refunds from the plan or reductions in future contributions to the plan (the asset limit). Defined benefit assets are included in other assets and defined benefit liabilities are included in other liabilities. Changes in the net defined benefit asset or liability due to re-measurement re-measurement The cost of defined benefit pension plans is recognized over the employees’ years of service to retirement while the cost of retiree welfare plans is recognized over the employees’ years of service to their date of full eligibility. The net benefit cost for the year is recorded in income and is calculated as the sum of the service cost in respect of the fiscal year, the net interest income or expense and any applicable administration expenses, plus past service costs or credits resulting from plan amendments or curtailments. The net interest income or expense is determined by applying the discount rate to the net defined benefit asset or liability. The current year cost of disability welfare plans is the year-over-year change in the defined benefit obligation, including any actuarial gains or losses. The cost of defined contribution plans is the contribution provided by the Company and is recorded in income in the periods during which services are rendered by employees. |
Derivative and hedging instruments | (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 exposure to different types of investments. Derivatives embedded in other financial instruments are separately recorded as derivatives when their economic characteristics and risks are not closely related to those of the host instrument, the terms of the embedded derivative are the same as those of a 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. Where the Company has elected to apply hedge accounting, a hedging relationship is designated and documented at inception. Hedge effectiveness is evaluated at inception and throughout the term of the hedge. Hedge accounting is only applied when the Company expects that the risk management objective will be met, and that the hedging relationship will qualify for hedge accounting requirements both at inception and throughout the hedging period. The assessment of hedge effectiveness is performed at the end of each reporting period prospectively. When it is determined that the risk management objective is no longer met, a hedging relationship is no longer effective, or the hedging instrument or the hedged item ceases to exist, the Company discontinues hedge accounting prospectively. In such cases, if the derivatives are not sold or terminated, any subsequent changes in fair value of the derivatives are recognized in investment income. For derivatives that are designated as hedging instruments, changes in fair value are recorded according to the nature of the risks being hedged, as discussed below. In a fair value hedging relationship, changes in fair value of the hedging instruments are recorded in total investment result, offsetting changes in fair value of the hedged items attributable to the hedged risk, which would otherwise not be carried at fair value through profit or loss. Hedge ineffectiveness is recognized in total investment result and arises from differences between changes in the fair values of hedging instruments and hedged items. When hedge accounting is discontinued, the carrying value of the hedged item is no longer adjusted and the cumulative fair value adjustments are amortized to total investment result over the remaining term of the hedged item unless the hedged item ceases to exist, at which time the balance is recognized immediately in total investment result. In a cash flow hedging relationship, the effective portion of the change in the fair value of the hedging instrument is recorded in OCI while the ineffective portion is recognized in total investment result. Gains and losses in AOCI are recognized in income during the same periods that the variability in the hedged cash flows or the hedged forecasted transactions are recognized in income. The reclassifications from AOCI are made to total investment result, except for total return swaps that hedge stock-based compensation awards, which are reclassified to general expenses. Gains and losses on cash flow hedges in AOCI are reclassified immediately to total investment result when the hedged item ceases to exist or the forecasted transaction is no longer expected to occur. When a hedge is discontinued, but the hedged forecasted transaction is expected to occur, the amounts in AOCI are reclassified to total investment result in the periods during which variability in the cash flows hedged or the hedged forecasted transaction is recognized in income. In a net investment in foreign operation hedging relationship, gains and losses relating to the effective portion of the hedge are recorded in OCI. Gains and losses in AOCI are recognized in income during the periods when gains or losses on the underlying hedged net investment in foreign operation are recognized in income upon disposal of the foreign operation or upon loss of control or significant influence over it . |
Revenue from service contracts | (q) Revenue from service contracts The Company recognizes revenue from service contracts in accordance with IFRS 15. The Company’s service contracts generally impose single performance obligations, each consisting of a series of similar related services for each customer. Revenue is recorded as performance obligations are satisfied over time because the customers simultaneously receive and consume the benefits of the services rendered, measured using an output method. Revenue for variable consideration is recognized to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty is subsequently resolved. Refer to note 14. |
Changes in accounting and reporting policy | (a) Changes in accounting and reporting policy (I) IFRS 17 “Insurance Contracts” IFRS 17 was issued in May 2017 to be effective for years beginning on January 1, 2021. Amendments to IFRS 17 were issued in June 2020 and included a two-year Narrow-scope amendments to IFRS 17 were issued in December 2021 and were effective on initial application of IFRS 17 and IFRS 9 which the Company has adopted on January 1, 2023. The amendments reduce 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 adopted IFRS 17 on January 1, 2023, with an effective date of January 1, 2022. The Company has prepared an opening balance sheet as at January 1, 2022 under IFRS 17 in the Consolidated Statements of Financial Position. Any differences between the carrying value and the presentation of assets, liabilities and equity determined in accordance with CALM and IFRS 17, as at January 1, 2022, have been recorded in opening retained earnings and accumulated other comprehensive income. Refer to note 25 for adoption impact of IFRS 17. The 2022 comparative figures and the opening Consolidated Statement of Financial Position as at January 1, 2022 as presented in these Consolidated Financial Statements have been restated, where indicated, for the adoption of IFRS 17. For the Company’s accounting policies for applying IFRS 17 to the Company’s insurance and reinsurance contracts, refer to note 1 (i) and (j). (II) IFRS 9 “Financial Instruments” and IFRS 7 “Financial Instruments: Disclosures” IFRS 9 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 issued in June 2020, the IASB amended IFRS 4 to permit eligible insurers to apply IFRS 9 effective January 1, 2023, alongside IFRS 17. The standard replaced IAS 39 “Financial Instruments: Recognition and Measurement” (“IAS 39”). IFRS 9 addresses accounting and reporting principles for the classification and measurement of financial assets and financial liabilities, the impairment of financial assets and hedge accounting. IFRS 7 “Financial Instruments: Disclosures” (“IFRS 7”) was amended in conjunction with IFRS 9 and IFRS 17, with expanded qualitative and quantitative disclosures related to financial instruments and became effective along with IFRS 9 and IFRS 17 on January 1, 2023. The Company adopted IFRS 9 on January 1, 2023, as permitted under the June 2020 amendments to IFRS 4 “Insurance Contracts”. The Company’s accounting policies for invested assets, and derivative and hedging instruments in accordance with IFRS 9 are presented in note 1. IFRS 9 does not require restatement of comparative periods and the Company has not done so. The Company elected the option under IFRS 17 to reclassify financial assets, including those held in respect of activities not connected to contracts within the scope of IFRS 17, on an instrument-by-instrument Consistent with IFRS 17 amendments, the adoption of IFRS 9 resulted in certain differences in the classification and measurement of financial assets when compared to their classification and measurement under IAS 39. The most significant classification changes included approximately $184 billion of debt securities previously classified as FVTPL which were classified as FVOCI under IFRS 9. The Company has elected to apply the hedge accounting requirements under IFRS 9 to all designated hedge accounting relationships prospectively, with the exception to the cost of hedging guidance, that has been applied retrospectively for certain cash flow hedge and net investment hedge relationships. As at January 1, 2023, all existing IAS 39 hedge accounting relationships were assessed and qualified for hedge accounting under IFRS 9. These existing relationships are treated as continuing hedge accounting relationships under IFRS 9 on January 1, 2023 and are disclosed with comparative information for 2022 under IAS 39. Refer to note 5. The Company has designated new hedge accounting relationships with the objective to reduce potential accounting mismatches between changes in the fair value of derivatives in income, and changes in fair value due to financial risk of insurance liabilities and financial assets in OCI. The incremental notional of derivatives designated in new hedge accounting relationships amounted to $232,637 on transition date. New hedge accounting relationships are effective prospectively on January 1, 2023. The effects of adoption were as follows: • Effects from applying IFRS 17 asset classification changes among FVTPL, AFS and amortized cost under IAS 39 to FVOCI and FVTPL under IFRS 9 resulted in a reduction in retained earnings of $10,645, net of tax, and an increase in OCI of $16,916, net of tax, as at January 1, 2022 when IFRS 17’s transition option was elected. These were presented under “Opening adjustment of financial assets at adoption of IFRS 9 / IFRS 17” in the Consolidated Statements of Changes in Equity. • The adoption of IFRS 9 resulted in recognition of ECL of $724. Loss allowances when applied to assets held at amortized cost reduce the carrying value of the assets and reduce equity. Loss allowances do not affect the fair value of assets held at FVOCI and therefore do not affect their carrying value. Loss allowances for assets held at FVOCI do not change total equity, instead result in movement between OCI and retained earnings. • The impact of adopting IFRS 9’s ECL impairment methodology resulted in a reduction to retained earnings of $409, net of tax, and an increase to • As at January 1, 2023, the retrospective application of IFRS 9 to the cost of hedging for currency basis spread resulted with a net $22 reclassification from cash flow hedge and foreign currency translation reserve to a new separate component of accumulated OCI, the cost of hedging. Other IFRS 9 hedge accounting principles had $nil impact as at January 1, 2023 for these Consolidated Financial Statements. • The impact of changes made as at January 1, 2023 were presented under line items labeled “Opening adjustment of financial assets at adoption of IFRS 9 / IFRS 17” in the Consolidated Statements of Changes in Equity. The implementation of IFRS 9 has been incorporated into the Company’s Enterprise Risk Management Framework (“ERM”) and supervised by the Executive Risk Committee (“ERC”). The integration of forward-looking information into the calculation of the ECL and the definition and evaluation of what constitutes a significant increase in credit risk (“SICR”) of an investment are inherently subjective and involve the use of significant judgement. Therefore, the Company has developed a front-to-back has designed controls and procedures to provide reasonable assurance that information is properly recorded. The Company has effective credit risk management processes in place that continue to be applicable and aim to ensure that the effects of economic developments are appropriately considered, mitigation actions are taken where required and risk appetite is reassessed and adjusted as needed. The Company adopted IFRS 7 (as amended), which expanded qualitative and quantitative disclosures related to financial instruments on January 1, 2023. Refer to notes 4, 5 and 9. The following table illustrates the impact on loss allowances for invested assets on transition from the incurred loss impairment under IAS 39 to the expected credit losses impairment allowance under IFRS 9. December 31, 2022 IAS 39 Impairment allowance January 1, 2023 IFRS 9 ECL allowance Debt securities at FVOCI under IFRS 9 $ – $ 348 Private placements at FVOCI under IFRS 9 – 255 Private placements at amortized cost under IAS 39 25 – Mortgages at FVOCI under IFRS 9 – 83 Mortgages at amortized cost under IAS 39 10 – Other invested assets at FVOCI under IFRS 9 – 13 Financial assets at amortized cost under IFRS 9 – 14 Mortgages at amortized cost under IAS 39 7 – Loans to Bank clients under IAS 39 5 – Total on-balance 47 713 Allowance for credit losses on off-balance – 11 Total $ 47 $ 724 The following table shows financial liabilities under IAS 39 and the impact of classification and measurement changes on adoption of IFRS 9. Measurement category December 31, 2022 IAS 39 Total carrying value Impact of classification and measurement changes (1),(2) January 1, 2023 IFRS 9 Total carrying value Investment contract liabilities FVTPL $ 796 $ 2 $ 798 Amortized cost 2,452 6,829 9,281 Deposits from Bank clients Amortized cost 22,507 – 22,507 Derivative liabilities FVTPL 14,289 – 14,289 Other liabilities Amortized cost 17,421 1,473 18,894 Long-term debt Amortized cost 6,234 – 6,234 Capital instruments Amortized cost 6,122 – 6,122 Total in-scope $ 69,821 $ 8,304 $ 78,125 (1) Investment contract liabilities held at amortized cost of $6,829 were reclassified from insurance contract liabilities under IFRS 4. (2) Other liabilities include amounts not in scope of IFRS 9, for example pension obligations. Other liabilities of $1,473 held at amortized cost under IFRS 9 were reclassified from insurance contract liabilities under IFRS 4. (III) 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 did not have a significant impact on the Company’s Consolidated Financial Statements. (IV) 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 did not have a significant impact on the Company’s Consolidated Financial Statements. (V) Amendments to IAS 12 “Income Taxes” Amendments to IAS 12 “Income Taxes” were issued in May 2023. The amendments relate to the OECD’s International Pillar Two tax reform, which seeks to establish a global minimum tax (“GMT”) of fifteen per cent and address inter-jurisdictional base erosion and profit shifting, targeting larger international companies. Most jurisdictions have agreed to participate and effective dates for the GMT vary by jurisdiction based on local legislation. The Amendments require that, effective for the year ended December 31, 2023, disclosure of current tax expense or recovery related to the GMT is required along with, to the extent that the GMT legislation is enacted or substantively enacted but not yet in effect, disclosure of known or reasonably estimable information that helps users of financial statements understand the Company’s exposure to the GMT arising from that legislation. Certain jurisdictions in which the Company operates, including Ireland, Japan, Luxembourg, Netherlands, the United Kingdom and Vietnam, have enacted legislation to adopt the GMT as of January 1, 2024. The assessment of the Company’s potential exposure to the GMT is based on the most recent information available regarding the financial performance of the constituent entities in these jurisdictions. Based on the assessment, the Company’s operations within these jurisdictions are not impacted by the GMT and therefore no disclosure of current tax expense or recovery related to the GMT is provided. The United States adopted a corporate alternative minimum tax (“CAMT”) of fifteen per cent, with an effective date of January 1, 2023. CAMT is not a Qualifying Domestic Minimum Top-up Tax for the purposes of the GMT. In response to the GMT, Bermuda enacted the Corporate Income Tax 2023 Act on December 27, 2023. The Company’s Bermuda tax-resident subsidiaries and branches will be subject to this new tax regime effective January 1, 2025, at a rate of fifteen per cent. The Bermuda corporate income tax is not a Qualifying Domestic Minimum Top-up Tax for the purposes of the GMT. Countries without a qualified domestic minimum top-up tax of their own will be in scope for Canada’s global minimum tax calculations, once enacted. The Company does not expect this will affect Manulife’s total global minimum tax exposure; however, it will dictate which jurisdiction has the taxing right for local country income. The Amendments introduce a temporary mandatory exception in IAS 12 from recognizing and disclosing deferred tax assets and liabilities related to the GMT. The Company has applied the mandatory temporary exception from accounting for deferred taxes in respect of the GMT. |
Accounting and Reporting Chan_2
Accounting and Reporting Changes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Schedule of Impact on Loss Allowances for Invested Assets | The following table illustrates the impact on loss allowances for invested assets on transition from the incurred loss impairment under IAS 39 to the expected credit losses impairment allowance under IFRS 9. December 31, 2022 IAS 39 Impairment allowance January 1, 2023 IFRS 9 ECL allowance Debt securities at FVOCI under IFRS 9 $ – $ 348 Private placements at FVOCI under IFRS 9 – 255 Private placements at amortized cost under IAS 39 25 – Mortgages at FVOCI under IFRS 9 – 83 Mortgages at amortized cost under IAS 39 10 – Other invested assets at FVOCI under IFRS 9 – 13 Financial assets at amortized cost under IFRS 9 – 14 Mortgages at amortized cost under IAS 39 7 – Loans to Bank clients under IAS 39 5 – Total on-balance 47 713 Allowance for credit losses on off-balance – 11 Total $ 47 $ 724 |
Schedule of Financial Liabilities Under IAS 39 | The following table shows financial liabilities under IAS 39 and the impact of classification and measurement changes on adoption of IFRS 9. Measurement category December 31, 2022 IAS 39 Total carrying value Impact of classification and measurement changes (1),(2) January 1, 2023 IFRS 9 Total carrying value Investment contract liabilities FVTPL $ 796 $ 2 $ 798 Amortized cost 2,452 6,829 9,281 Deposits from Bank clients Amortized cost 22,507 – 22,507 Derivative liabilities FVTPL 14,289 – 14,289 Other liabilities Amortized cost 17,421 1,473 18,894 Long-term debt Amortized cost 6,234 – 6,234 Capital instruments Amortized cost 6,122 – 6,122 Total in-scope $ 69,821 $ 8,304 $ 78,125 (1) Investment contract liabilities held at amortized cost of $6,829 were reclassified from insurance contract liabilities under IFRS 4. (2) Other liabilities include amounts not in scope of IFRS 9, for example pension obligations. Other liabilities of $1,473 held at amortized cost under IFRS 9 were reclassified from insurance contract liabilities under IFRS 4. |
Invested Assets and Investmen_2
Invested Assets and Investment Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Schedule of Carrying Values and Fair Values of Invested Assets | (a) Carrying values and fair values of invested assets As at December 31, 2023 FVTPL (1) FVOCI (2) Other (3) Total carrying Total fair (4) Cash and short-term securities (5) $ 1 $ 13,993 $ 6,344 $ 20,338 $ 20,338 Debt securities (6),(7) Canadian government and agency 1,219 19,769 – 20,988 20,988 U.S. government and agency 1,303 26,287 888 28,478 28,251 Other government and agency 90 30,576 – 30,666 30,666 Corporate 2,372 127,190 484 130,046 129,899 Mortgage / asset-backed securities 16 1,955 – 1,971 1,971 Public equities (FVTPL mandatory) 25,531 – – 25,531 25,531 Mortgages 1,055 28,473 22,893 52,421 52,310 Private placements (7) 654 44,952 – 45,606 45,606 Loans to Bank clients – – 2,436 2,436 2,411 Real estate Own use property (8),(9) – – 2,591 2,591 2,716 Investment property – – 10,458 10,458 10,458 Other invested assets Alternative long-duration assets (10) 29,671 360 11,403 41,434 42,313 Various other (11) 126 – 4,120 4,246 4,246 Total invested assets $ 62,038 $ 293,555 $ 61,617 $ 417,210 $ 417,704 As at December 31, 2022 FVTPL (1) FVOCI (2) Other (3) Total carrying Total fair (4) Cash and short-term securities (5) $ – $ 12,859 $ 6,294 $ 19,153 $ 19,153 Debt securities (6),(7) Canadian government and agency 987 20,279 – 21,266 21,266 U.S. government and agency 1,378 22,446 912 24,736 24,494 Other government and agency 159 26,314 – 26,473 26,473 Corporate 2,209 126,371 499 129,079 128,910 Mortgage / asset-backed securities 22 2,266 – 2,288 2,288 Public equities (FVTPL mandatory) 23,519 – – 23,519 23,519 Mortgages 1,138 28,621 22,006 51,765 51,372 Private placements (7) 516 41,494 – 42,010 42,010 Loans to Bank clients – – 2,781 2,781 2,760 Real estate Own use property (8),(9) – – 2,852 2,852 3,008 Investment property – – 11,417 11,417 11,417 Other invested assets Alternative long-duration assets (10) 26,938 296 11,226 38,460 39,225 Various other (11) 130 – 4,213 4,343 4,343 Total invested assets $ 56,996 $ 280,946 $ 62,200 $ 400,142 $ 400,238 (1) FVTPL classification was elected for debt instruments backing certain insurance contract liabilities to substantially reduce any accounting mismatch arising from changes in the fair value of these assets, or changes in the carrying value of the related insurance contract liabilities. (2) FVOCI classification for debt instruments backing certain insurance contract liabilities inherently reduces any accounting mismatch arising from changes in the fair value of these assets, or changes in the carrying value of the related insurance contract liabilities. (3) Other includes mortgages and loans to Bank clients held at amortized cost, own use properties, investment properties, equity method accounted investments, and leveraged leases. Also includes debt securities, which qualify as having SPPI, are held to collect contractual cash flows and are carried at amortized cost. (4) Invested assets above include debt securities, mortgages, private placements and approximately $ 360 302 nil 115 539 98 507 49 2 94 (5) Includes short-term securities with maturities of less than one year at acquisition amounting to $ 6,162 4,148 7,832 8,711 6,344 6,294 (6) Debt securities include securities which were acquired with maturities of less than one year and less than 90 days of $ 1,294 1,413 1,787 870 (7) 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 AUD BBSW of $ 167 16 , respectively 173 15 198 61 , respectively 199 43 (8) Includes accumulated depreciation of $57 (2022 – $411). ( 9 Own use property of $ 2,430 2,682 (1 0 ALDA include investments in private equity of $ 15,445 14,950 5,719 1,859 3,461 14,153 12,751 5,979 2,347 3,230 (1 1 Includes $ 3,790 3,840 |
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. 2023 2022 As at December 31, Carrying % of total Carrying % of total Leveraged leases $ 3,790 35 $ 3,840 37 Infrastructure 3,942 37 3,298 32 Timber and agriculture 854 8 822 8 Real estate 1,704 16 1,876 18 Other 443 4 487 5 Total $ 10,733 100 $ 10,323 100 |
Schedule of Investment Income | (c) Investment income For the year ended December 31, 2023 FVTPL FVOCI Other (1) Total Cash and short-term securities Interest income $ – $ 837 $ – $ 837 Gains (losses) (2) – 10 – 10 Debt securities Interest income 212 7,437 28 7,677 Gains (losses) (2) 152 262 – 414 Impairment loss, net (3) – (4 ) – (4 ) Public equities Dividend income 625 – – 625 Gains (losses) (2) 2,255 – – 2,255 Impairment loss, net (3) – – – – Mortgages Interest income – 2,290 – 2,290 Gains (losses) (2) 99 – – 99 Provision, net – – (150 ) (150 ) Private placements Interest income – 2,318 – 2,318 Gains (losses) (2) 20 355 – 375 Impairment loss, net (3) – (72 ) – (72 ) Loans to Bank clients Interest income – – 201 201 Provision, net – – (3 ) (3 ) Real estate Rental income, net of depreciation (4) – – 496 496 Gains (losses) (2) – – (1,286 ) (1,286 ) Impairment loss, net (3) – – – – Derivatives Interest income, net (561 ) – – (561 ) Gains (losses) (2) 1,147 – – 1,147 Other invested assets Interest income 17 23 – 40 Energy, timber, agriculture and other income 2,197 – – 2,197 Gains (losses) (2) 487 – 1 488 Impairment loss, net (3) (74 ) – (1 ) (75 ) Total investment income (loss) $ 6,576 $ 13,456 $ (714 ) $ 19,318 Investment income Interest income $ (332 ) $ 12,905 $ 229 $ 12,802 Dividends, rental income and other income 2,822 – 496 3,318 Impairments, provisions and recoveries, net (3) (74 ) (76 ) (154 ) (304 ) Other 372 (12 ) 4 364 2,788 12,817 575 16,180 Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities Debt securities 153 277 – 430 Public equities 2,157 – – 2,157 Mortgages 99 – – 99 Private placements 20 355 – 375 Real estate – – (1,289 ) (1,289 ) Other invested assets 484 7 – 491 Derivatives 875 – – 875 3,788 639 (1,289 ) 3,138 Total investment income (loss) $ 6,576 $ 13,456 $ (714 ) $ 19,318 Investment expenses (1,297 ) Net investment income (loss) $ 18,021 (1) Primarily includes investment income on loans carried at amortized cost, own use real estate properties, investment real estate properties, derivative and hedging instruments in cash flow hedging relationships, equity method accounted investments, energy investments and leveraged leases. (2) Includes net realized and unrealized gains (losses) for financial instruments at FVTPL, investment real estate properties, and other invested assets measured at fair value. Also includes net realized gains (losses) for financial instruments at FVOCI and other invested assets carried at amortized cost. (3) The Company adopted IFRS 9’s ECL impairment requirements as at January 1, 2023 without restating the comparative period. Impairments for 2023 are based on IFRS 9’s ECL requirements and impairments for 2022 are based on IAS 39’s incurred loss impairment requirements. (4) Rental income from investment real estate properties is net of direct operating expenses. For the year ended December 31, 2022 FVTPL FVOCI Other (1) Total Cash and short-term securities Interest income $ – $ 313 $ – $ 313 Gains (losses) (2) – 121 – 121 Debt securities Interest income 139 6,990 26 7,155 Gains (losses) (2) – (1,050 ) – (1,050 ) Impairment loss, net (3) – – – – Public equities Dividend income 548 – – 548 Gains (losses) (2) (3,995 ) – – (3,995 ) Impairment loss, net (3) – – – – Mortgages Interest income – 1,914 – 1,914 Gains (losses) (2) – (52 ) – (52 ) Provision, net – – 1 1 Private placements Interest income – 2,008 – 2,008 Gains (losses) (2) – 233 – 233 Impairment loss, net (3) – – – – Loans to Bank clients Interest income – – 138 138 Provision, net – – (4 ) (4 ) Real estate Rental income, net of depreciation (4) – – 490 490 Gains (losses) (2) – – (591 ) (591 ) Impairment loss, net (3) – – – – Derivatives Interest income, net 515 – – 515 Gains (losses) (2) (10,639 ) – – (10,639 ) Other invested assets Interest income 14 6 – 20 Energy, timber, agriculture and other income 2,862 – – 2,862 Gains (losses) (2) 1,641 4 – 1,645 Impairment loss, net (3) (74 ) – – (74 ) Total investment income (loss) $ (8,989 ) $ 10,487 $ 60 $ 1,558 Investment income Interest income $ 668 $ 11,231 $ 164 $ 12,063 Dividend, rental and other income 3,410 – 490 3,900 Impairments, provisions and recoveries, net (3) (74 ) – (3 ) (77 ) Other (121 ) (548 ) (13 ) (682 ) 3,883 10,683 638 15,204 Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities Debt securities – (504 ) – (504 ) Public equities (3,825 ) – – (3,825 ) Mortgages – (52 ) – (52 ) Private placements – 234 – 234 Real estate – – (578 ) (578 ) Other invested assets 1,665 126 – 1,791 Derivatives (10,712 ) – – (10,712 ) (12,872 ) (196 ) (578 ) (13,646 ) Total investment income (loss) $ (8,989 ) $ 10,487 $ 60 $ 1,558 Investment expenses (1,221 ) Net investment income (loss) $ 337 |
Summary of Total Investment Expenses | (d) Investment expenses The following table presents total investment expenses. For the years ended December 31, 2023 2022 Related to invested assets $ 720 $ 679 Related to segregated, mutual and other funds 577 542 Total investment expenses $ 1,297 $ 1,221 |
Summary of Rental Income and Direct Operating Expenses of Investment Properties | (e) Investment properties The following table presents the rental income and direct operating expenses of investment properties. For the years ended December 31, 2023 2022 Rental income from investment properties $ 840 $ 825 Direct operating expenses of rental investment properties (473 ) (458 ) Total $ 367 $ 367 |
Summary of Securitized Assets and Secured Borrowing Liabilities | Securitized assets and secured borrowing liabilities As at December 31, 2023 Securitized assets Securitization program Securitized Restricted cash and short-term securities Total Secured borrowing (2) Net HELOC securitization (1) $ 2,880 $ 32 $ 2,912 $ 2,750 $ 162 CMB securitization (3) 2,900 – 2,900 2,806 94 Total $ 5,780 $ 32 $ 5,812 $ 5,556 $ 256 As at December 31, 2022 Securitized assets Securitization program Securitized Restricted cash and short-term securities Total Secured borrowing (2) Net HELOC securitization (1) $ 2,880 $ 44 $ 2,924 $ 2,750 $ 174 CMB securitization (3) 2,318 – 2,318 2,273 45 Total $ 5,198 $ 44 $ 5,242 $ 5,023 $ 219 (1) Manulife Bank, a subsidiary, securitizes a portion of its HELOC receivables through 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, of $27 beyond 5 years , respectively (2022 – $nil, $1,209, $1,049 and $492 , r (3) Manulife Bank also securitizes insured amortizing mortgages under the National Housing Act Mortgage-Backed Securities (“NHA MBS”) program sponsored by CMHC. Manulife Bank participates in CMB programs by selling NHA MBS securities to Canada Housing Trust (“CHT”), as a source of fixed rate funding. |
Summary of Invested Assets and Segregated Funds Net Assets, Measured at Fair Value | The following table presents fair values and the fair value hierarchy of invested assets and segregated funds net assets measured at fair value in the Consolidated Statements of Financial Position. As at December 31, 2023 Total fair value Level 1 Level 2 Level 3 Cash and short-term securities FVOCI $ 13,993 $ – $ 13,993 $ – FVTPL 1 – 1 – Other 6,343 6,343 – – Debt securities FVOCI Canadian government and agency 19,769 – 19,769 – U.S. government and agency 26,287 – 26,287 – Other government and agency 30,576 – 30,566 10 Corporate 127,190 – 126,959 231 Residential mortgage-backed securities 6 – 6 – Commercial mortgage-backed securities 370 – 370 – Other asset-backed securities 1,579 – 1,558 21 FVTPL Canadian government and agency 1,219 – 1,219 – U.S. government and agency 1,303 – 1,303 – Other government and agency 90 – 90 – Corporate 2,372 – 2,372 – Commercial mortgage-backed securities 1 – 1 – Other asset-backed securities 15 – 15 – Private placements (1) FVOCI 44,952 – 37,270 7,682 FVTPL 654 – 575 79 Mortgages FVOCI 28,473 – – 28,473 FVTPL 1,055 – – 1,055 Public equities FVTPL 25,531 25,423 67 41 Real estate (2) Investment property 10,458 – – 10,458 Own use property 2,430 – – 2,430 Other invested assets (3) 33,653 68 – 33,585 Segregated funds net assets (4) 377,544 343,061 30,991 3,492 Total $ 755,864 $ 374,895 $ 293,412 $ 87,557 (1) Fair value of private placements is determined through an internal valuation methodology using both observable and non-market observable inputs. Non-market observable inputs include credit assumptions and liquidity spread adjustments. Private placements are classified within Level 2 unless the liquidity adjustment constitutes a significant price impact, in which case the securities are classified as Level 3. (2) For real estate properties, the significant non-market observable inputs are capitalization rates 2.72 10.75 (2022 – 2.25 9.00 %), 3.00 10.00 2023 (2022 – 3.25 9.50 %) 3.20 14.00 (2022 – 3.30 11.00 %). (3) Other invested assets measured at fair value are held in infrastructure and timber sectors and include fund investments of $27,532 recorded at net asset value. 7.35 15.60 7.15 15.60 (4) Segregated funds net assets are measured at fair value. The Company’s Level 3 segregated funds underlying assets are predominantly investment properties and timberland properties valued as described above. As at December 31, 2022 Total fair value Level 1 Level 2 Level 3 Cash and short-term securities FVOCI $ 12,859 $ – $ 12,859 $ – Other 6,294 6,294 – – Debt securities FVOCI Canadian government and agency 20,279 – 20,279 – U.S. government and agency 22,446 – 22,446 – Other government and agency 26,314 – 26,305 9 Corporate 126,371 – 126,339 32 Residential mortgage-backed securities 7 – 7 – Commercial mortgage-backed securities 589 – 589 – Other asset-backed securities 1,670 – 1,644 26 FVTPL Canadian government and agency 987 – 987 – U.S. government and agency 1,378 – 1,378 – Other government and agency 159 – 159 – Corporate 2,209 – 2,209 – Commercial mortgage-backed securities 6 – 6 – Other asset-backed securities 16 – 16 – Private placements (1) FVOCI 41,494 – 33,666 7,828 FVTPL 516 – 485 31 Mortgages FVOCI 28,621 – – 28,621 FVTPL 1,138 – – 1,138 Public equities FVTPL 23,519 23,448 – 71 Real estate (2) Investment property 11,417 – – 11,417 Own use property 2,682 – – 2,682 Other invested assets (3) 31,095 26 – 31,069 Segregated funds net assets (4) 348,562 314,436 30,141 3,985 Total $ 710,628 $ 344,204 $ 279,515 $ 86,909 Note: For footnotes (1) to (4), refer to the “Fair value measurement” table as at December 31, 2023 above. |
Summary of Fair Values and the Fair Value Hierarchy | The following table presents fair value of invested assets not measured at fair value As at December 31, 2023 Carrying value Total fair value Level 1 Level 2 Level 3 Short-term securities $ 1 $ 1 $ – $ 1 $ – Mortgages (1) 22,893 22,782 – – 22,782 Loans to Bank clients (2) 2,436 2,411 – 2,411 – Real estate – own use property (3) 161 286 – – 286 Public bonds held at amortized cost 1,372 998 – 998 – Other invested assets (4) 12,027 12,906 240 – 12,666 Total invested assets disclosed at fair value $ 38,890 $ 39,384 $ 240 $ 3,410 $ 35,734 As at December 31, 2022 Carrying value Total fair value Level 1 Level 2 Level 3 Mortgages (1) $ 22,006 $ 21,613 $ – $ – $ 21,613 Loans to Bank clients (2) 2,781 2,760 – 2,760 – Real estate – own use property (3) 170 326 – – 326 Public bonds held at amortized cost 1,411 1,000 – 1,000 – Other invested assets(4) 11,708 12,473 72 – 12,401 Total invested assets disclosed at fair value $ 38,076 $ 38,172 $ 72 $ 3,760 $ 34,340 (1) Fair value of commercial mortgages is determined through an internal valuation methodology using both observable and non-market observable inputs. Non-market observable inputs include credit assumptions and liquidity spread adjustments. Fair value of fixed-rate residential mortgages is determined using the discounted cash flow method. Inputs used for valuation are primarily comprised of prevailing interest rates and prepayment rates, if applicable. Fair value of variable-rate residential mortgages is assumed to be their carrying value. (2) Fair value of fixed-rate loans to Bank clients is determined using the discounted cash flow method. Inputs used for valuation are primarily comprised of current interest rates. Fair value of variable-rate loans is assumed to be their carrying value. (3) Fair value of own use real estate and the fair value hierarchy are determined in accordance with the methodologies described for real estate – investment property in note 1(e). (4) Primarily includes leveraged leases of $3,790 (2022 – $3,840 ), 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 energy 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 Non-market Unobservable Inputs (Level 3) | The following table presents the movement in invested assets, net derivatives and segregated funds net assets measured at fair value using significant non-market observable inputs (Level 3) for the year ended December 31, 2023 and 2022. For the year ended December 31, 2023 Balance, Total (1) Total (2) Purchases Sales Settlements Transfer in (3) Transfer out (3),(4) Currency Balance, Change in Debt instruments FVOCI Other government & agency $ 9 $ – $ – $ 2 $ – $ – $ – $ – $ (1 ) $ 10 $ – Corporate 32 – 3 178 – (7 ) 25 – – 231 – Other securitized assets 26 – 1 – – (5 ) – – (1 ) 21 – Public equities FVTPL 71 – – 37 – – – (67 ) – 41 – Private placements FVOCI 7,828 (4 ) 258 1,942 (497 ) (1,172 ) 2,546 (2,907 ) (312 ) 7,682 – FVTPL 31 44 – 17 – (1 ) 34 (47 ) 1 79 44 Mortgages FVOCI 28,621 65 830 1,984 (1,626 ) (856 ) – – (545 ) 28,473 – FVTPL 1,138 37 – 160 (239 ) (39 ) – – (2 ) 1,055 – Investment property 11,417 (1,054 ) – 416 (122 ) – – – (199 ) 10,458 (1,055 ) Own use property 2,682 (234 ) – 20 – – – – (38 ) 2,430 (234 ) Other invested assets 31,069 423 7 4,760 (522 ) (1,219 ) – (68 ) (865 ) 33,585 647 Total invested assets 82,924 (723 ) 1,099 9,516 (3,006 ) (3,299 ) 2,605 (3,089 ) (1,962 ) 84,065 (598 ) Derivatives, net (3,188 ) (144 ) – – – 960 – 165 41 (2,166 ) 17 Segregated funds net assets 3,985 (97 ) – 110 (466 ) 24 – (15 ) (49 ) 3,492 32 Total $ 83,721 $ (964 ) $ 1,099 $ 9,626 $ (3,472 ) $ (2,315 ) $ 2,605 $ (2,939 ) $ (1,970 ) $ 85,391 $ (549 ) (1) These amounts are included in net investment income on the Consolidated Statements of Income except for the amount related to segregated funds net assets, where the amount is recorded in Investment income related to segregated funds net assets. Refer to notes 1 (h) and 23. (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. (4) Private placement bonds of $1,771 with maturity dates beyond 30 years were reclassed from Level 3 to Level 2 in the current period to align with the fair value leveling treatment of public bonds. For the year ended December 31, 2022 Balance, Total gains (1) Total gains (2) Purchases Sales Settlements Transfer in (3) Transfer out (3) Currency Balance, Change in Debt instruments FVOCI Other government & agency $ – $ – $ – $ – $ – $ – $ 9 $ – $ – $ 9 $ – Corporate 41 – (1 ) 27 – (1 ) 6 (42 ) 2 32 – Other securitized assets 28 – 2 – – (4 ) – – – 26 – Public equities FVTPL – (6 ) – 69 (84 ) – 87 – 5 71 (13 ) Private placements FVOCI 5,136 (9 ) (1,453 ) 1,697 (89 ) (188 ) 2,876 (362 ) 220 7,828 – FVTPL 30 (7 ) – – – (1 ) 9 – – 31 (7 ) Mortgages FVOCI 31,798 (76 ) (4,692 ) 3,511 (2,411 ) (757 ) – – 1,248 28,621 – FVTPL 1,203 (117 ) – 110 (22 ) (38 ) – – 2 1,138 – Investment property 11,443 (443 ) – 312 (237 ) – 17 – 325 11,417 (445 ) Own use property 2,661 (120 ) – 20 – – (15 ) – 136 2,682 (120 ) Other invested assets 24,884 1,934 5 4,938 (668 ) (1,519 ) 248 – 1,247 31,069 2,057 Total invested assets 77,224 1,156 (6,139 ) 10,684 (3,511 ) (2,508 ) 3,237 (404 ) 3,185 82,924 1,472 Derivatives, net 2,101 (5,429 ) (7 ) (109 ) – 775 – (356 ) (163 ) (3,188 ) (3,527 ) Segregated funds net assets 4,281 475 – 246 (1,113 ) (46 ) – (1 ) 143 3,985 79 Total $ 83,606 $ (3,798 ) $ (6,146 ) $ 10,821 $ (4,624 ) $ (1,779 ) $ 3,237 $ (761 ) $ 3,165 $ 83,721 $ (1,976 ) |
Summary of Remaining Term To Maturity for Invested Assets | (h) Remaining term to maturity The following table presents remaining term to maturity for invested assets. Remaining terms to maturities (1) As at December 31, 2023 Less than 1 to 3 3 to 5 5 to 10 Over 10 With no Total Cash and short-term securities $ 20,338 $ – $ – $ – $ – $ – $ 20,338 Debt securities Canadian government and agency 657 1,435 1,580 3,656 13,660 – 20,988 U.S. government and agency 297 725 744 4,504 22,208 – 28,478 Other government and agency 412 1,052 1,892 3,864 23,446 – 30,666 Corporate 8,475 15,512 18,548 33,361 54,100 50 130,046 Mortgage / asset-backed securities 106 153 279 556 877 – 1,971 Public equities – – – – – 25,531 25,531 Mortgages 3,363 12,076 10,181 7,690 9,644 9,467 52,421 Private placements 1,418 3,486 4,704 9,137 26,790 71 45,606 Loans to Bank clients 39 23 1 – – 2,373 2,436 Real estate Own use property – – – – – 2,591 2,591 Investment property – – – – – 10,458 10,458 Other invested assets Alternative long-duration assets – 67 22 82 732 40,531 41,434 Various other (2) – – 19 1,528 2,242 457 4,246 Total invested assets $ 35,105 $ 34,529 $ 37,970 $ 64,378 $ 153,699 $ 91,529 $ 417,210 (1) Represents contractual maturities. Actual maturities may differ due to prepayment privileges in the applicable contract. (2) Primarily includes equity method accounted investments and leveraged leases. Remaining terms to maturities (1) As at December 31, 2022 Less than 1 to 3 3 to 5 5 to 10 Over 10 With no Total Cash and short-term securities $ 19,153 $ – $ – $ – $ – $ – $ 19,153 Debt securities Canadian government and agency 738 1,242 2,536 3,811 12,939 – 21,266 U.S. government and agency 380 775 505 3,560 19,516 – 24,736 Other government and agency 457 753 1,490 3,801 19,972 – 26,473 Corporate 8,599 14,542 16,767 36,778 52,392 1 129,079 Mortgage / asset-backed securities 6 89 265 574 1,354 – 2,288 Public equities – – – – – 23,519 23,519 Mortgages 3,288 7,838 10,911 7,906 11,629 10,193 51,765 Private placements 1,485 2,962 4,090 7,958 25,440 75 42,010 Loans to Bank clients 40 18 5 – 2 2,716 2,781 Real estate Own use property – – – – – 2,852 2,852 Investment property – – – – – 11,417 11,417 Other invested assets Alternative long-duration assets 1 46 22 35 674 37,682 38,460 Various other (2) 105 – 19 509 3,206 504 4,343 Total invested assets $ 34,252 $ 28,265 $ 36,610 $ 64,932 $ 147,124 $ 88,959 $ 400,142 Note: For footnotes (1) to (2), refer to the “Remaining term to maturity” table as at December 31, 2023 above. |
Derivative and Hedging Instru_2
Derivative and Hedging Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 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 $ 184,309 $ 2,627 $ 3,044 $ – $ – $ – Foreign currency swaps 9,055 78 1,518 48 5 – Forward contracts 23,461 165 2,672 – – – Cash flow hedges Interest rate swaps 8,372 20 48 – – – Foreign currency swaps 1,150 35 181 1,155 40 203 Forward contracts – – – – – – Equity contracts 240 3 – 173 3 – Net investment hedges Forward contracts 654 – 16 626 – 28 Total derivatives in qualifying hedge accounting relationships 227,241 2,928 7,479 2,002 48 231 Derivatives not designated in qualifying hedge accounting relationships Interest rate swaps 103,806 2,361 3,098 268,081 5,751 7,557 Interest rate futures 9,449 – – 11,772 – – Interest rate options 5,841 33 – 6,090 98 – Foreign currency swaps 33,148 1,873 398 39,667 2,029 1,579 Currency rate futures 2,581 – – 2,319 – – Forward contracts 34,080 769 597 45,124 295 4,697 Equity contracts 19,760 579 115 16,930 363 225 Credit default swaps 131 3 – 159 4 – Equity futures 4,040 – – 3,813 – – Total derivatives not designated in qualifying hedge accounting relationships 212,836 5,618 4,208 393,955 8,540 14,058 Total derivatives $ 440,077 $ 8,546 $ 11,687 $ 395,957 $ 8,588 $ 14,289 |
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 9 (g)). Remaining term to maturity As at December 31, 2023 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total Derivative assets $ 1,189 $ 603 $ 573 $ 6,181 $ 8,546 Derivative liabilities 1,561 1,982 717 7,427 11,687 Remaining term to maturity As at December 31, 2022 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total Derivative assets $ 580 $ 556 $ 556 $ 6,896 $ 8,588 Derivative liabilities 2,656 1,956 1,146 8,531 14,289 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 requirement (2) As at December 31, 2023 Under 1 to 5 years Over 5 years Total Positive Negative Net Credit amount (1) Interest rate contracts OTC swap contracts $ 4,645 $ 20,923 $ 106,445 $ 132,013 $ 5,295 $ (6,850 ) $ (1,555 ) $ 300 $ 7 Cleared swap contracts 4,634 33,082 126,758 164,474 220 (180 ) 40 – – Forward contracts 17,809 16,182 – 33,991 771 (2,986 ) (2,215 ) – – Futures 9,449 – – 9,449 – – – – – Options purchased 795 1,362 3,684 5,841 33 – 33 8 – Subtotal 37,332 71,549 236,887 345,768 6,319 (10,016 ) (3,697 ) 308 7 Foreign exchange Swap contracts 2,110 11,782 29,461 43,353 1,978 (2,179 ) (201 ) 1,087 19 Forward contracts 24,204 – – 24,204 163 (299 ) (136 ) 19 – Futures 2,581 – – 2,581 – – – – – Subtotal 28,895 11,782 29,461 70,138 2,141 (2,478 ) (337 ) 1,106 19 Credit derivatives 14 117 – 131 4 – 4 – – Equity contracts Swap contracts 1,452 723 – 2,175 18 (78 ) (60 ) 32 – Futures 4,040 – – 4,040 – – – – – Options purchased 14,830 2,995 – 17,825 562 (28 ) 534 215 2 Subtotal 20,336 3,835 – 24,171 584 (106 ) 478 247 2 Subtotal including accrued interest 86,563 87,166 266,348 440,077 9,044 (12,600 ) (3,556 ) 1,661 28 Less accrued interest – – – – 498 (913 ) (415 ) – – Total $ 86,563 $ 87,166 $ 266,348 $ 440,077 $ 8,546 $ (11,687 ) $ (3,141 ) $ 1,661 $ 28 Remaining term to maturity (notional amounts) Fair value Capital requirement (2) As at December 31, 2022 Under 1 to 5 years Over 5 years Total Positive Negative Net Credit amount (1) Interest rate contracts OTC swap contracts $ 8,817 $ 19,253 $ 98,380 $ 126,450 $ 5,992 $ (8,135 ) $ (2,143 ) $ 419 $ 9 Cleared swap contracts 2,494 16,823 122,314 141,631 254 (219 ) 35 – – Forward contracts 14,290 13,926 198 28,414 70 (4,468 ) (4,398 ) 8 – Futures 11,772 – – 11,772 – – – – – Options purchased 1,199 1,069 3,822 6,090 98 – 98 64 4 Subtotal 38,572 51,071 224,714 314,357 6,414 (12,822 ) (6,408 ) 491 13 Foreign exchange Swap contracts 2,026 10,475 28,369 40,870 2,067 (1,846 ) 221 1,166 23 Forward contracts 17,336 – – 17,336 226 (258 ) (32 ) 89 – Futures 2,319 – – 2,319 – – – – – Subtotal 21,681 10,475 28,369 60,525 2,293 (2,104 ) 189 1,255 23 Credit derivatives 15 144 – 159 4 – 4 – – Equity contracts Swap contracts 547 396 – 943 26 (7 ) 19 24 – Futures 3,813 – – 3,813 – – – – – Options purchased 12,634 3,526 – 16,160 335 (218 ) 117 232 2 Subtotal 17,009 4,066 – 21,075 365 (225 ) 140 256 2 Subtotal including accrued interest 77,262 65,612 253,083 395,957 9,072 (15,151 ) (6,079 ) 2,002 38 Less accrued interest – – – – 484 (862 ) (378 ) – – Total $ 77,262 $ 65,612 $ 253,083 $ 395,957 $ 8,588 $ (14,289 ) $ (5,701 ) $ 2,002 $ 38 (1) Credit equivalent amount is the sum of replacement cost and the potential future credit exposure less any collateral held. Replacement cost represents the current cost of replacing all contracts with a positive fair value. The amounts take into consideration legal contracts that permit offsetting of positions. The potential future credit exposure is calculated based on a formula prescribed by the Office of the Superintendent of Financial Institutions (“OSFI”). (2) Capital requirement represents the credit equivalent amount, weighted according to the creditworthiness of the counterparty, as prescribed by OSFI. |
Summary of Average Rate of the Hedging Instruments in Hedge Relationships | The following table presents the average rate of the hedging instruments in hedge relationships that do not frequently reset: As at December 31, 2023 Remaining term to maturity Fair value Hedged item Hedging instrument Average rate Under 1 to 5 Over Total Positive Negative Net Inflation risk Inflation linked insurance liabilities Interest rate swaps CPI rate: 290.13 $ 87 $ 459 $ 7,826 $ 8,372 $ 20 $ (48 ) $ (28 ) Foreign exchange risk Fixed rate liabilities Foreign currency swaps SGD/CAD: 0.93503 500 – – 500 35 – 35 Foreign exchange and interest rate risk Floating rate foreign currency liabilities Foreign currency swaps CAD/USD: 0.86655 – – 650 650 – (181 ) (181 ) Debt securities at fair value through OCI Foreign currency swaps CAD/USD: 1.22914 – 46 – 46 5 – 5 Equity risk Stock-based compensation Equity contracts MFC price: $26.28 11 229 – 240 3 – 3 Total $ 598 $ 734 $ 8,476 $ 9,808 $ 63 $ (229 ) $ (166 ) As at December 31, 2022 Remaining term to maturity Fair value Hedged item Hedging instrument Average rate Under 1 to 5 Over Total Positive Negative Net Foreign exchange risk Fixed rate liabilities Foreign currency swaps SGD/CAD: 0.93503 $ – $ 505 $ – $ 505 $ 40 $ – $ 40 Foreign exchange and interest rate risk Floating rate foreign currency liabilities Foreign currency swaps CAD/USD: 0.86655 – – 650 650 – (203 ) (203 ) Debt securities at fair value through OCI Foreign currency swaps CAD/USD: 1.22914 – 48 – 48 5 – 5 Equity risk Stock-based compensation Equity contracts MFC price: $25.39 9 164 – 173 3 – 3 Total $ 9 $ 717 $ 650 $ 1,376 $ 48 $ (203 ) $ (155 ) |
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, 2023 Fair value Level 1 Level 2 Level 3 Derivative assets Interest rate contracts $ 5,813 $ – $ 5,262 $ 551 Foreign exchange contracts 2,148 – 2,148 – Equity contracts 582 – 572 10 Credit default swaps 3 – 3 – Total derivative assets $ 8,546 $ – $ 7,985 $ 561 Derivative liabilities Interest rate contracts $ 9,176 $ – $ 6,451 $ 2,725 Foreign exchange contracts 2,396 – 2,395 1 Equity contracts 115 – 114 1 Total derivative liabilities $ 11,687 $ – $ 8,960 $ 2,727 As at December 31, 2022 Fair value Level 1 Level 2 Level 3 Derivative assets Interest rate contracts $ 5,919 $ – $ 5,766 $ 153 Foreign exchange contracts 2,299 – 2,298 1 Equity contracts 366 – 361 5 Credit default swaps 4 – 4 – Total derivative assets $ 8,588 $ – $ 8,429 $ 159 Derivative liabilities Interest rate contracts $ 12,025 $ – $ 8,689 $ 3,336 Foreign exchange contracts 2,039 – 2,037 2 Equity contracts 225 – 216 9 Total derivative liabilities $ 14,289 $ – $ 10,942 $ 3,347 |
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 total investment result. These investment gains (losses) are shown in the following table. For the year ended December 31, 2023 Change in value Change in value Ineffectiveness Carrying (1) Accumulated fair Accumulated fair Assets Interest rate risk Debt securities at FVOCI $ – $ – $ – $ – $ – $ 241 Foreign currency and interest rate risk Debt securities at FVOCI 742 (778 ) (36 ) 9,191 576 (405 ) Total assets $ 742 $ (778 ) $ (36 ) $ 9,191 $ 576 $ (164 ) Liabilities Interest rate risk Insurance contract liabilities $ (53 ) $ 185 $ 132 $ 29,133 $ (2,658 ) $ 2,642 Total liabilities $ (53 ) $ 185 $ 132 $ 29,133 $ (2,658 ) $ 2,642 For the year ended December 31, 2022 Change in value Change in value Ineffectiveness Carrying Accumulated fair Accumulated fair Assets (2) Interest rate risk Debt securities at FVOCI $ – $ – $ – $ – $ – $ 265 Foreign currency and interest rate risk Debt securities at FVOCI 7 (5 ) 2 31 7 – Total assets $ 7 $ (5 ) $ 2 $ 31 $ 7 $ 265 Total liabilities $ – $ – $ – $ – $ – $ – (1) The carrying amounts for hedged items presented are related to hedged items in active hedging relationships as at the reporting date. Out of the $ 9,191 9,160 , no related to these new hedge relationships 29,133 , no related to these new hedge relationships (2) Represents hedge relationships previously designated under IAS 39. |
Summary of Detailed Information About Movement in the Entity Cash Flow Hedge Reserve | The table below details the balances in the Company’s cash flow hedge reserve. As at December 31, 2023 2022 Balances in the cash flow hedge reserve for continuing hedges $ (149 ) $ (107 ) Balances remaining in the cash flow hedge reserve on de-designated hedges – – Total $ (149 ) $ (107 ) |
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, 2023 Change in fair value Change in fair Gains (losses) Gains (losses) Ineffectiveness Non-functional currency denominated debt $ (195 ) $ 195 $ 195 $ – $ – Forward currency contracts (1 ) 1 1 – – Total $ (196 ) $ 196 $ 196 $ – $ – For the year ended December 31, 2022 Change in fair value Change in fair Gains (losses) Gains (losses) Ineffectiveness Non-functional currency denominated debt $ 458 $ (458 ) $ (458 ) $ – $ – Forward currency contracts (14 ) 14 14 – – Total $ 444 $ (444 ) $ (444 ) $ – $ – |
Summary of Detailed Information about Movement in the Entity Net Investment Hedge Reserve | The table below details the balances in the Company’s net investment hedge reserve. As at December 31, 2023 2022 Balances in the foreign currency translation reserve for continuing hedges $ 59 $ (137 ) Balances remaining in the net investment hedge reserve on de-designated hedges – – Total $ 59 $ (137 ) |
Summary of Detailed Information About Reconciliation of Accumulated Other Comprehensive Income Loss Related to Cash Flow Hedges | Reconciliation of accumulated other comprehensive income (loss) related to cash flow hedges For the year ended December 31, 2023 Accumulated other Hedging gains Reclassification Accumulated Reclassification Reclassification Interest rate risk $ – $ 1 $ – $ 1 $ – $ – Interest rate and foreign exchange risk (114 ) 23 16 (107 ) – – Foreign exchange translation risk 5 (10 ) (8 ) 3 – – CPI risk – (4 ) 81 (85 ) – – Equity price risk 2 40 3 39 – – Total $ (107 ) $ 50 $ 92 $ (149 ) $ – $ – For the year ended December 31, 2022 Accumulated other Hedging gains Reclassification Accumulated Reclassification Reclassification Interest rate risk $ – $ – $ – $ – $ – $ – Interest rate and foreign exchange risk (313 ) 175 (49 ) (89 ) – – Foreign exchange translation risk 3 33 34 2 – – CPI risk – – – – – – Equity price risk 6 2 6 2 – – Total $ (304 ) $ 210 $ (9 ) $ (85 ) $ – $ – |
Summary of Detailed Information about Reconciliation of Accumulated other Comprehensive Income Loss Related to Net Investment Hedges | Reconciliation of accumulated other comprehensive income (loss) related to net investment hedges For the year ended December 31, 2023 Accumulated other Hedging gains Reclassification Accumulated Reclassification Reclassification Foreign exchange translation risk $ (137 ) $ 196 $ – $ 59 $ – $ – For the year ended December 31, 2022 Accumulated other Hedging gains Reclassification Accumulated Reclassification Reclassification Foreign exchange translation risk $ 307 $ (444 ) $ – $ (137 ) $ – $ – |
Summary of Detailed Information About Cost of Hedging | The following table provides details of the movement in the cost of hedging by hedged risk category. For the year ended Foreign exchange risk Balance, beginning of year $ (3 ) Changes in fair value 5 Amount reclassified to profit or loss 2 Balance, end of year $ – Foreign exchange and interest rate risk Balance, beginning of year $ 25 Changes in fair value (8 ) Amount reclassified to profit or loss (1 ) Balance, end of year $ 18 |
Summary of Investment Income on Derivatives Not Designated in Qualifying Hedge Accounting Relationships | Investment income (loss) on derivatives not designated in qualifying hedge accounting relationships For the years ended December 31, 2023 2022 Interest rate swaps $ 667 $ (3,428 ) Interest rate futures 57 (431 ) Interest rate options (13 ) (258 ) Foreign currency swaps (4 ) 1,171 Currency rate futures (22 ) (103 ) Forward contracts 612 (7,561 ) Equity futures (449 ) 794 Equity contracts 325 (818 ) Total $ 1,173 $ (10,634 ) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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. For the year ended December 31, 2023 Balance, Net additions/ Amortization Effect of changes Balance, Goodwill $ 6,014 $ – $ n/a $ (95 ) $ 5,919 Indefinite life intangible assets Brand 813 – n/a (22 ) 791 Fund management contracts and other (1) 1,048 – n/a (14 ) 1,034 1,861 – n/a (36 ) 1,825 Finite life intangible assets (2) Distribution networks 881 31 (53 ) (25 ) 834 Customer relationships 643 (4 ) (53 ) (4 ) 582 Software 1,068 274 (217 ) (23 ) 1,102 Other 52 11 (5 ) (10 ) 48 2,644 312 (328 ) (62 ) 2,566 Total intangible assets 4,505 312 (328 ) (98 ) 4,391 Total goodwill and intangible assets $ 10,519 $ 312 $ (328 ) $ (193 ) $ 10,310 For the year ended December 31, 2022 Balance, Net additions/ (3),(4) Amortization Effect of changes Balance, Goodwill $ 5,651 $ 255 $ n/a $ 108 $ 6,014 Indefinite life intangible assets Brand 761 – n/a 52 813 Fund management contracts and other (1) 788 228 n/a 32 1,048 1,549 228 n/a 84 1,861 Finite life intangible assets (2) Distribution networks 888 6 (47 ) 34 881 Customer relationships 687 – (56 ) 12 643 Software 1,091 192 (235 ) 20 1,068 Other 49 7 (6 ) 2 52 2,715 205 (344 ) 68 2,644 Total intangible assets 4,264 433 (344 ) 152 4,505 Total goodwill and intangible assets $ 9,915 $ 688 $ (344 ) $ 260 $ 10,519 (1) Fund management contracts are mostly allocated to Canada WAM and U.S. WAM CGUs with carrying values of $ 273 273 386 397 (2) Gross carrying amount of finite life intangible assets was $ 2,955 1,511 1,136 138 2,736 1,517 1,146 136 (3) In November 2022, the Company acquired control of Manulife Fund Management Co., Ltd., formerly known as Manulife TEDA Fund Management Co., Ltd, through the purchase of the remaining 51 334 321 , included in Other, (4) In January 2022, the Company paid $ 256 |
Summary of Impairment Testing of Goodwill | The following tables present the carrying value of goodwill by CGU or group of CGUs. For the year ended December 31, 2023 CGU or group of CGUs Balance, Net additions/ Effect of Balance, Asia Asia Insurance (excluding Japan) $ 162 $ – $ (3 ) $ 159 Japan Insurance 360 – (32 ) 328 Canada Insurance 1,960 – (2 ) 1,958 U.S. Insurance 360 – (10 ) 350 Global Wealth and Asset Management Asia WAM 450 – (12 ) 438 Canada WAM 1,436 – – 1,436 U.S. WAM 1,286 – (36 ) 1,250 Total $ 6,014 $ – $ (95 ) $ 5,919 For the year ended December 31, 2022 CGU or group of CGUs Balance, Net additions/ Effect of Balance, Asia Asia Insurance (excluding Japan) $ 152 $ – $ 10 $ 162 Japan Insurance 386 – (26 ) 360 Canada Insurance 1,955 – 5 1,960 U.S. Insurance 336 – 24 360 Global Wealth and Asset Management Asia WAM 183 255 12 450 Canada WAM 1,436 – – 1,436 U.S. WAM 1,203 – 83 1,286 Total $ 5,651 $ 255 $ 108 $ 6,014 |
Insurance and Reinsurance Con_2
Insurance and Reinsurance Contract Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statement [LineItems] | |
Summary of Reporting Segment of Composition of Insurance and Reinsurance Contract Held Assets and Liabilities | The composition of insurance contract assets and liabilities, and reinsurance contract held assets and liabilities by the reporting segment is as follows. Insurance contract asset and liabilities As at December 31, 2023 2022 Insurance Insurance liabilities Insurance Net Insurance Insurance liabilities Insurance liabilities for Net Asia $ (108 ) $ 131,729 $ 22,696 $ 154,317 $ (527 ) $ 121,105 $ 21,005 $ 141,583 Canada (33 ) 80,169 36,085 116,221 (81 ) 74,876 35,695 110,490 U.S. – 157,699 55,362 213,061 (56 ) 159,501 53,516 212,961 Corporate and Other (4 ) (781 ) – (785 ) – 163 – 163 Insurance contract balances (145 ) 368,816 114,143 482,814 (664 ) 355,645 110,216 465,197 Assets for insurance acquisition cash flows – (820 ) – (820 ) (9 ) (796 ) – (805 ) Total $ (145 ) $ 367,996 $ 114,143 $ 481,994 $ (673 ) $ 354,849 $ 110,216 $ 464,392 Reinsurance contract held asset and liabilities 2023 2022 As at December 31, Assets Liabilities Net Assets Liabilities Net Asia $ 3,540 $ (1,909 ) $ 1,631 $ 3,306 $ (1,462 ) $ 1,844 Canada 1,922 (913 ) 1,009 1,756 (911 ) 845 U.S. 37,437 (14 ) 37,423 40,384 (18 ) 40,366 Corporate and Other (248 ) 5 (243 ) 425 – 425 Total $ 42,651 $ (2,831 ) $ 39,820 $ 45,871 $ (2,391 ) $ 43,480 As at December 31, 2023 2022 Net insurance contract held liabilities $ 481,994 $ 464,392 Net reinsurance contract held assets (39,820 ) (43,480 ) Net insurance and reinsurance contract held liabilities $ 442,174 $ 420,912 |
Summary of Net Assets Or Liabilities For Insurance Contracts Issued And Reinsurance Contracts Held By Measurement Components | The following tables present the carrying balances of net assets or liabilities for insurance contracts issued and reinsurance contracts held by measurement components, by reporting segment for the years ended December 31, 2023 and December 31, 2022. Insurance contracts issued Excluding contracts applying the PAA Contracts applying the PAA CSM As at December 31, 2023 Estimates of PV of future Risk non-financial Estimates of Risk non-financial risk Fair value Other Assets for Total insurance Asia $ 132,135 $ 6,764 $ 1,242 $ 5 $ 10,431 $ 3,740 $ (271 ) $ 154,046 Canada 96,455 3,649 11,153 621 3,851 492 (549 ) 115,672 U.S. 196,921 12,438 – – 3,243 459 – 213,061 Corporate and Other (977 ) (13 ) 317 – (112 ) – – (785 ) $ 424,534 $ 22,838 $ 12,712 $ 626 $ 17,413 $ 4,691 $ (820 ) $ 481,994 Excluding contracts applying the PAA Contracts applying the PAA CSM As at December 31, 2022 Estimates of Risk Estimates of Risk non-financial risk Fair value Other Assets for Total insurance Asia $ 120,180 $ 10,017 $ 1,136 $ 2 $ 8,067 $ 2,181 $ (283 ) $ 141,300 Canada 91,599 3,764 10,532 603 3,811 181 (522 ) 109,968 U.S. 194,766 12,494 – – 5,419 282 – 212,961 Corporate and Other (189 ) (13 ) 457 – (92 ) – – 163 $ 406,356 $ 26,262 $ 12,125 $ 605 $ 17,205 $ 2,644 $ (805 ) $ 464,392 Reinsurance contracts held Excluding contracts applying the PAA Contracts applying the PAA CSM As at December 31, 2023 Estimates of Risk non-financial risk Estimates of Risk non-financial risk Fair value Other Total reinsurance Asia $ (351 ) $ 1,326 $ (37 ) $ – $ 623 $ 70 $ 1,631 Canada (1,238 ) 1,674 275 16 338 (56 ) 1,009 U.S. 35,461 1,997 – – (143 ) 108 37,423 Corporate and Other (100 ) (7 ) 1 – (137 ) – (243 ) $ 33,772 $ 4,990 $ 239 $ 16 $ 681 $ 122 $ 39,820 Excluding contracts applying the PAA Contracts applying the PAA CSM As at December 31, 2022 Estimates of Risk non-financial risk Estimates of Risk non-financial risk Fair value Other Total reinsurance Asia $ (147 ) $ 1,895 $ (39 ) $ – $ 203 $ (68 ) $ 1,844 Canada (1,427 ) 1,672 277 8 374 (59 ) 845 U.S. 36,735 2,065 – – 1,302 264 40,366 Corporate and Other 576 (9 ) 2 – (144 ) – 425 $ 35,737 $ 5,623 $ 240 $ 8 $ 1,735 $ 137 $ 43,480 |
Summary of Insurance Revenue By Transition Method | The following table provides information as a supplement to the insurance revenue disclosures in note 7 (b). For the year ended December 31, 2023 Asia Canada U.S. Other Total Contracts under the fair value method $ 2,499 $ 3,288 $ 10,123 $ (18 ) $ 15,892 Contracts under the full retrospective method 531 48 152 – 731 Other contracts 2,026 5,283 (81 ) 121 7,349 Total $ 5,056 $ 8,619 $ 10,194 $ 103 $ 23,972 For the year ended December 31, 2022 Asia Canada U.S. Other Total Contracts under the fair value method $ 2,656 $ 3,370 $ 9,901 $ (96 ) $ 15,831 Contracts under the full retrospective method 666 122 76 – 864 Other contracts 1,412 4,625 268 118 6,423 Total $ 4,734 $ 8,117 $ 10,245 $ 22 $ 23,118 |
Summary of Effect of New Business Recognized in the Year | The following tables present components of new business for insurance contracts issued for the years presented. Asia Canada U.S. Total As at December 31, 2023 Non-Onerous Onerous Non-Onerous Onerous Non-Onerous Onerous Non-Onerous Onerous New business insurance contracts Estimates of present value of cash outflows $ 16,209 $ 2,399 $ 3,478 $ 271 $ 2,524 $ 1,126 $ 22,211 $ 3,796 Insurance acquisition cash flows 3,011 322 608 68 676 233 4,295 623 Claims and other insurance service expenses payable 13,198 2,077 2,870 203 1,848 893 17,916 3,173 Estimates of present value of cash inflows (18,765 ) (2,330 ) (3,823 ) (286 ) (2,953 ) (1,145 ) (25,541 ) (3,761 ) Risk adjustment for non-financial risk 679 89 115 41 168 88 962 218 Contractual service margin 1,877 – 230 – 261 – 2,368 – Amount included in insurance contract liabilities for the year $ – $ 158 $ – $ 26 $ – $ 69 $ – $ 253 Asia Canada U.S. Total As at Non-Onerous Onerous Non-Onerous Onerous Non-Onerous Onerous Non-Onerous Onerous New business insurance contracts Estimates of present value of cash outflows $ 8,470 $ 3,953 $ 3,604 $ 390 $ 1,845 $ 1,237 $ 13,919 $ 5,580 Insurance acquisition cash flows 2,244 499 600 119 568 228 3,412 846 Claims and other insurance service expenses payable 6,226 3,454 3,004 271 1,277 1,009 10,507 4,734 Estimates of present value of cash inflows (10,759 ) (3,772 ) (3,901 ) (431 ) (2,289 ) (1,227 ) (16,949 ) (5,430 ) Risk adjustment for non-financial risk 704 153 107 92 221 119 1,032 364 Contractual service margin 1,585 – 190 – 223 – 1,998 – Amount included in insurance contract liabilities for the year $ – $ 334 $ – $ 51 $ – $ 129 $ – $ 514 The following tables present components of new business for reinsurance contracts held portfolios for the years presented. As at December 31, 2023 Asia Canada U.S. Total New business reinsurance contracts Estimates of present value of cash outflows $ (916 ) $ (331 ) $ (750 ) $ (1,997 ) Estimates of present value of cash inflows 815 319 799 1,933 Risk adjustment for non-financial risk 170 76 153 399 Contractual service margin (57 ) (51 ) (155 ) (263 ) Amount included in reinsurance assets for the year $ 12 $ 13 $ 47 $ 72 As at December 31, 2022 Asia Canada U.S. Total New business reinsurance contracts Estimates of present value of cash outflows $ (519 ) $ (291 ) $ (7,084 ) $ (7,894 ) Estimates of present value of cash inflows 453 261 5,904 6,618 Risk adjustment for non-financial risk 125 77 515 717 Contractual service margin (22 ) (15 ) 747 710 Amount included in reinsurance assets for the year $ 37 $ 32 $ 82 $ 151 |
Summary of Expected Recognition of Contractual Service Margin | The following tables present expectations for the timing of recognition of CSM in income in future years. As at December 31, 2023 Less than 1 year 1 to 5 years 5 to 10 years 10 to 20 years More than 20 years Total Canada Insurance contracts issued $ 379 $ 1,213 $ 1,016 $ 1,084 $ 651 $ 4,343 Reinsurance contracts held (36 ) (83 ) (52 ) (46 ) (65 ) (282 ) 343 1,130 964 1,038 586 4,061 U.S. Insurance contracts issued 388 1,235 968 823 288 3,702 Reinsurance contracts held (50 ) (139 ) (35 ) 90 169 35 338 1,096 933 913 457 3,737 Asia Insurance contracts issued 1,273 4,066 3,320 3,308 2,204 14,171 Reinsurance contracts held (44 ) (202 ) (173 ) (105 ) (169 ) (693 ) 1,229 3,864 3,147 3,203 2,035 13,478 Corporate Insurance contracts issued (8 ) (28 ) (28 ) (34 ) (14 ) (112 ) Reinsurance contracts held 10 51 53 19 4 137 2 23 25 (15 ) (10 ) 25 Total $ 1,912 $ 6,113 $ 5,069 $ 5,139 $ 3,068 $ 21,301 As at December 31, 2022 Less than 1 year 1 to 5 years 5 to 10 years 10 to 20 years More than 20 years Total Canada Insurance contracts issued $ 333 $ 1,088 $ 936 $ 1,015 $ 620 $ 3,992 Reinsurance contracts held (36 ) (100 ) (69 ) (62 ) (48 ) (315 ) 297 988 867 953 572 3,677 U.S. Insurance contracts issued 541 1,770 1,468 1,375 547 5,701 Reinsurance contracts held (189 ) (586 ) (433 ) (296 ) (62 ) (1,566 ) 352 1,184 1,035 1,079 485 4,135 Asia Insurance contracts issued 922 2,933 2,442 2,435 1,516 10,248 Reinsurance contracts held (17 ) (79 ) (55 ) 5 11 (135 ) 905 2,854 2,387 2,440 1,527 10,113 Corporate Insurance contracts issued (8 ) (27 ) (23 ) (24 ) (10 ) (92 ) Reinsurance contracts held 12 40 35 38 19 144 4 13 12 14 9 52 Total $ 1,558 $ 5,039 $ 4,301 $ 4,486 $ 2,593 $ 17,977 |
Summary of Investment Income And Insurance Finance Income And Expense | For the year ended December 31, 202 Insurance Non-insurance (1) Total Investment return Investment related income $ 13,036 $ 3,079 $ 16,115 Net gains (losses) on financial assets at FVTPL 2,176 506 2,682 Unrealized gains (losses) on FVOCI assets 11,212 1,018 12,230 Impairment loss on financial assets (247 ) (57 ) (304 ) Investment expenses (540 ) (757 ) (1,297 ) Interest on required surplus 521 (521 ) – Total investment return 26,158 3,268 29,426 Portion recognized in income (expenses) 15,830 2,191 18,021 Portion recognized in OCI 10,328 1,077 11,405 Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates Interest accreted to insurance contracts using locked-in rate (8,214 ) 28 (8,186 ) Due to changes in interest rates and other financial assumptions (11,008 ) 21 (10,987 ) Changes in fair value of underlying items of direct participation contracts (7,384 ) – (7,384 ) Effects of risk mitigation option 1,267 – 1,267 Net foreign exchange income (expenses) (80 ) – (80 ) Hedge accounting offset from insurance contracts issued (41 ) – (41 ) Reclassification of derivative OCI to IFIE – cash flow hedges (3 ) – (3 ) Reclassification of derivative income (loss) changes to IFIE – fair value hedge 185 – 185 Other 237 – 237 Total insurance finance income (expenses) from insurance contracts issued (25,041 ) 49 (24,992 ) Effect of movements in foreign exchange rates (952 ) – (952 ) Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates (25,993 ) 49 (25,944 ) Portion recognized in income (expenses), including effects of exchange rates (13,930 ) 36 (13,894 ) Portion recognized in OCI, including effects of exchange rates (12,063 ) 13 (12,050 ) Reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates Interest accreted to insurance contracts using locked-in rate 241 (12 ) 229 Due to changes in interest rates and other financial assumptions 598 (28 ) 570 Changes in risk of non-performance of reinsurer (15 ) – (15 ) Other (159 ) – (159 ) Total reinsurance finance income (expenses) from reinsurance contracts held 665 (40 ) 625 Effect of movements in foreign exchange rates (120 ) – (120 ) Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates 545 (40 ) 505 Portion recognized in income (expenses), including effects of foreign exchange rates (719 ) (15 ) (734 ) Portion recognized in OCI, including effects of exchange rates 1,264 (25 ) 1,239 Decrease (increase) in investment contract liabilities (17 ) (418 ) (435 ) Total net investment income (loss), insurance finance income (expenses) and reinsurance finance income (expenses) 693 2,859 3,552 Amounts recognized in income (expenses) 1,164 1,794 2,958 Amounts recognized in OCI (471 ) 1,065 594 (1) Non-insurance includes consolidations and eliminations of transactions between operating segments. For the year ended December 31, 2022 Insurance Non-insurance (1) Total Investment return Investment related income $ 13,991 $ 1,973 $ 15,964 Net gains (losses) on financial assets at FVTPL (14,017 ) (246 ) (14,263 ) Unrealized gains (losses) on FVOCI assets (46,900 ) (8,428 ) (55,328 ) Impairment loss on financial assets (59 ) (18 ) (77 ) Investment expenses (464 ) (757 ) (1,221 ) Interest on required surplus 515 (515 ) – Total investment return (46,934 ) (7,991 ) (54,925 ) Portion recognized in income (expenses) 358 (21 ) 337 Portion recognized in OCI (47,292 ) (7,970 ) (55,262 ) Insurance finance income (expenses) from insurance contracts issued and effect of movement in exchange rates Interest accreted to insurance contracts using locked-in rate (6,448 ) 14 (6,434 ) Due to changes in interest rates and other financial assumptions 63,174 (272 ) 62,902 Changes in fair value of underlying items of direct participation contracts 9,417 – 9,417 Effects of risk mitigation option 2,827 – 2,827 Net foreign exchange income (expenses) (95 ) – (95 ) Hedge accounting offset from insurance contracts issued – – – Reclassification of derivative OCI to IFIE – cash flow hedges – – – Reclassification of derivative income (loss) changes to IFIE – fair value hedge – – – Other 218 (2 ) 216 Total insurance finance income (expenses) from insurance contracts issued 69,093 (260 ) 68,833 Effect of movements in foreign exchange rates (1,665 ) (9 ) (1,674 ) Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates 67,428 (269 ) 67,159 Portion recognized in income (expenses), including effects of exchange rates (6,582 ) (34 ) (6,616 ) Portion recognized in OCI, including effects of exchange rates 74,010 (235 ) 73,775 Reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates Interest accreted to insurance contracts using locked-in rate 832 (8 ) 824 Due to changes in interest rates and other financial assumptions (10,218 ) 67 (10,151 ) Changes in risk of non-performance of reinsurer 96 – 96 Other 191 – 191 Total reinsurance finance income (expenses) from reinsurance contracts held (9,099 ) 59 (9,040 ) Effect of movements in foreign exchange rates (16 ) – (16 ) Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates (9,115 ) 59 (9,056 ) Portion recognized in income (expenses), including effects of foreign exchange rates 322 (13 ) 309 Portion recognized in OCI, including effects of exchange rates (9,437 ) 72 (9,365 ) Decrease (increase) in investment contract liabilities (56 ) (343 ) (399 ) Total net investment income (loss), insurance finance income (expenses) and reinsurance finance income (expenses) 11,323 (8,544 ) 2,779 Amounts recognized in income (expenses) (5,958 ) (411 ) (6,369 ) Amounts recognized in OCI 17,281 (8,133 ) 9,148 (1) Non-insurance includes consolidations and eliminations of transactions between operating segments. The following tables present Investment income and insurance finance income and expenses recognized in income or expenses or other comprehensive income, by reporting segments for the years ended December 31, 2023 and December 31, 2022. Insurance and reinsurance contracts For the year ended December 31, 2023 Asia Canada U.S. Corporate Non-insurance (1) Total Total investment return Portion recognized in income (expenses) $ 7,095 $ 3,514 $ 5,193 $ 28 $ 2,191 $ 18,021 Portion recognized in OCI 4,675 2,454 3,197 2 1,077 11,405 11,770 5,968 8,390 30 3,268 29,426 Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates Portion recognized in income (expenses), including effects of exchange rates (6,436 ) (3,315 ) (4,868 ) 689 36 (13,894 ) Portion recognized in OCI, including effects of exchange rates (4,601 ) (2,394 ) (5,068 ) – 13 (12,050 ) (11,037 ) (5,709 ) (9,936 ) 689 49 (25,944 ) Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates Portion recognized in income (expenses), including effects of foreign exchange rates (105 ) 57 11 (682 ) (15 ) (734 ) Portion recognized in OCI, including effects of exchange rates 117 33 1,114 – (25 ) 1,239 12 90 1,125 (682 ) (40 ) 505 (1) Insurance and reinsurance contracts For the year ended December 31, 2022 Asia Canada U.S. Corporate Non-insurance (1) Total Total investment return Portion recognized in income (expenses) $ 1,422 $ (1,967 ) $ 894 $ 9 $ (21 ) $ 337 Portion recognized in OCI (14,200 ) (11,332 ) (21,741 ) (19 ) (7,970 ) (55,262 ) (12,778 ) (13,299 ) (20,847 ) (10 ) (7,991 ) (54,925 ) Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates Portion recognized in income (expenses), including effects of exchange rates (1,654 ) (219 ) (4,867 ) 158 (34 ) (6,616 ) Portion recognized in OCI, including effects of exchange rates 14,532 14,731 44,748 (1 ) (235 ) 73,775 12,878 14,512 39,881 157 (269 ) 67,159 Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates Portion recognized in income (expenses), including effects of foreign exchange rates (63 ) (102 ) 641 (154 ) (13 ) 309 Portion recognized in OCI, including effects of exchange rates (126 ) (150 ) (9,161 ) - 72 (9,365 ) (189 ) (252 ) (8,520 ) (154 ) 59 (9,056 ) (1) Non-insurance includes consolidations and eliminations of transactions between operating segments. |
Summary of Significant Judgements and Estimates | December 31, 2023 Currency Liquidity category Observable Ultimate 1 year 5 years 10 years 20 years 30 years Ultimate Canada CAD Illiquid 30 70 5.17 4.33 4.92% 4.86% 4.80% 4.40% More liquid 30 70 5.14% 4.22% 4.69% 4.72% 4.69% 4.40% U.S. USD Illiquid 30 70 5.38% 4.54% 5.37% 5.65% 5.27% 5.00% More liquid 30 70 5.32% 4.57% 5.25% 5.56% 5.18% 4.88% Japan JPY Mixed 30 70 0.53% 0.77% 1.08% 1.75% 2.24% 1.60% Hong Kong HKD Illiquid 15 55 4.20% 4.01% 4.98% 4.61% 4.19% 3.80% December 31, 2022 Currency Liquidity category Observable Ultimate 1 year 5 years 10 years 20 years 30 years Ultimate Canada CAD Illiquid 30 70 5.29% 4.81% 5.35% 5.35% 5.03% 4.40% More liquid 30 70 5.21% 4.63% 4.97% 5.02% 4.91% 4.40% U.S. USD Illiquid 30 70 5.28% 4.87% 5.74% 5.86% 5.34% 5.00% More liquid 30 70 5.23% 4.88% 5.61% 5.76% 5.23% 4.88% Japan JPY Mixed 30 70 0.72% 0.98% 0.91% 1.70% 2.22% 1.60% Hong Kong HKD Illiquid 15 55 4.69% 4.95% 5.60% 4.99% 4.36% 3.80% |
Summary of Composition of Underlying Items | The following table sets out the composition and fair value of the underlying items supporting the Company’s liabilities for direct participation contracts as at the dates presented. 2023 2022 As at December 31, Participating Variable Unit linked Participating Variable Unit linked Underlying assets Debt securities $ 44,682 $ – $ – $ 39,894 $ – $ – Public equities 14,442 – – 12,119 – – Mortgages 4,449 – – 3,813 – – Private placements 6,720 – – 5,666 – – Real estate 3,907 – – 3,190 – – Other 27,017 68,749 15,539 26,009 69,033 13,476 Total $ 101,217 $ 68,749 $ 15,539 $ 90,691 $ 69,033 $ 13,476 |
Summary of Asset for Acquisition Cash Flow | The following table presents the expected future derecognition of asset for insurance acquisition cash flow as at the dates presented. 2023 2022 As at December 31, Less than 1-5 years More than Total Less than 1-5 years More than Total Asia $ 59 $ 150 $ 62 $ 271 $ 58 $ 150 $ 75 $ 283 Canada 72 205 272 549 73 200 249 522 Total $ 131 $ 355 $ 334 $ 820 $ 131 $ 350 $ 324 $ 805 |
Summary of Maturity Analysis and Amounts Payable on Demand | The table below represents the maturities of the insurance contract and reinsurance contract held liabilities as at the dates presented. As at December 31, 2023 Payments due by period Less than 1 to 2 2 to 3 3 to 4 4 to 5 Over 5 Total Insurance contract liabilities (1) $ 3,400 $ 5,546 $ 6,766 $ 8,849 $ 11,320 $ 1,074,764 $ 1,110,645 Reinsurance contract held liabilities (1) 332 460 492 592 475 6,097 8,448 As at December 31, 2022 Payments due by period Less than 1 to 2 2 to 3 3 to 4 4 to 5 Over 5 Total Insurance contract liabilities (1) $ 3,091 $ 4,976 $ 7,224 $ 9,212 $ 11,223 $ 996,460 $ 1,032,186 Reinsurance contract held liabilities (1) 235 237 250 243 337 5,320 6,622 (1) Insurance contract liabilities cash flows include estimates related to the timing and payment of death and disability claims, policy surrenders, policy maturities, annuity payments, minimum guarantees on segregated fund products, policyholder dividends, commissions and premium taxes offset by contractual future premiums on in-force contracts and exclude amounts from insurance contract liabilities for account of segregated fund holders. These estimated cash flows are based on the best estimate assumptions used in the determination of insurance contract liabilities. These amounts are undiscounted. Reinsurance contract held liabilities cash flows include estimates related to the timing and payment of future reinsurance premiums offset by recoveries on in-force reinsurance agreements. Due to the use of assumptions, actual cash flows may differ from these estimates. Cash flows include embedded derivatives measured separately at fair value. The amounts from insurance contract liabilities that are payable on demand are set out below as at the dates presented. 2023 2022 As at December 31, Amounts payable Carrying amount Amounts payable Carrying amount Asia $ 100,060 $ 129,117 $ 95,777 $ 117,737 Canada 28,264 56,887 25,745 52,300 U.S. 44,360 63,092 45,394 63,374 Total $ 172,684 $ 249,096 $ 166,916 $ 233,411 |
Summary of Actuarial Methods and Assumptions | Impact of changes in actuarial methods and assumptions on pre-tax fulfilment cash flows (1) For the three and For the three For the year ended Canada variable annuity product review $ (133 ) $ – $ (133 ) Mortality and morbidity updates 265 – 265 Lapse and policyholder behaviour updates 98 – 98 Methodology and other updates (577 ) (2,850 ) (3,427 ) Impact of changes in actuarial methods and assumptions, pre-tax $ (347 ) $ (2,850 ) $ (3,197 ) (1) Excludes the portion related to non-controlling interests of $103 for the three and nine months ended September 30, 2023, and for the three months ended December 31, 2023, respectively. Impact of changes in actuarial methods and assumptions on pre-tax net income attributed to shareholders, pre-tax net income attributed to participating policyholders, OCI and CSM (1) For the three and For the three For the year ended Portion recognized in net income (loss) attributed to: Participating policyholders $ 58 $ 115 $ 173 Shareholders and other equity holders 27 144 171 85 259 344 Portion recognized in OCI attributed to: Participating policyholders – (21 ) (21 ) Shareholders and other equity holders 146 (26 ) 120 146 (47 ) 99 Portion recognized in CSM 116 2,638 2,754 Impact of changes in actuarial methods and assumptions, pre-tax $ 347 $ 2,850 $ 3,197 (1) Excludes the portion related to non-controlling interests, of which $72 is related to CSM for the three and nine months ended September 30, 2023, and $87 is related to CSM for the three months ended December 31, 2023. Impact of changes in actuarial methods and assumptions on pre-tax fulfilment cash flows (1) For the year ended December 31, 2022 Total Long-term care triennial review $ 118 Mortality and morbidity updates 83 Lapse and policyholder behaviour updates 234 Methodology and other updates (243 ) Impact of changes in actuarial methods and assumptions, pre-tax $ 192 (1) Excludes the portion related to non-controlling interests of $8. Impact of changes in actuarial methods and assumptions on pre-tax net income attributed to shareholders, pre-tax net income attributed to participating policyholders, OCI and CSM (1) For the year ended December 31, 2022 Total Portion recognized in net income (loss) attributed to: Participating policyholders $ (26 ) Shareholders and other equity holders 23 (3 ) Portion recognized in OCI attributed to: Participating policyholders – Shareholders and other equity holders 90 90 Portion recognized in CSM (279 ) Impact of changes in actuarial methods and assumptions, pre-tax $ (192 ) (1) Excludes the portion related to non-controlling interests, of which $nil is related to CSM. |
Insurance Contracts Issued [Member] | |
Statement [LineItems] | |
Summary of Insurance Contracts and Reinsurance Contracts Held in Analysis by Remaining Coverage and Incurred Claims | The following tables present the movement in the net assets or liabilities for insurance contracts issued, showing the amounts for remaining coverage and the amounts for incurred claims for the years ended December 31, 2023 and December 31, 2022. Liabilities for remaining Liabilities for incurred claims Excluding loss Loss Products not PAA Estimates PAA Risk non-financial risk Assets for Total Opening insurance contract assets $ (659 ) $ – $ 7 $ (12 ) $ – $ (9 ) $ (673 ) Opening insurance contract liabilities 336,981 1,328 5,857 10,877 602 (796 ) 354,849 Opening insurance contract liabilities for account of segregated fund holders 110,216 – – – – – 110,216 Net opening balance, January 1, 2023 446,538 1,328 5,864 10,865 602 (805 ) 464,392 Insurance revenue Expected incurred claims and other insurance service result (13,165 ) – – – – – (13,165 ) Change in risk adjustment for non-financial risk expired (1,497 ) – – – – – (1,497 ) CSM recognized for services provided (2,162 ) – – – – – (2,162 ) Recovery of insurance acquisition cash flows (853 ) – – – – – (853 ) Contracts under PAA (6,295 ) – – – – – (6,295 ) (23,972 ) – – – – – (23,972 ) Insurance service expense Incurred claims and other insurance service expenses – (320 ) 13,446 6,136 254 – 19,516 Losses and reversal of losses on onerous contracts (future service) – 90 – – – – 90 Changes to liabilities for incurred claims (past service) – – (31 ) (1,605 ) (242 ) – (1,878 ) Amortization of insurance acquisition cash flows 1,654 – – – – – 1,654 Net impairment of assets for insurance acquisition cash flows – – – – – – – 1,654 (230 ) 13,415 4,531 12 – 19,382 Investment components and premium refunds (19,080 ) – 17,148 1,932 – – – Insurance service result (41,398 ) (230 ) 30,563 6,463 12 – (4,590 ) Insurance finance (income) expenses 24,268 32 15 848 11 – 25,174 Effects of movements in foreign exchange rates (9,657 ) (38 ) (71 ) (12 ) – 7 (9,771 ) Total changes in income and OCI (26,787 ) (236 ) 30,507 7,299 23 7 10,813 Cash flows Premiums and premium tax received 48,381 – – – – – 48,381 Claims and other insurance service expenses paid, including investment components – – (30,706 ) (7,719 ) – – (38,425 ) Insurance acquisition cash flows (6,920 ) – – – – – (6,920 ) Total cash flows 41,461 – (30,706 ) (7,719 ) – – 3,036 Allocation from assets for insurance acquisition cash flows to groups of insurance contracts (152 ) – – – – 152 – Acquisition cash flows incurred in the year – – – – – (174 ) (174 ) Movements related to insurance contract liabilities for account of segregated fund holders 3,927 – – – – – 3,927 Net closing balance 464,987 1,092 5,665 10,445 625 (820 ) 481,994 Closing insurance contract assets (201 ) – 56 – – – (145 ) Closing insurance contract liabilities 351,045 1,092 5,609 10,445 625 (820 ) 367,996 Closing insurance contract liabilities for account of segregated fund holders 114,143 – – – – – 114,143 Net closing balance, December 31, 2023 $ 464,987 $ 1,092 $ 5,665 $ 10,445 $ 625 $ (820 ) $ 481,994 Insurance finance (income) expenses (“IFIE”) Insurance finance (income) expenses, per disclosure above $ 25,174 Reclassification of derivative OCI to IFIE – cash flow hedges 3 Reclassification of derivative (income) loss changes to IFIE – fair value hedge (185 ) Insurance finance (income) expenses, per disclosure in note 7 (f) $ 24,992 Liabilities for remaining Liabilities for incurred claims Excluding loss Loss Products not PAA Estimates PAA Risk non-financial risk Assets for Total Opening insurance contract assets $ (842 ) $ – $ 60 $ 27 $ – $ (217 ) $ (972 ) Opening insurance contract liabilities 388,585 303 4,342 12,230 689 (528 ) 405,621 Opening insurance contract liabilities for account of segregated fund holders 130,836 – – – – – 130,836 Net opening balance, January 1, 2022 518,579 303 4,402 12,257 689 (745 ) 535,485 Insurance revenue Expected incurred claims and other insurance service result (13,019 ) – – – – – (13,019 ) Change in risk adjustment for non-financial risk expired (1,665 ) – – – – – (1,665 ) CSM recognized for service provided (2,298 ) – – – – – (2,298 ) Recovery of insurance acquisition cash flows (534 ) – – – – – (534 ) Contracts under PAA (5,602 ) – – – – – (5,602 ) (23,118 ) – – – – – (23,118 ) Insurance service expense Incurred claims and other insurance service expenses – 233 12,775 5,982 266 – 19,256 Losses and reversal of losses on onerous contracts (future service) – 742 – – – – 742 Changes to liabilities for incurred claims (past service) – – (41 ) (1,554 ) (353 ) – (1,948 ) Amortization of insurance acquisition cash flows 1,285 – – – – – 1,285 Net impairment of assets for insurance acquisition cash flows – – – – – – – 1,285 975 12,734 4,428 (87 ) – 19,335 Investment components and premium refunds (18,222 ) – 16,514 1,708 – – – Insurance service result (40,055 ) 975 29,248 6,136 (87 ) – (3,783 ) Insurance finance (income) expenses (68,366 ) 9 753 (1,229 ) – – (68,833 ) Effects of movements in foreign exchange rates 15,886 41 136 12 – (14 ) 16,061 Total changes in income and OCI (92,535 ) 1,025 30,137 4,919 (87 ) (14 ) (56,555 ) Cash flows Premiums and premium tax received 47,526 – – – – – 47,526 Claims and other insurance service expenses paid, including investment components – – (28,675 ) (6,311 ) – – (34,986 ) Insurance acquisition cash flows (6,266 ) – – – – – (6,266 ) Total cash flows 41,260 – (28,675 ) (6,311 ) – – 6,274 Allocation from assets for insurance acquisition cash flows to groups of insurance contracts (146 ) – – – – 146 – Acquisition cash flows incurred in the year – – – – – (192 ) (192 ) Movements related to insurance contract liabilities for account of segregated fund holders (20,620 ) – – – – – (20,620 ) Net closing balance 446,538 1,328 5,864 10,865 602 (805 ) 464,392 Closing insurance contract assets (659 ) – 7 (12 ) – (9 ) (673 ) Closing insurance contract liabilities 336,981 1,328 5,857 10,877 602 (796 ) 354,849 Closing insurance contract liabilities for account of segregated fund holders 110,216 – – – – – 110,216 Net closing balance, December 31, 2022 $ 446,538 $ 1,328 $ 5,864 $ 10,865 $ 602 $ (805 ) $ 464,392 Insurance finance (income) expenses Insurance finance (income) expenses, per disclosure above $ (68,833 ) Reclassification of derivative OCI to IFIE – cash flow hedges – Reclassification of derivative (income) loss changes to IFIE – fair value hedge – Insurance finance (income) expenses, per disclosure in note 7 (f) $ (68,833 ) |
Summary of Insurance Contracts and Reinsurance Contracts Held in Analysis by Measurement Components | The following tables present the movement in the net assets or liabilities for insurance contracts issued, showing estimates of the present value of future cash flows, risk adjustment and CSM for the years ended December 31, 2023 and December 31, 2022. CSM Estimates of Risk non-financial risk Fair value Other Assets for Total Opening GMM and VFA insurance contract assets $ (1,827 ) $ 512 $ 100 $ 557 $ – $ (658 ) Opening GMM and VFA insurance contract liabilities 297,967 25,750 17,105 2,087 (56 ) 342,853 Opening PAA insurance contract net liabilities 12,125 605 – – (749 ) 11,981 Opening insurance contract liabilities for account of segregated fund holders 110,216 – – – – 110,216 Net opening balance, January 1, 2023 418,481 26,867 17,205 2,644 (805 ) 464,392 CSM recognized for services provided – – (1,812 ) (350 ) – (2,162 ) Change in risk adjustment for non-financial risk for risk expired – (1,620 ) – – – (1,620 ) Experience adjustments 152 – – – – 152 Changes that relate to current services 152 (1,620 ) (1,812 ) (350 ) – (3,630 ) Contracts initially recognized during the year (3,295 ) 1,180 – 2,368 – 253 Changes in estimates that adjust the CSM 1,585 (3,859 ) 2,214 60 – – Changes in estimates that relate to losses and reversal of losses on onerous contracts (174 ) 12 – – – (162 ) Changes that relate to future services (1,884 ) (2,667 ) 2,214 2,428 – 91 Adjustments to liabilities for incurred claims (28 ) (4 ) – – – (32 ) Changes that relate to past services (28 ) (4 ) – – – (32 ) Insurance service result (1,760 ) (4,291 ) 402 2,078 – (3,571 ) Insurance finance (income) expenses 22,340 1,646 244 76 – 24,306 Effects of movements in foreign exchange rates (8,405 ) (779 ) (438 ) (107 ) – (9,729 ) Total changes in income and OCI 12,175 (3,424 ) 208 2,047 – 11,006 Total cash flows 2,081 – – – – 2,081 Allocation from assets for insurance acquisition cash flows to groups of insurance contracts (5 ) – – – 5 – Acquisition cash flows incurred in the year – – – – (8 ) (8 ) Change in PAA balance 587 21 – – (12 ) 596 Movements related to insurance contract liabilities for account of segregated fund holders 3,927 – – – – 3,927 Net closing balance 437,246 23,464 17,413 4,691 (820 ) 481,994 Closing GMM and VFA insurance contract assets (416 ) 141 32 99 – (144 ) Closing GMM and VFA insurance contract liabilities 310,807 22,697 17,381 4,592 (59 ) 355,418 Closing PAA insurance contract net liabilities 12,712 626 – – (761 ) 12,577 Closing insurance contract liabilities for account of segregated fund insurance holders 114,143 – – – – 114,143 Net closing balance, December 31, 2023 $ 437,246 $ 23,464 $ 17,413 $ 4,691 $ (820 ) $ 481,994 Insurance finance (income) expenses Insurance finance (income) expenses, per disclosure above $ 24,306 Reclassification of derivative OCI to IFIE – cash flow hedges 3 Reclassification of derivative (income) loss changes to IFIE – fair value hedge (120 ) PAA items: PAA IFIE per disclosure 868 PAA Reclassification of derivative OCI to IFIE – cash flow hedges – PAA Reclassification of derivative (income) loss changes to IFIE – fair value hedge (65 ) Insurance finance (income) expenses, per disclosure in note 7 (f) $ 24,992 CSM Estimates of Risk non-financial risk Fair value Other Assets for Total Opening GMM and VFA insurance contract assets $ (1,955 ) $ 365 $ 179 $ 453 $ – $ (958 ) Opening GMM and VFA insurance contract liabilities 341,125 30,780 19,842 992 (54 ) 392,685 Opening PAA insurance contract net liabilities 12,919 694 – – (691 ) 12,922 Opening insurance contract liabilities for account of segregated fund holders 130,836 – – – – 130,836 Net opening balance, January 1, 2022 482,925 31,839 20,021 1,445 (745 ) 535,485 CSM recognized for services provided – – (2,064 ) (234 ) – (2,298 ) Change in risk adjustment for non-financial risk for risk expired – (1,582 ) – – – (1,582 ) Experience adjustments 6 – – – – 6 Changes that relate to current services 6 (1,582 ) (2,064 ) (234 ) – (3,874 ) Contracts initially recognized during the year (2,880 ) 1,396 35 1,963 – 514 Changes in estimates that adjust the CSM 3,377 (994 ) (1,737 ) (646 ) – – Changes in estimates that relate to losses and reversal of losses on onerous contracts 229 (2 ) – – – 227 Changes that relate to future services 726 400 (1,702 ) 1,317 – 741 Adjustments to liabilities for incurred claims (33 ) (7 ) – – – (40 ) Changes that relate to past services (33 ) (7 ) – – – (40 ) Insurance service result 699 (1,189 ) (3,766 ) 1,083 – (3,173 ) Insurance finance (income) expenses (62,812 ) (5,105 ) 311 31 – (67,575 ) Effects of movements in foreign exchange rates 13,898 1,411 639 85 – 16,033 Total changes in income and OCI (48,215 ) (4,883 ) (2,816 ) 1,199 – (54,715 ) Total cash flows 5,190 – – – – 5,190 Allocation from assets for insurance acquisition cash flows to groups of insurance contracts (5 ) – – – 5 – Acquisition cash flows incurred in the year – – – – (7 ) (7 ) Change in PAA balance (794 ) (89 ) – – (58 ) (941 ) Movements related to insurance contract liabilities for account of segregated fund holders (20,620 ) – – – – (20,620 ) Net closing balance 418,481 26,867 17,205 2,644 (805 ) 464,392 Closing GMM and VFA insurance contract assets (1,827 ) 512 100 557 – (658 ) Closing GMM and VFA insurance contract liabilities 297,967 25,750 17,105 2,087 (56 ) 342,853 Closing PAA insurance contract net liabilities 12,125 605 – – (749 ) 11,981 Closing insurance contract liabilities for account of segregated fund insurance holders 110,216 – – – – 110,216 Net closing balance, December 31, 2022 $ 418,481 $ 26,867 $ 17,205 $ 2,644 $ (805 ) $ 464,392 Insurance finance (income) expenses Insurance finance (income) expenses, per disclosure above $ (67,575 ) Reclassification of derivative OCI to IFIE – cash flow hedges – Reclassification of derivative (income) loss changes to IFIE – fair value hedge – PAA items: PAA IFIE per disclosure (1,258 ) PAA Reclassification of derivative OCI to IFIE – cash flow hedges – PAA Reclassification of derivative (income) loss changes to IFIE – fair value hedge – Insurance finance (income) expenses, per disclosure in note 7 (f) $ (68,833 ) |
Reinsurance contracts held [Member] | |
Statement [LineItems] | |
Summary of Insurance Contracts and Reinsurance Contracts Held in Analysis by Remaining Coverage and Incurred Claims | The following tables present the movement in the net assets or liabilities for reinsurance contracts held, showing assets for remaining coverage and amounts recoverable on incurred claims arising from business ceded to reinsurers for the years ended December 31, 2023 and December 31, 2022. Assets (liabilities) for Assets (liabilities) for incurred claims Excluding loss Loss Products not PAA Estimates of PAA Risk non-financial risk Total Opening reinsurance contract held assets $ 37,853 $ 209 $ 7,521 $ 280 $ 8 $ 45,871 Opening reinsurance contract held liabilities (2,196 ) 4 (137 ) (62 ) – (2,391 ) Net opening balance, January 1, 2023 35,657 213 7,384 218 8 43,480 Changes in income and OCI Allocation of reinsurance premium paid (6,430 ) – – – – (6,430 ) Amounts recoverable from reinsurers Recoveries of incurred claims and other insurance service – (45 ) 5,228 568 – 5,751 Recoveries and reversals of recoveries of losses on onerous underlying contracts – 77 – – – 77 Adjustments to assets for incurred claims – – 5 (24 ) 8 (11 ) Insurance service result (6,430 ) 32 5,233 544 8 (613 ) Investment components and premium refunds (1,519 ) – 1,519 – – – Net expenses from reinsurance contracts (7,949 ) 32 6,752 544 8 (613 ) Net finance (income) expenses from reinsurance contracts 719 8 (97 ) 9 – 639 Effect of changes in non-performance risk of reinsurers (14 ) – – – – (14 ) Effects of movements in foreign exchange rates (924 ) (5 ) (169 ) – – (1,098 ) Contracts measured under PAA – – – – – – Total changes in income and OCI (8,168 ) 35 6,486 553 8 (1,086 ) Cash flows Premiums paid 4,956 – – – – 4,956 Amounts received – – (6,971 ) (559 ) – (7,530 ) Total cash flows 4,956 – (6,971 ) (559 ) – (2,574 ) Net closing balance 32,445 248 6,899 212 16 39,820 Closing reinsurance contract held assets 35,079 246 7,035 275 16 42,651 Closing reinsurance contract held liabilities (2,634 ) 2 (136 ) (63 ) – (2,831 ) Net closing balance, December 31, 2023 $ 32,445 $ 248 $ 6,899 $ 212 $ 16 $ 39,820 Reinsurance contracts held – Analysis by remaining coverage and incurred claims (continued) Assets (liabilities) for Assets (liabilities) for incurred claims Excluding loss Loss Products not PAA Estimates of PAA Risk non-financial risk Total Opening reinsurance contract held assets $ 45,699 $ 79 $ 6,740 $ 303 $ 8 $ 52,829 Opening reinsurance contract held liabilities (2,030 ) 19 (27 ) (41 ) – (2,079 ) Net opening balance, January 1, 2022 43,669 98 6,713 262 8 50,750 Changes in income and OCI Allocation of reinsurance premium paid (6,024 ) – – – – (6,024 ) Amounts recoverable from reinsurers Recoveries of incurred claims and other insurance service expenses – (30 ) 4,925 417 (4 ) 5,308 Recoveries and reversals of recoveries of losses on onerous underlying – 132 – – – 132 Adjustments to assets for incurred claims – – 3 (33 ) (9 ) (39 ) Insurance service result (6,024 ) 102 4,928 384 (13 ) (623 ) Investment components and premium refunds (1,341 ) – 1,341 – – – Net expenses from reinsurance contracts (7,365 ) 102 6,269 384 (13 ) (623 ) Net finance (income) expenses from reinsurance contracts (9,586 ) 5 446 (14 ) 13 (9,136 ) Effect of changes in non-performance risk of reinsurers 97 – – – – 97 Effects of movements in foreign exchange rates 2,683 8 455 – – 3,146 Contracts measured under PAA – – – – – – Total changes in income and OCI (14,171 ) 115 7,170 370 – (6,516 ) Cash flows Premiums paid 6,159 – – – – 6,159 Amounts received – – (6,499 ) (414 ) – (6,913 ) Total cash flows 6,159 – (6,499 ) (414 ) – (754 ) Net closing balance 35,657 213 7,384 218 8 43,480 Closing reinsurance contract held assets 37,853 209 7,521 280 8 45,871 Closing reinsurance contract held liabilities (2,196 ) 4 (137 ) (62 ) – (2,391 ) Net closing balance, December 31, 2022 $ 35,657 $ 213 $ 7,384 $ 218 $ 8 $ 43,480 |
Summary of Insurance Contracts and Reinsurance Contracts Held in Analysis by Measurement Components | The following tables present the movement in the net assets or liabilities for reinsurance contracts held, showing estimates of the present value of future cash flows, risk adjustment and CSM for the years ended December 31, 2023 and December 31, 2022. CSM Estimates of Risk adjustment for non-financial Fair value Other Total Opening reinsurance contract held assets $ 39,656 $ 4,049 $ 1,774 $ 99 $ 45,578 Opening reinsurance contract held liabilities (3,919 ) 1,574 (39 ) 38 (2,346 ) Opening PAA reinsurance contract net assets 240 8 – – 248 Net opening balance, January 1, 2023 35,977 5,631 1,735 137 43,480 CSM recognized for services received – – (217 ) 53 (164 ) Change in risk adjustment for non-financial risk for risk expired – (478 ) – – (478 ) Experience adjustments (19 ) – – – (19 ) Changes that relate to current services (19 ) (478 ) (217 ) 53 (661 ) Contracts initially recognized during the year (64 ) 399 – (263 ) 72 Changes in recoveries of losses on onerous underlying contracts that adjust the CSM – – (36 ) 17 (19 ) Changes in estimates that adjust the CSM 1,433 (821 ) (821 ) 209 – Changes in estimates that relate to losses and reversal of losses on onerous contracts 43 (20 ) – – 23 Changes that relate to future services 1,412 (442 ) (857 ) (37 ) 76 Adjustments to liabilities for incurred claims 5 – – – 5 Changes that relate to past services 5 – – – 5 Insurance service result 1,398 (920 ) (1,074 ) 16 (580 ) Insurance finance (income) expenses from reinsurance contracts 173 447 41 (31 ) 630 Effects of changes in non-performance risk of reinsurers (14 ) – – – (14 ) Effects of movements in foreign exchange rates (916 ) (160 ) (21 ) – (1,097 ) Total changes in income and OCI 641 (633 ) (1,054 ) (15 ) (1,061 ) Total cash flows (2,606 ) – – – (2,606 ) Change in PAA balance (1 ) 8 – – 7 Net closing balance 34,011 5,006 681 122 39,820 Closing reinsurance contract held assets 38,156 3,685 565 (51 ) 42,355 Closing reinsurance contract held liabilities (4,384 ) 1,305 116 173 (2,790 ) Closing PAA reinsurance contract net assets 239 16 – – 255 Net closing balance, December 31, 2023 $ 34,011 $ 5,006 $ 681 $ 122 $ 39,820 CSM Estimates of Risk adjustment Fair value Other Total Opening reinsurance contract held assets $ 46,025 $ 4,977 $ 2,012 $ (501 ) $ 52,513 Opening reinsurance contract held liabilities (5,138 ) 1,719 1,262 105 (2,052 ) Opening PAA reinsurance contract net assets 281 8 – – 289 Net opening balance, January 1, 2022 41,168 6,704 3,274 (396 ) 50,750 CSM recognized for services received – – (231 ) (74 ) (305 ) Change in risk adjustment for non-financial risk for risk expired – (424 ) – – (424 ) Experience adjustments 9 – – – 9 Changes that relate to current services 9 (424 ) (231 ) (74 ) (720 ) Contracts initially recognized during the year (1,276 ) 717 (7 ) 717 151 Changes in recoveries of losses on onerous underlying contracts that adjust the CSM – – (15 ) (50 ) (65 ) Changes in estimates that adjust the CSM 1,337 173 (1,440 ) (70 ) – Changes in estimates that relate to losses and reversal of losses on onerous contracts 106 (60 ) – – 46 Changes that relate to future services 167 830 (1,462 ) 597 132 Adjustments to liabilities for incurred claims 3 – – – 3 Changes that relate to past services 3 – – – 3 Insurance service result 179 406 (1,693 ) 523 (585 ) Insurance finance (income) expenses from reinsurance contracts (7,463 ) (1,715 ) 56 (14 ) (9,136 ) Effects of changes in non-performance risk of reinsurers 97 – – – 97 Effects of movements in foreign exchange rates 2,787 236 98 24 3,145 Total changes in income and OCI (4,400 ) (1,073 ) (1,539 ) 533 (6,479 ) Total cash flows (750 ) – – – (750 ) Change in PAA balance (41 ) – – – (41 ) Net closing balance 35,977 5,631 1,735 137 43,480 Closing reinsurance contract held assets 39,656 4,049 1,774 99 45,578 Closing reinsurance contract held liabilities (3,919 ) 1,574 (39 ) 38 (2,346 ) Closing PAA reinsurance contract net assets 240 8 – – 248 Net closing balance, December 31, 2022 $ 35,977 $ 5,631 $ 1,735 $ 137 $ 43,480 |
Investment Contract Liabiliti_2
Investment Contract Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 Balance, excluding those for account of segregated fund holders, January 1 $ 798 $ 825 New contracts 48 79 Changes in market conditions 47 (56 ) Redemptions, surrenders and maturities (122 ) (99 ) Impact of changes in foreign exchange rates (22 ) 49 Balance, excluding those for account of segregated fund holders, December 31 749 798 Investment contract liabilities for account of segregated fund holders 263,401 238,346 Balance, December 31 $ 264,150 $ 239,144 |
Summary of Investment Contract Liabilities Measured at Amortized Cost and Fair Value Associated with these Contracts | The following table presents carrying and fair values of investment contract liabilities measured at amortized cost, by reporting segment. 2023 2022 As at December 31, Amortized (1) Fair value Amortized (1) Fair value Asia $ 451 $ 438 $ 636 $ 607 Canada 7,642 7,534 6,699 6,474 U.S. 1,381 1,440 1,535 1,571 GWAM 1,593 1,582 411 382 Investment contract liabilities $ 11,067 $ 10,994 $ 9,281 $ 9,034 (1) As at December 31, 2023, investment contract liabilities with carrying value and fair value of $27 and $27, respectively (2022 – $38 and $38, respectively), were reinsured by the Company. The net carrying value and fair value of investment contract liabilities were $11,040 and $10,967 (2022 – $9,243 and $8,996, respectively ). |
Summary of Changes in Investment Contract Liabilities Measured at Amortized Cost | The changes in investment contract liabilities measured at amortized cost resulted from the following business activities. For the years ended December 31, 2023 2022 Balance, January 1 $ 9,281 $ 9,239 Policy deposits 3,365 1,634 Interest 218 150 Withdrawals (1,629 ) (1,882 ) Fees 1 – Impact of changes in foreign exchange rates (108 ) 81 Other (61 ) 59 Balance, December 31 $ 11,067 $ 9,281 |
Summary of Contractual Obligations and Commitments Relating to Investment Contracts | As at December 31, 2023 and 2022, the Company’s contractual obligations and commitments relating to these investment contracts are as follows. Investment contract liabilities (1) As at December 31, Payments due by period Less than 1 1 to 3 years 3 to 5 years Over Total 2023 $ 268,537 $ 2,978 $ 1,408 $ 3,488 $ 276,411 2022 241,301 2,749 1,789 3,932 249,771 (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, 2023 | |
Statement [LineItems] | |
Summary of Potential Immediate Impacts on Contractual Service Margin, Net Income Attributed to Shareholders, Other Comprehensive Income Attributed to Shareholders, and Total Comprehensive Income Attributed to Shareholders from Changes in ALDA Market Values | Potential immediate impacts on contractual service margin, net income attributed to shareholders, other comprehensive income attributed to shareholders, and total comprehensive income attributed to shareholders from changes in ALDA market values (1) As at December 31, 2023 December 31, 2022 (post-tax -10% +10% -10% +10% CSM excluding NCI $ (100 ) $ 100 $ (100 ) $ 100 Net income attributed to shareholders (2,400 ) 2,400 (2,500 ) 2,500 Other comprehensive income attributed to shareholders (200 ) 200 (100 ) 100 Total comprehensive income attributed to shareholders (2,600 ) 2,600 (2,600 ) 2,600 (1) See “Caution related to sensitivities” above. |
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, Investment category 2023 2022 Equity funds $ 45,593 $ 42,506 Balanced funds 35,801 36,290 Bond funds 8,906 9,336 Money market funds 1,559 1,924 Other fixed interest rate investments 1,907 2,029 Total $ 93,766 $ 92,085 |
Summary of Potential Impacts on Contractual Service Margin, Net Income Attributed to Shareholders, Other Comprehensive Income Attributed to Shareholders, and Total Comprehensive Income Attributed to Shareholders of an Immediate Parallel Change in Interest Rates, Corporate Spreads or Swap Spreads Relative to Current Rates | Potential impacts on contractual service margin, net income attributed to shareholders, other comprehensive income attributed to shareholders, and total comprehensive income attributed to shareholders of an immediate parallel change in interest rates, corporate spreads or swap spreads relative to current rates (1),(2),(3) ,(4) As at December 31, 2023 Interest rates Corporate spreads Swap spreads (post-tax -50bp +50bp -50bp +50bp -20bp +20bp CSM $ – $ (100 ) $ – $ (100 ) $ – $ – Net income attributed to shareholders 100 (100 ) – – 100 (100 ) Other comprehensive income attributed to shareholders (300 ) 300 (200 ) 300 (100 ) 100 Total comprehensive income attributed to shareholders (200 ) 200 (200 ) 300 – – As at December 31, 2022 Interest rates Corporate spreads Swap spreads ( post-tax -50bp +50bp -50bp +50bp -20bp +20bp CSM $ (100 ) $ – $ (100 ) $ – $ – $ – Net income attributed to shareholders 1,700 (1,500 ) – – – – Other comprehensive income attributed to shareholders (1,900 ) 1,600 – – – – Total comprehensive income attributed to shareholders (200 ) 100 – – – – (1) See “Caution related to sensitivities” above. (2) Estimates include changes to the net actuarial gains/losses with respect to the Company’s pension obligations as a result of changes in interest rates. (3) Includes guaranteed insurance and annuity products, including variable annuity contracts as well as adjustable benefit products where benefits are generally adjusted as interest rates and investment returns change, a portion of which have minimum credited rate guarantees. For adjustable benefit products subject to minimum rate guarantees, the sensitivities are based on the assumption that credited rates will be floored at the minimum. (4) The Company adopted IFRS 9 hedge accounting prospectively from January 1, 2023, as such the sensitivity results for 2023 and 2022 are based on different accounting basis in which 2023 includes the impacts of hedge accounting and 2022 does not. |
Summary of Gross Carrying Amount of Financial Instruments Subject to Credit Exposure | The following table presents financial instruments subject to credit exposure, without considering any collateral held or other credit enhancements, and other significant credit risk exposures from loan commitments, with allowances, presenting separately Stage 1, Stage 2, and Stage 3 credit risk profiles. For each asset type presented in the table, amortized cost and FVOCI financial instruments are presented together. Amortized cost financial instruments are shown gross of the allowance for credit losses, which is shown separately. FVOCI financial instruments are shown at fair value with the allowance for credit losses shown separately. As at December 31, 2023 Stage 1 Stage 2 Stage 3 Total Debt securities Investment grade $ 198,935 $ 2,252 $ – $ 201,187 Non-investment grade 5,367 596 – 5,963 Default – – – – Total 204,302 2,848 – 207,150 Allowance for credit losses on assets measured at amortized cost – 1 – 1 Net of allowance 204,302 2,847 – 207,149 Allowance for credit losses on assets measured at FVOCI 283 54 6 343 Private placements Investment grade 37,722 1,644 – 39,366 Non-investment grade 5,210 295 81 5,586 Total 42,932 1,939 81 44,952 Allowance for credit losses on assets measured at amortized cost – – – – Net of allowance 42,932 1,939 81 44,952 Allowance for credit losses on assets measured at FVOCI 126 108 83 317 Commercial mortgages AAA 279 – – 279 AA 6,815 – – 6,815 A 14,259 134 – 14,393 BBB 5,513 984 – 6,497 BB 10 532 – 542 B and lower 145 71 107 323 Total 27,021 1,721 107 28,849 Allowance for credit losses on assets measured at amortized cost 1 2 – 3 Net of allowance 27,020 1,719 107 28,846 Allowance for credit losses on assets measured at FVOCI 40 42 143 225 Residential mortgages Performing 20,898 1,570 – 22,468 Non-performing – – 60 60 Total 20,898 1,570 60 22,528 Allowance for credit losses on assets measured at amortized cost 4 2 2 8 Net of allowance 20,894 1,568 58 22,520 Allowance for credit losses on assets measured at FVOCI – – – – Loans to Bank clients Performing 2,387 44 – 2,431 Non-performing – – 8 8 Total 2,387 44 8 2,439 Allowance for credit losses on assets measured at amortized cost 2 – 1 3 Net of allowance 2,385 44 7 2,436 Allowance for credit losses on assets measured at FVOCI – – – – Other invested assets Investment grade 3,791 – – 3,791 Below investment grade 360 – – 360 Default – – – – Total 4,151 – – 4,151 Allowance for credit losses on assets measured at amortized cost 1 – – 1 Net of allowance 4,150 – – 4,150 Allowance for credit losses on assets measured at FVOCI 16 – – 16 Loan commitments Allowance for credit losses 9 1 2 12 Net of allowance, total $ 301,683 $ 8,117 $ 253 $ 310,053 |
Summary of Carrying Value of Past Due but Not Impaired and Impaired Financial Assets | The following table presents past due but not impaired and impaired financial assets as at December 31, 2022 under IAS 39. Past due but not impaired As at December 31, 2022 Less than 90 days Total Total Debt securities (1),(2) FVTPL $ 2,059 $ 71 $ 2,130 $ 9 AFS 922 – 922 – Private placements (1) 317 152 469 229 Mortgages and loans to Bank clients 103 – 103 74 Other financial assets 36 34 70 1 Total $ 3,437 $ 257 $ 3,694 $ 313 (1) Payments of $12 on $3,297 of financial assets past due less than 90 days were delayed. (2) Payments of $4 on $224 of financial assets past due greater than 90 days were delayed. |
Summary of Macroeconoic Variables Used to Measure Allowance for Credit Losses | The following table shows certain key macroeconomic variables used to estimate the ECL allowances by market. For the base case, upside and downside scenarios, the projections are provided for the next 12 months and then for the remaining forecast period, which represents a medium-term view. Base case scenario Upside scenario Downside scenario 1 Downside scenario 2 As at December 31, 2023 Current Next 12 Ensuing 4 Next 12 Ensuing 4 Next 12 Ensuing 4 Next 12 Ensuing 4 Canada Gross Domestic Product (GDP), in U.S. $ billions $ 1,448 1.6% 2.0% 3.6% 2.3% (2.1%) 2.2% (4.1%) 2.1% Unemployment rate 5.8% 6.0% 5.8% 5.3% 4.9% 7.9% 7.7% 9.2% 9.3% NYMEX Light Sweet Crude Oil (in U.S. dollars, per barrel) $ 85.7 82.8 71.4 85.3 71.7 68.0 64.8 58.9 58.6 U.S. Gross Domestic Product (GDP), in U.S. $ billions $ 22,531 1.3% 2.3% 3.6% 2.4% (2.5%) 2.6% (4.2%) 2.5% Unemployment rate 3.9% 3.9% 4.0% 3.2% 3.3% 6.5% 5.8% 6.9% 7.6% 7-10 Year BBB U.S. Corporate Index 6.6% 6.5% 6.0% 6.2% 6.1% 6.0% 5.4% 6.6% 5.3% Japan Gross Domestic Product (GDP), in JPY billions ¥559,492 0.4% 0.8% 2.5% 1.0% (4.6%) 1.1% (8.3%) 1.7% Unemployment rate 2.7% 2.7% 2.4% 2.6% 2.2% 3.2% 3.1% 3.3% 3.7% Hong Kong Unemployment rate 2.8% 2.9% 3.2% 2.6% 2.8% 4.0% 4.0% 4.4% 4.8% Hang Seng Index 19,316 20.9% 5.1% 35.4% 4.7% (13.6%) 11.3% (34.1%) 14.8% China Gross Domestic Product (GDP), in CNY billions $108,251 6.0% 4.3% 9.5% 4.4% (1.2%) 4.6% (4.7%) 3.9% FTSE Xinhua A200 Index 9,852 7.3% 5.0% 26.6% 3.0% (31.4%) 11.9% (42.0%) 13.4% |
Summary of Estimated Expected Credit Losses From All Macoreconomic Scenarios | The following table shows the ECL allowance resulting from all four macroeconomic scenarios (including the more heavily weighted best estimate baseline scenario, one upside and two downside scenarios) weighted by probability of occurrence and shows the ECL allowance resulting from only the baseline scenario. As at December 31, 2023 Probability-weighted ECLs $ 929 Base ECLs $ 659 Difference – in amount $ 270 Difference – in percentage 29.08 % |
Summary of Reconciliation of Allowance for Loan Losses | The following table provides details on the allowance for credit losses by stage as at and for the year ended December 31, 2023 under IFRS 9. As at December 31, 2023 Stage 1 Stage 2 Stage 3 Total Balance, beginning of year $ 511 $ 141 $ 72 $ 724 Net re - 4 6 (10 ) – Transfer to stage 1 12 (11 ) (1 ) – Transfer to stage 2 (6 ) 28 (22 ) – Transfer to stage 3 (2 ) (11 ) 13 – Net originations, purchases and disposals 45 8 (23 ) 30 Repayments – – – – Changes to risk, parameters, and models (71 ) 48 233 210 Foreign exchange and other adjustments (7 ) 7 (35 ) (35 ) Balance, end of year $ 482 $ 210 $ 237 $ 929 |
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 pledged or received. Related amounts not set off in the As at December 31, 2023 Gross amounts of (1) Amounts subject to Financial (2) Net (3) Net Financial assets Derivative assets $ 9,044 $ (6,516 ) $ (2,374 ) $ 154 $ 154 Securities lending 626 – (626 ) – – Reverse repurchase agreements 466 (202 ) (264 ) – – Total financial assets $ 10,136 $ (6,718 ) $ (3,264 ) $ 154 $ 154 Financial liabilities Derivative liabilities $ (12,600 ) $ 6,516 $ 5,958 $ (126 ) $ (57 ) Repurchase agreements (202 ) 202 – – – Total financial liabilities $ (12,802 ) $ 6,718 $ 5,958 $ (126 ) $ (57 ) Related amounts not set off in the As at December 31, 2022 Gross amounts of (1) Amounts subject to Financial (2) Net (3) Net Financial assets Derivative assets $ 9,072 $ (7,170 ) $ (1,687 ) $ 215 $ 215 Securities lending 723 – (723 ) – – Reverse repurchase agreements 895 (779 ) (116 ) – – Total financial assets $ 10,690 $ (7,949 ) $ (2,526 ) $ 215 $ 215 Financial liabilities Derivative liabilities $ (15,151 ) $ 7,170 $ 7,834 $ (147 ) $ (103 ) Repurchase agreements (895 ) 779 116 – – Total financial liabilities $ (16,046 ) $ 7,949 $ 7,950 $ (147 ) $ (103 ) (1) Financial assets and liabilities include accrued interest of $502 and $913 respectively (2022 – $488 and $862 respectively). (2) Financial and cash collateral exclude over-collateralization. As at December 31, 2023, 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 $424, $1,420 , and $nil (3) Includes derivative contracts entered between the Company and its unconsolidated financing entity. The Company does not exchange collateral on derivative contracts entered with this entity. Refer to note 18. |
Summary of the Effect of Unconditional Netting | The following table presents the effect of unconditional netting. As at December 31, 2023 Gross amounts of Amounts subject to Net amounts of Credit linked note (1) $ 1,276 $ (1,276 ) $ – Variable surplus note (1,276 ) 1,276 – As at December 31, 2022 Gross amounts of Amounts subject to Net amounts of Credit linked note (1) $ 1,242 $ (1,242 ) $ – Variable surplus note (1,242 ) 1,242 – (1) As at December 31, 2023 and 2022, the Company had no fixed surplus notes outstanding . R 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. 2023 2022 As at December 31, Carrying value % of total Carrying value % of total Government and agency $ 84,739 33 $ 77,236 31 Utilities 45,952 18 46,315 18 Financial 39,069 15 38,808 15 Consumer 31,181 12 31,556 13 Energy 15,782 6 16,314 7 Industrial 24,209 9 23,823 9 Other 16,823 7 16,909 7 Total $ 257,755 100 $ 250,961 100 |
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, 2023 Insurance Investment Reinsurance Net liabilities U.S. and Canada $ 327,458 $ 260,046 $ (39,080 ) $ 548,424 Asia and Other 154,536 15,171 (1,169 ) 168,538 Total $ 481,994 $ 275,217 $ (40,249 ) $ 716,962 As at December 31, 2022 Insurance Investment Reinsurance Net liabilities U.S. and Canada $ 322,265 $ 233,460 $ (42,573 ) $ 513,152 Asia and Other 142,127 14,965 (1,480 ) 155,612 Total $ 464,392 $ 248,425 $ (44,053 ) $ 668,764 |
IFRS 7 [Member] | |
Statement [LineItems] | |
Schedule of Maturity of Financial Liabilities | The Maturity of financial liabilities (1) As at December 31, 2023 Less than 1 to 3 3 to 5 Over 5 years Total Long-term debt $ – $ 1,672 $ 920 $ 3,479 $ 6,071 Capital instruments 594 – – 6,073 6,667 Derivatives 1,561 1,982 717 7,427 11,687 Deposits from Bank clients (2) 16,814 2,963 1,839 – 21,616 Lease liabilities 100 133 68 49 350 (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 2023 2022 As at December 31, Guarantee (1) Fund Net (1),(2),(3) Guarantee (1) Fund value Net (1),(2),(3) Guaranteed minimum income benefit $ 3,864 $ 2,735 $ 1,156 $ 4,357 $ 2,723 $ 1,639 Guaranteed minimum withdrawal benefit 34,833 33,198 4,093 38,319 34,203 5,734 Guaranteed minimum accumulation benefit 18,996 19,025 116 20,035 19,945 221 Gross living benefits (4) 57,693 54,958 5,365 62,711 56,871 7,594 Gross death benefits (5) 9,133 17,279 975 10,465 15,779 2,156 Total gross of reinsurance 66,826 72,237 6,340 73,176 72,650 9,750 Living benefits reinsured 24,208 23,146 3,395 26,999 23,691 4,860 Death benefits reinsured 3,400 2,576 482 3,923 2,636 1,061 Total reinsured 27,608 25,722 3,877 30,922 26,327 5,921 Total, net of reinsurance $ 39,218 $ 46,515 $ 2,463 $ 42,254 $ 46,323 $ 3,829 (1) (2) (in-the-money (3) the Company’s the Company’s the Company’s run-off (4) (5) |
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders Arising from Changes to Public Equity Returns | Potential immediate impact on net income attributed to shareholders arising from changes to public equity returns (1) Net income attributed to shareholders As at December 31, 2023 -30% -20% -10% +10% +20% +30% Underlying sensitivity Variable annuity guarantees (2) $ (2,370 ) $ (1,460 ) $ (670 ) $ 550 $ 1,010 $ 1,390 General fund equity investments (3) (1,170 ) (770 ) (390 ) 380 760 1,140 Total underlying sensitivity before hedging (3,540 ) (2,230 ) (1,060 ) 930 1,770 2,530 Impact of macro and dynamic hedge assets (4) 880 530 240 (190 ) (340 ) (460 ) Net potential impact on net income attributed to shareholders after impact of hedging and before impact (2,660 ) (1,700 ) (820 ) 740 1,430 2,070 Impact of reinsurance 1,470 900 420 (350 ) (650 ) (910 ) Net potential impact on net income attributed to shareholders after impact of hedging and reinsurance $ (1,190 ) $ (800 ) $ (400 ) $ 390 $ 780 $ 1,160 Net income attributed to shareholders As at December 31, 2022 -30% -20% -10% +10% +20% +30% Underlying sensitivity Variable annuity guarantees (2) $ (2,110 ) $ (1,310 ) $ (610 ) $ 530 $ 980 $ 1,360 General fund equity investments (3) (1,450 ) (920 ) (420 ) 400 780 1,170 Total underlying sensitivity before hedging (3,560 ) (2,230 ) (1,030 ) 930 1,760 2,530 Impact of macro and dynamic hedge assets (4) 930 570 260 (220 ) (400 ) (540 ) Net potential impact on net income attributed to shareholders after impact of hedging and before impact of reinsurance (2,630 ) (1,660 ) (770 ) 710 1,360 1,990 Impact of reinsurance 1,170 740 350 (310 ) (580 ) (810 ) Net potential impact on net income attributed to shareholders after impact of hedging and reinsurance $ (1,460 ) $ (920 ) $ (420 ) $ 400 $ 780 $ 1,180 (1) See “Caution related to sensitivities” above. (2) For variable annuity contracts measured under VFA the impact of financial risk and changes in interest rates adjusts CSM, unless the risk mitigation option applies. The Company has elected to apply risk mitigation and therefore a portion of the impact is reported in net income attributed to shareholders instead of adjusting the CSM. If the CSM for a group of variable annuity contracts is exhausted the full impact is reported in net income attributed to shareholders. (3) This impact for general fund equity investments includes general fund investments supporting the Company’s insurance contract liabilities, investment in seed money investments (in segregated and mutual funds made by Global WAM segment) and the impact on insurance contract liabilities related to the projected future fee income on variable universal life and other unit linked products. The impact does not include any potential impact on public equity weightings. The participating policy funds are largely self-supporting and generate no material impact on net income attributed to shareholders as a result of changes in equity markets. (4) Includes the impact of assumed rebalancing of equity hedges in the macro and dynamic hedging program. The impact of dynamic hedge represents the impact of equity hedges offsetting 95% of the dynamically hedged variable annuity liability movement that occurs as a result of market changes, but does not include any impact in respect of other sources of hedge accounting ineffectiveness (e.g. , |
Summary of Potential Immediate Impact on Contractual Service Margin, Other Comprehensive Income to Shareholders, Total Comprehensive Income to Shareholders and MLI's LICAT Ratio from Changes to Public Equity Market Values | Potential immediate impact on contractual service margin, other comprehensive income to shareholders and total comprehensive income to shareholders (1),(2),(3) As at December 31, 2023 -30% -20% -10% +10% +20% +30% Variable annuity guarantees reported in CSM $ (3,810 ) $ (2,370 ) $ (1,100 ) $ 940 $ 1,760 $ 2,470 Impact of risk mitigation—hedging (4) 1,150 700 310 (250 ) (450 ) (600 ) Impact of risk mitigation—reinsurance (4) 1,850 1,140 530 (450 ) (830 ) (1,150 ) VA net of risk mitigation (810 ) (530 ) (260 ) 240 480 720 General fund equity (940 ) (610 ) (300 ) 290 590 870 Contractual service margin (pre-tax) $ (1,750 ) $ (1,140 ) $ (560 ) $ 530 $ 1,070 $ 1,590 Other comprehensive income attributed to shareholders (post-tax) (5) $ (730 ) $ (490 ) $ (240 ) $ 230 $ 460 $ 680 Total comprehensive income attributed to shareholders (post-tax) $ (1,920 ) $ (1,290 ) $ (640 ) $ 620 $ 1,240 $ 1,840 As at December 31, 2022 -30% -20% -10% +10% +20% +30% Variable annuity guarantees reported in CSM $ (3,410 ) $ (2,140 ) $ (1,010 ) $ 890 $ 1,670 $ 2,360 Impact of risk mitigation—hedging (4) 1,200 740 340 (280 ) (510 ) (690 ) Impact of risk mitigation—reinsurance (4) 1,480 930 440 (390 ) (730 ) (1,030 ) VA net of risk mitigation (730 ) (470 ) (230 ) 220 430 640 General fund equity (520 ) (370 ) (210 ) 240 490 730 Contractual service margin (pre-tax) $ (1,250 ) $ (840 ) $ (440 ) $ 460 $ 920 $ 1,370 Other comprehensive income attributed to shareholders (post-tax) (5) $ (620 ) $ (410 ) $ (210 ) $ 210 $ 400 $ 600 Total comprehensive income attributed to shareholders (post-tax) $ (2,080 ) $ (1,330 ) $ (630 ) $ 610 $ 1,180 $ 1,780 (1) See “Caution related to sensitivities” above. (2) This estimate assumes that the performance of the dynamic hedging program would not completely offset the gain/loss from the dynamically hedged variable annuity guarantee liabilities. It assumes that the hedge assets are based on the actual position at the period end, and that equity hedges in the dynamic program offset 95% of the hedged variable annuity liability movement that occur as a result of market changes. (3) OSFI rules for segregated fund guarantees reflect full capital impacts of shocks over 20 quarters within a prescribed range. As such, the deterioration in equity markets could lead to further increases in capital requirements after the initial shock. (4) For variable annuity contracts measured under VFA the impact of financial risk and changes in interest rates adjusts CSM, unless the risk mitigation option applies. The Company has elected to apply risk mitigation and therefore a portion of the impact is reported in net income attributed to shareholders instead of adjusting the CSM. If the CSM for a group of variable annuity contracts is exhausted the full impact is reported in net income attributed to shareholders. (5) The impact of financial risk and changes to interest rates for variable annuity contracts is not expected to generate sensitivity in Other Comprehensive Income. |
AA Credit Grade [Member] | |
Statement [LineItems] | |
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, 2023 Notional (1) Fair value Weighted (in years) (2) Single name CDS (3),(4) AA $ 23 $ 1 4 A 94 2 3 BBB 14 – 1 Total single name CDS $ 131 $ 3 3 Total CDS protection sold $ 131 $ 3 3 As at December 31, 2022 Notional (1) Fair value Weighted (in years) (2) Single name CDS (3),(4) – Corporate debt AA $ – $ – – A 133 4 4 BBB 26 – 1 Total single name CDS $ 159 $ 4 4 Total CDS protection sold $ 159 $ 4 4 (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. (4) The Company held no purchased credit protection as at December 31, 2023 and December 31, 2022. |
Asset classes and individual investment risks [Member] | |
Statement [LineItems] | |
Schedule of Risk Concentrations | As at December 31, 2023 2022 Debt securities and private placements rated as investment grade BBB or higher (1) 95% 96% Government debt securities as a per cent of total debt securities 38% 36% Government private placements as a per cent of total private placements 10% 10% Highest exposure to a single non-government debt security and private placement issuer $ 1,131 $ 1,006 Largest single issuer as a per cent of the total equity portfolio 2% 2% Income producing commercial office properties (2023 – 37% of real estate, 2022 – 41%) $ 4,829 $ 5,486 Largest concentration of mortgages and real estate (2) $ 19,003 $ 18,343 (1) Investment grade debt securities and private placements include 38% rated A, 17% rated AA and 15% rated AAA (2022 – 39%, 17% and 14%) investments based on external ratings where available. (2) Mortgages and real estate investments are diversified geographically and by property type. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 3.050% Senior notes (1),(2) August 27, 2020 August 27, 2060 US$ 1,155 $ 1,519 $ 1,559 5.375% Senior notes (1),(3) March 4, 2016 March 4, 2046 US$ 750 977 1,004 3.703% Senior notes (1),(4) March 16, 2022 March 16, 2032 US$ 750 983 1,011 2.396% Senior notes (1),(5) June 1, 2020 June 1, 2027 US$ 200 263 270 2.484% Senior notes (1),(5) May 19, 2020 May 19, 2027 US$ 500 657 674 3.527% Senior notes (1),(3) December 2, 2016 December 2, 2026 US$ 270 356 365 4.150% Senior notes (1),(3) March 4, 2016 March 4, 2026 US$ 1,000 1,316 1,351 Total $ 6,071 $ 6,234 (1) These U.S. dollar senior notes have been designated as hedges of the Company’s net investment in its U.S. operations which reduces the earnings volatility that would otherwise arise from the re-measurement of these senior notes into Canadian dollars. (2) MFC may redeem the notes in whole, but not in part, on August 27, 2025, and thereafter on every August 27 at a redemption price equal to par, together with accrued and unpaid interest. Issuance costs are amortized to the earliest par redemption date. (3) MFC may redeem the senior notes in whole or in part, at any time, at a redemption price equal to the greater of par and a price based on the yield of a comparable U.S. Treasury bond with a tenor approximately equal to the period, from the redemption date to the respective maturity date, plus a specified number of basis points, together with accrued and unpaid interest. The specified number of basis points is as follows: 40 20 35 Issuance costs are amortized over the term of the debt. (4) MFC may redeem the senior notes in whole or in part, at any time, at a redemption price equal to the greater of par and a price based on the yield of a comparable U.S. Treasury bond with a tenor approximately equal to the period, from the redemption date to December 16, 2031, plus 25 bps, together with accrued and unpaid interest. Issuance costs are amortized over the term of the debt. (5) MFC may redeem the senior notes in whole or in part, at any time, at a redemption price equal to the greater of par and a price based on the yield of a comparable U.S. Treasury bond with a tenor approximately equal to the period, from the redemption date to two months before the respective maturity date, plus a specified number of basis points, together with accrued and unpaid interest. The specified number of basis points is as follows: 30 30 For the period from two months before the respective maturity date, MFC may redeem the senior notes, in whole or in part, at a redemption price equal to par, together with accrued and unpaid interest. Issuance costs are amortized over the term of the debt. |
Aggregate Maturities of Long-term Debt | (c) Aggregate maturities of long-term debt As at December 31, Less than 1 to 3 years 3 to 5 years Over 5 years Total 2023 $ – $ 1,672 $ 920 $ 3,479 $ 6,071 2022 – – 2,661 3,573 6,234 |
Capital Instruments (Tables)
Capital Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 JHFC Subordinated notes (1),(2) December 14, 2006 n/a December 15, 2036 $ 650 $ 647 $ 647 2.818 (1),(3) May 12, 2020 May 13, 2030 May 13, 2035 $ 1,000 996 996 5.409 (1),(4) March 10, 2023 March 10, 2028 March 10, 2033 $ 1,200 1,195 – 4.061 (1),(5),(6) February 24, 2017 February 24, 2027 February 24, 2032 US$ 750 987 1,013 2.237 (1),(7) May 12, 2020 May 12, 2025 May 12, 2030 $ 1,000 999 998 3.00 (1),(8) November 21, 2017 November 21, 2024 November 21, 2029 S$ 500 499 504 3.049 (1),(9) August 18, 2017 August 20, 2024 August 20, 2029 $ 750 750 749 7.375 (10) February 25, 1994 n/a February 15, 2024 US$ 450 594 615 3.317 (1),(11) May 9, 2018 May 9, 2023 May 9, 2028 $ 600 – 600 Total $ 6,667 $ 6,122 (1) The Company is monitoring regulatory and market developments globally with respect to the interest rate benchmark reform. The Company will take appropriate actions in due course to accomplish any necessary transitions or replacements. As at December 31, 2023, capital instruments of 647 647 have an interest rate referencing CDOR. In addition, capital instruments of 2,745 987 and 499 3,343 1,013 504 respectively) have (2) Issued by Manulife Holdings (Delaware) LLC (“MHDLL”), now John Hancock Financial Corporation (“JHFC”), a wholly owned subsidiary of MFC, to Manulife Finance 90-day Bankers’ Acceptance rate plus 0.72%. (3) After May 13, 2030, the interest rate will reset to equal 3-month CDOR plus 1.82 (4) Issued by MFC during the first quarter of 2023, interest is payable semi-annually. After March 10, 2028, the interest rate will reset to equal the Daily Compounded CORRA plus 1.85 equa l to par , (5) On the earliest par redemption date, the interest rate will reset to equal the 5-Year US Dollar Mid-Swap Rate plus 1.647%. (6) Designated as a hedge of the Company’s net investment in its U.S. operations which reduces the earnings volatility that would otherwise arise from the re-measurement of the subordinated notes into Canadian dollars. (7) Issued by MFC, interest is payable semi-annually. After May 12, 2025, the interest rate will reset to equal 3-month CDOR plus 1.49 (8) On the earliest par redemption date, the interest rate will reset to equal the 5-Year Singapore Dollar Swap Rate plus 0.832%. (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 3-month CDOR plus 1.05%. regulatory (10) 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$ 1 5 (11) MFC redeemed in full the 3.317 May 9, 2023 |
Equity Capital and Earnings P_2
Equity Capital and Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statement [LineItems] | |
Summary of Changes in Issued and Outstanding Shares | The following table presents changes in common shares issued and outstanding. 2023 2022 For the years ended December 31, Number of (in millions) Amount Number of (in millions) Amount Balance, beginning of year 1,865 $ 22,178 1,943 $ 23,093 Repurchased for cancellation (63 ) (745 ) (79 ) (938 ) Issued on exercise of stock options and deferred share units 4 94 1 23 Balance, end of year 1,806 $ 21,527 1,865 $ 22,178 |
Summary of Additional Information on Preferred Shares and Other Equity Instruments Outstanding | (a) Preferred shares and other equity instruments The As at December 31, 2023 Issue date Annual dividend / distribution rate (1) Earliest redemption date (2),(3) Number of (in millions) Face amount Net amount (4) 2023 2022 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) March 11, 2011 2.348% June 19, 2026 7 163 160 160 Series 4 (7) June 20, 2016 floating June 19, 2026 1 37 36 36 Series 9 (5),(6) May 24, 2012 5.978% September 19, 2027 10 250 244 244 Series 11 (5),(6),(8) December 4, 2012 6.159% March 19, 2028 8 200 196 196 Series 13 (5),(6),(9) June 21, 2013 6.350% September 19, 2028 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 3.800% December 19, 2024 14 350 343 343 Series 19 (5),(6) December 3, 2014 3.675% March 19, 2025 10 250 246 246 Series 25 (5),(6),(10) February 20, 2018 5.942% June 19, 2028 10 250 245 245 Other equity instruments Limited recourse capital notes ( LRCN (11) Series 1 (12) February 19, 2021 3.375% May 19, 2026 n/a 2,000 1,982 1,982 Series 2 (12) November 12, 2021 4.100% February 19, 2027 n/a 1,200 1,189 1,189 Series 3 (12) June 16, 2022 7.117% June 19, 2027 n/a 1,000 990 990 Total 102 $ 6,750 $ 6,660 $ 6,660 (1) Holders of Class A and Class 1 preferred shares are entitled to receive non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors. Non-deferrable distributions are payable to all LRCN holders semi-annually at the Company’s discretion. (2) Redemption of all preferred shares is subject to regulatory approval. MFC may redeem each series, in whole or in part, at par, on the earliest redemption 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 preferred 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 preferred shares, in whole or in part, at any time, at $ 25.00 25.50 (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. After the first redemption date, the redemption period for Series 3 is every five years during the period from May 19 to and including June 19, commencing in 2032. (4) Net of after-tax issuance costs. (5) On the earliest redemption date and every five years thereafter, the annual dividend rate will be reset to the five-year Government of Canada bond yield plus a yield specified for each series. The specified yield for Class 1 preferred shares is: Series 3 – 1.41 2.86 2.61 2.22 2.16 2.36 2.30 2.55 (6) On the earliest redemption date and every five years thereafter, Class 1 preferred shares are convertible at the option of the holder into a new series that is one number higher than their existing series, and the holders are entitled to non-cumulative preferential cash dividends, payable quarterly if and when declared by the Board of Directors, at a rate equal to the three-month Government of Canada Treasury bill yield plus the rate specified in footnote 5 above. (7) The floating dividend rate for the Class 1 Series 4 shares equals the three-month Government of Canada Treasury bill yield plus 1.41%. (8) MFC did not exercise its right to redeem the outstanding Class 1 Shares Series 11 on March 19, 2023 6.159 023. (9) MFC did not exercise its right to redeem the outstanding Class 1 Shares Series 13 on September 19, 2023, which was the earliest redemption date. The dividend rate was reset as specified in footnote 5 above to an annual fixed rate of 6.350 (10) MFC did not exercise its right to redeem the outstanding Class 1 Shares Series 25 on June 19, 2023, which was the earliest redemption date. The dividend rate was reset as specified in footnote 5 above to an annual fixed rate of 5.942 (11) Non-payment of distributions or principal on any LRCN series when due will result in a recourse event. The recourse of each noteholder will be limited to their proportionate amount of the Limited Recourse Trust’s assets which comprise of Class 1 Series 27 preferred shares for LRCN Series 1, Class 1 Series 28 preferred shares for LRCN Series 2, and Class 1 Series 29 preferred shares for LRCN Series 3. All claims of the holders of LRCN series against MFC will be extinguished upon receipt of the corresponding trust assets. The Class 1 Series 27, Class 1 Series 28, and Class 1 Series 29 preferred shares are eliminated on consolidation while being held in the Limited Recourse Trust. (12) The LRCN Series 1 distribute at a fixed rate of 3.375 rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 2.839%. 4.10 rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 2.704%. 7.117 rate will be reset at a rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 3.95%. |
Summary of 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, 2023 2022 Basic earnings per common share $ 2.62 $ (1.15 ) Diluted earnings per common share 2.61 (1.15 ) |
Summary of Reconciliation of Denominator (Numbers of Shares) in Calculation of Basic and Diluted Earnings Per Share | The following is a reconciliation of the denominator (number of shares) in the calculation of basic and diluted earnings per common share. For the years ended December 31, 2023 2022 Weighted average number of common shares (in millions) 1,834 1,910 Dilutive stock-based awards (1) 4 3 Weighted average number of diluted common shares (in millions) 1,838 1,913 (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 million (2022 – nil 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 14 Directors 19 28 The Board also declared dividends on the following non-cumulative preferred shares, payable on or after March 19 28 Class A Shares Series 2 – $ 0.29063 Class 1 Shares Series 13 – $ 0.396875 Class A Shares Series 3 – $ 0.28125 Class 1 Shares Series 15 – $ 0.236625 Class 1 Shares Series 3 – $ 0.14675 Class 1 Shares Series 17 – $ 0.2375 Class 1 Shares Series 4 – $ 0.402395 Class 1 Shares Series 19 – $ 0.229688 Class 1 Shares Series 9 – $ 0.373625 Class 1 Shares Series 25 – $ 0.371375 Class 1 Shares Series 11 – $ 0.384938 |
Capital Management (Tables)
Capital Management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Schedule of Consolidated Capital | As at December 31, 2023 2022 Total equity $ 48,727 $ 48,226 Exclude AOCI gain 26 8 Total equity excluding AOCI on cash flow hedges 48,701 48,218 Post-tax CSM 18,503 15,251 Qualifying capital instruments 6,667 6,122 Consolidated capital $ 73,871 $ 69,591 |
Revenue from Service Contracts
Revenue from Service Contracts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Revenue from Service Contracts by Service Lines and Reporting Segments | The following table presents revenue from service contracts by service lines and reporting segments as For the year ended December 31, 2023 Global Asia, Canada, Total Investment management and other related fees $ 3,298 $ (412 ) $ 2,886 Transaction processing, administration, and service fees 2,566 269 2,835 Distribution fees and other 842 54 896 Total included in other revenue 6,706 (89 ) 6,617 Revenue from non-service lines 3 126 129 Total other revenue $ 6,709 $ 37 $ 6,746 Real estate management services included in net investment income $ – $ 303 $ 303 For the year ended December 31, 2022 Global Asia, Canada, Total Investment management and other related fees $ 3,079 $ (315 ) $ 2,764 Transaction processing, administration, and service fees 2,416 268 2,684 Distribution fees and other 910 89 999 Total included in other revenue 6,405 42 6,447 Revenue from non-service lines (14 ) (247 ) (261 ) Total other revenue $ 6,391 $ (205 ) $ 6,186 Real estate management services included in net investment income $ – $ 305 $ 305 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Schedule of Options Outstanding | Options outstanding 2023 2022 For the years ended December 31, Number of (in millions) Weighted Number of (in millions) Weighted Outstanding, January 1 20 $ 22.42 21 $ 22.09 Exercised (4 ) 21.02 (1 ) 16.15 Expired – 22.60 – 24.63 Forfeited – 24.27 – 23.96 Outstanding, December 31 16 $ 22.73 20 $ 22.42 Exercisable, December 31 9 $ 21.99 10 $ 20.91 |
Schedule of Range of Exercise Prices of Outstanding Share Options | Options outstanding Options exercisable For the year ended December 31, 2023 Number of (in millions) Weighted Weighted average Number of (in millions) Weighted Weighted average $17.59 - $20.99 3 $ 17.59 2.14 3 $ 17.59 2.14 $21.00 - $24.73 13 $ 23.79 4.49 6 $ 23.92 3.09 Total 16 $ 22.73 4.09 9 $ 21.99 2.80 |
Schedule of Deferred Share Units | The fair value of 206,000 DSUs issued during the year was $29.28 per unit as at December 31, 2023 (2022 – 252,000 at $24.15 per unit). For the years ended December 31, Number of DSUs (in thousands) 2023 2022 Outstanding, January 1 2,373 2,079 Issued 206 252 Reinvested 131 126 Redeemed (744 ) (75 ) Forfeitures and cancellations (3 ) (9 ) Outstanding, December 31 1,963 2,373 |
Employee Future Benefits (Table
Employee Future Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Pension and Retiree Welfare Plans | (c) Pension and retiree welfare plans The following tables present the reconciliation of defined benefit obligation and fair value of plan assets for the pension plans and retiree welfare plans. Pension plans Retiree welfare plans For the years ended December 31, 2023 2022 2023 2022 Changes in defined benefit obligation: Opening balance $ 3,794 $ 4,560 $ 466 $ 584 Current service cost 41 43 – – Past service cost - amendment – (6 ) – – Interest cost 184 127 22 16 Plan participants’ contributions – – 3 3 Actuarial losses (gains) due to: Experience 11 5 (10 ) (13 ) Demographic assumption changes 14 – 1 – Economic assumption changes 119 (835 ) 16 (112 ) Benefits paid (308 ) (299 ) (38 ) (40 ) Impact of changes in foreign exchange rates (66 ) 199 (10 ) 28 Defined benefit obligation, December 31 $ 3,789 $ 3,794 $ 450 $ 466 Pension plans Retiree welfare plans For the years ended December 31, 2023 2022 2023 2022 Change in plan assets: Fair value of plan assets, opening balance $ 3,722 $ 4,510 $ 523 $ 587 Interest income 181 127 25 16 Return on plan assets (excluding interest income) 129 (869 ) 17 (91 ) Employer contributions 59 59 12 11 Plan participants’ contributions – – 3 3 Benefits paid (308 ) (299 ) (38 ) (40 ) Administration costs (10 ) (11 ) (1 ) (2 ) Impact of changes in foreign exchange rates (67 ) 205 (15 ) 39 Fair value of plan assets, December 31 $ 3,706 $ 3,722 $ 526 $ 523 |
Summary of Amounts Recognized in Consolidated Statements of Financial Position | (d) Amounts recognized in the Consolidated Statements of Financial Position The following table presents the deficit (surplus) and net defined benefit liability (asset) for the pension plans and retiree welfare plans. Pension plans Retiree welfare plans As at December 31, 2023 2022 2023 2022 Development of net defined benefit liability Defined benefit obligation $ 3,789 $ 3,794 $ 450 $ 466 Fair value of plan assets 3,706 3,722 526 523 Deficit (surplus) 83 72 (76 ) (57 ) Effect of asset limit (1) 41 48 – – Deficit (surplus) and net defined benefit liability (asset) 124 120 (76 ) (57 ) Deficit is comprised of: Funded or partially funded plans (422 ) (441 ) (190 ) (168 ) Unfunded plans 546 561 114 111 Deficit (surplus) and net defined benefit liability (asset) $ 124 $ 120 $ (76 ) $ (57 ) (1) The asset limit relates to a registered pension plan in Canada. The surplus in that plan is above the present value of economic benefits that can be derived by the Company through reductions in future contributions. For other funded pension plans in surplus position, the present value of the economic benefits available in the form of reductions in future contributions to the plans r |
Summary of Disaggregation of Defined Benefit Obligation | (e) Disaggregation of defined benefit obligation The following table presents components of the defined benefit obligation between active members and inactive and retired members. U.S. plans Canadian plans Pension plans Retiree welfare plans Pension plans Retiree welfare plans As at December 31, 2023 2022 2023 2022 2023 2022 2023 2022 Active members $ 526 $ 509 $ 9 $ 11 $ 116 $ 125 $ – $ – Inactive and retired members 1,907 2,006 327 344 1,240 1,154 114 111 Total $ 2,433 $ 2,515 $ 336 $ 355 $ 1,356 $ 1,279 $ 114 $ 111 |
Summary of Major Categories of Plan Assets and Actual Per Cent Allocation to Each Category | (f) Fair value measurements The following tables present major categories of plan assets and the allocation to each category. U.S. plans (1) Canadian plans (2) Pension plans Retiree welfare plans Pension plans Retiree welfare plans As at December 31, 2023 Fair value % of total Fair value % of total Fair value % of total Fair value % of total Cash and cash equivalents $ 28 1% $ 25 5% $ 15 1% $ – – Public equity securities (3) 315 13% 39 7% 195 17% – – Public debt securities 1,437 57% 448 85% 974 82% – – Other investments (4) 741 29% 14 3% 1 0% – – Total $ 2,521 100% $ 526 100% $ 1,185 100% $ – – U.S. plans (1) Canadian plans (2) Pension plans Retiree welfare plans Pension plans Retiree welfare plans As at December 31, 2022 Fair value % of total Fair value % of total Fair value % of total Fair value % of Cash and cash equivalents $ 35 1% $ 22 4% $ 9 1% $ – – Public equity securities (3) 377 15% 41 8% 233 20% – – Public debt securities 1,509 58% 445 85% 898 79% – – Other investments (4) 660 26% 15 3% 1 0% – – Total $ 2,581 100% $ 523 100% $ 1,141 100% $ – – (1) The U.S. pension and retiree welfare plan assets have daily quoted prices in active markets, except for the private debt, infrastructure, private equity, real estate, timber and agriculture assets. In the aggregate, the latter assets represent approximately 16 15 (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% 0.1 (3) Equity securities include direct investments in MFC common shares of $ 1.4 1.2 . (4) Other U.S. plan assets include investment in real estate, private debt, infrastructure, private equity, timberland and agriculture and managed futures. Other Canadian pension plan assets include investment in the group annuity contract. |
Summary of Components of Net Benefit Cost for Pension Plans and Retiree Welfare Plans | (g) Net benefit cost recognized in the Consolidated Statements of Income The following table presents components of the net benefit cost for the pension plans and retiree welfare plans. Pension plans Retiree welfare plans For the years ended December 31, 2023 2022 2023 2022 Defined benefit current service cost (1) $ 41 $ 43 $ – $ – Defined benefit administrative expenses 10 11 1 2 Past service cost - plan amendments and curtailments – (6 ) – – Service cost 51 48 1 2 Interest on net defined benefit (asset) liability 5 2 (3 ) – Defined benefit cost 56 50 (2 ) 2 Defined contribution cost 93 85 – – Net benefit cost $ 149 $ 135 $ (2 ) $ 2 (1) There are no significant current service costs for the retiree welfare plans as they are closed and mostly frozen. The re-measurement gain or loss on these plans is due to the volatility of discount rates and investment returns. |
Summary of Re-measurement Effects Recognized in Other Comprehensive Income | (h) Re-measurement effects recognized in Other Comprehensive Income The following table presents components of the re-measurement effects recognized in Other Comprehensive Income for the pension plans and retiree welfare plans. Pension plans Retiree welfare plans For the years ended December 31, 2023 2022 2023 2022 Actuarial gains (losses) on defined benefit obligations due to: Experience $ (11 ) $ (5 ) $ 10 $ 13 Demographic assumption changes (14 ) – (1 ) – Economic assumption changes (119 ) 835 (16 ) 112 Return on plan assets (excluding interest income) 129 (869 ) 17 (91 ) Change in effect of asset limit (excluding interest) 10 (10 ) – – Total re-measurement effects $ (5) $ (49 ) $ 10 $ 34 |
Summary of Key Assumptions Used by to Determine Defined Benefit Obligation and Net Benefit Cost for Defined Benefit Pension Plans and Retiree Welfare Plans | (i) Assumptions The following table presents key assumptions used by the Company to determine the defined benefit obligation and net benefit cost for the defined benefit pension plans and retiree welfare plans. U.S. Plans Canadian Plans Pension plans Retiree welfare plans Pension plans Retiree welfare plans For the years ended December 31, 2023 2022 2023 2022 2023 2022 2023 2022 To determine the defined benefit obligation at end of year (1) : Discount rate 4.8% 5.0% 4.8% 5.0% 4.6% 5.3% 4.7% 5.3% Initial health care cost trend rate (2) n/a n/a 9.0% 7.8% n/a n/a 3.9% 5.3% To determine the defined benefit cost for the year (1) : Discount rate 5.0% 2.7% 5.0% 2.7% 5.3% 3.1% 5.3% 3.2% Initial health care cost trend rate (2) n/a n/a 7.8% 7.0% n/a n/a 5.3% 5.4% (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 9.0 4.8 41 7.8 4.8 and years thereafter 7.8 4.8 35 7.0 4.5 and years thereafter). 5.1 in 2023 and 4.0 29 5.3 4.8 and years thereafter 5.3 4.8 26 5.4 4.8 and years thereafter |
Summary of Life Expectancies Underlying Values of Obligations in Defined Benefit Pension and Retiree Welfare Plans | The following table presents current life expectancies underlying the values of the obligations in the defined benefit pension and retiree welfare plans. As at December 31, 2023 U.S. Canada Life expectancy (in years) for those currently age 65 Males 22.2 24.3 Females 23.7 26.2 Life expectancy (in years) at age 65 for those currently age 45 Males 23.6 25.3 Females 25.0 27.1 |
Summary of Potential Impact on Obligations Arising From Changes in Key Assumptions | (j) Sensitivity of assumptions on obligations Assumptions used can have a significant effect on the obligations reported for defined benefit pension and retiree welfare plans. The following table sets out the potential impact on the obligations arising from changes in the key assumptions. Each sensitivity assumes that all other assumptions are held constant. In actuality, inter-relationships among assumptions may exist. As at December 31, 2023 Pension plans Retiree welfare plans Discount rate: Impact of a 1% increase $ (274 ) $ (38 ) Impact of a 1% decrease 316 44 Health care cost trend rate: Impact of a 1% increase n/a 11 Impact of a 1% decrease n/a (10 ) Mortality rates (1) Impact of a 10% decrease 89 6 (1) If the actuarial estimates of mortality are adjusted in the future to reflect unexpected decreases in mortality, the effect of a 10 0.8 and Canadian . |
Summary of Weighted Average Duration of the Defined Benefit Obligations | (k) Maturity profile The following table presents weighted average duration (in years) of the defined benefit obligations. Pension plans Retiree welfare plans As at December 31, 2023 2022 2023 2022 U.S. plans 8.4 8.2 8.2 8.2 Canadian plans 9.9 10.6 11.1 11.1 |
Summary of Cash Payments | (l) Cash flows – contributions The following table presents 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. Pension plans Retiree welfare plans For the years ended December 31, 2023 2022 2023 2022 Defined benefit plans $ 59 $ 59 $ 12 $ 11 Defined contribution plans 93 85 – – Total $ 152 $ 144 $ 12 $ 11 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Components of Income Tax Expense (Recovery) Recognized | (a) Income tax expense The following table presents income tax expenses (recoveries) recognized in the Consolidated Statements of Income. For the years ended December 31, 2023 2022 Current tax Current year $ 568 $ 1,098 Adjustments related to prior years (193 ) (263 ) Total current tax 375 835 Deferred tax Change related to temporary differences 489 (1,975 ) Adjustments related to prior years (19 ) 226 Effects of change in tax rates in Canada – (245 ) Total deferred tax 470 (1,994 ) Income tax expenses (recoveries) $ 845 $ (1,159 ) The following table discloses income tax expenses (recoveries) recognized directly in equity. For the years ended December 31, 2023 2022 Recognized in other comprehensive income Current income tax expenses (recoveries) $ 320 $ (323 ) Deferred income tax expenses (recoveries) (326 ) 3,034 Total recognized in other comprehensive income $ (6 ) $ 2,711 Recognized in equity, other than other comprehensive income Current income tax expenses (recoveries) $ 5 $ 5 Deferred income tax expenses (recoveries) (4 ) (8 ) Total income tax recognized directly in equity $ 1 $ (3 ) |
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 27.80 percent for the year ended December 31, 2023 (2022 – 27.50 percent) for the items outlined in the following table. The Canadian tax rate became substantively enacted For the years ended December 31, 2023 2022 Net income (loss) before income taxes $ 6,452 $ (3,138 ) Income tax expenses (recoveries) at Canadian statutory tax rate $ 1,794 $ (863 ) Increase (decrease) in income taxes due to: Tax-exempt investment income (199 ) (206 ) Differences in tax rate on income not subject to tax in Canada (770 ) 118 Adjustments to taxes related to prior years (212 ) (37 ) Tax losses and temporary differences not recognized as deferred taxes (38 ) 78 Tax rate change in Canada – (245 ) Other differences 270 (4 ) Income tax expenses (recoveries) $ 845 $ (1,159 ) |
Summary of Deferred Tax Assets and Liabilities | The following table presents the Company’s deferred tax assets and As at December 31, 2023 2022 Deferred tax assets $ 6,739 $ 6,708 Deferred tax liabilities (1,697 ) (1,536 ) Net deferred tax assets (liabilities) $ 5,042 $ 5,172 |
Components of Deferred Tax Assets and Liabilties | The following table presents movement of deferred tax assets and liabilities. For the year ended December 31, Balance, Disposals Recognized in Recognized in other Recognized Translation Balance, Loss carryforwards $ 701 $ – $ (18 ) $ – $ (8 ) $ (5 ) $ 670 Actuarial liabilities 4,507 – 188 1,198 – (80 ) 5,813 Pensions and post-employment benefits 142 – 4 26 – (1 ) 171 Tax credits 109 – 15 – – (2 ) 122 Accrued interest 1 – – – – – 1 Real estate (1,317 ) – 168 – – 14 (1,135 ) Lease liability 47 – (7 ) – – (2 ) 38 Right of use asset and sublease receivable (41 ) – 7 – – – (34 ) Securities and other investments 1,560 – (293 ) (1,245 ) 2 62 86 Sale of investments (30 ) – 12 – – – (18 ) Goodwill and intangible assets (828 ) – (12 ) – – 18 (822 ) Other 321 – (534 ) 347 10 6 150 Total $ 5,172 $ – $ (470 ) $ 326 $ 4 $ 10 $ 5,042 For the year ended Balance, Disposals Recognized in Recognized in other Recognized Translation Balance, Loss carryforwards $ 517 $ – $ 184 $ – $ – $ – $ 701 Actuarial liabilities 13,731 – 2,334 (12,005 ) 11 436 4,507 Pensions and post-employment benefits 161 – (2 ) (17 ) – – 142 Tax credits 46 – 63 – – – 109 Accrued interest 1 – – – – – 1 Real estate (1,287 ) – 10 (1 ) – (39 ) (1,317 ) Lease liability 26 – 17 – 3 1 47 Right of use asset and sublease receivable (22 ) – (18 ) – (2 ) 1 (41 ) Securities and other investments (6,484 ) – (702 ) 8,984 (10 ) (228 ) 1,560 Sale o f inv (40 ) – 10 – – – (30 ) Goodwill and intangible assets (804 ) – (6 ) – – (18 ) (828 ) Other 209 – 104 5 6 (3 ) 321 Total $ 6,054 $ – $ 1,994 $ (3,034 ) $ 8 $ 150 $ 5,172 |
Interests in Structured Entit_2
Interests in Structured Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 2023 2022 Leveraged leases (3) $ 3,790 $ 3,840 $ 3,790 $ 3,840 Infrastructure companies (4) 2,468 2,156 3,035 2,704 Timberland companies (5) 811 816 811 816 Real estate companies (6) 676 465 676 465 Total $ 7,745 $ 7,277 $ 8,312 $ 7,825 (1) The Company’s investments in these unconsolidated SEs are included in invested assets and the Company’s returns from them are included in net investment income and OCI. (2) The Company’s maximum exposure to loss from each SE is limited to amounts invested in each, plus unfunded capital commitments, if any. The Company’s investment commitments are disclosed in note 19. The maximum loss is expected to occur only upon the entity’s bankruptcy/liquidation. (3) These entities are statutory business trusts which use capital provided by the Company and senior debt provided by other parties to finance the acquisition of assets. These assets are leased 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 invest in infrastructure assets. The Company invests in their equity. The Company’s returns include investment income, investment management fees, and performance fees. The Company does not control these entities because it either does not have the power to govern their financial and operating policies or does not have significant variable returns from them, or both. (5) These entities own and operate timberlands. The Company invests in their equity and debt. The Company’s returns include investment income, investment advisory fees, forestry management fees and performance advisory fees. The Company does not control these entities because it either does not have the power to govern their financial and operating policies or does not have significant variable returns from them, or both. (6) These entities, which include the Manulife U.S. REIT, own and manage commercial real estate. The Company invests in their equity. The Company’s returns include investment income, investment management fees, property management fees, acquisition/disposition fees and leasing fees. The Company does not control these entities because it either does not have the power to govern their financial and operating policies or does not have significant variable returns from them, or both. |
Schedule of Interests and Maximum Exposure to Loss From Significant Unconsolidated Financing Structured Entities | The Company’s interests in and maximum exposure to loss from significant unconsolidated financing SEs are as follows. Company’s interests (1) As at December 31, 2023 2022 Manulife Finance (Delaware), L.P. (2) $ 709 $ 691 Total $ 709 $ 691 (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 11 and 19. |
Schedule of Securitized Holdings by Type and Asset Quality | 2023 2022 As at December 31, CMBS RMBS ABS Total Total AAA $ 425 $ 4 $ 946 $ 1,375 $ 1,770 AA – – 227 227 9 A – 3 435 438 574 BBB – – 107 107 219 BB and below – – 7 7 3 Total exposure $ 425 $ 7 $ 1,722 $ 2,154 $ 2,575 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Condensed Consolidated Statements of Income Information for MFC and MFLP | Condensed Consolidated Statements of Income Information For the year ended December 31, 2023 MFC (Guarantor) Other subsidiaries combined basis Consolidation adjustments Total consolidated amounts MFLP Insurance service result $ – $ 3,977 $ – $ 3,977 $ – Investment result 638 3,646 (1,326) 2,958 51 Other revenue 14 6,736 (4) 6,746 (7 ) Net income (loss) attributed to shareholders and other equity holders 5,103 4,785 (4,785) 5,103 1 For the year ended December 31, 2022 MFC Other Consolidation Total MFLP Insurance service result $ – $ 3,160 $ – $ 3,160 $ – Investment result 554 (5,823 ) (1,100 ) (6,369 ) 49 Other revenue (36 ) 6,225 (3 ) 6,186 15 Net income (loss) attributed to shareholders and other equity holders (1,933 ) (2,156 ) 2,156 (1,933 ) 21 |
Summary of Condensed Consolidated Statements of Financial Position for MFC and MFLP | Condensed Consolidated Statements Financial Position As at December 31, 2023 MFC (Guarantor) Other subsidiaries combined basis Consolidation adjustments Total consolidated amounts MFLP Invested assets $ 86 $ 417,124 $ – $ 417,210 $ 9 Insurance contract assets – 145 – 145 – Reinsurance contract held assets – 42,651 – 42,651 – Total other assets 59,023 42,411 (63,410 ) 38,024 969 Segregated funds net assets – 377,544 – 377,544 – Insurance contract liabilities, excluding those for account of segregated fund holders – 367,996 – 367,996 – Reinsurance contract held liabilities – 2,831 – 2,831 – Investment contract liabilities – 11,816 – 11,816 – Total other liabilities 12,070 55,129 (539 ) 66,660 718 Insurance contract liabilities for account of segregated fund holders – 114,143 – 114,143 – Investment contract liabilities for account of segregated fund holders – 263,401 – 263,401 – As at December 31, 2022 MFC Other combined basis Consolidation Total MFLP Invested assets $ 63 $ 400,079 $ – $ 400,142 $ 21 Insurance contract assets – 673 – 673 – Reinsurance contract held assets – 45,871 – 45,871 – Total other assets 58,357 42,751 (62,667 ) 38,441 950 Segregated funds net assets – 348,562 – 348,562 – Insurance contract liabilities, excluding those for account of segregated fund holders – 354,849 – 354,849 – Reinsurance contract held liabilities – 2,391 – 2,391 – Investment contract liabilities – 10,079 – 10,079 – Total other liabilities 11,544 58,482 (444 ) 69,582 712 Insurance contract liabilities for account of segregated fund holders – 110,216 – 110,216 – Investment contract liabilities for account of segregated fund holders – 238,346 – 238,346 – |
Schedule of Pledged Assets | The amounts pledged are as follows. 2023 2022 As at December 31, Debt securities Other Debt securities Other In respect of: Derivatives $ 10,431 $ 26 $ 11,944 $ 23 Secured borrowings – 2,220 – 2,241 Regulatory requirements 307 74 320 77 Repurchase agreements 201 – 886 – Non-registered retirement plans in trust – 298 – 326 Other – 283 – 404 Total $ 10,939 $ 2,901 $ 13,150 $ 3,071 |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Results by Segments | The following tables present results by reporting segments. For the year ended December 31, 2023 Asia Canada U.S. Global WAM Corporate and Other Total Insurance service result Life, health and property and casualty insurance $ 2,070 $ 995 $ 526 $ – $ 236 $ 3,827 Annuities and pensions (129 ) 198 81 – – 150 Total insurance service result 1,941 1,193 607 – 236 3,977 Net investment income (loss) 7,057 5,048 5,236 (771 ) 1,451 18,021 Insurance finance income (expenses) Life, health and property and casualty insurance (4,970 ) (3,288 ) (4,815 ) – 723 (12,350 ) Annuities and pensions (1,466 ) (27 ) (51 ) – – (1,544 ) Total insurance finance income (expenses) (6,436 ) (3,315 ) (4,866 ) – 723 (13,894 ) Reinsurance finance income (expenses) Life, health and property and casualty insurance (106 ) 58 385 – (697 ) (360 ) Annuities and pensions 1 (1 ) (374 ) – – (374 ) Total reinsurance finance income (expenses) (105 ) 57 11 – (697 ) (734 ) Decrease (increase) in investment contract liabilities (38 ) (73 ) (148 ) (175 ) (1 ) (435 ) Net segregated fund investment result – – – – – – Total investment result 478 1,717 233 (946 ) 1,476 2,958 Other revenue 67 272 79 6,709 (381 ) 6,746 Other expenses (231 ) (569 ) (153 ) (4,252 ) (470 ) (5,675 ) Interest expenses (11 ) (1,004 ) (15 ) (14 ) (510 ) (1,554 ) Net income (loss) before income taxes 2,244 1,609 751 1,497 351 6,452 Income tax reco ve (440 ) (373 ) (112 ) (198 ) 278 (845 ) Net income (loss) 1,804 1,236 639 1,299 629 5,607 Less net income (loss) attributed to: Non-controlling interests 141 – – 2 1 144 Participating policyholders 315 45 – – – 360 Net income (loss) attributed to shareholders and other equity holders $ 1,348 $ 1,191 $ 639 $ 1,297 $ 628 $ 5,103 Total assets $ 177,623 $ 157,111 $ 244,659 $ 257,764 $ 38,417 $ 875,574 For the year ended December 31, 2022 Asia Canada U.S. Global WAM Corporate and Other Total Insurance service result Life, health and property and casualty insurance $ 1,718 $ 928 $ 361 $ – $ (117 ) $ 2,890 Annuities and pensions (164 ) 262 172 – – 270 Total insurance service result 1,554 1,190 533 – (117 ) 3,160 Net investment income (loss) 1,417 (930 ) 911 (1,082 ) 21 337 Insurance finance income (expenses) Life, health and property and casualty insurance 608 (723 ) (5,058 ) – 122 (5,051 ) Annuities and pensions (2,261 ) 504 191 1 – (1,565 ) Total insurance finance income (expenses) (1,653 ) (219 ) (4,867 ) 1 122 (6,616 ) Reinsurance finance income (expenses) Life, health and property and casualty insurance (61 ) (100 ) 994 – (167 ) 666 Annuities and pensions (3 ) (2 ) (352 ) – – (357 ) Total reinsurance finance income (expenses) (64 ) (102 ) 642 – (167 ) 309 Decrease (increase) in investment contract liabilities (70 ) (49 ) (179 ) (119 ) 18 (399 ) Net segregated fund investment result – – – – – – Total investment result (370 ) (1,300 ) (3,493 ) (1,200 ) (6 ) (6,369 ) Other revenue 56 262 101 6,391 (624 ) 6,186 Other expenses (318 ) (573 ) (136 ) (3,893 ) (144 ) (5,064 ) Interest expenses (12 ) (548 ) (16 ) (7 ) (468 ) (1,051 ) Net income (loss) before income taxes 910 (969 ) (3,011 ) 1,291 (1,359 ) (3,138 ) Income tax recoveries (expenses) (318 ) 510 695 (170 ) 442 1,159 Net income (loss) 592 (459 ) (2,316 ) 1,121 (917 ) (1,979 ) Less net income (loss) attributed to: Non-controlling interests 120 – – – 1 121 Participating policyholders (211 ) 44 – – – (167 ) Net income (loss) attributed to shareholders and other equity holders $ 683 $ (503 ) $ (2,316 ) $ 1,121 $ (918 ) $ (1,933 ) Total assets $ 164,605 $ 151,761 $ 244,904 $ 231,433 $ 40,986 $ 833,689 |
Summary of Results by Geographic Location | The following tables present results by geographical location. For the year ended December 31, 2023 Asia Canada U.S. Other Total Insurance service result Life, health and property and casualty insurance $ 2,087 $ 981 $ 511 $ 248 $ 3,827 Annuities and pensions (128 ) 198 80 – 150 Total insurance service result 1,959 1,179 591 248 3,977 Net investment income (loss) 7,259 5,724 4,975 63 18,021 Insurance finance income (expenses) Life, health and property and casualty insurance (4,971 ) (2,606 ) (4,793 ) 20 (12,350 ) Annuities and pensions (1,466 ) (27 ) (51 ) – (1,544 ) Total insurance finance income (expenses) (6,437 ) (2,633 ) (4,844 ) 20 (13,894 ) Reinsurance finance income (expenses) Life, health and property and casualty insurance (121 ) (623 ) 384 – (360 ) Annuities and pensions 1 (1 ) (374 ) – (374 ) Total reinsurance finance income (expenses) (120 ) (624 ) 10 – (734 ) Decrease (increase) in investment contract liabilities (220 ) (130 ) (79 ) (6 ) (435 ) Net segregated fund investment result – – – – – Total investment result $ 482 $ 2,337 $ 62 $ 77 $ 2,958 Other revenue $ 1,332 $ 2,147 $ 3,239 $ 28 $ 6,746 For the year ended Asia Canada U.S. Other Total Insurance service result Life, health and property and casualty insurance $ 1,873 $ 909 $ 208 $ (100 ) $ 2,890 Annuities and pensions (164 ) 262 172 – 270 Total insurance service result 1,709 1,171 380 (100 ) 3,160 Net investment income (loss) 1,264 (1,061 ) (189 ) 323 337 Insurance finance income (expenses) Life, health and property and casualty insurance 607 (578 ) (5,088 ) 8 (5,051 ) Annuities and pensions (2,261 ) 504 192 – (1,565 ) Total insurance finance income (expenses) (1,654 ) (74 ) (4,896 ) 8 (6,616 ) Reinsurance finance income (expenses) Life, health and property and casualty insurance (74 ) (254 ) 994 – 666 Annuities and pensions (3 ) (2 ) (352 ) – (357 ) Total reinsurance finance income (expenses) (77 ) (256 ) 642 – 309 Decrease (increase) in investment contract liabilities (126 ) (79 ) (194 ) – (399 ) Net segregated fund investment result – – – – – Total investment result $ (593 ) $ (1,470 ) $ (4,637 ) $ 331 $ (6,369 ) Other revenue $ 1,294 $ 2,044 $ 2,907 $ (59 ) $ 6,186 |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Compensation of Key Management Personnel | For the years ended December 31, 2023 2022 Short-term employee benefits $ 83 $ 73 Post-employment benefits 6 6 Share-based payments 73 73 Termination benefits 3 – Other long-term benefits 3 3 Total $ 168 $ 155 |
Subsidiaries (Tables)
Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments accounted for using equity method [abstract] | |
Summary of Directly and Indirectly Held Major Operating Subsidiaries | The following is a list of As at December 31, 2023 (100% owned unless otherwise noted in brackets beside company name) Equity Address Description The Manufacturers Life Insurance Company $ 58,655 Toronto, Canada A leading financial services group with principal operations in Asia, Canada and the United States that offers a diverse range of financial protection products and wealth management services Manulife Holdings (Alberta) Limited $ 18,489 Calgary, Canada Holding company John Hancock Financial Corporation Boston, U.S.A. Holding company The Manufacturers Investment Corporation Boston, U.S.A. Holding company John Hancock Reassurance Company Ltd. Boston, U.S.A. Captive insurance subsidiary that provides life, annuity and long-term care reinsurance to affiliates John Hancock Life Insurance Company (U.S.A.) Boston, U.S.A. U.S. life insurance company licensed in all states, except New York John Hancock Subsidiaries LLC Boston, U.S.A. Holding company John Hancock Financial Network, Inc. Boston, U.S.A. Financial services distribution organization John Hancock Investment Management LLC Boston, U.S.A. Investment advisor John Hancock Investment Management Distributors LLC Boston, U.S.A. Broker-dealer Manulife Investment Management (US) LLC Boston, U.S.A. Investment advisor Manulife Investment Management Timberland and Agriculture Inc. Boston, U.S.A. Manager of globally diversified timberland and agricultural portfolios John Hancock Life Insurance Company of New York New York, U.S.A. U.S. life insurance company licensed in New York John Hancock Variable Trust Advisers LLC Boston, U.S.A. Investment advisor for open-end mutual funds John Hancock Life & Health Insurance Company Boston, U.S.A. U.S. life insurance company licensed in all states John Hancock Distributors LLC Boston, U.S.A. Broker-dealer John Hancock Insurance Agency, Inc. Boston, U.S.A. Insurance agency Manulife Reinsurance Limited Hamilton, Bermuda Provides life and financial reinsurance to affiliates Manulife Reinsurance (Bermuda) Limited Hamilton, Bermuda Provides life and financial reinsurance to affiliates Manulife Bank of Canada $ 1,793 Waterloo, Canada Provides integrated banking products and service options not available from an insurance company Manulife Investment Management Holdings (Canada) Inc. $ 1,318 Toronto, Canada Holding company Manulife Investment Management Limited Toronto, Canada Provides investment counseling, portfolio and mutual fund management in Canada First North American Insurance Company $ 7 Toronto, Canada Property and casualty insurance company Manulife Securities Investment Services Inc. $ 84 Oakville, Canada Mutual fund dealer for Canadian operations Manulife Holdings (Bermuda) Limited $ 20,695 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 As at December 31, 2023 (100% owned unless otherwise noted in brackets beside company name) Equity Address Description Manulife Investment Management (Taiwan) Co., Ltd. Taipei, Taiwan (China) Investment management company Manulife Life Insurance Company (Japan) Tokyo, Japan Life insurance company Manulife Investment Management (Japan) Limited Tokyo, Japan Investment management and advisory company and mutual fund business Manulife Holdings Berhad (62.0%) Kuala Lumpur, Malaysia Holding company Manulife Insurance Berhad (62.0%) Kuala Lumpur, Malaysia Life insurance company Manulife Investment Management (Malaysia) Berhad (62.0%) Kuala Lumpur, Malaysia Asset management company Manulife (Singapore) Pte. Ltd. Singapore Life insurance company Manulife Investment Management (Singapore) Pte. Ltd. Singapore Asset management company Manulife Fund Management Co., Ltd. Beijing, China Mutual fund company in China The Manufacturers Life Insurance Co. (Phils.), Inc. Makati City, Philippines Life insurance company Manulife Chinabank Life Assurance Corporation (60%) Makati City, Philippines Life insurance company PT Asuransi Jiwa Manulife Indonesia Jakarta, Indonesia Life insurance company PT Manulife Aset Manajemen Indonesia Jakarta, Indonesia Investment management and investment advisor Manulife Investment Management (Europe) Limited $ 42 London, England Investment management company providing advisory services for Manulife Investment Management’s funds, internationally Manulife Assurance Company of Canada $ 66 Toronto, Canada Life insurance company EIS Services (Bermuda) Limited $ 1,028 Hamilton, Bermuda Investment holding company Berkshire Insurance Services Inc. $ 1,968 Toronto, Canada Investment holding company JH Investments (Delaware) LLC Boston, U.S.A. Investment holding company Manulife Securities Incorporated $ 213 Oakville, Canada Investment dealer Manulife Investment Management (North America) Limited $ 4 Toronto, Canada Investment advisor |
Information Provided in Conne_2
Information Provided in Connection with Investments in Deferred Annuity Contracts and SignatureNotes Issued or Assumed by John Hancock Life Insurance Company (U.S.A.) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Condensed Consolidated Statement of Financial Position | Condensed Consolidated Statement of Financial Position As at December 31, 2023 MFC JHUSA Other Consolidation Consolidated Assets Invested assets $ 86 $ 109,433 $ 307,930 $ (239 ) $ 417,210 Investments in unconsolidated subsidiaries 58,694 8,674 17,916 (85,284 ) – Insurance contract assets – – 217 (72 ) 145 Reinsurance contract held assets – 42,418 10,380 (10,147 ) 42,651 Other assets 329 8,731 32,700 (3,736 ) 38,024 Segregated funds net assets – 188,067 191,241 (1,764 ) 377,544 Total assets $ 59,109 $ 357,323 $ 560,384 $ (101,242 ) $ 875,574 Liabilities and equity Insurance contract liabilities, excluding those for account of segregated fund holders $ – $ 145,589 $ 232,972 $ (10,565 ) $ 367,996 Reinsurance contract held liabilities – – 2,831 – 2,831 Investment contract liabilities – 3,487 8,928 (599 ) 11,816 Other liabilities 573 5,869 51,266 (3,786 ) 53,922 Long-term debt 6,071 – – – 6,071 Capital instruments 5,426 594 647 – 6,667 Insurance contract liabilities for account of segregated fund holders – 51,719 62,424 – 114,143 Investment contract liabilities for account of segregated fund holders – 136,348 128,817 (1,764 ) 263,401 Shareholders’ and other equity 47,039 13,773 70,755 (84,528 ) 47,039 Participating policyholders’ equity – (56 ) 313 – 257 Non-controlling interests – – 1,431 – 1,431 Total liabilities and equity $ 59,109 $ 357,323 $ 560,384 $ (101,242 ) $ 875,574 Condensed Consolidated Statement of Financial Position Restated (note 2) As at December 31, 2022 MFC JHUSA Other Consolidation Consolidated Assets Invested assets $ 63 $ 109,332 $ 291,266 $ (519 ) $ 400,142 Investments in unconsolidated subsidiaries 58,024 8,584 18,018 (84,626 ) – Insurance contract assets – – 739 (66 ) 673 Reinsurance contract held assets – 44,849 11,215 (10,193 ) 45,871 Other assets 333 8,899 33,082 (3,873 ) 38,441 Segregated funds net assets – 173,417 177,361 (2,216 ) 348,562 Total assets $ 58,420 $ 345,081 $ 531,681 $ (101,493 ) $ 833,689 Liabilities and equity Insurance contract liabilities, excluding those for account of segregated fund holders $ – $ 147,440 $ 217,942 $ (10,533 ) $ 354,849 Reinsurance contract held liabilities – – 2,391 – 2,391 Investment contract liabilities – 2,585 8,207 (713 ) 10,079 Other liabilities 450 7,206 53,186 (3,616 ) 57,226 Long-term debt 6,234 – – – 6,234 Capital instruments 4,860 614 648 – 6,122 Insurance contract liabilities for account of segregated fund holders – 49,947 60,269 – 110,216 Investment contract liabilities for account of segregated fund holders – 123,470 117,092 (2,216 ) 238,346 Shareholders’ and other equity 46,876 13,865 70,550 (84,415 ) 46,876 Participating policyholders’ equity – (46 ) (31 ) – (77 ) Non-controlling interests – – 1,427 – 1,427 Total liabilities and equity $ 58,420 $ 345,081 $ 531,681 $ (101,493 ) $ 833,689 |
Condensed Consolidated Statement of Income | Condensed Consolidated Statement of Income For the year ended December 31, 2023 MFC JHUSA Other Consolidation Consolidated Insurance service result Insurance revenue $ – $ 9,858 $ 15,754 $ (1,640 ) $ 23,972 Insurance service expenses – (8,928 ) (12,195 ) 1,741 (19,382 ) Net expenses from reinsurance contracts held – (315 ) (175 ) (123 ) (613 ) Total insurance service result – 615 3,384 (22 ) 3,977 Investment result Net investment income (loss) 638 4,232 14,179 (1,028 ) 18,021 Insurance / reinsurance finance income (expenses) – (4,723 ) (9,993 ) 88 (14,628 ) Other investment result – 100 (432 ) (103 ) (435 ) Total investment result 638 (391 ) 3,754 (1,043 ) 2,958 Other revenue 14 790 6,384 (442 ) 6,746 Other expenses (55 ) (1,112 ) (4,776 ) 268 (5,675 ) Interest expenses (433 ) (79 ) (2,281 ) 1,239 (1,554 ) Net income (loss) before income taxes 164 (177 ) 6,465 – 6,452 Income tax (expenses) recoveries 7 175 (1,027 ) – (845 ) Net income (loss) after income taxes 171 (2 ) 5,438 – 5,607 Equity in net income (loss) of unconsolidated subsidiaries 4,932 811 809 (6,552 ) – Net income (loss) $ 5,103 $ 809 $ 6,247 $ (6,552 ) $ 5,607 Net income (loss) attributed to: Non-controlling interests $ – $ – $ 144 $ – $ 144 Participating policyholders – (74 ) 360 74 360 Shareholders and other equity holders 5,103 883 5,743 (6,626 ) 5,103 $ 5,103 $ 809 $ 6,247 $ (6,552 ) $ 5,607 Condensed Consolidated Statement of Income Restated (note 2) For the year ended December 31, 2022 MFC JHUSA Other Consolidation Consolidated Insurance service result Insurance revenue $ – $ 9,946 $ 14,760 $ (1,588 ) $ 23,118 Insurance service expenses – (10,652 ) (12,417 ) 3,734 (19,335 ) Net expenses from reinsurance contracts held – (570 ) 281 (334 ) (623 ) Total insurance service result – (1,276 ) 2,624 1,812 3,160 Investment result Net investment income (loss) 554 (53 ) 781 (945 ) 337 Insurance / reinsurance finance income (expenses) – (325 ) (4,376 ) (1,606 ) (6,307 ) Other investment result – 36 (426 ) (9 ) (399 ) Total investment result 554 (342 ) (4,021 ) (2,560 ) (6,369 ) Other revenue (36 ) 505 6,181 (464 ) 6,186 Other expenses (42 ) (841 ) (4,455 ) 274 (5,064 ) Interest expenses (439 ) (54 ) (1,496 ) 938 (1,051 ) Net income (loss) before income taxes 37 (2,008 ) (1,167 ) – (3,138 ) Income tax (expenses) recoveries 32 624 503 – 1,159 Net income (loss) after income taxes 69 (1,384 ) (664 ) – (1,979 ) Equity in net income (loss) of unconsolidated subsidiaries (2,002 ) 638 (746 ) 2,110 – Net income (loss) $ (1,933 ) $ (746 ) $ (1,410 ) $ 2,110 $ (1,979 ) Net income (loss) attributed to: Non-controlling interests $ – $ – $ 121 $ – $ 121 Participating policyholders – (530 ) 288 75 (167 ) Shareholde rs a (1,933 ) (216 ) (1,819 ) 2,035 (1,933 ) $ (1,933 ) $ (746 ) $ (1,410 ) $ 2,110 $ (1,979 ) |
Consolidated Statement of Cash Flows | Consolidated Statement of Cash Flows For the year ended December 31, 2023 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Operating activities Net income (loss) $ 5,103 $ 809 $ 6,247 $ (6,552 ) $ 5,607 Adjustments: Equity in net income of unconsolidated subsidiaries (4,932 ) (811 ) (809 ) 6,552 – Increase (decrease) in net insurance contract liabilities – 455 10,242 – 10,697 Increase (decrease) in investment contract liabilities – (112 ) 547 – 435 (Increase) decrease in reinsurance contract assets, excluding – 28 946 – 974 Amortization of (premium) discount on invested assets – 30 (171 ) – (141 ) Contractual service margin (“CSM”) amortization – (455 ) (1,543 ) – (1,998 ) Other amortization 10 147 424 – 581 Net realized and unrealized (gains) losses and impairment on assets 3 471 (3,319 ) – (2,845 ) Deferred income tax expenses (recoveries) (11 ) (141 ) 622 – 470 Stock option expense – (3 ) 5 – 2 Cash provided by (used in) operating activities before undernoted items 173 418 13,191 – 13,782 Dividends from unconsolidated subsidiaries 5,600 386 (679 ) (5,307 ) – Changes in policy related and operating receivables and payables (4 ) (649 ) 7,294 – 6,641 Cash provided by (used in) operating activities 5,769 155 19,806 (5,307 ) 20,423 Investing activities Purchases and mortgage advances – (15,165 ) (68,856 ) – (84,021 ) Disposals and repayments – 16,159 54,122 – 70,281 Changes in investment broker net receivables and payables – 12 9 – 21 Net cash increase (decrease) from sale (purchase) of subsidiaries – – (1 ) – (1 ) Investment in common shares of subsidiaries (1,843 ) – – 1,843 – Capital contribution to unconsolidated subsidiaries – (1 ) – 1 – Return of capital from unconsolidated subsidiaries – 5 – (5 ) – Notes receivable from parent – – (4 ) 4 – Notes receivable from subsidiaries (25 ) – – 25 – Cash provided by (used in) investing activities (1,868 ) 1,010 (14,730 ) 1,868 (13,720 ) Financing activities Change in repurchase agreements and securities sold but not yet purchased – – (693 ) – (693 ) Issue of capital instruments, net 1,194 – – – 1,194 Redemption of capital instruments (600 ) – – – (600 ) Secured borrowing from securitization transactions – – 537 – 537 Changes in deposits from Bank clients, net – – (895 ) – (895 ) Lease payments – (3 ) (95 ) – (98 ) Shareholders’ dividends and other equity distributions (2,972 ) – – – (2,972 ) Common shares repurchased (1,595 ) – – – (1,595 ) Common shares issued, net 94 – 1,843 (1,843 ) 94 Contributions from (distributions to) non-controlling interests, net – – (14 ) – (14 ) Dividends paid to parent – 679 (5,986 ) 5,307 – Capital contributions by parent – – 1 (1 ) – Return of capital to parent – – (5 ) 5 – Notes payable to parent – – 25 (25 ) – Notes payable to subsidiaries 4 – – (4 ) – Cash provided by (used in) financing activities (3,875 ) 676 (5,282 ) 3,439 (5,042 ) Cash and short-term securities Increase (decrease) during the year 26 1,841 (206 ) – 1,661 Effect of foreign exchange rate changes on cash and short-term securities (3 ) (52 ) (357 ) – (412 ) Balance, beginning of year 63 2,215 16,357 – 18,635 Balance, end of year 86 4,004 15,794 – 19,884 Cash and short-term securities Beginning of year Gross cash and short-term securities 63 2,614 16,476 – 19,153 Net payments in transit, included in other liabilities – (399 ) (119 ) – (518 ) Net cash and short-term securities, beginning of year 63 2,215 16,357 – 18,635 End of year Gross cash and short-term securities 86 4,329 15,923 – 20,338 Net payments in transit, included in other liabilities – (325 ) (129 ) – (454 ) Net cash and short-term securities, end of year $ 86 $ 4,004 $ 15,794 $ – $ 19,884 Supplemental disclosures on cash flow information: Interest received $ 650 $ 3,369 $ 10,166 $ (1,417 ) $ 12,768 Interest paid 418 115 2,432 (1,417 ) 1,548 Income taxes paid (refund) 2 (1 ) 435 – 436 Consolidated Statement of Cash Flows Restated (note 2) For the year ended December 31, 2022 MFC (Guarantor) JHUSA (Issuer) Other subsidiaries Consolidation adjustments Consolidated MFC Operating activities Net income (loss) $ (1,933 ) $ (746 ) $ (1,410 ) $ 2,110 $ (1,979 ) Adjustments: Equity in net income of unconsolidated subsidiaries 2,002 (638 ) 746 (2,110 ) – Increase (decrease) in net insurance contract liabilities – 2,051 2,965 – 5,016 Increase (decrease) in investment contract liabilities – (111 ) 510 – 399 (Increase) decrease in reinsurance contract assets, excluding – 2 708 – 710 Amortization of (premium) discount on invested assets – 33 (164 ) – (131 ) Contractual service margin (“CSM”) amortization – (578 ) (1,415 ) – (1,993 ) Other amortization 9 156 354 – 519 Net realized and unrealized (gains) losses and impairment on assets (36 ) 4,854 8,842 – 13,660 Gain on U.S. variable annuity reinsurance transaction (pre-tax) – (1,026 ) (44 ) – (1,070 ) Gain on derecognition of Joint Venture interest during Manulife TEDA acquisition (pre-tax) – – (95 ) – (95 ) Deferred income tax expenses (recoveries) (33 ) (354 ) (1,607 ) – (1,994 ) Stock option expense – (3 ) 8 – 5 Cash provided by (used in) operating activities before undernoted items 9 3,640 9,398 – 13,047 Dividends from unconsolidated subsidiaries 6,200 399 734 (7,333 ) – Changes in policy related and operating receivables and payables 44 1,644 3,270 – 4,958 Cash decrease due to U.S. variable annuity reinsurance transaction – (1,263 ) (114 ) – (1,377 ) Cash provided by (used in) operating activities 6,253 4,420 13,288 (7,333 ) 16,628 Investing activities Purchases and mortgage advances – (28,685 ) (82,873 ) – (111,558 ) Disposals and repayments 1 23,429 69,977 – 93,407 Changes in investment broker net receivables and payables – (11 ) (56 ) – (67 ) Net cash increase (decrease) from sale (purchase) of subsidiaries – – (182 ) – (182 ) Investment in common shares of subsidiaries (2,479 ) – – 2,479 – Capital contribution to unconsolidated subsidiaries – (1 ) – 1 – Return of capital from unconsolidated subsidiaries – 19 – (19 ) – Notes receivable from parent – – 415 (415 ) – Notes receivable from subsidiaries 46 (7 ) – (39 ) – Cash provided by (used in) investing activities (2,432 ) (5,256 ) (12,719 ) 2,007 (18,400 ) Financing activities Change in repurchase agreements and securities sold but not yet purchased – – 346 – 346 Issue of long-term debt, net 946 – – – 946 Redemption of capital instruments – – (1,000 ) – (1,000 ) Secured borrowing from securitization transactions – – 437 – 437 Changes in deposits from Bank clients, net – – 1,703 – 1,703 Lease payments – (5 ) (115 ) – (120 ) Shareholders’ dividends and other equity distributions (2,787 ) – – – (2,787 ) Common shares repurchased (1,884 ) – – – (1,884 ) Common shares issued, net 23 – 2,479 (2,479 ) 23 Preferred shares and other equity issued, net 990 – – – 990 Preferred shares redeemed, net (711 ) – – – (711 ) Contributions from (distributions to) non-controlling interests, net – – (51 ) – (51 ) Dividends paid to parent – (734 ) (6,599 ) 7,333 – Capital contributions by parent – – 1 (1 ) – Return of capital to parent – – (19 ) 19 – Notes payable to parent – – (39 ) 39 – Notes payable to subsidiaries (415 ) – – 415 – Cash provided by (used in) financing activities (3,838 ) (739 ) (2,857 ) 5,326 (2,108 ) Cash and short-term securities Increase (decrease) during the year (17 ) (1,575 ) (2,288 ) – (3,880 ) Effect of foreign exchange rate changes on cash and short-term securities 2 225 358 – 585 Balance, beginning of year 78 3,565 18,287 – 21,930 Balance, end of year 63 2,215 16,357 – 18,635 Cash and short-term securities Beginning of ye 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, beginning of year 78 3,565 18,287 – 21,930 End of year Gross cash and short-term securities 63 2,614 16,476 – 19,153 Net payments in transit, included in other liabilities – (399 ) (119 ) – (518 ) Net cash and short-term securities, end of year $ 63 $ 2,215 $ 16,357 $ – $ 18,635 Supplemental disclosures on cash flow information: Interest received $ 512 $ 3,850 $ 8,672 $ (1,161 ) $ 11,873 Interest paid 424 84 1,608 (1,161 ) 955 Income taxes paid (refund) – 124 1,114 – 1,238 |
Adoption of IFRS 17 (Tables)
Adoption of IFRS 17 (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Detailed Information About Adoption of IFRS 17 [Abstract] | |
Schedule of Invested Assets Type Measurement Category And Its Transitional Differences Under IFRS 9 | The following table presents invested assets by type and measurement category as at December 31, 2021, with transitional measurement differences and presentation differences and then invested assets by type and category as at January 1, 2022. December 31, 2021 Impact of IFRS 17 January 1, 2022 IAS 39 category Total carrying Measurement differences Presentation Total carrying Measurement category Cash and short-term securities AFS $ 14,339 $ – $ 2,214 $ 16,553 FVOCI (1) FVTPL 2,214 – (2,214 ) – FVTPL (2) Amortized cost 6,041 – – 6,041 Amortized cost (3) 22,594 – – 22,594 Debt securities AFS 33,097 – 184,365 217,462 FVOCI (1) FVTPL 189,722 – (184,365 ) 5,357 FVTPL (2) Amortized cost 1,320 – – 1,320 Amortized cost (3) 224,139 – – 224,139 Public equities AFS 2,351 – (2,351 ) – FVTPL 25,716 – 2,351 28,067 FVTPL (2) 28,067 – – 28,067 Mortgages AFS – 1,897 29,901 31,798 FVOCI ( 1) FVTPL – 37 1,166 1,203 FVTPL (2) Amortized cost 52,014 – (31,067 ) 20,947 Amortized cost (3) 52,014 1,934 – 53,948 Private placements AFS – 4,407 42,175 46,582 FVOCI ( 1) FVTPL – 40 667 707 FVTPL (2) Amortized cost 42,842 – (42,842 ) – Amortized cost (3) 42,842 4,447 – 47,289 Policy loans Amortized cost 6,397 – (6,397 ) – N/A (4) Loans to Bank clients Amortized cost 2,506 – – 2,506 Amortized cost (3) Other invested assets AFS 89 (4 ) 238 323 FVOCI ( 1) FVTPL 21,157 (10 ) 617 21,764 FVTPL (2) Amortized cost 855 – (855 ) – Amortized cost (3) 22,101 (14 ) – 22,087 Total in-scope invested assets 400,660 6,367 (6,397 ) 400,630 Out-of-scope (5) Other 26,438 1,035 – 27,473 Other (5) Total Invested Assets $ 427,098 $ 7,402 $ (6,397 ) $ 428,103 (1) The reclassification of unrealized gains (losses), net of tax, of $11,868 from retained earnings to accumulated other comprehensive income (AOCI) related to FVOCI classification of debt investments classified as FVTPL under IAS 39. (2) The reclassification of unrealized gains (losses), net of tax, of $268 from AOCI to retained earnings related to FVTPL classification of debt securities classified as FVOCI under IAS 39. (3) The re-measurement (4) Policy loans were reclassified from invested assets to insurance contract liabilities under IFRS 17 with no re-measurement (5) Own use real estate properties which are underlying items for insurance contracts with direct participating features were remeasured to fair value as if they were investment properties, as permitted by IFRS 17. This re-measurement |
Schedule of Balance Sheet And Related Adjustments As of IFRS 17 | The opening IFRS 17 balance sheet and related adjustments as at January 1, 2022 are presented below: IFRS 4 & IAS 39 December 31, Opening IFRS balance sheet adjustments IFRS 17 & IAS 39 January 1, Measurement differences Transition Contract Presentation Assets Total invested assets $ 427,098 $ – $ 7,402 $ (6,397 ) $ 428,103 Total other assets 90,757 2,877 5,617 1,078 100,329 Segregated funds net assets 399,788 – – – 399,788 Total assets $ 917,643 $ 2,877 $ 13,019 $ (5,319 ) $ 928,220 Liabilities and Equity Insurance contract liabilities, excluding those for account of segregated fund holders $ 392,275 $ 21,466 (1) $ 10,014 $ (18,134 ) $ 405,621 Investment contract liabilities 3,116 – – 6,948 10,064 Other liabilities 63,595 (2,823 ) (784 ) 5,867 65,855 Insurance contract liabilities for account of segregated fund holders – – – 130,836 130,836 Investment contract liabilities for account of segregated fund holders – – – 268,952 268,952 Segregated funds net liabilities 399,788 – – (399,788 ) – Total liabilities 858,774 18,643 9,230 (5,319 ) 881,328 Equity Shareholders and other equity holders’ retained earnings 23,492 (13,607 ) (229 ) – 9,656 Shareholders’ accumulated other comprehensive income (loss) Insurance finance income (expenses) – – (17,117 ) – (17,117 ) Reinsurance finance income (expenses) – – 984 – 984 FVOCI investments 848 – 16,916 – 17,764 Other equity items 34,068 – – – 34,068 Total shareholders’ equity 58,408 (13,607 ) 554 – 45,355 Participating policyholders’ equity (1,233 ) (1,440 ) (1) 2,774 – 101 Non-controlling 1,694 (719 ) (1) 461 – 1,436 Total equity 58,869 (15,766 ) 3,789 – 46,892 Total liabilities and equity $ 917,643 $ 2,877 $ 13,019 $ (5,319 ) $ 928,220 (1) The post-tax |
Nature of Operations and Mate_3
Nature of Operations and Material Accounting Policy Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of changes in accounting estimates [Line Items] | |
Percentage of probability of default In financial instrument | 100% |
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 |
Accounting and Reporting Chan_3
Accounting and Reporting Changes - Schedule of Impact on Loss Allowances for Invested Assets (Detail) - CAD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2023 | Jan. 01, 2023 |
Disclosure of Detailed Information About Loss allowances fIAS 39 to the Expected Credit Losses Impairment Allowance under IFRS [Line Items] | |||
ECL allowance | $ 724 | $ 929 | |
IAS 39 [Member] | |||
Disclosure of Detailed Information About Loss allowances fIAS 39 to the Expected Credit Losses Impairment Allowance under IFRS [Line Items] | |||
Impairment allowance | 47 | ||
IAS 39 [Member] | On balance sheet exposures [Member] | |||
Disclosure of Detailed Information About Loss allowances fIAS 39 to the Expected Credit Losses Impairment Allowance under IFRS [Line Items] | |||
Impairment allowance | 47 | ||
IAS 39 [Member] | FVOCI [Member] | Private placements [member] | On balance sheet exposures [Member] | |||
Disclosure of Detailed Information About Loss allowances fIAS 39 to the Expected Credit Losses Impairment Allowance under IFRS [Line Items] | |||
Impairment allowance | 25 | ||
IAS 39 [Member] | FVOCI [Member] | Mortgages [member] | On balance sheet exposures [Member] | |||
Disclosure of Detailed Information About Loss allowances fIAS 39 to the Expected Credit Losses Impairment Allowance under IFRS [Line Items] | |||
Impairment allowance | 10 | ||
IAS 39 [Member] | Amortized cost [Member] | Mortgages [member] | On balance sheet exposures [Member] | |||
Disclosure of Detailed Information About Loss allowances fIAS 39 to the Expected Credit Losses Impairment Allowance under IFRS [Line Items] | |||
Impairment allowance | 7 | ||
IAS 39 [Member] | Amortized cost [Member] | Loans to bank clients [member] | On balance sheet exposures [Member] | |||
Disclosure of Detailed Information About Loss allowances fIAS 39 to the Expected Credit Losses Impairment Allowance under IFRS [Line Items] | |||
Impairment allowance | $ 5 | ||
IFRS 9 [Member] | |||
Disclosure of Detailed Information About Loss allowances fIAS 39 to the Expected Credit Losses Impairment Allowance under IFRS [Line Items] | |||
ECL allowance | $ 724 | ||
IFRS 9 [Member] | Of balance sheet exposures [Member] | |||
Disclosure of Detailed Information About Loss allowances fIAS 39 to the Expected Credit Losses Impairment Allowance under IFRS [Line Items] | |||
ECL allowance | 11 | ||
IFRS 9 [Member] | On balance sheet exposures [Member] | |||
Disclosure of Detailed Information About Loss allowances fIAS 39 to the Expected Credit Losses Impairment Allowance under IFRS [Line Items] | |||
ECL allowance | 713 | ||
IFRS 9 [Member] | FVOCI [Member] | Debt securities [member] | On balance sheet exposures [Member] | |||
Disclosure of Detailed Information About Loss allowances fIAS 39 to the Expected Credit Losses Impairment Allowance under IFRS [Line Items] | |||
ECL allowance | 348 | ||
IFRS 9 [Member] | FVOCI [Member] | Private placements [member] | On balance sheet exposures [Member] | |||
Disclosure of Detailed Information About Loss allowances fIAS 39 to the Expected Credit Losses Impairment Allowance under IFRS [Line Items] | |||
ECL allowance | 255 | ||
IFRS 9 [Member] | FVOCI [Member] | Mortgages [member] | On balance sheet exposures [Member] | |||
Disclosure of Detailed Information About Loss allowances fIAS 39 to the Expected Credit Losses Impairment Allowance under IFRS [Line Items] | |||
ECL allowance | 83 | ||
IFRS 9 [Member] | FVOCI [Member] | Other invested assets [member] | On balance sheet exposures [Member] | |||
Disclosure of Detailed Information About Loss allowances fIAS 39 to the Expected Credit Losses Impairment Allowance under IFRS [Line Items] | |||
ECL allowance | 13 | ||
IFRS 9 [Member] | Amortized cost [Member] | On balance sheet exposures [Member] | |||
Disclosure of Detailed Information About Loss allowances fIAS 39 to the Expected Credit Losses Impairment Allowance under IFRS [Line Items] | |||
ECL allowance | $ 14 |
Accounting and Reporting Chan_4
Accounting and Reporting Changes - Schedule of Financial Liabilities Under IAS 39 (Detail) - CAD ($) $ in Millions | Jan. 01, 2023 | Dec. 31, 2022 |
Amortized cost [member] | IFRS 9 [Member] | ||
Disclosure of financial liabilities at date of initial application of IFRS 9 [line items] | ||
Impact of classification and measurement changes | $ 8,304 | |
IFRS 9 Total carrying value | 78,125 | |
Amortized cost [member] | IAS 39 [Member] | ||
Disclosure of financial liabilities at date of initial application of IFRS 9 [line items] | ||
IAS 39 Total carrying value | $ 69,821 | |
Investment contract liabilities [member] | FVTPL [member] | IFRS 9 [Member] | ||
Disclosure of financial liabilities at date of initial application of IFRS 9 [line items] | ||
Impact of classification and measurement changes | 2 | |
IFRS 9 Total carrying value | 798 | |
Investment contract liabilities [member] | FVTPL [member] | IAS 39 [Member] | ||
Disclosure of financial liabilities at date of initial application of IFRS 9 [line items] | ||
IAS 39 Total carrying value | 796 | |
Investment contract liabilities [member] | Amortized cost [member] | IFRS 9 [Member] | ||
Disclosure of financial liabilities at date of initial application of IFRS 9 [line items] | ||
Impact of classification and measurement changes | 6,829 | |
IFRS 9 Total carrying value | 9,281 | |
Investment contract liabilities [member] | Amortized cost [member] | IAS 39 [Member] | ||
Disclosure of financial liabilities at date of initial application of IFRS 9 [line items] | ||
IAS 39 Total carrying value | 2,452 | |
Deposits from bank clients [member] | Amortized cost [member] | IFRS 9 [Member] | ||
Disclosure of financial liabilities at date of initial application of IFRS 9 [line items] | ||
IFRS 9 Total carrying value | 22,507 | |
Deposits from bank clients [member] | Amortized cost [member] | IAS 39 [Member] | ||
Disclosure of financial liabilities at date of initial application of IFRS 9 [line items] | ||
IAS 39 Total carrying value | 22,507 | |
Derivative Liabilities [member] | FVTPL [member] | IFRS 9 [Member] | ||
Disclosure of financial liabilities at date of initial application of IFRS 9 [line items] | ||
IFRS 9 Total carrying value | 14,289 | |
Derivative Liabilities [member] | FVTPL [member] | IAS 39 [Member] | ||
Disclosure of financial liabilities at date of initial application of IFRS 9 [line items] | ||
IAS 39 Total carrying value | 14,289 | |
Other Liabilities [member] | Amortized cost [member] | IFRS 9 [Member] | ||
Disclosure of financial liabilities at date of initial application of IFRS 9 [line items] | ||
Impact of classification and measurement changes | 1,473 | |
IFRS 9 Total carrying value | 18,894 | |
Other Liabilities [member] | Amortized cost [member] | IAS 39 [Member] | ||
Disclosure of financial liabilities at date of initial application of IFRS 9 [line items] | ||
IAS 39 Total carrying value | 17,421 | |
Long-term borrowings [member] | Amortized cost [member] | IFRS 9 [Member] | ||
Disclosure of financial liabilities at date of initial application of IFRS 9 [line items] | ||
IFRS 9 Total carrying value | 6,234 | |
Long-term borrowings [member] | Amortized cost [member] | IAS 39 [Member] | ||
Disclosure of financial liabilities at date of initial application of IFRS 9 [line items] | ||
IAS 39 Total carrying value | 6,234 | |
Capital Instruments [member] | Amortized cost [member] | IFRS 9 [Member] | ||
Disclosure of financial liabilities at date of initial application of IFRS 9 [line items] | ||
IFRS 9 Total carrying value | $ 6,122 | |
Capital Instruments [member] | Amortized cost [member] | IAS 39 [Member] | ||
Disclosure of financial liabilities at date of initial application of IFRS 9 [line items] | ||
IAS 39 Total carrying value | $ 6,122 |
Accounting and Reporting Chan_5
Accounting and Reporting Changes - Schedule of Financial Liabilities Under IAS 39 (Parenthetical) (Detail) - Financial liabilities at amortised cost, category [member] - IFRS 9 [Member] $ in Millions | Jan. 01, 2023 CAD ($) |
Disclosure of financial liabilities at date of initial application of IFRS 9 [line items] | |
Impact of classification and measurement changes | $ 8,304 |
Investment contract liabilities [member] | |
Disclosure of financial liabilities at date of initial application of IFRS 9 [line items] | |
Impact of classification and measurement changes | 6,829 |
Other Liabilities [member] | |
Disclosure of financial liabilities at date of initial application of IFRS 9 [line items] | |
Impact of classification and measurement changes | $ 1,473 |
Accounting and Reporting Chan_6
Accounting and Reporting Changes - Additional Information (Detail) - CAD ($) | Jan. 01, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
Disclosure of changes in accounting estimates [line items] | |||||
Allowance account for credit losses of financial assets | $ 929,000,000 | $ 724,000,000 | |||
Equity | 48,727,000,000 | 48,226,000,000 | $ 46,892,000,000 | ||
Notional amount | 440,077,000,000 | 395,957,000,000 | |||
Debt securities [member] | |||||
Disclosure of changes in accounting estimates [line items] | |||||
Reclassification of financial assets out of measured at fair value through profit or loss into measured at fair value through other comprehensive income | $ 184,000,000,000 | ||||
IFRS 9 [Member] | |||||
Disclosure of changes in accounting estimates [line items] | |||||
Accumulated other comprehensive income amount cost of hedging | 22,000,000 | ||||
Accumulated other comprehensive income other reclassifications | 0 | ||||
Allowance account for credit losses of financial assets | 724,000,000 | ||||
Increase (decrease) due to changes in accounting policy required by IFRSs, cumulative effect at date of initial application [member] | IFRS 9 [Member] | |||||
Disclosure of changes in accounting estimates [line items] | |||||
Notional amount | $ 232,637,000,000 | ||||
Shareholders and other equity holders retained earnings [Member] | |||||
Disclosure of changes in accounting estimates [line items] | |||||
Equity | 4,819,000,000 | 3,538,000,000 | $ 9,656,000,000 | ||
Shareholders and other equity holders retained earnings [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs, cumulative effect at date of initial application [member] | IFRS 17 And IFRS 9 [Member] | |||||
Disclosure of changes in accounting estimates [line items] | |||||
Equity | 409,000,000 | 10,645,000,000 | |||
Accumulated other comprehensive income [member] | |||||
Disclosure of changes in accounting estimates [line items] | |||||
Equity | 13,811,000,000 | 14,261,000,000 | $ 5,963,000,000 | ||
Accumulated other comprehensive income [member] | Increase (decrease) due to changes in accounting policy required by IFRSs, cumulative effect at date of initial application [member] | IFRS 17 And IFRS 9 [Member] | |||||
Disclosure of changes in accounting estimates [line items] | |||||
AOCI Balances | $ 408,000,000 | $ 16,916,000,000 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - Manulife Fund Management Co Ltd [Member] $ in Millions | 1 Months Ended |
Nov. 30, 2022 CAD ($) | |
Disclosure of detailed information about business combination [line items] | |
Cash transferred | $ 334 |
Fair value of joint venture interest valued | 321 |
Gain (loss) recognised asderecognition of the previous joint venture interest | 95 |
Tangible net assets recognised as of acquisition date | 160 |
Identifiable intangible assets recognised as of acquisition date | 240 |
Goodwill recognised as of acquisition date | $ 255 |
Percentage of voting equity interests acquired | 51% |
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, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
Disclosure of fair value measurement of assets [Line Items] | ||||
Cash and short-term securities | $ 20,338 | $ 19,153 | $ 22,594 | $ 22,594 |
Debt securities | 212,149 | 203,842 | 224,139 | |
Public equities (FVTPL mandatory) | 25,531 | 23,519 | 28,067 | |
Mortgages | 52,421 | 51,765 | 53,948 | |
Private placements | 45,606 | 42,010 | 47,289 | |
Loans to Bank clients | 2,436 | 2,781 | 2,506 | |
Real estate | 13,049 | 14,269 | 14,269 | |
Other invested assets | 45,680 | 42,803 | 35,291 | |
Total invested assets | 417,210 | 400,142 | $ 428,103 | |
FVTPL [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Cash and short-term securities | 1 | |||
Debt securities | 2,372 | 2,209 | ||
Public equities (FVTPL mandatory) | 25,531 | 23,519 | ||
Mortgages | 1,055 | 1,138 | ||
Private placements | 654 | 516 | ||
Total invested assets | 62,038 | 56,996 | ||
FVOCI [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Cash and short-term securities | 13,993 | 12,859 | ||
Debt securities | 127,190 | 126,371 | ||
Mortgages | 28,473 | 28,621 | ||
Private placements | 44,952 | 41,494 | ||
Total invested assets | 293,555 | 280,946 | ||
Other invested assets [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Cash and short-term securities | 6,344 | 6,294 | ||
Mortgages | 22,893 | 22,006 | ||
Loans to Bank clients | 2,436 | 2,781 | ||
Total invested assets | 61,617 | 62,200 | ||
Fair value [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Cash and short-term securities | 20,338 | 19,153 | ||
Public equities (FVTPL mandatory) | 25,531 | 23,519 | ||
Mortgages | 52,310 | 51,372 | ||
Private placements | 45,606 | 42,010 | ||
Loans to Bank clients | 2,411 | 2,760 | ||
Total invested assets | 417,704 | 400,238 | ||
Canadian government and agency [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 20,988 | 21,266 | ||
Canadian government and agency [Member] | FVTPL [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 1,219 | 987 | ||
Canadian government and agency [Member] | FVOCI [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 19,769 | 20,279 | ||
Canadian government and agency [Member] | Fair value [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 20,988 | 21,266 | ||
U.S. government and agency [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 28,478 | 24,736 | ||
U.S. government and agency [Member] | FVTPL [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 1,303 | 1,378 | ||
U.S. government and agency [Member] | FVOCI [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 26,287 | 22,446 | ||
U.S. government and agency [Member] | Other invested assets [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 888 | 912 | ||
U.S. government and agency [Member] | Fair value [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 28,251 | 24,494 | ||
Other government and agency [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 30,666 | 26,473 | ||
Other government and agency [Member] | FVTPL [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 90 | 159 | ||
Other government and agency [Member] | FVOCI [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 30,576 | 26,314 | ||
Other government and agency [Member] | Fair value [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 30,666 | 26,473 | ||
Corporate [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 130,046 | 129,079 | ||
Corporate [Member] | FVTPL [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 2,372 | 2,209 | ||
Corporate [Member] | FVOCI [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 127,190 | 126,371 | ||
Corporate [Member] | Other invested assets [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 484 | 499 | ||
Corporate [Member] | Fair value [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 129,899 | 128,910 | ||
Mortgage/asset-backed securities [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 1,971 | 2,288 | ||
Mortgage/asset-backed securities [Member] | FVTPL [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 16 | 22 | ||
Mortgage/asset-backed securities [Member] | FVOCI [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 1,955 | 2,266 | ||
Mortgage/asset-backed securities [Member] | Fair value [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 1,971 | 2,288 | ||
Real estate own use property [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Real estate | 2,591 | 2,852 | ||
Real estate own use property [Member] | Other invested assets [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Real estate | 2,591 | 2,852 | ||
Real estate own use property [Member] | Fair value [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Real estate | 2,716 | 3,008 | ||
Investment property [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Real estate | 10,458 | 11,417 | ||
Investment property [Member] | Other invested assets [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Real estate | 10,458 | 11,417 | ||
Investment property [Member] | Fair value [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Real estate | 10,458 | 11,417 | ||
Alternative long-duration assets [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Other invested assets | 41,434 | 38,460 | ||
Alternative long-duration assets [Member] | FVTPL [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Other invested assets | 29,671 | 26,938 | ||
Alternative long-duration assets [Member] | FVOCI [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Other invested assets | 360 | 296 | ||
Alternative long-duration assets [Member] | Other invested assets [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Other invested assets | 11,403 | 11,226 | ||
Alternative long-duration assets [Member] | Fair value [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Other invested assets | 42,313 | 39,225 | ||
Various other [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Other invested assets | 4,246 | 4,343 | ||
Various other [Member] | FVTPL [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Other invested assets | 126 | 130 | ||
Various other [Member] | Other invested assets [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Other invested assets | 4,120 | 4,213 | ||
Various other [Member] | Fair value [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Other invested assets | $ 4,246 | $ 4,343 |
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, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Disclosure of fair value measurement of assets [Line Items] | |||
Debt securities | $ 212,149 | $ 203,842 | $ 224,139 |
Private placements | 45,606 | 42,010 | 47,289 |
Other invested assets | 45,680 | 42,803 | 35,291 |
Real estate | 13,049 | 14,269 | $ 14,269 |
Canadian Dollar Offered Rate [Member] | Interest Rate Benchmark Reform [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Floating rate invested assets | 167 | 173 | |
Australia Dollars Bank Bill Swap Rate [Member] | Interest Rate Benchmark Reform [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Private placements | 198 | 199 | |
Floating rate invested assets | 16 | 15 | |
New Zealand Dollars Bank Bill Market Rate [Member] | Interest Rate Benchmark Reform [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Private placements | 61 | 43 | |
Private equity [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Total carrying value | 15,445 | 14,153 | |
Less than 1 year [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Debt securities | 1,294 | 1,787 | |
Private placements | 1,418 | 1,485 | |
Less than 90 days [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Debt securities | 1,413 | 870 | |
Fair value [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Private placements | 45,606 | 42,010 | |
Change in the fair value of these invested assets | 49 | (94) | |
Real estate own use property [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Real estate | 2,591 | 2,852 | |
Real estate own use property [Member] | Fair value [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Real estate | 2,716 | 3,008 | |
Real estate own use property [Member] | Fair value [Member] | Insurance Contracts with Direct Participating Features [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Real estate | 2,430 | 2,682 | |
Real estate own use property [Member] | Carried at Cost [Member] | Insurance Contracts with Direct Participating Features [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Real estate | 161 | 170 | |
Alternative long-duration assets [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Other invested assets | 41,434 | 38,460 | |
Alternative long-duration assets [Member] | Power and infrastructure [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Total carrying value | 14,950 | 12,751 | |
Alternative long-duration assets [Member] | Timber and agriculture [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Total carrying value | 5,719 | 5,979 | |
Alternative long-duration assets [Member] | Energy [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Total carrying value | 1,859 | 2,347 | |
Alternative long-duration assets [Member] | Other invested assets [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Total carrying value | 3,461 | 3,230 | |
Alternative long-duration assets [Member] | Less than 1 year [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Other invested assets | 1 | ||
Alternative long-duration assets [Member] | Fair value [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Other invested assets | 42,313 | 39,225 | |
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 | 6,162 | 4,148 | |
Cash equivalents | 7,832 | 8,711 | |
Cash | 6,344 | 6,294 | |
Other [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Other invested assets leveraged leases | 3,790 | 3,840 | |
SPPI qualifying [member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Other invested assets | 360 | 302 | |
SPPI non qualifying [member] | Fair value [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Debt securities | 0 | 0 | |
Private placements | 115 | 98 | |
Other invested assets | $ 539 | $ 507 |
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, 2023 | Dec. 31, 2022 |
Disclosure Of Carrying Value Measurement Of Assets [Line Items] | ||
Investments in associates carrying value | $ 10,733 | $ 10,323 |
Percentage of investments in associates carrying value | 100% | 100% |
Leveraged leases [Member] | ||
Disclosure Of Carrying Value Measurement Of Assets [Line Items] | ||
Investments in associates carrying value | $ 3,790 | $ 3,840 |
Percentage of investments in associates carrying value | 35% | 37% |
Timber and agriculture [Member] | ||
Disclosure Of Carrying Value Measurement Of Assets [Line Items] | ||
Investments in associates carrying value | $ 854 | $ 822 |
Percentage of investments in associates carrying value | 8% | 8% |
Real estate [Member] | ||
Disclosure Of Carrying Value Measurement Of Assets [Line Items] | ||
Investments in associates carrying value | $ 1,704 | $ 1,876 |
Percentage of investments in associates carrying value | 16% | 18% |
Other [Member] | ||
Disclosure Of Carrying Value Measurement Of Assets [Line Items] | ||
Investments in associates carrying value | $ 443 | $ 487 |
Percentage of investments in associates carrying value | 4% | 5% |
Infrastructure [Member] | ||
Disclosure Of Carrying Value Measurement Of Assets [Line Items] | ||
Investments in associates carrying value | $ 3,942 | $ 3,298 |
Percentage of investments in associates carrying value | 37% | 32% |
Invested Assets and Investmen_6
Invested Assets and Investment Income - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Disclosure of fair value measurement of assets [Line Items] | |||
Fair value of securitized assets | $ 875,574 | $ 833,689 | $ 928,220 |
Fair value of securitized liabilities | 826,847 | 785,463 | $ 881,328 |
Transfers out of Level1 and Level 2 of fair value hierarchy , assets held at end of reporting period | 0 | 0 | |
Segregated funds [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period | 0 | 0 | |
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period | 0 | 0 | |
Other invested assets [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Profit (loss) from associates and joint ventures | 399 | 852 | |
Securitized assets [Member] | Fair value [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Fair value of securitized assets | 5,782 | 5,167 | |
Fair value of securitized liabilities | $ 5,456 | $ 4,865 |
Invested Assets and Investmen_7
Invested Assets and Investment Income - Schedule of Investment Income (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of Investment Income [line items] | ||
Rental income, net of depreciation | $ 840 | $ 825 |
Total investment income (loss) | 19,318 | 1,558 |
Investment income | 16,180 | 15,204 |
Investment expenses | (1,297) | (1,221) |
Net investment income (loss) | 18,021 | 337 |
Debt securities [Member] | ||
Disclosure of Investment Income [line items] | ||
Interest income | 7,677 | 7,155 |
Gains (losses) | 414 | (1,050) |
Impairment loss, net | (4) | |
Cash and short-term securities [Member] | ||
Disclosure of Investment Income [line items] | ||
Interest income | 837 | 313 |
Gains (losses) | 10 | 121 |
Public equities [Member] | ||
Disclosure of Investment Income [line items] | ||
Dividend income | 625 | 548 |
Gains (losses) | 2,255 | (3,995) |
Impairment loss, net | ||
Mortgages [Member] | ||
Disclosure of Investment Income [line items] | ||
Interest income | 2,290 | 1,914 |
Gains (losses) | 99 | (52) |
Provision, net | (150) | 1 |
Private placements [Member] | ||
Disclosure of Investment Income [line items] | ||
Interest income | 2,318 | 2,008 |
Gains (losses) | 375 | 233 |
Impairment loss, net | (72) | |
Loans to Bank clients [Member] | ||
Disclosure of Investment Income [line items] | ||
Interest income | 201 | 138 |
Provision, net | (3) | (4) |
Real estate [Member] | ||
Disclosure of Investment Income [line items] | ||
Rental income, net of depreciation | 496 | 490 |
Gains (losses) | (1,286) | (591) |
Derivatives [Member] | ||
Disclosure of Investment Income [line items] | ||
Interest income | (561) | 515 |
Gains (losses) | 1,147 | (10,639) |
Other invested assets [Member] | ||
Disclosure of Investment Income [line items] | ||
Interest income | 40 | 20 |
Energy, timber, agriculture and other income | 2,197 | 2,862 |
Gains (losses) | 488 | 1,645 |
Impairment loss, net | (75) | (74) |
Interest income [member] | ||
Disclosure of Investment Income [line items] | ||
Investment income | 12,802 | 12,063 |
Dividend, rental and other income [member] | ||
Disclosure of Investment Income [line items] | ||
Investment income | 3,318 | 3,900 |
Impairments, provisions and recoveries, net [Member] | ||
Disclosure of Investment Income [line items] | ||
Investment income | (304) | (77) |
Other [Member] | ||
Disclosure of Investment Income [line items] | ||
Investment income | 364 | (682) |
Insurance And Investment Contract [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | 3,138 | (13,646) |
Insurance And Investment Contract [Member] | Debt securities [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | 430 | (504) |
Insurance And Investment Contract [Member] | Public equities [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | 2,157 | (3,825) |
Insurance And Investment Contract [Member] | Mortgages [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | 99 | (52) |
Insurance And Investment Contract [Member] | Private placements [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | 375 | 234 |
Insurance And Investment Contract [Member] | Real estate [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | (1,289) | (578) |
Insurance And Investment Contract [Member] | Derivatives [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | 875 | (10,712) |
Insurance And Investment Contract [Member] | Other invested assets [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | 491 | 1,791 |
FVTPL [Member] | ||
Disclosure of Investment Income [line items] | ||
Total investment income (loss) | 6,576 | (8,989) |
Investment income | 2,788 | 3,883 |
FVTPL [Member] | Debt securities [Member] | ||
Disclosure of Investment Income [line items] | ||
Interest income | 212 | 139 |
Gains (losses) | 152 | |
FVTPL [Member] | Public equities [Member] | ||
Disclosure of Investment Income [line items] | ||
Dividend income | 625 | 548 |
Gains (losses) | 2,255 | (3,995) |
FVTPL [Member] | Mortgages [Member] | ||
Disclosure of Investment Income [line items] | ||
Gains (losses) | 99 | |
FVTPL [Member] | Private placements [Member] | ||
Disclosure of Investment Income [line items] | ||
Gains (losses) | 20 | |
FVTPL [Member] | Loans to Bank clients [Member] | ||
Disclosure of Investment Income [line items] | ||
Interest income | 0 | |
Provision, net | 0 | |
FVTPL [Member] | Real estate [Member] | ||
Disclosure of Investment Income [line items] | ||
Rental income, net of depreciation | 0 | |
Gains (losses) | 0 | |
FVTPL [Member] | Derivatives [Member] | ||
Disclosure of Investment Income [line items] | ||
Interest income | (561) | 515 |
Gains (losses) | 1,147 | (10,639) |
FVTPL [Member] | Other invested assets [Member] | ||
Disclosure of Investment Income [line items] | ||
Interest income | 17 | 14 |
Energy, timber, agriculture and other income | 2,197 | 2,862 |
Gains (losses) | 487 | 1,641 |
Impairment loss, net | (74) | (74) |
FVTPL [Member] | Interest income [member] | ||
Disclosure of Investment Income [line items] | ||
Investment income | (332) | 668 |
FVTPL [Member] | Dividend, rental and other income [member] | ||
Disclosure of Investment Income [line items] | ||
Investment income | 2,822 | 3,410 |
FVTPL [Member] | Impairments, provisions and recoveries, net [Member] | ||
Disclosure of Investment Income [line items] | ||
Investment income | (74) | (74) |
FVTPL [Member] | Other [Member] | ||
Disclosure of Investment Income [line items] | ||
Investment income | 372 | (121) |
FVTPL [Member] | Insurance And Investment Contract [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | 3,788 | (12,872) |
FVTPL [Member] | Insurance And Investment Contract [Member] | Debt securities [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | 153 | |
FVTPL [Member] | Insurance And Investment Contract [Member] | Public equities [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | 2,157 | (3,825) |
FVTPL [Member] | Insurance And Investment Contract [Member] | Mortgages [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | 99 | |
FVTPL [Member] | Insurance And Investment Contract [Member] | Private placements [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | 20 | |
FVTPL [Member] | Insurance And Investment Contract [Member] | Real estate [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | 0 | |
FVTPL [Member] | Insurance And Investment Contract [Member] | Derivatives [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | 875 | (10,712) |
FVTPL [Member] | Insurance And Investment Contract [Member] | Other invested assets [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | 484 | 1,665 |
FVOCI [Member] | ||
Disclosure of Investment Income [line items] | ||
Total investment income (loss) | 13,456 | 10,487 |
Investment income | 12,817 | 10,683 |
FVOCI [Member] | Debt securities [Member] | ||
Disclosure of Investment Income [line items] | ||
Interest income | 7,437 | 6,990 |
Gains (losses) | 262 | (1,050) |
Impairment loss, net | (4) | |
FVOCI [Member] | Cash and short-term securities [Member] | ||
Disclosure of Investment Income [line items] | ||
Interest income | 837 | 313 |
Gains (losses) | 10 | 121 |
FVOCI [Member] | Mortgages [Member] | ||
Disclosure of Investment Income [line items] | ||
Interest income | 2,290 | 1,914 |
Gains (losses) | (52) | |
Provision, net | 0 | |
FVOCI [Member] | Private placements [Member] | ||
Disclosure of Investment Income [line items] | ||
Interest income | 2,318 | 2,008 |
Gains (losses) | 355 | 233 |
Impairment loss, net | (72) | |
FVOCI [Member] | Other invested assets [Member] | ||
Disclosure of Investment Income [line items] | ||
Interest income | 23 | 6 |
Gains (losses) | 4 | |
FVOCI [Member] | Interest income [member] | ||
Disclosure of Investment Income [line items] | ||
Investment income | 12,905 | 11,231 |
FVOCI [Member] | Impairments, provisions and recoveries, net [Member] | ||
Disclosure of Investment Income [line items] | ||
Investment income | (76) | 0 |
FVOCI [Member] | Other [Member] | ||
Disclosure of Investment Income [line items] | ||
Investment income | (12) | (548) |
FVOCI [Member] | Insurance And Investment Contract [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | 639 | (196) |
FVOCI [Member] | Insurance And Investment Contract [Member] | Debt securities [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | 277 | (504) |
FVOCI [Member] | Insurance And Investment Contract [Member] | Mortgages [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | (52) | |
FVOCI [Member] | Insurance And Investment Contract [Member] | Private placements [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | 355 | 234 |
FVOCI [Member] | Insurance And Investment Contract [Member] | Other invested assets [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | 7 | 126 |
Other [Member] | ||
Disclosure of Investment Income [line items] | ||
Total investment income (loss) | (714) | 60 |
Investment income | 575 | 638 |
Other [Member] | Debt securities [Member] | ||
Disclosure of Investment Income [line items] | ||
Interest income | 28 | 26 |
Other [Member] | Mortgages [Member] | ||
Disclosure of Investment Income [line items] | ||
Provision, net | (150) | 1 |
Other [Member] | Loans to Bank clients [Member] | ||
Disclosure of Investment Income [line items] | ||
Interest income | 201 | 138 |
Provision, net | (3) | (4) |
Other [Member] | Real estate [Member] | ||
Disclosure of Investment Income [line items] | ||
Rental income, net of depreciation | 496 | 490 |
Gains (losses) | (1,286) | (591) |
Other [Member] | Other invested assets [Member] | ||
Disclosure of Investment Income [line items] | ||
Gains (losses) | 1 | |
Impairment loss, net | (1) | |
Other [Member] | Interest income [member] | ||
Disclosure of Investment Income [line items] | ||
Investment income | 229 | 164 |
Other [Member] | Dividend, rental and other income [member] | ||
Disclosure of Investment Income [line items] | ||
Investment income | 496 | 490 |
Other [Member] | Impairments, provisions and recoveries, net [Member] | ||
Disclosure of Investment Income [line items] | ||
Investment income | (154) | (3) |
Other [Member] | Other [Member] | ||
Disclosure of Investment Income [line items] | ||
Investment income | 4 | (13) |
Other [Member] | Insurance And Investment Contract [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | (1,289) | (578) |
Other [Member] | Insurance And Investment Contract [Member] | Real estate [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | $ (1,289) | (578) |
Other [Member] | Insurance And Investment Contract [Member] | Derivatives [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | 0 | |
Other [Member] | Insurance And Investment Contract [Member] | Other invested assets [Member] | ||
Disclosure of Investment Income [line items] | ||
Realized and unrealized gains (losses) on assets | $ 0 |
Invested Assets and Investmen_8
Invested Assets and Investment Income - Summary of Total Investment Expenses (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investment Expenses [line items] | ||
Total investment expenses | $ 1,297 | $ 1,221 |
Related to invested assets [Member] | ||
Investment Expenses [line items] | ||
Total investment expenses | 720 | 679 |
Related to segregated, mutual and other funds [Member] | ||
Investment Expenses [line items] | ||
Total investment expenses | $ 577 | $ 542 |
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, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about investment property [abstract] | ||
Rental income from investment properties | $ 840 | $ 825 |
Direct operating expenses of rental investment properties | (473) | (458) |
Total | $ 367 | $ 367 |
Invested Assets and Investme_10
Invested Assets and Investment Income - Summary of Securitized Assets and Secured Borrowing Liabilities (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of securitized assets, mortgages and associated liabilities [line items] | ||
Securitised assets | $ 5,812 | $ 5,242 |
Secured borrowing liabilities | 5,556 | 5,023 |
Net | 256 | 219 |
HELOC securitization [Member] | ||
Disclosure of securitized assets, mortgages and associated liabilities [line items] | ||
Securitised assets | 2,912 | 2,924 |
Secured borrowing liabilities | 2,750 | |
Net | 162 | 174 |
CMB securitization [member] | ||
Disclosure of securitized assets, mortgages and associated liabilities [line items] | ||
Securitised assets | 2,900 | 2,318 |
Secured borrowing liabilities | 2,806 | |
Net | 94 | 45 |
Securitized mortgages [Member] | ||
Disclosure of securitized assets, mortgages and associated liabilities [line items] | ||
Securitised assets | 5,780 | 5,198 |
Securitized mortgages [Member] | HELOC securitization [Member] | ||
Disclosure of securitized assets, mortgages and associated liabilities [line items] | ||
Securitised assets | 2,880 | 2,880 |
Securitized mortgages [Member] | CMB securitization [member] | ||
Disclosure of securitized assets, mortgages and associated liabilities [line items] | ||
Securitised assets | 2,900 | 2,318 |
Restricted cash and short-term securities [member] | ||
Disclosure of securitized assets, mortgages and associated liabilities [line items] | ||
Securitised assets | 32 | 44 |
Restricted cash and short-term securities [member] | HELOC securitization [Member] | ||
Disclosure of securitized assets, mortgages and associated liabilities [line items] | ||
Securitised assets | $ 32 | 44 |
HELOC securitization [Member] | ||
Disclosure of securitized assets, mortgages and associated liabilities [line items] | ||
Secured borrowing liabilities | 2,750 | |
CMB securitization [member] | ||
Disclosure of securitized assets, mortgages and associated liabilities [line items] | ||
Secured borrowing liabilities | $ 2,273 |
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, 2023 | Dec. 31, 2022 |
Disclosure of securitized assets, mortgages and associated liabilities [line items] | ||
Secured borrowing liabilities | $ 5,556 | $ 5,023 |
Platinum Canadian Mortgage Trust II [Member] | Less than 1 year [Member] | ||
Disclosure of securitized assets, mortgages and associated liabilities [line items] | ||
Secured borrowing liabilities | 27 | 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 | 1,973 | 1,209 |
Platinum Canadian Mortgage Trust II [Member] | 3 to 5 years [Member] | ||
Disclosure of securitized assets, mortgages and associated liabilities [line items] | ||
Secured borrowing liabilities | 750 | 1,049 |
Platinum Canadian Mortgage Trust II [Member] | Over 5 years [Member] | ||
Disclosure of securitized assets, mortgages and associated liabilities [line items] | ||
Secured borrowing liabilities | $ 0 | $ 492 |
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, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | $ 212,149 | $ 203,842 | $ 224,139 | |
Private placements | 45,606 | 42,010 | 47,289 | |
Mortgages | 52,421 | 51,765 | 53,948 | |
Public equities | 25,531 | 23,519 | 28,067 | |
Real estate | 13,049 | 14,269 | 14,269 | |
Own use property | 2,682 | |||
Other invested assets | 45,680 | 42,803 | 35,291 | |
Segregated funds net assets | 377,544 | 348,562 | 399,788 | |
Total assets | 875,574 | 833,689 | $ 928,220 | |
FVOCI [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Cash and short-term securities | 13,993 | 12,859 | ||
Debt securities | 127,190 | 126,371 | ||
Private placements | 44,952 | 41,494 | ||
Mortgages | 28,473 | 28,621 | ||
FVTPL [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Cash and short-term securities | 1 | |||
Debt securities | 2,372 | 2,209 | ||
Private placements | 654 | 516 | ||
Mortgages | 1,055 | 1,138 | ||
Public equities | 25,531 | 23,519 | ||
Other cash and short-term securities [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Cash and short-term securities | 6,343 | 6,294 | ||
Other invested assets [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Other invested assets | 33,653 | 31,095 | ||
Canadian government and agency [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 20,988 | 21,266 | ||
Canadian government and agency [Member] | FVOCI [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 19,769 | 20,279 | ||
Canadian government and agency [Member] | FVTPL [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 1,219 | 987 | ||
U.S. government and agency [Member] | FVOCI [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 26,287 | 22,446 | ||
U.S. government and agency [Member] | FVTPL [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 1,303 | 1,378 | ||
Other government and agency [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 30,666 | 26,473 | ||
Other government and agency [Member] | FVOCI [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 30,576 | 26,314 | ||
Other government and agency [Member] | FVTPL [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 90 | 159 | ||
Residential mortgage asset-backed securities [Member] | FVOCI [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 6 | 7 | ||
Commercial mortgage asset-backed securities [Member] | FVOCI [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 370 | 589 | ||
Commercial mortgage asset-backed securities [Member] | FVTPL [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 1 | 6 | ||
Other securitized assets [Member] | FVOCI [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 1,579 | 1,670 | ||
Other securitized assets [Member] | FVTPL [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 15 | 16 | ||
Investment property [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Real estate | 10,458 | 11,417 | ||
Own use property [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Own use property | 2,430 | |||
Financial assets at fair value, class [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Total assets | 755,864 | 710,628 | ||
Level 1 [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Public equities | 23,448 | |||
Segregated funds net assets | 343,061 | 314,436 | ||
Level 1 [Member] | FVTPL [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Public equities | 25,423 | |||
Level 1 [Member] | Other cash and short-term securities [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Cash and short-term securities | 6,343 | 6,294 | ||
Level 1 [Member] | Other invested assets [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Other invested assets | 68 | 26 | ||
Level 1 [Member] | Financial assets at fair value, class [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Total assets | 374,895 | 344,204 | ||
Level 2 [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Segregated funds net assets | 30,991 | 30,141 | ||
Level 2 [Member] | FVOCI [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Cash and short-term securities | 13,993 | 12,859 | ||
Debt securities | 126,959 | 126,339 | ||
Private placements | 37,270 | 33,666 | ||
Level 2 [Member] | FVTPL [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Cash and short-term securities | 1 | |||
Debt securities | 2,372 | 2,209 | ||
Private placements | 575 | 485 | ||
Public equities | 67 | |||
Level 2 [Member] | Canadian government and agency [Member] | FVOCI [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 19,769 | 20,279 | ||
Level 2 [Member] | Canadian government and agency [Member] | FVTPL [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 1,219 | 987 | ||
Level 2 [Member] | U.S. government and agency [Member] | FVOCI [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 26,287 | 22,446 | ||
Level 2 [Member] | U.S. government and agency [Member] | FVTPL [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 1,303 | 1,378 | ||
Level 2 [Member] | Other government and agency [Member] | FVOCI [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 30,566 | 26,305 | ||
Level 2 [Member] | Other government and agency [Member] | FVTPL [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 90 | 159 | ||
Level 2 [Member] | Residential mortgage asset-backed securities [Member] | FVOCI [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 6 | 7 | ||
Level 2 [Member] | Commercial mortgage asset-backed securities [Member] | FVOCI [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 370 | 589 | ||
Level 2 [Member] | Commercial mortgage asset-backed securities [Member] | FVTPL [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 1 | 6 | ||
Level 2 [Member] | Other securitized assets [Member] | FVOCI [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 1,558 | 1,644 | ||
Level 2 [Member] | Other securitized assets [Member] | FVTPL [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 15 | 16 | ||
Level 2 [Member] | Financial assets at fair value, class [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Total assets | 293,412 | 279,515 | ||
Level 3 [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Public equities | 71 | |||
Segregated funds net assets | 3,492 | 3,985 | ||
Total assets | 85,391 | 83,721 | $ 83,606 | |
Level 3 [Member] | FVOCI [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 231 | 32 | ||
Private placements | 7,682 | 7,828 | ||
Mortgages | 28,473 | 28,621 | ||
Level 3 [Member] | FVTPL [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Private placements | 79 | 31 | ||
Mortgages | 1,055 | 1,138 | ||
Public equities | 41 | |||
Level 3 [Member] | Other invested assets [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Other invested assets | 33,585 | 31,069 | ||
Level 3 [Member] | Other government and agency [Member] | FVOCI [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 10 | 9 | ||
Level 3 [Member] | Other securitized assets [Member] | FVOCI [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Debt securities | 21 | 26 | ||
Level 3 [Member] | Investment property [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Real estate | 10,458 | 11,417 | ||
Level 3 [Member] | Own use property [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Own use property | 2,430 | |||
Total assets | 2,430 | 2,682 | ||
Level 3 [Member] | Financial assets at fair value, class [Member] | ||||
Disclosure of fair value measurement of assets [Line Items] | ||||
Total assets | $ 87,557 | $ 86,909 |
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) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Disclosure of fair value measurement of assets [Line Items] | |||
Other invested assets | $ 45,680 | $ 42,803 | $ 35,291 |
Net asset value [member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Other invested assets | $ 27,532 | ||
Bottom of range [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Investment properties capitalization rates | 2.72% | 2.25% | |
Investment properties terminal capitalization rates | 3% | 3.25% | |
Bottom of range [Member] | Real estate 1 [member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Investment property discount rates | 3.20% | 3.30% | |
Top of range [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Investment properties capitalization rates | 10.75% | 9% | |
Investment properties terminal capitalization rates | 10% | 9.50% | |
Top of range [Member] | Real estate 1 [member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Investment property discount rates | 14% | 11% | |
Power and infrastructure [Member] | Bottom of range [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Other invested assets fair value discount rate | 7.35% | 7.15% | |
Power and infrastructure [Member] | Top of range [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Other invested assets fair value discount rate | 15.60% | 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% | 4.25% | |
Timberland Investment [Member] | Top of range [Member] | |||
Disclosure of fair value measurement of assets [Line Items] | |||
Other invested assets fair value discount rate | 7% | 7% |
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, 2023 | Dec. 31, 2022 |
Carrying value [Member] | ||
Disclosure of financial assets [Line Items] | ||
Carrying value | $ 38,890 | $ 38,076 |
Carrying value [Member] | Short-term securities [Member] | ||
Disclosure of financial assets [Line Items] | ||
Carrying value | 1 | |
Carrying value [Member] | Mortgages [Member] | ||
Disclosure of financial assets [Line Items] | ||
Carrying value | 22,893 | 22,006 |
Carrying value [Member] | Loans to Bank clients [Member] | ||
Disclosure of financial assets [Line Items] | ||
Carrying value | 2,436 | 2,781 |
Carrying value [Member] | Real estate own use property [Member] | ||
Disclosure of financial assets [Line Items] | ||
Carrying value | 161 | 170 |
Carrying value [Member] | Public bonds HTM [Member] | ||
Disclosure of financial assets [Line Items] | ||
Carrying value | 1,372 | 1,411 |
Carrying value [Member] | Other invested assets [Member] | ||
Disclosure of financial assets [Line Items] | ||
Carrying value | 12,027 | 11,708 |
Fair value [Member] | ||
Disclosure of financial assets [Line Items] | ||
Total fair value | 39,384 | 38,172 |
Fair value [Member] | Short-term securities [Member] | ||
Disclosure of financial assets [Line Items] | ||
Total fair value | 1 | |
Fair value [Member] | Mortgages [Member] | ||
Disclosure of financial assets [Line Items] | ||
Total fair value | 22,782 | 21,613 |
Fair value [Member] | Loans to Bank clients [Member] | ||
Disclosure of financial assets [Line Items] | ||
Total fair value | 2,411 | 2,760 |
Fair value [Member] | Real estate own use property [Member] | ||
Disclosure of financial assets [Line Items] | ||
Total fair value | 286 | 326 |
Fair value [Member] | Public bonds HTM [Member] | ||
Disclosure of financial assets [Line Items] | ||
Total fair value | 998 | 1,000 |
Fair value [Member] | Other invested assets [Member] | ||
Disclosure of financial assets [Line Items] | ||
Total fair value | 12,906 | 12,473 |
Level 1 [Member] | ||
Disclosure of financial assets [Line Items] | ||
Total fair value | 240 | 72 |
Level 1 [Member] | Other invested assets [Member] | ||
Disclosure of financial assets [Line Items] | ||
Total fair value | 240 | 72 |
Level 2 [Member] | ||
Disclosure of financial assets [Line Items] | ||
Total fair value | 3,410 | 3,760 |
Level 2 [Member] | Short-term securities [Member] | ||
Disclosure of financial assets [Line Items] | ||
Total fair value | 1 | |
Level 2 [Member] | Loans to Bank clients [Member] | ||
Disclosure of financial assets [Line Items] | ||
Total fair value | 2,411 | 2,760 |
Level 2 [Member] | Public bonds HTM [Member] | ||
Disclosure of financial assets [Line Items] | ||
Total fair value | 998 | 1,000 |
Level 3 [Member] | ||
Disclosure of financial assets [Line Items] | ||
Total fair value | 35,734 | 34,340 |
Level 3 [Member] | Mortgages [Member] | ||
Disclosure of financial assets [Line Items] | ||
Total fair value | 22,782 | 21,613 |
Level 3 [Member] | Real estate own use property [Member] | ||
Disclosure of financial assets [Line Items] | ||
Total fair value | 286 | 326 |
Level 3 [Member] | Other invested assets [Member] | ||
Disclosure of financial assets [Line Items] | ||
Total fair value | $ 12,666 | $ 12,401 |
Invested Assets and Investme_15
Invested Assets and Investment Income - Summary of Fair Values and the Fair Value Hierarchy (Parenthetical) (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other assets [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Other invested assets leveraged leases | $ 3,790 | $ 3,840 |
Invested Assets and Investme_16
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, 2023 | Dec. 31, 2022 | |
Disclosure of fair value measurement of assets [Line Items] | ||
Asset Beginning of period | $ 833,689 | |
Asset at end of period | 875,574 | $ 833,689 |
Level 3 [Member] | ||
Disclosure of fair value measurement of assets [Line Items] | ||
Asset Beginning of period | 83,721 | 83,606 |
Net realized/unrealized gains (losses) included in net income | (964) | (3,798) |
Net realized/unrealized gains (losses) included in net AOCI | 1,099 | (6,146) |
Purchases | 9,626 | 10,821 |
Sales | (3,472) | (4,624) |
Settlements | (2,315) | (1,779) |
Transfer into Level | 2,605 | 3,237 |
Transfer out of Level | (2,939) | (761) |
Currency Movement | (1,970) | 3,165 |
Asset at end of period | 85,391 | 83,721 |
Change in unrealized gains (losses) on assets still held | (549) | (1,976) |
Level 3 [Member] | Derivatives [member] | ||
Disclosure of fair value measurement of assets [Line Items] | ||
Derivatives Beginning of period | (3,188) | 2,101 |
Net realized/unrealized gains (losses) included in net income | (144) | (5,429) |
Net realized/unrealized gains (losses) included in net AOCI | (7) | |
Purchases | (109) | |
Sales | 0 | |
Settlements | 960 | 775 |
Transfer out of Level | 165 | (356) |
Currency Movement | 41 | (163) |
Derivatives at end of period | (2,166) | (3,188) |
Change in unrealized gains (losses) on assets still held | 17 | (3,527) |
Level 3 [Member] | Other invested assets [Member] | ||
Disclosure of fair value measurement of assets [Line Items] | ||
Transfer out of Level | (68) | |
Level 3 [Member] | Own use property [Member] | ||
Disclosure of fair value measurement of assets [Line Items] | ||
Asset Beginning of period | 2,682 | |
Net realized/unrealized gains (losses) included in net income | (234) | |
Purchases | 20 | |
Currency Movement | (38) | |
Asset at end of period | 2,430 | 2,682 |
Change in unrealized gains (losses) on assets still held | (234) | |
Level 3 [Member] | Segregated funds net assets [member] | ||
Disclosure of fair value measurement of assets [Line Items] | ||
Asset Beginning of period | 3,985 | 4,281 |
Net realized/unrealized gains (losses) included in net income | (97) | 475 |
Purchases | 110 | 246 |
Sales | (466) | (1,113) |
Settlements | 24 | (46) |
Transfer out of Level | (15) | (1) |
Currency Movement | (49) | 143 |
Asset at end of period | 3,492 | 3,985 |
Change in unrealized gains (losses) on assets still held | 32 | 79 |
Level 3 [Member] | FVOCI [Member] | Private placements [member] | ||
Disclosure of fair value measurement of assets [Line Items] | ||
Asset Beginning of period | 7,828 | 5,136 |
Net realized/unrealized gains (losses) included in net income | (4) | (9) |
Net realized/unrealized gains (losses) included in net AOCI | 258 | (1,453) |
Purchases | 1,942 | 1,697 |
Sales | (497) | (89) |
Settlements | (1,172) | (188) |
Transfer into Level | 2,546 | 2,876 |
Transfer out of Level | (2,907) | (362) |
Currency Movement | (312) | 220 |
Asset at end of period | 7,682 | 7,828 |
Level 3 [Member] | FVOCI [Member] | Mortgages [Member] | ||
Disclosure of fair value measurement of assets [Line Items] | ||
Asset Beginning of period | 28,621 | 31,798 |
Net realized/unrealized gains (losses) included in net income | 65 | (76) |
Net realized/unrealized gains (losses) included in net AOCI | 830 | (4,692) |
Purchases | 1,984 | 3,511 |
Sales | (1,626) | (2,411) |
Settlements | (856) | (757) |
Currency Movement | (545) | 1,248 |
Asset at end of period | 28,473 | 28,621 |
Level 3 [Member] | FVOCI [Member] | Other government and agency [Member] | Debt securities [Member] | ||
Disclosure of fair value measurement of assets [Line Items] | ||
Asset Beginning of period | 9 | |
Purchases | 2 | |
Transfer into Level | 9 | |
Currency Movement | (1) | |
Asset at end of period | 10 | 9 |
Level 3 [Member] | FVOCI [Member] | Corporate [member] | Debt securities [Member] | ||
Disclosure of fair value measurement of assets [Line Items] | ||
Asset Beginning of period | 32 | 41 |
Net realized/unrealized gains (losses) included in net AOCI | 3 | (1) |
Purchases | 178 | 27 |
Settlements | (7) | (1) |
Transfer into Level | 25 | 6 |
Transfer out of Level | (42) | |
Currency Movement | 2 | |
Asset at end of period | 231 | 32 |
Level 3 [Member] | FVOCI [Member] | Other securitized assets [Member] | Debt securities [Member] | ||
Disclosure of fair value measurement of assets [Line Items] | ||
Asset Beginning of period | 26 | 28 |
Net realized/unrealized gains (losses) included in net AOCI | 1 | 2 |
Settlements | (5) | (4) |
Currency Movement | (1) | |
Asset at end of period | 21 | 26 |
Level 3 [Member] | FVTPL [Member] | Public equities [Member] | ||
Disclosure of fair value measurement of assets [Line Items] | ||
Asset Beginning of period | 71 | |
Net realized/unrealized gains (losses) included in net income | (6) | |
Purchases | 37 | 69 |
Sales | (84) | |
Transfer into Level | 87 | |
Transfer out of Level | (67) | |
Currency Movement | 5 | |
Asset at end of period | 41 | 71 |
Change in unrealized gains (losses) on assets still held | (13) | |
Level 3 [Member] | FVTPL [Member] | Private placements [member] | ||
Disclosure of fair value measurement of assets [Line Items] | ||
Asset Beginning of period | 31 | 30 |
Net realized/unrealized gains (losses) included in net income | 44 | (7) |
Purchases | 17 | |
Settlements | (1) | (1) |
Transfer into Level | 34 | 9 |
Transfer out of Level | (47) | |
Currency Movement | 1 | |
Asset at end of period | 79 | 31 |
Change in unrealized gains (losses) on assets still held | 44 | (7) |
Level 3 [Member] | FVTPL [Member] | Mortgages [Member] | ||
Disclosure of fair value measurement of assets [Line Items] | ||
Asset Beginning of period | 1,138 | 1,203 |
Net realized/unrealized gains (losses) included in net income | 37 | (117) |
Purchases | 160 | 110 |
Sales | (239) | (22) |
Settlements | (39) | (38) |
Currency Movement | (2) | 2 |
Asset at end of period | 1,055 | 1,138 |
Level 3 [Member] | Real estate [Member] | ||
Disclosure of fair value measurement of assets [Line Items] | ||
Asset Beginning of period | 82,924 | 77,224 |
Net realized/unrealized gains (losses) included in net income | (723) | 1,156 |
Net realized/unrealized gains (losses) included in net AOCI | 1,099 | (6,139) |
Purchases | 9,516 | 10,684 |
Sales | (3,006) | (3,511) |
Settlements | (3,299) | (2,508) |
Transfer into Level | 2,605 | 3,237 |
Transfer out of Level | (3,089) | (404) |
Currency Movement | (1,962) | 3,185 |
Asset at end of period | 84,065 | 82,924 |
Change in unrealized gains (losses) on assets still held | (598) | 1,472 |
Level 3 [Member] | Real estate [Member] | Other invested assets [Member] | ||
Disclosure of fair value measurement of assets [Line Items] | ||
Asset Beginning of period | 31,069 | 24,884 |
Net realized/unrealized gains (losses) included in net income | 423 | 1,934 |
Net realized/unrealized gains (losses) included in net AOCI | 7 | 5 |
Purchases | 4,760 | 4,938 |
Sales | (522) | (668) |
Settlements | (1,219) | (1,519) |
Transfer into Level | 248 | |
Currency Movement | (865) | 1,247 |
Asset at end of period | 33,585 | 31,069 |
Change in unrealized gains (losses) on assets still held | 647 | 2,057 |
Level 3 [Member] | Real estate [Member] | Investment property [Member] | ||
Disclosure of fair value measurement of assets [Line Items] | ||
Asset Beginning of period | 11,417 | 11,443 |
Net realized/unrealized gains (losses) included in net income | (1,054) | (443) |
Purchases | 416 | 312 |
Sales | (122) | (237) |
Transfer into Level | 17 | |
Currency Movement | (199) | 325 |
Asset at end of period | 10,458 | 11,417 |
Change in unrealized gains (losses) on assets still held | (1,055) | (445) |
Level 3 [Member] | Real estate [Member] | Own use property [Member] | ||
Disclosure of fair value measurement of assets [Line Items] | ||
Asset Beginning of period | $ 2,682 | 2,661 |
Net realized/unrealized gains (losses) included in net income | (120) | |
Purchases | 20 | |
Transfer into Level | (15) | |
Currency Movement | 136 | |
Asset at end of period | 2,682 | |
Change in unrealized gains (losses) on assets still held | $ (120) |
Invested Assets and Investme_17
Invested Assets and Investment Income - Summary of Invested Assets and Segregated Funds Net Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3) (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2023 CAD ($) | |
Private Placement Bonds [Member] | Beyond 30 years [Member] | Level 2 of fair value hierarchy [Member] | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |
Transfers out of Level 3 of fair value hierarchy, assets | $ 1,771 |
Invested Assets and Investme_18
Invested Assets and Investment Income - Summary of Remaining Term To Maturity for Invested Assets (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Cash and short-term securities | $ 20,338 | $ 19,153 | $ 22,594 | $ 22,594 |
Debt securities | 212,149 | 203,842 | 224,139 | |
Public equities | 25,531 | 23,519 | 28,067 | |
Mortgages | 52,421 | 51,765 | 53,948 | |
Private placements | 45,606 | 42,010 | 47,289 | |
Loans to Bank clients | 2,436 | 2,781 | 2,506 | |
Real estate | 13,049 | 14,269 | 14,269 | |
Other invested assets | 45,680 | 42,803 | 35,291 | |
Total invested assets (note 4) | 417,210 | 400,142 | $ 428,103 | |
Canadian government and agency [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 20,988 | 21,266 | ||
U.S. government and agency [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 28,478 | 24,736 | ||
Other government and agency [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 30,666 | 26,473 | ||
Corporate [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 130,046 | 129,079 | ||
Mortgage/asset-backed securities [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 1,971 | 2,288 | ||
Alternative long-duration assets [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Other invested assets | 41,434 | 38,460 | ||
Various other [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Other invested assets | 4,246 | 4,343 | ||
Real estate own use property [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Real estate | 2,591 | 2,852 | ||
Investment property [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Real estate | 10,458 | 11,417 | ||
Less than 1 year [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Cash and short-term securities | 20,338 | 19,153 | ||
Debt securities | 1,294 | 1,787 | ||
Public equities | 0 | |||
Mortgages | 3,363 | 3,288 | ||
Private placements | 1,418 | 1,485 | ||
Loans to Bank clients | 39 | 40 | ||
Total invested assets (note 4) | 35,105 | 34,252 | ||
Less than 1 year [Member] | Canadian government and agency [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 657 | 738 | ||
Less than 1 year [Member] | U.S. government and agency [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 297 | 380 | ||
Less than 1 year [Member] | Other government and agency [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 412 | 457 | ||
Less than 1 year [Member] | Corporate [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 8,475 | 8,599 | ||
Less than 1 year [Member] | Mortgage/asset-backed securities [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 106 | 6 | ||
Less than 1 year [Member] | Alternative long-duration assets [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Other invested assets | 1 | |||
Less than 1 year [Member] | Various other [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Other invested assets | 105 | |||
1 to 3 years [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Public equities | 0 | |||
Mortgages | 12,076 | 7,838 | ||
Private placements | 3,486 | 2,962 | ||
Loans to Bank clients | 23 | 18 | ||
Total invested assets (note 4) | 34,529 | 28,265 | ||
1 to 3 years [Member] | Canadian government and agency [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 1,435 | 1,242 | ||
1 to 3 years [Member] | U.S. government and agency [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 725 | 775 | ||
1 to 3 years [Member] | Other government and agency [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 1,052 | 753 | ||
1 to 3 years [Member] | Corporate [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 15,512 | 14,542 | ||
1 to 3 years [Member] | Mortgage/asset-backed securities [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 153 | 89 | ||
1 to 3 years [Member] | Alternative long-duration assets [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Other invested assets | 67 | 46 | ||
3 to 5 years [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Public equities | 0 | |||
Mortgages | 10,181 | 10,911 | ||
Private placements | 4,704 | 4,090 | ||
Loans to Bank clients | 1 | 5 | ||
Total invested assets (note 4) | 37,970 | 36,610 | ||
3 to 5 years [Member] | Canadian government and agency [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 1,580 | 2,536 | ||
3 to 5 years [Member] | U.S. government and agency [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 744 | 505 | ||
3 to 5 years [Member] | Other government and agency [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 1,892 | 1,490 | ||
3 to 5 years [Member] | Corporate [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 18,548 | 16,767 | ||
3 to 5 years [Member] | Mortgage/asset-backed securities [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 279 | 265 | ||
3 to 5 years [Member] | Alternative long-duration assets [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Other invested assets | 22 | 22 | ||
3 to 5 years [Member] | Various other [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Other invested assets | 19 | 19 | ||
5 to 10 years [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Public equities | 0 | |||
Mortgages | 7,690 | 7,906 | ||
Private placements | 9,137 | 7,958 | ||
Loans to Bank clients | 0 | |||
Total invested assets (note 4) | 64,378 | 64,932 | ||
5 to 10 years [Member] | Canadian government and agency [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 3,656 | 3,811 | ||
5 to 10 years [Member] | U.S. government and agency [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 4,504 | 3,560 | ||
5 to 10 years [Member] | Other government and agency [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 3,864 | 3,801 | ||
5 to 10 years [Member] | Corporate [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 33,361 | 36,778 | ||
5 to 10 years [Member] | Mortgage/asset-backed securities [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 556 | 574 | ||
5 to 10 years [Member] | Alternative long-duration assets [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Other invested assets | 82 | 35 | ||
5 to 10 years [Member] | Various other [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Other invested assets | 1,528 | 509 | ||
Over 10 years [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Public equities | 0 | |||
Mortgages | 9,644 | 11,629 | ||
Private placements | 26,790 | 25,440 | ||
Loans to Bank clients | 0 | 2 | ||
Total invested assets (note 4) | 153,699 | 147,124 | ||
Over 10 years [Member] | Canadian government and agency [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 13,660 | 12,939 | ||
Over 10 years [Member] | U.S. government and agency [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 22,208 | 19,516 | ||
Over 10 years [Member] | Other government and agency [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 23,446 | 19,972 | ||
Over 10 years [Member] | Corporate [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 54,100 | 52,392 | ||
Over 10 years [Member] | Mortgage/asset-backed securities [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 877 | 1,354 | ||
Over 10 years [Member] | Alternative long-duration assets [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Other invested assets | 732 | 674 | ||
Over 10 years [Member] | Various other [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Other invested assets | 2,242 | 3,206 | ||
With no specific maturity [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Public equities | 25,531 | 23,519 | ||
Mortgages | 9,467 | 10,193 | ||
Private placements | 71 | 75 | ||
Loans to Bank clients | 2,373 | 2,716 | ||
Total invested assets (note 4) | 91,529 | 88,959 | ||
With no specific maturity [Member] | Corporate [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Debt securities | 50 | 1 | ||
With no specific maturity [Member] | Alternative long-duration assets [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Other invested assets | 40,531 | 37,682 | ||
With no specific maturity [Member] | Various other [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Other invested assets | 457 | 504 | ||
With no specific maturity [Member] | Real estate own use property [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Real estate | 2,591 | 2,852 | ||
With no specific maturity [Member] | Investment property [Member] | ||||
Disclosure of Detailed Information About Remaining Term to Maturity for Invested Assets [Line Items] | ||||
Real estate | $ 10,458 | $ 11,417 |
Derivative and Hedging Instru_3
Derivative and Hedging Instruments - Additional Information (Detail) - CAD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about hedges [Line Items] | ||
Notional amount | $ 440,077,000,000 | $ 395,957,000,000 |
Fair value of reinsurance ceded guaranteed minimum income benefits | 402,000,000 | 535,000,000 |
Fair value of reinsurance assumed guaranteed minimum income benefits | 46,000,000 | 58,000,000 |
Fair value of credit and interest rate embedded derivatives | 487,000,000 | 395,000,000 |
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 | $ 17,000,000 | |
Maximum time frame for which variable cash flows are hedged | 29 years | |
Cpi Hedge Relationships [Member] | Shareholders' accumulated other comprehensive income (loss) ("AOCI") [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Maximum time frame for which variable cash flows are hedged | 13 years | |
Continuing Cash Flow Hedges [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
AOCI Balances | $ (149,000,000) | (85,000,000) |
CPI Cash Flow Hedges [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
AOCI Balances | (85,000,000) | 0 |
De Designated Hedges [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
AOCI Balances | 0 | 0 |
Variable annuity guarantee dynamic hedging and macro equity risk hedging programs [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Notional amount | 82,000,000,000 | 77,000,000,000 |
Derivatives [member] | Interest Rate Benchmark Reform [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Notional amount | $ 79,000,000,000 | $ 211,000,000,000 |
Derivative and Hedging Instru_4
Derivative and Hedging Instruments - Summary of Gross Notional Amount and Fair Value of Derivative Instruments (Detail) - CAD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Disclosure of detailed information about hedges [Line Items] | |||
Notional amount | $ 440,077,000,000 | $ 395,957,000,000 | |
Fair value, assets | 8,546,000,000 | 8,588,000,000 | $ 17,503,000,000 |
Fair value, liabilities | (11,730,000,000) | (14,289,000,000) | $ (10,038,000,000) |
Interest rate swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Fair value, assets | 5,813,000,000 | 5,919,000,000 | |
Fair value, liabilities | (9,176,000,000) | (12,025,000,000) | |
Equity contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Fair value, assets | 582,000,000 | 366,000,000 | |
Fair value, liabilities | (115,000,000) | (225,000,000) | |
Credit default swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Fair value, assets | 3,000,000 | 4,000,000 | |
Designated [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Notional amount | 227,241,000,000 | 2,002,000,000 | |
Designated [Member] | Fair value hedges [Member] | Interest rate swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Notional amount | 184,309,000,000 | ||
Designated [Member] | Fair value hedges [Member] | Foreign currency swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Notional amount | 9,055,000,000 | 48,000,000 | |
Designated [Member] | Fair value hedges [Member] | Forward contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Notional amount | 23,461,000,000 | ||
Designated [Member] | Cash flow hedges [Member] | Interest rate swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Notional amount | 8,372,000,000 | ||
Designated [Member] | Cash flow hedges [Member] | Foreign currency swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Notional amount | 1,150,000,000 | 1,155,000,000 | |
Designated [Member] | Cash flow hedges [Member] | Equity contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Notional amount | 240,000,000 | 173,000,000 | |
Designated [Member] | Net investment hedges [Member] | Forward contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Notional amount | 654,000,000 | 626,000,000 | |
Non designated [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Notional amount | 212,836,000,000 | 393,955,000,000 | |
Non designated [Member] | Interest rate swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Notional amount | 103,806,000,000 | 268,081,000,000 | |
Non designated [Member] | Foreign currency swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Notional amount | 33,148,000,000 | 39,667,000,000 | |
Non designated [Member] | Forward contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Notional amount | 34,080,000,000 | 45,124,000,000 | |
Non designated [Member] | Equity contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Notional amount | 19,760,000,000 | 16,930,000,000 | |
Non designated [Member] | Interest rate futures [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Notional amount | 9,449,000,000 | 11,772,000,000 | |
Non designated [Member] | Interest rate options [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Notional amount | 5,841,000,000 | 6,090,000,000 | |
Non designated [Member] | Currency rate futures [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Notional amount | 2,581,000,000 | 2,319,000,000 | |
Non designated [Member] | Credit default swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Notional amount | 131,000,000 | 159,000,000 | |
Non designated [Member] | Equity futures [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Notional amount | 4,040,000,000 | 3,813,000,000 | |
Fair value [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Fair value, assets | 8,546,000,000 | 8,588,000,000 | |
Fair value, liabilities | 11,687,000,000 | 14,289,000,000 | |
Fair value [Member] | Designated [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Fair value, assets | 2,928,000,000 | 48,000,000 | |
Fair value, liabilities | 7,479,000,000 | 231,000,000 | |
Fair value [Member] | Designated [Member] | Fair value hedges [Member] | Interest rate swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Fair value, assets | 2,627,000,000 | ||
Fair value, liabilities | 3,044,000,000 | ||
Fair value [Member] | Designated [Member] | Fair value hedges [Member] | Foreign currency swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Fair value, assets | 78,000,000 | 5,000,000 | |
Fair value, liabilities | 1,518,000,000 | ||
Fair value [Member] | Designated [Member] | Fair value hedges [Member] | Forward contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Fair value, assets | 165,000,000 | ||
Fair value, liabilities | 2,672,000,000 | ||
Fair value [Member] | Designated [Member] | Cash flow hedges [Member] | Interest rate swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Fair value, assets | 20,000,000 | ||
Fair value, liabilities | 48,000,000 | ||
Fair value [Member] | Designated [Member] | Cash flow hedges [Member] | Foreign currency swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Fair value, assets | 35,000,000 | 40,000,000 | |
Fair value, liabilities | 181,000,000 | 203,000,000 | |
Fair value [Member] | Designated [Member] | Cash flow hedges [Member] | Equity contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Fair value, assets | 3,000,000 | 3,000,000 | |
Fair value [Member] | Designated [Member] | Net investment hedges [Member] | Forward contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Fair value, liabilities | 16,000,000 | 28,000,000 | |
Fair value [Member] | Non designated [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Fair value, assets | 5,618,000,000 | 8,540,000,000 | |
Fair value, liabilities | 4,208,000,000 | 14,058,000,000 | |
Fair value [Member] | Non designated [Member] | Interest rate swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Fair value, assets | 2,361,000,000 | 5,751,000,000 | |
Fair value, liabilities | 3,098,000,000 | 7,557,000,000 | |
Fair value [Member] | Non designated [Member] | Foreign currency swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Fair value, assets | 1,873,000,000 | 2,029,000,000 | |
Fair value, liabilities | 398,000,000 | 1,579,000,000 | |
Fair value [Member] | Non designated [Member] | Forward contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Fair value, assets | 769,000,000 | 295,000,000 | |
Fair value, liabilities | 597,000,000 | 4,697,000,000 | |
Fair value [Member] | Non designated [Member] | Equity contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Fair value, assets | 579,000,000 | 363,000,000 | |
Fair value, liabilities | 115,000,000 | 225,000,000 | |
Fair value [Member] | Non designated [Member] | Interest rate options [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Fair value, assets | 33,000,000 | 98,000,000 | |
Fair value [Member] | Non designated [Member] | Credit default swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Fair value, assets | $ 3,000,000 | $ 4,000,000 |
Derivative and Hedging Instru_5
Derivative and Hedging Instruments - Summary of Fair Values of Derivative Instruments by Remaining Term to Maturity (Detail) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Disclosure of detailed information about hedges [Line Items] | |||
Derivative assets | $ 8,546,000,000 | $ 8,588,000,000 | $ 17,503,000,000 |
Derivative liabilities | 11,730,000,000 | 14,289,000,000 | $ 10,038,000,000 |
Derivative liabilities | 11,687,000,000 | ||
Remaining term to maturity (notional amounts) | 440,077,000,000 | 395,957,000,000 | |
Credit equivalent amount | 1,661,000,000 | 2,002,000,000 | |
Capital Requirement | 28,000,000 | 38,000,000 | |
Fair value [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Derivative assets | 8,546,000,000 | 8,588,000,000 | |
Derivative liabilities | (11,687,000,000) | (14,289,000,000) | |
Derivative liabilities | (11,687,000,000) | ||
Fair value, net | (3,141,000,000) | (5,701,000,000) | |
Interest rate swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 345,768,000,000 | 314,357,000,000 | |
Credit equivalent amount | 308,000,000 | 491,000,000 | |
Capital Requirement | 7,000,000 | 13,000,000 | |
Interest rate swaps [Member] | Fair value [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Derivative assets | 6,319,000,000 | 6,414,000,000 | |
Derivative liabilities | (10,016,000,000) | (12,822,000,000) | |
Fair value, net | (3,697,000,000) | (6,408,000,000) | |
Interest rate swaps [Member] | OTC swap contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 126,450,000,000 | ||
Credit equivalent amount | 300,000,000 | 419,000,000 | |
Capital Requirement | 7,000,000 | 9,000,000 | |
Interest rate swaps [Member] | OTC swap contracts [Member] | Fair value [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Derivative assets | 5,295,000,000 | 5,992,000,000 | |
Derivative liabilities | (6,850,000,000) | (8,135,000,000) | |
Fair value, net | (2,143,000,000) | ||
Interest rate swaps [Member] | Cleared swap contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 164,474,000,000 | 141,631,000,000 | |
Interest rate swaps [Member] | Cleared swap contracts [Member] | Fair value [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Derivative assets | 220,000,000 | 254,000,000 | |
Derivative liabilities | (180,000,000) | (219,000,000) | |
Fair value, net | 40,000,000 | 35,000,000 | |
Interest rate swaps [Member] | Forward contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 33,991,000,000 | 28,414,000,000 | |
Credit equivalent amount | 8,000,000 | ||
Interest rate swaps [Member] | Forward contracts [Member] | Fair value [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Derivative assets | 771,000,000 | 70,000,000 | |
Derivative liabilities | (2,986,000,000) | (4,468,000,000) | |
Fair value, net | (2,215,000,000) | (4,398,000,000) | |
Interest rate swaps [Member] | Futures [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 9,449,000,000 | 11,772,000,000 | |
Interest rate swaps [Member] | Options purchased [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 5,841,000,000 | 6,090,000,000 | |
Credit equivalent amount | 8,000,000 | 64,000,000 | |
Capital Requirement | 4,000,000 | ||
Interest rate swaps [Member] | Options purchased [Member] | Fair value [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Derivative assets | 33,000,000 | 98,000,000 | |
Fair value, net | 33,000,000 | 98,000,000 | |
Foreign exchange [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 70,138,000,000 | 60,525,000,000 | |
Credit equivalent amount | 1,106,000,000 | 1,255,000,000 | |
Capital Requirement | 19,000,000 | 23,000,000 | |
Foreign exchange [Member] | Fair value [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Derivative assets | 2,141,000,000 | 2,293,000,000 | |
Derivative liabilities | (2,478,000,000) | (2,104,000,000) | |
Fair value, net | (337,000,000) | 189,000,000 | |
Foreign exchange [Member] | Forward contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 24,204,000,000 | 17,336,000,000 | |
Credit equivalent amount | 19,000,000 | 89,000,000 | |
Foreign exchange [Member] | Forward contracts [Member] | Fair value [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Derivative assets | 163,000,000 | 226,000,000 | |
Derivative liabilities | (299,000,000) | (258,000,000) | |
Fair value, net | (136,000,000) | (32,000,000) | |
Foreign exchange [Member] | Futures [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 2,581,000,000 | 2,319,000,000 | |
Foreign exchange [Member] | Swap contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 43,353,000,000 | 40,870,000,000 | |
Credit equivalent amount | 1,087,000,000 | 1,166,000,000 | |
Capital Requirement | 19,000,000 | 23,000,000 | |
Foreign exchange [Member] | Swap contracts [Member] | Fair value [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Derivative assets | 1,978,000,000 | 2,067,000,000 | |
Derivative liabilities | (2,179,000,000) | (1,846,000,000) | |
Fair value, net | (201,000,000) | 221,000,000 | |
Credit derivatives [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 131,000,000 | 159,000,000 | |
Credit derivatives [Member] | Fair value [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Derivative assets | 4,000,000 | 4,000,000 | |
Fair value, net | 4,000,000 | 4,000,000 | |
Equity contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 24,171,000,000 | 21,075,000,000 | |
Credit equivalent amount | 247,000,000 | 256,000,000 | |
Capital Requirement | 2,000,000 | 2,000,000 | |
Equity contracts [Member] | Fair value [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Derivative assets | 584,000,000 | 365,000,000 | |
Derivative liabilities | (106,000,000) | (225,000,000) | |
Fair value, net | 478,000,000 | 140,000,000 | |
Equity contracts [Member] | Futures [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 4,040,000,000 | 3,813,000,000 | |
Equity contracts [Member] | Options purchased [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 17,825,000,000 | 16,160,000,000 | |
Credit equivalent amount | 215,000,000 | 232,000,000 | |
Capital Requirement | 2,000,000 | 2,000,000 | |
Equity contracts [Member] | Options purchased [Member] | Fair value [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Derivative assets | 562,000,000 | 335,000,000 | |
Derivative liabilities | (28,000,000) | (218,000,000) | |
Fair value, net | 534,000,000 | 117,000,000 | |
Equity contracts [Member] | Swap contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 2,175,000,000 | 943,000,000 | |
Credit equivalent amount | 32,000,000 | 24,000,000 | |
Equity contracts [Member] | Swap contracts [Member] | Fair value [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Derivative assets | 18,000,000 | 26,000,000 | |
Derivative liabilities | (78,000,000) | (7,000,000) | |
Fair value, net | (60,000,000) | 19,000,000 | |
Financial Instruments [member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 440,077,000,000 | 395,957,000,000 | |
Credit equivalent amount | 1,661,000,000 | 2,002,000,000 | |
Capital Requirement | 28,000,000 | 38,000,000 | |
Financial Instruments [member] | Fair value [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Derivative assets | 9,044,000,000 | 9,072,000,000 | |
Derivative liabilities | (12,600,000,000) | (15,151,000,000) | |
Fair value, net | (3,556,000,000) | (6,079,000,000) | |
Accrued interest [Member] | Fair value [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Derivative assets | 498,000,000 | 484,000,000 | |
Derivative liabilities | (913,000,000) | (862,000,000) | |
Fair value, net | (415,000,000) | (378,000,000) | |
Less than 1 year [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Derivative assets | 1,189,000,000 | 580,000,000 | |
Derivative liabilities | 1,561,000,000 | 2,656,000,000 | |
Remaining term to maturity (notional amounts) | 86,563,000,000 | 77,262,000,000 | |
Less than 1 year [Member] | Interest rate swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 37,332,000,000 | 38,572,000,000 | |
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) | 4,645,000,000 | 8,817,000,000 | |
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) | 4,634,000,000 | 2,494,000,000 | |
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) | 17,809,000,000 | 14,290,000,000 | |
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) | 9,449,000,000 | 11,772,000,000 | |
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) | 795,000,000 | 1,199,000,000 | |
Less than 1 year [Member] | Foreign exchange [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 28,895,000,000 | 21,681,000,000 | |
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) | 24,204,000,000 | 17,336,000,000 | |
Less than 1 year [Member] | Foreign exchange [Member] | Futures [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 2,581,000,000 | 2,319,000,000 | |
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) | 2,110,000,000 | 2,026,000,000 | |
Less than 1 year [Member] | Credit derivatives [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 14,000,000 | 15,000,000 | |
Less than 1 year [Member] | Equity contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 20,336,000,000 | 17,009,000,000 | |
Less than 1 year [Member] | Equity contracts [Member] | Futures [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 4,040,000,000 | 3,813,000,000 | |
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) | 14,830,000,000 | 12,634,000,000 | |
Less than 1 year [Member] | Equity contracts [Member] | Swap contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 1,452,000,000 | 547,000,000 | |
Less than 1 year [Member] | Financial Instruments [member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 86,563,000,000 | 77,262,000,000 | |
1 to 3 years [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Derivative assets | 603,000,000 | 556,000,000 | |
Derivative liabilities | 1,982,000,000 | 1,956,000,000 | |
3 to 5 years [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Derivative assets | 573,000,000 | 556,000,000 | |
Derivative liabilities | 717,000,000 | 1,146,000,000 | |
1 to 5 years [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 87,166,000,000 | 65,612,000,000 | |
1 to 5 years [Member] | Interest rate swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 71,549,000,000 | 51,071,000,000 | |
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) | 20,923,000,000 | 19,253,000,000 | |
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) | 33,082,000,000 | 16,823,000,000 | |
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) | 16,182,000,000 | 13,926,000,000 | |
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) | 1,362,000,000 | 1,069,000,000 | |
1 to 5 years [Member] | Foreign exchange [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 11,782,000,000 | 10,475,000,000 | |
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) | 11,782,000,000 | 10,475,000,000 | |
1 to 5 years [Member] | Credit derivatives [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 117,000,000 | 144,000,000 | |
1 to 5 years [Member] | Equity contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 3,835,000,000 | 4,066,000,000 | |
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) | 2,995,000,000 | 3,526,000,000 | |
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) | 723,000,000 | 396,000,000 | |
1 to 5 years [Member] | Financial Instruments [member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 87,166,000,000 | 65,612,000,000 | |
Over 5 years [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Derivative assets | 6,181,000,000 | 6,896,000,000 | |
Derivative liabilities | 7,427,000,000 | 8,531,000,000 | |
Remaining term to maturity (notional amounts) | 266,348,000,000 | 253,083,000,000 | |
Over 5 years [Member] | Interest rate swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 236,887,000,000 | 224,714,000,000 | |
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) | 98,380,000,000 | ||
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) | 126,758,000,000 | 122,314,000,000 | |
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) | 198,000,000 | ||
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) | 3,684,000,000 | 3,822,000,000 | |
Over 5 years [Member] | Foreign exchange [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 29,461,000,000 | 28,369,000,000 | |
Over 5 years [Member] | Foreign exchange [Member] | Swap contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | 29,461,000,000 | 28,369,000,000 | |
Over 5 years [Member] | Financial Instruments [member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Remaining term to maturity (notional amounts) | $ 266,348,000,000 | $ 253,083,000,000 |
Derivative and Hedging Instru_6
Derivative and Hedging Instruments - Summary of Average Rate of the Hedging Instruments in Hedge Relationships (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about hedges [line items] | ||
Nominal amount of hedging instrument | 9,808 | 1,376 |
Less than 1 year [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Nominal amount of hedging instrument | 598 | 9 |
1 to 5 years [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Nominal amount of hedging instrument | 734 | 717 |
Over 5 years [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Nominal amount of hedging instrument | 8,476 | 650 |
At fair value [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Positive | $ 63 | $ 48 |
Negative | (229) | (203) |
Net | $ (166) | $ (155) |
Credit risk [member] | Interest rate swap contract [member] | Inflation Linked Insurance Liabilities [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Average rate | 290.13% | |
Nominal amount of hedging instrument | 8,372 | |
Credit risk [member] | Interest rate swap contract [member] | Inflation Linked Insurance Liabilities [Member] | Less than 1 year [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Nominal amount of hedging instrument | 87 | |
Credit risk [member] | Interest rate swap contract [member] | Inflation Linked Insurance Liabilities [Member] | 1 to 5 years [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Nominal amount of hedging instrument | 459 | |
Credit risk [member] | Interest rate swap contract [member] | Inflation Linked Insurance Liabilities [Member] | Over 5 years [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Nominal amount of hedging instrument | 7,826 | |
Credit risk [member] | Interest rate swap contract [member] | Inflation Linked Insurance Liabilities [Member] | At fair value [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Positive | $ 20 | |
Negative | (48) | |
Net | $ (28) | |
Currency risk [member] | Foreign Currency Swaps [Member] | Fixed rate liabilities [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Average rate | 0.93503% | 0.93503% |
Nominal amount of hedging instrument | 500 | 505 |
Currency risk [member] | Foreign Currency Swaps [Member] | Fixed rate liabilities [member] | Less than 1 year [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Nominal amount of hedging instrument | 500 | |
Currency risk [member] | Foreign Currency Swaps [Member] | Fixed rate liabilities [member] | 1 to 5 years [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Nominal amount of hedging instrument | 505 | |
Currency risk [member] | Foreign Currency Swaps [Member] | Fixed rate liabilities [member] | At fair value [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Positive | $ 35 | $ 40 |
Net | $ 35 | $ 40 |
Market risk [member] | Foreign Currency Swaps [Member] | Floating Rate Foreign Currency Liabilities [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Average rate | 0.86655% | 0.86655% |
Nominal amount of hedging instrument | 650 | 650 |
Market risk [member] | Foreign Currency Swaps [Member] | Floating Rate Foreign Currency Liabilities [Member] | Over 5 years [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Nominal amount of hedging instrument | 650 | 650 |
Market risk [member] | Foreign Currency Swaps [Member] | Floating Rate Foreign Currency Liabilities [Member] | At fair value [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Negative | $ (181) | $ (203) |
Net | $ (181) | $ (203) |
Market risk [member] | Foreign Currency Swaps [Member] | Debt Securities At Fair Value Through Oci [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Average rate | 1.22914% | 1.22914% |
Nominal amount of hedging instrument | 46 | 48 |
Market risk [member] | Foreign Currency Swaps [Member] | Debt Securities At Fair Value Through Oci [Member] | 1 to 5 years [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Nominal amount of hedging instrument | 46 | 48 |
Market risk [member] | Foreign Currency Swaps [Member] | Debt Securities At Fair Value Through Oci [Member] | At fair value [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Positive | $ 5 | $ 5 |
Net | $ 5 | $ 5 |
Equity price risk [member] | Equity Contracts [member] | Stock based compensation [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Average rate | 26.28% | 25.39% |
Nominal amount of hedging instrument | 240 | 173 |
Equity price risk [member] | Equity Contracts [member] | Stock based compensation [member] | Less than 1 year [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Nominal amount of hedging instrument | 11 | 9 |
Equity price risk [member] | Equity Contracts [member] | Stock based compensation [member] | 1 to 5 years [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Nominal amount of hedging instrument | 229 | 164 |
Equity price risk [member] | Equity Contracts [member] | Stock based compensation [member] | At fair value [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Positive | $ 3 | $ 3 |
Net | $ 3 | $ 3 |
Derivative and Hedging Instru_7
Derivative and Hedging Instruments - Summary of Fair Value and Fair Value Hierarchy of Derivative Instruments (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Disclosure of detailed information about hedges [Line Items] | |||
Total derivative assets | $ 8,546 | $ 8,588 | $ 17,503 |
Total derivative liabilities | 11,730 | 14,289 | $ 10,038 |
Total derivative liabilities | 11,687 | ||
Interest rate swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Total derivative assets | 5,813 | 5,919 | |
Total derivative liabilities | 9,176 | 12,025 | |
Foreign Exchange Contract [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Total derivative assets | 2,148 | 2,299 | |
Total derivative liabilities | 2,396 | 2,039 | |
Equity contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Total derivative assets | 582 | 366 | |
Total derivative liabilities | 115 | 225 | |
Credit default swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Total derivative assets | 3 | 4 | |
Level 2 [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Total derivative assets | 7,985 | 8,429 | |
Total derivative liabilities | 8,960 | 10,942 | |
Level 2 [Member] | Interest rate swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Total derivative assets | 5,262 | 5,766 | |
Total derivative liabilities | 6,451 | 8,689 | |
Level 2 [Member] | Foreign Exchange Contract [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Total derivative assets | 2,148 | 2,298 | |
Total derivative liabilities | 2,395 | 2,037 | |
Level 2 [Member] | Equity contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Total derivative assets | 572 | 361 | |
Total derivative liabilities | 114 | 216 | |
Level 2 [Member] | Credit default swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Total derivative assets | 3 | 4 | |
Level 3 [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Total derivative assets | 561 | 159 | |
Total derivative liabilities | 2,727 | 3,347 | |
Level 3 [Member] | Interest rate swaps [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Total derivative assets | 551 | 153 | |
Total derivative liabilities | 2,725 | 3,336 | |
Level 3 [Member] | Foreign Exchange Contract [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Total derivative assets | 1 | ||
Total derivative liabilities | 1 | 2 | |
Level 3 [Member] | Equity contracts [Member] | |||
Disclosure of detailed information about hedges [Line Items] | |||
Total derivative assets | 10 | 5 | |
Total derivative liabilities | $ 1 | $ 9 |
Derivative and Hedging Instru_8
Derivative and Hedging Instruments - Summary of Recognized Gains Losses on Derivatives and Hedged Items in Fair Value Hedges in Investment Income (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount for hedged items | $ 9,191 | |
Asset [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Change in value of the hedged item for ineffectiveness measurement | 742 | |
Change in value of hedging instruments for ineffectiveness measurement | (778) | |
Ineffectiveness recognized in investment income result | (36) | |
Carrying amount for hedged items | 9,191 | |
Accumulated fair value adjustments on hedged items | 576 | |
Accumulated fair value adjustments on de-designated hedged items | (164) | |
Asset [Member] | Debt securities [member] | Foreign Currency And Interest Rate Risk [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Change in value of the hedged item for ineffectiveness measurement | 742 | |
Change in value of hedging instruments for ineffectiveness measurement | (778) | |
Ineffectiveness recognized in investment income result | (36) | |
Carrying amount for hedged items | 9,191 | |
Accumulated fair value adjustments on hedged items | 576 | |
Accumulated fair value adjustments on de-designated hedged items | (405) | |
Asset [Member] | Debt securities [member] | Interest rate risk [member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Accumulated fair value adjustments on de-designated hedged items | 241 | $ 265 |
Liability [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Change in value of the hedged item for ineffectiveness measurement | (53) | 7 |
Change in value of hedging instruments for ineffectiveness measurement | 185 | (5) |
Ineffectiveness recognized in investment income result | 132 | 2 |
Carrying amount for hedged items | 31 | |
Carrying amount for hedged items | 29,133 | |
Accumulated fair value adjustments on hedged items | 7 | |
Accumulated fair value adjustments on hedged items | (2,658) | |
Accumulated fair value adjustments on de-designated hedged items | 265 | |
Accumulated fair value adjustments on de-designated hedged items | 2,642 | |
Liability [Member] | Insurance Contract Liabilities [Member] | Interest rate risk [member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Change in value of the hedged item for ineffectiveness measurement | (53) | |
Change in value of hedging instruments for ineffectiveness measurement | 185 | |
Ineffectiveness recognized in investment income result | 132 | |
Carrying amount for hedged items | 29,133 | |
Accumulated fair value adjustments on hedged items | (2,658) | |
Accumulated fair value adjustments on de-designated hedged items | $ 2,642 | |
Liability [Member] | Debt securities [member] | Foreign Currency And Interest Rate Risk [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Change in value of the hedged item for ineffectiveness measurement | 7 | |
Change in value of hedging instruments for ineffectiveness measurement | (5) | |
Ineffectiveness recognized in investment income result | 2 | |
Carrying amount for hedged items | 31 | |
Accumulated fair value adjustments on hedged items | $ 7 |
Derivative and Hedging Instru_9
Derivative and Hedging Instruments - Summary of Recognized Gains Losses on Derivatives and Hedged Items in Fair Value Hedges in Investment Income (Parenthetical) (Detail) $ in Millions | Dec. 31, 2023 CAD ($) |
Disclosure of detailed information about hedges [line items] | |
carrying amounts for hedged items | $ 9,191 |
carrying amounts for hedged items relates to new hedge relationships | 9,191 |
IFRS 9 [Member] | |
Disclosure of detailed information about hedges [line items] | |
carrying amounts for hedged items | 9,160 |
carrying amounts for hedged items relates to new hedge relationships | 9,160 |
Hedged Item Liabilities scarrying amounts for hedged items relates to new hedge relationships | $ 29,133 |
Derivative and Hedging Instr_10
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, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about hedges [Line Items] | ||
Change in fair value of hedged items for ineffectiveness measurement | $ (50) | $ (210) |
Change in fair value of hedging instruments for ineffectiveness measurement | 50 | 210 |
Gains (losses) deferred in AOCI on derivatives | 50 | 210 |
Gains (losses) reclassified from AOCI into Total investment result | 92 | (9) |
Fixed rate liabilities [member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Change in fair value of hedged items for ineffectiveness measurement | (34) | |
Change in fair value of hedging instruments for ineffectiveness measurement | 34 | |
Gains (losses) deferred in AOCI on derivatives | 34 | |
Gains (losses) reclassified from AOCI into Total investment result | 35 | |
Interest rate swaps [Member] | Commodity price risk [member] | Inflation Linked Insurance Liabilities [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Change in fair value of hedged items for ineffectiveness measurement | 4 | |
Change in fair value of hedging instruments for ineffectiveness measurement | (4) | |
Gains (losses) deferred in AOCI on derivatives | (4) | |
Gains (losses) reclassified from AOCI into Total investment result | 81 | |
Foreign currency swaps [Member] | Interest And Foreign Exchange Risk [Member] | Fixed rate liabilities [member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Change in fair value of hedged items for ineffectiveness measurement | (23) | (175) |
Change in fair value of hedging instruments for ineffectiveness measurement | 23 | 175 |
Gains (losses) deferred in AOCI on derivatives | 23 | 175 |
Gains (losses) reclassified from AOCI into Total investment result | 16 | (49) |
Foreign currency swaps [Member] | Currency risk [member] | Fixed rate assets [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Change in fair value of hedged items for ineffectiveness measurement | 10 | 1 |
Change in fair value of hedging instruments for ineffectiveness measurement | (10) | (1) |
Gains (losses) deferred in AOCI on derivatives | (10) | (1) |
Gains (losses) reclassified from AOCI into Total investment result | (8) | (1) |
Equity contracts [Member] | Equity price risk [member] | Stock based compensation [member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Change in fair value of hedged items for ineffectiveness measurement | (40) | (2) |
Change in fair value of hedging instruments for ineffectiveness measurement | 40 | 2 |
Gains (losses) deferred in AOCI on derivatives | 40 | 2 |
Gains (losses) reclassified from AOCI into Total investment result | 3 | $ 6 |
Treasury Locks [Member] | Interest rate risk [member] | Forecasted liability issuance [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Change in fair value of hedged items for ineffectiveness measurement | (1) | |
Change in fair value of hedging instruments for ineffectiveness measurement | 1 | |
Gains (losses) deferred in AOCI on derivatives | $ 1 |
Derivative and Hedging Instr_11
Derivative and Hedging Instruments - Summary of Detailed Information about Movement in the Entity Cash Flow Hedge Reserve (Detail) - Cash flow hedges [Member] - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of Detailed Information About Movement in the Entity Cash Flow Hedge Reserve [Line Items] | ||
Balances in the cash flow hedge reserve for continuing hedges | $ (149) | $ (107) |
Total | $ (149) | $ (107) |
Derivative and Hedging Instr_12
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, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about hedges [Line Items] | ||
Change in value of hedging instruments for ineffectiveness measurement | $ (196) | $ 444 |
Change in value of the hedged item for ineffectiveness measurement | 196 | (444) |
Gains (losses) deferred in AOCI | 196 | (444) |
Forward contracts [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Change in value of hedging instruments for ineffectiveness measurement | (1) | (14) |
Change in value of the hedged item for ineffectiveness measurement | 1 | 14 |
Gains (losses) deferred in AOCI | 1 | 14 |
Non-functional currency denominated debt [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Change in value of hedging instruments for ineffectiveness measurement | (195) | 458 |
Change in value of the hedged item for ineffectiveness measurement | 195 | (458) |
Gains (losses) deferred in AOCI | $ 195 | $ (458) |
Derivative and Hedging Instr_13
Derivative and Hedging Instruments - Summary of Detailed Information about Movement in the Entity Net Investment Hedge Reserve (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Disclosure of Detailed Information About Movement in the Entity Net Investment Hedge Reserve [Line Items] | |||
Total | $ 4,801 | $ 5,918 | $ 4,578 |
Hedges of net investment in foreign operations [Member] | |||
Disclosure of Detailed Information About Movement in the Entity Net Investment Hedge Reserve [Line Items] | |||
Balances in the foreign currency translation reserve for continuing hedges | 59 | (137) | |
Total | $ 59 | $ (137) |
Derivative and Hedging Instr_14
Derivative and Hedging Instruments - Summary of Detailed Information About Reconciliation of Accumulated Other Comprehensive Income Loss Related to Cash Flow Hedges (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest rate risk [Member] | ||
Disclosure of Detailed Information about Reconciliation of Accumulated other Comprehensive Income Loss Related To Cash Flow Hedges [Line Items] | ||
Hedging gains (losses) recognized in AOCI during the year | $ 1 | |
Accumulated other comprehensive income (loss), end of the year | 1 | |
Interest and foreign exchange risk [Member] | ||
Disclosure of Detailed Information about Reconciliation of Accumulated other Comprehensive Income Loss Related To Cash Flow Hedges [Line Items] | ||
Accumulated other comprehensive income (loss), beginning of the year | (114) | $ (313) |
Hedging gains (losses) recognized in AOCI during the year | 23 | 175 |
Reclassification from AOCI to income | 16 | (49) |
Accumulated other comprehensive income (loss), end of the year | (107) | (114) |
Accumulated other comprehensive income (loss), end of the year | (89) | |
Foreign exchange translation risk [Member] | ||
Disclosure of Detailed Information about Reconciliation of Accumulated other Comprehensive Income Loss Related To Cash Flow Hedges [Line Items] | ||
Accumulated other comprehensive income (loss), beginning of the year | 5 | 3 |
Hedging gains (losses) recognized in AOCI during the year | (10) | 33 |
Reclassification from AOCI to income | (8) | 34 |
Accumulated other comprehensive income (loss), end of the year | 3 | 5 |
Accumulated other comprehensive income (loss), end of the year | 2 | |
CPI risk [Member] | ||
Disclosure of Detailed Information about Reconciliation of Accumulated other Comprehensive Income Loss Related To Cash Flow Hedges [Line Items] | ||
Hedging gains (losses) recognized in AOCI during the year | (4) | |
Reclassification from AOCI to income | 81 | |
Accumulated other comprehensive income (loss), end of the year | (85) | |
Equity price risk [Member] | ||
Disclosure of Detailed Information about Reconciliation of Accumulated other Comprehensive Income Loss Related To Cash Flow Hedges [Line Items] | ||
Accumulated other comprehensive income (loss), beginning of the year | 2 | 6 |
Hedging gains (losses) recognized in AOCI during the year | 40 | 2 |
Reclassification from AOCI to income | 3 | 6 |
Accumulated other comprehensive income (loss), end of the year | 39 | 2 |
Accumulated other comprehensive income (loss), end of the year | 2 | |
Risk Affecting Cash Flow Hedges [Member] | ||
Disclosure of Detailed Information about Reconciliation of Accumulated other Comprehensive Income Loss Related To Cash Flow Hedges [Line Items] | ||
Accumulated other comprehensive income (loss), beginning of the year | (107) | (304) |
Hedging gains (losses) recognized in AOCI during the year | 50 | 210 |
Reclassification from AOCI to income | 92 | (9) |
Accumulated other comprehensive income (loss), end of the year | $ (149) | (107) |
Accumulated other comprehensive income (loss), end of the year | $ (85) |
Derivative and Hedging Instr_15
Derivative and Hedging Instruments - Summary of Detailed Information about Reconciliation of Accumulated other Comprehensive Income Loss Related to Net Investment Hedges (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of Detailed Information About Reconciliation of Accumulated Other Comprehensive Income Loss Net Investment Hedges [Line Items] | ||
Hedging gains (losses) recognized in AOCI during the year | $ 183 | $ (415) |
Foreign exchange translation risk [Member] | ||
Disclosure of Detailed Information About Reconciliation of Accumulated Other Comprehensive Income Loss Net Investment Hedges [Line Items] | ||
Accumulated other comprehensive income (loss), beginning of the year | 5 | 3 |
Accumulated other comprehensive income (loss), end of the year | 3 | 5 |
Foreign exchange translation risk [Member] | Hedges of net investment in foreign operations [Member] | ||
Disclosure of Detailed Information About Reconciliation of Accumulated Other Comprehensive Income Loss Net Investment Hedges [Line Items] | ||
Accumulated other comprehensive income (loss), beginning of the year | (137) | 307 |
Hedging gains (losses) recognized in AOCI during the year | 196 | (444) |
Accumulated other comprehensive income (loss), end of the year | $ 59 | $ (137) |
Derivative and Hedging Instr_16
Derivative and Hedging Instruments - Summary of Detailed Information About Cost of Hedging (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2023 CAD ($) | |
Foreign Exchange Risk [member] | |
Cost of hedging [abstract] | |
Accumulated other comprehensive income (loss), beginning of the year | $ 5 |
Accumulated other comprehensive income (loss), end of the year | 3 |
Interest and foreign exchange risk [Member] | |
Cost of hedging [abstract] | |
Accumulated other comprehensive income (loss), beginning of the year | (114) |
Accumulated other comprehensive income (loss), end of the year | (107) |
IFRS 9 [Member] | Foreign Exchange Risk [member] | |
Cost of hedging [abstract] | |
Accumulated other comprehensive income (loss), beginning of the year | (3) |
Changes in fair value | 5 |
Amount reclassified to profit or loss | 2 |
Accumulated other comprehensive income (loss), end of the year | 0 |
IFRS 9 [Member] | Interest and foreign exchange risk [Member] | |
Cost of hedging [abstract] | |
Accumulated other comprehensive income (loss), beginning of the year | 25 |
Changes in fair value | (8) |
Amount reclassified to profit or loss | (1) |
Accumulated other comprehensive income (loss), end of the year | $ 18 |
Derivative and Hedging Instr_17
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, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about hedges [Line Items] | ||
Derivative investment income (loss) | $ 1,173 | $ (10,634) |
Interest rate swaps [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Derivative investment income (loss) | 667 | (3,428) |
Interest rate futures [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Derivative investment income (loss) | 57 | (431) |
Interest rate options [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Derivative investment income (loss) | (13) | (258) |
Foreign currency swaps [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Derivative investment income (loss) | (4) | 1,171 |
Currency rate futures [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Derivative investment income (loss) | (22) | (103) |
Forward contracts [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Derivative investment income (loss) | 612 | (7,561) |
Equity futures [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Derivative investment income (loss) | (449) | 794 |
Equity contracts [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Derivative investment income (loss) | $ 325 | $ (818) |
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, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Goodwill Beginning balance | $ 6,014 | $ 5,651 |
Total intangible assets Beginning balance | 4,505 | 4,264 |
Goodwill Net additions/ (disposals) | 255 | |
Effect of changes in foreign exchange rates | (95) | 108 |
Total intangible assets Net additions/ (disposals) | 312 | 433 |
Goodwill Ending balance | 5,919 | 6,014 |
Total goodwill and intangible assets Net additions/ (disposals) | 312 | 688 |
Total goodwill and intangible assets Beginning balance | 10,519 | 9,915 |
Amortization expense | (328) | (344) |
Effect of changes in foreign exchange rates - Total intangible assets | 193 | 260 |
Effect of changes in foreign exchange rates | (98) | 152 |
Total goodwill and intangible assets Ending balance | 10,310 | 10,519 |
Total intangible assets Ending balance | 4,391 | 4,505 |
Distribution networks [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Total intangible assets Beginning balance | 881 | 888 |
Total intangible assets Net additions/ (disposals) | 31 | 6 |
Amortization expense | (53) | (47) |
Effect of changes in foreign exchange rates - Total intangible assets | (25) | 34 |
Total intangible assets Ending balance | 834 | 881 |
Customer relationships [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Total intangible assets Beginning balance | 643 | 687 |
Total intangible assets Net additions/ (disposals) | (4) | |
Amortization expense | (53) | (56) |
Effect of changes in foreign exchange rates - Total intangible assets | (4) | 12 |
Total intangible assets Ending balance | 582 | 643 |
Software [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Total intangible assets Beginning balance | 1,068 | 1,091 |
Total intangible assets Net additions/ (disposals) | 274 | 192 |
Amortization expense | (217) | (235) |
Effect of changes in foreign exchange rates - Total intangible assets | (23) | 20 |
Total intangible assets Ending balance | 1,102 | 1,068 |
Other [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Total intangible assets Beginning balance | 52 | 49 |
Total intangible assets Net additions/ (disposals) | 11 | 7 |
Amortization expense | (5) | (6) |
Effect of changes in foreign exchange rates - Total intangible assets | (10) | 2 |
Total intangible assets Ending balance | 48 | 52 |
Finite life intangible assets [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Total intangible assets Beginning balance | 2,644 | 2,715 |
Total intangible assets Net additions/ (disposals) | 312 | 205 |
Amortization expense | (328) | (344) |
Effect of changes in foreign exchange rates - Total intangible assets | (62) | 68 |
Total intangible assets Ending balance | 2,566 | 2,644 |
Brand [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Total intangible assets Beginning balance | 813 | 761 |
Effect of changes in foreign exchange rates - Total intangible assets | (22) | 52 |
Total intangible assets Ending balance | 791 | 813 |
Fund management contracts and other [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Total intangible assets Beginning balance | 1,048 | 788 |
Total intangible assets Net additions/ (disposals) | 228 | |
Effect of changes in foreign exchange rates - Total intangible assets | (14) | 32 |
Total intangible assets Ending balance | 1,034 | 1,048 |
Indefinite life intangible assets [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Total intangible assets Beginning balance | 1,861 | 1,549 |
Total intangible assets Net additions/ (disposals) | 228 | |
Effect of changes in foreign exchange rates - Total intangible assets | (36) | 84 |
Total intangible assets Ending balance | $ 1,825 | $ 1,861 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Carrying Amounts of Goodwill and Intangible Assets (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Nov. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2021 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Intangible assets ending balance | $ 4,505 | $ 4,391 | $ 4,264 | |
Goodwill recognized | 255 | |||
Manulife TEDA Fund Management [Member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Cash transferred | $ 334 | |||
Fair value of joint venture interest valued | 321 | |||
Goodwill recognized | $ 255 | |||
Percentage of voting equity interests acquired | 51% | |||
Manulife TEDA Fund Management [Member] | Indefinite Life Fund Management Contracts [Member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Acquisitions through business combinations, intangible assets other than goodwill | $ 185 | |||
Manulife TEDA Fund Management [Member] | Distribution networks [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Acquisitions through business combinations, intangible assets other than goodwill | 52 | |||
Manulife TEDA Fund Management [Member] | Finite Life Management Contracts [Member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Acquisitions through business combinations, intangible assets other than goodwill | $ 3 | |||
Software [Member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Intangible assets ending balance | 1,068 | 1,102 | 1,091 | |
Distribution networks [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Intangible assets ending balance | 881 | 834 | 888 | |
Customer relationships [Member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Intangible assets ending balance | 643 | 582 | 687 | |
Other [Member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Intangible assets ending balance | 52 | 48 | 49 | |
Fund management contracts and other [Member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Intangible assets ending balance | 1,048 | 1,034 | $ 788 | |
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 | 397 | 386 | ||
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 | 2,736 | 2,955 | ||
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 | 1,517 | 1,511 | ||
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 | 1,146 | 1,136 | ||
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 | $ 136 | $ 138 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 CAD ($) Multiple | Dec. 31, 2022 CAD ($) Multiple | |
Disclosure of detailed information about intangible assets [Line Items] | ||
Impairment loss recognised in profit or loss good will | $ | $ 0 | $ 0 |
Canada [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Tax rate applied to cash flow projections | 27.80% | 27.50% |
U.S. [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Tax rate applied to cash flow projections | 21% | 21% |
Japan [member | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Tax rate applied to cash flow projections | 28% | 28% |
Bottom of range [Member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Price-to-earnings multiples | 5.1 | 4.4 |
Growth rate used to extrapolate cash flow projections | 0% | 0% |
After-tax discount rate applied to cash flow projections | 10% | 10% |
Pre-tax discount rate applied to cash flow projections | 12.50% | 12.50% |
Top of range [Member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Price-to-earnings multiples | 12.7 | 11.6 |
Growth rate used to extrapolate cash flow projections | 13% | 9% |
After-tax discount rate applied to cash flow projections | 13% | 12% |
Pre-tax discount rate applied to cash flow projections | 16.30% | 15% |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Summary of Impairment Testing of Goodwill (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation of changes in goodwill [Line items] | ||
Goodwill Beginning balance | $ 6,014 | $ 5,651 |
Goodwill Net additions/ (disposals) | 255 | |
Effect of changes in foreign exchange rates | (95) | 108 |
Goodwill Ending balance | 5,919 | 6,014 |
Asia Insurance, excluding Japan [member] | ||
Disclosure of reconciliation of changes in goodwill [Line items] | ||
Goodwill Beginning balance | 162 | 152 |
Effect of changes in foreign exchange rates | (3) | 10 |
Goodwill Ending balance | 159 | 162 |
Japan insurance [member] | ||
Disclosure of reconciliation of changes in goodwill [Line items] | ||
Goodwill Beginning balance | 360 | 386 |
Effect of changes in foreign exchange rates | (32) | (26) |
Goodwill Ending balance | 328 | 360 |
Canadian insurance [member] | ||
Disclosure of reconciliation of changes in goodwill [Line items] | ||
Goodwill Beginning balance | 1,960 | 1,955 |
Effect of changes in foreign exchange rates | (2) | 5 |
Goodwill Ending balance | 1,958 | 1,960 |
US insurance [member] | ||
Disclosure of reconciliation of changes in goodwill [Line items] | ||
Goodwill Beginning balance | 360 | 336 |
Effect of changes in foreign exchange rates | (10) | 24 |
Goodwill Ending balance | 350 | 360 |
Asia wealth and asset management [member] | ||
Disclosure of reconciliation of changes in goodwill [Line items] | ||
Goodwill Beginning balance | 450 | 183 |
Goodwill Net additions/ (disposals) | 255 | |
Effect of changes in foreign exchange rates | (12) | 12 |
Goodwill Ending balance | 438 | 450 |
Canada wealth and asset management [member] | ||
Disclosure of reconciliation of changes in goodwill [Line items] | ||
Goodwill Beginning balance | 1,436 | 1,436 |
Effect of changes in foreign exchange rates | 0 | |
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 | 1,286 | 1,203 |
Effect of changes in foreign exchange rates | (36) | 83 |
Goodwill Ending balance | $ 1,250 | $ 1,286 |
Insurance and Reinsurance Con_3
Insurance and Reinsurance Contract Assets and Liabilities - Summary of Reporting Segment of Composition of Insurance and Reinsurance Contract Held Assets and Liabilities (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
Disclosure of composition of insurance contract asset and liabilities and reinsurance contract held assets and liabilities by the reporting segment [Line Items] | ||||
Insurance contract assets | $ 145 | $ 673 | $ 972 | |
Insurance contract liabilities | 367,996 | 354,849 | 405,621 | |
Reinsurance contract held assets | 42,651 | 45,871 | 52,829 | |
Reinsurance contract held liabilities | 2,831 | 2,391 | $ 2,079 | |
Net insurance and reinsurance contract held liabilities [Abstract] | ||||
Net insurance and reinsurance contract held liabilities | 442,174 | 420,912 | ||
Insurance contract asset and liabilities [member] | ||||
Disclosure of composition of insurance contract asset and liabilities and reinsurance contract held assets and liabilities by the reporting segment [Line Items] | ||||
Insurance contract assets | (145) | (673) | $ (972) | |
Insurance contract liabilities | 367,996 | 354,849 | 405,621 | |
Insurance contract liabilities for account of segregated fund holders | 114,143 | 110,216 | 130,836 | |
Net insurance contract liabilities | 481,994 | 464,392 | 535,485 | |
Net insurance and reinsurance contract held liabilities [Abstract] | ||||
Net insurance contract liabilities | 481,994 | 464,392 | 535,485 | |
Insurance contract asset and liabilities [member] | Insurance contract balances [member] | ||||
Disclosure of composition of insurance contract asset and liabilities and reinsurance contract held assets and liabilities by the reporting segment [Line Items] | ||||
Insurance contract assets | (145) | (664) | ||
Insurance contract liabilities | 368,816 | 355,645 | ||
Insurance contract liabilities for account of segregated fund holders | 114,143 | 110,216 | ||
Net insurance contract liabilities | 482,814 | 465,197 | ||
Net insurance and reinsurance contract held liabilities [Abstract] | ||||
Net insurance contract liabilities | 482,814 | 465,197 | ||
Insurance contract asset and liabilities [member] | Total [member] | ||||
Disclosure of composition of insurance contract asset and liabilities and reinsurance contract held assets and liabilities by the reporting segment [Line Items] | ||||
Insurance contract assets | (9) | |||
Insurance contract liabilities | (820) | (796) | ||
Net insurance contract liabilities | (820) | (805) | ||
Net insurance and reinsurance contract held liabilities [Abstract] | ||||
Net insurance contract liabilities | (820) | (805) | ||
Insurance contract asset and liabilities [member] | Corporate and Other [member] | ||||
Disclosure of composition of insurance contract asset and liabilities and reinsurance contract held assets and liabilities by the reporting segment [Line Items] | ||||
Insurance contract assets | (4) | |||
Insurance contract liabilities | (781) | 163 | ||
Net insurance contract liabilities | (785) | 163 | ||
Net insurance and reinsurance contract held liabilities [Abstract] | ||||
Net insurance contract liabilities | (785) | 163 | ||
Insurance contract asset and liabilities [member] | Asia [member] | ||||
Disclosure of composition of insurance contract asset and liabilities and reinsurance contract held assets and liabilities by the reporting segment [Line Items] | ||||
Insurance contract assets | (108) | (527) | ||
Insurance contract liabilities | 131,729 | 121,105 | ||
Insurance contract liabilities for account of segregated fund holders | 22,696 | 21,005 | ||
Net insurance contract liabilities | 154,317 | 141,583 | ||
Net insurance and reinsurance contract held liabilities [Abstract] | ||||
Net insurance contract liabilities | 154,317 | 141,583 | ||
Insurance contract asset and liabilities [member] | Canada [member] | ||||
Disclosure of composition of insurance contract asset and liabilities and reinsurance contract held assets and liabilities by the reporting segment [Line Items] | ||||
Insurance contract assets | (33) | (81) | ||
Insurance contract liabilities | 80,169 | 74,876 | ||
Insurance contract liabilities for account of segregated fund holders | 36,085 | 35,695 | ||
Net insurance contract liabilities | 116,221 | 110,490 | ||
Net insurance and reinsurance contract held liabilities [Abstract] | ||||
Net insurance contract liabilities | 116,221 | 110,490 | ||
Insurance contract asset and liabilities [member] | U.S. [member] | ||||
Disclosure of composition of insurance contract asset and liabilities and reinsurance contract held assets and liabilities by the reporting segment [Line Items] | ||||
Insurance contract assets | (56) | |||
Insurance contract liabilities | 157,699 | 159,501 | ||
Insurance contract liabilities for account of segregated fund holders | 55,362 | 53,516 | ||
Net insurance contract liabilities | 213,061 | 212,961 | ||
Net insurance and reinsurance contract held liabilities [Abstract] | ||||
Net insurance contract liabilities | 213,061 | 212,961 | ||
Reinsurance contracts held asset and liabilities [member] | ||||
Disclosure of composition of insurance contract asset and liabilities and reinsurance contract held assets and liabilities by the reporting segment [Line Items] | ||||
Reinsurance contract held assets | 42,651 | 45,871 | 52,829 | |
Reinsurance contract held liabilities | (2,831) | (2,391) | (2,079) | |
Net reinsurance contract held assets | 39,820 | 43,480 | 50,750 | |
Net insurance and reinsurance contract held liabilities [Abstract] | ||||
Net reinsurance contract held assets | (39,820) | (43,480) | $ (50,750) | |
Reinsurance contracts held asset and liabilities [member] | Corporate and Other [member] | ||||
Disclosure of composition of insurance contract asset and liabilities and reinsurance contract held assets and liabilities by the reporting segment [Line Items] | ||||
Reinsurance contract held assets | (248) | 425 | ||
Reinsurance contract held liabilities | 5 | |||
Net reinsurance contract held assets | (243) | 425 | ||
Net insurance and reinsurance contract held liabilities [Abstract] | ||||
Net reinsurance contract held assets | 243 | (425) | ||
Reinsurance contracts held asset and liabilities [member] | Asia [member] | ||||
Disclosure of composition of insurance contract asset and liabilities and reinsurance contract held assets and liabilities by the reporting segment [Line Items] | ||||
Reinsurance contract held assets | 3,540 | 3,306 | ||
Reinsurance contract held liabilities | (1,909) | (1,462) | ||
Net reinsurance contract held assets | 1,631 | 1,844 | ||
Net insurance and reinsurance contract held liabilities [Abstract] | ||||
Net reinsurance contract held assets | (1,631) | (1,844) | ||
Reinsurance contracts held asset and liabilities [member] | Canada [member] | ||||
Disclosure of composition of insurance contract asset and liabilities and reinsurance contract held assets and liabilities by the reporting segment [Line Items] | ||||
Reinsurance contract held assets | 1,922 | 1,756 | ||
Reinsurance contract held liabilities | (913) | (911) | ||
Net reinsurance contract held assets | 1,009 | 845 | ||
Net insurance and reinsurance contract held liabilities [Abstract] | ||||
Net reinsurance contract held assets | (1,009) | (845) | ||
Reinsurance contracts held asset and liabilities [member] | U.S. [member] | ||||
Disclosure of composition of insurance contract asset and liabilities and reinsurance contract held assets and liabilities by the reporting segment [Line Items] | ||||
Reinsurance contract held assets | 37,437 | 40,384 | ||
Reinsurance contract held liabilities | (14) | (18) | ||
Net reinsurance contract held assets | 37,423 | 40,366 | ||
Net insurance and reinsurance contract held liabilities [Abstract] | ||||
Net reinsurance contract held assets | $ (37,423) | $ (40,366) |
Insurance and Reinsurance con_4
Insurance and Reinsurance contract Assets and Liabilities - Summary of Insurance Contracts in Analysis by Remaining Coverage and Incurred Claims (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Opening insurance contract assets | $ 673 | |
Opening insurance contract liabilities | 354,849 | |
Insurance revenue [abstract] | ||
Insurance revenue | 23,972 | $ 23,118 |
Insurance service expense [abstract] | ||
Insurance finance (income) expenses | (14,628) | (6,307) |
Cash flows | ||
Acquisition cash flows incurred in the year | 820 | 805 |
Closing insurance contract assets | 145 | 673 |
Closing insurance contract liabilities | 367,996 | 354,849 |
Insurance Contracts Issued [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Opening insurance contract assets | (673) | (972) |
Opening insurance contract liabilities | 354,849 | 405,621 |
Opening insurance contract liabilities for account of segregated fund holders | 110,216 | 130,836 |
Net opening balance | 464,392 | 535,485 |
Insurance revenue [abstract] | ||
Expected incurred claims and other insurance service result | (13,165) | (13,019) |
Change in risk adjustment for non-financial risk expired | (1,497) | (1,665) |
CSM recognized for services provided | (2,162) | (2,298) |
Recovery of insurance acquisition cash flows | (853) | (534) |
Contracts under PAA | (6,295) | (5,602) |
Insurance revenue | (23,972) | (23,118) |
Insurance service expense [abstract] | ||
Incurred claims and other insurance service expenses | 19,516 | 19,256 |
Losses and reversal of losses on onerous contracts (future service) | 90 | 742 |
Changes to liabilities for incurred claims (past service) | (1,878) | (1,948) |
Amortization of insurance acquisition cash flows | 1,654 | 1,285 |
Net impairment of assets for insurance acquisition cash flows | 0 | 0 |
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) | 19,382 | 19,335 |
Investment components and premium refunds | 0 | 0 |
Insurance service result | (4,590) | (3,783) |
Insurance finance (income) expenses | 25,174 | (68,833) |
Effects of movements in foreign exchange rates | (9,771) | 16,061 |
Total changes in income and OCI | 10,813 | (56,555) |
Cash flows | ||
Premiums and premium tax received | 48,381 | 47,526 |
Claims and other insurance service expenses paid, including investment components | (38,425) | (34,986) |
Insurance acquisition cash flows | (6,920) | (6,266) |
Total cash flows | 3,036 | 6,274 |
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts | 0 | 0 |
Acquisition cash flows incurred in the year | (174) | (192) |
Movements related to insurance contract liabilities for account of segregated fund holders | 3,927 | (20,620) |
Net closing balance | 481,994 | 464,392 |
Closing insurance contract assets | (145) | (673) |
Closing insurance contract liabilities | 367,996 | 354,849 |
Closing insurance contract liabilities for account of segregated fund holders | 114,143 | 110,216 |
Net closing balance | 481,994 | 464,392 |
Insurance finance (income) expenses, per disclosure in note 7 (f) | 24,992 | (68,833) |
Insurance Contracts Issued [Member] | Assets for insurance acquisition cash flows [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Opening insurance contract assets | (9) | |
Opening insurance contract liabilities | (796) | |
Net opening balance | (805) | |
Cash flows | ||
Closing insurance contract assets | (9) | |
Closing insurance contract liabilities | (820) | (796) |
Net closing balance | (820) | (805) |
Insurance Contracts Issued [Member] | Cash flow hedges [Member] | ||
Cash flows | ||
Reclassification of derivative | 3 | 0 |
Insurance Contracts Issued [Member] | Fair value hedges [Member] | ||
Cash flows | ||
Reclassification of derivative | (185) | 0 |
Insurance Contracts Issued [Member] | Excluding loss component [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Opening insurance contract assets | (659) | (842) |
Opening insurance contract liabilities | 336,981 | 388,585 |
Opening insurance contract liabilities for account of segregated fund holders | 110,216 | 130,836 |
Net opening balance | 446,538 | 518,579 |
Insurance revenue [abstract] | ||
Expected incurred claims and other insurance service result | (13,165) | (13,019) |
Change in risk adjustment for non-financial risk expired | (1,497) | (1,665) |
CSM recognized for services provided | (2,162) | (2,298) |
Recovery of insurance acquisition cash flows | (853) | (534) |
Contracts under PAA | (6,295) | (5,602) |
Insurance revenue | (23,972) | (23,118) |
Insurance service expense [abstract] | ||
Incurred claims and other insurance service expenses | 0 | 0 |
Losses and reversal of losses on onerous contracts (future service) | 0 | 0 |
Changes to liabilities for incurred claims (past service) | 0 | 0 |
Amortization of insurance acquisition cash flows | 1,654 | 1,285 |
Net impairment of assets for insurance acquisition cash flows | 0 | 0 |
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) | 1,654 | 1,285 |
Investment components and premium refunds | (19,080) | (18,222) |
Insurance service result | (41,398) | (40,055) |
Insurance finance (income) expenses | 24,268 | (68,366) |
Effects of movements in foreign exchange rates | (9,657) | 15,886 |
Total changes in income and OCI | (26,787) | (92,535) |
Cash flows | ||
Premiums and premium tax received | 48,381 | 47,526 |
Claims and other insurance service expenses paid, including investment components | 0 | 0 |
Insurance acquisition cash flows | (6,920) | (6,266) |
Total cash flows | 41,461 | 41,260 |
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts | (152) | (146) |
Acquisition cash flows incurred in the year | 0 | 0 |
Movements related to insurance contract liabilities for account of segregated fund holders | 3,927 | (20,620) |
Net closing balance | 464,987 | 446,538 |
Closing insurance contract assets | (201) | (659) |
Closing insurance contract liabilities | 351,045 | 336,981 |
Closing insurance contract liabilities for account of segregated fund holders | 114,143 | 110,216 |
Net closing balance | 464,987 | 446,538 |
Insurance Contracts Issued [Member] | Loss component [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Opening insurance contract assets | 0 | 0 |
Opening insurance contract liabilities | 1,328 | 303 |
Opening insurance contract liabilities for account of segregated fund holders | 0 | 0 |
Net opening balance | 1,328 | 303 |
Insurance revenue [abstract] | ||
Expected incurred claims and other insurance service result | 0 | 0 |
Change in risk adjustment for non-financial risk expired | 0 | 0 |
CSM recognized for services provided | 0 | 0 |
Recovery of insurance acquisition cash flows | 0 | 0 |
Contracts under PAA | 0 | 0 |
Insurance revenue | 0 | 0 |
Insurance service expense [abstract] | ||
Incurred claims and other insurance service expenses | (320) | 233 |
Losses and reversal of losses on onerous contracts (future service) | 90 | 742 |
Changes to liabilities for incurred claims (past service) | 0 | 0 |
Amortization of insurance acquisition cash flows | 0 | 0 |
Net impairment of assets for insurance acquisition cash flows | 0 | 0 |
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) | (230) | 975 |
Investment components and premium refunds | 0 | 0 |
Insurance service result | (230) | 975 |
Insurance finance (income) expenses | 32 | 9 |
Effects of movements in foreign exchange rates | (38) | 41 |
Total changes in income and OCI | (236) | 1,025 |
Cash flows | ||
Premiums and premium tax received | 0 | 0 |
Claims and other insurance service expenses paid, including investment components | 0 | 0 |
Insurance acquisition cash flows | 0 | 0 |
Total cash flows | 0 | 0 |
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts | 0 | 0 |
Acquisition cash flows incurred in the year | 0 | 0 |
Movements related to insurance contract liabilities for account of segregated fund holders | 0 | 0 |
Net closing balance | 1,092 | 1,328 |
Closing insurance contract assets | 0 | 0 |
Closing insurance contract liabilities | 1,092 | 1,328 |
Closing insurance contract liabilities for account of segregated fund holders | 0 | 0 |
Net closing balance | 1,092 | 1,328 |
Insurance Contracts Issued [Member] | Liabilities for incurred claims [Member] | Products not under PAA [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Opening insurance contract assets | 7 | 60 |
Opening insurance contract liabilities | 5,857 | 4,342 |
Opening insurance contract liabilities for account of segregated fund holders | 0 | 0 |
Net opening balance | 5,864 | 4,402 |
Insurance revenue [abstract] | ||
Expected incurred claims and other insurance service result | 0 | 0 |
Change in risk adjustment for non-financial risk expired | 0 | 0 |
CSM recognized for services provided | 0 | 0 |
Recovery of insurance acquisition cash flows | 0 | 0 |
Contracts under PAA | 0 | 0 |
Insurance revenue | 0 | 0 |
Insurance service expense [abstract] | ||
Incurred claims and other insurance service expenses | 13,446 | 12,775 |
Losses and reversal of losses on onerous contracts (future service) | 0 | 0 |
Changes to liabilities for incurred claims (past service) | (31) | (41) |
Amortization of insurance acquisition cash flows | 0 | 0 |
Net impairment of assets for insurance acquisition cash flows | 0 | 0 |
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) | 13,415 | 12,734 |
Investment components and premium refunds | 17,148 | 16,514 |
Insurance service result | 30,563 | 29,248 |
Insurance finance (income) expenses | 15 | 753 |
Effects of movements in foreign exchange rates | (71) | 136 |
Total changes in income and OCI | 30,507 | 30,137 |
Cash flows | ||
Premiums and premium tax received | 0 | 0 |
Claims and other insurance service expenses paid, including investment components | (30,706) | (28,675) |
Insurance acquisition cash flows | 0 | 0 |
Total cash flows | (30,706) | (28,675) |
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts | 0 | 0 |
Acquisition cash flows incurred in the year | 0 | 0 |
Movements related to insurance contract liabilities for account of segregated fund holders | 0 | 0 |
Net closing balance | 5,665 | 5,864 |
Closing insurance contract assets | 56 | 7 |
Closing insurance contract liabilities | 5,609 | 5,857 |
Closing insurance contract liabilities for account of segregated fund holders | 0 | 0 |
Net closing balance | 5,665 | 5,864 |
Insurance Contracts Issued [Member] | Liabilities for incurred claims [Member] | PAA [Member] | Estimates of PV of future cash flows [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Opening insurance contract assets | (12) | 27 |
Opening insurance contract liabilities | 10,877 | 12,230 |
Opening insurance contract liabilities for account of segregated fund holders | 0 | 0 |
Net opening balance | 10,865 | 12,257 |
Insurance revenue [abstract] | ||
Expected incurred claims and other insurance service result | 0 | 0 |
Change in risk adjustment for non-financial risk expired | 0 | 0 |
CSM recognized for services provided | 0 | 0 |
Recovery of insurance acquisition cash flows | 0 | 0 |
Contracts under PAA | 0 | 0 |
Insurance revenue | 0 | 0 |
Insurance service expense [abstract] | ||
Incurred claims and other insurance service expenses | 6,136 | 5,982 |
Losses and reversal of losses on onerous contracts (future service) | 0 | 0 |
Changes to liabilities for incurred claims (past service) | (1,605) | (1,554) |
Amortization of insurance acquisition cash flows | 0 | 0 |
Net impairment of assets for insurance acquisition cash flows | 0 | 0 |
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) | 4,531 | 4,428 |
Investment components and premium refunds | 1,932 | 1,708 |
Insurance service result | 6,463 | 6,136 |
Insurance finance (income) expenses | 848 | (1,229) |
Effects of movements in foreign exchange rates | (12) | 12 |
Total changes in income and OCI | 7,299 | 4,919 |
Cash flows | ||
Premiums and premium tax received | 0 | 0 |
Claims and other insurance service expenses paid, including investment components | (7,719) | (6,311) |
Insurance acquisition cash flows | 0 | 0 |
Total cash flows | (7,719) | (6,311) |
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts | 0 | 0 |
Acquisition cash flows incurred in the year | 0 | 0 |
Movements related to insurance contract liabilities for account of segregated fund holders | 0 | 0 |
Net closing balance | 10,445 | 10,865 |
Closing insurance contract assets | 0 | (12) |
Closing insurance contract liabilities | 10,445 | 10,877 |
Closing insurance contract liabilities for account of segregated fund holders | 0 | 0 |
Net closing balance | 10,445 | 10,865 |
Insurance Contracts Issued [Member] | Liabilities for incurred claims [Member] | PAA [Member] | Risk adjustment for non-financial risk [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Opening insurance contract assets | 0 | 0 |
Opening insurance contract liabilities | 602 | 689 |
Opening insurance contract liabilities for account of segregated fund holders | 0 | 0 |
Net opening balance | 602 | 689 |
Insurance revenue [abstract] | ||
Expected incurred claims and other insurance service result | 0 | 0 |
Change in risk adjustment for non-financial risk expired | 0 | 0 |
CSM recognized for services provided | 0 | 0 |
Recovery of insurance acquisition cash flows | 0 | 0 |
Contracts under PAA | 0 | 0 |
Insurance revenue | 0 | 0 |
Insurance service expense [abstract] | ||
Incurred claims and other insurance service expenses | 254 | 266 |
Losses and reversal of losses on onerous contracts (future service) | 0 | 0 |
Changes to liabilities for incurred claims (past service) | (242) | (353) |
Amortization of insurance acquisition cash flows | 0 | 0 |
Net impairment of assets for insurance acquisition cash flows | 0 | 0 |
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) | 12 | (87) |
Investment components and premium refunds | 0 | 0 |
Insurance service result | 12 | (87) |
Insurance finance (income) expenses | 11 | 0 |
Effects of movements in foreign exchange rates | 0 | 0 |
Total changes in income and OCI | 23 | (87) |
Cash flows | ||
Premiums and premium tax received | 0 | 0 |
Claims and other insurance service expenses paid, including investment components | 0 | 0 |
Insurance acquisition cash flows | 0 | 0 |
Total cash flows | 0 | 0 |
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts | 0 | 0 |
Acquisition cash flows incurred in the year | 0 | 0 |
Movements related to insurance contract liabilities for account of segregated fund holders | 0 | 0 |
Net closing balance | 625 | 602 |
Closing insurance contract assets | 0 | 0 |
Closing insurance contract liabilities | 625 | 602 |
Closing insurance contract liabilities for account of segregated fund holders | 0 | 0 |
Net closing balance | 625 | 602 |
Insurance Contracts Issued [Member] | Liabilities for incurred claims [Member] | PAA [Member] | Assets for insurance acquisition cash flows [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Opening insurance contract assets | (9) | (217) |
Opening insurance contract liabilities | (796) | (528) |
Opening insurance contract liabilities for account of segregated fund holders | 0 | 0 |
Net opening balance | (805) | (745) |
Insurance revenue [abstract] | ||
Expected incurred claims and other insurance service result | 0 | 0 |
Change in risk adjustment for non-financial risk expired | 0 | 0 |
CSM recognized for services provided | 0 | 0 |
Recovery of insurance acquisition cash flows | 0 | 0 |
Contracts under PAA | 0 | 0 |
Insurance revenue | 0 | 0 |
Insurance service expense [abstract] | ||
Incurred claims and other insurance service expenses | 0 | 0 |
Losses and reversal of losses on onerous contracts (future service) | 0 | 0 |
Changes to liabilities for incurred claims (past service) | 0 | 0 |
Amortization of insurance acquisition cash flows | 0 | 0 |
Net impairment of assets for insurance acquisition cash flows | 0 | 0 |
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) | 0 | 0 |
Investment components and premium refunds | 0 | 0 |
Insurance service result | 0 | 0 |
Insurance finance (income) expenses | 0 | 0 |
Effects of movements in foreign exchange rates | 7 | (14) |
Total changes in income and OCI | 7 | (14) |
Cash flows | ||
Premiums and premium tax received | 0 | 0 |
Claims and other insurance service expenses paid, including investment components | 0 | 0 |
Insurance acquisition cash flows | 0 | 0 |
Total cash flows | 0 | 0 |
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts | 152 | 146 |
Acquisition cash flows incurred in the year | (174) | (192) |
Movements related to insurance contract liabilities for account of segregated fund holders | 0 | 0 |
Net closing balance | (820) | (805) |
Closing insurance contract assets | 0 | (9) |
Closing insurance contract liabilities | (820) | (796) |
Closing insurance contract liabilities for account of segregated fund holders | 0 | 0 |
Net closing balance | $ (820) | $ (805) |
Insurance and Reinsurance con_5
Insurance and Reinsurance contract Assets and Liabilities - Summary of Insurance Contracts in Analysis by Measurement Components (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation of changes in insurance contracts by components [line items] | ||
Opening insurance contract assets | $ 673 | |
Opening insurance contract liabilities | 354,849 | |
Insurance finance (income) expenses | (14,628) | $ (6,307) |
Acquisition cash flows incurred in the year | 820 | 805 |
Closing insurance contract assets | 145 | 673 |
Closing insurance contract liabilities | 367,996 | 354,849 |
Insurance Contracts Issued [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by components [line items] | ||
Opening insurance contract assets | (673) | (972) |
Opening insurance contract liabilities | 354,849 | 405,621 |
Opening insurance contract liabilities for account of segregated fund holders | 110,216 | 130,836 |
Net opening balance | 464,392 | 535,485 |
Changes that relate to future services | 90 | 742 |
Changes that relate to past services | (1,878) | (1,948) |
Insurance service result | (4,590) | (3,783) |
Insurance finance (income) expenses | 25,174 | (68,833) |
Effects of movements in foreign exchange rates | (9,771) | 16,061 |
Total changes in income and OCI | 10,813 | (56,555) |
Total cash flows | 3,036 | 6,274 |
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts | 0 | 0 |
Acquisition cash flows incurred in the year | (174) | (192) |
Change in PAA balance | 481,994 | 464,392 |
Movements related to insurance contract liabilities for account of segregated fund holders | 3,927 | (20,620) |
Closing insurance contract assets | (145) | (673) |
Closing insurance contract liabilities | 367,996 | 354,849 |
Closing insurance contract liabilities for account of segregated fund holders | 114,143 | 110,216 |
Net closing balance | 481,994 | 464,392 |
Insurance finance (income) expenses, per disclosure in note 7 (f) | 24,992 | (68,833) |
Insurance Contracts Issued [Member] | Cash flow hedges [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by components [line items] | ||
Reclassification of derivative | 3 | 0 |
Insurance Contracts Issued [Member] | Fair value hedges [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by components [line items] | ||
Reclassification of derivative | (185) | 0 |
Insurance Contracts Issued [Member] | Assets for insurance acquisition cash flows [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by components [line items] | ||
Opening insurance contract assets | (9) | |
Opening insurance contract liabilities | (796) | |
Net opening balance | (805) | |
Closing insurance contract assets | (9) | |
Closing insurance contract liabilities | (820) | (796) |
Net closing balance | (820) | (805) |
Analysis by measurement components [Member] | Insurance Contracts Issued [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by components [line items] | ||
Opening insurance contract assets | (658) | (958) |
Opening insurance contract liabilities | 342,853 | 392,685 |
Opening PAA insurance contract net liabilities | 11,981 | 12,922 |
Opening insurance contract liabilities for account of segregated fund holders | 110,216 | 130,836 |
Net opening balance | 464,392 | 535,485 |
CSM recognized for services provided | (2,162) | (2,298) |
Change in risk adjustment for non-financial risk for risk expired | (1,620) | (1,582) |
Experience adjustments | 152 | 6 |
Changes that relate to current services | (3,630) | (3,874) |
Contracts initially recognized during the year | 253 | 514 |
Changes in estimates that adjust the CSM | 0 | |
Changes in estimates that relate to losses and reversal of losses on onerous contracts | (162) | 227 |
Changes that relate to future services | 91 | 741 |
Adjustments to liabilities for incurred claims | (32) | (40) |
Changes that relate to past services | (32) | (40) |
Insurance service result | (3,571) | (3,173) |
Insurance finance (income) expenses | 24,306 | (67,575) |
Effects of movements in foreign exchange rates | (9,729) | 16,033 |
Total changes in income and OCI | 11,006 | (54,715) |
Total cash flows | 2,081 | 5,190 |
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts | 0 | |
Acquisition cash flows incurred in the year | (8) | (7) |
Change in PAA balance | 596 | (941) |
Movements related to insurance contract liabilities for account of segregated fund holders | 3,927 | (20,620) |
Net closing balance | 481,994 | 464,392 |
Closing insurance contract assets | (144) | (658) |
Closing insurance contract liabilities | 355,418 | 342,853 |
Closing PAA insurance contract net liabilities | 12,577 | 11,981 |
Closing insurance contract liabilities for account of segregated fund holders | 114,143 | 110,216 |
Net closing balance | 481,994 | 464,392 |
Analysis by measurement components [Member] | Insurance Contracts Issued [Member] | PAA [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by components [line items] | ||
Insurance finance (income) expenses | 868 | (1,258) |
Insurance finance (income) expenses, per disclosure in note 7 (f) | 24,992 | (68,833) |
Analysis by measurement components [Member] | Insurance Contracts Issued [Member] | Cash flow hedges [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by components [line items] | ||
Reclassification of derivative | 3 | |
Analysis by measurement components [Member] | Insurance Contracts Issued [Member] | Cash flow hedges [Member] | PAA [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by components [line items] | ||
Reclassification of derivative | 0 | |
Analysis by measurement components [Member] | Insurance Contracts Issued [Member] | Fair value hedges [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by components [line items] | ||
Reclassification of derivative | (120) | |
Analysis by measurement components [Member] | Insurance Contracts Issued [Member] | Fair value hedges [Member] | PAA [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by components [line items] | ||
Reclassification of derivative | (65) | |
Analysis by measurement components [Member] | Insurance Contracts Issued [Member] | Estimates of PV of future cash flows [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by components [line items] | ||
Opening insurance contract assets | (1,827) | (1,955) |
Opening insurance contract liabilities | 297,967 | 341,125 |
Opening PAA insurance contract net liabilities | 12,125 | 12,919 |
Opening insurance contract liabilities for account of segregated fund holders | 110,216 | 130,836 |
Net opening balance | 418,481 | 482,925 |
CSM recognized for services provided | 0 | |
Change in risk adjustment for non-financial risk for risk expired | 0 | |
Experience adjustments | 152 | 6 |
Changes that relate to current services | 152 | 6 |
Contracts initially recognized during the year | (3,295) | (2,880) |
Changes in estimates that adjust the CSM | 1,585 | 3,377 |
Changes in estimates that relate to losses and reversal of losses on onerous contracts | (174) | 229 |
Changes that relate to future services | (1,884) | 726 |
Adjustments to liabilities for incurred claims | (28) | (33) |
Changes that relate to past services | (28) | (33) |
Insurance service result | (1,760) | 699 |
Insurance finance (income) expenses | 22,340 | (62,812) |
Effects of movements in foreign exchange rates | (8,405) | 13,898 |
Total changes in income and OCI | 12,175 | (48,215) |
Total cash flows | 2,081 | 5,190 |
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts | (5) | (5) |
Acquisition cash flows incurred in the year | 0 | |
Change in PAA balance | 587 | (794) |
Movements related to insurance contract liabilities for account of segregated fund holders | 3,927 | (20,620) |
Net closing balance | 437,246 | 418,481 |
Closing insurance contract assets | (416) | (1,827) |
Closing insurance contract liabilities | 310,807 | 297,967 |
Closing PAA insurance contract net liabilities | 12,712 | 12,125 |
Closing insurance contract liabilities for account of segregated fund holders | 114,143 | 110,216 |
Net closing balance | 437,246 | 418,481 |
Analysis by measurement components [Member] | Insurance Contracts Issued [Member] | Risk adjustment for non-financial risk [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by components [line items] | ||
Opening insurance contract assets | 512 | 365 |
Opening insurance contract liabilities | 25,750 | 30,780 |
Opening PAA insurance contract net liabilities | 605 | 694 |
Opening insurance contract liabilities for account of segregated fund holders | 0 | |
Net opening balance | 26,867 | 31,839 |
CSM recognized for services provided | 0 | |
Change in risk adjustment for non-financial risk for risk expired | (1,620) | (1,582) |
Experience adjustments | 0 | |
Changes that relate to current services | (1,620) | (1,582) |
Contracts initially recognized during the year | 1,180 | 1,396 |
Changes in estimates that adjust the CSM | (3,859) | (994) |
Changes in estimates that relate to losses and reversal of losses on onerous contracts | 12 | (2) |
Changes that relate to future services | (2,667) | 400 |
Adjustments to liabilities for incurred claims | (4) | (7) |
Changes that relate to past services | (4) | (7) |
Insurance service result | (4,291) | (1,189) |
Insurance finance (income) expenses | 1,646 | (5,105) |
Effects of movements in foreign exchange rates | (779) | 1,411 |
Total changes in income and OCI | (3,424) | (4,883) |
Total cash flows | 0 | |
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts | 0 | |
Acquisition cash flows incurred in the year | 0 | |
Change in PAA balance | 21 | (89) |
Movements related to insurance contract liabilities for account of segregated fund holders | 0 | |
Net closing balance | 23,464 | 26,867 |
Closing insurance contract assets | 141 | 512 |
Closing insurance contract liabilities | 22,697 | 25,750 |
Closing PAA insurance contract net liabilities | 626 | 605 |
Closing insurance contract liabilities for account of segregated fund holders | 0 | 0 |
Net closing balance | 23,464 | 26,867 |
Analysis by measurement components [Member] | Insurance Contracts Issued [Member] | CSM Fair value [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by components [line items] | ||
Opening insurance contract assets | 100 | 179 |
Opening insurance contract liabilities | 17,105 | 19,842 |
Opening PAA insurance contract net liabilities | 0 | |
Opening insurance contract liabilities for account of segregated fund holders | 0 | |
Net opening balance | 17,205 | 20,021 |
CSM recognized for services provided | (1,812) | (2,064) |
Change in risk adjustment for non-financial risk for risk expired | 0 | |
Experience adjustments | 0 | |
Changes that relate to current services | (1,812) | (2,064) |
Contracts initially recognized during the year | 0 | 35 |
Changes in estimates that adjust the CSM | 2,214 | (1,737) |
Changes in estimates that relate to losses and reversal of losses on onerous contracts | 0 | |
Changes that relate to future services | 2,214 | (1,702) |
Adjustments to liabilities for incurred claims | 0 | |
Changes that relate to past services | 0 | |
Insurance service result | 402 | (3,766) |
Insurance finance (income) expenses | 244 | 311 |
Effects of movements in foreign exchange rates | (438) | 639 |
Total changes in income and OCI | 208 | (2,816) |
Total cash flows | 0 | |
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts | 0 | |
Acquisition cash flows incurred in the year | 0 | |
Change in PAA balance | 0 | |
Movements related to insurance contract liabilities for account of segregated fund holders | 0 | |
Net closing balance | 17,413 | 17,205 |
Closing insurance contract assets | 32 | 100 |
Closing insurance contract liabilities | 17,381 | 17,105 |
Closing PAA insurance contract net liabilities | 0 | 0 |
Closing insurance contract liabilities for account of segregated fund holders | 0 | 0 |
Net closing balance | 17,413 | 17,205 |
Analysis by measurement components [Member] | Insurance Contracts Issued [Member] | CSM Other [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by components [line items] | ||
Opening insurance contract assets | 557 | 453 |
Opening insurance contract liabilities | 2,087 | 992 |
Opening PAA insurance contract net liabilities | 0 | |
Opening insurance contract liabilities for account of segregated fund holders | 0 | |
Net opening balance | 2,644 | 1,445 |
CSM recognized for services provided | (350) | (234) |
Change in risk adjustment for non-financial risk for risk expired | 0 | |
Experience adjustments | 0 | |
Changes that relate to current services | (350) | (234) |
Contracts initially recognized during the year | 2,368 | 1,963 |
Changes in estimates that adjust the CSM | 60 | (646) |
Changes in estimates that relate to losses and reversal of losses on onerous contracts | 0 | |
Changes that relate to future services | 2,428 | 1,317 |
Adjustments to liabilities for incurred claims | 0 | |
Changes that relate to past services | 0 | |
Insurance service result | 2,078 | 1,083 |
Insurance finance (income) expenses | 76 | 31 |
Effects of movements in foreign exchange rates | (107) | 85 |
Total changes in income and OCI | 2,047 | 1,199 |
Total cash flows | 0 | |
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts | 0 | |
Acquisition cash flows incurred in the year | 0 | |
Change in PAA balance | 0 | |
Movements related to insurance contract liabilities for account of segregated fund holders | 0 | |
Net closing balance | 4,691 | 2,644 |
Closing insurance contract assets | 99 | 557 |
Closing insurance contract liabilities | 4,592 | 2,087 |
Closing PAA insurance contract net liabilities | 0 | 0 |
Closing insurance contract liabilities for account of segregated fund holders | 0 | 0 |
Net closing balance | 4,691 | 2,644 |
Analysis by measurement components [Member] | Insurance Contracts Issued [Member] | Assets for insurance acquisition cash flows [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by components [line items] | ||
Opening insurance contract assets | 0 | |
Opening insurance contract liabilities | (56) | (54) |
Opening PAA insurance contract net liabilities | (749) | (691) |
Opening insurance contract liabilities for account of segregated fund holders | 0 | |
Net opening balance | (805) | (745) |
CSM recognized for services provided | 0 | |
Change in risk adjustment for non-financial risk for risk expired | 0 | |
Experience adjustments | 0 | |
Changes that relate to current services | 0 | |
Contracts initially recognized during the year | 0 | |
Changes in estimates that adjust the CSM | 0 | |
Changes in estimates that relate to losses and reversal of losses on onerous contracts | 0 | |
Changes that relate to future services | 0 | |
Adjustments to liabilities for incurred claims | 0 | |
Changes that relate to past services | 0 | |
Insurance service result | 0 | |
Insurance finance (income) expenses | 0 | |
Effects of movements in foreign exchange rates | 0 | |
Total changes in income and OCI | 0 | |
Total cash flows | 0 | |
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts | 5 | 5 |
Acquisition cash flows incurred in the year | (8) | (7) |
Change in PAA balance | (12) | (58) |
Movements related to insurance contract liabilities for account of segregated fund holders | 0 | |
Net closing balance | (820) | (805) |
Closing insurance contract assets | 0 | 0 |
Closing insurance contract liabilities | (59) | (56) |
Closing PAA insurance contract net liabilities | (761) | (749) |
Closing insurance contract liabilities for account of segregated fund holders | 0 | 0 |
Net closing balance | $ (820) | $ (805) |
Insurance and Reinsurance con_6
Insurance and Reinsurance contract Assets and Liabilities - Summary of Reinsurance Contracts Held in Analysis by Remaining Coverage and Incurred Claims (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Opening reinsurance contract held assets | $ 45,871 | |
Opening reinsurance contract held liabilities | 2,391 | |
Net expenses from reinsurance contracts | (613) | $ (623) |
Cash flows | ||
Closing reinsurance contract held assets | 42,651 | 45,871 |
Closing reinsurance contract held liabilities | 2,831 | 2,391 |
Reinsurance contracts held [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Opening reinsurance contract held assets | 45,871 | 52,829 |
Opening reinsurance contract held liabilities | (2,391) | (2,079) |
Net opening balance | 43,480 | 50,750 |
Allocation of reinsurance premium paid | (6,430) | (6,024) |
Amounts recoverable from reinsurers | ||
Recoveries of incurred claims and other insurance service expenses | 5,751 | 5,308 |
Recoveries and reversals of recoveries of losses on onerous underlying contracts | 77 | 132 |
Adjustments to assets for incurred claims | (11) | (39) |
Insurance service result | (613) | (623) |
Investment components and premium refunds | 0 | |
Net expenses from reinsurance contracts | (613) | (623) |
Net finance (income) expenses from reinsurance contracts | 639 | (9,136) |
Effect of changes in non-performance risk of reinsurers | (14) | 97 |
Effects of movements in foreign exchange rates | (1,098) | 3,146 |
Contracts measured under PAA | 0 | |
Total changes in income and OCI | (1,086) | (6,516) |
Cash flows | ||
Premiums paid | 4,956 | 6,159 |
Amounts received | (7,530) | (6,913) |
Total cash flows | (2,574) | (754) |
Net closing balance | 39,820 | 43,480 |
Closing reinsurance contract held assets | 42,651 | 45,871 |
Closing reinsurance contract held liabilities | (2,831) | (2,391) |
Net closing balance | 39,820 | 43,480 |
Reinsurance contracts held [Member] | Assets for remaining coverage excluding loss recovery component [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Opening reinsurance contract held assets | 37,853 | 45,699 |
Opening reinsurance contract held liabilities | (2,196) | (2,030) |
Net opening balance | 35,657 | 43,669 |
Allocation of reinsurance premium paid | (6,430) | (6,024) |
Amounts recoverable from reinsurers | ||
Recoveries of incurred claims and other insurance service expenses | 0 | |
Recoveries and reversals of recoveries of losses on onerous underlying contracts | 0 | |
Adjustments to assets for incurred claims | 0 | |
Insurance service result | (6,430) | (6,024) |
Investment components and premium refunds | (1,519) | (1,341) |
Net expenses from reinsurance contracts | (7,949) | (7,365) |
Net finance (income) expenses from reinsurance contracts | 719 | (9,586) |
Effect of changes in non-performance risk of reinsurers | (14) | 97 |
Effects of movements in foreign exchange rates | (924) | 2,683 |
Contracts measured under PAA | 0 | |
Total changes in income and OCI | (8,168) | (14,171) |
Cash flows | ||
Premiums paid | 4,956 | 6,159 |
Amounts received | 0 | |
Total cash flows | 4,956 | 6,159 |
Net closing balance | 32,445 | 35,657 |
Closing reinsurance contract held assets | 35,079 | 37,853 |
Closing reinsurance contract held liabilities | (2,634) | (2,196) |
Net closing balance | 32,445 | 35,657 |
Reinsurance contracts held [Member] | Assets for remaining coverage loss recovery component [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Opening reinsurance contract held assets | 209 | 79 |
Opening reinsurance contract held liabilities | 4 | 19 |
Net opening balance | 213 | 98 |
Allocation of reinsurance premium paid | 0 | |
Amounts recoverable from reinsurers | ||
Recoveries of incurred claims and other insurance service expenses | (45) | (30) |
Recoveries and reversals of recoveries of losses on onerous underlying contracts | 77 | 132 |
Adjustments to assets for incurred claims | 0 | |
Insurance service result | 32 | 102 |
Investment components and premium refunds | 0 | |
Net expenses from reinsurance contracts | 32 | 102 |
Net finance (income) expenses from reinsurance contracts | 8 | 5 |
Effect of changes in non-performance risk of reinsurers | 0 | |
Effects of movements in foreign exchange rates | (5) | 8 |
Contracts measured under PAA | 0 | |
Total changes in income and OCI | 35 | 115 |
Cash flows | ||
Premiums paid | 0 | |
Amounts received | 0 | |
Total cash flows | 0 | |
Net closing balance | 248 | 213 |
Closing reinsurance contract held assets | 246 | 209 |
Closing reinsurance contract held liabilities | 2 | 4 |
Net closing balance | 248 | 213 |
Reinsurance contracts held [Member] | Assets for incurred claims [Member] | Products not under PAA [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Opening reinsurance contract held assets | 7,521 | 6,740 |
Opening reinsurance contract held liabilities | (137) | (27) |
Net opening balance | 7,384 | 6,713 |
Allocation of reinsurance premium paid | 0 | |
Amounts recoverable from reinsurers | ||
Recoveries of incurred claims and other insurance service expenses | 5,228 | 4,925 |
Recoveries and reversals of recoveries of losses on onerous underlying contracts | 0 | |
Adjustments to assets for incurred claims | 5 | 3 |
Insurance service result | 5,233 | 4,928 |
Investment components and premium refunds | 1,519 | 1,341 |
Net expenses from reinsurance contracts | 6,752 | 6,269 |
Net finance (income) expenses from reinsurance contracts | (97) | 446 |
Effect of changes in non-performance risk of reinsurers | 0 | |
Effects of movements in foreign exchange rates | (169) | 455 |
Contracts measured under PAA | 0 | |
Total changes in income and OCI | 6,486 | 7,170 |
Cash flows | ||
Premiums paid | 0 | |
Amounts received | (6,971) | (6,499) |
Total cash flows | (6,971) | (6,499) |
Net closing balance | 6,899 | 7,384 |
Closing reinsurance contract held assets | 7,035 | 7,521 |
Closing reinsurance contract held liabilities | (136) | (137) |
Net closing balance | 6,899 | 7,384 |
Reinsurance contracts held [Member] | Assets for incurred claims [Member] | PAA [Member] | Estimates of PV of future cash flows [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Opening reinsurance contract held assets | 280 | 303 |
Opening reinsurance contract held liabilities | (62) | (41) |
Net opening balance | 218 | 262 |
Allocation of reinsurance premium paid | 0 | |
Amounts recoverable from reinsurers | ||
Recoveries of incurred claims and other insurance service expenses | 568 | 417 |
Recoveries and reversals of recoveries of losses on onerous underlying contracts | 0 | |
Adjustments to assets for incurred claims | (24) | (33) |
Insurance service result | 544 | 384 |
Investment components and premium refunds | 0 | |
Net expenses from reinsurance contracts | 544 | 384 |
Net finance (income) expenses from reinsurance contracts | 9 | (14) |
Effect of changes in non-performance risk of reinsurers | 0 | |
Effects of movements in foreign exchange rates | 0 | |
Contracts measured under PAA | 0 | |
Total changes in income and OCI | 553 | 370 |
Cash flows | ||
Premiums paid | 0 | |
Amounts received | (559) | (414) |
Total cash flows | (559) | (414) |
Net closing balance | 212 | 218 |
Closing reinsurance contract held assets | 275 | 280 |
Closing reinsurance contract held liabilities | (63) | (62) |
Net closing balance | 212 | 218 |
Reinsurance contracts held [Member] | Assets for incurred claims [Member] | PAA [Member] | Risk adjustment for non-financial risk [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Opening reinsurance contract held assets | 8 | 8 |
Opening reinsurance contract held liabilities | 0 | |
Net opening balance | 8 | 8 |
Allocation of reinsurance premium paid | 0 | |
Amounts recoverable from reinsurers | ||
Recoveries of incurred claims and other insurance service expenses | 0 | (4) |
Recoveries and reversals of recoveries of losses on onerous underlying contracts | 0 | |
Adjustments to assets for incurred claims | 8 | (9) |
Insurance service result | 8 | (13) |
Investment components and premium refunds | 0 | |
Net expenses from reinsurance contracts | 8 | (13) |
Net finance (income) expenses from reinsurance contracts | 0 | 13 |
Effect of changes in non-performance risk of reinsurers | 0 | |
Effects of movements in foreign exchange rates | 0 | |
Contracts measured under PAA | 0 | |
Total changes in income and OCI | 8 | |
Cash flows | ||
Premiums paid | 0 | |
Amounts received | 0 | |
Total cash flows | 0 | |
Net closing balance | 16 | 8 |
Closing reinsurance contract held assets | 16 | 8 |
Closing reinsurance contract held liabilities | 0 | 0 |
Net closing balance | $ 16 | $ 8 |
Insurance and Reinsurance con_7
Insurance and Reinsurance contract Assets and Liabilities - Summary of Reinsurance Contracts Held in Analysis by Measurement Components (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Opening reinsurance contract held assets | $ 45,871 | |
Opening reinsurance contract held liabilities | 2,391 | |
Closing reinsurance contract held assets | 42,651 | $ 45,871 |
Closing reinsurance contract held liabilities | 2,831 | 2,391 |
Reinsurance contracts held [member] | ||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Opening reinsurance contract held assets | 45,871 | 52,829 |
Opening reinsurance contract held liabilities | (2,391) | (2,079) |
Net opening balance | 43,480 | 50,750 |
Contracts initially recognized during the year | 72 | 151 |
Effects of changes in non-performance risk of reinsurers | (14) | 97 |
Effects of movements in foreign exchange rates | (1,098) | 3,146 |
Total changes in income and OCI | (1,086) | (6,516) |
Total cash flows | (2,574) | (754) |
Change in PAA balance | 39,820 | 43,480 |
Closing reinsurance contract held assets | 42,651 | 45,871 |
Closing reinsurance contract held liabilities | (2,831) | (2,391) |
Net closing balance | 39,820 | 43,480 |
Reinsurance contracts held [member] | Estimates of PV of future cash flows [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Contracts initially recognized during the year | 1,933 | 6,618 |
Reinsurance contracts held [member] | Risk adjustment for non-financial risk [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Contracts initially recognized during the year | 399 | 717 |
Analysis by measurement components [Member] | Reinsurance contracts held [member] | ||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Opening reinsurance contract held assets | 45,578 | 52,513 |
Opening reinsurance contract held liabilities | (2,346) | (2,052) |
Opening Balance, PAA reinsurance contract net assets | 248 | 289 |
Net opening balance | 43,480 | 50,750 |
CSM recognized for services received | (164) | (305) |
Change in risk adjustment for non-financial risk for risk expired | (478) | (424) |
Experience adjustments | (19) | 9 |
Changes that relate to current services | (661) | (720) |
Contracts initially recognized during the year | 72 | 151 |
Changes in recoveries of losses on onerous underlying contracts that adjust the CSM | (19) | (65) |
Changes in estimates that adjust the CSM | 0 | |
Changes in estimates that relate to losses and reversal of losses on onerous contracts | 23 | 46 |
Changes that relate to future services | 76 | 132 |
Adjustments to liabilities for incurred claims | 5 | 3 |
Changes that relate to past services | 5 | 3 |
Insurance service result | (580) | (585) |
Insurance finance (income) expenses from reinsurance contracts | 630 | (9,136) |
Effects of changes in non-performance risk of reinsurers | (14) | 97 |
Effects of movements in foreign exchange rates | (1,097) | 3,145 |
Total changes in income and OCI | (1,061) | (6,479) |
Total cash flows | (2,606) | (750) |
Change in PAA balance | 7 | (41) |
Closing reinsurance contract held assets | 42,355 | 45,578 |
Closing reinsurance contract held liabilities | (2,790) | (2,346) |
Closing Balance, PAA reinsurance contract net assets | 255 | 248 |
Net closing balance | 39,820 | 43,480 |
Analysis by measurement components [Member] | Reinsurance contracts held [member] | Estimates of PV of future cash flows [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Opening reinsurance contract held assets | 39,656 | 46,025 |
Opening reinsurance contract held liabilities | (3,919) | (5,138) |
Opening Balance, PAA reinsurance contract net assets | 240 | 281 |
Net opening balance | 35,977 | 41,168 |
CSM recognized for services received | 0 | |
Change in risk adjustment for non-financial risk for risk expired | 0 | |
Experience adjustments | (19) | 9 |
Changes that relate to current services | (19) | 9 |
Contracts initially recognized during the year | (64) | (1,276) |
Changes in recoveries of losses on onerous underlying contracts that adjust the CSM | 0 | |
Changes in estimates that adjust the CSM | 1,433 | 1,337 |
Changes in estimates that relate to losses and reversal of losses on onerous contracts | 43 | 106 |
Changes that relate to future services | 1,412 | 167 |
Adjustments to liabilities for incurred claims | 5 | 3 |
Changes that relate to past services | 5 | 3 |
Insurance service result | 1,398 | 179 |
Insurance finance (income) expenses from reinsurance contracts | 173 | (7,463) |
Effects of changes in non-performance risk of reinsurers | (14) | 97 |
Effects of movements in foreign exchange rates | (916) | 2,787 |
Total changes in income and OCI | 641 | (4,400) |
Total cash flows | (2,606) | (750) |
Change in PAA balance | (1) | (41) |
Closing reinsurance contract held assets | 38,156 | 39,656 |
Closing reinsurance contract held liabilities | (4,384) | (3,919) |
Closing Balance, PAA reinsurance contract net assets | 239 | 240 |
Net closing balance | 34,011 | 35,977 |
Analysis by measurement components [Member] | Reinsurance contracts held [member] | Risk adjustment for non-financial risk [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Opening reinsurance contract held assets | 4,049 | 4,977 |
Opening reinsurance contract held liabilities | 1,574 | 1,719 |
Opening Balance, PAA reinsurance contract net assets | 8 | 8 |
Net opening balance | 5,631 | 6,704 |
CSM recognized for services received | 0 | |
Change in risk adjustment for non-financial risk for risk expired | (478) | (424) |
Experience adjustments | 0 | 0 |
Changes that relate to current services | (478) | (424) |
Contracts initially recognized during the year | 399 | 717 |
Changes in recoveries of losses on onerous underlying contracts that adjust the CSM | 0 | |
Changes in estimates that adjust the CSM | (821) | 173 |
Changes in estimates that relate to losses and reversal of losses on onerous contracts | (20) | (60) |
Changes that relate to future services | (442) | 830 |
Adjustments to liabilities for incurred claims | 0 | |
Changes that relate to past services | 0 | |
Insurance service result | (920) | 406 |
Insurance finance (income) expenses from reinsurance contracts | 447 | (1,715) |
Effects of changes in non-performance risk of reinsurers | 0 | |
Effects of movements in foreign exchange rates | (160) | 236 |
Total changes in income and OCI | (633) | (1,073) |
Total cash flows | 0 | |
Change in PAA balance | 8 | 0 |
Closing reinsurance contract held assets | 3,685 | 4,049 |
Closing reinsurance contract held liabilities | 1,305 | 1,574 |
Closing Balance, PAA reinsurance contract net assets | 16 | 8 |
Net closing balance | 5,006 | 5,631 |
Analysis by measurement components [Member] | Reinsurance contracts held [member] | CSM Fair value [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Opening reinsurance contract held assets | 1,774 | 2,012 |
Opening reinsurance contract held liabilities | (39) | 1,262 |
Opening Balance, PAA reinsurance contract net assets | 0 | 0 |
Net opening balance | 1,735 | 3,274 |
CSM recognized for services received | (217) | (231) |
Change in risk adjustment for non-financial risk for risk expired | 0 | |
Experience adjustments | 0 | |
Changes that relate to current services | (217) | (231) |
Contracts initially recognized during the year | (7) | |
Changes in recoveries of losses on onerous underlying contracts that adjust the CSM | (36) | (15) |
Changes in estimates that adjust the CSM | (821) | (1,440) |
Changes in estimates that relate to losses and reversal of losses on onerous contracts | 0 | |
Changes that relate to future services | (857) | (1,462) |
Adjustments to liabilities for incurred claims | 0 | |
Changes that relate to past services | 0 | |
Insurance service result | (1,074) | (1,693) |
Insurance finance (income) expenses from reinsurance contracts | 41 | 56 |
Effects of changes in non-performance risk of reinsurers | 0 | |
Effects of movements in foreign exchange rates | (21) | 98 |
Total changes in income and OCI | (1,054) | (1,539) |
Total cash flows | 0 | |
Change in PAA balance | 0 | |
Closing reinsurance contract held assets | 565 | 1,774 |
Closing reinsurance contract held liabilities | 116 | (39) |
Closing Balance, PAA reinsurance contract net assets | 0 | |
Net closing balance | 681 | 1,735 |
Analysis by measurement components [Member] | Reinsurance contracts held [member] | CSM Other [Member] | ||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||
Opening reinsurance contract held assets | 99 | (501) |
Opening reinsurance contract held liabilities | 38 | 105 |
Opening Balance, PAA reinsurance contract net assets | 0 | 0 |
Net opening balance | 137 | (396) |
CSM recognized for services received | 53 | (74) |
Change in risk adjustment for non-financial risk for risk expired | 0 | |
Experience adjustments | 0 | |
Changes that relate to current services | 53 | (74) |
Contracts initially recognized during the year | (263) | 717 |
Changes in recoveries of losses on onerous underlying contracts that adjust the CSM | 17 | (50) |
Changes in estimates that adjust the CSM | 209 | (70) |
Changes in estimates that relate to losses and reversal of losses on onerous contracts | 0 | |
Changes that relate to future services | (37) | 597 |
Adjustments to liabilities for incurred claims | 0 | |
Changes that relate to past services | 0 | |
Insurance service result | 16 | 523 |
Insurance finance (income) expenses from reinsurance contracts | (31) | (14) |
Effects of changes in non-performance risk of reinsurers | 0 | |
Effects of movements in foreign exchange rates | 24 | |
Total changes in income and OCI | (15) | 533 |
Total cash flows | 0 | |
Change in PAA balance | 0 | |
Closing reinsurance contract held assets | (51) | 99 |
Closing reinsurance contract held liabilities | 173 | 38 |
Closing Balance, PAA reinsurance contract net assets | 0 | |
Net closing balance | $ 122 | $ 137 |
Insurance and Reinsurance Con_8
Insurance and Reinsurance Contract Assets and Liabilities - Summary of Net Assets Or Liabilities For Insurance Contracts Issued And Reinsurance Contracts Held By Measurement Components (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Insurance Contracts Issued [Member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | $ 481,994 | $ 464,392 | $ 535,485 |
Insurance Contracts Issued [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 481,994 | 464,392 | |
Insurance Contracts Issued [Member] | Asia [Member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 154,317 | 141,583 | |
Insurance Contracts Issued [Member] | Asia [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 154,046 | 141,300 | |
Insurance Contracts Issued [Member] | Canada [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 116,221 | 110,490 | |
Insurance Contracts Issued [Member] | Canada [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 115,672 | 109,968 | |
Insurance Contracts Issued [Member] | U.S. [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 213,061 | 212,961 | |
Insurance Contracts Issued [Member] | U.S. [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 213,061 | 212,961 | |
Insurance Contracts Issued [Member] | Corporate and Other [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | (785) | 163 | |
Reinsurance contracts held [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 39,820 | 43,480 | |
Reinsurance contracts held [Member] | Asia [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 1,631 | 1,844 | |
Reinsurance contracts held [Member] | Canada [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 1,009 | 845 | |
Reinsurance contracts held [Member] | U.S. [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 37,423 | 40,366 | |
Reinsurance contracts held [Member] | Corporate and Other [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | (243) | 425 | |
Estimates of PV of fture cash flows [member] | Insurance Contracts Issued [Member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | (820) | (805) | |
Estimates of PV of fture cash flows [member] | Insurance Contracts Issued [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | (820) | (805) | |
Estimates of PV of fture cash flows [member] | Insurance Contracts Issued [Member] | Asia [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | (271) | (283) | |
Estimates of PV of fture cash flows [member] | Insurance Contracts Issued [Member] | Canada [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | (549) | (522) | |
Fair value [member] | Insurance Contracts Issued [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 17,413 | 17,205 | |
Fair value [member] | Insurance Contracts Issued [Member] | Asia [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 10,431 | 8,067 | |
Fair value [member] | Insurance Contracts Issued [Member] | Canada [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 3,851 | 3,811 | |
Fair value [member] | Insurance Contracts Issued [Member] | U.S. [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 3,243 | 5,419 | |
Fair value [member] | Insurance Contracts Issued [Member] | Corporate and Other [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | (112) | (92) | |
Fair value [member] | Reinsurance contracts held [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 681 | 1,735 | |
Fair value [member] | Reinsurance contracts held [Member] | Asia [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 623 | 203 | |
Fair value [member] | Reinsurance contracts held [Member] | Canada [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 338 | 374 | |
Fair value [member] | Reinsurance contracts held [Member] | U.S. [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | (143) | 1,302 | |
Fair value [member] | Reinsurance contracts held [Member] | Corporate and Other [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | (137) | (144) | |
Other [member] | Insurance Contracts Issued [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 4,691 | 2,644 | |
Other [member] | Insurance Contracts Issued [Member] | Asia [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 3,740 | 2,181 | |
Other [member] | Insurance Contracts Issued [Member] | Canada [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 492 | 181 | |
Other [member] | Insurance Contracts Issued [Member] | U.S. [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 459 | 282 | |
Other [member] | Reinsurance contracts held [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 122 | 137 | |
Other [member] | Reinsurance contracts held [Member] | Asia [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 70 | (68) | |
Other [member] | Reinsurance contracts held [Member] | Canada [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | (56) | (59) | |
Other [member] | Reinsurance contracts held [Member] | U.S. [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 108 | 264 | |
Excluding contracts applying the PAA [member] | Estimates of PV of fture cash flows [member] | Insurance Contracts Issued [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 424,534 | 406,356 | |
Excluding contracts applying the PAA [member] | Estimates of PV of fture cash flows [member] | Insurance Contracts Issued [Member] | Asia [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 132,135 | 120,180 | |
Excluding contracts applying the PAA [member] | Estimates of PV of fture cash flows [member] | Insurance Contracts Issued [Member] | Canada [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 96,455 | 91,599 | |
Excluding contracts applying the PAA [member] | Estimates of PV of fture cash flows [member] | Insurance Contracts Issued [Member] | U.S. [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 196,921 | 194,766 | |
Excluding contracts applying the PAA [member] | Estimates of PV of fture cash flows [member] | Insurance Contracts Issued [Member] | Corporate and Other [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | (977) | (189) | |
Excluding contracts applying the PAA [member] | Estimates of PV of fture cash flows [member] | Reinsurance contracts held [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 33,772 | 35,737 | |
Excluding contracts applying the PAA [member] | Estimates of PV of fture cash flows [member] | Reinsurance contracts held [Member] | Asia [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | (351) | (147) | |
Excluding contracts applying the PAA [member] | Estimates of PV of fture cash flows [member] | Reinsurance contracts held [Member] | Canada [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | (1,238) | (1,427) | |
Excluding contracts applying the PAA [member] | Estimates of PV of fture cash flows [member] | Reinsurance contracts held [Member] | U.S. [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 35,461 | 36,735 | |
Excluding contracts applying the PAA [member] | Estimates of PV of fture cash flows [member] | Reinsurance contracts held [Member] | Corporate and Other [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | (100) | 576 | |
Excluding contracts applying the PAA [member] | Risk adjustment for non-financial risk [member] | Insurance Contracts Issued [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 22,838 | 26,262 | |
Excluding contracts applying the PAA [member] | Risk adjustment for non-financial risk [member] | Insurance Contracts Issued [Member] | Asia [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 6,764 | 10,017 | |
Excluding contracts applying the PAA [member] | Risk adjustment for non-financial risk [member] | Insurance Contracts Issued [Member] | Canada [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 3,649 | 3,764 | |
Excluding contracts applying the PAA [member] | Risk adjustment for non-financial risk [member] | Insurance Contracts Issued [Member] | U.S. [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 12,438 | 12,494 | |
Excluding contracts applying the PAA [member] | Risk adjustment for non-financial risk [member] | Insurance Contracts Issued [Member] | Corporate and Other [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | (13) | (13) | |
Excluding contracts applying the PAA [member] | Risk adjustment for non-financial risk [member] | Reinsurance contracts held [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 4,990 | 5,623 | |
Excluding contracts applying the PAA [member] | Risk adjustment for non-financial risk [member] | Reinsurance contracts held [Member] | Asia [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 1,326 | 1,895 | |
Excluding contracts applying the PAA [member] | Risk adjustment for non-financial risk [member] | Reinsurance contracts held [Member] | Canada [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 1,674 | 1,672 | |
Excluding contracts applying the PAA [member] | Risk adjustment for non-financial risk [member] | Reinsurance contracts held [Member] | U.S. [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 1,997 | 2,065 | |
Excluding contracts applying the PAA [member] | Risk adjustment for non-financial risk [member] | Reinsurance contracts held [Member] | Corporate and Other [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | (7) | (9) | |
Contracts applying the PAA [member] | Estimates of PV of fture cash flows [member] | Insurance Contracts Issued [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 12,712 | 12,125 | |
Contracts applying the PAA [member] | Estimates of PV of fture cash flows [member] | Insurance Contracts Issued [Member] | Asia [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 1,242 | 1,136 | |
Contracts applying the PAA [member] | Estimates of PV of fture cash flows [member] | Insurance Contracts Issued [Member] | Canada [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 11,153 | 10,532 | |
Contracts applying the PAA [member] | Estimates of PV of fture cash flows [member] | Insurance Contracts Issued [Member] | Corporate and Other [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 317 | 457 | |
Contracts applying the PAA [member] | Estimates of PV of fture cash flows [member] | Reinsurance contracts held [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 239 | 240 | |
Contracts applying the PAA [member] | Estimates of PV of fture cash flows [member] | Reinsurance contracts held [Member] | Asia [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | (37) | (39) | |
Contracts applying the PAA [member] | Estimates of PV of fture cash flows [member] | Reinsurance contracts held [Member] | Canada [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 275 | 277 | |
Contracts applying the PAA [member] | Estimates of PV of fture cash flows [member] | Reinsurance contracts held [Member] | Corporate and Other [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 1 | 2 | |
Contracts applying the PAA [member] | Risk adjustment for non-financial risk [member] | Insurance Contracts Issued [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 626 | 605 | |
Contracts applying the PAA [member] | Risk adjustment for non-financial risk [member] | Insurance Contracts Issued [Member] | Asia [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 5 | 2 | |
Contracts applying the PAA [member] | Risk adjustment for non-financial risk [member] | Insurance Contracts Issued [Member] | Canada [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 621 | 603 | |
Contracts applying the PAA [member] | Risk adjustment for non-financial risk [member] | Reinsurance contracts held [Member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | 16 | 8 | |
Contracts applying the PAA [member] | Risk adjustment for non-financial risk [member] | Reinsurance contracts held [Member] | Canada [member] | Reportable segments [member] | |||
Disclosure of Detailed Information About Carrying Balances of Net Assets or Liabilities for Insurance Contracts Issued and Reinsurance Contracts held by Measurement Components [Line Items] | |||
Net insurance contract liabilities | $ 16 | $ 8 |
Insurance and Reinsurance Con_9
Insurance and Reinsurance Contract Assets and Liabilities - Summary of Insurance Revenue By Transition Method (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of analysis of insurance revenue [line items] | ||
Insurance revenue | $ 23,972 | $ 23,118 |
Asia [member] | ||
Disclosure of analysis of insurance revenue [line items] | ||
Insurance revenue | 5,056 | 4,734 |
Canada [member] | ||
Disclosure of analysis of insurance revenue [line items] | ||
Insurance revenue | 8,619 | 8,117 |
U.S. [member] | ||
Disclosure of analysis of insurance revenue [line items] | ||
Insurance revenue | 10,194 | 10,245 |
Other Reporting Segments [Member] | ||
Disclosure of analysis of insurance revenue [line items] | ||
Insurance revenue | 103 | 22 |
Contracts Under the Fair Value Method [Member] | ||
Disclosure of analysis of insurance revenue [line items] | ||
Insurance revenue | 15,892 | 15,831 |
Contracts Under the Fair Value Method [Member] | Asia [member] | ||
Disclosure of analysis of insurance revenue [line items] | ||
Insurance revenue | 2,499 | 2,656 |
Contracts Under the Fair Value Method [Member] | Canada [member] | ||
Disclosure of analysis of insurance revenue [line items] | ||
Insurance revenue | 3,288 | 3,370 |
Contracts Under the Fair Value Method [Member] | U.S. [member] | ||
Disclosure of analysis of insurance revenue [line items] | ||
Insurance revenue | 10,123 | 9,901 |
Contracts Under the Fair Value Method [Member] | Other Reporting Segments [Member] | ||
Disclosure of analysis of insurance revenue [line items] | ||
Insurance revenue | (18) | (96) |
Contracts Under the Full Retrospective Method [Member] | ||
Disclosure of analysis of insurance revenue [line items] | ||
Insurance revenue | 731 | 864 |
Contracts Under the Full Retrospective Method [Member] | Asia [member] | ||
Disclosure of analysis of insurance revenue [line items] | ||
Insurance revenue | 531 | 666 |
Contracts Under the Full Retrospective Method [Member] | Canada [member] | ||
Disclosure of analysis of insurance revenue [line items] | ||
Insurance revenue | 48 | 122 |
Contracts Under the Full Retrospective Method [Member] | U.S. [member] | ||
Disclosure of analysis of insurance revenue [line items] | ||
Insurance revenue | 152 | 76 |
Other Contracts [Member] | ||
Disclosure of analysis of insurance revenue [line items] | ||
Insurance revenue | 7,349 | 6,423 |
Other Contracts [Member] | Asia [member] | ||
Disclosure of analysis of insurance revenue [line items] | ||
Insurance revenue | 2,026 | 1,412 |
Other Contracts [Member] | Canada [member] | ||
Disclosure of analysis of insurance revenue [line items] | ||
Insurance revenue | 5,283 | 4,625 |
Other Contracts [Member] | U.S. [member] | ||
Disclosure of analysis of insurance revenue [line items] | ||
Insurance revenue | (81) | 268 |
Other Contracts [Member] | Other Reporting Segments [Member] | ||
Disclosure of analysis of insurance revenue [line items] | ||
Insurance revenue | $ 121 | $ 118 |
Insurance and Reinsurance Co_10
Insurance and Reinsurance Contract Assets and Liabilities - Summary of Effect of New Business Recognized in the Year (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reinsurance contracts held [Member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | $ 77 | $ 132 |
Increase (decrease) through effects of contracts initially recognised in period reinsurance contracts liability (asset) | 72 | 151 |
Estimates of present value of cash outflows [Member] | Reinsurance contracts held [Member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period reinsurance contracts liability (asset) | (1,997) | (7,894) |
Estimates of present value of cash inflows [Member] | Reinsurance contracts held [Member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period reinsurance contracts liability (asset) | 1,933 | 6,618 |
Risk adjustment for non-financial risk [Member] | Reinsurance contracts held [Member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period reinsurance contracts liability (asset) | 399 | 717 |
Contractual service margin [Member] | Reinsurance contracts held [Member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period reinsurance contracts liability (asset) | (263) | 710 |
Non-Onerous [Member] | Estimates of present value of cash outflows [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period, insurance contracts liability (asset) | 22,211 | 13,919 |
Non-Onerous [Member] | Insurance acquisition cash flows [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period, insurance contracts liability (asset) | 4,295 | 3,412 |
Non-Onerous [Member] | Claims and other insurance service expenses payable [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period, insurance contracts liability (asset) | 17,916 | 10,507 |
Non-Onerous [Member] | Estimates of present value of cash inflows [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period, insurance contracts liability (asset) | (25,541) | (16,949) |
Non-Onerous [Member] | Risk adjustment for non-financial risk [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period, insurance contracts liability (asset) | 962 | 1,032 |
Non-Onerous [Member] | Contractual service margin [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period, insurance contracts liability (asset) | 2,368 | 1,998 |
Onerous [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | 253 | 514 |
Onerous [Member] | Estimates of present value of cash outflows [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | 3,796 | 5,580 |
Onerous [Member] | Insurance acquisition cash flows [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | 623 | 846 |
Onerous [Member] | Claims and other insurance service expenses payable [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | 3,173 | 4,734 |
Onerous [Member] | Estimates of present value of cash inflows [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | (3,761) | (5,430) |
Onerous [Member] | Risk adjustment for non-financial risk [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | 218 | 364 |
Asia [Member] | Reinsurance contracts held [Member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period reinsurance contracts liability (asset) | 12 | 37 |
Asia [Member] | Estimates of present value of cash outflows [Member] | Reinsurance contracts held [Member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period reinsurance contracts liability (asset) | (916) | (519) |
Asia [Member] | Estimates of present value of cash inflows [Member] | Reinsurance contracts held [Member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period reinsurance contracts liability (asset) | 815 | 453 |
Asia [Member] | Risk adjustment for non-financial risk [Member] | Reinsurance contracts held [Member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period reinsurance contracts liability (asset) | 170 | 125 |
Asia [Member] | Contractual service margin [Member] | Reinsurance contracts held [Member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period reinsurance contracts liability (asset) | (57) | (22) |
Asia [Member] | Non-Onerous [Member] | Estimates of present value of cash outflows [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period, insurance contracts liability (asset) | 16,209 | 8,470 |
Asia [Member] | Non-Onerous [Member] | Insurance acquisition cash flows [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period, insurance contracts liability (asset) | 3,011 | 2,244 |
Asia [Member] | Non-Onerous [Member] | Claims and other insurance service expenses payable [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period, insurance contracts liability (asset) | 13,198 | 6,226 |
Asia [Member] | Non-Onerous [Member] | Estimates of present value of cash inflows [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period, insurance contracts liability (asset) | (18,765) | (10,759) |
Asia [Member] | Non-Onerous [Member] | Risk adjustment for non-financial risk [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period, insurance contracts liability (asset) | 679 | 704 |
Asia [Member] | Non-Onerous [Member] | Contractual service margin [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period, insurance contracts liability (asset) | 1,877 | 1,585 |
Asia [Member] | Onerous [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | 158 | 334 |
Asia [Member] | Onerous [Member] | Estimates of present value of cash outflows [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | 2,399 | 3,953 |
Asia [Member] | Onerous [Member] | Insurance acquisition cash flows [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | 322 | 499 |
Asia [Member] | Onerous [Member] | Claims and other insurance service expenses payable [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | 2,077 | 3,454 |
Asia [Member] | Onerous [Member] | Estimates of present value of cash inflows [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | (2,330) | (3,772) |
Asia [Member] | Onerous [Member] | Risk adjustment for non-financial risk [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | 89 | 153 |
Canada [member] | Reinsurance contracts held [Member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period reinsurance contracts liability (asset) | 13 | 32 |
Canada [member] | Estimates of present value of cash outflows [Member] | Reinsurance contracts held [Member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period reinsurance contracts liability (asset) | (331) | (291) |
Canada [member] | Estimates of present value of cash inflows [Member] | Reinsurance contracts held [Member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period reinsurance contracts liability (asset) | 319 | 261 |
Canada [member] | Risk adjustment for non-financial risk [Member] | Reinsurance contracts held [Member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period reinsurance contracts liability (asset) | 76 | 77 |
Canada [member] | Contractual service margin [Member] | Reinsurance contracts held [Member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period reinsurance contracts liability (asset) | (51) | (15) |
Canada [member] | Non-Onerous [Member] | Estimates of present value of cash outflows [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period, insurance contracts liability (asset) | 3,478 | 3,604 |
Canada [member] | Non-Onerous [Member] | Insurance acquisition cash flows [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period, insurance contracts liability (asset) | 608 | 600 |
Canada [member] | Non-Onerous [Member] | Claims and other insurance service expenses payable [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period, insurance contracts liability (asset) | 2,870 | 3,004 |
Canada [member] | Non-Onerous [Member] | Estimates of present value of cash inflows [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period, insurance contracts liability (asset) | (3,823) | (3,901) |
Canada [member] | Non-Onerous [Member] | Risk adjustment for non-financial risk [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period, insurance contracts liability (asset) | 115 | 107 |
Canada [member] | Non-Onerous [Member] | Contractual service margin [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period, insurance contracts liability (asset) | 230 | 190 |
Canada [member] | Onerous [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | 26 | 51 |
Canada [member] | Onerous [Member] | Estimates of present value of cash outflows [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | 271 | 390 |
Canada [member] | Onerous [Member] | Insurance acquisition cash flows [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | 68 | 119 |
Canada [member] | Onerous [Member] | Claims and other insurance service expenses payable [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | 203 | 271 |
Canada [member] | Onerous [Member] | Estimates of present value of cash inflows [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | (286) | (431) |
Canada [member] | Onerous [Member] | Risk adjustment for non-financial risk [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | 41 | 92 |
U.S. [member] | Reinsurance contracts held [Member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period reinsurance contracts liability (asset) | 47 | 82 |
U.S. [member] | Estimates of present value of cash outflows [Member] | Reinsurance contracts held [Member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period reinsurance contracts liability (asset) | (750) | (7,084) |
U.S. [member] | Estimates of present value of cash inflows [Member] | Reinsurance contracts held [Member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period reinsurance contracts liability (asset) | 799 | 5,904 |
U.S. [member] | Risk adjustment for non-financial risk [Member] | Reinsurance contracts held [Member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period reinsurance contracts liability (asset) | 153 | 515 |
U.S. [member] | Contractual service margin [Member] | Reinsurance contracts held [Member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period reinsurance contracts liability (asset) | (155) | 747 |
U.S. [member] | Non-Onerous [Member] | Estimates of present value of cash outflows [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period, insurance contracts liability (asset) | 2,524 | 1,845 |
U.S. [member] | Non-Onerous [Member] | Insurance acquisition cash flows [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period, insurance contracts liability (asset) | 676 | 568 |
U.S. [member] | Non-Onerous [Member] | Claims and other insurance service expenses payable [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period, insurance contracts liability (asset) | 1,848 | 1,277 |
U.S. [member] | Non-Onerous [Member] | Estimates of present value of cash inflows [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period, insurance contracts liability (asset) | (2,953) | (2,289) |
U.S. [member] | Non-Onerous [Member] | Risk adjustment for non-financial risk [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period, insurance contracts liability (asset) | 168 | 221 |
U.S. [member] | Non-Onerous [Member] | Contractual service margin [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of contracts initially recognised in period, insurance contracts liability (asset) | 261 | 223 |
U.S. [member] | Onerous [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | 69 | 129 |
U.S. [member] | Onerous [Member] | Estimates of present value of cash outflows [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | 1,126 | 1,237 |
U.S. [member] | Onerous [Member] | Insurance acquisition cash flows [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | 233 | 228 |
U.S. [member] | Onerous [Member] | Claims and other insurance service expenses payable [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | 893 | 1,009 |
U.S. [member] | Onerous [Member] | Estimates of present value of cash inflows [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | (1,145) | (1,227) |
U.S. [member] | Onerous [Member] | Risk adjustment for non-financial risk [Member] | Insurance contracts issued [member] | ||
Disclosure of effect of insurance contracts initially recognised [line items] | ||
Increase (decrease) through effects of groups of onerous contracts initially recognised in period, insurance contracts liability (asset) | $ 88 | $ 119 |
Insurance and Reinsurance Co_11
Insurance and Reinsurance Contract Assets and Liabilities - Summary Of Expected Recognition Of Contractual Service Margin (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | $ 21,301 | $ 17,977 |
Less than 1 year [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 1,912 | 1,558 |
1 to 5 years [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 6,113 | 5,039 |
5 to 10 years [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 5,069 | 4,301 |
10 to 20 Year [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 5,139 | 4,486 |
More than 20 Year [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 3,068 | 2,593 |
Canada [member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 4,061 | 3,677 |
Canada [member] | Insurance Contracts Issued [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 4,343 | 3,992 |
Canada [member] | Reinsurance contracts held [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | (282) | (315) |
Canada [member] | Less than 1 year [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 343 | 297 |
Canada [member] | Less than 1 year [Member] | Insurance Contracts Issued [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 379 | 333 |
Canada [member] | Less than 1 year [Member] | Reinsurance contracts held [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | (36) | (36) |
Canada [member] | 1 to 5 years [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 1,130 | 988 |
Canada [member] | 1 to 5 years [Member] | Insurance Contracts Issued [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 1,213 | 1,088 |
Canada [member] | 1 to 5 years [Member] | Reinsurance contracts held [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | (83) | (100) |
Canada [member] | 5 to 10 years [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 964 | 867 |
Canada [member] | 5 to 10 years [Member] | Insurance Contracts Issued [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 1,016 | 936 |
Canada [member] | 5 to 10 years [Member] | Reinsurance contracts held [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | (52) | (69) |
Canada [member] | 10 to 20 Year [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 1,038 | 953 |
Canada [member] | 10 to 20 Year [Member] | Insurance Contracts Issued [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 1,084 | 1,015 |
Canada [member] | 10 to 20 Year [Member] | Reinsurance contracts held [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | (46) | (62) |
Canada [member] | More than 20 Year [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 586 | 572 |
Canada [member] | More than 20 Year [Member] | Insurance Contracts Issued [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 651 | 620 |
Canada [member] | More than 20 Year [Member] | Reinsurance contracts held [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | (65) | (48) |
U.S. [member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 3,737 | 4,135 |
U.S. [member] | Insurance Contracts Issued [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 3,702 | 5,701 |
U.S. [member] | Reinsurance contracts held [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 35 | (1,566) |
U.S. [member] | Less than 1 year [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 338 | 352 |
U.S. [member] | Less than 1 year [Member] | Insurance Contracts Issued [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 388 | 541 |
U.S. [member] | Less than 1 year [Member] | Reinsurance contracts held [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | (50) | (189) |
U.S. [member] | 1 to 5 years [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 1,096 | 1,184 |
U.S. [member] | 1 to 5 years [Member] | Insurance Contracts Issued [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 1,235 | 1,770 |
U.S. [member] | 1 to 5 years [Member] | Reinsurance contracts held [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | (139) | (586) |
U.S. [member] | 5 to 10 years [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 933 | 1,035 |
U.S. [member] | 5 to 10 years [Member] | Insurance Contracts Issued [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 968 | 1,468 |
U.S. [member] | 5 to 10 years [Member] | Reinsurance contracts held [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | (35) | (433) |
U.S. [member] | 10 to 20 Year [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 913 | 1,079 |
U.S. [member] | 10 to 20 Year [Member] | Insurance Contracts Issued [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 823 | 1,375 |
U.S. [member] | 10 to 20 Year [Member] | Reinsurance contracts held [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 90 | (296) |
U.S. [member] | More than 20 Year [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 457 | 485 |
U.S. [member] | More than 20 Year [Member] | Insurance Contracts Issued [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 288 | 547 |
U.S. [member] | More than 20 Year [Member] | Reinsurance contracts held [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 169 | (62) |
Asia [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 13,478 | 10,113 |
Asia [Member] | Insurance Contracts Issued [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 14,171 | 10,248 |
Asia [Member] | Reinsurance contracts held [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | (693) | (135) |
Asia [Member] | Less than 1 year [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 1,229 | 905 |
Asia [Member] | Less than 1 year [Member] | Insurance Contracts Issued [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 1,273 | 922 |
Asia [Member] | Less than 1 year [Member] | Reinsurance contracts held [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | (44) | (17) |
Asia [Member] | 1 to 5 years [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 3,864 | 2,854 |
Asia [Member] | 1 to 5 years [Member] | Insurance Contracts Issued [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 4,066 | 2,933 |
Asia [Member] | 1 to 5 years [Member] | Reinsurance contracts held [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | (202) | (79) |
Asia [Member] | 5 to 10 years [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 3,147 | 2,387 |
Asia [Member] | 5 to 10 years [Member] | Insurance Contracts Issued [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 3,320 | 2,442 |
Asia [Member] | 5 to 10 years [Member] | Reinsurance contracts held [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | (173) | (55) |
Asia [Member] | 10 to 20 Year [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 3,203 | 2,440 |
Asia [Member] | 10 to 20 Year [Member] | Insurance Contracts Issued [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 3,308 | 2,435 |
Asia [Member] | 10 to 20 Year [Member] | Reinsurance contracts held [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | (105) | 5 |
Asia [Member] | More than 20 Year [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 2,035 | 1,527 |
Asia [Member] | More than 20 Year [Member] | Insurance Contracts Issued [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 2,204 | 1,516 |
Asia [Member] | More than 20 Year [Member] | Reinsurance contracts held [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | (169) | 11 |
Corporate [member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 25 | 52 |
Corporate [member] | Insurance Contracts Issued [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | (112) | (92) |
Corporate [member] | Reinsurance contracts held [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 137 | 144 |
Corporate [member] | Less than 1 year [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 2 | 4 |
Corporate [member] | Less than 1 year [Member] | Insurance Contracts Issued [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | (8) | (8) |
Corporate [member] | Less than 1 year [Member] | Reinsurance contracts held [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 10 | 12 |
Corporate [member] | 1 to 5 years [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 23 | 13 |
Corporate [member] | 1 to 5 years [Member] | Insurance Contracts Issued [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | (28) | (27) |
Corporate [member] | 1 to 5 years [Member] | Reinsurance contracts held [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 51 | 40 |
Corporate [member] | 5 to 10 years [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 25 | 12 |
Corporate [member] | 5 to 10 years [Member] | Insurance Contracts Issued [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | (28) | (23) |
Corporate [member] | 5 to 10 years [Member] | Reinsurance contracts held [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 53 | 35 |
Corporate [member] | 10 to 20 Year [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | (15) | 14 |
Corporate [member] | 10 to 20 Year [Member] | Insurance Contracts Issued [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | (34) | (24) |
Corporate [member] | 10 to 20 Year [Member] | Reinsurance contracts held [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | 19 | 38 |
Corporate [member] | More than 20 Year [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | (10) | 9 |
Corporate [member] | More than 20 Year [Member] | Insurance Contracts Issued [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | (14) | (10) |
Corporate [member] | More than 20 Year [Member] | Reinsurance contracts held [Member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin | $ 4 | $ 19 |
Insurance and Reinsurance Co_12
Insurance and Reinsurance Contract Assets and Liabilities - Summary of Investment Income And Insurance Finance Income And Expense (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
Disclosure Of Information About Investment Income And Insurance Finance Income And Expenses [Line Items] | ||||
Investment related income | $ 16,180 | $ 15,204 | ||
Investment expenses | 1,297 | 1,221 | ||
Portion recognized in income (expenses), including effects of exchange rates | (13,894) | (6,616) | ||
Material reconciling items [Member] | ||||
Disclosure Of Information About Investment Income And Insurance Finance Income And Expenses [Line Items] | ||||
Investment related income | 16,115 | 15,964 | ||
Net gains (losses) on financial assets at FVTPL | 2,682 | (14,263) | ||
Unrealized gains (losses) on FVOCI assets | 12,230 | (55,328) | ||
Impairment loss on financial assets | (304) | (77) | ||
Investment expenses | (1,297) | (1,221) | ||
Interest on required surplus | 0 | 0 | ||
Total investment return | 29,426 | (54,925) | ||
Portion recognized in income (expenses) | 18,021 | 337 | ||
Portion recognized in OCI | 11,405 | (55,262) | ||
Interest accreted to insurance contracts using locked-in rate | (8,186) | (6,434) | ||
Due to changes in interest rates and other financial assumptions | (10,987) | 62,902 | ||
Changes in fair value of underlying items of direct participation contracts | (7,384) | 9,417 | ||
Effects of risk mitigation option | 1,267 | 2,827 | ||
Net foreign exchange income (expenses) | (80) | (95) | ||
Hedge accounting offset from insurance contracts issued | (41) | 0 | ||
Other | 237 | 216 | ||
Total insurance finance income (expenses) from insurance contracts issued | (24,992) | 68,833 | ||
Effect of movements in foreign exchange rates | (952) | (1,674) | ||
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates | (25,944) | 67,159 | ||
Portion recognized in income (expenses), including effects of exchange rates | (13,894) | (6,616) | ||
Portion recognized in OCI, including effects of exchange rates | (12,050) | 73,775 | ||
Interest accreted to insurance contracts using locked-in rate | 229 | 824 | ||
Due to changes in interest rates and other financial assumptions | 570 | (10,151) | ||
Changes in risk of non-performance of reinsurer | (15) | 96 | ||
Other | (159) | 191 | ||
Total reinsurance finance income (expenses) from reinsurance contracts held | 625 | (9,040) | ||
Effect of movements in foreign exchange rates | (120) | (16) | ||
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates | 505 | (9,056) | ||
Portion recognized in income (expenses), including effects of foreign exchange rates | (734) | 309 | ||
Portion recognized in OCI, including effects of exchange rates | 1,239 | (9,365) | ||
Decrease (increase) in investment contract liabilities | (435) | (399) | ||
Total net investment income (loss), insurance finance income (expenses) and reinsurance finance income (expenses) | 3,552 | 2,779 | ||
Amounts recognized in income (expenses) | 2,958 | (6,369) | ||
Amounts recognized in OCI | 594 | 9,148 | ||
Material reconciling items [Member] | Cash flow hedges [Member] | ||||
Disclosure Of Information About Investment Income And Insurance Finance Income And Expenses [Line Items] | ||||
Reclassification of derivative OCI to IFIE | (3) | 0 | ||
Material reconciling items [Member] | Fair value hedges [Member] | ||||
Disclosure Of Information About Investment Income And Insurance Finance Income And Expenses [Line Items] | ||||
Reclassification of derivative income (loss) changes to IFIE | 185 | 0 | ||
Asia [Member] | ||||
Disclosure Of Information About Investment Income And Insurance Finance Income And Expenses [Line Items] | ||||
Portion recognized in income (expenses), including effects of exchange rates | (6,437) | (1,654) | ||
Canada [member] | ||||
Disclosure Of Information About Investment Income And Insurance Finance Income And Expenses [Line Items] | ||||
Portion recognized in income (expenses), including effects of exchange rates | (2,633) | (74) | ||
U.S. [member] | ||||
Disclosure Of Information About Investment Income And Insurance Finance Income And Expenses [Line Items] | ||||
Portion recognized in income (expenses), including effects of exchange rates | (4,844) | (4,896) | ||
Insurance and reinsurance contracts [Member] | ||||
Disclosure Of Information About Investment Income And Insurance Finance Income And Expenses [Line Items] | ||||
Effect of movements in foreign exchange rates | (9,771) | 16,061 | ||
Insurance and reinsurance contracts [Member] | Material reconciling items [Member] | ||||
Disclosure Of Information About Investment Income And Insurance Finance Income And Expenses [Line Items] | ||||
Investment related income | 13,036 | 13,991 | ||
Net gains (losses) on financial assets at FVTPL | 2,176 | (14,017) | ||
Unrealized gains (losses) on FVOCI assets | 11,212 | (46,900) | ||
Impairment loss on financial assets | (247) | (59) | ||
Investment expenses | (540) | (464) | ||
Interest on required surplus | 521 | 515 | ||
Total investment return | 26,158 | (46,934) | ||
Portion recognized in income (expenses) | 15,830 | 358 | ||
Portion recognized in OCI | 10,328 | (47,292) | ||
Interest accreted to insurance contracts using locked-in rate | (8,214) | (6,448) | ||
Due to changes in interest rates and other financial assumptions | (11,008) | 63,174 | ||
Changes in fair value of underlying items of direct participation contracts | (7,384) | 9,417 | ||
Effects of risk mitigation option | 1,267 | 2,827 | ||
Net foreign exchange income (expenses) | (80) | (95) | ||
Hedge accounting offset from insurance contracts issued | (41) | 0 | ||
Other | 237 | 218 | ||
Total insurance finance income (expenses) from insurance contracts issued | (25,041) | 69,093 | ||
Effect of movements in foreign exchange rates | (952) | (1,665) | ||
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates | (25,993) | 67,428 | ||
Portion recognized in income (expenses), including effects of exchange rates | (13,930) | (6,582) | ||
Portion recognized in OCI, including effects of exchange rates | (12,063) | 74,010 | ||
Interest accreted to insurance contracts using locked-in rate | 241 | 832 | ||
Due to changes in interest rates and other financial assumptions | 598 | (10,218) | ||
Changes in risk of non-performance of reinsurer | (15) | 96 | ||
Other | (159) | 191 | ||
Total reinsurance finance income (expenses) from reinsurance contracts held | 665 | (9,099) | ||
Effect of movements in foreign exchange rates | (120) | (16) | ||
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates | 545 | (9,115) | ||
Portion recognized in income (expenses), including effects of foreign exchange rates | (719) | 322 | ||
Portion recognized in OCI, including effects of exchange rates | 1,264 | (9,437) | ||
Decrease (increase) in investment contract liabilities | (17) | (56) | ||
Total net investment income (loss), insurance finance income (expenses) and reinsurance finance income (expenses) | 693 | 11,323 | ||
Amounts recognized in income (expenses) | 1,164 | (5,958) | ||
Amounts recognized in OCI | (471) | 17,281 | ||
Insurance and reinsurance contracts [Member] | Material reconciling items [Member] | Cash flow hedges [Member] | ||||
Disclosure Of Information About Investment Income And Insurance Finance Income And Expenses [Line Items] | ||||
Reclassification of derivative OCI to IFIE | (3) | 0 | ||
Insurance and reinsurance contracts [Member] | Material reconciling items [Member] | Fair value hedges [Member] | ||||
Disclosure Of Information About Investment Income And Insurance Finance Income And Expenses [Line Items] | ||||
Reclassification of derivative income (loss) changes to IFIE | 185 | 0 | ||
Non Insurance [Member] | Material reconciling items [Member] | ||||
Disclosure Of Information About Investment Income And Insurance Finance Income And Expenses [Line Items] | ||||
Investment related income | 3,079 | 1,973 | [1] | |
Net gains (losses) on financial assets at FVTPL | 506 | (246) | [1] | |
Unrealized gains (losses) on FVOCI assets | 1,018 | (8,428) | [1] | |
Impairment loss on financial assets | (57) | (18) | [1] | |
Investment expenses | (757) | (757) | [1] | |
Interest on required surplus | (521) | (515) | [1] | |
Total investment return | 3,268 | (7,991) | [1] | |
Portion recognized in income (expenses) | 2,191 | (21) | [1] | |
Portion recognized in OCI | 1,077 | (7,970) | [1] | |
Interest accreted to insurance contracts using locked-in rate | 28 | 14 | [1] | |
Due to changes in interest rates and other financial assumptions | 21 | (272) | [1] | |
Changes in fair value of underlying items of direct participation contracts | 0 | 0 | [1] | |
Effects of risk mitigation option | 0 | 0 | [1] | |
Net foreign exchange income (expenses) | 0 | 0 | [1] | |
Hedge accounting offset from insurance contracts issued | 0 | 0 | [1] | |
Other | 0 | (2) | [1] | |
Total insurance finance income (expenses) from insurance contracts issued | 49 | (260) | [1] | |
Effect of movements in foreign exchange rates | 0 | (9) | [1] | |
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates | 49 | (269) | [1] | |
Portion recognized in income (expenses), including effects of exchange rates | 36 | (34) | [1] | |
Portion recognized in OCI, including effects of exchange rates | 13 | (235) | [1] | |
Interest accreted to insurance contracts using locked-in rate | (12) | (8) | [1] | |
Due to changes in interest rates and other financial assumptions | (28) | 67 | [1] | |
Changes in risk of non-performance of reinsurer | 0 | 0 | [1] | |
Other | 0 | 0 | [1] | |
Total reinsurance finance income (expenses) from reinsurance contracts held | (40) | 59 | [1] | |
Effect of movements in foreign exchange rates | 0 | 0 | [1] | |
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates | (40) | 59 | [1] | |
Portion recognized in income (expenses), including effects of foreign exchange rates | (15) | (13) | [1] | |
Portion recognized in OCI, including effects of exchange rates | (25) | 72 | [1] | |
Decrease (increase) in investment contract liabilities | (418) | (343) | [1] | |
Total net investment income (loss), insurance finance income (expenses) and reinsurance finance income (expenses) | 2,859 | (8,544) | [1] | |
Amounts recognized in income (expenses) | 1,794 | (411) | [1] | |
Amounts recognized in OCI | 1,065 | (8,133) | [1] | |
Non Insurance [Member] | Material reconciling items [Member] | Cash flow hedges [Member] | ||||
Disclosure Of Information About Investment Income And Insurance Finance Income And Expenses [Line Items] | ||||
Reclassification of derivative OCI to IFIE | 0 | 0 | [1] | |
Non Insurance [Member] | Material reconciling items [Member] | Fair value hedges [Member] | ||||
Disclosure Of Information About Investment Income And Insurance Finance Income And Expenses [Line Items] | ||||
Reclassification of derivative income (loss) changes to IFIE | 0 | 0 | [1] | |
Reportable segments [member] | ||||
Disclosure Of Information About Investment Income And Insurance Finance Income And Expenses [Line Items] | ||||
Total investment return | 29,426 | (54,925) | ||
Portion recognized in income (expenses) | 18,021 | 337 | ||
Portion recognized in OCI | 11,405 | (55,262) | ||
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates | (25,944) | 67,159 | ||
Portion recognized in income (expenses), including effects of exchange rates | (13,894) | (6,616) | ||
Portion recognized in OCI, including effects of exchange rates | (12,050) | 73,775 | ||
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates | 505 | (9,056) | ||
Portion recognized in income (expenses), including effects of foreign exchange rates | (734) | 309 | ||
Portion recognized in OCI, including effects of exchange rates | 1,239 | (9,365) | ||
Reportable segments [member] | Corporate [member] | ||||
Disclosure Of Information About Investment Income And Insurance Finance Income And Expenses [Line Items] | ||||
Total investment return | 30 | (10) | ||
Portion recognized in income (expenses) | 28 | 9 | ||
Portion recognized in OCI | 2 | (19) | ||
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates | 689 | 157 | ||
Portion recognized in income (expenses), including effects of exchange rates | 689 | 158 | ||
Portion recognized in OCI, including effects of exchange rates | 0 | (1) | ||
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates | (682) | (154) | ||
Portion recognized in income (expenses), including effects of foreign exchange rates | (682) | (154) | ||
Portion recognized in OCI, including effects of exchange rates | 0 | 0 | ||
Reportable segments [member] | Insurance and reinsurance contracts [Member] | Asia [Member] | ||||
Disclosure Of Information About Investment Income And Insurance Finance Income And Expenses [Line Items] | ||||
Total investment return | 11,770 | (12,778) | ||
Portion recognized in income (expenses) | 7,095 | 1,422 | ||
Portion recognized in OCI | 4,675 | (14,200) | ||
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates | (11,037) | 12,878 | ||
Portion recognized in income (expenses), including effects of exchange rates | (6,436) | (1,654) | ||
Portion recognized in OCI, including effects of exchange rates | (4,601) | 14,532 | ||
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates | 12 | (189) | ||
Portion recognized in income (expenses), including effects of foreign exchange rates | (105) | (63) | ||
Portion recognized in OCI, including effects of exchange rates | 117 | (126) | ||
Reportable segments [member] | Insurance and reinsurance contracts [Member] | Canada [member] | ||||
Disclosure Of Information About Investment Income And Insurance Finance Income And Expenses [Line Items] | ||||
Total investment return | 5,968 | (13,299) | ||
Portion recognized in income (expenses) | 3,514 | (1,967) | ||
Portion recognized in OCI | 2,454 | (11,332) | ||
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates | (5,709) | 14,512 | ||
Portion recognized in income (expenses), including effects of exchange rates | (3,315) | (219) | ||
Portion recognized in OCI, including effects of exchange rates | (2,394) | 14,731 | ||
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates | 90 | (252) | ||
Portion recognized in income (expenses), including effects of foreign exchange rates | 57 | (102) | ||
Portion recognized in OCI, including effects of exchange rates | 33 | (150) | ||
Reportable segments [member] | Insurance and reinsurance contracts [Member] | U.S. [member] | ||||
Disclosure Of Information About Investment Income And Insurance Finance Income And Expenses [Line Items] | ||||
Total investment return | 8,390 | (20,847) | ||
Portion recognized in income (expenses) | 5,193 | 894 | ||
Portion recognized in OCI | 3,197 | (21,741) | ||
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates | (9,936) | 39,881 | ||
Portion recognized in income (expenses), including effects of exchange rates | (4,868) | (4,867) | ||
Portion recognized in OCI, including effects of exchange rates | (5,068) | 44,748 | ||
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates | 1,125 | (8,520) | ||
Portion recognized in income (expenses), including effects of foreign exchange rates | 11 | 641 | ||
Portion recognized in OCI, including effects of exchange rates | 1,114 | (9,161) | ||
Reportable segments [member] | Non Insurance [Member] | ||||
Disclosure Of Information About Investment Income And Insurance Finance Income And Expenses [Line Items] | ||||
Total investment return | [1] | 3,268 | (7,991) | |
Portion recognized in income (expenses) | [1] | 2,191 | (21) | |
Portion recognized in OCI | [1] | 1,077 | (7,970) | |
Total insurance finance income (expenses) from insurance contracts issued and effect of movement in foreign exchange rates | [1] | 49 | (269) | |
Portion recognized in income (expenses), including effects of exchange rates | [1] | 36 | (34) | |
Portion recognized in OCI, including effects of exchange rates | [1] | 13 | (235) | |
Total reinsurance finance income (expenses) from reinsurance contracts held and effect of movement in foreign exchange rates | [1] | (40) | 59 | |
Portion recognized in income (expenses), including effects of foreign exchange rates | [1] | (15) | (13) | |
Portion recognized in OCI, including effects of exchange rates | [1] | $ (25) | $ 72 | |
[1]Non-insurance includes consolidations and eliminations of transactions between operating segments. |
Insurance and Reinsurance Co_13
Insurance and Reinsurance Contract Assets and Liabilities - Additional Information (Detail) $ in Millions, $ in Billions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2023 CAD ($) | Sep. 30, 2023 CAD ($) | Sep. 30, 2023 CAD ($) | Dec. 31, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 11, 2023 | Dec. 31, 2022 USD ($) | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||||
Decrease in post tax other comprehensive income due to changes in acturial assumptions | $ 37 | |||||||
Decrease in pre tax other comprehensive income due to changes in acturial assumptions | $ 47 | |||||||
Increase (decrease) in pre-tax fulfilment cash flows | $ (347) | $ (3,197) | ||||||
Bottom of range [Member] | ||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||||
Percentage of Risk Adjustment Confidence Level | 90% | 90% | ||||||
Bottom of range [Member] | With effect from the fourth quarter [Member] | ||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||||
Confidence level based on risk adjustment | 95% | 95% | ||||||
Top of range [Member] | ||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||||
Percentage of Risk Adjustment Confidence Level | 95% | 95% | ||||||
Insurance risk [member] | ||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||||
Increase in post tax net income attributable to policyholders due to changes in acturial assumptions | $ 91 | |||||||
Increase in pre tax net income attributable to policyholders due to changes in acturial assumptions | 115 | |||||||
Increase in post tax net income attributable to the shareholders due to changes in acturial methods and assumptions | 119 | |||||||
Increase in pre tax net income attributable to the shareholders due to changes in acturial methods and assumptions | 144 | |||||||
Reduction in pre tax fulfillment cash flows due to changes in acturial methods and assumptions | 2,850 | |||||||
Increase In Impact Of Changes In Other Comprehensive Income Attributed To Shareholder Post Tax | 1 | $ 155 | ||||||
Increase In Impact Of Changes In Other Comprehensive Income Attributed To Shareholder Pre Tax | 2 | 196 | ||||||
Increase Decrease In Impact Of Changes In Contractual Service Margin Flows | 142 | (600) | ||||||
Increase Decrease In Impact Of Changes In Net Income Attributed To Shareholders After Tax | 37 | 106 | ||||||
Increase Decrease In Impact Of Changes In Net Income Attributed To Shareholder Pre Tax | 52 | 134 | ||||||
Increase Decrease In Impact Of Changes In PreFulfilment CashFlows | (159) | 270 | ||||||
Increase in pre-tax net income attributed to shareholders | 27 | $ 171 | $ 23 | |||||
Increase (decrease) in post-tax net income attributed to shareholders | (14) | 105 | 26 | |||||
Increase (decrease) in pre-tax net income attributed to participating policyholders | 58 | 173 | (26) | |||||
Increase (decrease) in post-tax net income attributed to participating policyholders | 74 | 165 | (18) | |||||
Increase (decrease) in contractual service margin | $ 2,638 | 116 | 2,754 | (279) | ||||
Increase (decrease) in pre-tax fulfilment cash flows | 192 | |||||||
Increase in pre-tax other comprehensive income | 146 | 99 | 90 | |||||
Increase in post-tax other comprehensive income | 110 | $ 73 | 73 | |||||
Insurance risk [member] | Bottom of range [Member] | ||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||||
Confidence level based on risk adjustment | 90% | 90% | ||||||
Insurance risk [member] | Top of range [Member] | ||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||||
Confidence level based on risk adjustment | 95% | 95% | ||||||
Reinsurance contracts held [Member] | ||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||||
Cumulative pre-tax decrease to the contractual service margin | 905 | |||||||
Long-term care triennial review [Member] | ||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||||
Increase (decrease) in pre-tax fulfilment cash flows | 118 | |||||||
Future premium increases in pre-tax fulfilment cash flows | 2,500 | $ 1.9 | ||||||
Increase in actual premium pre-tax | $ 2,500 | $ 1.9 | ||||||
Percentage of annual premium increase | 30% | 30% | ||||||
Canada variable annuity product review [Member] | ||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||||
Increase (decrease) in pre-tax fulfilment cash flows | $ (133) | |||||||
Mortality and morbidity updates [Member] | ||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||||
Increase (decrease) in pre-tax fulfilment cash flows | 265 | $ 83 | ||||||
Lapse and policyholder behaviour updates [Member] | ||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||||
Increase (decrease) in pre-tax fulfilment cash flows | 98 | 234 | ||||||
Methodology and other updates [Member] | ||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||||
Increase (decrease) in pre-tax fulfilment cash flows | $ (2,850) | (577) | $ (3,427) | $ (243) | ||||
Canada [member] | Insurance risk [member] | ||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||||
Decrease in post tax other comprehensive income due to changes in acturial assumptions | 8 | |||||||
Decrease in pre tax other comprehensive income due to changes in acturial assumptions | 11 | |||||||
Increase in post tax net income attributable to policyholders due to changes in acturial assumptions | 29 | |||||||
Increase in pre tax net income attributable to policyholders due to changes in acturial assumptions | 40 | |||||||
Increase in post tax net income attributable to the shareholders due to changes in acturial methods and assumptions | 3 | |||||||
Increase in pre tax net income attributable to the shareholders due to changes in acturial methods and assumptions | 4 | |||||||
Reduction in pre tax fulfillment cash flows due to changes in acturial methods and assumptions | 246 | |||||||
Increase (decrease) in contractual service margin | 213 | |||||||
U.S. [member] | Insurance risk [member] | ||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||||
Decrease in post tax other comprehensive income due to changes in acturial assumptions | 15 | |||||||
Decrease in pre tax other comprehensive income due to changes in acturial assumptions | 20 | |||||||
Increase in post tax net income attributable to the shareholders due to changes in acturial methods and assumptions | 26 | |||||||
Increase in pre tax net income attributable to the shareholders due to changes in acturial methods and assumptions | 33 | |||||||
Reduction in pre tax fulfillment cash flows due to changes in acturial methods and assumptions | 91 | |||||||
Increase (decrease) in contractual service margin | 78 | |||||||
Asia [Member] | Insurance risk [member] | ||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||||
Decrease in post tax other comprehensive income due to changes in acturial assumptions | 14 | |||||||
Decrease in pre tax other comprehensive income due to changes in acturial assumptions | 17 | |||||||
Increase in post tax net income attributable to policyholders due to changes in acturial assumptions | 62 | |||||||
Increase in pre tax net income attributable to policyholders due to changes in acturial assumptions | 75 | |||||||
Increase in post tax net income attributable to the shareholders due to changes in acturial methods and assumptions | 90 | |||||||
Increase in pre tax net income attributable to the shareholders due to changes in acturial methods and assumptions | 107 | |||||||
Reduction in pre tax fulfillment cash flows due to changes in acturial methods and assumptions | 2,513 | |||||||
Increase (decrease) in contractual service margin | $ 2,348 | |||||||
Updates In Lapse Assumptions And Morbidity Updates In Other Geographies [Member] | Asia [Member] | Insurance risk [member] | ||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||||
Decrease in post tax income attributable to the shareholders due to changes in acturial methods and assumptions | 9 | |||||||
Decrease in pre tax income attributable to the shareholders due to changes in acturial methods and assumptions | 25 | |||||||
Increase in post tax other comprehensive income due to changes in acturial methods and assumptions | 58 | |||||||
Increase in pre tax other comprehensive income due to changes in acturial methods and assumptions | 76 | |||||||
Increase in pre tax fulfillment cash flows due to changes in acturial methods and assumptions | 62 | |||||||
Increase (decrease) in contractual service margin | (120) | |||||||
Triannual Review Of Long Term Insurance Products [Member] | U.S. [member] | Insurance risk [member] | ||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||||
Decrease in post tax income attributable to the shareholders due to changes in acturial methods and assumptions | 12 | |||||||
Decrease in pre tax income attributable to the shareholders due to changes in acturial methods and assumptions | 16 | |||||||
Increase in post tax other comprehensive income due to changes in acturial methods and assumptions | 86 | |||||||
Increase in pre tax other comprehensive income due to changes in acturial methods and assumptions | 110 | |||||||
Increase in pre tax fulfillment cash flows due to changes in acturial methods and assumptions | 108 | |||||||
Increase (decrease) in contractual service margin | (202) | |||||||
Update In Lapse Assumptions For Certain Insurance Productions And Dividend Rate On Participating Products And Changes In Discount Rates [Member] | Canada [member] | Insurance risk [member] | ||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||||
Increase in post tax other comprehensive income due to changes in acturial methods and assumptions | 71 | |||||||
Increase in pre tax other comprehensive income due to changes in acturial methods and assumptions | 96 | |||||||
Increase in post tax net income attributable to the shareholders due to changes in acturial methods and assumptions | 47 | |||||||
Increase in pre tax net income attributable to the shareholders due to changes in acturial methods and assumptions | 64 | |||||||
Increase in pre tax fulfillment cash flows due to changes in acturial methods and assumptions | 22 | |||||||
Increase (decrease) in contractual service margin | 43 | |||||||
Market Movements And Updates In Morbidity Assumption In Other Geogrpahies [Member] | Asia [Member] | Insurance risk [member] | ||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||||
Decrease in after tax other comprehensive income attributable to shareholders due to updates in incidence rates | 47 | |||||||
Decrease in pre tax other comprehensive income attributable to shareholders due to updates in incidence rates | 53 | |||||||
Decrease in after tax income attributable to shareholders due to updates in incidence rates | 157 | |||||||
Decrease in pre tax income attributable to shareholders due to updates in incidence rates | 159 | |||||||
Reduction in pre tax fulfillment cash flows due to changes in acturial methods and assumptions | 457 | |||||||
Increase (decrease) in contractual service margin | 574 | |||||||
Unallocated amounts [member] | Insurance risk [member] | ||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||||
Reduction in post tax other comprehensive income due to changes in acturial methods and assumptions | 1 | |||||||
Reduction in pre tax other comprehensive income due to changes in acturial methods and assumptions | 1 | |||||||
Reduction in pre tax fulfillment cash flows due to changes in acturial methods and assumptions | 1 | |||||||
Transaction Has Closed [Member] | Administering The Insurance Contracts [Member] | Global Atlantic Financial Group [Member] | Reinsurance contracts held [Member] | ||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||||
Insurance and investment contract net liabilities | $ 13,000 | $ 13,000 | ||||||
Transaction Has Closed [Member] | Other Block [Member] | Administering The Insurance Contracts [Member] | Global Atlantic Financial Group [Member] | Reinsurance contracts held [Member] | ||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||||
Percentage share in the insurance contracts | 80% | |||||||
Transaction Has Closed [Member] | LTC Block [Member] | Administering The Insurance Contracts [Member] | Global Atlantic Financial Group [Member] | Reinsurance contracts held [Member] | ||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||||
Percentage share in the insurance contracts | 100% |
Insurance and Reinsurance Co_14
Insurance and Reinsurance Contract Assets and Liabilities - Summary of Significant Judgements and Estimates (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Canada [Member] | CAD [Member] | Illiquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Observable years | 30 years | 30 years |
Ultimate year | 70 years | 70 years |
Canada [Member] | CAD [Member] | More liquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Observable years | 30 years | 30 years |
Ultimate year | 70 years | 70 years |
U.S. [member] | USD [Member] | Illiquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Observable years | 30 years | 30 years |
Ultimate year | 70 years | 70 years |
U.S. [member] | USD [Member] | More liquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Observable years | 30 years | 30 years |
Ultimate year | 70 years | 70 years |
Japan [member | JPY [Member] | Mixed [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Observable years | 30 years | 30 years |
Ultimate year | 70 years | 70 years |
Hong Kong [member | HKD [Member] | Illiquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Observable years | 15 years | 15 years |
Ultimate year | 55 years | 55 years |
1 Year [Member] | Canada [Member] | CAD [Member] | Illiquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 5.17% | 5.29% |
1 Year [Member] | Canada [Member] | CAD [Member] | More liquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 5.14% | 5.21% |
1 Year [Member] | U.S. [member] | USD [Member] | Illiquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 5.38% | 5.28% |
1 Year [Member] | U.S. [member] | USD [Member] | More liquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 5.32% | 5.23% |
1 Year [Member] | Japan [member | JPY [Member] | Mixed [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 0.53% | 0.72% |
1 Year [Member] | Hong Kong [member | HKD [Member] | Illiquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 4.20% | 4.69% |
5 Year [Member] | Canada [Member] | CAD [Member] | Illiquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 4.33% | 4.81% |
5 Year [Member] | Canada [Member] | CAD [Member] | More liquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 4.22% | 4.63% |
5 Year [Member] | U.S. [member] | USD [Member] | Illiquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 4.54% | 4.87% |
5 Year [Member] | U.S. [member] | USD [Member] | More liquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 4.57% | 4.88% |
5 Year [Member] | Japan [member | JPY [Member] | Mixed [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 0.77% | 0.98% |
5 Year [Member] | Hong Kong [member | HKD [Member] | Illiquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 4.01% | 4.95% |
10 Year [Member] | Canada [Member] | CAD [Member] | Illiquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 4.92% | 5.35% |
10 Year [Member] | Canada [Member] | CAD [Member] | More liquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 4.69% | 4.97% |
10 Year [Member] | U.S. [member] | USD [Member] | Illiquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 5.37% | 5.74% |
10 Year [Member] | U.S. [member] | USD [Member] | More liquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 5.25% | 5.61% |
10 Year [Member] | Japan [member | JPY [Member] | Mixed [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 1.08% | 0.91% |
10 Year [Member] | Hong Kong [member | HKD [Member] | Illiquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 4.98% | 5.60% |
20 Year [Member] | Canada [Member] | CAD [Member] | Illiquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 4.86% | 5.35% |
20 Year [Member] | Canada [Member] | CAD [Member] | More liquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 4.72% | 5.02% |
20 Year [Member] | U.S. [member] | USD [Member] | Illiquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 5.65% | 5.86% |
20 Year [Member] | U.S. [member] | USD [Member] | More liquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 5.56% | 5.76% |
20 Year [Member] | Japan [member | JPY [Member] | Mixed [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 1.75% | 1.70% |
20 Year [Member] | Hong Kong [member | HKD [Member] | Illiquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 4.61% | 4.99% |
30 Year [Member] | Canada [Member] | CAD [Member] | Illiquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 4.80% | 5.03% |
30 Year [Member] | Canada [Member] | CAD [Member] | More liquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 4.69% | 4.91% |
30 Year [Member] | U.S. [member] | USD [Member] | Illiquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 5.27% | 5.34% |
30 Year [Member] | U.S. [member] | USD [Member] | More liquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 5.18% | 5.23% |
30 Year [Member] | Japan [member | JPY [Member] | Mixed [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 2.24% | 2.22% |
30 Year [Member] | Hong Kong [member | HKD [Member] | Illiquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 4.19% | 4.36% |
Ultimate [Member] | Canada [Member] | CAD [Member] | Illiquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 4.40% | 4.40% |
Ultimate [Member] | Canada [Member] | CAD [Member] | More liquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 4.40% | 4.40% |
Ultimate [Member] | U.S. [member] | USD [Member] | Illiquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 5% | 5% |
Ultimate [Member] | U.S. [member] | USD [Member] | More liquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 4.88% | 4.88% |
Ultimate [Member] | Japan [member | JPY [Member] | Mixed [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 1.60% | 1.60% |
Ultimate [Member] | Hong Kong [member | HKD [Member] | Illiquid [Member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Years | 3.80% | 3.80% |
Insurance and Reinsurance Co_15
Insurance and Reinsurance Contract Assets and Liabilities - Summary of Composition of Underlying Items (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Participating [Member] | ||
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items] | ||
Underlying assets | $ 101,217 | $ 90,691 |
Participating [Member] | Debt securities [Member] | ||
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items] | ||
Underlying assets | 44,682 | 39,894 |
Participating [Member] | Public equities [Member] | ||
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items] | ||
Underlying assets | 14,442 | 12,119 |
Participating [Member] | Mortgages [Member] | ||
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items] | ||
Underlying assets | 4,449 | 3,813 |
Participating [Member] | Private placements [Member] | ||
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items] | ||
Underlying assets | 6,720 | 5,666 |
Participating [Member] | Real estate [Member] | ||
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items] | ||
Underlying assets | 3,907 | 3,190 |
Participating [Member] | Other [Member] | ||
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items] | ||
Underlying assets | 27,017 | 26,009 |
Variable annuity [Member] | ||
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items] | ||
Underlying assets | 68,749 | 69,033 |
Variable annuity [Member] | Debt securities [Member] | ||
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items] | ||
Underlying assets | 0 | 0 |
Variable annuity [Member] | Public equities [Member] | ||
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items] | ||
Underlying assets | 0 | 0 |
Variable annuity [Member] | Mortgages [Member] | ||
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items] | ||
Underlying assets | 0 | 0 |
Variable annuity [Member] | Private placements [Member] | ||
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items] | ||
Underlying assets | 0 | 0 |
Variable annuity [Member] | Real estate [Member] | ||
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items] | ||
Underlying assets | 0 | 0 |
Variable annuity [Member] | Other [Member] | ||
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items] | ||
Underlying assets | 68,749 | 69,033 |
Unit linked [Member] | ||
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items] | ||
Underlying assets | 15,539 | 13,476 |
Unit linked [Member] | Debt securities [Member] | ||
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items] | ||
Underlying assets | 0 | 0 |
Unit linked [Member] | Public equities [Member] | ||
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items] | ||
Underlying assets | 0 | 0 |
Unit linked [Member] | Mortgages [Member] | ||
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items] | ||
Underlying assets | 0 | 0 |
Unit linked [Member] | Private placements [Member] | ||
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items] | ||
Underlying assets | 0 | 0 |
Unit linked [Member] | Real estate [Member] | ||
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items] | ||
Underlying assets | 0 | 0 |
Unit linked [Member] | Other [Member] | ||
Disclosure Of Composition Of Underlying Items For Contracts With Direct Participation Features [Line Items] | ||
Underlying assets | $ 15,539 | $ 13,476 |
Insurance and Reinsurance Co_16
Insurance and Reinsurance Contract Assets and Liabilities - Summary of Asset for Acquisition Cash Flow (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of information about expected derecognition of assets for insurance acquisition cash flows [line items] | ||
Assets for insurance acquisition cash flows | $ 820 | $ 805 |
Less than 1 year [Member] | ||
Disclosure of information about expected derecognition of assets for insurance acquisition cash flows [line items] | ||
Assets for insurance acquisition cash flows | 131 | 131 |
1 to 5 years [Member] | ||
Disclosure of information about expected derecognition of assets for insurance acquisition cash flows [line items] | ||
Assets for insurance acquisition cash flows | 355 | 350 |
More than 5 years [Member] | ||
Disclosure of information about expected derecognition of assets for insurance acquisition cash flows [line items] | ||
Assets for insurance acquisition cash flows | 334 | 324 |
Asia [Member] | ||
Disclosure of information about expected derecognition of assets for insurance acquisition cash flows [line items] | ||
Assets for insurance acquisition cash flows | 271 | 283 |
Asia [Member] | Less than 1 year [Member] | ||
Disclosure of information about expected derecognition of assets for insurance acquisition cash flows [line items] | ||
Assets for insurance acquisition cash flows | 59 | 58 |
Asia [Member] | 1 to 5 years [Member] | ||
Disclosure of information about expected derecognition of assets for insurance acquisition cash flows [line items] | ||
Assets for insurance acquisition cash flows | 150 | 150 |
Asia [Member] | More than 5 years [Member] | ||
Disclosure of information about expected derecognition of assets for insurance acquisition cash flows [line items] | ||
Assets for insurance acquisition cash flows | 62 | 75 |
Canada [Member] | ||
Disclosure of information about expected derecognition of assets for insurance acquisition cash flows [line items] | ||
Assets for insurance acquisition cash flows | 549 | 522 |
Canada [Member] | Less than 1 year [Member] | ||
Disclosure of information about expected derecognition of assets for insurance acquisition cash flows [line items] | ||
Assets for insurance acquisition cash flows | 72 | 73 |
Canada [Member] | 1 to 5 years [Member] | ||
Disclosure of information about expected derecognition of assets for insurance acquisition cash flows [line items] | ||
Assets for insurance acquisition cash flows | 205 | 200 |
Canada [Member] | More than 5 years [Member] | ||
Disclosure of information about expected derecognition of assets for insurance acquisition cash flows [line items] | ||
Assets for insurance acquisition cash flows | $ 272 | $ 249 |
Insurance and Reinsurance Co_17
Insurance and Reinsurance Contract Assets and Liabilities - Summary of Maturity Analysis and Amounts Payable on Demand (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Amounts payable on demand | $ 172,684 | $ 166,916 |
Carrying amount | 249,096 | 233,411 |
Asia [Member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Amounts payable on demand | 100,060 | 95,777 |
Carrying amount | 129,117 | 117,737 |
Canada [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Amounts payable on demand | 28,264 | 25,745 |
Carrying amount | 56,887 | 52,300 |
U.S. [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Amounts payable on demand | 44,360 | 45,394 |
Carrying amount | 63,092 | 63,374 |
Insurance contract liabilities [Member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Payments due by period | 1,110,645 | 1,032,186 |
Insurance contract liabilities [Member] | Less than 1 year [Member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Payments due by period | 3,400 | 3,091 |
Insurance contract liabilities [Member] | 1 to 2 years [Member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Payments due by period | 5,546 | 4,976 |
Insurance contract liabilities [Member] | 2 to 3 years [Member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Payments due by period | 6,766 | 7,224 |
Insurance contract liabilities [Member] | 3 to 4 years [Member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Payments due by period | 8,849 | 9,212 |
Insurance contract liabilities [Member] | 4 to 5 years [Member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Payments due by period | 11,320 | 11,223 |
Insurance contract liabilities [Member] | Over 5 years [Member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Payments due by period | 1,074,764 | 996,460 |
Reinsurance contracts held liabilities [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Payments due by period | 8,448 | 6,622 |
Reinsurance contracts held liabilities [member] | Less than 1 year [Member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Payments due by period | 332 | 235 |
Reinsurance contracts held liabilities [member] | 1 to 2 years [Member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Payments due by period | 460 | 237 |
Reinsurance contracts held liabilities [member] | 2 to 3 years [Member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Payments due by period | 492 | 250 |
Reinsurance contracts held liabilities [member] | 3 to 4 years [Member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Payments due by period | 592 | 243 |
Reinsurance contracts held liabilities [member] | 4 to 5 years [Member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Payments due by period | 475 | 337 |
Reinsurance contracts held liabilities [member] | Over 5 years [Member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Payments due by period | $ 6,097 | $ 5,320 |
Insurance and Reinsurance Co_18
Insurance and Reinsurance Contract Assets and Liabilities - Summary of Actuarial Methods and Assumptions (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | |||||
Impact of changes in actuarial methods and assumptions, pre-tax | $ 2,850 | $ 347 | $ 347 | $ 3,197 | $ (192) |
Impact of changes in actuarial methods and assumptions, pre-tax | (2,850) | (347) | (347) | (3,197) | 192 |
Canada variable annuity product review [Member] | |||||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | |||||
Impact of changes in actuarial methods and assumptions, pre-tax | 0 | (133) | (133) | (133) | |
Impact of changes in actuarial methods and assumptions, pre-tax | 0 | 133 | 133 | 133 | |
Long-term care triennial review [Member] | |||||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | |||||
Impact of changes in actuarial methods and assumptions, pre-tax | 118 | ||||
Impact of changes in actuarial methods and assumptions, pre-tax | (118) | ||||
Mortality and morbidity updates [Member] | |||||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | |||||
Impact of changes in actuarial methods and assumptions, pre-tax | 0 | 265 | 265 | 265 | 83 |
Impact of changes in actuarial methods and assumptions, pre-tax | 0 | (265) | (265) | (265) | (83) |
Lapse and policyholder behaviour updates [Member] | |||||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | |||||
Impact of changes in actuarial methods and assumptions, pre-tax | 0 | 98 | 98 | 98 | 234 |
Impact of changes in actuarial methods and assumptions, pre-tax | 0 | (98) | (98) | (98) | (234) |
Methodology and other updates [Member] | |||||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | |||||
Impact of changes in actuarial methods and assumptions, pre-tax | (2,850) | (577) | (577) | (3,427) | (243) |
Impact of changes in actuarial methods and assumptions, pre-tax | 2,850 | 577 | 577 | 3,427 | 243 |
Portion recognized in net income (loss) [member] | |||||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | |||||
Impact of changes in actuarial methods and assumptions, pre-tax | 259 | 85 | 85 | 344 | (3) |
Impact of changes in actuarial methods and assumptions, pre-tax | (259) | (85) | (85) | (344) | 3 |
Portion recognized in OCI [Member] | |||||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | |||||
Impact of changes in actuarial methods and assumptions, pre-tax | (47) | 146 | 146 | 99 | 90 |
Impact of changes in actuarial methods and assumptions, pre-tax | 47 | (146) | (146) | (99) | (90) |
Portion recognized in CSM [Member] | |||||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | |||||
Impact of changes in actuarial methods and assumptions, pre-tax | 2,638 | 116 | 116 | 2,754 | (279) |
Impact of changes in actuarial methods and assumptions, pre-tax | (2,638) | (116) | (116) | (2,754) | 279 |
Participating policyholders [Member] | Portion recognized in net income (loss) [member] | |||||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | |||||
Impact of changes in actuarial methods and assumptions, pre-tax | 115 | 58 | 58 | 173 | (26) |
Impact of changes in actuarial methods and assumptions, pre-tax | (115) | (58) | (58) | (173) | 26 |
Participating policyholders [Member] | Portion recognized in OCI [Member] | |||||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | |||||
Impact of changes in actuarial methods and assumptions, pre-tax | (21) | 0 | 0 | (21) | |
Impact of changes in actuarial methods and assumptions, pre-tax | 21 | 0 | 0 | 21 | |
Shareholders [Member] | Portion recognized in net income (loss) [member] | |||||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | |||||
Impact of changes in actuarial methods and assumptions, pre-tax | 144 | 27 | 27 | 171 | |
Impact of changes in actuarial methods and assumptions, pre-tax | (144) | (27) | (27) | (171) | |
Shareholders [Member] | Portion recognized in OCI [Member] | |||||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | |||||
Impact of changes in actuarial methods and assumptions, pre-tax | (26) | 146 | 146 | 120 | |
Impact of changes in actuarial methods and assumptions, pre-tax | $ 26 | $ (146) | $ (146) | $ (120) | |
Shareholders and other equity holders [Member] | Portion recognized in net income (loss) [member] | |||||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | |||||
Impact of changes in actuarial methods and assumptions, pre-tax | 23 | ||||
Impact of changes in actuarial methods and assumptions, pre-tax | (23) | ||||
Shareholders and other equity holders [Member] | Portion recognized in OCI [Member] | |||||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | |||||
Impact of changes in actuarial methods and assumptions, pre-tax | 90 | ||||
Impact of changes in actuarial methods and assumptions, pre-tax | $ (90) |
Insurance and Reinsurance Co_19
Insurance and Reinsurance Contract Assets and Liabilities - Summary of Actuarial Methods and Assumptions (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | |||||
Impact of changes in actuarial methods and assumptions, pre-tax | $ 2,850 | $ 347 | $ 347 | $ 3,197 | $ (192) |
Non-controlling interests [member] | |||||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | |||||
Impact of changes in actuarial methods and assumptions, pre-tax | 97 | 103 | 103 | 8 | |
Non-controlling interests [member] | CSM [Member] | |||||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | |||||
Impact of changes in actuarial methods and assumptions, pre-tax | $ 87 | $ 72 | $ 72 | $ 0 |
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, 2023 | Dec. 31, 2022 | |
Disclosure of Investment Contract Liabilities [line items] | ||
Ending balance | $ 11,816 | $ 10,079 |
Fair value [Member] | ||
Disclosure of Investment Contract Liabilities [line items] | ||
Balance, excluding those for account of segregated fund holders, January 1 | 798 | 825 |
New contracts | 48 | 79 |
Changes in market conditions | 47 | (56) |
Redemptions, surrenders and maturities | (122) | (99) |
Impact of changes in foreign exchange rates | (22) | 49 |
Balance, excluding those for account of segregated fund holders, December 31 | 749 | 798 |
Investment contract liabilities for account of segregated fund holders | 263,401 | 238,346 |
Ending balance | $ 264,150 | $ 239,144 |
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, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
Disclosure of Investment Contract Liabilities [line items] | ||||
Investment contract liabilities | $ 11,816 | $ 10,079 | $ 10,064 | |
Amortized cost, gross of reinsurance ceded [Member] | ||||
Disclosure of Investment Contract Liabilities [line items] | ||||
Investment contract liabilities | 11,067 | 9,281 | $ 9,239 | |
Amortized cost, gross of reinsurance ceded [Member] | Asia [Member] | ||||
Disclosure of Investment Contract Liabilities [line items] | ||||
Investment contract liabilities | 451 | 636 | ||
Amortized cost, gross of reinsurance ceded [Member] | Canada [member] | ||||
Disclosure of Investment Contract Liabilities [line items] | ||||
Investment contract liabilities | 7,642 | 6,699 | ||
Amortized cost, gross of reinsurance ceded [Member] | U.S. [member] | ||||
Disclosure of Investment Contract Liabilities [line items] | ||||
Investment contract liabilities | 1,381 | 1,535 | ||
Amortized cost, gross of reinsurance ceded [Member] | GWAM [member] | ||||
Disclosure of Investment Contract Liabilities [line items] | ||||
Investment contract liabilities | 1,593 | 411 | ||
Fair value [Member] | ||||
Disclosure of Investment Contract Liabilities [line items] | ||||
Investment contract liabilities | 10,994 | 9,034 | ||
Fair value [Member] | Asia [Member] | ||||
Disclosure of Investment Contract Liabilities [line items] | ||||
Investment contract liabilities | 438 | 607 | ||
Fair value [Member] | Canada [member] | ||||
Disclosure of Investment Contract Liabilities [line items] | ||||
Investment contract liabilities | 7,534 | 6,474 | ||
Fair value [Member] | U.S. [member] | ||||
Disclosure of Investment Contract Liabilities [line items] | ||||
Investment contract liabilities | 1,440 | 1,571 | ||
Fair value [Member] | GWAM [member] | ||||
Disclosure of Investment Contract Liabilities [line items] | ||||
Investment contract liabilities | $ 1,582 | $ 382 |
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, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Disclosure of Investment Contract Liabilities [line items] | |||
Investment contract liabilities reinsured | $ 2,831 | $ 2,391 | $ 2,079 |
Investment contract liabilities | 11,816 | 10,079 | $ 10,064 |
Carrying amount [member] | |||
Disclosure of Investment Contract Liabilities [line items] | |||
Investment contract liabilities reinsured | 27 | 38 | |
Investment contract liabilities | 11,040 | 9,243 | |
Fair value [Member] | |||
Disclosure of Investment Contract Liabilities [line items] | |||
Investment contract liabilities reinsured | 27 | 38 | |
Investment contract liabilities | $ 10,967 | $ 8,996 |
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, 2023 | Dec. 31, 2022 | |
Disclosure of Investment Contract Liabilities [line items] | ||
Beginning balance | $ 10,079 | |
Ending balance | 11,816 | $ 10,079 |
Amortized cost, gross of reinsurance ceded [Member] | ||
Disclosure of Investment Contract Liabilities [line items] | ||
Beginning balance | 9,281 | 9,239 |
Policy deposits | 3,365 | 1,634 |
Interest | 218 | 150 |
Withdrawals | (1,629) | (1,882) |
Fees | 1 | 0 |
Impact of changes in foreign exchange rates | (108) | 81 |
Other | (61) | 59 |
Ending balance | $ 11,067 | $ 9,281 |
Investment Contract Liabiliti_7
Investment Contract Liabilities - Summary of Contractual Obligations and Commitments Relating to Investment Contracts (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of Investment Contract Liabilities [line items] | ||
Contractual obligations and commitments | $ 276,411 | $ 249,771 |
Less than 1 year [Member] | ||
Disclosure of Investment Contract Liabilities [line items] | ||
Contractual obligations and commitments | 268,537 | 241,301 |
1 to 3 years [Member] | ||
Disclosure of Investment Contract Liabilities [line items] | ||
Contractual obligations and commitments | 2,978 | 2,749 |
3 to 5 years [Member] | ||
Disclosure of Investment Contract Liabilities [line items] | ||
Contractual obligations and commitments | 1,408 | 1,789 |
Over 5 years [Member] | ||
Disclosure of Investment Contract Liabilities [line items] | ||
Contractual obligations and commitments | $ 3,488 | $ 3,932 |
Risk Management - Additional In
Risk Management - Additional Information (Detail) $ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Disclosure of Risk Management [line items] | ||||
Loaned securities included in invested assets | $ 10,136 | $ 10,690 | ||
Reverse repurchase transactions recorded as short-term receivables | 466 | 895 | ||
Repurchase transactions recorded as payables | $ 202 | 895 | ||
Term of credit default swaps | 5 years | |||
Largest single counterparty exposure without master netting agreements or the benefit of collateral held | $ 6,718 | 7,949 | ||
Largest single counterparty exposure with master netting agreements or the benefit of collateral held | $ 154 | $ 215 | ||
Percentage ceded to reinsurers | 91% | 91% | 91% | 91% |
Exposure to credit risk | $ 22,264 | $ 25,247 | ||
Net exposure after offsetting agreements and benefit of fair value of collateral held | $ 17,984 | $ 22,465 | ||
Variable annuity guarantee liabilities, rebalanced basis point intervals | 20% | |||
Percentage of equity hedges in the dynamic program offset against hedged variable annuity liability | 95% | 95% | 95% | 95% |
Total unencumbered assets | $ 470,200 | $ 477,700 | ||
FHLBI facility [Member] | ||||
Disclosure of Risk Management [line items] | ||||
Estimated maximum borrowing capacity | $ 4,300 | $ 3,800 | ||
Amounts outstanding | 500 | $ 500 | ||
10% [member] | ||||
Disclosure of Risk Management [line items] | ||||
Percentage of expected changes in market values of publicly traded equities | 10% | |||
20% [member] | ||||
Disclosure of Risk Management [line items] | ||||
Percentage of expected changes in market values of publicly traded equities | 20% | |||
30% [member] | ||||
Disclosure of Risk Management [line items] | ||||
Percentage of expected changes in market values of publicly traded equities | 30% | |||
50 basis point decrease in interest [member] | ||||
Disclosure of Risk Management [line items] | ||||
Sensitivity of our net income attributed to shareholders due to change in interest rate | $ 100 | |||
Sensitivity of net income attributed to shareholders | 50% | |||
50 basis point increase in interest [member] | ||||
Disclosure of Risk Management [line items] | ||||
Sensitivity of our net income attributed to shareholders due to change in interest rate | $ 100 | |||
Sensitivity of net income attributed to shareholders | 50% | |||
Reinsurance contracts held [Member] | ||||
Disclosure of Risk Management [line items] | ||||
Reinsurance assets | $ 40,249 | 44,053 | ||
U.S.banks [Member] | Unsecured revolving credit facility [Member] | ||||
Disclosure of Risk Management [line items] | ||||
Estimated maximum borrowing capacity | $ 500 | |||
Amounts outstanding | 0 | 0 | ||
Canadian chartered banks [Member] | Unsecured revolving credit facility [Member] | ||||
Disclosure of Risk Management [line items] | ||||
Estimated maximum borrowing capacity | 500 | |||
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 | 1,357 | 1,582 | ||
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 | 33% | 36% | ||
Securities lending [Member] | ||||
Disclosure of Risk Management [line items] | ||||
Loaned securities included in invested assets | $ 626 | $ 723 | ||
Largest single counterparty exposure without master netting agreements or the benefit of collateral held | 0 | |||
Largest single counterparty exposure with master netting agreements or the benefit of collateral held | $ 0 |
Risk Management - Schedule of M
Risk Management - Schedule of Maturity of Financial Liabilities (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Disclosure Of Maturity Analysis For Financial Liabilities [line items] | |||
Long-term debt | $ 6,071 | $ 6,234 | $ 4,882 |
Capital instruments | 6,667 | 6,122 | 6,980 |
Derivatives | 11,730 | 14,289 | 10,038 |
Derivatives | 11,687 | ||
Deposits from Bank clients | 21,616 | 22,507 | $ 20,720 |
Lease liabilities | 350 | ||
Less than 1 year [Member] | |||
Disclosure Of Maturity Analysis For Financial Liabilities [line items] | |||
Long-term debt | 0 | 0 | |
Capital instruments | 594 | ||
Derivatives | 1,561 | 2,656 | |
Deposits from Bank clients | 16,814 | ||
Lease liabilities | 100 | ||
1 to 3 years [Member] | |||
Disclosure Of Maturity Analysis For Financial Liabilities [line items] | |||
Long-term debt | 1,672 | ||
Capital instruments | 0 | ||
Derivatives | 1,982 | 1,956 | |
Deposits from Bank clients | 2,963 | ||
Lease liabilities | 133 | ||
3 to 5 years [Member] | |||
Disclosure Of Maturity Analysis For Financial Liabilities [line items] | |||
Long-term debt | 920 | ||
Capital instruments | 0 | ||
Derivatives | 717 | 1,146 | |
Deposits from Bank clients | 1,839 | ||
Lease liabilities | 68 | ||
Over 5 years [Member] | |||
Disclosure Of Maturity Analysis For Financial Liabilities [line items] | |||
Long-term debt | 3,479 | 3,573 | |
Capital instruments | 6,073 | ||
Derivatives | 7,427 | $ 8,531 | |
Deposits from Bank clients | 0 | ||
Lease liabilities | $ 49 |
Risk Management - Schedule of_2
Risk Management - Schedule of Maturity of Financial Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Disclosure Of Maturity Analysis For Financial Liabilities [line items] | |||
Carrying value of deposits from Bank clients | $ 21,616 | $ 22,507 | $ 20,720 |
Fair value of deposits from Bank clients | $ 21,518 | ||
Level 2 [Member] | |||
Disclosure Of Maturity Analysis For Financial Liabilities [line items] | |||
Carrying value of deposits from Bank clients | 22,507 | ||
Fair value of deposits from Bank clients | $ 22,271 |
Risk Management - Variable Annu
Risk Management - Variable Annuity and Segregated Fund Guarantees, Net of Reinsurance (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items] | ||
Total gross of reinsurance, Guarantee value | $ 66,826 | $ 73,176 |
Total reinsured, Guarantee value | 27,608 | 30,922 |
Total, net of reinsurance, Guarantee value | 39,218 | 42,254 |
Total gross of reinsurance, Fund value | 72,237 | 72,650 |
Total reinsured, Fund value | 25,722 | 26,327 |
Total, net of reinsurance, Fund value | 46,515 | 46,323 |
Total gross of reinsurance, Net Amount at risk | 6,340 | 9,750 |
Total reinsured, Net Amount at risk | 3,877 | 5,921 |
Total, net of reinsurance, Net Amount at risk | 2,463 | 3,829 |
Guaranteed minimum income benefit [Member] | ||
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items] | ||
Total gross of reinsurance, Guarantee value | 3,864 | 4,357 |
Total gross of reinsurance, Fund value | 2,735 | 2,723 |
Total gross of reinsurance, Net Amount at risk | 1,156 | 1,639 |
Guaranteed minimum withdrawal benefit [Member] | ||
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items] | ||
Total gross of reinsurance, Guarantee value | 34,833 | 38,319 |
Total gross of reinsurance, Fund value | 33,198 | 34,203 |
Total gross of reinsurance, Net Amount at risk | 4,093 | 5,734 |
Guaranteed minimum accumulation benefit [member] | ||
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items] | ||
Total gross of reinsurance, Guarantee value | 18,996 | 20,035 |
Total gross of reinsurance, Fund value | 19,025 | 19,945 |
Total gross of reinsurance, Net Amount at risk | 116 | 221 |
Living benefits [Member] | ||
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items] | ||
Total gross of reinsurance, Guarantee value | 57,693 | 62,711 |
Total reinsured, Guarantee value | 24,208 | 26,999 |
Total gross of reinsurance, Fund value | 54,958 | 56,871 |
Total reinsured, Fund value | 23,146 | 23,691 |
Total gross of reinsurance, Net Amount at risk | 5,365 | 7,594 |
Total reinsured, Net Amount at risk | 3,395 | 4,860 |
Death benefits [Member] | ||
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items] | ||
Total gross of reinsurance, Guarantee value | 9,133 | 10,465 |
Total reinsured, Guarantee value | 3,400 | 3,923 |
Total gross of reinsurance, Fund value | 17,279 | 15,779 |
Total reinsured, Fund value | 2,576 | 2,636 |
Total gross of reinsurance, Net Amount at risk | 975 | 2,156 |
Total reinsured, Net Amount at risk | $ 482 | $ 1,061 |
Risk Management - Variable An_2
Risk Management - Variable Annuity and Segregated Fund Guarantees, Net of Reinsurance (Parenthetical) (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items] | ||
Amount at risk net of reinsurance | $ 2,463 | $ 3,829 |
U.S. [member] | ||
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items] | ||
Amount at risk net of reinsurance | 391 | 737 |
Canada [member] | ||
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items] | ||
Amount at risk net of reinsurance | 1,559 | 2,154 |
Japan [member | ||
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items] | ||
Amount at risk net of reinsurance | 140 | 275 |
Asia [Member] | ||
Variable Annuity And Segregated Fund Guarantees Net Of Reinsurance [line items] | ||
Amount at risk net of reinsurance | $ 155 | $ 224 |
Risk Management - Summary of Ac
Risk Management - Summary of Account Balances by Investment Category (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Investment Categories For Variable Contracts With Guarantees [line items] | ||
Investments for variable contracts with guarantees | $ 93,766 | $ 92,085 |
Equity funds [Member] | ||
Investment Categories For Variable Contracts With Guarantees [line items] | ||
Investments for variable contracts with guarantees | 45,593 | 42,506 |
Balanced funds [Member] | ||
Investment Categories For Variable Contracts With Guarantees [line items] | ||
Investments for variable contracts with guarantees | 35,801 | 36,290 |
Bond funds [Member] | ||
Investment Categories For Variable Contracts With Guarantees [line items] | ||
Investments for variable contracts with guarantees | 8,906 | 9,336 |
Money market funds [Member] | ||
Investment Categories For Variable Contracts With Guarantees [line items] | ||
Investments for variable contracts with guarantees | 1,559 | 1,924 |
Other fixed interest rate investments [Member] | ||
Investment Categories For Variable Contracts With Guarantees [line items] | ||
Investments for variable contracts with guarantees | $ 1,907 | $ 2,029 |
Risk Management - Schedule of P
Risk Management - Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders Arising from Changes to Public Equity Returns (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
-30% [member] | ||
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items] | ||
Variable annuity guarantees | $ (2,370) | $ (2,110) |
General fund equity investments | (1,170) | (1,450) |
Total underlying sensitivity before hedging | (3,540) | (3,560) |
Impact of macro and dynamic hedge assets | 880 | 930 |
Net potential impact on net income attributed to shareholders after impact of hedging and before impact of reinsurance | (2,660) | (2,630) |
Impact of reinsurance | 1,470 | 1,170 |
Net potential impact on net income attributed to shareholders after impact of hedging and reinsurance | (1,190) | (1,460) |
-20% [member] | ||
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items] | ||
Variable annuity guarantees | (1,460) | (1,310) |
General fund equity investments | (770) | (920) |
Total underlying sensitivity before hedging | (2,230) | (2,230) |
Impact of macro and dynamic hedge assets | 530 | 570 |
Net potential impact on net income attributed to shareholders after impact of hedging and before impact of reinsurance | (1,700) | (1,660) |
Impact of reinsurance | 900 | 740 |
Net potential impact on net income attributed to shareholders after impact of hedging and reinsurance | (800) | (920) |
-10% [member] | ||
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items] | ||
Variable annuity guarantees | (670) | (610) |
General fund equity investments | (390) | (420) |
Total underlying sensitivity before hedging | (1,060) | (1,030) |
Impact of macro and dynamic hedge assets | 240 | 260 |
Net potential impact on net income attributed to shareholders after impact of hedging and before impact of reinsurance | (820) | (770) |
Impact of reinsurance | 420 | 350 |
Net potential impact on net income attributed to shareholders after impact of hedging and reinsurance | (400) | (420) |
+10% [member] | ||
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items] | ||
Variable annuity guarantees | 550 | 530 |
General fund equity investments | 380 | 400 |
Total underlying sensitivity before hedging | 930 | 930 |
Impact of macro and dynamic hedge assets | (190) | (220) |
Net potential impact on net income attributed to shareholders after impact of hedging and before impact of reinsurance | 740 | 710 |
Impact of reinsurance | (350) | (310) |
Net potential impact on net income attributed to shareholders after impact of hedging and reinsurance | 390 | 400 |
+20% [member] | ||
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items] | ||
Variable annuity guarantees | 1,010 | 980 |
General fund equity investments | 760 | 780 |
Total underlying sensitivity before hedging | 1,770 | 1,760 |
Impact of macro and dynamic hedge assets | (340) | (400) |
Net potential impact on net income attributed to shareholders after impact of hedging and before impact of reinsurance | 1,430 | 1,360 |
Impact of reinsurance | (650) | (580) |
Net potential impact on net income attributed to shareholders after impact of hedging and reinsurance | 780 | 780 |
+30% [member] | ||
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items] | ||
Variable annuity guarantees | 1,390 | 1,360 |
General fund equity investments | 1,140 | 1,170 |
Total underlying sensitivity before hedging | 2,530 | 2,530 |
Impact of macro and dynamic hedge assets | (460) | (540) |
Net potential impact on net income attributed to shareholders after impact of hedging and before impact of reinsurance | 2,070 | 1,990 |
Impact of reinsurance | (910) | (810) |
Net potential impact on net income attributed to shareholders after impact of hedging and reinsurance | $ 1,160 | $ 1,180 |
Risk Management - Schedule of_3
Risk Management - Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders Arising from Changes to Public Equity Returns (Parenthetical) (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Potential Immediate Impact on Net Income Attributed to Shareholders by Changes to Public Equity Returns [line items] | ||
Percentage of equity hedges in the dynamic program offset against hedged variable annuity liability | 95% | 95% |
Risk Management - Summary of Po
Risk Management - Summary of Potential Immediate Impact on Contractual Service Margin, Other Comprehensive Income to Shareholders, Total Comprehensive Income to Shareholders and MLI's LICAT Ratio from Changes to Public Equity Market Values (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
-30% [member] | ||
Disclosure of potential immediate impact on contractual service margin other comprehensive income to shareholders total comprehensive income to shareholders and MLI LICAT ratio from changes to public equity market values [line items] | ||
Variable annuity guarantees reported in CSM | $ (3,810) | $ (3,410) |
Impact of risk mitigation — hedging | 1,150 | 1,200 |
Impact of risk mitigation — reinsurance | 1,850 | 1,480 |
VA net of risk mitigation | (810) | (730) |
General fund equity | (940) | (520) |
Contractual service margin | (1,750) | (1,250) |
Other comprehensive income attributed to shareholders | (730) | (620) |
Total comprehensive income attributed to shareholders | (1,920) | (2,080) |
-20% [member] | ||
Disclosure of potential immediate impact on contractual service margin other comprehensive income to shareholders total comprehensive income to shareholders and MLI LICAT ratio from changes to public equity market values [line items] | ||
Variable annuity guarantees reported in CSM | (2,370) | (2,140) |
Impact of risk mitigation — hedging | 700 | 740 |
Impact of risk mitigation — reinsurance | 1,140 | 930 |
VA net of risk mitigation | (530) | (470) |
General fund equity | (610) | (370) |
Contractual service margin | (1,140) | (840) |
Other comprehensive income attributed to shareholders | (490) | (410) |
Total comprehensive income attributed to shareholders | (1,290) | (1,330) |
-10% [member] | ||
Disclosure of potential immediate impact on contractual service margin other comprehensive income to shareholders total comprehensive income to shareholders and MLI LICAT ratio from changes to public equity market values [line items] | ||
Variable annuity guarantees reported in CSM | (1,100) | (1,010) |
Impact of risk mitigation — hedging | 310 | 340 |
Impact of risk mitigation — reinsurance | 530 | 440 |
VA net of risk mitigation | (260) | (230) |
General fund equity | (300) | (210) |
Contractual service margin | (560) | (440) |
Other comprehensive income attributed to shareholders | (240) | (210) |
Total comprehensive income attributed to shareholders | (640) | (630) |
+10% [member] | ||
Disclosure of potential immediate impact on contractual service margin other comprehensive income to shareholders total comprehensive income to shareholders and MLI LICAT ratio from changes to public equity market values [line items] | ||
Variable annuity guarantees reported in CSM | 940 | 890 |
Impact of risk mitigation — hedging | (250) | (280) |
Impact of risk mitigation — reinsurance | (450) | (390) |
VA net of risk mitigation | 240 | 220 |
General fund equity | 290 | 240 |
Contractual service margin | 530 | 460 |
Other comprehensive income attributed to shareholders | 230 | 210 |
Total comprehensive income attributed to shareholders | 620 | 610 |
+20% [member] | ||
Disclosure of potential immediate impact on contractual service margin other comprehensive income to shareholders total comprehensive income to shareholders and MLI LICAT ratio from changes to public equity market values [line items] | ||
Variable annuity guarantees reported in CSM | 1,760 | 1,670 |
Impact of risk mitigation — hedging | (450) | (510) |
Impact of risk mitigation — reinsurance | (830) | (730) |
VA net of risk mitigation | 480 | 430 |
General fund equity | 590 | 490 |
Contractual service margin | 1,070 | 920 |
Other comprehensive income attributed to shareholders | 460 | 400 |
Total comprehensive income attributed to shareholders | 1,240 | 1,180 |
+30% [member] | ||
Disclosure of potential immediate impact on contractual service margin other comprehensive income to shareholders total comprehensive income to shareholders and MLI LICAT ratio from changes to public equity market values [line items] | ||
Variable annuity guarantees reported in CSM | 2,470 | 2,360 |
Impact of risk mitigation — hedging | (600) | (690) |
Impact of risk mitigation — reinsurance | (1,150) | (1,030) |
VA net of risk mitigation | 720 | 640 |
General fund equity | 870 | 730 |
Contractual service margin | 1,590 | 1,370 |
Other comprehensive income attributed to shareholders | 680 | 600 |
Total comprehensive income attributed to shareholders | $ 1,840 | $ 1,780 |
Risk Management - Summary of _2
Risk Management - Summary of Potential Immediate Impact on Contractual Service Margin, Other Comprehensive Income to Shareholders, Total Comprehensive Income to Shareholders and MLI's LICAT Ratio from Changes to Public Equity Market Values (Parenthetical) (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of Potential Immediate Impact on Contractual Service Margin Other Comprehensive Income to Shareholders Total Comprehensive Income to Shareholders and MLI LICAT Ratio from Changes to Public Equity Market Values [Abstract] | ||
Percentage of equity hedges in the dynamic program offset against hedged variable annuity liability | 95% | 95% |
Risk Management - Summary of _3
Risk Management - Summary of Potential Impacts on Contractual Service Margin, Net Income Attributed to Shareholders, Other Comprehensive Income Attributed to Shareholders, and Total Comprehensive Income Attributed to Shareholders of an Immediate Parallel Change in Interest Rates, Corporate Spreads or Swap Spreads Relative to Current Rates (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
-50bp [member] | ||
Disclosure of Detailed Information about Potential Impacts Due To Interest Rates Corporate Spreads or Swap Spreads Relative to Current Rates [Line Items] | ||
Interest rates, CSM | $ 0 | $ (100) |
Interest rates, Net income attributed to shareholders | 100 | 1,700 |
Interest rates, Other comprehensive income attributed to shareholders | (300) | (1,900) |
Interest rates, Total comprehensive income attributed to shareholders | (200) | (200) |
Corporate spreads, CSM | 0 | (100) |
Corporate spreads, Net income attributed to shareholders | 0 | |
Corporate spreads, Other comprehensive income attributed to shareholders | (200) | |
Corporate spreads, Total comprehensive income attributed to shareholders | (200) | |
+50bp [member] | ||
Disclosure of Detailed Information about Potential Impacts Due To Interest Rates Corporate Spreads or Swap Spreads Relative to Current Rates [Line Items] | ||
Interest rates, CSM | (100) | |
Interest rates, Net income attributed to shareholders | (100) | (1,500) |
Interest rates, Other comprehensive income attributed to shareholders | 300 | 1,600 |
Interest rates, Total comprehensive income attributed to shareholders | 200 | 100 |
Corporate spreads, CSM | (100) | |
Corporate spreads, Net income attributed to shareholders | 0 | |
Corporate spreads, Other comprehensive income attributed to shareholders | 300 | |
Corporate spreads, Total comprehensive income attributed to shareholders | 300 | |
-20bp [member] | ||
Disclosure of Detailed Information about Potential Impacts Due To Interest Rates Corporate Spreads or Swap Spreads Relative to Current Rates [Line Items] | ||
Swap spreads, CSM | 0 | |
Swap spreads, Net income attributed to shareholders | 100 | 0 |
Swap spreads, Other comprehensive income attributed to shareholders | (100) | 0 |
Swap spreads, Total comprehensive income attributed to shareholders | 0 | |
+20bp [member] | ||
Disclosure of Detailed Information about Potential Impacts Due To Interest Rates Corporate Spreads or Swap Spreads Relative to Current Rates [Line Items] | ||
Swap spreads, CSM | 0 | |
Swap spreads, Net income attributed to shareholders | (100) | 0 |
Swap spreads, Other comprehensive income attributed to shareholders | 100 | $ 0 |
Swap spreads, Total comprehensive income attributed to shareholders | $ 0 |
Risk Management - Summary of _4
Risk Management - Summary of Potential Immediate Impacts on Contractual Service Margin, Net Income Attributed to Shareholders, Other Comprehensive Income Attributed to Shareholders, and Total Comprehensive Income Attributed to Shareholders from Changes in ALDA Market Values (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
-10% [member] | ||
Disclosure of Interest Rate and Spread Risk Sensitivities and Exposure Measures [line items] | ||
CSM excluding NCI | $ (100) | $ (100) |
Net income attributed to shareholders | (2,400) | (2,500) |
Other comprehensive income attributed to shareholders | (200) | (100) |
Total comprehensive income attributed to shareholders | (2,600) | (2,600) |
+10% [member] | ||
Disclosure of Interest Rate and Spread Risk Sensitivities and Exposure Measures [line items] | ||
CSM excluding NCI | 100 | 100 |
Net income attributed to shareholders | 2,400 | 2,500 |
Other comprehensive income attributed to shareholders | 200 | 100 |
Total comprehensive income attributed to shareholders | $ 2,600 | $ 2,600 |
Risk Management - Summary of Gr
Risk Management - Summary of Gross Carrying Amount of Financial Instruments Subject to Credit Exposure (Detail) $ in Millions | Dec. 31, 2023 CAD ($) |
Loan Commitements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | $ 310,053 |
Stage 1 [member] | Loan Commitements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 301,683 |
Stage 2 [member] | Loan Commitements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 8,117 |
Stage 3 [member] | Loan Commitements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 253 |
Accumulated impairment [member] | Loan Commitements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 12 |
Accumulated impairment [member] | Stage 1 [member] | Loan Commitements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 9 |
Accumulated impairment [member] | Stage 2 [member] | Loan Commitements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 1 |
Accumulated impairment [member] | Stage 3 [member] | Loan Commitements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 2 |
Financial assets at amortised cost, category [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 207,149 |
Financial assets at amortised cost, category [member] | Private placements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 44,952 |
Financial assets at amortised cost, category [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 28,846 |
Financial assets at amortised cost, category [member] | Residential mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 22,520 |
Financial assets at amortised cost, category [member] | Loans to Bank clients [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 2,436 |
Financial assets at amortised cost, category [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 4,150 |
Financial assets at amortised cost, category [member] | Stage 1 [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 204,302 |
Financial assets at amortised cost, category [member] | Stage 1 [member] | Private placements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 42,932 |
Financial assets at amortised cost, category [member] | Stage 1 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 27,020 |
Financial assets at amortised cost, category [member] | Stage 1 [member] | Residential mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 20,894 |
Financial assets at amortised cost, category [member] | Stage 1 [member] | Loans to Bank clients [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 2,385 |
Financial assets at amortised cost, category [member] | Stage 1 [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 4,150 |
Financial assets at amortised cost, category [member] | Stage 2 [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 2,847 |
Financial assets at amortised cost, category [member] | Stage 2 [member] | Private placements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 1,939 |
Financial assets at amortised cost, category [member] | Stage 2 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 1,719 |
Financial assets at amortised cost, category [member] | Stage 2 [member] | Residential mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 1,568 |
Financial assets at amortised cost, category [member] | Stage 2 [member] | Loans to Bank clients [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 44 |
Financial assets at amortised cost, category [member] | Stage 2 [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Stage 3 [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Stage 3 [member] | Private placements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 81 |
Financial assets at amortised cost, category [member] | Stage 3 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 107 |
Financial assets at amortised cost, category [member] | Stage 3 [member] | Residential mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 58 |
Financial assets at amortised cost, category [member] | Stage 3 [member] | Loans to Bank clients [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 7 |
Financial assets at amortised cost, category [member] | Stage 3 [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Accumulated impairment [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 1 |
Financial assets at amortised cost, category [member] | Accumulated impairment [member] | Private placements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Accumulated impairment [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 3 |
Financial assets at amortised cost, category [member] | Accumulated impairment [member] | Residential mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 8 |
Financial assets at amortised cost, category [member] | Accumulated impairment [member] | Loans to Bank clients [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 3 |
Financial assets at amortised cost, category [member] | Accumulated impairment [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 1 |
Financial assets at amortised cost, category [member] | Accumulated impairment [member] | Stage 1 [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Accumulated impairment [member] | Stage 1 [member] | Private placements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Accumulated impairment [member] | Stage 1 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 1 |
Financial assets at amortised cost, category [member] | Accumulated impairment [member] | Stage 1 [member] | Residential mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 4 |
Financial assets at amortised cost, category [member] | Accumulated impairment [member] | Stage 1 [member] | Loans to Bank clients [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 2 |
Financial assets at amortised cost, category [member] | Accumulated impairment [member] | Stage 1 [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 1 |
Financial assets at amortised cost, category [member] | Accumulated impairment [member] | Stage 2 [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 1 |
Financial assets at amortised cost, category [member] | Accumulated impairment [member] | Stage 2 [member] | Private placements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Accumulated impairment [member] | Stage 2 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 2 |
Financial assets at amortised cost, category [member] | Accumulated impairment [member] | Stage 2 [member] | Residential mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 2 |
Financial assets at amortised cost, category [member] | Accumulated impairment [member] | Stage 2 [member] | Loans to Bank clients [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Accumulated impairment [member] | Stage 2 [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Accumulated impairment [member] | Stage 3 [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Accumulated impairment [member] | Stage 3 [member] | Private placements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Accumulated impairment [member] | Stage 3 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Accumulated impairment [member] | Stage 3 [member] | Residential mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 2 |
Financial assets at amortised cost, category [member] | Accumulated impairment [member] | Stage 3 [member] | Loans to Bank clients [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 1 |
Financial assets at amortised cost, category [member] | Accumulated impairment [member] | Stage 3 [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 207,150 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Private placements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 44,952 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 28,849 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Residential mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 22,528 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Loans to Bank clients [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 2,439 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 4,151 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Stage 1 [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 204,302 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Stage 1 [member] | Private placements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 42,932 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Stage 1 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 27,021 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Stage 1 [member] | Residential mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 20,898 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Stage 1 [member] | Loans to Bank clients [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 2,387 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Stage 1 [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 4,151 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Stage 2 [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 2,848 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Stage 2 [member] | Private placements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 1,939 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Stage 2 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 1,721 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Stage 2 [member] | Residential mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 1,570 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Stage 2 [member] | Loans to Bank clients [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 44 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Stage 2 [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Stage 3 [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Stage 3 [member] | Private placements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 81 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Stage 3 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 107 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Stage 3 [member] | Residential mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 60 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Stage 3 [member] | Loans to Bank clients [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 8 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Stage 3 [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | AAA Credit Grades [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 279 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | AAA Credit Grades [member] | Stage 1 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 279 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | AAA Credit Grades [member] | Stage 2 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | AAA Credit Grades [member] | Stage 3 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | AA credit grades [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 6,815 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | AA credit grades [member] | Stage 1 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 6,815 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | AA credit grades [member] | Stage 2 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | AA credit grades [member] | Stage 3 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | A credit grades [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 14,393 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | A credit grades [member] | Stage 1 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 14,259 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | A credit grades [member] | Stage 2 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 134 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | A credit grades [member] | Stage 3 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | BBB credit grades [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 6,497 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | BBB credit grades [member] | Stage 1 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 5,513 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | BBB credit grades [member] | Stage 2 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 984 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | BBB credit grades [member] | Stage 3 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | BB credit grades [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 542 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | BB credit grades [member] | Stage 1 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 10 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | BB credit grades [member] | Stage 2 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 532 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | BB credit grades [member] | Stage 3 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | B and lower credit grades [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 323 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | B and lower credit grades [member] | Stage 1 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 145 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | B and lower credit grades [member] | Stage 2 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 71 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | B and lower credit grades [member] | Stage 3 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 107 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Non-performing [member] | Residential mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 60 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Non-performing [member] | Loans to Bank clients [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 8 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Non-performing [member] | Stage 1 [member] | Residential mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Non-performing [member] | Stage 1 [member] | Loans to Bank clients [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Non-performing [member] | Stage 2 [member] | Residential mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Non-performing [member] | Stage 2 [member] | Loans to Bank clients [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Non-performing [member] | Stage 3 [member] | Residential mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 60 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Non-performing [member] | Stage 3 [member] | Loans to Bank clients [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 8 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Performing [member] | Residential mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 22,468 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Performing [member] | Loans to Bank clients [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 2,431 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Performing [member] | Stage 1 [member] | Residential mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 20,898 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Performing [member] | Stage 1 [member] | Loans to Bank clients [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 2,387 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Performing [member] | Stage 2 [member] | Residential mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 1,570 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Performing [member] | Stage 2 [member] | Loans to Bank clients [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 44 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Performing [member] | Stage 3 [member] | Residential mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Gross carrying amount [member] | Performing [member] | Stage 3 [member] | Loans to Bank clients [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Below Investment Grade [Member] | Gross carrying amount [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 360 |
Financial assets at amortised cost, category [member] | Below Investment Grade [Member] | Gross carrying amount [member] | Stage 1 [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 360 |
Financial assets at amortised cost, category [member] | Below Investment Grade [Member] | Gross carrying amount [member] | Stage 2 [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Below Investment Grade [Member] | Gross carrying amount [member] | Stage 3 [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Default [Member] | Gross carrying amount [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Default [Member] | Gross carrying amount [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Default [Member] | Gross carrying amount [member] | Stage 1 [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Default [Member] | Gross carrying amount [member] | Stage 1 [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Default [Member] | Gross carrying amount [member] | Stage 2 [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Default [Member] | Gross carrying amount [member] | Stage 2 [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Default [Member] | Gross carrying amount [member] | Stage 3 [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Default [Member] | Gross carrying amount [member] | Stage 3 [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Non Investment Grade [Member] | Gross carrying amount [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 5,963 |
Financial assets at amortised cost, category [member] | Non Investment Grade [Member] | Gross carrying amount [member] | Private placements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 5,586 |
Financial assets at amortised cost, category [member] | Non Investment Grade [Member] | Gross carrying amount [member] | Stage 1 [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 5,367 |
Financial assets at amortised cost, category [member] | Non Investment Grade [Member] | Gross carrying amount [member] | Stage 1 [member] | Private placements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 5,210 |
Financial assets at amortised cost, category [member] | Non Investment Grade [Member] | Gross carrying amount [member] | Stage 2 [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 596 |
Financial assets at amortised cost, category [member] | Non Investment Grade [Member] | Gross carrying amount [member] | Stage 2 [member] | Private placements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 295 |
Financial assets at amortised cost, category [member] | Non Investment Grade [Member] | Gross carrying amount [member] | Stage 3 [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Non Investment Grade [Member] | Gross carrying amount [member] | Stage 3 [member] | Private placements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 81 |
Financial assets at amortised cost, category [member] | Investment Grade [Member] | Gross carrying amount [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 201,187 |
Financial assets at amortised cost, category [member] | Investment Grade [Member] | Gross carrying amount [member] | Private placements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 39,366 |
Financial assets at amortised cost, category [member] | Investment Grade [Member] | Gross carrying amount [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 3,791 |
Financial assets at amortised cost, category [member] | Investment Grade [Member] | Gross carrying amount [member] | Stage 1 [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 198,935 |
Financial assets at amortised cost, category [member] | Investment Grade [Member] | Gross carrying amount [member] | Stage 1 [member] | Private placements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 37,722 |
Financial assets at amortised cost, category [member] | Investment Grade [Member] | Gross carrying amount [member] | Stage 1 [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 3,791 |
Financial assets at amortised cost, category [member] | Investment Grade [Member] | Gross carrying amount [member] | Stage 2 [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 2,252 |
Financial assets at amortised cost, category [member] | Investment Grade [Member] | Gross carrying amount [member] | Stage 2 [member] | Private placements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 1,644 |
Financial assets at amortised cost, category [member] | Investment Grade [Member] | Gross carrying amount [member] | Stage 2 [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Investment Grade [Member] | Gross carrying amount [member] | Stage 3 [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Investment Grade [Member] | Gross carrying amount [member] | Stage 3 [member] | Private placements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at amortised cost, category [member] | Investment Grade [Member] | Gross carrying amount [member] | Stage 3 [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at fair value through other comprehensive income, category [member] | Accumulated impairment [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 343 |
Financial assets at fair value through other comprehensive income, category [member] | Accumulated impairment [member] | Private placements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 317 |
Financial assets at fair value through other comprehensive income, category [member] | Accumulated impairment [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 225 |
Financial assets at fair value through other comprehensive income, category [member] | Accumulated impairment [member] | Residential mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at fair value through other comprehensive income, category [member] | Accumulated impairment [member] | Loans to Bank clients [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at fair value through other comprehensive income, category [member] | Accumulated impairment [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 16 |
Financial assets at fair value through other comprehensive income, category [member] | Accumulated impairment [member] | Stage 1 [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 283 |
Financial assets at fair value through other comprehensive income, category [member] | Accumulated impairment [member] | Stage 1 [member] | Private placements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 126 |
Financial assets at fair value through other comprehensive income, category [member] | Accumulated impairment [member] | Stage 1 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 40 |
Financial assets at fair value through other comprehensive income, category [member] | Accumulated impairment [member] | Stage 1 [member] | Residential mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at fair value through other comprehensive income, category [member] | Accumulated impairment [member] | Stage 1 [member] | Loans to Bank clients [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at fair value through other comprehensive income, category [member] | Accumulated impairment [member] | Stage 1 [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 16 |
Financial assets at fair value through other comprehensive income, category [member] | Accumulated impairment [member] | Stage 2 [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 54 |
Financial assets at fair value through other comprehensive income, category [member] | Accumulated impairment [member] | Stage 2 [member] | Private placements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 108 |
Financial assets at fair value through other comprehensive income, category [member] | Accumulated impairment [member] | Stage 2 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 42 |
Financial assets at fair value through other comprehensive income, category [member] | Accumulated impairment [member] | Stage 2 [member] | Residential mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at fair value through other comprehensive income, category [member] | Accumulated impairment [member] | Stage 2 [member] | Loans to Bank clients [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at fair value through other comprehensive income, category [member] | Accumulated impairment [member] | Stage 2 [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at fair value through other comprehensive income, category [member] | Accumulated impairment [member] | Stage 3 [member] | Debt securities [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 6 |
Financial assets at fair value through other comprehensive income, category [member] | Accumulated impairment [member] | Stage 3 [member] | Private placements [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 83 |
Financial assets at fair value through other comprehensive income, category [member] | Accumulated impairment [member] | Stage 3 [member] | Commercial mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 143 |
Financial assets at fair value through other comprehensive income, category [member] | Accumulated impairment [member] | Stage 3 [member] | Residential mortgages [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at fair value through other comprehensive income, category [member] | Accumulated impairment [member] | Stage 3 [member] | Loans to Bank clients [Member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | 0 |
Financial assets at fair value through other comprehensive income, category [member] | Accumulated impairment [member] | Stage 3 [member] | Other assets [member] | |
Disclosure of external credit grades [Line Items] | |
Credit exposure | $ 0 |
Risk Management - Summary of Re
Risk Management - Summary of Reconciliation of Allowance for Loan Losses (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2023 CAD ($) | |
Disclosure of credit risk exposure [Line Items] | |
Beginning balance | $ 724 |
Net re-measurement due to transfers | 0 |
Transfer to stage 1 | 0 |
Transfer to stage 2 | 0 |
Transfer to stage 3 | 0 |
Net originations, purchases and disposals | 30 |
Repayments | 0 |
Changes to risk, parameters, and models | 210 |
Foreign exchange and other adjustments | (35) |
Ending balance | 929 |
Stage 1 [member] | |
Disclosure of credit risk exposure [Line Items] | |
Beginning balance | 511 |
Net re-measurement due to transfers | 4 |
Transfer to stage 1 | 12 |
Transfer to stage 2 | (6) |
Transfer to stage 3 | (2) |
Net originations, purchases and disposals | 45 |
Repayments | 0 |
Changes to risk, parameters, and models | (71) |
Foreign exchange and other adjustments | (7) |
Ending balance | 482 |
Stage 2 [member] | |
Disclosure of credit risk exposure [Line Items] | |
Beginning balance | 141 |
Net re-measurement due to transfers | 6 |
Transfer to stage 1 | (11) |
Transfer to stage 2 | 28 |
Transfer to stage 3 | (11) |
Net originations, purchases and disposals | 8 |
Repayments | 0 |
Changes to risk, parameters, and models | 48 |
Foreign exchange and other adjustments | 7 |
Ending balance | 210 |
Stage 3 [member] | |
Disclosure of credit risk exposure [Line Items] | |
Beginning balance | 72 |
Net re-measurement due to transfers | (10) |
Transfer to stage 1 | (1) |
Transfer to stage 2 | (22) |
Transfer to stage 3 | 13 |
Net originations, purchases and disposals | (23) |
Repayments | 0 |
Changes to risk, parameters, and models | 233 |
Foreign exchange and other adjustments | (35) |
Ending balance | $ 237 |
Risk Management - Summary of Ca
Risk Management - Summary of Carrying Value of Past Due but not Impaired and Impaired Financial Assets (Detail) $ in Millions | Dec. 31, 2022 CAD ($) |
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 | $ 3,694 |
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 | 469 |
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 | 103 |
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 | 70 |
Impaired [Member] | |
Disclosure of financial assets that are either past due or impaired [Line Items] | |
Carrying value or impaired value, financial assets | 313 |
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 | 229 |
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 | 74 |
Impaired [Member] | Other financial assets [Member] | |
Disclosure of financial assets that are either past due or impaired [Line Items] | |
Carrying value or impaired value, financial assets | 1 |
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 | 2,130 |
FVTPL [Member] | Impaired [Member] | |
Disclosure of financial assets that are either past due or impaired [Line Items] | |
Carrying value or impaired value, financial assets | 9 |
AFS [Member] | Financial assets past due but not impaired [Member] | |
Disclosure of financial assets that are either past due or impaired [Line Items] | |
Carrying value or impaired value, financial assets | 922 |
AFS [Member] | Impaired [Member] | |
Disclosure of financial assets that are either past due or impaired [Line Items] | |
Carrying value or impaired value, financial assets | 0 |
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 | 3,437 |
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 | 317 |
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 | 103 |
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 | 36 |
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 | 2,059 |
Less than 90 days [Member] | AFS [Member] | Financial assets past due but not impaired [Member] | |
Disclosure of financial assets that are either past due or impaired [Line Items] | |
Carrying value or impaired value, financial assets | 922 |
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 | 257 |
90 days and greater [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 | 152 |
90 days and greater [Member] | Financial assets past due but not impaired [Member] | Mortgages and loans to Bank clients [Member] | |
Disclosure of financial assets that are either past due or impaired [Line Items] | |
Carrying value or impaired value, financial assets | 0 |
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 | 34 |
90 days and greater [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 | 71 |
90 days and greater [Member] | AFS [Member] | Financial assets past due but not impaired [Member] | |
Disclosure of financial assets that are either past due or impaired [Line Items] | |
Carrying value or impaired value, financial assets | $ 0 |
Risk Management - Summary of _5
Risk Management - Summary of Carrying Value of Past Due but not Impaired and Impaired Financial Assets (Parenthetical) (Detail) $ in Millions | Dec. 31, 2022 CAD ($) |
Later than two months and not later than three months [member] | |
Disclosure of financial assets that are either past due or impaired [line items] | |
Financial assets past due payments delayed | $ 12 |
Financial assets past due | 3,297 |
Later than three months [member] | |
Disclosure of financial assets that are either past due or impaired [line items] | |
Financial assets past due payments delayed | 4 |
Financial assets past due | $ 224 |
Risk Management - Summary of Ma
Risk Management - Summary of Macroeconoic Variables Used to Measure Allowance for Credit Losses (Detail) $ in Billions | 12 Months Ended |
Dec. 31, 2023 CAD ($) $ / Oil_Price | |
Canada [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Gross Domestic Product | $ | $ 1,448 |
Unemployment rate | 5.80% |
NYMEX Light Sweet Crude Oil (in U.S. dollars, per barrel) | 85.7 |
U.S. [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Gross Domestic Product | $ | $ 22,531 |
Unemployment rate | 3.90% |
Corporate Index,Percentage | 6.60% |
Japan [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Gross Domestic Product | $ | $ 559,492 |
Unemployment rate | 2.70% |
Hong Kong [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 2.80% |
Share Index | 19,316 |
China [member | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Gross Domestic Product | $ | $ 108,251 |
Share Index | 9,852 |
Ensuing 4 years [member] | Base case scenario [member] | Canada [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 5.80% |
NYMEX Light Sweet Crude Oil (in U.S. dollars, per barrel) | 71.4 |
Gross Domestic Product, Percentage | 2% |
Ensuing 4 years [member] | Base case scenario [member] | U.S. [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 4% |
Corporate Index,Percentage | 6% |
Gross Domestic Product, Percentage | 2.30% |
Ensuing 4 years [member] | Base case scenario [member] | Japan [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 2.40% |
Gross Domestic Product, Percentage | 0.80% |
Ensuing 4 years [member] | Base case scenario [member] | Hong Kong [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 3.20% |
Share Index, Percentage | 5.10% |
Ensuing 4 years [member] | Base case scenario [member] | China [member | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Gross Domestic Product, Percentage | 4.30% |
Share Index, Percentage | 5% |
Ensuing 4 years [member] | Upside scenario [member] | Canada [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 4.90% |
NYMEX Light Sweet Crude Oil (in U.S. dollars, per barrel) | 71.7 |
Gross Domestic Product, Percentage | 2.30% |
Ensuing 4 years [member] | Upside scenario [member] | U.S. [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 3.30% |
Corporate Index,Percentage | 6.10% |
Gross Domestic Product, Percentage | 2.40% |
Ensuing 4 years [member] | Upside scenario [member] | Japan [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 2.20% |
Gross Domestic Product, Percentage | 1% |
Ensuing 4 years [member] | Upside scenario [member] | Hong Kong [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 2.80% |
Share Index, Percentage | 4.70% |
Ensuing 4 years [member] | Upside scenario [member] | China [member | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Gross Domestic Product, Percentage | 4.40% |
Share Index, Percentage | 3% |
Ensuing 4 years [member] | Downside scenario 2 [member] | Canada [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 9.30% |
NYMEX Light Sweet Crude Oil (in U.S. dollars, per barrel) | 58.6 |
Gross Domestic Product, Percentage | 2.10% |
Ensuing 4 years [member] | Downside scenario 2 [member] | U.S. [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 7.60% |
Corporate Index,Percentage | 5.30% |
Gross Domestic Product, Percentage | 2.50% |
Ensuing 4 years [member] | Downside scenario 2 [member] | Japan [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 3.70% |
Gross Domestic Product, Percentage | 1.70% |
Ensuing 4 years [member] | Downside scenario 2 [member] | Hong Kong [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 4.80% |
Share Index, Percentage | 14.80% |
Ensuing 4 years [member] | Downside scenario 2 [member] | China [member | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Gross Domestic Product, Percentage | 3.90% |
Share Index, Percentage | 13.40% |
Ensuing 4 years [member] | Downside scenario 1 [member] | Canada [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 7.70% |
NYMEX Light Sweet Crude Oil (in U.S. dollars, per barrel) | 64.8 |
Gross Domestic Product, Percentage | 2.20% |
Ensuing 4 years [member] | Downside scenario 1 [member] | U.S. [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 5.80% |
Corporate Index,Percentage | 5.40% |
Gross Domestic Product, Percentage | 2.60% |
Ensuing 4 years [member] | Downside scenario 1 [member] | Japan [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 3.10% |
Gross Domestic Product, Percentage | 1.10% |
Ensuing 4 years [member] | Downside scenario 1 [member] | Hong Kong [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 4% |
Share Index, Percentage | 11.30% |
Ensuing 4 years [member] | Downside scenario 1 [member] | China [member | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Gross Domestic Product, Percentage | 4.60% |
Share Index, Percentage | 11.90% |
Next 12 months [member] | Base case scenario [member] | Canada [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 6% |
NYMEX Light Sweet Crude Oil (in U.S. dollars, per barrel) | 82.8 |
Gross Domestic Product, Percentage | 1.60% |
Next 12 months [member] | Base case scenario [member] | U.S. [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 3.90% |
Corporate Index,Percentage | 6.50% |
Gross Domestic Product, Percentage | 1.30% |
Next 12 months [member] | Base case scenario [member] | Japan [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 2.70% |
Gross Domestic Product, Percentage | 0.40% |
Next 12 months [member] | Base case scenario [member] | Hong Kong [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 2.90% |
Share Index, Percentage | 20.90% |
Next 12 months [member] | Base case scenario [member] | China [member | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Gross Domestic Product, Percentage | 6% |
Share Index, Percentage | 7.30% |
Next 12 months [member] | Upside scenario [member] | Canada [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 5.30% |
NYMEX Light Sweet Crude Oil (in U.S. dollars, per barrel) | 85.3 |
Gross Domestic Product, Percentage | 3.60% |
Next 12 months [member] | Upside scenario [member] | U.S. [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 3.20% |
Corporate Index,Percentage | 6.20% |
Gross Domestic Product, Percentage | 3.60% |
Next 12 months [member] | Upside scenario [member] | Japan [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 2.60% |
Gross Domestic Product, Percentage | 2.50% |
Next 12 months [member] | Upside scenario [member] | Hong Kong [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 2.60% |
Share Index, Percentage | 35.40% |
Next 12 months [member] | Upside scenario [member] | China [member | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Gross Domestic Product, Percentage | 9.50% |
Share Index, Percentage | 26.60% |
Next 12 months [member] | Downside scenario 2 [member] | Canada [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 9.20% |
NYMEX Light Sweet Crude Oil (in U.S. dollars, per barrel) | 58.9 |
Gross Domestic Product, Percentage | (4.10%) |
Next 12 months [member] | Downside scenario 2 [member] | U.S. [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 6.90% |
Corporate Index,Percentage | 6.60% |
Gross Domestic Product, Percentage | (4.20%) |
Next 12 months [member] | Downside scenario 2 [member] | Japan [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 3.30% |
Gross Domestic Product, Percentage | (8.30%) |
Next 12 months [member] | Downside scenario 2 [member] | Hong Kong [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 4.40% |
Share Index, Percentage | (34.10%) |
Next 12 months [member] | Downside scenario 2 [member] | China [member | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Gross Domestic Product, Percentage | (4.70%) |
Share Index, Percentage | (42.00%) |
Next 12 months [member] | Downside scenario 1 [member] | Canada [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 7.90% |
NYMEX Light Sweet Crude Oil (in U.S. dollars, per barrel) | 68 |
Gross Domestic Product, Percentage | (2.10%) |
Next 12 months [member] | Downside scenario 1 [member] | U.S. [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 6.50% |
Corporate Index,Percentage | 6% |
Gross Domestic Product, Percentage | (2.50%) |
Next 12 months [member] | Downside scenario 1 [member] | Japan [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 3.20% |
Gross Domestic Product, Percentage | (4.60%) |
Next 12 months [member] | Downside scenario 1 [member] | Hong Kong [member] | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Unemployment rate | 4% |
Share Index, Percentage | (13.60%) |
Next 12 months [member] | Downside scenario 1 [member] | China [member | |
Disclosure In Tabular Form Of Macroeconoic Variables Used To Measure Allowance For Credit Losses [Line Items] | |
Gross Domestic Product, Percentage | (1.20%) |
Share Index, Percentage | (31.40%) |
Risk Management - Summary of Es
Risk Management - Summary of Estimated Expected Credit Losses From All Macoreconomic Scenarios (Detail) $ in Millions | Dec. 31, 2023 CAD ($) |
Disclosure In Tabular Form Of Estimated Expected Credit Losses From All Macoreconomic Scenarios [Line Items] | |
Probability-weighted ECLs | $ 929 |
Base ECLs | 659 |
Difference – in amount | $ 270 |
Difference – in percentage | 29.08% |
Risk Management - Summary of Cr
Risk Management - Summary of Credit Default Swap Protection Sold (Detail) - CAD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of information about credit exposures designated as measured at fair value through profit or loss [Line Items] | ||
Notional amount | $ 440,077,000,000 | $ 395,957,000,000 |
Credit default swaps [Member] | ||
Disclosure of information about credit exposures designated as measured at fair value through profit or loss [Line Items] | ||
Notional amount | 131,000,000 | 159,000,000 |
Fair value | $ 3,000,000 | $ 4,000,000 |
Weighted average maturity (in years) | 3 years | 4 years |
Credit default swaps [Member] | AA [Member] | ||
Disclosure of information about credit exposures designated as measured at fair value through profit or loss [Line Items] | ||
Notional amount | $ 23,000,000 | |
Fair value | $ 1,000,000 | |
Weighted average maturity (in years) | 4 years | |
Credit default swaps [Member] | A [Member] | ||
Disclosure of information about credit exposures designated as measured at fair value through profit or loss [Line Items] | ||
Notional amount | $ 94,000,000 | $ 133,000,000 |
Fair value | $ 2,000,000 | $ 4,000,000 |
Weighted average maturity (in years) | 3 years | 4 years |
Credit default swaps [Member] | BBB [Member] | ||
Disclosure of information about credit exposures designated as measured at fair value through profit or loss [Line Items] | ||
Notional amount | $ 14,000,000 | $ 26,000,000 |
Fair value | $ 0 | |
Weighted average maturity (in years) | 1 year | 1 year |
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 | $ 131,000,000 | $ 159,000,000 |
Fair value | $ 3,000,000 | $ 4,000,000 |
Weighted average maturity (in years) | 3 years | 4 years |
Risk Management - Summary of _6
Risk Management - Summary of Credit Default Swap Protection Sold (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of information about credit exposures designated as measured at fair value through profit or loss [abstract] | ||
Credit protection purchased | $ 0 | $ 0 |
Risk Management - Summary of Ef
Risk Management - Summary of Effect of Conditional Master Netting and Similar Arrangements (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of offsetting of financial liabilities [Line Items] | ||
Gross amounts of financial instruments presented in the Consolidated Statements of Financial Position | $ 10,136 | $ 10,690 |
Amounts subject to an enforceable master netting arrangement or similar agreements | (6,718) | (7,949) |
Financial and cash collateral pledged (received) | (3,264) | (2,526) |
Net amount including financing entities | 154 | 215 |
Net amounts excluding financing entities | 154 | 215 |
Gross amounts of financial instruments presented in the Consolidated Statements of Financial Position | (12,802) | (16,046) |
Amounts subject to an enforceable master netting arrangement or similar agreements | 6,718 | 7,949 |
Financial and cash collateral pledged (received) | 5,958 | 7,950 |
Net amount including financing entities | (126) | (147) |
Net amounts excluding financing entities | (57) | (103) |
Derivative Assets [Member] | ||
Disclosure of offsetting of financial liabilities [Line Items] | ||
Gross amounts of financial instruments presented in the Consolidated Statements of Financial Position | 9,044 | 9,072 |
Amounts subject to an enforceable master netting arrangement or similar agreements | (6,516) | (7,170) |
Financial and cash collateral pledged (received) | (2,374) | (1,687) |
Net amount including financing entities | 154 | 215 |
Net amounts excluding financing entities | 154 | 215 |
Securities lending [Member] | ||
Disclosure of offsetting of financial liabilities [Line Items] | ||
Gross amounts of financial instruments presented in the Consolidated Statements of Financial Position | 626 | 723 |
Amounts subject to an enforceable master netting arrangement or similar agreements | 0 | |
Financial and cash collateral pledged (received) | (626) | (723) |
Net amount including financing entities | 0 | |
Net amounts excluding financing entities | 0 | |
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 | 466 | 895 |
Amounts subject to an enforceable master netting arrangement or similar agreements | (202) | (779) |
Financial and cash collateral pledged (received) | (264) | (116) |
Net amount including financing entities | 0 | |
Net amounts excluding financing entities | 0 | |
Derivative Liabilities [Member] | ||
Disclosure of offsetting of financial liabilities [Line Items] | ||
Gross amounts of financial instruments presented in the Consolidated Statements of Financial Position | (12,600) | (15,151) |
Amounts subject to an enforceable master netting arrangement or similar agreements | 6,516 | 7,170 |
Financial and cash collateral pledged (received) | 5,958 | 7,834 |
Net amount including financing entities | (126) | (147) |
Net amounts excluding financing entities | (57) | (103) |
Repurchase agreements [Member] | ||
Disclosure of offsetting of financial liabilities [Line Items] | ||
Gross amounts of financial instruments presented in the Consolidated Statements of Financial Position | (202) | (895) |
Amounts subject to an enforceable master netting arrangement or similar agreements | 202 | 779 |
Financial and cash collateral pledged (received) | 0 | $ 116 |
Net amount including financing entities | 0 | |
Net amounts excluding financing entities | $ 0 |
Risk Management - Summary of _7
Risk Management - Summary of Effect of Conditional Master Netting and Similar Arrangements (Parenthetical) (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of offsetting of financial assets [abstract] | ||
Accrued interest receivable | $ 502 | $ 488 |
Accrued interest payable | 913 | 862 |
Over-collateralized on OTC derivative assets | 20 | 507 |
Over-collateralized on OTC derivative liabilities | 1,420 | 1,528 |
Over-collateralized on securities lending and reverse purchase agreements | 424 | 63 |
Over-collateralized on repurchase agreements | $ 0 | $ 0 |
Risk Management - Summary of th
Risk Management - Summary of the Effect of Unconditional Netting (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Credit Linked Note [member] | ||
Disclosure of offsetting of financial liabilities [Line Items] | ||
Gross amounts of financial instruments | $ 1,276 | $ 1,242 |
Amounts subject to an enforceable netting arrangement | (1,276) | (1,242) |
Net amounts of financial instruments presented in the Consolidated Statements of Financial Position | 0 | |
Variable Funding Surplus Note [member] | ||
Disclosure of offsetting of financial liabilities [Line Items] | ||
Gross amounts of financial instruments | (1,276) | (1,242) |
Amounts subject to an enforceable netting arrangement | 1,276 | $ 1,242 |
Net amounts of financial instruments presented in the Consolidated Statements of Financial Position | $ 0 |
Risk Management - Schedule of R
Risk Management - Schedule of Risk Concentrations (Detail) - Asset classes and individual investment risks [Member] - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
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 | 95% | 96% |
Government debt securities as a per cent of total debt securities | 38% | 36% |
Government private placements as a per cent of total private placements | 10% | 10% |
Highest exposure to a single non-government debt security and private placement issuer | $ 1,131 | $ 1,006 |
Largest single issuer as a per cent of the total equity portfolio | 2% | 2% |
Income producing commercial office properties (2022 – 41% of real estate, 2021 – 47%) | $ 4,829 | $ 5,486 |
Largest concentration of mortgages and real estate(2) – Ontario Canada (2022 – 27%, 2021 – 28%) | $ 19,003 | $ 18,343 |
Risk Management - Schedule of_4
Risk Management - Schedule of Risk Concentrations (Parenthetical) (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
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 | 37% | 41% |
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 | 29% | 27% |
A [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Investment grade debt securities and private placements rate | 38% | 39% |
AA [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Investment grade debt securities and private placements rate | 17% | 17% |
AAA [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Investment grade debt securities and private placements rate | 15% | 14% |
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, 2023 | Dec. 31, 2022 |
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items] | ||
Carrying value | $ 257,755 | $ 250,961 |
% of total | 100% | 100% |
Government and agency [Member] | ||
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items] | ||
Carrying value | $ 84,739 | $ 77,236 |
% of total | 33% | 31% |
Utilities [Member] | ||
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items] | ||
Carrying value | $ 45,952 | $ 46,315 |
% of total | 18% | 18% |
Financial [Member] | ||
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items] | ||
Carrying value | $ 39,069 | $ 38,808 |
% of total | 15% | 15% |
Consumer [Member] | ||
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items] | ||
Carrying value | $ 31,181 | $ 31,556 |
% of total | 12% | 13% |
Energy [Member] | ||
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items] | ||
Carrying value | $ 15,782 | $ 16,314 |
% of total | 6% | 7% |
Industrial [Member] | ||
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items] | ||
Carrying value | $ 24,209 | $ 23,823 |
% of total | 9% | 9% |
Other [Member] | ||
Disclosure of Distribution of Debt Securities and Private Placement Portfolio by Sector and Industry [line items] | ||
Carrying value | $ 16,823 | $ 16,909 |
% of total | 7% | 7% |
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, 2023 | Dec. 31, 2022 |
Disclosure of Concentration Risk [Line items] | ||
Concentration risk of liabilities | $ 716,962 | $ 668,764 |
US and Canada [Member] | ||
Disclosure of Concentration Risk [Line items] | ||
Concentration risk of liabilities | 548,424 | 513,152 |
Asia and Other [Member] | ||
Disclosure of Concentration Risk [Line items] | ||
Concentration risk of liabilities | 168,538 | 155,612 |
Insurance contract liabilities [Member] | ||
Disclosure of Concentration Risk [Line items] | ||
Concentration risk of liabilities | 481,994 | 464,392 |
Insurance contract liabilities [Member] | US and Canada [Member] | ||
Disclosure of Concentration Risk [Line items] | ||
Concentration risk of liabilities | 327,458 | 322,265 |
Insurance contract liabilities [Member] | Asia and Other [Member] | ||
Disclosure of Concentration Risk [Line items] | ||
Concentration risk of liabilities | 154,536 | 142,127 |
Investment contract liabilities [member] | ||
Disclosure of Concentration Risk [Line items] | ||
Concentration risk of liabilities | 275,217 | 248,425 |
Investment contract liabilities [member] | US and Canada [Member] | ||
Disclosure of Concentration Risk [Line items] | ||
Concentration risk of liabilities | 260,046 | 233,460 |
Investment contract liabilities [member] | Asia and Other [Member] | ||
Disclosure of Concentration Risk [Line items] | ||
Concentration risk of liabilities | 15,171 | 14,965 |
Reinsurance assets [Member] | ||
Disclosure of Concentration Risk [Line items] | ||
Concentration risk of liabilities | 40,249 | (44,053) |
Reinsurance assets [Member] | US and Canada [Member] | ||
Disclosure of Concentration Risk [Line items] | ||
Concentration risk of liabilities | (39,080) | (42,573) |
Reinsurance assets [Member] | Asia and Other [Member] | ||
Disclosure of Concentration Risk [Line items] | ||
Concentration risk of liabilities | $ (1,169) | $ (1,480) |
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, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CAD ($) | Jan. 01, 2022 CAD ($) | |
Disclosure of detailed information about borrowings [Line Items] | ||||
Long-term debt | $ 6,071 | $ 6,234 | $ 4,882 | |
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 | $ 1,519 | 1,559 | ||
5.375% Senior notes [Member] | ||||
Disclosure of detailed information about borrowings [Line Items] | ||||
Issue date | Mar. 04, 2016 | |||
Maturity date | Mar. 04, 2046 | |||
Par value | 750 | |||
Long-term debt | $ 977 | 1,004 | ||
3.703% Senior notes [Member] | ||||
Disclosure of detailed information about borrowings [Line Items] | ||||
Issue date | Mar. 16, 2022 | |||
Maturity date | Mar. 16, 2032 | |||
Par value | 750 | |||
Long-term debt | $ 983 | 1,011 | ||
2.396% Senior notes [Member] | ||||
Disclosure of detailed information about borrowings [Line Items] | ||||
Issue date | Jun. 01, 2020 | |||
Maturity date | Jun. 01, 2027 | |||
Par value | 200 | |||
Long-term debt | $ 263 | 270 | ||
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 | $ 657 | 674 | ||
3.527% Senior notes [Member] | ||||
Disclosure of detailed information about borrowings [Line Items] | ||||
Issue date | Dec. 02, 2016 | |||
Maturity date | Dec. 02, 2026 | |||
Par value | 270 | |||
Long-term debt | $ 356 | 365 | ||
4.150% Senior notes [Member] | ||||
Disclosure of detailed information about borrowings [Line Items] | ||||
Issue date | Mar. 04, 2016 | |||
Maturity date | Mar. 04, 2026 | |||
Par value | $ 1,000 | |||
Long-term debt | $ 1,316 | $ 1,351 |
Long-Term Debt - Carrying Val_2
Long-Term Debt - Carrying Value of Long Term Debt Instruments (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
5.375% Senior notes [Member] | |
Disclosure of detailed information about borrowings [Line Items] | |
Number of basis points | 0.004% |
Borrowings, interest rate | 5.375% |
2.396% Senior notes [Member] | |
Disclosure of detailed information about borrowings [Line Items] | |
Number of basis points | 0.003% |
Borrowings, interest rate | 2.396% |
2.484% Senior notes [Member] | |
Disclosure of detailed information about borrowings [Line Items] | |
Number of basis points | 0.003% |
Borrowings, interest rate | 2.484% |
3.527% Senior notes [Member] | |
Disclosure of detailed information about borrowings [Line Items] | |
Number of basis points | 0.002% |
Borrowings, interest rate | 3.527% |
4.150% Senior notes [Member] | |
Disclosure of detailed information about borrowings [Line Items] | |
Number of basis points | 0.0035% |
Borrowings, interest rate | 4.15% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [Line Items] | ||
Interest paid on long-term debt | $ 231 | $ 204 |
Level 2 [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Fair value of long-term debt | $ 5,525 | $ 5,587 |
Long-Term Debt - Aggregate Matu
Long-Term Debt - Aggregate Maturities of Long-term Debt (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Disclosure of detailed information about borrowings [Line Items] | |||
Long-term debt | $ 6,071 | $ 6,234 | $ 4,882 |
Less than 1 year [Member] | |||
Disclosure of detailed information about borrowings [Line Items] | |||
Long-term debt | 0 | 0 | |
One to three years [Member] | |||
Disclosure of detailed information about borrowings [Line Items] | |||
Long-term debt | 1,672 | 0 | |
Three to Five years [Member] | |||
Disclosure of detailed information about borrowings [Line Items] | |||
Long-term debt | 920 | 2,661 | |
Over 5 years [Member] | |||
Disclosure of detailed information about borrowings [Line Items] | |||
Long-term debt | $ 3,479 | $ 3,573 |
Capital Instruments - Schedule
Capital Instruments - Schedule of Carrying Value of Capital Instruments (Detail) | 12 Months Ended | ||||
Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 CAD ($) | Jan. 01, 2022 CAD ($) | |
Carrying value of capital instruments [line items] | |||||
Total | $ 6,667,000,000 | $ 6,122,000,000 | $ 6,980,000,000 | ||
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 | $ 996,000,000 | 996,000,000 | |||
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 | $ 987,000,000 | 1,013,000,000 | |||
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 | $ 999,000,000 | 998,000,000 | |||
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 | $ 594,000,000 | 615,000,000 | |||
3.00% MFC subordinated notes [member] | |||||
Carrying value of capital instruments [line items] | |||||
Capital instruments interest rate | 3% | 3% | 3% | ||
Issuance date | Nov. 21, 2017 | ||||
Earliest par redemption date | Nov. 21, 2024 | ||||
Maturity date | Nov. 21, 2029 | ||||
Par value | $ 500 | ||||
Total | $ 499,000,000 | 504,000,000 | |||
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 | $ 750,000,000 | 749,000,000 | |||
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 09, 2018 | ||||
Earliest par redemption date | May 09, 2023 | ||||
Maturity date | May 09, 2028 | ||||
Par value | $ 600 | ||||
Total | $ 600,000,000 | ||||
5.409% MFC Subordinated debentures [Member] | |||||
Carrying value of capital instruments [line items] | |||||
Capital instruments interest rate | 5.409% | 5.409% | 5.409% | ||
Issuance date | Mar. 10, 2023 | ||||
Earliest par redemption date | Mar. 10, 2028 | ||||
Maturity date | Mar. 10, 2033 | ||||
Par value | $ 1,200,000,000 | ||||
Total | $ 1,195,000,000 |
Capital Instruments - Schedul_2
Capital Instruments - Schedule of Carrying Value of Capital Instruments (Parenthetical) (Detail) $ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | Jan. 01, 2022 CAD ($) | |
Carrying value of capital instruments [line items] | |||||
Debt instruments issued | $ 6,667 | $ 6,122 | $ 6,980 | ||
Canadian Dollar Offered Rate [Member] | |||||
Carrying value of capital instruments [line items] | |||||
Debt instruments issued | 2,745 | 3,343 | |||
US Dollar Mid Swaprate [Member] | |||||
Carrying value of capital instruments [line items] | |||||
Debt instruments issued | $ 987 | 1,013 | |||
Three Month Canadian Dollar Offer Rate [Member] | |||||
Carrying value of capital instruments [line items] | |||||
Borrowings adjustment to interest rate basis | 1.05% | ||||
Singapore Dollar Swap Offer Rate [Member] | |||||
Carrying value of capital instruments [line items] | |||||
Debt instruments issued | $ 499 | 504 | |||
On May 09, 2023 [member] | |||||
Carrying value of capital instruments [line items] | |||||
Bond redemption variable interest rate | 3.317% | ||||
JHFC subordinated notes [member] | |||||
Carrying value of capital instruments [line items] | |||||
Borrowings adjustment to interest rate basis | 0.72% | ||||
Debt instruments issued | $ 647 | 647 | |||
JHFC subordinated notes [member] | Canadian Dollar Offered Rate [Member] | |||||
Carrying value of capital instruments [line items] | |||||
Debt instruments issued | $ 647 | 647 | |||
2.818% MFC Subordinated debentures [member] | |||||
Carrying value of capital instruments [line items] | |||||
Borrowings adjustment to interest rate basis | 1.82% | ||||
Debt instruments issued | $ 996 | 996 | |||
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%. | ||||
Borrowings adjustment to interest rate basis | 1.647% | ||||
Interest rate reset period | 5 years | ||||
Debt instruments issued | $ 987 | 1,013 | |||
Earliest par redemption date | Feb. 24, 2027 | ||||
7.375% JHUSA Surplus notes [Member] | |||||
Carrying value of capital instruments [line items] | |||||
Debt instruments issued | $ 594 | 615 | |||
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%. | ||||
Borrowings adjustment to interest rate basis | 0.832% | ||||
Interest rate reset period | 5 years | ||||
Debt instruments issued | $ 499 | 504 | |||
Earliest par redemption date | Nov. 21, 2024 | ||||
3.317% MFC Subordinated debentures [member] | |||||
Carrying value of capital instruments [line items] | |||||
Debt instruments issued | 600 | ||||
Earliest par redemption date | May 09, 2023 | ||||
2.237% MFC Subordinated debentures [member] | |||||
Carrying value of capital instruments [line items] | |||||
Borrowings adjustment to interest rate basis | 1.49% | ||||
Debt instruments issued | $ 999 | $ 998 | |||
Earliest par redemption date | May 12, 2025 | ||||
5.409% MFC Subordinated debentures [Member] | |||||
Carrying value of capital instruments [line items] | |||||
Debt instruments issued | $ 1,195 | ||||
Earliest par redemption date | Mar. 10, 2028 | ||||
5.409% MFC Subordinated debentures [Member] | Canadian Overnight Repo Rate [Member] | On Or After March Tenth Two Thousand And Twenty Eight [Member] | |||||
Carrying value of capital instruments [line items] | |||||
Borrowings adjustment to interest rate basis | 1.85% | ||||
John Hancock Financial Corporation [Member] | |||||
Carrying value of capital instruments [line items] | |||||
Interest rate, basis | 90-day Bankers’ Acceptance rate plus 0.72%. | ||||
John Hancock Financial Corporation [Member] | 7.375% JHUSA Surplus notes [Member] | |||||
Carrying value of capital instruments [line items] | |||||
Unamortized fair value increment | $ 1 | $ 5 |
Capital Instruments - Additiona
Capital Instruments - Additional Information (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Level 2 [Member] | ||
Fair value of capital instruments [line items] | ||
Capital instruments | $ 6,483 | $ 5,737 |
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 ($) shares in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of classes of share capital [Line Items] | ||
Face amount | $ 440,077,000,000 | $ 395,957,000,000 |
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 | |
Net amount | $ 1,982,000,000 | 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 | |
Net amount | $ 1,189,000,000 | 1,189,000,000 |
Other equity interest [member] | Series 3(LRCN-Series 1) [member] | ||
Disclosure of classes of share capital [Line Items] | ||
Issue date | Jun. 16, 2022 | |
Annual dividend rate | 7.117% | |
Earliest redemption date | Jun. 19, 2027 | |
Face amount | $ 1,000,000,000 | |
Net amount | $ 990,000,000 | 990,000,000 |
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 | |
Face amount | $ 163,000,000 | |
Net amount | $ 160,000,000 | 160,000,000 |
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 | |
Face amount | $ 37,000,000 | |
Net amount | $ 36,000,000 | 36,000,000 |
Class 1, Series 9 Preferred shares [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Issue date | May 24, 2012 | |
Annual dividend rate | 5.978% | |
Earliest redemption date | Sep. 19, 2027 | |
Number of shares | 10 | |
Face amount | $ 250,000,000 | |
Net amount | $ 244,000,000 | 244,000,000 |
Class 1, Series 11 Preferred shares [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Issue date | Dec. 04, 2012 | |
Annual dividend rate | 6.159% | |
Earliest redemption date | Mar. 19, 2028 | |
Number of shares | 8 | |
Face amount | $ 200,000,000 | |
Net amount | $ 196,000,000 | 196,000,000 |
Class 1, Series 13 Preferred shares [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Issue date | Jun. 21, 2013 | |
Annual dividend rate | 6.35% | |
Earliest redemption date | Sep. 19, 2028 | |
Number of shares | 8 | |
Face amount | $ 200,000,000 | |
Net amount | $ 196,000,000 | 196,000,000 |
Class 1, Series 15 Preferred shares [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Issue date | Feb. 25, 2014 | |
Annual dividend rate | 3.786% | |
Earliest redemption date | Jun. 19, 2024 | |
Number of shares | 8 | |
Face amount | $ 200,000,000 | |
Net amount | $ 195,000,000 | 195,000,000 |
Class 1, Series 17 Preferred shares [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Issue date | Aug. 15, 2014 | |
Annual dividend rate | 3.80% | |
Earliest redemption date | Dec. 19, 2024 | |
Number of shares | 14 | |
Face amount | $ 350,000,000 | |
Net amount | $ 343,000,000 | 343,000,000 |
Class 1, Series 19 Preferred shares [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Issue date | Dec. 03, 2014 | |
Annual dividend rate | 3.675% | |
Earliest redemption date | Mar. 19, 2025 | |
Number of shares | 10 | |
Face amount | $ 250,000,000 | |
Net amount | $ 246,000,000 | 246,000,000 |
Class 1, Series 25 Preferred Shares [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Issue date | Feb. 20, 2018 | |
Annual dividend rate | 5.942% | |
Earliest redemption date | Jun. 19, 2028 | |
Number of shares | 10 | |
Face amount | $ 250,000,000 | |
Net amount | $ 245,000,000 | 245,000,000 |
Class A, Series 2 Preferred shares [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Issue date | Feb. 18, 2005 | |
Annual dividend rate | 4.65% | |
Number of shares | 14 | |
Face amount | $ 350,000,000 | |
Net amount | $ 344,000,000 | 344,000,000 |
Class A, Series 3 Preferred shares [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Issue date | Jan. 03, 2006 | |
Annual dividend rate | 4.50% | |
Number of shares | 12 | |
Face amount | $ 300,000,000 | |
Net amount | $ 294,000,000 | 294,000,000 |
Preferred shares [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Number of shares | 102 | |
Face amount | $ 6,750,000,000 | |
Net amount | $ 6,660,000,000 | $ 6,660,000,000 |
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) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2021 | |
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 | 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 1(LRCN-Series 1) [member] | ||
Disclosure of classes of share capital [Line Items] | ||
Annual dividend rate | 3.375% | |
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 3(LRCN-Series 1) [member] | ||
Disclosure of classes of share capital [Line Items] | ||
Floating dividend rate, description | rate will be reset at a rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 3.95%. | |
Interest rate | 7.117% | |
Interest rate, basis | 3.95 | |
Annual dividend rate | 7.117% | |
Other equity interest [member] | Series 2 (LRCN-Series 2) [member] | ||
Disclosure of classes of share capital [Line Items] | ||
Annual dividend rate | 4.10% | |
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 | 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] | If redeemed on June 19, 2021 [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Price per share | $ 25 | |
Class 1, Series 4 Preferred shares [Member] | If redeemed after June 19, 2021 [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Price per share | $ 25.5 | |
Class 1, Series 4 Preferred shares [Member] | Major ordinary share transactions [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Basis spread on dividend rate | 1.41% | |
Floating dividend rate, description | three-month Government of Canada Treasury bill yield plus 1.41%. | |
Class 1, Series 3 Preferred shares [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Specified yield percentage | 1.41% | |
Annual dividend rate | 2.348% | |
Class 1, Series 9 Preferred shares [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Specified yield percentage | 2.86% | |
Annual dividend rate | 5.978% | |
Class 1, Series 11 Preferred shares [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Specified yield percentage | 2.61% | |
Previous redemption date | Mar. 19, 2023 | |
Annual dividend rate | 6.159% | |
Class 1, Series 11 Preferred shares [Member] | Other equity interest [member] | After March Two Thousand And Twenty Three For Five Years [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Annual dividend rate | 6.159% | |
Class 1, Series 13 Preferred shares [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Specified yield percentage | 2.22% | |
Annual dividend rate | 6.35% | |
Class 1, Series 13 Preferred shares [Member] | Other equity interest [member] | Five Year Period Commencing On Or After September Twentieth Two Thousand And Twenty Three [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Annual dividend rate | 6.35% | |
Class 1, Series 15 Preferred shares [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Specified yield percentage | 2.16% | |
Annual dividend rate | 3.786% | |
Class 1, Series 17 Preferred shares [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Specified yield percentage | 2.36% | |
Annual dividend rate | 3.80% | |
Class 1, Series 19 Preferred shares [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Specified yield percentage | 2.30% | |
Annual dividend rate | 3.675% | |
Class 1, Series 25 Preferred Shares [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Specified yield percentage | 2.55% | |
Annual dividend rate | 5.942% | |
Class 1, Series 25 Preferred Shares [Member] | Other equity interest [member] | Five Year Period Commencing On Or After Twentieth June Two Thousand And Twenty Three [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Annual dividend rate | 5.942% |
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, 2023 | Dec. 31, 2022 | |
Disclosure of classes of share capital [Line Items] | ||
Balance, beginning of year | $ 48,226 | |
Balance, end of year | $ 48,727 | $ 48,226 |
Common shares [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Balance, beginning of year | 1,865 | 1,943 |
Repurchased for cancellation | (63) | (79) |
Issued on exercise of stock options and deferred share units | 4 | 1 |
Balance, end of year | 1,806 | 1,865 |
Balance, beginning of year | $ 22,178 | $ 23,093 |
Repurchased for cancellation | (745) | (938) |
Issued on exercise of stock options and deferred share units | 94 | 23 |
Balance, end of year | $ 21,527 | $ 22,178 |
Equity Capital and Earnings P_6
Equity Capital and Earnings Per share - Additional Information (Detail) $ / shares in Units, $ / shares in Units, $ in Millions, $ in Billions | 11 Months Ended | 12 Months Ended | |||
Feb. 21, 2023 shares | Dec. 31, 2022 CAD ($) shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2023 CAD ($) shares | Feb. 03, 2022 $ / shares | |
NCIB [Member] | |||||
Disclosure of Dividends [line items] | |||||
Total Cost of Share | $ | $ 1.6 | ||||
Stock repurchased and retired during period value | $ 2,100 | $ 0.2 | |||
Stock repurchased during the period shares | 6,900,000 | 6,900,000 | |||
Percentage of shares purchased for cancellation to issued and outstanding shares | 4.40% | ||||
Stock repurchased and retired during period shares | 85,800,000 | 62,600,000 | 62,600,000 | ||
Par value per share | (per share) | $ 25.47 | $ 23.99 | |||
Options And Deferred Share Units [Member] | |||||
Disclosure of Dividends [line items] | |||||
Number of instruments outstanding in a share based payment arrangement | 21,000,000 | 17,000,000 | |||
Common shares [Member] | Major ordinary share transactions [Member] | |||||
Disclosure of Dividends [line items] | |||||
Dividend declared but not paid | $ / shares | $ 0.4 | ||||
NCIB Two Thousand And Twenty Three [Member] | |||||
Disclosure of Dividends [line items] | |||||
Common Stock Shares Authorised For Repurchase | 55,700,000 | ||||
Total Cost of Share | $ | $ 1.4 | ||||
Share repurchase date of expiry | Feb. 23, 2023 | ||||
Stock repurchased and retired during period shares | 55,700,000 | 55,700,000 | |||
Par value per share | $ / shares | $ 25.48 | ||||
NCIB Two Thousand And Twenty Three [Member] | Major ordinary share transactions [Member] | |||||
Disclosure of Dividends [line items] | |||||
Percentage of the companys issued and outstanding common shares | 3% | ||||
NCIB Two Thousand And Twenty Four [Member] | |||||
Disclosure of Dividends [line items] | |||||
Percentage of shares purchased for cancellation to issued and outstanding shares | 2.80% | ||||
Stock repurchased and retired during period shares | 50,000,000 | 50,000,000 | |||
NCIB Two Thousand Twenty Two And NCIB Two Thouand And Twenty Three [Member] | Retained earnings [member] | |||||
Disclosure of Dividends [line items] | |||||
Increase decrease through treasury share transactions | $ | $ 850 | ||||
NCIB Two Thousand Twenty Two And NCIB Two Thouand And Twenty Three [Member] | Issued capital [Member] | |||||
Disclosure of Dividends [line items] | |||||
Increase decrease through treasury share transactions | $ | $ 745 |
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, 2023 | Dec. 31, 2022 | |
Earnings per share [abstract] | ||
Basic earnings per common share | $ 2.62 | $ (1.15) |
Diluted earnings per common share | $ 2.61 | $ (1.15) |
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, 2023 | Dec. 31, 2022 | |
Earnings per share [abstract] | ||
Weighted average number of common shares (in millions) | 1,834 | 1,910 |
Dilutive stock-based awards(in millions) | 4 | 3 |
Weighted average number of diluted common shares (in millions) | 1,838 | 1,913 |
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, 2023 | Dec. 31, 2022 | |
Share based payments arrangements [Member] | ||
Earnings per share [Line Items] | ||
Anti-dilutive stock-based awards excluded from the calculation of EPS | 0 | 0 |
Equity Capital and Earnings _10
Equity Capital and Earnings Per share - Schedule of Dividends Payable on Non-cumulative Preferred Shares (Detail) | Feb. 29, 2024 $ / shares |
Class 1, Series 13 Preferred shares [Member] | |
Disclosure of Dividends [line items] | |
Dividend declared but not paid | $ 0.396875 |
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 25 Preferred Shares [Member] | |
Disclosure of Dividends [line items] | |
Dividend declared but not paid | 0.371375 |
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 | 0.402395 |
Class 1, Series 9 Preferred shares [Member] | |
Disclosure of Dividends [line items] | |
Dividend declared but not paid | 0.373625 |
Class 1, Series 11 Preferred shares [Member] | |
Disclosure of Dividends [line items] | |
Dividend declared but not paid | $ 0.384938 |
Capital Management - Schedule o
Capital Management - Schedule of Consolidated Capital (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of classes of share capital [abstract] | ||
Total equity | $ 48,727 | $ 48,226 |
Exclude AOCI gain / (loss) on cash flow hedges | 26 | 8 |
Total equity excluding AOCI on cash flow hedges | 48,701 | 48,218 |
Post-tax CSM | 18,503 | 15,251 |
Qualifying capital instruments | 6,667 | 6,122 |
Consolidated capital | $ 73,871 | $ 69,591 |
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, 2023 | Dec. 31, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | $ 6,746 | $ 6,186 |
Real estate management services [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 303 | 305 |
Asia Canada US Africa Corporate And Other [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 37 | (205) |
Asia Canada US Africa 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 | 303 | 305 |
Other revenue [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 6,617 | 6,447 |
Other revenue [member] | Investment management and other related fees [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 2,886 | 2,764 |
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 | 2,835 | 2,684 |
Other revenue [member] | Distribution fees and other [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 896 | 999 |
Other revenue [member] | Asia Canada US Africa Corporate And Other [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | (89) | 42 |
Other revenue [member] | Asia Canada US Africa Corporate And Other [Member] | Investment management and other related fees [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | (412) | (315) |
Other revenue [member] | Asia Canada US Africa Corporate And Other [Member] | Transaction processing, administration, and service fees [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 269 | 268 |
Other revenue [member] | Asia Canada US Africa Corporate And Other [Member] | Distribution fees and other [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 54 | 89 |
Revenue from non-service lines [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 129 | (261) |
Revenue from non-service lines [Member] | Asia Canada US Africa Corporate And Other [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 126 | (247) |
Global wealth and asset management [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 6,709 | 6,391 |
Global wealth and asset management [member] | Real estate management services [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 0 | 0 |
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 | 6,706 | 6,405 |
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 | 3,298 | 3,079 |
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 | 2,566 | 2,416 |
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 | 842 | 910 |
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 | $ 3 | $ (14) |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2023 | Mar. 31, 2023 | Dec. 31, 2023 CAD ($) Equity Options shares $ / shares | Dec. 31, 2022 CAD ($) Equity Options shares $ / shares | Dec. 31, 2021 Equity | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||
Compensation expense | $ 2 | $ 5 | |||
Number of options, Granted | 0 | ||||
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 | 30,000 | ||||
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 | 143,000 | 166,000 | |||
Deferred Share Units [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||
Compensation expense | $ 9 | $ 7 | |||
Number of equity granted | 38,000 | ||||
Number of other equity instruments entitle holder to receive payment in cash | Options | 913,000 | 977,000 | |||
Number of other equity entitle holder to receive payment in cash or common shares | Options | 907,000 | 1,230,000 | |||
Number of other equity instruments entitle holder to receive payment in common shares | Equity | 143,000 | 166,000 | |||
Number of equity granted under the member deferred share units under ESOP | Equity | 117,000 | 116,000 | |||
Amount of the liability relating to equity | $ 62 | $ 53 | |||
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 | 33,000 | 106,000 | |||
Deferred Share Units [Member] | Defer Payment Of All Or Part Of RSUs [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||
Number of equity granted | shares | 18,000 | 0 | |||
Deferred Share Units [Member] | Board of Director [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||
Fair value of equity issued | Equity | 206,000 | 252,000 | |||
Number of shares outstanding | Equity | 1,963,000 | 2,373,000 | 2,079,000 | ||
Fair value of equity granted | $ / shares | $ 29.28 | $ 24.15 | |||
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 | $ 207 | $ 158 | |||
Vesting period | 36 months | ||||
Number of equity granted | 8,500,000 | 8,600,000 | |||
Fair value of equity granted | $ / shares | $ 29.28 | $ 24.15 | |||
Grant date | March 31 2023 | ||||
Performance share units (PSUs) [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||
Compensation expense | $ 45 | $ 23 | |||
Vesting period | 36 months | ||||
Number of equity granted | 1,600,000 | 1,700,000 | |||
Grant date | March 31 2023 | ||||
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 | $ 514 | $ 388 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Options Outstanding (Detail) shares in Millions, Unit_pure in Millions | 12 Months Ended | |
Dec. 31, 2023 $ / shares shares | Dec. 31, 2022 $ / shares shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Number of options, Beginning balance | 20 | 21 |
Number of options, Exercised | (4) | (1) |
Number of options' Expired | 0 | 0 |
Number of options' Forfeited | 0 | 0 |
Number of options, Ending balance | shares | 16 | 20 |
Number of options, Exercisable, Ending balance | 9 | 10 |
Weighted average exercise price, Beginning balance | $ 22.42 | $ 22.09 |
Weighted average exercise price, Exercised | 21.02 | 16.15 |
Weighted average exercise price, Expired | 22.6 | 24.63 |
Weighted average exercise price, Forfeited | 24.27 | 23.96 |
Weighted average exercise price, Ending balance | 22.73 | 22.42 |
Weighted average exercise price, Exercisable, Ending balance | $ 21.99 | $ 20.91 |
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, 2023 yr $ / shares | Dec. 31, 2022 $ / shares | Dec. 31, 2021 $ / shares | |
Disclosure of range of exercise prices of outstanding share options [Line Items] | |||
Number of options, Options outstanding | 16 | 20 | 21 |
Weighted average exercise price, Options outstanding | $ 22.73 | $ 22.42 | $ 22.09 |
Weighted average remaining contractual life (in years) | 4 years 1 month 2 days | ||
Number of options, Options exercisable | 9 | 10 | |
Weighted average exercise price, Options exercisable | $ 21.99 | $ 20.91 | |
Weighted average remaining contractual life (in years), Options exercisable | yr | 2.8 | ||
$17.59—$20.99 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [Line Items] | |||
Number of options, Options outstanding | 3 | ||
Weighted average exercise price, Options outstanding | $ 17.59 | ||
Weighted average remaining contractual life (in years) | 2 years 1 month 20 days | ||
Number of options, Options exercisable | 3 | ||
Weighted average exercise price, Options exercisable | $ 17.59 | ||
Weighted average remaining contractual life (in years), Options exercisable | yr | 2.14 | ||
$21.00—$24.73 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [Line Items] | |||
Number of options, Options outstanding | 13 | ||
Weighted average exercise price, Options outstanding | $ 23.79 | ||
Weighted average remaining contractual life (in years) | 4 years 5 months 26 days | ||
Number of options, Options exercisable | 6 | ||
Weighted average exercise price, Options exercisable | $ 23.92 | ||
Weighted average remaining contractual life (in years), Options exercisable | yr | 3.09 |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of Other Equity Instruments (Detail) - Deferred Share Units [Member] - Board of Director [Member] - Equity | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of range of exercise prices of outstanding share options [Line Items] | ||
Beginning balance | 2,373,000 | 2,079,000 |
Issued | 206,000 | 252,000 |
Reinvested | 131,000 | 126,000 |
Redeemed | (744,000) | (75,000) |
Forfeitures and cancellations | (3,000) | (9,000) |
Ending balance | 1,963,000 | 2,373,000 |
Employee Future Benefits - Addi
Employee Future Benefits - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
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, 2024 | $ 2 | |
Return-seeking assets [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Target asset allocation for plan | 30% | 30% |
Return-seeking assets [Member] | Canada [member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Target asset allocation for plan | 17% | 20% |
Liability-hedging assets [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Target asset allocation for plan | 70% | 70% |
Liability-hedging assets [Member] | Canada [member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Target asset allocation for plan | 83% | 80% |
Pension defined benefit plans [member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Estimate of expected cash payments for employee future benefits for the year ending December 31, 2024 | $ 61 | |
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, 2024 | 96 | |
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, 2024 | $ 13 |
Employee Future Benefits - Summ
Employee Future Benefits - Summary of Pension and Retiree Welfare Plans (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pension defined benefit plans [member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Beginning balance | $ 120 | |
Actuarial losses (gains) due to: | ||
Experience | 11 | $ 5 |
Demographic assumption changes | 14 | |
Economic assumption changes | 119 | (835) |
Return on plan assets (excluding interest income) | (129) | 869 |
Ending balance | 124 | 120 |
Pension defined benefit plans [member] | Present value of defined benefit obligation [Member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Beginning balance | 3,794 | 4,560 |
Current service cost | 41 | 43 |
Past service cost - amendment | 0 | (6) |
Interest cost | 184 | 127 |
Plan participants' contributions | 0 | |
Actuarial losses (gains) due to: | ||
Experience | 11 | 5 |
Demographic assumption changes | 14 | 0 |
Economic assumption changes | 119 | (835) |
Benefits paid | (308) | (299) |
Impact of changes in foreign exchange rates | (66) | 199 |
Ending balance | 3,789 | 3,794 |
Pension defined benefit plans [member] | Plan assets [Member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Beginning balance | 3,722 | 4,510 |
Interest cost | 181 | 127 |
Plan participants' contributions | 0 | |
Actuarial losses (gains) due to: | ||
Benefits paid | (308) | (299) |
Return on plan assets (excluding interest income) | 129 | (869) |
Impact of changes in foreign exchange rates | (67) | 205 |
Employer contributions | 59 | 59 |
Administration costs | (10) | (11) |
Ending balance | 3,706 | 3,722 |
Retiree welfare plans [Member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Beginning balance | (57) | |
Actuarial losses (gains) due to: | ||
Experience | (10) | (13) |
Demographic assumption changes | 1 | |
Economic assumption changes | 16 | (112) |
Return on plan assets (excluding interest income) | (17) | 91 |
Ending balance | (76) | (57) |
Retiree welfare plans [Member] | Present value of defined benefit obligation [Member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Beginning balance | 466 | 584 |
Interest cost | 22 | 16 |
Plan participants' contributions | 3 | 3 |
Actuarial losses (gains) due to: | ||
Experience | (10) | (13) |
Demographic assumption changes | 1 | 0 |
Economic assumption changes | 16 | (112) |
Benefits paid | (38) | (40) |
Impact of changes in foreign exchange rates | (10) | 28 |
Ending balance | 450 | 466 |
Retiree welfare plans [Member] | Plan assets [Member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Beginning balance | 523 | 587 |
Interest cost | 25 | 16 |
Plan participants' contributions | 3 | 3 |
Actuarial losses (gains) due to: | ||
Benefits paid | (38) | (40) |
Return on plan assets (excluding interest income) | 17 | (91) |
Impact of changes in foreign exchange rates | (15) | 39 |
Employer contributions | 12 | 11 |
Administration costs | (1) | (2) |
Ending balance | $ 526 | $ 523 |
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, 2023 | Dec. 31, 2022 | |
Pension defined benefit plans [member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Defined benefit obligation | $ 3,789 | $ 3,794 |
Fair value of plan assets | 3,706 | 3,722 |
Deficit | 83 | 72 |
Effect of asset limit | 41 | 48 |
Deficit and net defined benefit liability | 124 | 120 |
Pension defined benefit plans [member] | Funded [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Deficit and net defined benefit liability | (422) | (441) |
Pension defined benefit plans [member] | Unfunded [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Deficit and net defined benefit liability | 546 | 561 |
Retiree welfare plans [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Defined benefit obligation | 450 | 466 |
Fair value of plan assets | 526 | 523 |
Deficit | (76) | (57) |
Effect of asset limit | 0 | |
Deficit and net defined benefit liability | (76) | (57) |
Retiree welfare plans [Member] | Funded [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Deficit and net defined benefit liability | (190) | (168) |
Retiree welfare plans [Member] | Unfunded [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Deficit and net defined benefit liability | $ 114 | $ 111 |
Employee Future Benefits - Su_3
Employee Future Benefits - Summary of Disaggregation of Defined Benefit Obligation (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Pension defined benefit plans [member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Disaggregation of defined benefit obligation | $ 3,789 | $ 3,794 |
Retiree welfare plans [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Disaggregation of defined benefit obligation | 450 | 466 |
U.S. plans [Member] | Pension defined benefit plans [member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Disaggregation of defined benefit obligation | 2,433 | 2,515 |
U.S. plans [Member] | Pension defined benefit plans [member] | Active [member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Disaggregation of defined benefit obligation | 526 | 509 |
U.S. plans [Member] | Pension defined benefit plans [member] | Inactive and retired [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Disaggregation of defined benefit obligation | 1,907 | 2,006 |
U.S. plans [Member] | Retiree welfare plans [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Disaggregation of defined benefit obligation | 336 | 355 |
U.S. plans [Member] | Retiree welfare plans [Member] | Active [member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Disaggregation of defined benefit obligation | 9 | 11 |
U.S. plans [Member] | Retiree welfare plans [Member] | Inactive and retired [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Disaggregation of defined benefit obligation | 327 | 344 |
Canadian plans [Member] | Pension defined benefit plans [member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Disaggregation of defined benefit obligation | 1,356 | 1,279 |
Canadian plans [Member] | Pension defined benefit plans [member] | Active [member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Disaggregation of defined benefit obligation | 116 | 125 |
Canadian plans [Member] | Pension defined benefit plans [member] | Inactive and retired [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Disaggregation of defined benefit obligation | 1,240 | 1,154 |
Canadian plans [Member] | Retiree welfare plans [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Disaggregation of defined benefit obligation | 114 | 111 |
Canadian plans [Member] | Retiree welfare plans [Member] | Active [member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Disaggregation of defined benefit obligation | 0 | 0 |
Canadian plans [Member] | Retiree welfare plans [Member] | Inactive and retired [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Disaggregation of defined benefit obligation | $ 114 | $ 111 |
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, 2023 | Dec. 31, 2022 |
Pension defined benefit plans [member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Total | $ 3,706 | $ 3,722 |
Retiree welfare plans [Member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Total | 526 | 523 |
U.S. plans [Member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Equity securities | 1.4 | 1.2 |
U.S. plans [Member] | Pension defined benefit plans [member] | Fair value measurements [member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Total | $ 2,521 | $ 2,581 |
Percentage of fair value measurements | 100% | 100% |
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 | $ 1,437 | $ 1,509 |
Percentage of fair value measurements | 57% | 58% |
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 | $ 28 | $ 35 |
Percentage of fair value measurements | 1% | 1% |
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 | $ 315 | $ 377 |
Percentage of fair value measurements | 13% | 15% |
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] | ||
Other investments | $ 741 | $ 660 |
Percentage of fair value measurements | 29% | 26% |
U.S. plans [Member] | Retiree welfare plans [Member] | Fair value measurements [member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Total | $ 526 | $ 523 |
Percentage of fair value measurements | 100% | 100% |
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 | $ 448 | $ 445 |
Percentage of fair value measurements | 85% | 85% |
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 | $ 25 | $ 22 |
Percentage of fair value measurements | 5% | 4% |
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 | $ 39 | $ 41 |
Percentage of fair value measurements | 7% | 8% |
U.S. plans [Member] | Retiree welfare plans [Member] | Fair value measurements [member] | Other investments [member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Other investments | $ 14 | $ 15 |
Percentage of fair value measurements | 3% | 3% |
Canadian plans [Member] | Pension defined benefit plans [member] | Fair value measurements [member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Total | $ 1,185 | $ 1,141 |
Percentage of fair value measurements | 100% | 100% |
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 | $ 974 | $ 898 |
Percentage of fair value measurements | 82% | 79% |
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 | $ 15 | $ 9 |
Percentage of fair value measurements | 1% | 1% |
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 | $ 195 | $ 233 |
Percentage of fair value measurements | 17% | 20% |
Canadian plans [Member] | Pension defined benefit plans [member] | Fair value measurements [member] | Other investments [member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Other investments | $ 1 | $ 1 |
Percentage of fair value measurements | 0% | 0% |
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, 2023 | Dec. 31, 2022 | |
U.S. plans [Member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Percentage of plan assets | 16% | 15% |
Equity securities | $ 1.4 | $ 1.2 |
Canadian plans [Member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Percentage of plan assets | 0.10% | 0.10% |
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, 2023 | Dec. 31, 2022 | |
Pension defined benefit plans [member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Defined benefit current service cost | $ 41 | $ 43 |
Defined benefit administrative expenses | 10 | 11 |
Past service cost-plan amendments and curtailments | 0 | (6) |
Service cost | 51 | 48 |
Interest on net defined benefit (asset) liability | 5 | 2 |
Defined benefit cost | 56 | 50 |
Defined contribution cost | 93 | 85 |
Net benefit cost | 149 | 135 |
Retiree welfare plans [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Defined benefit current service cost | 0 | |
Defined benefit administrative expenses | 1 | 2 |
Past service cost-plan amendments and curtailments | 0 | |
Service cost | 1 | 2 |
Interest on net defined benefit (asset) liability | (3) | |
Defined benefit cost | (2) | 2 |
Defined contribution cost | 0 | |
Net benefit cost | $ (2) | $ 2 |
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, 2023 | Dec. 31, 2022 | |
Pension defined benefit plans [member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Experience | $ (11) | $ (5) |
Demographic assumption changes | (14) | |
Economic assumption changes | (119) | 835 |
Return on plan assets (excluding interest income) | 129 | (869) |
Change in effect of asset limit (excluding interest) | 10 | (10) |
Total re-measurement effects | (5) | (49) |
Retiree welfare plans [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Experience | 10 | 13 |
Demographic assumption changes | (1) | |
Economic assumption changes | (16) | 112 |
Return on plan assets (excluding interest income) | 17 | (91) |
Total re-measurement effects | $ 10 | $ 34 |
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, 2023 | Dec. 31, 2022 |
U.S. plans [Member] | Pension defined benefit plans [member] | Defined benefit obligation [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Discount rate | 4.80% | 5% |
U.S. plans [Member] | Pension defined benefit plans [member] | Defined benefit cost [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Discount rate | 5% | 2.70% |
U.S. plans [Member] | Retiree welfare plans [Member] | Defined benefit obligation [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Discount rate | 4.80% | 5% |
Initial health care cost trend rate | 9% | 7.80% |
U.S. plans [Member] | Retiree welfare plans [Member] | Defined benefit cost [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Discount rate | 5% | 2.70% |
Initial health care cost trend rate | 7.80% | 7% |
Canadian plans [Member] | Pension defined benefit plans [member] | Defined benefit obligation [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Discount rate | 4.60% | 5.30% |
Canadian plans [Member] | Pension defined benefit plans [member] | Defined benefit cost [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Discount rate | 5.30% | 3.10% |
Canadian plans [Member] | Retiree welfare plans [Member] | Defined benefit obligation [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Discount rate | 4.70% | 5.30% |
Initial health care cost trend rate | 3.90% | 5.30% |
Canadian plans [Member] | Retiree welfare plans [Member] | Defined benefit cost [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Discount rate | 5.30% | 3.20% |
Initial health care cost trend rate | 5.30% | 5.40% |
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, 2023 | Dec. 31, 2022 |
Retiree welfare plans [Member] | 2032 [Member] | Top of range [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Health care cost trend rate | 9% | |
Retiree welfare plans [Member] | 2032 [Member] | Bottom of range [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Health care cost trend rate | 4.80% | |
Retiree welfare plans [Member] | 2035 [Member] | Top of range [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Health care cost trend rate | 7.80% | |
Retiree welfare plans [Member] | 2035 [Member] | Bottom of range [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Health care cost trend rate | 4.80% | |
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 | 5.10% | 5.30% |
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% | 4.80% |
Defined benefit cost [Member] | 2032 [Member] | Top of range [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Health care cost trend rate | 7.80% | 7% |
Defined benefit cost [Member] | 2032 [Member] | Bottom of range [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Health care cost trend rate | 4.80% | 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 | 5.30% | 5.40% |
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, 2023 yr |
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) | 22.2 |
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) | 23.7 |
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) | 23.6 |
U.S. [member] | Life expectancy (in years) at age 65 for those currently age 45 [Member] | Female [Member] | |
Disclosure of defined benefit plans [Line Items] | |
Life expectancy (in years) | 25 |
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) | 24.3 |
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) | 26.2 |
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) | 25.3 |
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) | 27.1 |
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, 2023 CAD ($) |
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 | $ (274) |
Impact of decrease in actuarial assumption | 316 |
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 | (38) |
Impact of decrease in actuarial assumption | 44 |
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 | 11 |
Impact of decrease in actuarial assumption | (10) |
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 | 89 |
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 | $ 6 |
Employee Future Benefits - S_12
Employee Future Benefits - Summary of Potential Impact on Obligations Arising From Changes in Key Assumptions (Parenthetical) (Detail) - U.S. [member] | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Decrease in mortality rates | 10% |
Male [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] | |
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, 2023 | Dec. 31, 2022 | |
Pension defined benefit plans [member] | U.S. plans [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Weighted average duration (in years) of the defined benefit obligations | 8.4 | 8.2 |
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 | 9.9 | 10.6 |
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 | 8.2 | 8.2 |
Retiree welfare plans [Member] | Canadian plans [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Weighted average duration (in years) of the defined benefit obligations | 11.1 | 11.1 |
Employee Future Benefits - S_14
Employee Future Benefits - Summary of Cash Payments (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pension defined benefit plans [member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Cash payment for future benefit plans | $ 152 | $ 144 |
Retiree welfare plans [member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Cash payment for future benefit plans | 12 | 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 | 59 | 59 |
Defined benefit plans [Member] | Retiree welfare plans [member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Cash payment for future benefit plans | 12 | 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 | 93 | 85 |
Defined contribution plans [Member] | Retiree welfare plans [member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Cash payment for future benefit plans | $ 0 | $ 0 |
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, 2023 | Dec. 31, 2022 | |
Current tax | ||
Current year | $ 568 | $ 1,098 |
Adjustments related to prior year | (193) | (263) |
Current tax | 375 | 835 |
Deferred tax | ||
Change related to temporary differences | 489 | (1,975) |
Adjustments related to prior years | (19) | 226 |
Effects of change in tax rates in Canada | 0 | (245) |
Total deferred tax | 470 | (1,994) |
Income tax expenses (recoveries) | $ 845 | $ (1,159) |
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, 2023 | Dec. 31, 2022 | |
Major components of tax expense (income) [abstract] | ||
Current income tax expenses (recoveries) | $ 320 | $ (323) |
Deferred income tax expenses (recoveries) | (326) | 3,034 |
Total income tax expenses (recoveries) | $ (6) | $ 2,711 |
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, 2023 | Dec. 31, 2022 | |
Major components of tax expense (income) [abstract] | ||
Current income tax expenses (recoveries) | $ 5 | $ 5 |
Deferred income tax expenses (recoveries) | (4) | (8) |
Total income tax recognized directly in equity | $ 1 | $ (3) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2025 | Jan. 01, 2022 | |
Statement [line items] | ||||
Effective income tax rate | 27.80% | 27.50% | ||
Current tax receivable | $ 1,056 | $ 1,135 | ||
Current tax payable | 147 | 195 | ||
Deferred tax assets | 6,739 | 6,708 | $ 6,708 | $ 7,767 |
Deferred tax assets - recognition dependent on future taxable profits | 6,136 | |||
Operating tax loss carry forward | 3,549 | 3,902 | ||
Operating tax loss carry forward expired in future | 3,300 | |||
Operating tax loss carry forward without expiration date | 249 | |||
Capital tax loss carry forward | 5 | 1 | ||
Tax benefit on loss carry forwards for which deferred tax asset recognized | 670 | 701 | ||
Tax benefit of loss carry forwards for which no deferred tax asset recognized | 222 | 211 | ||
Tax credit carry forwards which expire in future | 282 | 273 | ||
Tax credit carryforwards of which benefit not recognized | $ 160 | 164 | ||
Tax credit/Loss carryforwards expiration period | between the years 2026 and 2043 | |||
Deferred tax liability | $ 1,697 | 1,536 | $ 1,536 | $ 1,713 |
Aggregate amount of taxable temporary differences associated with the Company's own investments in subsidiaries, not included in financial statements | 10,908 | 11,439 | ||
Unused tax credits [member] | ||||
Statement [line items] | ||||
Deferred tax assets | 1,171 | 663 | ||
Temporary differences [member] | ||||
Statement [line items] | ||||
Deferred tax assets | $ 5,333 | $ 2,523 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Income Tax Expense (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | ||
Net income (loss) before income taxes | $ 6,452 | $ (3,138) |
ncome tax expenses (recoveries) at Canadian statutory tax rate | 1,794 | (863) |
Increase (decrease) in income taxes due to: | ||
Tax-exempt investment income | (199) | (206) |
Differences in tax rate on income not subject to tax in Canada | (770) | 118 |
Adjustments to taxes related to prior years | (212) | (37) |
Tax losses and temporary differences not recognized as deferred taxes | (38) | 78 |
Tax rate change in Canada | 0 | (245) |
Other differences | 270 | (4) |
Income tax expenses (recoveries) | $ 845 | $ (1,159) |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - CAD ($) $ in Millions | Dec. 31, 2025 | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
Deferred tax assets and liabilities [abstract] | |||||
Deferred tax assets | $ 6,708 | $ 6,739 | $ 6,708 | $ 7,767 | |
Deferred tax liability | $ (1,536) | (1,697) | (1,536) | $ (1,713) | |
Net deferred tax assets (liabilities) | $ 5,042 | $ 5,172 | $ 6,054 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in deferred tax liability (asset) [line items] | ||
Beginning balance | $ 5,172 | $ 6,054 |
Recognized in Income Statement | (470) | 1,994 |
Recognized in Other Comprehensive Income | 326 | (3,034) |
Recognized in Equity | 4 | 8 |
Translation and Other | 10 | 150 |
Ending balance | 5,042 | 5,172 |
Loss carryforwards [Member] | ||
Reconciliation of changes in deferred tax liability (asset) [line items] | ||
Beginning balance | 701 | 517 |
Recognized in Income Statement | (18) | 184 |
Recognized in Equity | (8) | |
Translation and Other | (5) | |
Ending balance | 670 | 701 |
Actuarial liabilities [Member] | ||
Reconciliation of changes in deferred tax liability (asset) [line items] | ||
Beginning balance | 4,507 | 13,731 |
Recognized in Income Statement | 188 | 2,334 |
Recognized in Other Comprehensive Income | 1,198 | (12,005) |
Recognized in Equity | 11 | |
Translation and Other | (80) | 436 |
Ending balance | 5,813 | 4,507 |
Pensions and post-employment benefits [Member] | ||
Reconciliation of changes in deferred tax liability (asset) [line items] | ||
Beginning balance | 142 | 161 |
Recognized in Income Statement | 4 | (2) |
Recognized in Other Comprehensive Income | 26 | (17) |
Translation and Other | (1) | |
Ending balance | 171 | 142 |
Tax credits [Member] | ||
Reconciliation of changes in deferred tax liability (asset) [line items] | ||
Beginning balance | 109 | 46 |
Recognized in Income Statement | 15 | 63 |
Translation and Other | (2) | |
Ending balance | 122 | 109 |
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 | (1,317) | (1,287) |
Recognized in Income Statement | 168 | 10 |
Recognized in Other Comprehensive Income | (1) | |
Translation and Other | 14 | (39) |
Ending balance | (1,135) | (1,317) |
Lease liability [member] | ||
Reconciliation of changes in deferred tax liability (asset) [line items] | ||
Beginning balance | 47 | 26 |
Recognized in Income Statement | (7) | 17 |
Recognized in Equity | 3 | |
Translation and Other | (2) | 1 |
Ending balance | 38 | 47 |
Right of use asset and sublease receivable [Member] | ||
Reconciliation of changes in deferred tax liability (asset) [line items] | ||
Beginning balance | (41) | (22) |
Recognized in Income Statement | 7 | (18) |
Recognized in Equity | (2) | |
Translation and Other | 1 | |
Ending balance | (34) | (41) |
Securities and other investments [member] | ||
Reconciliation of changes in deferred tax liability (asset) [line items] | ||
Beginning balance | 1,560 | (6,484) |
Recognized in Income Statement | (293) | (702) |
Recognized in Other Comprehensive Income | (1,245) | 8,984 |
Recognized in Equity | 2 | (10) |
Translation and Other | 62 | (228) |
Ending balance | 86 | 1,560 |
Sale of investments [Member] | ||
Reconciliation of changes in deferred tax liability (asset) [line items] | ||
Beginning balance | (30) | (40) |
Recognized in Income Statement | 12 | 10 |
Ending balance | (18) | (30) |
Goodwill and intangible assets [Member] | ||
Reconciliation of changes in deferred tax liability (asset) [line items] | ||
Beginning balance | (828) | (804) |
Recognized in Income Statement | (12) | (6) |
Translation and Other | 18 | (18) |
Ending balance | (822) | (828) |
Other [Member] | ||
Reconciliation of changes in deferred tax liability (asset) [line items] | ||
Beginning balance | 321 | 209 |
Recognized in Income Statement | (534) | 104 |
Recognized in Other Comprehensive Income | 347 | 5 |
Recognized in Equity | 10 | 6 |
Translation and Other | 6 | (3) |
Ending balance | $ 150 | $ 321 |
Interests in Structured Entit_3
Interests in Structured Entities - Additional Information (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of unconsolidated structured entities [Line Items] | ||
Investment in startup capital of mutual funds | $ 1,319 | $ 1,296 |
Retail mutual fund assets under management | 277,365 | 258,273 |
Hancock Victoria Plantations Holdings PTY Limited [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Consolidated timber assets | $ 1,236 | $ 1,264 |
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, 2023 | Dec. 31, 2022 |
Disclosure of unconsolidated structured entities [Line Items] | ||
Company's investment | $ 7,745 | $ 7,277 |
Company's maximum exposure to loss | 8,312 | 7,825 |
Leveraged leases [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Company's investment | 3,790 | 3,840 |
Company's maximum exposure to loss | 3,790 | 3,840 |
Infrastructure companies [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Company's investment | 2,468 | 2,156 |
Company's maximum exposure to loss | 3,035 | 2,704 |
Timberland companies [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Company's investment | 811 | 816 |
Company's maximum exposure to loss | 811 | 816 |
Real estate companies [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Company's investment | 676 | 465 |
Company's maximum exposure to loss | $ 676 | $ 465 |
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, 2023 | Dec. 31, 2022 |
Disclosure of unconsolidated structured entities [Line Items] | ||
Company's interests | $ 709 | $ 691 |
Manulife Finance (Delaware), L.P.[Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Company's interests | $ 709 | $ 691 |
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, 2023 | Dec. 31, 2022 |
Disclosure of unconsolidated structured entities [Line Items] | ||
Securitized holdings | $ 2,154 | $ 2,575 |
AAA [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Securitized holdings | 1,375 | 1,770 |
AA [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Securitized holdings | 227 | 9 |
A [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Securitized holdings | 438 | 574 |
BBB [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Securitized holdings | 107 | 219 |
BB and below [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Securitized holdings | 7 | $ 3 |
CMBS [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Securitized holdings | 425 | |
CMBS [Member] | AAA [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Securitized holdings | 425 | |
CMBS [Member] | AA [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Securitized holdings | 0 | |
CMBS [Member] | A [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Securitized holdings | 0 | |
CMBS [Member] | BBB [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Securitized holdings | 0 | |
CMBS [Member] | BB and below [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Securitized holdings | 0 | |
RMBS [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Securitized holdings | 7 | |
RMBS [Member] | AAA [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Securitized holdings | 4 | |
RMBS [Member] | AA [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Securitized holdings | 0 | |
RMBS [Member] | A [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Securitized holdings | 3 | |
RMBS [Member] | BBB [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Securitized holdings | 0 | |
RMBS [Member] | BB and below [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Securitized holdings | 0 | |
Asset backed securities [member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Securitized holdings | 1,722 | |
Asset backed securities [member] | AAA [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Securitized holdings | 946 | |
Asset backed securities [member] | AA [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Securitized holdings | 227 | |
Asset backed securities [member] | A [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Securitized holdings | 435 | |
Asset backed securities [member] | BBB [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Securitized holdings | 107 | |
Asset backed securities [member] | BB and below [Member] | ||
Disclosure of unconsolidated structured entities [Line Items] | ||
Securitized holdings | $ 7 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - CAD ($) $ in Millions | 1 Months Ended | |||
Sep. 18, 2023 | Jun. 30, 2018 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of commitments and contingencies [line items] | ||||
Investment commitments outstanding | $ 15,117 | $ 14,193 | ||
Letters of credit outstanding | $ 466 | 215 | ||
Percentage of face amount of life insurance policies pending settlement | 16% | |||
Percentage of face amount of life insurance policies settled | 84% | |||
Aggregate percentage of lawsuits | 100% | |||
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 | 781 | 1,095 | ||
Less than 1 year [Member] | ||||
Disclosure of commitments and contingencies [line items] | ||||
Investment commitments outstanding | 4,627 | 3,359 | ||
Mature after One year [Member] | ||||
Disclosure of commitments and contingencies [line items] | ||||
Investment commitments outstanding | $ 9,709 | $ 9,739 |
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, 2023 | Dec. 31, 2022 | |
Condensed Income Statements, Captions [Line Items] | ||
Insurance service result | $ 3,977 | $ 3,160 |
Investment result | 2,958 | (6,369) |
Other revenue | 6,746 | 6,186 |
Net income (loss) attributed to shareholders and other equity holders | 5,103 | (1,933) |
MFC [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Insurance service result | 0 | |
Investment result | 638 | 554 |
Other revenue | 14 | (36) |
Net income (loss) attributed to shareholders and other equity holders | 5,103 | (1,933) |
Other subsidiaries on a combined basis [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Insurance service result | 3,977 | 3,160 |
Investment result | 3,646 | (5,823) |
Other revenue | 6,736 | 6,225 |
Net income (loss) attributed to shareholders and other equity holders | 4,785 | (2,156) |
Consolidating adjustments [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Insurance service result | 0 | |
Investment result | (1,326) | (1,100) |
Other revenue | (4) | (3) |
Net income (loss) attributed to shareholders and other equity holders | (4,785) | 2,156 |
Manulife Finance (Delaware), L.P.[Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Insurance service result | 0 | |
Investment result | 51 | 49 |
Other revenue | (7) | 15 |
Net income (loss) attributed to shareholders and other equity holders | $ 1 | $ 21 |
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, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Invested assets | $ 417,210 | $ 400,142 | $ 428,103 |
Insurance contract assets | 145 | 673 | 972 |
Reinsurance contract held assets | 42,651 | 45,871 | 52,829 |
Total other assets | 38,024 | 38,441 | |
Segregated funds net assets | 377,544 | 348,562 | 399,788 |
Insurance contract liabilities, excluding those for account of segregated fund holders | 367,996 | 354,849 | |
Reinsurance contract held liabilities | 2,831 | 2,391 | 2,079 |
Investment contract liabilities | 11,816 | 10,079 | $ 10,064 |
Total other liabilities | 66,660 | 69,582 | |
Insurance contract liabilities for account of segregated fund holders | 114,143 | 110,216 | |
Investment contract liabilities for account of segregated fund holders | 263,401 | 238,346 | |
MFC [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Invested assets | 86 | 63 | |
Insurance contract assets | 0 | ||
Reinsurance contract held assets | 0 | ||
Total other assets | 59,023 | 58,357 | |
Segregated funds net assets | 0 | ||
Insurance contract liabilities, excluding those for account of segregated fund holders | 0 | ||
Reinsurance contract held liabilities | 0 | ||
Investment contract liabilities | 0 | ||
Total other liabilities | 12,070 | 11,544 | |
Insurance contract liabilities for account of segregated fund holders | 0 | ||
Investment contract liabilities for account of segregated fund holders | 0 | ||
Other subsidiaries on a combined basis [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Invested assets | 417,124 | 400,079 | |
Insurance contract assets | 145 | 673 | |
Reinsurance contract held assets | 42,651 | 45,871 | |
Total other assets | 42,411 | 42,751 | |
Segregated funds net assets | 377,544 | 348,562 | |
Insurance contract liabilities, excluding those for account of segregated fund holders | 367,996 | 354,849 | |
Reinsurance contract held liabilities | 2,831 | 2,391 | |
Investment contract liabilities | 11,816 | 10,079 | |
Total other liabilities | 55,129 | 58,482 | |
Insurance contract liabilities for account of segregated fund holders | 114,143 | 110,216 | |
Investment contract liabilities for account of segregated fund holders | 263,401 | 238,346 | |
Consolidating adjustments [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Invested assets | 0 | ||
Insurance contract assets | 0 | ||
Reinsurance contract held assets | 0 | ||
Total other assets | (63,410) | (62,667) | |
Segregated funds net assets | 0 | ||
Insurance contract liabilities, excluding those for account of segregated fund holders | 0 | ||
Reinsurance contract held liabilities | 0 | ||
Investment contract liabilities | 0 | ||
Total other liabilities | (539) | (444) | |
Insurance contract liabilities for account of segregated fund holders | 0 | ||
Investment contract liabilities for account of segregated fund holders | 0 | ||
Manulife Finance (Delaware), L.P.[Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Invested assets | 9 | 21 | |
Insurance contract assets | 0 | ||
Reinsurance contract held assets | 0 | ||
Total other assets | 969 | 950 | |
Segregated funds net assets | 0 | ||
Insurance contract liabilities, excluding those for account of segregated fund holders | 0 | ||
Reinsurance contract held liabilities | 0 | ||
Investment contract liabilities | 0 | ||
Total other liabilities | 718 | $ 712 | |
Insurance contract liabilities for account of segregated fund holders | 0 | ||
Investment contract liabilities for account of segregated fund holders | $ 0 |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Pledged Assets (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt securities [Member] | ||
Disclosure Of Pledged Assets [line items] | ||
Pledged amount | $ 10,939 | $ 13,150 |
Debt securities [Member] | Derivatives [Member] | ||
Disclosure Of Pledged Assets [line items] | ||
Pledged amount | 10,431 | 11,944 |
Debt securities [Member] | Secured borrowings [Member] | ||
Disclosure Of Pledged Assets [line items] | ||
Pledged amount | 0 | |
Debt securities [Member] | Regulatory requirements [Member] | ||
Disclosure Of Pledged Assets [line items] | ||
Pledged amount | 307 | 320 |
Debt securities [Member] | Repurchase agreements [Member] | ||
Disclosure Of Pledged Assets [line items] | ||
Pledged amount | 201 | 886 |
Debt securities [Member] | Non-registered retirement plans in trust [Member] | ||
Disclosure Of Pledged Assets [line items] | ||
Pledged amount | 0 | |
Debt securities [Member] | Other [Member] | ||
Disclosure Of Pledged Assets [line items] | ||
Pledged amount | 0 | |
Other [Member] | ||
Disclosure Of Pledged Assets [line items] | ||
Pledged amount | 2,901 | 3,071 |
Other [Member] | Derivatives [Member] | ||
Disclosure Of Pledged Assets [line items] | ||
Pledged amount | 26 | 23 |
Other [Member] | Secured borrowings [Member] | ||
Disclosure Of Pledged Assets [line items] | ||
Pledged amount | 2,220 | 2,241 |
Other [Member] | Regulatory requirements [Member] | ||
Disclosure Of Pledged Assets [line items] | ||
Pledged amount | 74 | 77 |
Other [Member] | Repurchase agreements [Member] | ||
Disclosure Of Pledged Assets [line items] | ||
Pledged amount | 0 | |
Other [Member] | Non-registered retirement plans in trust [Member] | ||
Disclosure Of Pledged Assets [line items] | ||
Pledged amount | 298 | 326 |
Other [Member] | Other [Member] | ||
Disclosure Of Pledged Assets [line items] | ||
Pledged amount | $ 283 | $ 404 |
Segmented Information - Summary
Segmented Information - Summary of Results by Segments (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Insurance service result | |||
Total insurance service result | $ 3,977 | $ 3,160 | |
Net investment income (loss) | 18,021 | 337 | |
Insurance finance income (expenses) | |||
Total insurance finance income (expenses) | (13,894) | (6,616) | |
Reinsurance finance income (expenses) | |||
Total reinsurance finance income (expenses) | (734) | 309 | |
Decrease (increase) in investment contract liabilities | |||
Decrease (increase) in investment contract liabilities | (435) | (399) | |
Net segregated fund investment result | 0 | 0 | |
Total investment result | 2,958 | (6,369) | |
Other revenue | 6,746 | 6,186 | |
Other expenses | (5,675) | (5,064) | |
Interest expenses | (1,554) | (1,051) | |
Net income (loss) before income taxes | 6,452 | (3,138) | |
Income tax recoveries (expenses) | (845) | 1,159 | |
Net income (loss) | 5,607 | (1,979) | |
Non-controlling interests | 144 | 121 | |
Participating policyholders | 360 | (167) | |
Net income (loss) attributed to shareholders and other equity holders | 5,103 | (1,933) | |
Total assets | 875,574 | 833,689 | $ 928,220 |
Life, health and property and casualty insurance [Member] | |||
Insurance service result | |||
Total insurance service result | 3,827 | 2,890 | |
Insurance finance income (expenses) | |||
Total insurance finance income (expenses) | (12,350) | (5,051) | |
Reinsurance finance income (expenses) | |||
Total reinsurance finance income (expenses) | (360) | 666 | |
Annuities and pensions [Member] | |||
Insurance service result | |||
Total insurance service result | 150 | 270 | |
Insurance finance income (expenses) | |||
Total insurance finance income (expenses) | (1,544) | (1,565) | |
Reinsurance finance income (expenses) | |||
Total reinsurance finance income (expenses) | (374) | (357) | |
Operating segments [Member] | Asia Division [Member] | |||
Insurance service result | |||
Total insurance service result | 1,941 | 1,554 | |
Net investment income (loss) | 7,057 | 1,417 | |
Insurance finance income (expenses) | |||
Total insurance finance income (expenses) | (6,436) | (1,653) | |
Reinsurance finance income (expenses) | |||
Total reinsurance finance income (expenses) | (105) | (64) | |
Decrease (increase) in investment contract liabilities | |||
Decrease (increase) in investment contract liabilities | (38) | (70) | |
Net segregated fund investment result | 0 | 0 | |
Total investment result | 478 | (370) | |
Other revenue | 67 | 56 | |
Other expenses | (231) | (318) | |
Interest expenses | (11) | (12) | |
Net income (loss) before income taxes | 2,244 | 910 | |
Income tax recoveries (expenses) | (440) | (318) | |
Net income (loss) | 1,804 | 592 | |
Non-controlling interests | 141 | 120 | |
Participating policyholders | 315 | (211) | |
Net income (loss) attributed to shareholders and other equity holders | 1,348 | 683 | |
Total assets | 177,623 | 164,605 | |
Operating segments [Member] | Asia Division [Member] | Life, health and property and casualty insurance [Member] | |||
Insurance service result | |||
Total insurance service result | 2,070 | 1,718 | |
Insurance finance income (expenses) | |||
Total insurance finance income (expenses) | (4,970) | 608 | |
Reinsurance finance income (expenses) | |||
Total reinsurance finance income (expenses) | (106) | (61) | |
Operating segments [Member] | Asia Division [Member] | Annuities and pensions [Member] | |||
Insurance service result | |||
Total insurance service result | (129) | (164) | |
Insurance finance income (expenses) | |||
Total insurance finance income (expenses) | (1,466) | (2,261) | |
Reinsurance finance income (expenses) | |||
Total reinsurance finance income (expenses) | 1 | (3) | |
Operating segments [Member] | Canadian Division [Member] | |||
Insurance service result | |||
Total insurance service result | 1,193 | 1,190 | |
Net investment income (loss) | 5,048 | (930) | |
Insurance finance income (expenses) | |||
Total insurance finance income (expenses) | (3,315) | (219) | |
Reinsurance finance income (expenses) | |||
Total reinsurance finance income (expenses) | 57 | (102) | |
Decrease (increase) in investment contract liabilities | |||
Decrease (increase) in investment contract liabilities | (73) | (49) | |
Net segregated fund investment result | 0 | 0 | |
Total investment result | 1,717 | (1,300) | |
Other revenue | 272 | 262 | |
Other expenses | (569) | (573) | |
Interest expenses | (1,004) | (548) | |
Net income (loss) before income taxes | 1,609 | (969) | |
Income tax recoveries (expenses) | (373) | 510 | |
Net income (loss) | 1,236 | (459) | |
Non-controlling interests | 0 | 0 | |
Participating policyholders | 45 | 44 | |
Net income (loss) attributed to shareholders and other equity holders | 1,191 | (503) | |
Total assets | 157,111 | 151,761 | |
Operating segments [Member] | Canadian Division [Member] | Life, health and property and casualty insurance [Member] | |||
Insurance service result | |||
Total insurance service result | 995 | 928 | |
Insurance finance income (expenses) | |||
Total insurance finance income (expenses) | (3,288) | (723) | |
Reinsurance finance income (expenses) | |||
Total reinsurance finance income (expenses) | 58 | (100) | |
Operating segments [Member] | Canadian Division [Member] | Annuities and pensions [Member] | |||
Insurance service result | |||
Total insurance service result | 198 | 262 | |
Insurance finance income (expenses) | |||
Total insurance finance income (expenses) | (27) | 504 | |
Reinsurance finance income (expenses) | |||
Total reinsurance finance income (expenses) | (1) | (2) | |
Operating segments [Member] | US Division [Member] | |||
Insurance service result | |||
Total insurance service result | 607 | 533 | |
Net investment income (loss) | 5,236 | 911 | |
Insurance finance income (expenses) | |||
Total insurance finance income (expenses) | (4,866) | (4,867) | |
Reinsurance finance income (expenses) | |||
Total reinsurance finance income (expenses) | 11 | 642 | |
Decrease (increase) in investment contract liabilities | |||
Decrease (increase) in investment contract liabilities | (148) | (179) | |
Net segregated fund investment result | 0 | 0 | |
Total investment result | 233 | (3,493) | |
Other revenue | 79 | 101 | |
Other expenses | (153) | (136) | |
Interest expenses | (15) | (16) | |
Net income (loss) before income taxes | 751 | (3,011) | |
Income tax recoveries (expenses) | (112) | 695 | |
Net income (loss) | 639 | (2,316) | |
Non-controlling interests | 0 | 0 | |
Participating policyholders | 0 | 0 | |
Net income (loss) attributed to shareholders and other equity holders | 639 | (2,316) | |
Total assets | 244,659 | 244,904 | |
Operating segments [Member] | US Division [Member] | Life, health and property and casualty insurance [Member] | |||
Insurance service result | |||
Total insurance service result | 526 | 361 | |
Insurance finance income (expenses) | |||
Total insurance finance income (expenses) | (4,815) | (5,058) | |
Reinsurance finance income (expenses) | |||
Total reinsurance finance income (expenses) | 385 | 994 | |
Operating segments [Member] | US Division [Member] | Annuities and pensions [Member] | |||
Insurance service result | |||
Total insurance service result | 81 | 172 | |
Insurance finance income (expenses) | |||
Total insurance finance income (expenses) | (51) | 191 | |
Reinsurance finance income (expenses) | |||
Total reinsurance finance income (expenses) | (374) | (352) | |
Operating segments [Member] | Global wealth and asset management [member] | |||
Insurance service result | |||
Total insurance service result | 0 | 0 | |
Net investment income (loss) | (771) | (1,082) | |
Insurance finance income (expenses) | |||
Total insurance finance income (expenses) | 0 | 1 | |
Reinsurance finance income (expenses) | |||
Total reinsurance finance income (expenses) | 0 | 0 | |
Decrease (increase) in investment contract liabilities | |||
Decrease (increase) in investment contract liabilities | (175) | (119) | |
Net segregated fund investment result | 0 | 0 | |
Total investment result | (946) | (1,200) | |
Other revenue | 6,709 | 6,391 | |
Other expenses | (4,252) | (3,893) | |
Interest expenses | (14) | (7) | |
Net income (loss) before income taxes | 1,497 | 1,291 | |
Income tax recoveries (expenses) | (198) | (170) | |
Net income (loss) | 1,299 | 1,121 | |
Non-controlling interests | 2 | 0 | |
Participating policyholders | 0 | 0 | |
Net income (loss) attributed to shareholders and other equity holders | 1,297 | 1,121 | |
Total assets | 257,764 | 231,433 | |
Operating segments [Member] | Global wealth and asset management [member] | Life, health and property and casualty insurance [Member] | |||
Insurance service result | |||
Total insurance service result | 0 | 0 | |
Insurance finance income (expenses) | |||
Total insurance finance income (expenses) | 0 | 0 | |
Reinsurance finance income (expenses) | |||
Total reinsurance finance income (expenses) | 0 | 0 | |
Operating segments [Member] | Global wealth and asset management [member] | Annuities and pensions [Member] | |||
Insurance service result | |||
Total insurance service result | 0 | 0 | |
Insurance finance income (expenses) | |||
Total insurance finance income (expenses) | 0 | 1 | |
Reinsurance finance income (expenses) | |||
Total reinsurance finance income (expenses) | 0 | 0 | |
Corporate and Other [Member] | |||
Insurance service result | |||
Total insurance service result | 236 | (117) | |
Net investment income (loss) | 1,451 | 21 | |
Insurance finance income (expenses) | |||
Total insurance finance income (expenses) | 723 | 122 | |
Reinsurance finance income (expenses) | |||
Total reinsurance finance income (expenses) | (697) | (167) | |
Decrease (increase) in investment contract liabilities | |||
Decrease (increase) in investment contract liabilities | (1) | 18 | |
Net segregated fund investment result | 0 | 0 | |
Total investment result | 1,476 | (6) | |
Other revenue | (381) | (624) | |
Other expenses | (470) | (144) | |
Interest expenses | (510) | (468) | |
Net income (loss) before income taxes | 351 | (1,359) | |
Income tax recoveries (expenses) | 278 | 442 | |
Net income (loss) | 629 | (917) | |
Non-controlling interests | 1 | 1 | |
Participating policyholders | 0 | 0 | |
Net income (loss) attributed to shareholders and other equity holders | 628 | (918) | |
Total assets | 38,417 | 40,986 | |
Corporate and Other [Member] | Life, health and property and casualty insurance [Member] | |||
Insurance service result | |||
Total insurance service result | 236 | (117) | |
Insurance finance income (expenses) | |||
Total insurance finance income (expenses) | 723 | 122 | |
Reinsurance finance income (expenses) | |||
Total reinsurance finance income (expenses) | (697) | (167) | |
Corporate and Other [Member] | Annuities and pensions [Member] | |||
Insurance service result | |||
Total insurance service result | 0 | 0 | |
Insurance finance income (expenses) | |||
Total insurance finance income (expenses) | 0 | 0 | |
Reinsurance finance income (expenses) | |||
Total reinsurance finance income (expenses) | $ 0 | $ 0 |
Segmented Information - Summa_2
Segmented Information - Summary of Results by Geographic Location (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Insurance service result | ||
Total insurance service result | $ 3,977 | $ 3,160 |
Net investment income (loss) | 18,021 | 337 |
Insurance finance income (expense) | ||
Total insurance finance income (expenses) | (13,894) | (6,616) |
Reinsurance finance income (expense) | ||
Total insurance finance income (expenses) | (734) | 309 |
Decrease (increase) in investment contract liabilities | ||
Decrease (increase) in investment contract liabilities | (435) | (399) |
Net segregated fund investment result | 0 | 0 |
Total investment result | 2,958 | (6,369) |
Other revenue | 6,746 | 6,186 |
Life, health and property and casualty insurance [Member] | ||
Insurance service result | ||
Total insurance service result | 3,827 | 2,890 |
Insurance finance income (expense) | ||
Total insurance finance income (expenses) | (12,350) | (5,051) |
Reinsurance finance income (expense) | ||
Total insurance finance income (expenses) | (360) | 666 |
Annuities and pensions [Member] | ||
Insurance service result | ||
Total insurance service result | 150 | 270 |
Insurance finance income (expense) | ||
Total insurance finance income (expenses) | (1,544) | (1,565) |
Reinsurance finance income (expense) | ||
Total insurance finance income (expenses) | (374) | (357) |
Asia [Member] | ||
Insurance service result | ||
Total insurance service result | 1,959 | 1,709 |
Net investment income (loss) | 7,259 | 1,264 |
Insurance finance income (expense) | ||
Total insurance finance income (expenses) | (6,437) | (1,654) |
Reinsurance finance income (expense) | ||
Total insurance finance income (expenses) | (120) | (77) |
Decrease (increase) in investment contract liabilities | ||
Decrease (increase) in investment contract liabilities | (220) | (126) |
Net segregated fund investment result | 0 | 0 |
Total investment result | 482 | (593) |
Other revenue | 1,332 | 1,294 |
Asia [Member] | Life, health and property and casualty insurance [Member] | ||
Insurance service result | ||
Total insurance service result | 2,087 | 1,873 |
Insurance finance income (expense) | ||
Total insurance finance income (expenses) | (4,971) | 607 |
Reinsurance finance income (expense) | ||
Total insurance finance income (expenses) | (121) | (74) |
Asia [Member] | Annuities and pensions [Member] | ||
Insurance service result | ||
Total insurance service result | (128) | (164) |
Insurance finance income (expense) | ||
Total insurance finance income (expenses) | (1,466) | (2,261) |
Reinsurance finance income (expense) | ||
Total insurance finance income (expenses) | 1 | (3) |
Canada [member] | ||
Insurance service result | ||
Total insurance service result | 1,179 | 1,171 |
Net investment income (loss) | 5,724 | (1,061) |
Insurance finance income (expense) | ||
Total insurance finance income (expenses) | (2,633) | (74) |
Reinsurance finance income (expense) | ||
Total insurance finance income (expenses) | (624) | (256) |
Decrease (increase) in investment contract liabilities | ||
Decrease (increase) in investment contract liabilities | (130) | (79) |
Net segregated fund investment result | 0 | 0 |
Total investment result | 2,337 | (1,470) |
Other revenue | 2,147 | 2,044 |
Canada [member] | Life, health and property and casualty insurance [Member] | ||
Insurance service result | ||
Total insurance service result | 981 | 909 |
Insurance finance income (expense) | ||
Total insurance finance income (expenses) | (2,606) | (578) |
Reinsurance finance income (expense) | ||
Total insurance finance income (expenses) | (623) | (254) |
Canada [member] | Annuities and pensions [Member] | ||
Insurance service result | ||
Total insurance service result | 198 | 262 |
Insurance finance income (expense) | ||
Total insurance finance income (expenses) | (27) | 504 |
Reinsurance finance income (expense) | ||
Total insurance finance income (expenses) | (1) | (2) |
U.S. [member] | ||
Insurance service result | ||
Total insurance service result | 591 | 380 |
Net investment income (loss) | 4,975 | (189) |
Insurance finance income (expense) | ||
Total insurance finance income (expenses) | (4,844) | (4,896) |
Reinsurance finance income (expense) | ||
Total insurance finance income (expenses) | 10 | 642 |
Decrease (increase) in investment contract liabilities | ||
Decrease (increase) in investment contract liabilities | (79) | (194) |
Net segregated fund investment result | 0 | 0 |
Total investment result | 62 | (4,637) |
Other revenue | 3,239 | 2,907 |
U.S. [member] | Life, health and property and casualty insurance [Member] | ||
Insurance service result | ||
Total insurance service result | 511 | 208 |
Insurance finance income (expense) | ||
Total insurance finance income (expenses) | (4,793) | (5,088) |
Reinsurance finance income (expense) | ||
Total insurance finance income (expenses) | 384 | 994 |
U.S. [member] | Annuities and pensions [Member] | ||
Insurance service result | ||
Total insurance service result | 80 | 172 |
Insurance finance income (expense) | ||
Total insurance finance income (expenses) | (51) | 192 |
Reinsurance finance income (expense) | ||
Total insurance finance income (expenses) | (374) | (352) |
Other [Member] | ||
Insurance service result | ||
Total insurance service result | 248 | (100) |
Net investment income (loss) | 63 | 323 |
Insurance finance income (expense) | ||
Total insurance finance income (expenses) | 20 | 8 |
Reinsurance finance income (expense) | ||
Total insurance finance income (expenses) | 0 | 0 |
Decrease (increase) in investment contract liabilities | ||
Decrease (increase) in investment contract liabilities | (6) | 0 |
Net segregated fund investment result | 0 | 0 |
Total investment result | 77 | 331 |
Other revenue | 28 | (59) |
Other [Member] | Life, health and property and casualty insurance [Member] | ||
Insurance service result | ||
Total insurance service result | 248 | (100) |
Insurance finance income (expense) | ||
Total insurance finance income (expenses) | 20 | 8 |
Reinsurance finance income (expense) | ||
Total insurance finance income (expenses) | 0 | 0 |
Other [Member] | Annuities and pensions [Member] | ||
Insurance service result | ||
Total insurance service result | 0 | 0 |
Insurance finance income (expense) | ||
Total insurance finance income (expenses) | 0 | 0 |
Reinsurance finance income (expense) | ||
Total insurance finance income (expenses) | $ 0 | $ 0 |
Related Parties - Summary of Co
Related Parties - Summary of Compensation of Key Management Personnel (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Compensation Of Key Management Personnel [abstract] | ||
Short-term employee benefits | $ 83 | $ 73 |
Post-employment benefits | 6 | 6 |
Share-based payments | 73 | 73 |
Termination benefits | 3 | 0 |
Other long-term benefits | 3 | 3 |
Total | $ 168 | $ 155 |
Subsidiaries - Summary of Direc
Subsidiaries - Summary of Directly and Indirectly Held Major Operating Subsidiaries (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2023 CAD ($) | |
Disclosure of subsidiaries [Line Items] | |
Equity interest | $ 0 |
The Manufacturers Life Insurance Company [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | The Manufacturers Life Insurance Company |
Equity interest | $ 58,655 |
Address | Toronto, Canada |
Description | A leading financial services group with principal operations in Asia, Canada and the United States that offers a diverse range of financial protection products and wealth management services |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
Manulife Holdings (Alberta) Limited [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Manulife Holdings (Alberta) Limited |
Equity interest | $ 18,489 |
Address | Calgary, Canada |
Description | Holding company |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
John Hancock Financial Corporation [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | John Hancock Financial Corporation |
Address | Boston, U.S.A. |
Description | Holding company |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
The Manufacturers Investment Corporation [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | The Manufacturers Investment Corporation |
Address | Boston, U.S.A. |
Description | Holding company |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
John Hancock Reassurance Company Ltd. [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | John Hancock Reassurance Company Ltd. |
Address | Boston, 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% |
Percentage of voting rights held in subsidiary | 100% |
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, U.S.A. |
Description | U.S. life insurance company licensed in all states, except New York |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
John Hancock Subsidiaries LLC [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | John Hancock Subsidiaries LLC |
Address | Boston, U.S.A. |
Description | Holding company |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
John Hancock Financial Network, Inc. [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | John Hancock Financial Network, Inc. |
Address | Boston, U.S.A. |
Description | Financial services distribution organization |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
John Hancock Investment Management LLC [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | John Hancock Investment Management LLC |
Address | Boston, U.S.A. |
Description | Investment advisor |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
John Hancock Investment Management Distributors LLC [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | John Hancock Investment Management Distributors LLC |
Address | Boston, U.S.A. |
Description | Broker-dealer |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
Manulife Investment Management (US) LLC [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Manulife Investment Management (US) LLC |
Address | Boston, U.S.A. |
Description | Investment advisor |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
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, U.S.A. |
Description | Manager of globally diversified timberland and agricultural portfolios |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
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% |
Percentage of voting rights held in subsidiary | 100% |
John Hancock Variable Trust Advisers LLC [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | John Hancock Variable Trust Advisers LLC |
Address | Boston, U.S.A. |
Description | Investment advisor for open-end mutual funds |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
John Hancock Life & Health Insurance Company [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | John Hancock Life & Health Insurance Company |
Address | Boston, U.S.A. |
Description | U.S. life insurance company licensed in all states |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
John Hancock Distributors LLC [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | John Hancock Distributors LLC |
Address | Boston, U.S.A. |
Description | Broker-dealer |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
John Hancock Insurance Agency, Inc. [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | John Hancock Insurance Agency, Inc. |
Address | Boston, U.S.A. |
Description | Insurance agency |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
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% |
Percentage of voting rights held in subsidiary | 100% |
Manulife Reinsurance (Bermuda) Limited [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Manulife Reinsurance (Bermuda) Limited |
Address | Hamilton, Bermuda |
Description | Provides life and financial reinsurance to affiliates |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
Manulife Bank of Canada [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Manulife Bank of Canada |
Equity interest | $ 1,793 |
Address | Waterloo, Canada |
Description | Provides integrated banking products and service options not available from an insurance company |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
Manulife Investment Management Holdings (Canada) Inc. [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Manulife Investment Management Holdings (Canada) Inc. |
Equity interest | $ 1,318 |
Address | Toronto, Canada |
Description | Holding company |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
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% |
Percentage of voting rights held in subsidiary | 100% |
First North American Insurance Company [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | First North American Insurance Company |
Equity interest | $ 7 |
Address | Toronto, Canada |
Description | Property and casualty insurance company |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
Manulife Securities Investment Services Inc. [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Manulife Securities Investment Services Inc. |
Equity interest | $ 84 |
Address | Oakville, Canada |
Description | Mutual fund dealer for Canadian operations |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
Manulife Holdings (Bermuda) Limited [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Manulife Holdings (Bermuda) Limited |
Equity interest | $ 20,695 |
Address | Hamilton, Bermuda |
Description | Holding company |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
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% |
Percentage of voting rights held in subsidiary | 100% |
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% |
Percentage of voting rights held in subsidiary | 100% |
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% |
Percentage of voting rights held in subsidiary | 100% |
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% |
Percentage of voting rights held in subsidiary | 100% |
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% |
Percentage of voting rights held in subsidiary | 100% |
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% |
Percentage of voting rights held in subsidiary | 100% |
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% |
Percentage of voting rights held in subsidiary | 100% |
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% |
Percentage of voting rights held in subsidiary | 100% |
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% |
Percentage of voting rights held in subsidiary | 100% |
Manulife-Sinochem Life Insurance Co. Ltd. [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Manulife-Sinochem Life Insurance Co. Ltd. (51%) |
Address | Shanghai, China |
Description | Life insurance company |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
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% |
Percentage of voting rights held in subsidiary | 100% |
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% |
Percentage of voting rights held in subsidiary | 100% |
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% |
Percentage of voting rights held in subsidiary | 100% |
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% |
Percentage of voting rights held in subsidiary | 100% |
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% |
Percentage of voting rights held in subsidiary | 100% |
Manulife Holdings Berhad [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Manulife Holdings Berhad (62.0%) |
Address | Kuala Lumpur, Malaysia |
Description | Holding company |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
Manulife Insurance Berhad [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Manulife Insurance Berhad (62.0%) |
Address | Kuala Lumpur, Malaysia |
Description | Life insurance company |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
Manulife Investment Management (Malaysia) Berhad [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Manulife Investment Management (Malaysia) Berhad (62.0%) |
Address | Kuala Lumpur, Malaysia |
Description | Asset management company |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
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% |
Percentage of voting rights held in subsidiary | 100% |
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% |
Percentage of voting rights held in subsidiary | 100% |
Manulife Fund Management Co Ltd [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Manulife Fund Management Co., Ltd. |
Address | Beijing, China |
Description | Mutual fund company in China |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
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% |
Percentage of voting rights held in subsidiary | 100% |
Manulife Chinabank Life Assurance Corporation [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Manulife Chinabank Life Assurance Corporation (60%) |
Address | Makati City, Philippines |
Description | Life insurance company |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
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% |
Percentage of voting rights held in subsidiary | 100% |
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% |
Percentage of voting rights held in subsidiary | 100% |
Manulife Investment Management (Europe) Limited [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Manulife Investment Management (Europe) Limited |
Equity interest | $ 42 |
Address | London, England |
Description | Investment management company providing advisory services for Manulife Investment Management’s funds, internationally |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
Manulife Assurance Company of Canada [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Manulife Assurance Company of Canada |
Equity interest | $ 66 |
Address | Toronto, Canada |
Description | Life insurance company |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
EIS Services Bermuda Limited [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | EIS Services (Bermuda) Limited |
Equity interest | $ 1,028 |
Address | Hamilton, Bermuda |
Description | Investment holding company |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
Berkshire Insurance Services Inc [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Berkshire Insurance Services Inc. |
Equity interest | $ 1,968 |
Address | Toronto, Canada |
Description | Investment holding company |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
JH Investments (Delaware) LLC [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | JH Investments (Delaware) LLC |
Address | Boston, U.S.A. |
Description | Investment holding company |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
Manulife Securities Incorporated [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Manulife Securities Incorporated |
Equity interest | $ 213 |
Address | Oakville, Canada |
Description | Investment dealer |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
Manulife Investment Management (North America) Limited [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Manulife Investment Management (North America) Limited |
Equity interest | $ 4 |
Address | Toronto, Canada |
Description | Investment advisor |
Percentage of ownership interest in subsidiary | 100% |
Percentage of voting rights held in subsidiary | 100% |
Segregated Funds - Additional I
Segregated Funds - Additional Information (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of subsidiaries [abstract] | ||
Guarantees included in insurance contract liabilities | $ 2,675 | $ 3,496 |
Guarantees reinsurance contracts | $ 980 | $ 1,249 |
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, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Assets | |||
Invested assets | $ 417,210 | $ 400,142 | $ 428,103 |
Investments in unconsolidated subsidiaries | 0 | ||
Insurance contract assets | 145 | 673 | 972 |
Reinsurance contract held assets | 42,651 | 45,871 | 52,829 |
Other assets | 38,024 | 38,441 | |
Segregated funds net assets | 377,544 | 348,562 | 399,788 |
Total assets | 875,574 | 833,689 | 928,220 |
Liabilities and equity | |||
Insurance contract liabilities, excluding those for account of segregated fund holders | 367,996 | 354,849 | |
Reinsurance contract held liabilities | 2,831 | 2,391 | 2,079 |
Investment contract liabilities | 11,816 | 10,079 | 10,064 |
Other liabilities | 53,922 | 57,226 | |
Long-term debt | 6,071 | 6,234 | 4,882 |
Capital instruments | 6,667 | 6,122 | 6,980 |
Insurance contract liabilities for account of segregated fund holders | 114,143 | 110,216 | |
Investment contract liabilities for account of segregated fund holders | 263,401 | 238,346 | |
Shareholders' and other equity | 47,039 | 46,876 | 45,355 |
Participating policyholders' equity | 257 | (77) | 101 |
Non-controlling interests | 1,431 | 1,427 | 1,436 |
Total liabilities and equity | 875,574 | 833,689 | $ 928,220 |
MFC (Guarantor) [Member] | |||
Assets | |||
Invested assets | 86 | 63 | |
Investments in unconsolidated subsidiaries | 58,694 | 58,024 | |
Insurance contract assets | 0 | ||
Reinsurance contract held assets | 0 | ||
Other assets | 329 | 333 | |
Segregated funds net assets | 0 | ||
Total assets | 59,109 | 58,420 | |
Liabilities and equity | |||
Insurance contract liabilities, excluding those for account of segregated fund holders | 0 | ||
Reinsurance contract held liabilities | 0 | ||
Investment contract liabilities | 0 | ||
Other liabilities | 573 | 450 | |
Long-term debt | 6,071 | 6,234 | |
Capital instruments | 5,426 | 4,860 | |
Insurance contract liabilities for account of segregated fund holders | 0 | ||
Investment contract liabilities for account of segregated fund holders | 0 | ||
Shareholders' and other equity | 47,039 | 46,876 | |
Participating policyholders' equity | 0 | ||
Non-controlling interests | 0 | ||
Total liabilities and equity | 59,109 | 58,420 | |
JHUSA (Issuer) [Member] | |||
Assets | |||
Invested assets | 109,433 | 109,332 | |
Investments in unconsolidated subsidiaries | 8,674 | 8,584 | |
Insurance contract assets | 0 | ||
Reinsurance contract held assets | 42,418 | 44,849 | |
Other assets | 8,731 | 8,899 | |
Segregated funds net assets | 188,067 | 173,417 | |
Total assets | 357,323 | 345,081 | |
Liabilities and equity | |||
Insurance contract liabilities, excluding those for account of segregated fund holders | 145,589 | 147,440 | |
Reinsurance contract held liabilities | 0 | ||
Investment contract liabilities | 3,487 | 2,585 | |
Other liabilities | 5,869 | 7,206 | |
Long-term debt | 0 | ||
Capital instruments | 594 | 614 | |
Insurance contract liabilities for account of segregated fund holders | 51,719 | 49,947 | |
Investment contract liabilities for account of segregated fund holders | 136,348 | 123,470 | |
Shareholders' and other equity | 13,773 | 13,865 | |
Participating policyholders' equity | (56) | (46) | |
Non-controlling interests | 0 | ||
Total liabilities and equity | 357,323 | 345,081 | |
Other subsidiaries [Member] | |||
Assets | |||
Invested assets | 307,930 | 291,266 | |
Investments in unconsolidated subsidiaries | 17,916 | 18,018 | |
Insurance contract assets | 217 | 739 | |
Reinsurance contract held assets | 10,380 | 11,215 | |
Other assets | 32,700 | 33,082 | |
Segregated funds net assets | 191,241 | 177,361 | |
Total assets | 560,384 | 531,681 | |
Liabilities and equity | |||
Insurance contract liabilities, excluding those for account of segregated fund holders | 232,972 | 217,942 | |
Reinsurance contract held liabilities | 2,831 | 2,391 | |
Investment contract liabilities | 8,928 | 8,207 | |
Other liabilities | 51,266 | 53,186 | |
Long-term debt | 0 | ||
Capital instruments | 647 | 648 | |
Insurance contract liabilities for account of segregated fund holders | 62,424 | 60,269 | |
Investment contract liabilities for account of segregated fund holders | 128,817 | 117,092 | |
Shareholders' and other equity | 70,755 | 70,550 | |
Participating policyholders' equity | 313 | (31) | |
Non-controlling interests | 1,431 | 1,427 | |
Total liabilities and equity | 560,384 | 531,681 | |
Consolidation adjustments [Member] | |||
Assets | |||
Invested assets | (239) | (519) | |
Investments in unconsolidated subsidiaries | (85,284) | (84,626) | |
Insurance contract assets | (72) | (66) | |
Reinsurance contract held assets | (10,147) | (10,193) | |
Other assets | (3,736) | (3,873) | |
Segregated funds net assets | (1,764) | (2,216) | |
Total assets | (101,242) | (101,493) | |
Liabilities and equity | |||
Insurance contract liabilities, excluding those for account of segregated fund holders | (10,565) | (10,533) | |
Reinsurance contract held liabilities | 0 | ||
Investment contract liabilities | (599) | (713) | |
Other liabilities | (3,786) | (3,616) | |
Long-term debt | 0 | ||
Capital instruments | 0 | ||
Insurance contract liabilities for account of segregated fund holders | 0 | ||
Investment contract liabilities for account of segregated fund holders | (1,764) | (2,216) | |
Shareholders' and other equity | (84,528) | (84,415) | |
Participating policyholders' equity | 0 | ||
Non-controlling interests | 0 | ||
Total liabilities and equity | $ (101,242) | $ (101,493) |
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, 2023 | Dec. 31, 2022 | |
Insurance service result | ||
Insurance revenue | $ 23,972 | $ 23,118 |
Insurance service expenses | (19,382) | (19,335) |
Net expenses from reinsurance contracts held | (613) | (623) |
Total insurance service result | 3,977 | 3,160 |
Investment result | ||
Net investment income (loss) | 18,021 | 337 |
Insurance/reinsurance finance income (expenses) | (14,628) | (6,307) |
Other investment result | (435) | (399) |
Total investment result | 2,958 | (6,369) |
Other revenue | 6,746 | 6,186 |
Other expenses | (5,675) | (5,064) |
Interest expenses | (1,554) | (1,051) |
Net income (loss) before income taxes | 6,452 | (3,138) |
Income tax (expenses) recoveries | (845) | 1,159 |
Net income (loss) after income taxes | 5,607 | (1,979) |
Equity in net income (loss) of unconsolidated subsidiaries | 0 | |
Net income (loss) | 5,607 | (1,979) |
Net income (loss) attributed to: | ||
Non-controlling interests | 144 | 121 |
Participating policyholders | 360 | (167) |
Shareholders and other equity holders | 5,103 | (1,933) |
Net income | 5,607 | (1,979) |
Consolidation adjustments [Member] | ||
Insurance service result | ||
Insurance revenue | (1,640) | (1,588) |
Insurance service expenses | 1,741 | 3,734 |
Net expenses from reinsurance contracts held | (123) | (334) |
Total insurance service result | (22) | 1,812 |
Investment result | ||
Net investment income (loss) | (1,028) | (945) |
Insurance/reinsurance finance income (expenses) | 88 | (1,606) |
Other investment result | (103) | (9) |
Total investment result | (1,043) | (2,560) |
Other revenue | (442) | (464) |
Other expenses | 268 | 274 |
Interest expenses | 1,239 | 938 |
Net income (loss) before income taxes | 0 | |
Income tax (expenses) recoveries | 0 | |
Net income (loss) after income taxes | 0 | |
Equity in net income (loss) of unconsolidated subsidiaries | (6,552) | 2,110 |
Net income (loss) | (6,552) | 2,110 |
Net income (loss) attributed to: | ||
Non-controlling interests | 0 | |
Participating policyholders | 74 | 75 |
Shareholders and other equity holders | (6,626) | 2,035 |
Net income | (6,552) | 2,110 |
MFC (Guarantor) [Member] | ||
Insurance service result | ||
Insurance revenue | 0 | |
Insurance service expenses | 0 | |
Net expenses from reinsurance contracts held | 0 | |
Total insurance service result | 0 | |
Investment result | ||
Net investment income (loss) | 638 | 554 |
Insurance/reinsurance finance income (expenses) | 0 | |
Other investment result | 0 | |
Total investment result | 638 | 554 |
Other revenue | 14 | (36) |
Other expenses | (55) | (42) |
Interest expenses | (433) | (439) |
Net income (loss) before income taxes | 164 | 37 |
Income tax (expenses) recoveries | 7 | 32 |
Net income (loss) after income taxes | 171 | 69 |
Equity in net income (loss) of unconsolidated subsidiaries | 4,932 | (2,002) |
Net income (loss) | 5,103 | (1,933) |
Net income (loss) attributed to: | ||
Non-controlling interests | 0 | |
Participating policyholders | 0 | |
Shareholders and other equity holders | 5,103 | (1,933) |
Net income | 5,103 | (1,933) |
JHUSA (Issuer) [Member] | ||
Insurance service result | ||
Insurance revenue | 9,858 | 9,946 |
Insurance service expenses | (8,928) | (10,652) |
Net expenses from reinsurance contracts held | (315) | (570) |
Total insurance service result | 615 | (1,276) |
Investment result | ||
Net investment income (loss) | 4,232 | (53) |
Insurance/reinsurance finance income (expenses) | (4,723) | (325) |
Other investment result | 100 | 36 |
Total investment result | (391) | (342) |
Other revenue | 790 | 505 |
Other expenses | (1,112) | (841) |
Interest expenses | (79) | (54) |
Net income (loss) before income taxes | (177) | (2,008) |
Income tax (expenses) recoveries | 175 | 624 |
Net income (loss) after income taxes | (2) | (1,384) |
Equity in net income (loss) of unconsolidated subsidiaries | 811 | 638 |
Net income (loss) | 809 | (746) |
Net income (loss) attributed to: | ||
Non-controlling interests | 0 | |
Participating policyholders | (74) | (530) |
Shareholders and other equity holders | 883 | (216) |
Net income | 809 | (746) |
Other subsidiaries [Member] | ||
Insurance service result | ||
Insurance revenue | 15,754 | 14,760 |
Insurance service expenses | (12,195) | (12,417) |
Net expenses from reinsurance contracts held | (175) | 281 |
Total insurance service result | 3,384 | 2,624 |
Investment result | ||
Net investment income (loss) | 14,179 | 781 |
Insurance/reinsurance finance income (expenses) | (9,993) | (4,376) |
Other investment result | (432) | (426) |
Total investment result | 3,754 | (4,021) |
Other revenue | 6,384 | 6,181 |
Other expenses | (4,776) | (4,455) |
Interest expenses | (2,281) | (1,496) |
Net income (loss) before income taxes | 6,465 | (1,167) |
Income tax (expenses) recoveries | (1,027) | 503 |
Net income (loss) after income taxes | 5,438 | (664) |
Equity in net income (loss) of unconsolidated subsidiaries | 809 | (746) |
Net income (loss) | 6,247 | (1,410) |
Net income (loss) attributed to: | ||
Non-controlling interests | 144 | 121 |
Participating policyholders | 360 | 288 |
Shareholders and other equity holders | 5,743 | (1,819) |
Net income | $ 6,247 | $ (1,410) |
Information Provided in Conne_5
Information Provided in Connection with Investments in Deferred Annuity Contracts and SignatureNotes Issued or Assumed by John Hancock Life Insurance Company (U.S.A.) - Consolidated Statement of Cash Flows (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating activities | ||
Net income (loss) | $ 5,607 | $ (1,979) |
Adjustments: | ||
Equity in net income of unconsolidated subsidiaries | 0 | |
Increase (decrease) in net insurance contract liabilities | 10,697 | 5,016 |
Increase (decrease) in investment contract liabilities | 435 | 399 |
(Increase) decrease in reinsurance contract assets, excluding reinsurance transactions | 974 | 710 |
Amortization of (premium) discount on invested assets | (141) | (131) |
Contractual service margin ("CSM") amortization | (1,998) | (1,993) |
Other amortization | 581 | 519 |
Net realized and unrealized (gains) losses and impairment on assets | (2,845) | 13,660 |
Gain on U.S. variable annuity reinsurance transaction (pre-tax) | (1,070) | |
Gain on derecognition of Joint Venture interest during Manulife TEDA acquisition (pre-tax) | (95) | |
Deferred income tax expenses (recoveries) | 470 | (1,994) |
Stock option expense | 2 | 5 |
Cash provided by operating activities before undernoted items | 13,782 | 13,047 |
Dividends from unconsolidated subsidiaries | 0 | |
Changes in policy related and operating receivables and payables | 6,641 | 4,958 |
Cash decrease due to U.S. variable annuity reinsurance transaction | (1,377) | |
Cash provided by (used in) operating activities | 20,423 | 16,628 |
Investing activities | ||
Purchases and mortgage advances | (84,021) | (111,558) |
Disposals and repayments | 70,281 | 93,407 |
Changes in investment broker net receivables and payables | 21 | (67) |
Net cash increase (decrease) from sale (purchase) of subsidiaries | (1) | (182) |
Investment in common shares of subsidiaries | 0 | |
Capital contribution to unconsolidated subsidiaries | 0 | |
Return of capital from unconsolidated subsidiaries | 0 | |
Notes receivable from parent | 0 | |
Notes receivable from subsidiaries | 0 | |
Cash provided by (used in) investing activities | (13,720) | (18,400) |
Financing activities | ||
Change in repurchase agreements and securities sold but not yet purchased | (693) | 346 |
Issue of capital instruments, net | 1,194 | 0 |
Issue of long-term debt, net | 946 | |
Redemption of capital instruments | (600) | (1,000) |
Secured borrowing from securitization transactions | 537 | 437 |
Changes in deposits from Bank clients, net | (895) | 1,703 |
Lease payments | (98) | (120) |
Shareholders' dividends and other equity distributions | (2,972) | (2,787) |
Dividends paid to parent | 0 | |
Common shares repurchased | (1,595) | (1,884) |
Common shares issued, net | 94 | 23 |
Preferred shares and other equity issued, net | 990 | |
Preferred shares redeemed, net | (711) | |
Contributions from (distributions to) non-controlling interests, net | (14) | (51) |
Capital contributions by parent | 0 | |
Return of capital to parent | 0 | |
Notes payable to parent | 0 | |
Notes payable to subsidiaries | 0 | |
Cash provided by (used in) financing activities | (5,042) | (2,108) |
Increase (decrease) during the year | 1,661 | (3,880) |
Effect of foreign exchange rate changes on cash and short-term securities | (412) | 585 |
Net cash and short-term securities, beginning of year | 18,635 | 21,930 |
Net cash and short-term securities, end of year | 19,884 | 18,635 |
Cash and short-term securities | ||
Gross cash and short-term securities, beginning of year | 19,153 | 22,594 |
Net payments in transit, included in other liabilities, beginning of year | (518) | (664) |
Net cash and short-term securities, beginning of year | 18,635 | 21,930 |
Gross cash and short-term securities, end of year | 20,338 | 19,153 |
Net payments in transit, included in other liabilities, end of year | (454) | (518) |
Net cash and short-term securities, end of year | 19,884 | 18,635 |
Supplemental disclosures on cash flow information: | ||
Interest received | 12,768 | 11,873 |
Interest paid | 1,548 | 955 |
Income taxes paid (refund) | 436 | 1,238 |
MFC (Guarantor) [Member] | ||
Operating activities | ||
Net income (loss) | 5,103 | (1,933) |
Adjustments: | ||
Equity in net income of unconsolidated subsidiaries | (4,932) | 2,002 |
Increase (decrease) in net insurance contract liabilities | 0 | |
Increase (decrease) in investment contract liabilities | 0 | |
(Increase) decrease in reinsurance contract assets, excluding reinsurance transactions | 0 | |
Amortization of (premium) discount on invested assets | 0 | |
Contractual service margin ("CSM") amortization | 0 | |
Other amortization | 10 | 9 |
Net realized and unrealized (gains) losses and impairment on assets | 3 | (36) |
Deferred income tax expenses (recoveries) | (11) | (33) |
Stock option expense | 0 | |
Cash provided by operating activities before undernoted items | 173 | 9 |
Dividends from unconsolidated subsidiaries | 5,600 | 6,200 |
Changes in policy related and operating receivables and payables | (4) | 44 |
Cash provided by (used in) operating activities | 5,769 | 6,253 |
Investing activities | ||
Purchases and mortgage advances | 0 | |
Disposals and repayments | 0 | 1 |
Changes in investment broker net receivables and payables | 0 | |
Net cash increase (decrease) from sale (purchase) of subsidiaries | 0 | |
Investment in common shares of subsidiaries | (1,843) | (2,479) |
Capital contribution to unconsolidated subsidiaries | 0 | |
Return of capital from unconsolidated subsidiaries | 0 | |
Notes receivable from parent | 0 | |
Notes receivable from subsidiaries | (25) | 46 |
Cash provided by (used in) investing activities | (1,868) | (2,432) |
Financing activities | ||
Change in repurchase agreements and securities sold but not yet purchased | 0 | |
Issue of capital instruments, net | 1,194 | |
Issue of long-term debt, net | 946 | |
Redemption of capital instruments | (600) | |
Secured borrowing from securitization transactions | 0 | |
Changes in deposits from Bank clients, net | 0 | |
Lease payments | 0 | |
Shareholders' dividends and other equity distributions | (2,972) | (2,787) |
Dividends paid to parent | 0 | |
Common shares repurchased | (1,595) | (1,884) |
Common shares issued, net | 94 | 23 |
Preferred shares and other equity issued, net | 990 | |
Preferred shares redeemed, net | (711) | |
Contributions from (distributions to) non-controlling interests, net | 0 | |
Capital contributions by parent | 0 | |
Return of capital to parent | 0 | |
Notes payable to parent | 0 | |
Notes payable to subsidiaries | 4 | (415) |
Cash provided by (used in) financing activities | (3,875) | (3,838) |
Increase (decrease) during the year | 26 | (17) |
Effect of foreign exchange rate changes on cash and short-term securities | (3) | 2 |
Net cash and short-term securities, beginning of year | 63 | 78 |
Net cash and short-term securities, end of year | 86 | 63 |
Cash and short-term securities | ||
Gross cash and short-term securities, beginning of year | 63 | 78 |
Net payments in transit, included in other liabilities, beginning of year | 0 | |
Net cash and short-term securities, beginning of year | 63 | 78 |
Gross cash and short-term securities, end of year | 86 | 63 |
Net payments in transit, included in other liabilities, end of year | 0 | 0 |
Net cash and short-term securities, end of year | 86 | 63 |
Supplemental disclosures on cash flow information: | ||
Interest received | 650 | 512 |
Interest paid | 418 | 424 |
Income taxes paid (refund) | 2 | |
JHUSA (Issuer) [Member] | ||
Operating activities | ||
Net income (loss) | 809 | (746) |
Adjustments: | ||
Equity in net income of unconsolidated subsidiaries | (811) | (638) |
Increase (decrease) in net insurance contract liabilities | 455 | 2,051 |
Increase (decrease) in investment contract liabilities | (112) | (111) |
(Increase) decrease in reinsurance contract assets, excluding reinsurance transactions | 28 | 2 |
Amortization of (premium) discount on invested assets | 30 | 33 |
Contractual service margin ("CSM") amortization | (455) | (578) |
Other amortization | 147 | 156 |
Net realized and unrealized (gains) losses and impairment on assets | 471 | 4,854 |
Gain on U.S. variable annuity reinsurance transaction (pre-tax) | (1,026) | |
Deferred income tax expenses (recoveries) | (141) | (354) |
Stock option expense | (3) | (3) |
Cash provided by operating activities before undernoted items | 418 | 3,640 |
Dividends from unconsolidated subsidiaries | 386 | 399 |
Changes in policy related and operating receivables and payables | (649) | 1,644 |
Cash decrease due to U.S. variable annuity reinsurance transaction | (1,263) | |
Cash provided by (used in) operating activities | 155 | 4,420 |
Investing activities | ||
Purchases and mortgage advances | (15,165) | (28,685) |
Disposals and repayments | 16,159 | 23,429 |
Changes in investment broker net receivables and payables | 12 | (11) |
Net cash increase (decrease) from sale (purchase) of subsidiaries | 0 | |
Investment in common shares of subsidiaries | 0 | |
Capital contribution to unconsolidated subsidiaries | (1) | (1) |
Return of capital from unconsolidated subsidiaries | 5 | 19 |
Notes receivable from parent | 0 | |
Notes receivable from subsidiaries | 0 | (7) |
Cash provided by (used in) investing activities | 1,010 | (5,256) |
Financing activities | ||
Change in repurchase agreements and securities sold but not yet purchased | 0 | |
Issue of capital instruments, net | 0 | |
Redemption of capital instruments | 0 | |
Secured borrowing from securitization transactions | 0 | |
Changes in deposits from Bank clients, net | 0 | |
Lease payments | (3) | (5) |
Shareholders' dividends and other equity distributions | 0 | |
Dividends paid to parent | 679 | (734) |
Common shares repurchased | 0 | |
Common shares issued, net | 0 | |
Contributions from (distributions to) non-controlling interests, net | 0 | |
Capital contributions by parent | 0 | |
Return of capital to parent | 0 | |
Notes payable to parent | 0 | |
Notes payable to subsidiaries | 0 | |
Cash provided by (used in) financing activities | 676 | (739) |
Increase (decrease) during the year | 1,841 | (1,575) |
Effect of foreign exchange rate changes on cash and short-term securities | (52) | 225 |
Net cash and short-term securities, beginning of year | 2,215 | 3,565 |
Net cash and short-term securities, end of year | 4,004 | 2,215 |
Cash and short-term securities | ||
Gross cash and short-term securities, beginning of year | 2,614 | 4,087 |
Net payments in transit, included in other liabilities, beginning of year | (399) | (522) |
Net cash and short-term securities, beginning of year | 2,215 | 3,565 |
Gross cash and short-term securities, end of year | 4,329 | 2,614 |
Net payments in transit, included in other liabilities, end of year | (325) | (399) |
Net cash and short-term securities, end of year | 4,004 | 2,215 |
Supplemental disclosures on cash flow information: | ||
Interest received | 3,369 | 3,850 |
Interest paid | 115 | 84 |
Income taxes paid (refund) | (1) | 124 |
Other subsidiaries [Member] | ||
Operating activities | ||
Net income (loss) | 6,247 | (1,410) |
Adjustments: | ||
Equity in net income of unconsolidated subsidiaries | (809) | 746 |
Increase (decrease) in net insurance contract liabilities | 10,242 | 2,965 |
Increase (decrease) in investment contract liabilities | 547 | 510 |
(Increase) decrease in reinsurance contract assets, excluding reinsurance transactions | 946 | 708 |
Amortization of (premium) discount on invested assets | (171) | (164) |
Contractual service margin ("CSM") amortization | (1,543) | (1,415) |
Other amortization | 424 | 354 |
Net realized and unrealized (gains) losses and impairment on assets | (3,319) | 8,842 |
Gain on U.S. variable annuity reinsurance transaction (pre-tax) | (44) | |
Gain on derecognition of Joint Venture interest during Manulife TEDA acquisition (pre-tax) | (95) | |
Deferred income tax expenses (recoveries) | 622 | (1,607) |
Stock option expense | 5 | 8 |
Cash provided by operating activities before undernoted items | 13,191 | 9,398 |
Dividends from unconsolidated subsidiaries | (679) | 734 |
Changes in policy related and operating receivables and payables | 7,294 | 3,270 |
Cash decrease due to U.S. variable annuity reinsurance transaction | (114) | |
Cash provided by (used in) operating activities | 19,806 | 13,288 |
Investing activities | ||
Purchases and mortgage advances | (68,856) | (82,873) |
Disposals and repayments | 54,122 | 69,977 |
Changes in investment broker net receivables and payables | 9 | (56) |
Net cash increase (decrease) from sale (purchase) of subsidiaries | (1) | (182) |
Investment in common shares of subsidiaries | 0 | |
Capital contribution to unconsolidated subsidiaries | 0 | |
Return of capital from unconsolidated subsidiaries | 0 | |
Notes receivable from parent | (4) | 415 |
Notes receivable from subsidiaries | 0 | |
Cash provided by (used in) investing activities | (14,730) | (12,719) |
Financing activities | ||
Change in repurchase agreements and securities sold but not yet purchased | (693) | 346 |
Issue of capital instruments, net | 0 | |
Redemption of capital instruments | 0 | (1,000) |
Secured borrowing from securitization transactions | 537 | 437 |
Changes in deposits from Bank clients, net | (895) | 1,703 |
Lease payments | (95) | (115) |
Shareholders' dividends and other equity distributions | 0 | |
Dividends paid to parent | (5,986) | (6,599) |
Common shares repurchased | 0 | |
Common shares issued, net | 1,843 | 2,479 |
Contributions from (distributions to) non-controlling interests, net | (14) | (51) |
Capital contributions by parent | 1 | 1 |
Return of capital to parent | (5) | (19) |
Notes payable to parent | 25 | (39) |
Notes payable to subsidiaries | 0 | 0 |
Cash provided by (used in) financing activities | (5,282) | (2,857) |
Increase (decrease) during the year | (206) | (2,288) |
Effect of foreign exchange rate changes on cash and short-term securities | (357) | 358 |
Net cash and short-term securities, beginning of year | 16,357 | 18,287 |
Net cash and short-term securities, end of year | 15,794 | 16,357 |
Cash and short-term securities | ||
Gross cash and short-term securities, beginning of year | 16,476 | 18,429 |
Net payments in transit, included in other liabilities, beginning of year | (119) | (142) |
Net cash and short-term securities, beginning of year | 16,357 | 18,287 |
Gross cash and short-term securities, end of year | 15,923 | 16,476 |
Net payments in transit, included in other liabilities, end of year | (129) | (119) |
Net cash and short-term securities, end of year | 15,794 | 16,357 |
Supplemental disclosures on cash flow information: | ||
Interest received | 10,166 | 8,672 |
Interest paid | 2,432 | 1,608 |
Income taxes paid (refund) | 435 | 1,114 |
Consolidation adjustments [Member] | ||
Operating activities | ||
Net income (loss) | (6,552) | 2,110 |
Adjustments: | ||
Equity in net income of unconsolidated subsidiaries | 6,552 | (2,110) |
Increase (decrease) in net insurance contract liabilities | 0 | |
Increase (decrease) in investment contract liabilities | 0 | |
(Increase) decrease in reinsurance contract assets, excluding reinsurance transactions | 0 | |
Amortization of (premium) discount on invested assets | 0 | |
Contractual service margin ("CSM") amortization | 0 | |
Other amortization | 0 | |
Net realized and unrealized (gains) losses and impairment on assets | 0 | |
Deferred income tax expenses (recoveries) | 0 | |
Stock option expense | 0 | |
Cash provided by operating activities before undernoted items | 0 | |
Dividends from unconsolidated subsidiaries | (5,307) | (7,333) |
Changes in policy related and operating receivables and payables | 0 | |
Cash provided by (used in) operating activities | (5,307) | (7,333) |
Investing activities | ||
Purchases and mortgage advances | 0 | |
Disposals and repayments | 0 | |
Changes in investment broker net receivables and payables | 0 | |
Net cash increase (decrease) from sale (purchase) of subsidiaries | 0 | |
Investment in common shares of subsidiaries | 1,843 | 2,479 |
Capital contribution to unconsolidated subsidiaries | 1 | 1 |
Return of capital from unconsolidated subsidiaries | (5) | (19) |
Notes receivable from parent | 4 | (415) |
Notes receivable from subsidiaries | 25 | (39) |
Cash provided by (used in) investing activities | 1,868 | 2,007 |
Financing activities | ||
Change in repurchase agreements and securities sold but not yet purchased | 0 | |
Issue of capital instruments, net | 0 | |
Redemption of capital instruments | 0 | |
Secured borrowing from securitization transactions | 0 | |
Changes in deposits from Bank clients, net | 0 | |
Lease payments | 0 | |
Shareholders' dividends and other equity distributions | 0 | |
Dividends paid to parent | 5,307 | 7,333 |
Common shares repurchased | 0 | |
Common shares issued, net | (1,843) | (2,479) |
Contributions from (distributions to) non-controlling interests, net | 0 | |
Capital contributions by parent | (1) | (1) |
Return of capital to parent | 5 | 19 |
Notes payable to parent | (25) | 39 |
Notes payable to subsidiaries | (4) | 415 |
Cash provided by (used in) financing activities | 3,439 | 5,326 |
Increase (decrease) during the year | 0 | |
Effect of foreign exchange rate changes on cash and short-term securities | 0 | |
Net cash and short-term securities, beginning of year | 0 | |
Net cash and short-term securities, end of year | 0 | 0 |
Cash and short-term securities | ||
Gross cash and short-term securities, beginning of year | 0 | |
Net payments in transit, included in other liabilities, beginning of year | 0 | |
Net cash and short-term securities, beginning of year | 0 | |
Gross cash and short-term securities, end of year | 0 | 0 |
Net payments in transit, included in other liabilities, end of year | 0 | 0 |
Net cash and short-term securities, end of year | 0 | 0 |
Supplemental disclosures on cash flow information: | ||
Interest received | (1,417) | (1,161) |
Interest paid | (1,417) | $ (1,161) |
Income taxes paid (refund) | $ 0 |
Adoption of IFRS 17 - Scheduleo
Adoption of IFRS 17 - Scheduleof Invested Assets Type Measurement Category and Transitional Differences Under IFRS 9 (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2022 | Jan. 01, 2022 | |
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total invested assets (note 4) | $ 417,210 | $ 400,142 | $ 428,103 | |
Previously stated [Member] | IAS 39 [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total in-scope invested assets | $ 400,660 | |||
Total invested assets (note 4) | 427,098 | |||
Previously stated [Member] | Cash and short-term securities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
IAS 39 Total carrying value | 22,594 | |||
Previously stated [Member] | Debt securities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
IAS 39 Total carrying value | 224,139 | |||
Previously stated [Member] | Public equities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
IAS 39 Total carrying value | 28,067 | |||
Previously stated [Member] | Mortgages [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
IAS 39 Total carrying value | 52,014 | |||
Previously stated [Member] | Private placements [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
IAS 39 Total carrying value | 42,842 | |||
Previously stated [Member] | Other invested assets [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
IAS 39 Total carrying value | 22,101 | |||
Increase (decrease) due to changes in accounting policy required by IFRSs [Member] | IFRS 17 Measurement Differences [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total in-scope invested assets | 6,367 | |||
Total invested assets (note 4) | 7,402 | |||
Increase (decrease) due to changes in accounting policy required by IFRSs [Member] | IFRS 17 Presentation Differences [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total in-scope invested assets | (6,397) | |||
Total invested assets (note 4) | (6,397) | |||
Increase (decrease) due to changes in accounting policy required by IFRSs [Member] | Mortgages [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement differences | 1,934 | |||
Increase (decrease) due to changes in accounting policy required by IFRSs [Member] | Private placements [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement differences | 4,447 | |||
Increase (decrease) due to changes in accounting policy required by IFRSs [Member] | Other invested assets [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement differences | $ (14) | |||
Currently stated [Member] | IFRS 9 [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total in-scope invested assets | 400,630 | |||
Total invested assets (note 4) | 428,103 | |||
Currently stated [Member] | Cash and short-term securities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total carrying value | 22,594 | |||
Currently stated [Member] | Debt securities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total carrying value | 224,139 | |||
Currently stated [Member] | Public equities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total carrying value | 28,067 | |||
Currently stated [Member] | Mortgages [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total carrying value | 53,948 | |||
Currently stated [Member] | Private placements [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total carrying value | 47,289 | |||
Currently stated [Member] | Other invested assets [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total carrying value | 22,087 | |||
AFS [Member] | Previously stated [Member] | Cash and short-term securities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement category | AFS | |||
IAS 39 Total carrying value | $ 14,339 | |||
AFS [Member] | Previously stated [Member] | Debt securities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement category | AFS | |||
IAS 39 Total carrying value | $ 33,097 | |||
AFS [Member] | Previously stated [Member] | Public equities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement category | AFS | |||
IAS 39 Total carrying value | $ 2,351 | |||
AFS [Member] | Previously stated [Member] | Mortgages [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement category | AFS | |||
AFS [Member] | Previously stated [Member] | Private placements [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement category | AFS | |||
AFS [Member] | Previously stated [Member] | Other invested assets [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement category | AFS | |||
IAS 39 Total carrying value | $ 89 | |||
AFS [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [Member] | Cash and short-term securities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Presentation differences | 2,214 | |||
AFS [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [Member] | Debt securities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Presentation differences | 184,365 | |||
AFS [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [Member] | Public equities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Presentation differences | (2,351) | |||
AFS [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [Member] | Mortgages [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement differences | 1,897 | |||
Presentation differences | 29,901 | |||
AFS [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [Member] | Private placements [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement differences | 4,407 | |||
Presentation differences | 42,175 | |||
AFS [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [Member] | Other invested assets [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement differences | (4) | |||
Presentation differences | $ 238 | |||
FVOCI [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total invested assets (note 4) | $ 293,555 | 280,946 | ||
FVOCI [Member] | Currently stated [Member] | Cash and short-term securities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total carrying value | 16,553 | |||
IFRS 9 Measurement category | FVOCI | |||
FVOCI [Member] | Currently stated [Member] | Debt securities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total carrying value | 217,462 | |||
IFRS 9 Measurement category | FVOCI | |||
FVOCI [Member] | Currently stated [Member] | Mortgages [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total carrying value | 31,798 | |||
IFRS 9 Measurement category | FVOCI | |||
FVOCI [Member] | Currently stated [Member] | Private placements [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total carrying value | 46,582 | |||
IFRS 9 Measurement category | FVOCI | |||
FVOCI [Member] | Currently stated [Member] | Other invested assets [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total carrying value | 323 | |||
IFRS 9 Measurement category | FVOCI | |||
FVTPL [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total invested assets (note 4) | $ 62,038 | $ 56,996 | ||
FVTPL [Member] | Previously stated [Member] | Cash and short-term securities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement category | FVTPL | |||
IAS 39 Total carrying value | $ 2,214 | |||
FVTPL [Member] | Previously stated [Member] | Debt securities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement category | FVTPL | |||
IAS 39 Total carrying value | $ 189,722 | |||
FVTPL [Member] | Previously stated [Member] | Public equities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement category | FVTPL | |||
IAS 39 Total carrying value | $ 25,716 | |||
FVTPL [Member] | Previously stated [Member] | Mortgages [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement category | FVTPL | |||
FVTPL [Member] | Previously stated [Member] | Private placements [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement category | FVTPL | |||
FVTPL [Member] | Previously stated [Member] | Other invested assets [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement category | FVTPL | |||
IAS 39 Total carrying value | $ 21,157 | |||
FVTPL [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [Member] | Cash and short-term securities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Presentation differences | (2,214) | |||
FVTPL [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [Member] | Debt securities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Presentation differences | (184,365) | |||
FVTPL [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [Member] | Public equities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Presentation differences | 2,351 | |||
FVTPL [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [Member] | Mortgages [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement differences | 37 | |||
Presentation differences | 1,166 | |||
FVTPL [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [Member] | Private placements [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement differences | 40 | |||
Presentation differences | 667 | |||
FVTPL [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [Member] | Other invested assets [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement differences | (10) | |||
Presentation differences | $ 617 | |||
FVTPL [Member] | Currently stated [Member] | Cash and short-term securities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
IFRS 9 Measurement category | FVTPL | |||
FVTPL [Member] | Currently stated [Member] | Debt securities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total carrying value | 5,357 | |||
IFRS 9 Measurement category | FVTPL | |||
FVTPL [Member] | Currently stated [Member] | Public equities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total carrying value | 28,067 | |||
IFRS 9 Measurement category | FVTPL | |||
FVTPL [Member] | Currently stated [Member] | Mortgages [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total carrying value | 1,203 | |||
IFRS 9 Measurement category | FVTPL | |||
FVTPL [Member] | Currently stated [Member] | Private placements [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total carrying value | 707 | |||
IFRS 9 Measurement category | FVTPL | |||
FVTPL [Member] | Currently stated [Member] | Other invested assets [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total carrying value | 21,764 | |||
IFRS 9 Measurement category | FVTPL | |||
Amortized cost [Member] | Previously stated [Member] | Cash and short-term securities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement category | Amortized cost | |||
IAS 39 Total carrying value | $ 6,041 | |||
Amortized cost [Member] | Previously stated [Member] | Debt securities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement category | Amortized cost | |||
IAS 39 Total carrying value | $ 1,320 | |||
Amortized cost [Member] | Previously stated [Member] | Mortgages [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement category | Amortized cost | |||
IAS 39 Total carrying value | $ 52,014 | |||
Amortized cost [Member] | Previously stated [Member] | Private placements [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement category | Amortized cost | |||
IAS 39 Total carrying value | $ 42,842 | |||
Amortized cost [Member] | Previously stated [Member] | Policy loans [member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement category | Amortized cost | |||
IAS 39 Total carrying value | $ 6,397 | |||
Amortized cost [Member] | Previously stated [Member] | Loans to Bank clients [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement category | Amortized cost | |||
IAS 39 Total carrying value | $ 2,506 | |||
Amortized cost [Member] | Previously stated [Member] | Other invested assets [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement category | Amortized cost | |||
IAS 39 Total carrying value | $ 855 | |||
Amortized cost [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [Member] | Mortgages [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Presentation differences | (31,067) | |||
Amortized cost [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [Member] | Private placements [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Presentation differences | (42,842) | |||
Amortized cost [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [Member] | Policy loans [member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Presentation differences | (6,397) | |||
Amortized cost [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [Member] | Other invested assets [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement differences | 0 | |||
Presentation differences | $ (855) | |||
Amortized cost [Member] | Currently stated [Member] | Cash and short-term securities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total carrying value | 6,041 | |||
IFRS 9 Measurement category | Amortized cost | |||
Amortized cost [Member] | Currently stated [Member] | Debt securities [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total carrying value | 1,320 | |||
IFRS 9 Measurement category | Amortized cost | |||
Amortized cost [Member] | Currently stated [Member] | Mortgages [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total carrying value | 20,947 | |||
IFRS 9 Measurement category | Amortized cost | |||
Amortized cost [Member] | Currently stated [Member] | Private placements [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
IFRS 9 Measurement category | Amortized cost | |||
Amortized cost [Member] | Currently stated [Member] | Loans to Bank clients [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total carrying value | 2,506 | |||
IFRS 9 Measurement category | Amortized cost | |||
Amortized cost [Member] | Currently stated [Member] | Other invested assets [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
IFRS 9 Measurement category | Amortized cost | |||
Other [Member] | Previously stated [Member] | Out-of-scope invested assets [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement category | Other | |||
Other [Member] | Previously stated [Member] | Out-of-scope invested assets [Member] | IAS 39 [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
IAS 39 Total carrying value | $ 26,438 | |||
Other [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [Member] | Out-of-scope invested assets [Member] | IFRS 17 Measurement Differences [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Measurement differences | $ 1,035 | |||
Other [Member] | Currently stated [Member] | Out-of-scope invested assets [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
IFRS 9 Measurement category | Other | |||
Other [Member] | Currently stated [Member] | Out-of-scope invested assets [Member] | IFRS 9 [Member] | ||||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||||
Total carrying value | $ 27,473 |
Adoption of IFRS 17 - Schedule
Adoption of IFRS 17 - Schedule of Invested Assets Type Measurement Category and Transitional Differences Under IFRS 9 (Parenthetical) (Detail) $ in Millions | Jan. 01, 2022 CAD ($) |
Disclosure of Detailed Information About Adoption of IFRS 17 [Abstract] | |
Reclassification of financial assets unrealized gains losses net out of retained earnings to accumulated other comprehensive income | $ 11,868 |
Reclassification of financial assets unrealized gains losses net out of accumulated other comprehensive income to retained earnings | 268 |
Reclassification of financial assets out of measured at amortised cost into measured at fair value through profit or loss | 6,367 |
Reclassification of financial assets out of measured at amortised cost into measured at fair value through other comprehensive income | 5,041 |
Reclassification of financial asset out of measured at amortized cost into measured at fair value through retained earnings | 952 |
Reclassification of insurance contracts at fair value | 1,035 |
Reclassification of insurance contracts at fair value through retained earning | $ 915 |
Adoption of IFRS 17 - Schedul_2
Adoption of IFRS 17 - Schedule of Balance Sheet and Related Adjustments as of IFRS 17 (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
Assets [abstract] | ||||
Total invested assets | $ 417,210 | $ 400,142 | $ 428,103 | |
Total other assets | 80,820 | 84,985 | 100,329 | |
Segregated funds net assets | 377,544 | 348,562 | 399,788 | |
Total assets | 875,574 | 833,689 | 928,220 | |
Liabilities and Equity | ||||
Investment contract liabilities | 11,816 | 10,079 | 10,064 | |
Other liabilities | 18,879 | 18,894 | 19,443 | |
Other liabilities | (66,660) | (69,582) | ||
Total liabilities | 826,847 | 785,463 | 881,328 | |
Equity | ||||
Shareholders and other equity holders' retained earnings | 4,819 | 3,947 | 9,656 | |
Shareholders' accumulated other comprehensive income (loss) | ||||
Insurance finance income (expenses) | 30,010 | 38,057 | (17,117) | |
Reinsurance finance income (expenses) | (4,634) | (5,410) | 984 | |
Total shareholders and other equity holders' equity | 47,039 | 46,876 | 45,355 | |
Participating policyholders' equity | 257 | (77) | 101 | |
Non-controlling interests | 1,431 | 1,427 | 1,436 | |
Total equity | 48,727 | 48,226 | 46,892 | |
Total liabilities and equity | $ 875,574 | $ 833,689 | 928,220 | |
IFRS 4 And IAS 39 [member] | ||||
Assets [abstract] | ||||
Total invested assets | $ 427,098 | |||
Total other assets | 90,757 | |||
Segregated funds net assets | 399,788 | |||
Total assets | 917,643 | |||
Liabilities and Equity | ||||
Insurance contract liabilities, excluding those for account of segregated fund holders | 392,275 | |||
Investment contract liabilities | 3,116 | |||
Other liabilities | 63,595 | |||
Segregated funds net liabilities | 399,788 | |||
Total liabilities | 858,774 | |||
Equity | ||||
Shareholders and other equity holders' retained earnings | 23,492 | |||
Shareholders' accumulated other comprehensive income (loss) | ||||
FVOCI investments | 848 | |||
Other equity items | 34,068 | |||
Total shareholders and other equity holders' equity | 58,408 | |||
Participating policyholders' equity | (1,233) | |||
Non-controlling interests | 1,694 | |||
Total equity | 58,869 | |||
Total liabilities and equity | $ 917,643 | |||
IFRS 17 And IAS 39 [member] | ||||
Assets [abstract] | ||||
Total invested assets | 428,103 | |||
Total other assets | 100,329 | |||
Segregated funds net assets | 399,788 | |||
Total assets | 928,220 | |||
Liabilities and Equity | ||||
Insurance contract liabilities, excluding those for account of segregated fund holders | 405,621 | |||
Investment contract liabilities | 10,064 | |||
Other liabilities | 65,855 | |||
Insurance contract liabilities for account of segregated fund holders | 130,836 | |||
Investment contract liabilities for account of segregated fund holders | 268,952 | |||
Total liabilities | 881,328 | |||
Equity | ||||
Shareholders and other equity holders' retained earnings | 9,656 | |||
Shareholders' accumulated other comprehensive income (loss) | ||||
Insurance finance income (expenses) | (17,117) | |||
Reinsurance finance income (expenses) | 984 | |||
FVOCI investments | 17,764 | |||
Other equity items | 34,068 | |||
Total shareholders and other equity holders' equity | 45,355 | |||
Participating policyholders' equity | 101 | |||
Non-controlling interests | 1,436 | |||
Total equity | 46,892 | |||
Total liabilities and equity | 928,220 | |||
Transition CSM [Member] | IFRS 17 Measurement Differences [Member] | ||||
Assets [abstract] | ||||
Total other assets | 2,877 | |||
Total assets | 2,877 | |||
Liabilities and Equity | ||||
Insurance contract liabilities, excluding those for account of segregated fund holders | 21,466 | |||
Other liabilities | (2,823) | |||
Total liabilities | 18,643 | |||
Equity | ||||
Shareholders and other equity holders' retained earnings | (13,607) | |||
Shareholders' accumulated other comprehensive income (loss) | ||||
Total shareholders and other equity holders' equity | (13,607) | |||
Participating policyholders' equity | (1,440) | |||
Non-controlling interests | (719) | |||
Total equity | (15,766) | |||
Total liabilities and equity | 2,877 | |||
Contract Classification [Member] | IFRS 17 Measurement Differences [Member] | ||||
Assets [abstract] | ||||
Total invested assets | 7,402 | |||
Total other assets | 5,617 | |||
Total assets | 13,019 | |||
Liabilities and Equity | ||||
Insurance contract liabilities, excluding those for account of segregated fund holders | 10,014 | |||
Other liabilities | (784) | |||
Total liabilities | 9,230 | |||
Equity | ||||
Shareholders and other equity holders' retained earnings | (229) | |||
Shareholders' accumulated other comprehensive income (loss) | ||||
Insurance finance income (expenses) | (17,117) | |||
Reinsurance finance income (expenses) | 984 | |||
FVOCI investments | 16,916 | |||
Total shareholders and other equity holders' equity | 554 | |||
Participating policyholders' equity | 2,774 | |||
Non-controlling interests | 461 | |||
Total equity | 3,789 | |||
Total liabilities and equity | 13,019 | |||
Presentation Differences [Member] | IFRS 17 Measurement Differences [Member] | ||||
Assets [abstract] | ||||
Total invested assets | (6,397) | |||
Total other assets | 1,078 | |||
Total assets | (5,319) | |||
Liabilities and Equity | ||||
Insurance contract liabilities, excluding those for account of segregated fund holders | (18,134) | |||
Investment contract liabilities | 6,948 | |||
Other liabilities | 5,867 | |||
Insurance contract liabilities for account of segregated fund holders | 130,836 | |||
Investment contract liabilities for account of segregated fund holders | 268,952 | |||
Segregated funds net liabilities | (399,788) | |||
Total liabilities | (5,319) | |||
Shareholders' accumulated other comprehensive income (loss) | ||||
Total liabilities and equity | $ (5,319) |
Adoption of IFRS 17 - Schedul_3
Adoption of IFRS 17 - Schedule of Balance Sheet and Related Adjustments as of IFRS 17 (Parenthetical) (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | |||
Contractual service margin | $ 21,301 | $ 17,977 | |
Insurance Contract [Member] | Non-controlling Interests [Member] | |||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | |||
Contractual service margin | $ 700 | ||
Insurance Contract [Member] | Shareholder Net Income [Member] | |||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | |||
Contractual service margin | $ 1,400 |
Adoption of IFRS 17 - Additiona
Adoption of IFRS 17 - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||
Increase (decrease) in equity | $ 15,766 | |
Contractual service margin liability | 21,466 | |
Measurement of insurance contract liabilities effect of equity due to risk adjustments | $ 2,100 | |
Measurement of insurance contract liabilities effect of equity due discount rates | 1,500 | |
Measurement of insurance contract liabilities effect of equity due to other revaluation changes | $ 3,100 | |
IFRS 17 [Member] | ||
Disclosure of Detailed Information About Adoption of IFRS 17 [Line Items] | ||
Increase (decrease) in equity | $ 11,997 |